Traders may be interested in knowing whether a Forex broker is legitimate. Some brokers by their relative longevity, range of regulators and focus on providing features to enhance the trading experience can perhaps lay a claim to being seen as 'legit'. This page presents a top 10 list of brokers which may provide a more reassuring trading experience.
While arguably there is no way of knowing that a broker is legit, there are indications that such might be the case. For example, are they regulated and are they long established (however because a broker is new, does not mean it is not legit). Furthermore, do they have a focus on providing services which can help traders make the most of their trading experience. This will be the everyday experience of the trader. Trading is hard and markets are complex, thus the broker themselves cannot provide more than the tools to help the trader navigate them.
Core tools include the online trading platform. For Forex, brokers tend to provide platforms such as MetaTrader, that is either or both MT4 and MT5. These platforms have developed around Forex and offer a wide range of tools and add-ons to help support the trader.
There is a wide range of ways to trade Forex, and both MT4 and MT5 support a wide range of styles. These platforms focus on offering tools for automated trading and technical analysis and are there to be customised if the trader wishes (including robots and technical indicators).
The trader may wish to trade Forex with a focus on the chart and charting tools. Some brokers make an effort to offer platforms aimed to be user friendly for the trader who relies on the chart to plan and execute a trade, rather than using robots.
Traders may wish to focus on a particular kind of Forex trading, such as automated trading and scalping and some brokers offer accounts, as well as platforms tailored for this type of trading. Regulation is also important, and brokers may be regulated in multiple regions, this is also factored into this list. There are many ways to create this kind of list, so this is just one way, and the trader should continue their own research and test out brokers on a demo account.
1 Pepperstone
- Minimum deposit: $200
- Online trading platforms: MT4, MT5, cTrader, TradingView
Pepperstone offers a wide range of Forex trading platforms, including TradingView and social and copy trading platforms. Pepperstone offers spreads from 0, plus a commission charge, as well as spreads from 0.6, without a commission charge. Pepperstone is regulated in a wide range of regions.
Pepperstone utilises infrastructure to offer no dealing desk, rapid order execution, and allows trading styles such as scalping, as well as automated trading. However its platform and account offering also caters to those who plan and execute their own trades.
2 FOREX.com
- Minimum deposit: $100
- Online trading platforms: MT4, Web Trader, Advanced Trading Platform
FOREX.com is a long standing Forex broker, offering MT4 (and in some regions also MT5). FOREX.com provides spreads from 0.8, and offers a user friendly Web Trader and its Advanced Trading Platform (which has a range of tools including signals). FOREX.com is regulated in a wide range of regions.
3 Plus500
- Minimum deposit: $100
- Online trading platform: Plus500 CFD Platform
Plus500 provides a user friendly platform available from watch to desktop, to trade Forex and 2000+ other CFD markets and is regulated in a wide range of regions.
Plus500 offers both technical and fundamental tools integrated into this platform, to provide an intuitive trading experience. These include an integrated economic calendar, so the trader can keep an eye on upcoming data releases (for news traders or those who want to be aware that such releases are happening).
4 XM
- Minimum deposit: $5
- Online trading platforms: MT4, MT5
XM is offers MT4 and MT5, as well as a mobile trading app. This broker offers accounts which run the gamut from offering low minimum trade sizes (its Micro account, aka a Cent account) to those for higher volume traders, with a minimum deposit from $5.
XM allows Expert Advsors (MetaTrader's online trading robots) and has 60+ Forex pairs to trade, with spreads from 0, plus a commission charge on the XM Zero account (available in some regions).
5 AvaTrade
- Minimum deposit: $100
- Online trading platforms: MT4, MT5, Web Trader, AvaOptions
AvaTrade is regulated in 9 different jurisdictions. It offers a wide range of trading platforms, including MT4 and MT5 as well as a user friendly Web Trader, AvaOptions for Forex Options CFD trading and social and copy trading platforms (for Forex copy traders). AvaTrade offers tools such as AvaProtect, which lets the trader get their money back on losing trades, T&Cs apply.
6 ThinkMarkets
- Minimum deposit: None
- Online trading platforms: MT4, MT5, ThinkTrader
ThinkMarkets is a long established Forex broker. ThinkMarkets has no minimum deposit requirement for its Standard account, which offers Forex spreads from 0.4. ThinkMarkets also offers its ThinkZero account, with spreads from 0, plus commission with a $500 minimum deposit. As well as accounts and platforms for automated traders, ThinkMarkets offers its user friendly ThinkTrader platform, designed for those who plan and execute their own trades.
7 FXTM
- Minimum deposit: $10
- Online trading platforms: MT4, MT5
FXTM provides an MT4 Micro account, which offers very low trade sizes and has a low minimum deposit ($10 or $50 in the EEA). Higher volume traders can use the Advantage or Advantage Plus account, which also provide MT5. The Advantage account offers spreads from 0, plus a commission charge. FXTM also supports copy trading via FXTM Invest.
8 Oanda
- Minimum deposit: None
- Online trading platforms: MT4, MT5, fxTrade
Oanda Global is part of Oanda Group, which is a long established Forex provider. Oanda offers both MT4 and MT5, as well as its fxTrade mobile app. Oanda supports all trading styles, and has a range of accounts for different classes of Forex trading (e.g. lower to higher frequency trading and automated Forex traders).
9 Trading 212
- Minimum deposit: $10
- Online trading platforms: Trading 212 Platform
Trading 212 actually offers 180+ Forex Pairs and provides a user friendly online trading platform. Trading 212 has a low minimum deposit of $10 for Forex CFD trading and also provides a wide range of other markets to trade.
10 FXPRIMUS
- Minimum deposit: $15
- Online trading platforms: MT4, MT5, cTrader
FXPRIMUS provides a wide range of Forex trading account types. The minimum deposit is $15 for the PrimusCLASSIC account and higher for other accounts.
Traders may wish to focus on particular features offered by regulated providers. These can include platforms as well as particular markets. Forex traders may wish to use platforms such as MT4 or MT5 (MT5 is the successor to MT4 and offers a number of enhancements), JForex or cTrader. These platforms allow the trader to trade with robots (automated Forex trading), as well as plan and execute their own trades. Forex traders may wish to use a platform designed for those who only plan and execute their own trades (for example with a user friendly interface), or use social and copy trading. Forex is a complex market and there is a wide range of ways to try and trade it.