Market movements in forex are primarily determined via sentiment analysis.

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This type of analysis is based on the fact that the markets already have predetermined directions based on the economic data available. Market research brings these to light and waters down the language to the levels that the trader can understand. As a trader, you should ideally be trading with a broker that can provide some form of market research. This should be a defining criterion to use in choosing a broker. The criteria for choosing a forex broker have evolved over the years and will keep changing.

While there are still some elements that are critical to the choice and which have remained constant over time, there are other parameters that have emerged and which will be considered below. The fallout from the coronavirus pandemic and all the actions taken by policymakers have created opportunities in certain trading pairs that did not exist few years ago. One of these opportunities is the carry trade. The carry trade is a trading style where the trader holds a long position in a currency with a higher interest rate, while simultaneously selling a currency with a lower interest rate.

Central banks across the world were forced to adjust interest rates lower when the coronavirus pandemic began to exert a very damaging impact on every country.

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Some adjusted theirs more than others, and some have started to raise rates once again. This has created a situation where certain currency pairs now have sufficient interest rate disparities to support the carry trade strategy. Therefore, you should be looking for FX brokers that feature several combinations of currency pairs built around these assets.

Ensure that you get the best trading conditions possible around the trading of these pairs. One of the things to look out for is the spreads and commissions that are payable by the trader for trading these pairs. Spreads are the primary cost to the trader on a retail platform.

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Lower costs mean that the trader will have a chance to retain more profits, or at least reduce the losses that may be incurred on trades. Competitive spreads are now a factor used in broker selection. It may not be immediately obvious how much savings on spreads can translate to, but high volume traders and scalpers know that when up to trades are placed in a month, or 50 lots are traded, the savings from reduced spreads can add up to become substantial. Leverage in forex is now a big deal.

All the ASIC-regulated brokers in Australia are now apply almost the same margin conditions on their platforms as their counterparts in Europe and the UK. The days of trading with leverage on Australian FX brokers are gone forever. Retail traders in the UK and EU have seen leverage caps reduced from as high as to just for major forex pairs. Minor pairs and CFDs have even tighter leverage limits.

This has increased margin requirements significantly. However, some brokers outside these jurisdictions have continued to maintain the high leverages, thus attracting traders who have been left in the cold by the leverage caps. So traders now have a choice of operating with the low leverage brokers, or the high leverage ones. Despite everything, market regulation will continue to remain a key factor in broker selection. Regulation ensures that traders are protected and that the trading environment is transparent and secure. The brokers presented on this site are regulated in their respective areas of operation, which ensures that traders who open accounts with them are assured of the safety of their funds.

Regulation also ensures that level trading conditions are provided for all traders and that the brokers fulfill their responsibilities to their clients.

How much money do I need to trade in Forex?

Do you trade with brokers that provide direct market access to the interbank market, or do you trade within the dealing desk environment? As a trader, you need to know how each market access route will affect your capital and your positions. Market makers provide indirect access because they buy positions from the interbank market and resell them to their clients using a dealing desk.

Market makers usually require smaller amounts of starting capital, provide fixed spreads, and tend to have more slippages and requotes. They provide a low barrier for market entry. ECN brokers on the other hand, provide direct market access. They require large amounts as initial capital, provide variable spreads, but do not have slippages and requotes.

However, they charge commissions on trades in addition to spreads.



It is about finding the broker that has the right mix of trading resources that cover market research, actionable analysis, up-to-the-second news and other resources. Customer support can now be offered using a variety of means that were not in existence a few years ago. Social media channels such as Facebook and Twitter, as well as messaging apps such as Telegram, can now serve as channels for receiving near-immediate responses from a broker's customer support desk.



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Choose a broker with a diversified customer support structure that deploys these new means of communication. There has never been a consideration of cybersecurity as a basis for choosing a broker, but the world we live in is a different place from many years ago. It may seem strange, but the cybersecurity became an issue thanks to coronavirus. This is now something every trader should consider when choosing a FX broker. The list below features the best forex brokers selected by us for year. It has been prepared after due consideration of all the factors mentioned above. Feel free to read our forex broker reviews and make an informed choice based on the contents of this website.

Are you from the US? Check this list. Cookies are used at this website. By continuing to browse it, you agree with our Cookie Policy. Location Australia. New Zealand. South Africa. Hong Kong.

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Saint Vincent and the Grenadines. Saint Kitts and Nevis. British Virgin Islands. Cayman Islands. Marshall Islands. Platforms Web. MetaTrader 4. Some brokers claim they are a hybrid of two of these. Some traders are very keen to deposit with ECN brokers because they think the cost of trading will be less or that this model makes the broker more honest somehow.

The truth is more complicated: each execution method has both potential advantages and disadvantages. Another problem is that there seem to be quite a few brokers claiming to be ECN brokers, but it is hard to believe that they really all are true ECN brokers when viewing their conditions of trading. Some brokers offer all the major options in different account types. The bottom line is, it is worthwhile doing some research on the different models and seeing whether one really makes sense for you , or whether in practice there will be little difference.

The best Forex trading platforms are widely held to be MetaTrader 4 and cTrader, although many brokers have their own unique proprietary platforms that are arguably as good. Almost every Forex broker offers the use of the MetaTrader 4 trading platform , although cTrader is less common. It is a fact that choice of trading platform is not really that important, although traders will have their favorites based mostly upon the intuitive usability of the platform.