Top Online Forex Broker List 2022: How do I choose a Forex Broker?
Rebecca Smith
Rebecca is TopBrokers Trade’s utmost dedicated, and skilled individual. 12 years in the marketing field. Focusing as a content and digital marketing administrator, in the Finance sector.
The online forex industry is saturated with platforms and brokers who claim to have the next services. While some online forex brokers have a great customer service center, their minimum deposit fees and commissions are through the roof. It’s important to find a trusted online forex broker that can cater to all your needs, without wanting to make a hefty commission or fool you into other upsell services that in the end, make you lose more money than gain any substantial profits.
We have done all the homework so you don’t have to. With years of experience and forex trade dealings, our team of experts here at Top Brokers Trade have compiled the best online review on forex brokers.
Here they are :
Fast Facts About IQ Options & Forex Trading
Minimum deposit- $10
Islamic Account – Yes
Create An IQ Option Account today & Start Trading Forex !
IQ Options have been around for a long time and they hold a license in Europe and are regulated by CySec, in Cyprus. They are considered one of the largest (and expanding) trading platforms with 26 million traders from 178 countries. Their vast presence and forex trading clients are proof in the pudding that they offer elite services when it comes to profitable trading.
Most Forex trading platforms require a hefty amount as a minimum deposit, and if you are a beginner in the field, this is not feasible for those wanting to test the waters. IQ options also give a demo account with a $0 withdrawal fee account.
IQ Options has become the leading and preferred forex broker in South Africa and Africa as they cater to everyone’s needs. With their next-to-nothing withdrawal and commission fees, they give a chance for forex traders to make a vital profit. IQ options have also received awards in recent years, including the Best Mobile Trading Platform, amongst other prestigious awards.
Still Thinking If IQ Options Is The Right Forex Broker For You ?
PROS
- Privacy and safety compliance
- It’s easy to open an account and start trading at the lowest minimum deposit fee ever!
- You won’t get caught off-guard with deposit and withdrawal fees
- Forex Market Trading options include diverse currency pairs, including EUR/USD, EUR/GBP, JPY/GBP
- Provides protection for investors
- No account fee
CONS
- Traders from Canada, US, Japan, Australia cannot trade on this platform
- Inactivity fee
Our Final Rating For IQ Options
4.9
Fast Facts About eToro & Forex features
Minimum deposit- $200
Islamic Account – Yes
New to eToro – Copy Trader Option !!
Open an eToro Account Now & Start Trading !
eToro was established in 2007. This forex broker is pretty popular and allows for copy trading, which is not always the best route in Forex trading. It’s also headquartered in Cyprus and has CySec and FCA regulations. While they have great features, they do not cater to all budgets; Unlike IQ options, it has a high minimum deposit fee.
Their forex trading platform spans across 130 countries and allows for the UK and Australia to also trade. In America, only 41 states can have access to this platform, too. eToro’s Copy Trader and Copy Portfolio is a noteworthy service that many people enjoy as they copy and execute the same trade as those who are considered great Forex traders. While this feature is great and can work for some, the large deposit fee involved does not always work in one’s favor of copying another trader’s portfolio.
Still Thinking If eToro Is The Right Forex Broker For You ?
PROS
- Copytrader and Copy Portfolio features
- Can trade in key point countries such as some states in USA, Australia, and The UK
- Has various regulators such as CySec, FCA, and ASIC
CONS
- The minimum deposit fee is higher than average
- The withdrawal fee is $25
- There’s also an inactivity fee
- Does not have a banking license
Our Final Rating For eToro
4.8
Fast Facts About AvaTrade As A Forex Broker
Minimum deposit- $250
Islamic Account – Yes
Open an AvaTrade Account Now & Start Trading Forex!
Founded in 2006, Avatrade is an online forex broker that hosts some 200 000 forex traders. Based in Ireland, it has garnered some attention thanks to its MetaTrader 4 and MetaTrader 5 platforms.
While you need a minimum deposit of $250, there’s no withdrawal fee. Avatrade also provides negative balance protection and is regulated by the ASIC, FCSA, and FSA. They also follow strict regulations from many governing bodies such as The Bank of Ireland and Client Asset Regulations.
PROS
- No withdrawal fees
- MetaTrader 4 and MetaTrader 5 platforms
- Provide demo accounts
CONS
- Like eToro, there’s an inactivity fee
- Countless complaints on slow withdrawals
- Need to pay administration fees
Our Final Rating For AvaTrade
4.8
Fast Facts About Video Forex As A Forex Broker
Minimum deposit- $250
Islamic Account – Yes
Videforex was founded in 2016 and is based in Seychelles. Their tradable assets include Forex. One important factor to point out is that they are non-regulated. Their forex trading app is notable in that it provides a leverage tool that lets traders open on bigger positions.
They also have different account types such as bronze, silver, and gold and this relates to the trader’s own experience in trading forex and what needs they may require. While they cater to beginners and experts alike, the minimum deposit fee sits at $250- a big investment when wanting to only test out the platform.
PROS
- Can enjoy from a variety of accounts
- Offers leveraged trading
- 27/7 customer service
- Chat via live video
- Can withdraw with crypto
CONS
- High minimum fee
- Non-regulated
- No Islamic account
Our Final Rating For Video Forex
4.7
Conclusion
There are no two Forex brokers alike as they all cater to different goals that investors have. Because each broker has unique differences, it can be challenging to find the best Forex Broker. To be frank, the best online broker will depend largely on individual goals, so it is near impossible to give advice on the best broker.
Still, it’s important to have a starting point, and that’s why we have scoured the online trading industry and done the necessary homework on best online brokers, so you don’t have to. There are hundreds of trading platforms out there, it’s easy to get caught up in scams that take full advantage of traders.
We’ve rounded up the best forex brokers and together with our data analysts and trading experts, we have compared each one.
Though the sense of importance surrounding the selection of an online broker can feel intimidating, the choice doesn’t have to be complicated. Check out our concise, comparison table of the best online stock brokers and how they can fit inside your pocket.
Best Forex Brokers for experts
Still Trying to find the right Broker for you?
Read our Full Brokers Analysis HERE !
