Table of Contents
- Online Forex Trading Reviews
- Broker Review Methodology
Online Forex Trading Reviews
Established in 2006, Avatrade is a trusted name in the forex industry with monthly trading volumes exceeding $60 billion with over 2 million trades a month.
EasyMarkets is a good choice for traders who are willing to absorb higher costs in exchange for guaranteed execution and negative balance.
What stands out about HotForex is the many types of accounts it has. You can find one that suits your needs whether you are a novice or an experienced pro.
Markets.com, a leading forex broker, is a great fit for both novice and experienced traders with cutting edge software and expert support and analysis
Trade360 is an innovative and user friendly forex trading platform built around the concept of using crowd sentiment for forex trading.
What really stands out about XM.com is its dedication to superior trade execution. 99.35% of its trades are executed in less than one second.
Plus500 is well suited for an experienced trader who is comfortable with a no frills platform, looking for tight fixed spreads and broad product coverage.
Tradeo is an innovative social trading network which allows you to chat with, learn from and copy the trades of many seasoned forex traders.
Forex Time is an award winning new broker with a well designed platform and efficient customer service save its trader’s time.
eToro is the undisputed leader in social trading technology. This award winning social investment network has over 4.5 million users in 170 countries.
HYCM delivers a lot value to its customers by offering some of the tightest fixed spreads along the high leverage on forex pairs.
Forex.com is a reliable forex broker with a global presence and a long history. Founded in 2001, it serves over 200000 accounts in over 180 countries.
ETrade is one of the most trusted names in financial services. Established in 1982, it has 4.3 million accounts and $189 billion in customer assets.
Broker Review Methodology
At ConnectFX.org, we review the services of various forex brokers with a consistent and transparent ranking methodology. We take into account the following six essential criteria:
- Safety and Regulation
- Trading Costs
- Trading Features
- Software Platforms
- Customer Service
- Account Options
We careful assess each broker along these criteria, assign a score, and then take an average of those values to determine a broker’s overall rating and we rank them accordingly. Now let’s take a look at the criteria in more detail.
Safety and Regulation
The last thing you want to do is entrust your hard earned money to an insolvent institution or one with unscrupulous business practices. We’ve all heard horror stories of people’s life savings being wiped away by scam shops. ConnectFX.org carefully reviews each broker’s regulatory regime and operating record to recommended the most trustworthy brokers. We examine:
- jurisdictions the broker is regulated
- where the company is domiciled
- years of operation
- prior or current regulatory issues
- whether customer funds are segregated
- personal data security and encryption
Every good trader knows that managing transaction costs is key to profitability. ConnectFX.org takes a close look at the commissions, spreads and fees to protect your profits from being eaten away by hidden charges. We examine:
- average fixed spread
- average variable spreads
- deposit / withdrawal fees
- inactivity fees
- miscellaneous fees
Many forex brokers today not only allow you to trade the currency markets, but also access equity, fixed income and commodities markets through their platform. ConnectFX.org provides you with detailed information to determine whether broker’s product palettes are broad enough to meet your needs.
Trading in competitive markets, it’s important to be armed with the news, analysis and knowledge you need to succeed. ConnectFX.org takes a deep dive into the instruments, analysis and educational resources offered by brokers to ensure you’re ready to trade. We examine:
- Instruments – Contract for Differences (CFDs), Options, Futures
- Range of markets – Forex Majors and Exotics, Commodities, Indicies, Individual Equities, ETFs, Bonds, Mutual Funds, Bitcoin, Litecoin
- News, Daily Updates, Real Time Market Analysis, Forecasts, Fundamental Analysis
- charting tools (e.g. Autochartist) and trading signals (e.g. Trading Central, eSignal)
- Educational Resources – ebooks, 1 to 1 training, webinars, seminars, videos, articles
- Social Trading, Mirror / Copy Trading, PAMM (Percentage Allocation Management Module)
Your trading software is your portal to currency markets. It must be easy and intuitive to use, fast and reliable to prevent slippage, and sophisticated enough to provide you with the functionality you need to execute your trading strategies. While Metatrader is industry standard software provided by most brokers, ConnectFX.org also takes a close look at broker’s proprietary program so you can see if they can meet your needs. We examine:
- PC, Mac, and mobile apps
- Web Browser Trading
- automated trading – EAs, MQL5
- Social Trading – Zulutrade, Mirror Trader, Sirix Trader, FXStat
- Virtual Private Servers
A helpful and responsive customer system is critical to seamless account opening, a smooth trading experience and easy fund transfers. ConnectFX.org scrutinizes each broker’s customer support system to make sure any issues that arise will be properly dealt with in a timely fashion. We examine:
- 24hr phone support, live chat, email support
- personal account manager
- industry awards
- user interface and website navigation
- account opening process
Forex trading is not a “one size fits all” type of business as each trader has a unique set of needs. We take a look the account options of each broker to see if they can provide the customized experience that meets your specifications. We examine:
- account types
- choice of fixed or variable spreads
- choice of base currencies
- minimum deposit
- lot sizes
- funding options – credit cards, wire, online payment service
- swap free (islamic) accounts
- choice of fixed or variable spreads
- choice of market maker, STP (straight through processing), ECN (electronic communications network), DMA (direct market access)