The best online forex brokers of July 2019
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As a forex trader, your attention should be on trading and not hunting around for the top online forex broker. We help you by gathering all our research so you can review your options, and choose a trusted forex broker that is right for you.
Below you will find a list of the top forex brokers our experts recommend so you can do what you do best: trade.
Best and most trusted forex brokers in 2019
Why use top-rated forex brokers
At TopRatedForexBrokers, we have one goal and that is to bring you relevant and accurate information so that you can choose the best forex broker for your needs. Here’s why you should definitely consider relying on our services:
Who we are
Our team comprises professional traders with extensive experience in the forex market. We have been trading for many years and have helped many other traders along the way.
Over the years, we have often been asked about brokers. Which one do we prefer? What makes a good forex broker? Which do we think are the best forex brokers? And that’s just the tip of the iceberg.
We’ve also heard many horror stories from newbies and veteran traders alike who have experienced all sorts of problems with seemingly legit forex brokers who turned out not to be quite as genuine as they appeared.
So, we decided that we needed to help as many traders as possible, rather than just providing this information on a one-on-one basis. Thus, we created TopRatedForexBrokers.com, where we could provide everyone with access to the relevant information necessary to making the right choices.
Thus, our mission is to provide you with independent, clear, and expert guides to forex trading.
We make sure to stay up-to-date with any changes in the market, and we not only review brokers diligently – we check them from back to front, right to left, top to bottom, and diagonally – but we also monitor them to ensure that they continue to provide the excellent services we expect from the companies on our list of top forex brokers.
How we find the best forex brokers
Each one of the reviews you find on TopRatedForexBrokers is the result of our team of experts conducting a thorough assessment of the broker in question. We have a detailed process that we use to evaluate each firm and determine whether or not they are legit forex brokers and if they’re good enough to make it onto our list of the top forex brokers. Of course, the only way to really determine the quality of a broker and whether they are the best forex brokers of 2019 is to actually use their services, which is why we open an account and make a deposit with every firm we review. This ensures that every statement we make in our reviews is the result of our personal experience with a broker.
Are they reputable?
The first step is to do a little online research. We want to see the reputation of a broker, which means reading reviews from existing and past customers. We also try to find forex traders who are using the broker in question, and we contact them to ask their opinion. Only organizations with outstanding reputations are even considered for the TopRatedForexBrokers list of the best forex brokers. Their reputation must be absolutely stellar for us to consider them for the top spot of best forex broker of 2019.
What is forex trading?
What is forex trading?
Forex trading involves the purchase and/or sale of currencies. Just like with stocks, you buy a currency and then sell it when its value has increased or vice versa. It sometimes might seem a little more difficult because currencies are traded in pairs, which means you will be using one currency to purchase another. So, if you are trading EUR/USD, for example, you will buy EUR for USD.
In binary trading, you are basically betting that the underlying asset will go either up or down over a certain period of time. The only way you can make a profit is if you’re right. If you’re wrong, you lose. The profit is also fixed.
Conversely, in forex trading, you can still make a profit even if you are partially right. So, with binary trading, if you bet on the fact that the EUR/USD will rise over 1.3250 over the next three days, even if it rises continuously but experiences a momentary drop to below 1.3250 precisely at the moment when your trade closes, you’ve lost. With forex trading, you can exit the market the moment you see the trade starting to go in the opposite direction and still make a profit.
What are the different types of forex brokers?
To ensure that you are choosing the best forex broker for your needs, it’s important to understand the different types of brokers that exist.
There are three main types, namely no dealing desk brokers, market makers, and ECN brokers (electronic communications network).
No dealing desk
This type of broker, also referred to as an NDD broker, does not have a dealing desk, which means that they provide their clients direct access to the interbank market, i.e. where the big providers trade, such as banks, hedge funds, mutual funds, etc.
What the NDD broker does is pick the best offers from the various providers, add a spread so they can make a profit, and then present you with the final offer.
ECN brokers are also NDD brokers, but they are brokers who connect traders directly with other participants in the electronic communications network. Thus, you will be trading directly with banks, hedge funds, and other retail traders without the addition of a spread. Instead, you pay the forex broker a commission.
Market makers are also known as dealing desk brokers. They generally take the other side of a trade without providing your direct access to the interbank market. In other words, they put up a rate they’re offering, and you can choose to take it or not. In other words, you’re trading with the broker directly, rather than the broker being simply an access platform to a wider market.
Are forex brokers safe?
Are forex brokers safe?
You can be certain that every broker recommended by the TopRatedForexBrokers team is completely safe. This is why we are so rigorous in our review process and do everything we can to ensure that every broker we recommend meets our stringent requirements.
We check brokers not only to make sure that they are above board in their dealings with customers, but also that their security is more than sufficient to protect your data and your money. This is precisely why we will never recommend an unlicensed broker.
Understanding regulatory authorities
Different countries have different regulatory bodies that ensure international forex brokers abide by fair and ethical business practices.
These organizations institute different rules, programs, and services that are meant to ensure traders are safe, while also assisting the brokerage firms themselves to maintain full compliance with the regulations that govern trading in the country where they are located.
So, these regulatory bodies make sure that you, as a trader, are treated fairly and can be certain you are safe when working with any of their member brokers.
Unlike with other markets, though, forex brokers are not obligated to get a license. They can still operate without one. However, we don’t recommend brokers without licenses because it throws up a huge red flag.
If they are above board and are only interested in providing great services, why haven’t they obtained their license? Is it because their services and practices aren’t good enough for them to get one?
Even if they do have a license, you should consider that some regulatory bodies are more forgiving than others. For example, it’s quite likely that the BVI Financial Services Commission in the British Virgin Islands is not going to be quite as strict as the National Futures Association in the United States.
Below is a list of countries and the associated forex regulatory bodies:
How to sign up with a broker
If you are opening a demo account, you’ll only have to input your email address, name, and provide a password. If you’re opening a live account, things are a little more complicated.
First, you will have to fill in some personal information, including your address and phone number, your net worth, your income, how much you expect to trade, and more.
In some cases, you will have to answer some questions about forex trading so the broker can determine how much you know. If you can’t answer, or get the answers wrong, some legit forex brokers will refuse to open a live account for you.
Once you get past this stage, you will have to provide proof of identity and address, which usually means uploading two official documents, one of which must include your name and address, while the other must include your name and photo. These can be your passport, national ID card, driver’s license, and/or utility bill. For example, you can upload your driver’s license and your national ID card, or your national ID card and a utility bill.
The broker will then check your documents and if everything is in order, they’ll open the account for you. At this point, you can make a deposit, and once the funds become available, you can start trading.
The benefits of demo trading
Demo trading is basically when you trade with virtual money. Everything else on the demo account is identical to a live account in terms of how you trade, except you use virtual money.
This is a great way to learn how to trade forex hands-on. It’s also an excellent way for you to test different strategies to see how effective they are.
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