Not sure where to begin? Let our guide to forex trading help you. Forex is short for foreign exchange (sometimes abbreviated to just FX) and is the global, decentralized trading market of the world’s currencies. Traders, investors, banks and exchanges buy, sell and speculate on these currencies, and in turn this activity determines the foreign exchange rate.

Forex is all about speculating on the fluctuating currencies between two countries. These two currencies are referred to as ‘currency pairs’ and they’re made up of the base currency and the quote currency. The most traded currency pair of all is the Euro against the US Dollar, which is normally presented as EUR/USD.

To trade forex is to buy and sell currencies – with the aim of making a profit. Forex trading will always involve two currencies at a time, the base currency and the quote currency. The difference in price is where you’ll make your profit or loss.

Newcomers to forex trading need to find an online broker. Trading with regulated and trusted forex broker is one step towards your success and independence in currency market 2020. In order to start trading, you need to deposit funds into your account with a selected broker. But before you invest, you should find as much information as possible about platforms, trading conditions, withdrawal conditions, payment methods, minimum deposit requirements, spreads, leverage, fees, regulation and more. You should also figure out what kind of trader you are and how much money you have for this type of investment. Your trading style is closely related to the choices for fx broker which suits you most.

This resource at ForexVote.com provides you wide information about the most talked brokerage firms in foreign exchange industry today. This is the best place to seek details about the best forex brokers for forex and crypto trading. Below is our recommendation for this year of 2020. 

Best Forex Brokers

So what would traders call the best forex brokers in the world today?

  • Liteforex - Over 14 years in the market, Best Broker in Africa, Asia, Latin America, and the fastest growing broker in Western Europe and Asia. Easy withdrawals almost always on the same day to many online payment methods including Skrill!
  • XM - Best service provider,  outstanding customer support, wide variety of educational material and market research, fast withdrawals to Skrill and other convenient payment options.
  • Instaforex - Forexcopy Platform for social trading, ECN and well-round managed accounts, leverage up to 1:1000 and various promotions and competitions throughout the year with prizes.
  • Avatrade - Regulated in Europe, Australia, Japan, British Virgin Islands and South Africa.  Two manual trading platforms – MetaTrader 4 and AvaTradeGo – with full mobile trading support. You can also choose from a variety of automated trading platforms.

Best Trading Experience - Visit Site

LiteForex offers big list of major and exotic currency pairs and cross-rates and Cryptocurrency. LiteForex provides MetaTrader 4, the most stable and called-for trading platform popular with traders from all over the world, as well as with an updated version of the trading platform MetaTrader5. Besides MT desktop versions, LiteForex’s clients can use WebTerminal to be able to trade right from the browser on any computer wherever in the world without having to install a desktop version. There are 2 types of trading accounts: ECN, CLASSIC. In this way, LiteForex’s clients can choose the best option to fit in with their trading strategies and needs. With this broker you can find excellent trading and research tools, industry-leading education, and competitive rates. This overall amazing combination provides top-notch trading experience to traders all over the world and can be easily claimed to be the overall broker in 2020. Read full review

Best Service Provider - Visit Site

XM offers wide range of trading instruments for CFDs on Forex, Shares, Indices, Commodities, Metals and Energies. There are a lot of satisfied clients, as of 2020 XM is taking care of over 2,500,000 online traders. There are 25+ secure payment methods to choose from including Skrill and 16 full feature trading platforms for beginners, intermediate and pro levels. XM is a trading name of Trading Point Holdings Ltd. which is regulated by Cyprus Securities and Exchange Commission, International Financial Services Commission (IFSC), Financial Conduct Authority, Australian Securities and Investment Commission and Dubai Financial Services Authority (DFSA). Read full review

Wide Range of Promotions and Competitions - Visit Site

InstaForex offers its clients the widest range of bonuses and promotions. InstaForex offers its clients more than 300 instruments for trading.  With the ForexCopy system you can copy deals of professionals and earn. You can choose a trader based on 20+ criteria and automatically copy his deals. InstaForex website features up-to-date analytics from professionals and fresh news on the main events of the cryptocurrency world. Customers are free to get any leverage from 1:1 to 1:1000. Read full review

Most Regulated brokerage - Visit Site

Since its establishment in 2006, AvaTrade has been evaluated and honoured for some of the industry’s most remarkable financial and technological achievements. Each and every award we receive is proof that we succeed in identifying and understanding our traders’ expectations and do our utmost to exceed them. Some of the awards received by the broker are Most Regulated Broker, Best Forex Broker, Best Bitcoin CFD Trading Provider of the year and more. Read full review

Best Forex Brokers with wide range of trading instruments

What is the definition of a financial instrument where the forex market is concerned? Simply stated, it is any type of a financial medium such as bills of exchange, bonds, currencies, stocks, etc., that are used for borrowing purposes in financial markets. The main trading instruments of Foreign Exchange market are the currencies of various countries. Currency rates, that is to say their relation to the U.S. dollar (or to other currencies) are formed by the supply and demand of the market and also by various fundamental factors. 

So when you are choosing a broker, you want to find one that offers wide variety of currency pairs you can choose from. For example, XM offers 55+ currency pairs - majors, crosses and exotics. There are 6 Asset Classes - 16 Trading Platforms - Over 1000 Instruments. Trade Forex, Individual Stocks, Commodities, Precious Metals, Energies and Equity Indices at XM. 

Best selection of account types

Different account types gives various traders from different financial background to join the forex arena. You want to have a choice and find the account with trading conditions that suit you best. 

For example, some brokers might offer Micro accounts most suitable for novice traders with small investment capital with contract size of 1 lot = 1,000, with minimum trade volume of 0.01 lots. High leverage might be offered up to 1:1,000. 

Standard account usually offers contract size of 1 Lot = 100,000. Spreads might vary greatly from one broker to anther and the goal is to find low spreads on the currency pairs you are planning to trade. Floating spreads might start at 0.4 pips and fixed spreads might start at 2 pips. There might be some limitations to open/pending orders per client, such as 200 positions. Minimum trade volume is usually 0.01. Minimum deposit vary and can be as low as $1. Leverage vary from 1:200 to 1:1,000. Margin call and top out level are 25%/15%. 

Islamic account is not available with all brokers, so if you look for swap-free accounts because of your believes, you have to find the brokerage firm that offers such service.  Online trading platforms operate 24 hours a day, and allow people to choose from a large variety of instruments – foreign exchange, commodities, shares, bonds, ETFs, currency options and more. Some of the positions opened by traders are done for day trading – positions opened for a few hours. Other traders, however, employ trades with a longer scope, and wish to keep their positions opened for more than 24 hours.

How to open an Islamic account in 3 simple steps:

  1. Verify your account by sending all the relevant documentation.
  2. Fund your current trading account.
  3. After you’ve funded your account, you can apply for an Islamic account, which operates under the Sharia Law. The request will then be forwarded to the relevant department for review and approval. Requests are usually processed within 1-2 business days. 

Forex ECN trading account is for professional experienced traders as well as investors and traders who wish to use the Social Trading service. This type of account offers the highest annual percent accrued on unused funds, and access to deep liquidity with low floating spreads. The trading account is created on the basis of modern ECN technology that provides access to the best prices on the market, stable and guaranteed fast execution with no re-quotes and no conflict of interest.STP and ECN accounts are best for advanced traders and offer spreads as low as 0 pips with commissions charged per trades. Minimum deposit for such accounts are usually at least $100, however Liteforex offers ECN account for just $50. Leverage is usually up to 1:500. These accounts might have better options for margin call and stop out levels. 

Take a look at account types offered by Instaforex broker, for example: 

  Insta.Standard  Insta.Eurica  Cent.Standard  Cent.Eurica

Deposit currency

EUR, USD

EUR, USD

USD Cents, EUR Cents

USD Cents, EUR Cents

Minimum deposit

1 USD

1 USD

1 USD

1 USD

Maximum deposit

no limit

no limit

1000 USD

1000 USD

Spreads 

3-7

0

3-7

0

Fee

0

0.03%-0.07%

0

0.03%-0.07%

Minimal trade

0.01 of the lot

0.01 of the lot

0.10 of the lot (equivalent of 0.0001 market lot)

0.10 of the lot (equivalent of 0.0001 market lot)

Maximal trade 

10000 lots

10000 lots

10000 lots

10000 lots

Leverage 

1:1-1:1000

1:1-1:1000

1:1-1:1000

1:1-1:1000

Margin for locks 

25%

25%

25%

25%

Margin Call 

30%

30%

30%

30%

Stop Out 

10%

10%

10%

10%

Interest rate 

5%

5%

5%

5%

Order execution

Instant Execution

Instant Execution

Instant Execution

Instant Execution

 

Best Forex Trading Platforms

Metatrader 4 is still one of the most favored platforms among traders all around the world. Start trading the instruments of your choice on the Metatrader 4 and Metatrader 5 in either desktop or mobile version. MetaTrader 4 has established itself as the industry standard. Combining an intuitive user interface with a customisable feature-rich environment, the MT4 trading platform provides everything a trader needs to chart assets, place orders and manage positions.

Why MT4 is so popular?

  • Trade on the Go with MT4 mobile app
  • With MT4 platform there are usually no trading restrictions. Scalping, hedging and news trading strategies are welcome.
  • Get MT4 EAs (Expert Advisors) and Virtual Private Server (VPS) with your MT4 account.

MT4 platform has been created with trading execution quality in mind. With most reputable brokers, you get to trade on MT4 without requotes, no rejections and flexible leverage. Ultimately, MT4 offers Full EA (Expert Advisor) Functionality, 1 Click Trading, Technical Analysis Tools with 50 indicators and charting tools, amazing Charting capabilities and VPS functionality.

MetaTrader 4, commonly nicknamed MT4, is a widely used electronic trading platform for retail foreign exchange, developed by the Russian software company MetaQuotes Software Corp, which is currently licensing the MT4 software to almost 500 brokers and banks worldwide. Released in 2005, the MT4 trading software became extremely popular with retail forex traders especially for its easy to use features and the ability to even facilitate automated trading by allowing users to write their own trading scripts and trading robots (commonly known as expert advisors). For most online traders and investors, whether they are trading forex or CFDs (Contracts for Difference on various financial instruments), MetaTrader 4, is undoubtedly a household name today.

Not only is MT4 considered to be the most popular online trading platform to access the global markets but it is also regarded as the most efficient software for retail foreign exchange trading (i.e. especially developed for individual online traders). Online (or electronic) trading platforms are computer-based software programs used to place trading orders for various financial instruments through a network with financial institutions (e.g. brokerage companies) that operate as financial intermediaries (i.e. facilitate online transactions between buyers and sellers by executing their trades). Online investors can trade on live market prices being streamed by trading platforms, as well as enhance their profit potential with some additional trading tools provided by these platforms such as trading account management, live news feeds, charting packages and can even use trading robots, also called expert advisors.

As compared with today’s online trading platforms used for trading a series of financial instruments such as currencies, equities, bonds, futures and options, the very first such software versions were almost exclusively associated with stock exchange. Until the 1970s, financial transactions between brokers and their counterparties were still being processed manually, and traders did not have the possibility to access the global financial markets directly but only through an intermediary. It was also was during this time that electronic trading platforms started being applied to carry out at least a part of these transactions. The first such platforms were mainly used for stock exchange and known as RFQ (request for quote) systems, in which clients and brokers placed orders that were only confirmed later. Starting from the 1970s, e-trading platforms that did not provide live streaming prices were gradually replaced by more developed software with near instant execution of orders, along with live price streaming and more enhanced client user interface. 

Currently, over half a million retail traders are using the MT4 platform in their daily trading practices, benefitting from its wide range of features that facilitate their investment decisions such as automated trading, mobile trading, one-click trading, news feed streaming, built-in custom indicators, the ability to handle a vast number of orders, an impressive number of indicators and charting tools. Suitable for both beginner and seasoned traders with versatile investment skills and practices, MT4 can be regarded today’s ultimate trading software in virtually every spot of the globe.

What else is out there?

Trading Station Web

The new Trading Station Web 2.0 platform is built in Mac Friendly HTML5. It has a fresh modern look and a cleaner, more intuitive user interface, along with exciting new features that make this our best web-based platform yet.

ZuluTrade - What are people trading?

ZuluTrade is a peer to peer auto trading platform that is an ideal solution for both traders who don't have the time to build their own strategies, or for traders who simply want to remove the emotions from trading.

TradingView

TradingView is a social network for traders and investors on Forex, Futures and Stock markets! With Live quotes, stock charts and expert trading ideas, you can use TradingView every day and have the ability to execute your demo and live trading.

Various in-house WebTraders

Some brokers offer in-house WebTrader with innovative online trading features and easy-to-use interface with modern design and flashy buttons. There’s no need to download or install anything, and you can access WebTrader from any computer connected to the internet and trade from anywhere in the world. The question still remain, though... Is there Webtrader platform that beats Metatrader 4? Most traders say no. What do you think?

Best Forex Education

Online tutorials are extremely useful to beginners, especially video classes on forex trading contain general rules, tips, platform instructions and guidelines. The first steps in the world of Forex and overall basic education with various forex strategies and techniques.

Forex analysis is the latest reviews, top news, technical analysis, forecasts and trading ideas for all market instruments and economic news. Some brokers have daily updated section of Forex analytics where you will find reviews from forex experts, up-to-date monitoring of financial information as well as online forecasts of exchange rates of the US dollar, euro, ruble, bitcoin, and other currencies for today, tomorrow and this trading week. Besides, here you can always keep track of developments on Forex for the next week or month using the economic calendar.

Best Customer Service

As a novice trader or experienced investor, you need to be able to contact your broker fast when needed and receive adequate answers and assistance. Brokers with customer support with fast response available 24/5 Monday to Friday is what you seek. Various ways to get in touch with customer support is a nice perk - online, email, phone, feedback, whatsapp and others. Multilingual client support helps traders from various locations get answers in their native language. For example, XM broker speaks English, Greek, Simplified Chinese, Traditional Chinese, Bahasa Malay, Bahasa Indonesia, Russian, French, Spanish, Italian, German, Polish, Hindi, Arabic, Portuguese, Czech, Slovakian, Bulgarian, Romanian, Bengali, Urdu, Thai, Nepali, Tagalog, Vietnamese, Cebuano and Serbian..

Comprehensive FAQ page is also helpful to find answers and clear guidance to most asked questions with the matter of minutes.

We are here to help you easily find the exact answers to your questions and offer you the best user experience! Our comprehensive FAQ page provides you with clear guidance at any time and is 

How do I choose a forex broker?

Here are the most important factors to keep in mind when choosing an online broker for forex trading:

  1. Regulation. First, go over the security, aka whether you broker is regulated by well-known authority. Regulated forex brokers are professionals that have registered themselves as members of various government financial institutions like the FSA, NFA, CFTC and FSP and ASIC and more. When a forex brokeris regulated, it means that they are bound to abide by the rules and regulations that control the forex market. 
  2. Spreads and Commissions. For forex and CFDs trading, the all-in cost to complete (open or close) each trade consists of the spread, plus any round-turn commissions. There may also be overnight financing charges, known as carrying costs, which can be either a net debit (loss) or a net credit (refund). To keep trading costs low, focus on trading the major forex pairs such as the EUR/USD, which offer the most liquidity, and thus the tightest spreads.
  3. Payment methods. Deposit and Withdrawal options and minimum deposit requirement. For example, withdrawals are typically processed and sent within 1 business day. Once the withdrawal is approved and processed, it may take some additional days to receive the payment: For Credit/Debit Cards - up to 5 business days. For e-wallets - 24 hours. Pay attention that some brokers might have minimum withdrawal amount, meaning that if you have less than, let's say, $500, you can not request a withdrawal.
  4. Trading Platform. Millions of traders with a wide range of needs choose MetaTrader 4 to trade in the market. The platform offers ample of opportunities to traders of all skill levels: advanced technical analysis, flexible trading system, algorithmic trading and Expert Advisors, as well as mobile trading applications. Signals and Market additional services extend MetaTrader 4 frontiers. The Signals service allows you to copy trades of other traders, while the Market provides you with various Expert Advisors and Technical indicators that you can buy.
  5. Customer Support. Forex broker with outstanding trading support is a must. Representatives can help you analyze your trading mistakes in order to better your strategy and avoid such mistakes in future. Furthermore, the team can assist with any problem you may experience with any of the trading products fast.