Forex Brokers

Forex Brokers Demo account Min trade price Available in
1.IQ Option Yes 0$ -
2.Alpari Yes 0$ -
3.Raceoption Yes 1$ -
4.365 trading Yes 5$ -
5.JustForex Yes 0$ -
6.AvaTrade Yes 1$ -
7.Forex Club Yes 0$ -
8.Xm.com Yes 0.01$ -
9.Libertex Yes 20€ -
10.ETX Capital Yes 0$ -
11.IG.com Yes 1$ -
12.Grand Capital Yes 1$ -
13.Trade.com Yes 0$ -
14.Forex.com No 0.1$ -
15.UFX Yes 0.01$ -
16.Easy Markets Yes 0.01$ -
17.ThinkMarkets Yes 1$ -
18.AAATrade Yes 0.01$ -
19.Saxo bank Yes 0.01$ -
20.Swissquote Yes 0.01$ -
21.LiteForex No 0.01$ -
22.IQ Cent Yes 0.01$ -
Forex Brokers Earth

I’ve experienced many forex broker scams in the past, and some still exist.

In addition, the internet is full of fake information.

Therefore, finding a forex broker you can trust is not always easy.

Also, you may be looking for certain features before deciding on a trading platform.

I’ll share knowledge with you to help beginning and experienced traders looking for a new forex broker.

In the list I will share, you’ll find several forex brokers’ best features and flaws.

This information will help you save time, money, and, most important — your nerves.

Unfortunately, you may be dealing with a scam broker without knowing.

The first step in trading is avoiding a bad broker who will only frustrate you in the end.

That’s why I made this unbiased, informative page to get you moving in the right direction.

Also, if you’re looking for a particular feature, you’ll learn which broker has what you need.

The information is straightforward, and you’ll know if a forex broker fits you in less than a minute.

But, first, read each broker’s short description and consider the pros and cons in each category.

  • 1. IQ Option

    Product Range

    FX options and CFDs in currency pairs, commodities, stocks, crypto, ETFs. A total of over 300 CFD assets and FX Options.

    • Good range of shares published on many worldwide stock exchanges
    • FX Options offered on forex and other assets
    • Unique ability to trade during weekends (OTC assets)
    • Good range of ETFs
    • The average currency pair offer
    • Uncommon trading schedule
    • Variable asset range availability

    Trading Costs, Leverage, and Sizes

    • Leverage up to 1:30 for currency pairs and up to 1:2 for cryptocurrencies
    • Low commissions
    • OK spreads and swap costs
    • Minimum lot size of 0.001
    • Dormant account fees
    • A few assets are only tradeable with a minimum deposit

    Withdrawals and Deposits

    WebMoney, Skrill, Perfect Money, Netteller, Mpesa, AdvCash, VISA, and MasterCard are available.

    However, not all deposit and withdrawal channels may be available in your country.

    Therefore, IQ has customized some payment methods for different countries.

    The platform has a minimum deposit of 20 euros and a minimum trading amount of $1.

    However, if you want to try out trading, you can always start with a free demo account.

    • Ok range of e-wallets supported
    • Commission-free withdrawals
    • Low minimum withdrawal amount requirement
    • Large number of payment methods available
    • 1 business day processing time
    • A minimum of 100 euros withdrawal requirement for bank transfers
    • May require more documents

    Customer support

    24/7 customer support is available via live chat, email, and phone in multiple languages.

    Reputation and Regulation

    CySEC registration: IQ Option Europe Ltd., license number 247/14, IQ Option.

    • Fund segregation
    • Banned in several countries
    Start trading Read review
  • 2. Alpari

    Product Range

    CFD on currency pairs, indices, commodities, and custom portfolios.

    • Great range of forex pairs
    • Custom portfolios
    • Good range of indices
    • No cryptocurrency, individual stocks, or ETFs
    • Some asset information is outdated

    Trading Costs, Leverage, and Sizes

    Alpari offers leverage up to 1:1000 depending on account type.

    Leverage can be floating or fixed. ECN-type accounts have a commission of $3 per lot traded.

    • Competitive floating spreads for ECN-type accounts
    • Great trade size variety
    • Competitive commission for ECN accounts
    • High leverage
    • Cashback for trading
    • Average spreads for Micro and Standard Accounts
    • Variable leverage
    • 6-month inactivity fee of $5

    Withdrawals and Deposits

    Generally accepted channels are FasaPay, TC Payment, Skrill, Neteller, Qiwi, Cryptocurrencies, TC Pay Wallet, WebMoney, Perfectmoney, Latin American solutions, Nganluong, GlobePay, Bank Wire, VISA, MasterCard, and Maestro.

    • Many deposit and withdrawal channels
    • Reasonable withdrawal processing times
    • Cryptocurrency channels
    • Very high withdrawal fees

    Reputation and Regulation

    Alpari International is an Exinity Limited brand holding a regulation license from the Financial Services Commission of Mauritius.

    • Regulated by a recognized entity FSC Mauritius
    • Long presence in the forex industry
    • Mild regulator
    • Alpari was fined £140,000 in 2010 for speculative trading
    • Average client ratings
    Start trading Read review
  • 3. Raceoption

    Customer support

    Support is available via live chat, email, and phone in multiple languages.

    Reputation and Regulation

    The IFMRRC is a less recognized regulatory body compared to established financial authorities, raising concerns about investor protection. Additionally, the registration in the Marshall Islands raises further concern about the platform’s trustworthiness.

    Start trading Read review
  • 4. 365 trading

    Product Range

    TD365 offers Forex, Precious Metals, Cryptocurrencies, Commodities, Bonds, Indexes, and Stocks.

    • Good range of equities
    • Several cryptocurrencies
    • Bonds category
    • No ETFs
    • There are no essential Precious Metals and Commodities range

    Trading Costs, Leverage, and Sizes

    Trading with TD365 doesn’t involve commissions, even for stocks. Spreads are fixed and competitive but only on the Cloudtrade platform. Leverage is up to 1:200.

    • Good leverage
    • No commissions
    • Competitive Fixed Spreads on Couldtrade
    • Uncommon trade sizes
    • Not transparent enough

    Withdrawals and Deposits

    TD365 doesn’t have any other options except bank transfers and bank cards. You can only deposit once you send your ID/residence documents to TD365.

    If there’re any costs related to funding, they’re not yet published.

    • Only basic funding channels
    • No information on funding fees

    Reputation and Regulation

    According to Trade Nation, TD365 is a broker related to them, but it’s another company. TD365 uses the Bahamas Securities Commission license of Trade Nation, so I am not sure there is any regulation.

    Also, TD365 does not have many client ratings, and that points to a small client base. However, trade Nation is regulated and offers the same trading features as TD365.

    Start trading Read review
  • 5. JustForex

    JustMarkets is regulated in three jurisdictions and offers more than 200 tradable assets including forex, stocks, cryptocurrencies, commodities, and stock indices via contract for difference (CFDs).

    Boasting a nearly flawless 4.8 out of 5 rating on TrustPilot based on customer reviews, it’s no surprise that they also just won the Best Broker Asia award as determined by Fintech Awards 2022. JustMarkets doesn’t provide services to residents of the US, UK, EU, Japan, Canada, or Australia. Let’s jump and see what JustMarkets has to offer you.

    Start trading Read review
  • 6. AvaTrade

    Product Range

    AvaTrade has a lot to offer when choosing tradeable CFD assets.

    You can pick from forex, indices, stocks, bonds, precious metals, commodities, ETFs, cryptocurrencies, and forex options.

    • Overall great asset range
    • Options and bond category
    • Addition of new, popular assets
    • Average range of stocks
    • Only two bonds offered

    Trading Costs, Leverage, and Sizes

    AvaTrade does not charge commissions.

    The platform has allegedly fixed the spreads, but in some instances, AvaTrade states they can widen.

    The leverage is up to 1:400 for clients outside the EU and some other countries.

    • High leverage for forex pairs
    • Somewhat fixed spreads
    • No commissions
    • Low Stop Out at 10% for non-EU clients
    • Inactivity fee for three months ($50)
    • Higher spreads than average
    • Substantial contract sizes for some assets

    Withdrawals and Deposits

    Bank Wire, VISA, MasterCard, Boleto, DinPay, FasaPay, GCard, Neteller, PaySec, SafeCharge, Skrill, Tranzila, UnionPay, VeriTrans, VoguePay, and WebMoney are available.

    The minimum deposit is $100.

    • Affordable minimum deposit
    • It gives a bonus for any successful referral
    • OK range of available deposit ways
    • No withdrawal fees
    • Withdrawal methods are obscured in the client portal until you deposit
    • Clients report withdrawal problems
    • Has a high minimum deposit amount

    Reputation and Regulation

    AvaTrade is a popular broker with a large marketing budget and worldwide presence.

    Several authorities regulate it.

    However, you’ll have to check the company to agree to their terms.

    The AvaTrade website publishes all the licenses.

    However, clients mostly complain about withdrawals, especially from profitable accounts.

    • It’s regulated
    • A large broker with a long history
    • Market-maker type broker with potential conflicts of interest
    • Mixed client ratings on independent websites
    Start trading Read review
  • 7. Forex Club

    Product Range

    The categories included are currency pairs, precious metals, commodities, indices, stocks, ETFs, and cryptocurrencies.

    The total tradeable asset count is over 250.

    • Wide range of assets in each category
    • Exceptional local stocks, currencies, and indexes
    • Extensive range of cryptocurrencies
    • Optional portfolio investing
    • Asset Contract specification is obscured

    Trading Costs, Leverage, and Sizes

    You’ll have slightly different trading conditions with each platform.

    The commission isn’t fixed and can change from $0 to other amounts.

    For example, crypto has a 1% commission.

    Leverage is also variable from 1:20 to 1:999, depending on the asset.

    Spreads are variable, from 0 pips. Stop Out is at 20%.

    • Competitive spreads
    • High leverage
    • No swaps on Rumus
    • Trading costs and conditions are not always correct
    • Commissions
    • No micro-lots or accounts
    • Some assets execute slowly

    Withdrawals and Deposits

    Channels available are bank cards, Bitcoin, Tether USDT, Skrill, Neteller, Jeton Wallet, Webmoney, VLOAD, and wire transfers.

    In addition, there are some small fees with e-wallets.

    The withdrawal channels are Bitcoin, USDT, and wire transfer.

    The minimum deposit amount is $10.

    Unfortunately, not all channels are compatible with certain countries, even if listed.

    • Many deposit channels
    • Low or no fees
    • Low minimum deposit
    • Limited withdrawal channels
    • Some channels might not work
    • Longer than expected withdrawal times

    Reputation and Regulation

    Forex Club has been fined several times to date.

    Also, the brokers’ group doesn’t operate in several countries.

    In addition, clients’ ratings from independent sources are negative.

    • Large broker group
    • Long history
    • No official regulation
    • Low ratings
    Start trading Read review
  • 8. Xm.com

    XM is highly regulated, overseen by three regulatory agencies. It serves five million clients in over 190 countries and provides support in more than 25 languages. It doesn’t provide services to the residents of the USA.

    Start trading Read review
  • 9. Libertex

    Product Range

    Libertex has over 250 CFD products. It has categories ranging from Forex currency pairs, precious commodity metals, Commodities, Stocks, ETFs, Options CFD, and Cryptocurrencies. Unfortunately, Crypto isn’t available to certain countries.

    • Many assets
    • Good range of categories
    • Wide range of cryptocurrencies
    • Russian stocks and other localizations
    • Asset range isn’t the same across different platforms

    Trading Costs, Leverage, and Sizes

    Trading commissions start from €0 to €7 (depending on assets) per lot traded in Metatrader platforms, while the Libertex platform may have a variable fee expressed in percentage.

    Cryptocurrencies have 0.4% commission. Spread is a dynamic type. Stop Out is at a 50% margin level.

    • Spreads from 0 pips
    • High leverage for certified pro traders
    • Competitive spreads and trading costs
    • Normal Swaps
    • Commissions for some assets
    • No micro lot sizes

    Withdrawals and Deposits

    Bank transfer, Bank cards, Skrill (1,9% fee), Sofort ( for Germany, Spain, Italy, Austria), Ideal (Netherlands), GiroPay (Germany), Trustly, P24 (Poland), Rapid, Netteler, Multibanko. Withdrawal options are limited to Bank transfers.

    • Reasonable withdrawal times
    • Local channels for deposits
    • Low or no fees
    • No Crypto deposits

    Reputation and Regulation

    Libertex is a large forex broker with some history. It’s relatively popular but does not have many client ratings.

    The company was fined €160,000 for inappropriate margin stop out and leverage limits in 2020. In Addition, Libertex has some problems with clone websites that tarnish its reputation.

    • CySEC compensation fund
    • Well regulated
    • Transparent
    • Beginner traders can easily fall victim to clone websites
    • It’s a prominent broker but doesn’t have enough client reviews
    Start trading Read review
  • 10. ETX Capital

    Product Range

    You can trade forex, crypto, commodities, precious metals, stocks, and indices in MT4.

    Trader Pro platforms categories are indices, stocks, ETFs, crypto (set to closing only currently), precious metals, bonds, commodities, and no-commission stocks.

    • Many trading instruments
    • Great variety of assets
    • Limited crypto offer
    • Limited crypto trading (shorting or closing only)
    • MT4 platforms don’t have the same excellent asset range

    Trading Costs, Leverage, and Sizes

    ETX Capital doesn’t charge commission except for specific stocks. Spreads are variable and competitive, but you’ll not be impressed. Although the EU and UK regulate the ETX Capital, it doesn’t have high leverage above 1:30.

    • No commission, even for some stocks
    • OK spreads
    • Low minimum deposit
    • No scalping is allowed
    • Small leverage
    • Larger minimum trade sizes for certain assets
    • High Stops Level (unsuitable for high-frequency trading)
    • Non-standard trade sizes

    Withdrawals and Deposits

    Deposits can be made by bank transfer, bank cards, Neteller, Skrill, and UnionPay.

    The platform charges a $10 fee for withdrawals below $100.

    In addition, ETX Capital allows up to 5 withdrawals within a month for free.

    • E-wallets available for complete withdrawal and deposit
    • Affordable minimum deposit amount
    • Free withdrawals have a $100 minimum
    • Limited funding channels

    Reputation and Regulation

    ETX Capital is an established broker that offers a wide asset range but doesn’t require the large deposits typical for large brokers.

    Client opinion is mixed about this broker.

    Among the independent rating websites, ETX Capital is rated even worse.

    Most problems are withdrawals, technical trading issues, and inadequate customer support.

    Start trading Read review
  • 11. IG.com

    You’ll find almost every tradeable asset from indices, forex, shares, ETFs, commodities, cryptocurrencies, digital 100s (not available for retail traders), options, interest rates, sectors (industry), bonds, spread betting, and CFDs.

    • Comprehensive asset range
    • Spread betting and CFD trading
    • Offers rare shares, ETFs, currencies, and more
    • Beginner traders will not understand most of the content
    • Some special offers, like DMA Shares trading, are available once you’re a professional trader
    • Basic crypto and precious metals range on MT4

    Trading Costs, Leverage, and Sizes

    Spreads are floating, and commissions are paid only for shares trading, from 0.08% to 0.18% per side.

    Trading sizes are standard – 0.01 lots minimum but with increased stop levels.

    Leverage starts at 1:200. Stop Out is 50%, and Margin Call is 100%.

    • OK leverage
    • No commissions except for shares
    • Spreads are not competitive
    • Wide stop levels
    • Clients report expensive swaps
    • Asset specifications don’t have swaps disclosed in MT4
    • Trading conditions are not good enough on MT4 for automated trading

    Withdrawals and Deposits

    The minimum deposit is $300 for bank cards and no minimum for wire transfers.

    Deposit and withdrawal channels are bank wire, VISA, MasterCard, and PayPal.

    IG.com also has a minimum withdrawal amount of $150 for cards unless you have less on your account.

    • No fees
    • Limited number of deposit and withdrawal channels
    • Higher deposit minimum with cards
    • The broker can ask you for more documents about your fund’s source

    Customer support

    • Low waiting time
    • Knowledgeable staff
    • No multilingual support on IG.com
    • Client support is not up to the broker’s standards
    • Clients often complain about the quality of customer support

    Reputation and Regulation

    There are no potent regulators who regulate the IG.com domain.

    Instead, the Bermuda Monetary Authority has licensed IG International Limited.

    Other domains for the specific country have different regulators.

    IG.com forex broker doesn’t have the best reputation among clients.

    Complaints are various, including trading problems, support, and documentation.

    • Long history
    • Large broker
    • Various features
    • Low client ratings
    • Inconsistent trading conditions
    • Weak regulation
    Start trading Read review
  • 12. Grand Capital

    Product Range

    You can trade forex, commodities, stocks, indices, ETFs, cryptocurrencies, futures, and bonds.

    • Great asset range
    • Unique currency indices
    • Portfolio collections for beginners
    • You can’t trade all possible assets of this broker in one account

    Trading Costs, Leverage, and Sizes

    Trading sizes are standard from 0.01 lots. Micro account currency is cent value allowing small value trading.

    The leverage of the Standard Account is up to 1:500. Spreads are dynamic for all accounts.

    For example, ECN, MT5, and Crypto accounts have spread from 0.4 pips, while Standard has one pip.

    Commissions exist for all accounts except for Micro.

    • Micro Account sizes offered
    • High leverage
    • Competitive spreads
    • Commissions are high for some assets
    • Variable leverage can make some traders uncomfortable

    Withdrawals and Deposits

    You can deposit BTC, ETH, and USDT from crypto.

    Other funding channels are Bank Transfers, Astropay, FasaPay, Help2Pay, M-PESA, Neteller Ngan Luong, PayRetailers, PayTrust, Paylivre, Perfect Money, Skrill, Thunder X, Vload, and Webmoney.

    The minimum deposit starts from $10 for Micro accounts to $500 for ECN Prime.

    • Serenity escrow for crypto deposits
    • Local bank transfers
    • Low minimum deposit
    • Crypto funding
    • Bonuses and payback programs
    • No cards use for deposits; however, there are cards for withdrawal
    • Withdrawal fees of up to 3.5%

    Reputation and Regulation

    Grand Capital doesn’t have a lot of positive feedback from the clients.

    However, I can’t be sure if the broker is at fault for every bad rating.

    The reason is scam traders often pretend to be affiliates of Grand Capital.

    Grand Capital isn’t fully regulated, but it doesn’t mean this broker is problematic.

    For example, you can test small withdrawals before significant investments.

    • FinCom regulation with $20,000 compensation fund per case
    • Has escrow
    • No official regulator
    • Various client ratings
    Start trading Read review
  • 13. Trade.com

    Product Range

    The primary benefit of Trade.com is the vast number of tradeable assets.

    You can trade forex, stocks, ETFs, indices, crypto, bonds, commodities, and precious metals.

    Choose another area if you want to sell on the DMA market (with over 100,000 assets), IPO, Spread Betting, or customized asset management.

    • One of the best asset coverage
    • Multiple solutions
    • Each category has uncommon assets
    • Crypto is available only on the web platform
    • Crypto trading isn’t open 24/7
    • Forex trading hours are a bit shorter

    Trading Costs, Leverage, and Sizes

    Spreads are dynamic (officially) but behave like fixed spreads on my MT4.

    Commissions are only applied to stocks, up to 0.20% per lot for Silver Account.

    There’s also a minimum fee of $10 per trade for stocks. Stop Out is at 50%.

    • Standard contract sizes
    • Commissions
    • Dormancy (90 days) and conversion fees ($25)
    • Wide spreads
    • Reduced leverage
    • Expensive broker for small deposit accountsс

    Withdrawals and Deposits

    Available channels are Bank Cards, Skrill, Paypal, and Neteller.

    In addition, you might also have EPS, Giropay, iDEAL, Multibanco, Neteller, Przelewy24, SafeCharge, Trustly, and SafetyPay.

    • No fees
    • OK range of funding options
    • The minimum deposit of $100 isn’t enough for trading conditions
    • You cannot see which withdrawal options are available to you from the portal

    Reputation and Regulation

    The Markets.com brand was fined multiple times before it changed to Trade.com.

    Then, Trade Capital Markets took it over.

    Trade.com retained the assets range Market.com had, but the trading conditions are different.

    TCM holds licenses from CySEC, FSCA, and FCA for UK clients.

    • Regulated
    • Large capital
    • Bad history
    • Conflict of interest is possible
    Start trading Read review
  • 14. Forex.com

    Product Range

    Cryptocurrencies are only available on the Forex.com and MT5 platform.

    Forex.com offers over 4500 assets in forex, indices, commodities, precious metals, and cryptocurrencies.

    • Numerous assets in the forex and stocks category
    • Minimal MT4 products
    • Only Forex.com platforms offer a complete asset range
    • No ETFs or bonds
    • Has a limited number of cryptocurrencies
    • Short trades are only possible with ETH and BTC

    Trading Costs, Leverage, and Sizes

    Depending on the account type, you may be charged commissions.

    For example, the commission account charges $5 per lot traded on forex CFD and shares.

    Leverage can be up to 1:200. Trade sizes are not standard.

    • OK leverage
    • Fixed and variable spreads
    • Rebate program for active traders
    • Spreads are not competitive
    • Minimum trade size isn’t adequate for smaller accounts

    Withdrawals and Deposits

    You can deposit with Skrill, Neteller, wire transfer, and bank cards.

    For withdrawals, you can only select bank cards or wire transfers.

    The minimum deposit is $100.

    The minimum withdrawal amount is $100 unless you want to close your trading account.

    • No fees
    • Few funding channels
    • Withdrawal minimum
    • No crypto funding

    Reputation and Regulation

    Forex.com is an old broker with a robust global presence and regulation.

    Forex brokers with that asset range are few.

    Forex.com offers a wide range of assets.

    Trading conditions are also not the best.

    Start trading Read review
  • 15. UFX

    Many authorities have flagged this forex broker as a scam. Furthermore, every website warns people about the severe risk to their capital. The company group of brands under domains such as UFXBank.com, UBinary.com, and others is down.

    Reliantco Investments Ltd, the company behind UFX, was under CySEC regulation until 2010. This forex broker currently has a limited operation under no regulation or address. The company even employed bogus SEO to get fake Google rankings, fake reviews, and manipulators over the phone.

    The UFX.com website is full of fake information. There are numerous reports that UFX has scammed clients in various ways. There is no doubt that you should avoid this broker.

    Start trading Read review
  • 16. Easy Markets

    Product Range

    Registering under the BVI FSC regulator will give you a full range of assets and leverage.

    Easy Markets has forex, precious metals, indices, stocks, commodities, and cryptocurrencies.

    Easy Markets also features options trading.

    • Above-average instruments range
    • Diverse markets
    • No ETFs and bonds
    • Average stocks range

    Trading Costs, Leverage, and Sizes

    Easy Market has fixed spreads and no commissions.

    Spreads start from 0.9 pips on VIP Accounts to 2 pips for Standard Accounts on EUR/USD pair.

    Leverage is up to 1:200 on the Easy Markets platform and 1:400 for MT4.

    • Fixed spreads
    • No commissions
    • High leverage
    • Trading features aren’t cheap
    • Wider spreads may not be appropriate for fast trading strategies

    Withdrawals and Deposits

    Depending on your country, withdrawal and deposit channels may differ. The broker has no withdrawal fees.

    Available channels are bank wire, bank cards, AstroPay, BPAY, FasaPay, Giropay, iDEAL, JCB, SOFORTNeteller, Skrill, UnionPay, WebMoney, WeChatPay, Sticpay, Bitwallet, and Perfect Money.

    The minimum deposit for the Standard tier is $25, Premium is $2,000, and VIP is $10,000.

    • Low minimum deposit
    • Multiple funding channels
    • The broker charges no withdrawal fees
    • No crypto funding

    Reputation and Regulation

    Easy Markets holds multiple regulation licenses that you can check.

    Advanced traders may like fixed spreads and many markets to trade.

    In terms of reputation, Easy Markets has good ratings on some websites, although I welcome client reviews.

    Unfortunately, independent ratings are not that good.

    Clients mostly complain about profit withdrawals, high trading costs, and conflict of interest.

    • OK ratings
    • Regulated, large broker
    • Profitable traders complain
    • Conflict of interest
    Start trading Read review
  • 17. ThinkMarkets

    Product Range

    You can trade in currency pairs, commodities, precious metals, stocks, indexes, futures, or cryptocurrencies.

    Also, you might be interested in spot gold and silver mini contracts that allow trading smaller amounts.

    • Many assets in each category
    • Mini contracts for precious metals
    • Rare currencies, crypto, and futures
    • No ETFs

    Trading Costs, Leverage, and Sizes

    From my testing, the spread was more than one pip on average.

    For example, the bitcoin spread is $25 per lot.

    ThinkMarkets also has mini contracts for gold and silver, meaning one lot is 10 ounces of gold, not 100.

    For other assets, it starts from 0.01 lots.

    Low-value cryptos do not have increased contracts, so you can trade smaller amounts.

    Leverage is up to 1:500. Stop Out is at 50%.

    • Smaller trade sizes than usual
    • Competitive spreads
    • Up to 1:500 leverage, 1:10 for crypto
    • Commission of $7 per lot for ThinkZero Account
    • Higher spreads than advertized

    Withdrawals and Deposits

    ThinkMarkets supports only two deposit and withdrawal options for Australian regulated clients – POLi and bank wire.

    Unregulated broker business allows bank cards, bank wire, Neteller, Skrill, and Cryptocurrencies.

    The minimum deposit for the ThinkZero Account is $500, while the Standard Account has no minimum.

    In addition, bank wire withdrawal has a fee of $25 and a $100 minimum.

    • OK range of channels
    • Cryptocurrencies channels for unregulated regions
    • Some withdrawal fees
    • High minimum for-profits withdrawal via bank wire

    Reputation and Regulation

    ThinkMarkets has several entities, each with a different registration location. The broker is marketing three regulations FCA, FSCA, and ASIC.

    • Regulated for certain countries
    • Overall good ratings
    • Competitive with top forex brokers
    • Insurance fund of $1 million per client, although the insurance house name is unknown
    • No regulation for specific countries, but better leverage, crypto funding, and other benefits
    • Complaints repeat about the same issues
    • Variable trading conditions
    Start trading Read review
  • 18. AAATrade

    AAATrade is a Cyprus-based broker that provides access to shares, as well as CFDs in stocks, forex, crypto, indices, and commodities. The broker is regulated and there is no minimum deposit amount, which means you can start trading with any amount you wish.

    Start trading Read review
  • 19. Saxo bank

    Product Range

    If we focus only on CFD instruments, Saxo bank offers over 9000 assets.

    For CFD trading, you will have stocks, ETFs, indices, forex, bonds, commodities, index options, and precious metals.

    In addition, cryptocurrencies are traded over ETPs and under the forex category.

    • One of the best product offers
    • Rare categories
    • Portfolio investments
    • Limited range to specific platforms
    • Crypto is limited to BTC, ETH, and LTC

    Trading Costs, Leverage, and Sizes

    Saxo Bank charges commissions and has variable spreads.

    Dividends also apply to stocks. Contract sizes are not standard, but for the CFD category are smaller.

    For example, oil has 25 units per contract, cold only 1 ounce.

    Bitcoin has a 0.01 unit minimum trade size.

    • Trading sizes can be smaller
    • Costs are displayed when trading
    • Dividends
    • Commissions
    • Spreads are not competitive for Classic tier
    • Conversion up to 1% and inactivity fees

    Withdrawals and Deposits

    Saxo Bank offers only bank transfers and card deposits.

    Some investors might also be interested in portfolio transfers (stocks, bonds, and ETPs).

    Withdrawals are made via platform or by filling out a form. Only a bank transfer is available.

    • No fees for EEA countries
    • Minimum deposit of at least $2000 (country-specific)
    • The usual minimum deposit is $10000
    • Limited withdrawal/deposit options
    • Platinum tiers require at least a $200,000 minimum deposit without much benefit
    • Withdrawal procedure is more complicated than usual

    Reputation and Regulation

    Saxo Bank is a heavily regulated and known retail broker.

    Yet, similarly to other substantial brokers with a long history, it doesn’t pay attention to client support.

    Based on client reviews, I’ve concluded that the most problems traders face are: poor support, unwanted phone calls, conflict of interest, and connection problems.

    Start trading Read review
  • 20. Swissquote

    Product Range

    Swissquote offers the ultimate product range.

    If you’re interested in CFDs, you’ll find 200 instruments.

    Categories covered are forex, forex options, stocks, commodities, bonds, precious metals, and indices.

    In addition, crypto is available but only through the eTrading platform, without any leverage or shorting.

    • Bonds and forex options category
    • Good currency range
    • No ETFs
    • No crypto CFDs

    Trading Costs, Leverage, and Sizes

    The minimum trading size is 0.01 lots, and Swissquote has standard contract sizes.

    Prime Account offers about 60% better spreads than the Standard Account.

    The leverage is up to 1:100, but Swissquotes can adjust this.

    All accounts have a 30% Stop Out level.

    • No commissions
    • OK leverage
    • Spreads are not competitive
    • Fees for inactivity after six months ($10)
    • Custody fees for eTrading

    Withdrawals and Deposits

    Swissquote’s only funding options are bank transfers and bank cards.

    The broker will not work with banks lower than AA grade.

    The good news is they don’t charge any fees for withdrawals/deposits.

    • No fee
    • Limited funding options
    • It rejects some banks

    Reputation and Regulation

    Swissquote is regulated and one of the most secure banks.

    It’s also long in the retail forex business.

    However, weak customer support could be a significant concern for ordinary traders.

    Among independent rating websites, Swissquote holds poor ratings.

    Consider other brokers if you’re not interested in investing significant capital for trading.

    Start trading Read review
  • 21. LiteForex

    Product Range

    LiteForex offers CFDs on precious metals, currency pairs, indices, stocks, and oil.

    Overall, the broker has an average product range compared to other brokers but is better in some categories.

    • Full Forex and precious metals range
    • Good cryptocurrency range
    • OK range of stocks
    • Commodities are limited to Brent and WTI
    • No ETFs or other markets

    Trading Costs, Leverage, and Sizes

    LiteForex charges commissions for the ECN-type account. Leverage is at 1:500; for Crypto, it’s 1:10.

    LiteForex puts low Stop Out and Margin Call levels at 100% and 20%, respectively.

    Minimal trading sizes are standard 0.01 lots.

    • OK spreads on ECN accounts
    • High leverage
    • Low Stop Out level
    • Low Swaps (except for Crypto)
    • High commissions
    • Classic Account has high spreads

    Withdrawals and Deposits

    Deposit channels are bank cards, AdvCash, WebMoney, Perfect Money, QIWI, and several cryptocurrencies.

    The minimum deposit to open an account is $50.

    Withdrawal options are AdvCash, Alipay, Bank Transfer, bank cards, China UnionPay, QIWI, Perfect Money, WebMoney, and several cryptocurrencies.

    • Good range of funding channels
    • Affordable minimum deposit amount
    • An above-average number of cryptocurrencies accepted
    • Multiple funding currencies are available
    • Fees for withdrawals can be extreme
    • Most of the channels might be unavailable to you

    Reputation and Regulation

    LiteForex.com is not regulated.

    Libertex.EU domain is only for EU countries and is regulated by CySEC.

    Interestingly, both domains have similar ratings and similar problem reports.

    Clients mostly complain about withdrawals and trading.

    Still, LiteForex has a medium rating overall because it has a long history and solid presence worldwide.

    • CySEC regulation for EU clients
    • Long presence in the industry without fines
    • No regulating law for specific clients
    • Average ratings
    Start trading Read review
  • 22. IQ Cent

    Customer support

    Support is available via live chat, email, and phone in multiple languages.

    Reputation and Regulation

    The IFMRRC is a less recognized regulatory body compared to established financial authorities, raising concerns about investor protection.

    Start trading Read review
Warning

*General Risk Warning: Your capital might be at risk

Conclusion

You’ll face a scam broker if you blindly search the internet. To spot them, I’ll give you a few general guiding points.

Things to consider

  • Regulation. Scam brokers don’t have information about regulation laws. Also, regulated brokers can use various excuses to hold your funds.
  • Ratings. Even if a broker is regulated, it doesn’t mean your funds are safe. Regulators are slow. A broker can claim your trading isn’t according to terms and cancel any profits you made. Therefore, you need to read the ratings from independent websites.
  • Reviews. Many scams buy a lot of forex broker reviews. Also, scams have a network of fake review sites. This way, they push their fake reviews up in google search lists. Broker scams can have very high budgets and even involve government officials. Read only forums and independent ratings.
  • Do your research. Check every broker with reliable sources and seek news headlines for the broker name or domain. You’ll likely find they are penalized or blocked.

In addition, you should ask the brokers about regulation and their actual location.

Then check the location and check whether the license is published.

Again, check the ratings. You’ll notice that most scammers can’t cover their tracks completely.

If you take the above precautions before trading with any platform, your capital will be safe.

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