They will look at the minimum deposit amount, leverages, spreads and commissions of each broker. It is important to do the necessary research before choosing a forex broker where you will invest your funds. Here are five forex brokers to kickstart your shortlist of forex brokers.
1. Tickmill
Tickmill is regulated by the FSA (Financial Services Authority of Seychelles). Tickmill is recommended for both newbie and experienced traders. Tickmill offers Pro, Classic and VIP live trading accounts. They also offer a demo account where you can experiment the trading platforms and features with virtual money. You have the option to convert any of your live trading accounts into an Islamic account.
Tickmill provides MetaTrader 4 and WebTrader trading platforms. The deposit currencies for a live trading account are USD, EUR, and GBP. The minimum deposit is 100 USD/EUR/GBP. They offer spreads from 0.0 pips and low commission on some of their accounts. Tickmill offers more than 80 trading instruments including forex, bonds, stock indices, oil and precious metals. The overall rating for Tickmill is 8 out of 10.
2. RoboForex
RoboForex is regulated by CySec in Cyprus and IFSC in Belize. RoboForex can be used by a beginner as well as an advanced trader. RoboForex offers Pro-Standard, Pro-Cent, ECN, Prime, and R Trader live trading accounts. You can first experience the platform with a demo account. You have the option to convert your live trading accounts into an Islamic account.
RoboForex support MetaTrader4, MetaTrader5, cTrader and RTrader trading platforms. Minimum deposit amount is from $10. You can fund your trading wallet with the following currencies: USD, EUR, RUB, CNY, BTC, and GOLD. They offer variable spreads on the various accounts. They have no hidden fees and no commissions on deposits or withdrawals. The overall rating for RoboForex is 9 out of 10.
3. Exness
Exness is regulated by FCA, Cysec, and SFSA. Exness offers a fantastic environment for all types of traders. Type of live trading accounts that Exness offers are Standard, Raw Spread, Zero, and Pro Accounts. Exness has a demo account where you can familiarise yourself with the trading platform using virtual money. You have the option to convert your live trading account to an Islamic account.
Exness supports MetaTrader4, MetaTrader5, and WebTerminal trading platforms. It requires a minimum deposit from as little as $1. Exness has commission fees on the Raw and Zero account, but no fees on the Standard and Pro accounts. Exness supports USD and EUR as account base currencies. The overall rating for Exness is 8 out of 10.
4. BD Swiss
BDSwiss is regulated by CySec in Cyprus, FSC in Mauritius, and the NFA in the USA. BDSwiss offers a user-friendly platform for beginners as well as advanced forex traders. Type of live trading accounts on offer are Classic, VIP, and Raw accounts. BDSwiss offers a demo account, allowing you to learn and practice trading strategies. You can convert your Classic or VIP account to an Islamic account.
Trading platforms that you can use are MetaTrader4, MetaTrader5, WebTrader, and Mobile Trader. Minimum deposit from $100. There are applicable fees and commissions charged depending on the account type you select. The base currencies on BDSwiss are USD, EUR, and BDP. The overall rating for BDSwiss is 8 out of 10.
5. XM
XM is regulated by IFSC, ASIC, CySec, DFSA, and FCA. XM offers a fair-trading environment for all types of forex traders. XM offers 4 main live trading accounts – Micro, Standard, Ultra Low Account and Shares Accounts. You can familiarise yourself and test the trading platform with a demo account before you open a live trading account. Traders following the Sharia laws have the option to convert to a no swap interest Islamic account.
Trading platforms supported by XM are MT4, MT5, and WebTrader. Minimum deposit from $5. No commission on the Micro and Standard trading accounts. It also supports various base currencies. XM’s overall rating is 7 out of 10.
These are just five of the most popular brokers. For a more comprehensive list of forex brokers, you can read about the best Forex Brokers in South Africa. It is important to do thorough research before you decide on what Broker Platform you will invest your funds.
