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Top 7 Reliable Forex Brokers (Regulated & Licensed)

The daily trading volume of the forex market is trillions of dollars per day, so it is considered one of the most active financial markets that attract millions of traders around the world.

This explains the fact that investing in the foreign exchange market is open to everyone, and does not require huge capital compared to the stock or commodity market.

Forex trading is a highly desirable field, but it is also prone to fraudulent activity from unscrupulous companies that employ deceptive tactics.

To assist you in making informed decisions, we aim to provide impartial evaluations of trustworthy and secure forex trading firms. In addition, we will cover the key factors that must be considered when selecting a suitable broker, as well as techniques for identifying fraudulent trading companies, which are explained in detail in the guide's final section.

I would like to point out in advance that success in trading forex and CFDs requires experience and accumulation of experience, so it is expected that you will achieve losses at the beginning of your journey.

For example, statistics indicate that between 74 to 89% of beginners lose their first investments, so your first deposit should not exceed $ 1000 and not less than $ 500 to experience trading in good and practical conditions.

Remember that forex trading requires investing money with the right broker, otherwise y

Top 7 Reliable Forex Brokers
Top 7 Reliable Forex Brokers

ou will doom your experience from the start, so I advise you to allocate 10 minutes of your time to carefully read the guide in your hands.

 Best Reliable Forex Brokers (Regulated & Licensed)

The site team has explained and reviewed the best reliable forex brokers to help you invest safely in currencies with companies licensed and regulated by the official financial bodies.

IC Markets.1 

IC Markets broker is very reliable as it is officially licensed and regulated by the Australian Securities and Investments Commission ASIC, known for its strict restrictions on financial companies.

Also, the broker has additional licenses of a lower level in each of the Seychelles, Bahamas and Cyprus, which is applicable to all forex brokers to reduce costs and volume of taxes.

IC Markets has a simple yet advanced user interface that includes most of the technical analysis tools, news section and charting tools, which ensures perfect chart reading and the ability to set appropriate trading strategies.

The most important advantages of the IC Markets broker are the excellent spread rate and the speed of order execution, which makes it suitable for using a scalping strategy and earning points within a narrow time range.

I would like to point out that most fraudulent trading companies adopt algorithms to impede the execution of orders quickly, in order to achieve unethical profits at the expense of the trader by re-pricing and paying him for the loss.

The broker does a good job of educating beginners, providing access to articles and video tutorials along with a demo trading account. 

Also, customer service is professional and works around the clock, and the only negative note is the somewhat slow chat support. Some also criticize IC Markets for not being listed on the stock exchange and not publishing annual earnings reports, but this is not enough reason to strike at its credibility. 

Also, listing it on the stock exchange will make it a profitable company and subject to the dictates of investors, so it will double its profits by raising the value of trading fees.

As information, the broker does not offer any bonus to new clients, and the minimum deposit is $200. 

Advantages

  • Formal organization of the first level
  • Good and competitive spreads
  • Fast execution of orders without re-quotes
  • Wide range of assets
  • Fees are low
  • Provides Islamic trading accounts
  • Good option for scalpers
  • Most countries in the world support it

Defects

  • Withdrawals are not fast (2 business days)
  • Chat support is slow

Oanda.2 

Oanda is one of the oldest and best forex brokers in the world, it has been in existence since 1996 and has maintained its good reputation till today.

Oanda is a reputable and secure broker that is overseen by credible US regulatory bodies, including the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA).

The fact that the company permits American traders to use their services is another indication of their expertise and reliability, as very few forex brokers allow this.

Also Oanda broker sets data accessTradingView platformTechnical analysis is at the disposal of traders, which is characterized by the accuracy of its reports and the ease of working on the chart.

The broker also supports social trading by linking ZuluTrade with the trading platform, which allows copying of successful trading strategies.

The most important feature of the Oande broker is its support for the option of algorithmic trading, via API communication, which is a feature preferred by professionals and specialized trading desks.

The most important negative note about the Oanda broker is that the spread rate is huge, which affects the amount of profits made. This does not make Broker suitable for day trading or scalping lovers, but rather for long-term investors.

All forex brokers reduce the spread rate to attract new clients, but it is raised when gaining reputation and having a large customer base. Oanda broker in particular does not need to lower the spread value because it has a good reputation, and it handles transactions for hundreds of thousands of traders around the world.

Also, customer service is not available around the clock and during holidays, which is common to all US forex brokers. Personally, I advise beginners and intermediates to avoid American brokers, as most of them are saturated with clients, so traders are not appreciated enough.

They also adopt a high spread commission, which does not provide any opportunity for those with small investments to achieve good returns in the fastest time.

Advantages

  • Official regulation is US (CFTC and NFA)
  • Safe and low risk platform
  • Advanced trading tools
  • The liquidity is deep
  • Support for more than 70 currency pairs

Defects

  • The spread rate is large
  • Guaranteed Stop Loss Orders (GSLO) are not supported.
  • Lots of extra charges
  • Customer service is slow to respond

Forex.com.3

The Forex.com broker, which has been in operation since 2001 and is a popular choice for tens of thousands of traders, is now in the spotlight.

One of the distinctive features of Forex.com is the option to aggregate orders when multiple positions are taken on the same asset.

However, the effectiveness of this option depends on the trading strategy being employed and may have both positive and negative outcomes.

It also has a good reputation for order documentation and speed of execution, with an average order execution rate of 0.04ms.

Forex.com is also considered one of the reliable trading brokers, as it operates according to an official first-class regulation by the American CFTC and NFA bodies, and it also holds a license fromFCABritish.

Another important point is its integration of professional trading tools on the trading platforms, for example, you can access all the analyzes of the Chasing Returns service that specializes in performance analytics.

These factors make it a suitable option for large speculative traders, especially as it offers discounts on trading fees in large volumes. 

Forex.com has received criticism regarding the slow response time of their support team, which may be due to the high volume of clients and prioritization of large traders. Additionally, the account verification process takes longer than expected, although this should not deter potential clients from trying the broker's professional services.

It is worth noting that the broker's website lacks sufficient educational resources for beginners, as it caters more towards experienced and professional traders. However, it is important to keep in mind that there is no perfect forex broker and even the most reputable ones receive criticism.

Our team has previously evaluated and reviewed Forex.com, providing a detailed analysis of their services and weaknesses for those interested in learning more.

Advantages

  • Organized by American and British bodies
  • Good spread
  • Discounts for senior traders
  • Professional trading tools support
  • The amount of liquidity is large

Defects

  • Support service is slow
  • Scarcity of educational materials
  • Slow verification of accounts
  • Fee for inactive accounts

Pepperstone.4

Australian broker Pepperstore first appeared in 2010, but quickly grew and gained great popularity among forex traders around the world.

This success is explained by the professionalism of the services and the support of the best trading and technical analysis tools, and it is also characterized by the speed of executing orders and closing deals.

Also, the spread, which is the most important indicator for evaluating forex brokers, is considered good when trading on Pepperstone, as it ranges between 0 and 0.2 on the Razor ECN account and 0.8 on the standard account.

Execution speed and low spreads are due to the fact that Pepperstone is an ECN broker, which allows traders direct access to the market and trade according to live conditions without any delay. It also allows trading in more than 60 currency pairs, and supports CFDs in more than 1,200 assets.

Brokerage firm PepperstoneIt also allows algorithmic trading and the use of bots, so it is one of the preferred options for speculators and day trading enthusiasts.

The broker is officially licensed and regulated by 7 official bodies, most notably the Australian Securities and Investments Commission (ASIC) and the British Financial Conduct Authority (FCA).

It was also recently licensed by the Dubai Financial Services Authority (DFSA).DFSA), in order to manage its operations in the Middle East and North Africa.

The Pepperstone broker is suitable for Arab traders, as it provides educational resources and consulting services with experts in English.

Personally, I advise anyone who wants to trade with the Pepperstone broker to use the Razor account because it is more professional and saves fees.

For example, it only charges a commission of $7 for each trading volume of $100,000. The most important criticism of the Pepperstone broker is that it imposes some fees on international wire transfers, so it must be reviewed if it is used as a method of deposit and withdrawal.

Pepperstone offers many tools for beginners to use, but the demo account has a limited expiration date of only 30 days. Another important point is that traders from the USA are not accepted, due to regulatory reasons, and this is not the case with most trusted Forex brokers.

If you are more interested in copying deals and social trading, it is best to try opening deals on the eToro platform, which supports all financial markets, but unfortunately does not support all Arab countries.

Advantages

  • First class licensing and regulation
  • Excellent spread
  • Fast execution of orders
  • Razor account fees are competitive
  • An ideal broker for speculation
  • Islamic account (swap / without interest)
  • No fees for inactive accounts
  • Support for social trading and copy trades
  • Support service in English

Defects

  • The demo account has a limited validity
  • Traders from America are not accepted

IG.5 

The British IG forex broker is a symbol of nobility in the field of trading, as it is affiliated with the IG Group to invest in financial instruments, which dates back to its inception in 1974.

The IG broker operates according to licenses and regulations issued by the official financial bodies in Britain, America, Australia, Japan, and Singapore. and New Zealand. IG is a comprehensive multi-asset broker, providing access to various financial markets such as forex, stocks, cryptocurrencies, bonds, indices and options.

The broker allows trading more than 80 currency pairs, which is a good number compared to most companies and competing forex brokers. Also, the educational tools that IG Group provides are far superior to all competitors, and they are constantly updated with the latest recommendations shared. 

The main disadvantage of the IG broker is that access to financial markets is restricted by geography, so the supported assets differ from one country to another.

CFDs also charge higher fees than competitors, and the use of guaranteed stop-loss orders on standard accounts costs extra pips on spreads.

IG is a giant and professional trading company, so it adopts strict criteria for verifying identity and income level, and therefore the activation process requires time or even a refusal to open an account.

These negatives do not reach the point of excluding the IG broker from the list of the best, and it is also preferable to use more than one broker at the same time in the case of working on a daily basis in the forex market.

Advantages

  • The spread rate is competitive
  • The amount of liquidity is high
  • Access to all financial markets
  • Great learning material for beginners
  • Customer service around the clock
  • The ability to invest in IPOs and ETFs

Defects

  • CFD contract fees are high
  • Slow account activation
  • Markets are restricted by geographical distribution 

FXCM.6 

Forex Capital Markets , which stands for FXCM, is a British broker that has been active in the market for more than 23 years, and specializes in the Forex and Contracts for Difference (CFD) market. The broker is reliable and safe, as it is licensed by the British FCA and the Australian ASIC, and it also belongs to the giant American investment bank, Jefferies Group LLC.

The services offered by FXCM are no different than other brokers, as it provides access to high-accuracy data and supports connectivity to most professional trading platforms.

The FXCM broker also enables retail traders, hedge funds and emerging market banks to execute bulk orders, and access high liquidity via FXCM Pro accounts. The good thing is that the broker, despite its size, still adopts simple and uncomplicated procedures to activate accounts, unlike some trading companies that require some additional documents.

The minimum deposit is low about $50, but I personally advise any beginner in the forex market to invest at least $350 to $700. The profit margin is simple, and achieving some results requires entering into many deals per day.

Years ago, FXCM was subjected to a huge fine from the regulators after claiming to be an ECN broker, but investigations at the time confirmed that it was a market maker and achieved higher commissions at the expense of traders.

The main drawback of FXCM is that it supports a smaller selection of currency pairs and Stock CFDs compared to most of the brokers above.

Also, there are some criticisms of the trading experience on the web platform, for example, it does not support two-factor authentication to verify entry. It also does not allow programming of alerts and notifications when the price reaches a certain level, which is a feature that many traders like.

A final note is that the company imposes some fees on withdrawals to the international account, which can be bypassed by using a trusted electronic bank .

Advantages

  • The broker is safe and reputable
  • First class organization
  • Good and appropriate spread
  • The amount of liquidity is excellent
  • Customer service is fast
  • Automated trading support (bots)
  • Additional services for major investors

Defects

  • High fees for bank withdrawals
  • Does not use two-factor authentication (2FA)
  • Previous problems with regulators

FP Markets.7

FP Markets Australian broker has been providing its services since 2005, and has been able to succeed in gaining a respectable base of clients around the world.

Also, the daily trading volume through the broker is more than a billion dollars per day, and this guarantees the availability of deep liquidity and appropriate spread for most traders.

The FP Markets broker is very safe, as it operates according to various regulations of the first and second degrees, the most important of which is the Australian ASIC.

The company also has an ideal archive compared to most traditional forex brokers, as it has never been exposed to any fines or investigations, given that it has been operating in the forex market for more than 18 years.

FP Markets offers Islamic accounts with no swaps or interest on positions, but fees will be deducted from the account balance. 

The negatives can be summed up in FP Markets' use of an outdated user interface, and the use of some trading platforms such as Iress is restricted by geographical distribution.

Execution of trades is also slow when using the standard account, and even the use of the broker's VPS is restricted to exceeding a certain trading volume limit. The educational content provided by FP Markets is weak and does not meet the expectations of professionals.

Most traders fail to achieve good and quick profits from the forex market despite mastering trading strategies, due to the profit margin that does not exceed 13% and the lack of large capital.

The ideal solution for this sample is to use the services of trading finance companies , which organize tests to ascertain the skills of traders before providing them with capital in exchange for sharing profits.

Advantages

  • The company is licensed and trusted
  • Leverage up to 1:500
  • The fees make sense
  • Advanced customizations
  • Customer service is good
  • Algo trading support

Defects

  • The user interface is outdated
  • Slow execution of orders in normal accounts
  • Use of the Iress platform is geographically restricted

How do trading companies detect fraud?

Fraudulent trading companies are easy to detect by verifying that they are licensed and regulated from the first degree, and from official financial institutions in trusted countries such as the United States of America, Britain, Canada, Australia, New Zealand, Germany or Japan.

The company's pressure on clients to persuade them to manage money is also a red flag, as professional companies are satisfied with their profits from fees and commissions while leaving money management services to specialized investment companies.

Fraudulent trading companies are also distinguished by spending generously on advertising and publicity, as they only target beginners without experience.

Practically all trading companies promoted by marketers or influencers on social media should be avoided. Any trading company that advertises influencers’ profiles on TikTok, Instagram or Facebook is definitely a fraud, because reliable companies have a respectable reputation and are only talked about on specialized sites.

The most important methods that fraud trading companies use to deceive novice traders are:

  • Manipulating trading charts and not adopting live data.
  • Using algorithms to disable stop-loss order execution.
  • Significant increase in price slippage.
  • Executing trades with a time lag more than normal.
  • Extra and unjustified charges.
  • Not counting deposits and withdrawals transparently.
  • Suspension of successful accounts for claiming identity verification or breach of the Terms of Use.

Why most forex brokers do not accept US traders?

The reason is not related to obtaining licenses or not respecting market standards, but rather not meeting the locked capital requirements imposed by the US authorities.

For example, obtaining a license for a forex broker from a European financial authority requires between 100 and 500 thousand dollars, while obtaining an official regulation from the American National Futures Association (NFA) requires a minimum of $ 20 million. This does not mean that brokers are unable to deposit this huge amount, as most of them make hundreds of millions of dollars annually.

The problem is that most trading companies do not see any economic feasibility in freezing this large amount, especially since the US market is highly competitive.

Conclusion

Working in the forex market requires working experience for months on more than one broker, as this will enable you to know the strengths and weaknesses of each one.

This will also help you choose the broker that best suits your strategy, especially with regard to spreads, commissions and withdrawals. This guide on the best forex brokers has been prepared based on the team's humble experience, and a lot of time has been devoted to research and expert opinions.

Our team, as always, investigates credibility and impartiality, and this will help you effectively learn to trade in the right way, compared to the advice of fake experts on the YouTube platform, or the providers of swindlers.

Now it is your turn to evaluate the evidence and share your opinion or questions in the comments section. We also invite you to share the article on the Twitter or Facebook platform to raise awareness and warn traders of fraudulent forex companies.

MITA SGTINF
By : MITA SGTINF
My name is Duc "JOSEF" Le and I work in Digital Marketing at Mageplaza and BlogAvada. Mageplaza offers a comprehensive collection of over 230 extensions that are designed to work seamlessly with the latest versions of Magento 2 (Adobe Commerce). Meanwhile, BlogAvada is a blog that serves as a platform for sharing information related to websites, mobile apps, e-commerce, digital marketing, and other related topics. I encourage you to visit our websites to learn more about what we have to offer.
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