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Forex Broker Reviews and Comparisons

The best Forex brokers compared for you

Broker eToro Easy-Forex Forex Yard
Overall Rating
Minimum Deposit $50 $25 $100
Spreads from 2 pips 3-7 pips 3-5 pips fixed
Typical Leverage up to 400:1 200:1 200:1
Reliability Excellent Good Good
Usability Excellent Excellent Average
Customer Support Good Good Good
Additional Features Excellent Good Average
  Full Review Full Review Full Review

As you can see from the table above, our most recommended Forex broker is eToro, you can click here to read our full review.

You can also see a full list of Forex broker reviews by clicking here

What you should look for when choosing a Forex broker:

Forex Broker QuizMinimum Deposit:
A low minimum deposit is vital if you are new to currency trading and only have a low budget.

Be aware though that often low minimum deposits are compensated by high pip spreads, eToro are one of the few brokers offering a low minimum deposit of just $50 without sacrificing elsewhere.

Spreads:
This is the difference between the buy and sell price of a currency pair and is how the brokers make their money without charging you a commission. The spread is quoted in Pips (the smallest measure of a currency price - stands for percentage in point) and the lower this is the better for you as you will make more profit (or a lower loss) on any trades you make.

Leverage:
This is particularly important if you are trading with a low budget since it amplifies your trading power. If you have a leverage of 400:1 it means you can buy $400 worth of currency for just $1, this allows you to enter much bigger trades with just a small balance. The higher the leverage the better.

Reliability:
This is one of the most important factors when choosing a broker, you need to find one that you can trust. Any downtime of their platform means lost opportunities and lost profits, make sure you have full confidence in a platform before trading.

Usability:
Particularly important if you are new trading. You need a broker that is simple in it's layout and operation. Forex trading can get very complicated so newbie's should definitely stick to brokers aimed at them such as eToro.

Customer Support:
Essential to any trader, you need to know that if you require help you can get it, no matter what the time or day. Both Easy-Forex and Forex Yard offer 24/7 support so you never have to fear getting stuck on your own.

Additional Features:
A good Forex broker should not just give you the basic buy and sell functions. You should look for ones that provide you with analysis tools and/or training manuals or videos. More tools are not always better, they can sometimes over-complicate things so look for the tools you need and check that the platform usability is not effected.

 

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