Find the best Forex Trading broker for you in 2022

theTechSpy.com aims to give you a detailed overview of some of the most popular Forex brokers. We need to analyze key areas and offer a rigorous and impartial review that will determine if you will make a legitimate profit in the long run. These include: trading platforms, types of accounts, trading costs, spreads, tools and equipment, training, rules, customer support and more.

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Highest Rated Brokers of 2021

#
Broker
Review
Rating
Country
Regulation
1
5 /5
India
2
4.9 /5
India
Tsatsa Limited
3
2 /3
Ukraine
DT Direct Investment Hub Ltd
4
0 /5
5 /5
Country:India
Type:fx-chain.com
Regulation:
Read Review
4.9 /5
Country:India
Type:https://fxbullion.com
Regulation: Tsatsa Limited
Read Review
2 /3
Country:Ukraine
Type:avatrade.com
Regulation: DT Direct Investment Hub Ltd
Read Review
XM
0 /5
Country:
Type:
Regulation:
Read Review

Tips for Finding a Great Forex Broker for you

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Tips to help you choose the right broker and avoid disaster

As if there wasn't already enough to learn when trading forex, the forex broker you choose is actually the biggest trade you'll ever make. You're giving all your trading capital to that company, with the expectation that you'll be able to trade with it and withdraw it when it's time to take your profits.

You may have great forex strategies, but if your broker runs off with your money, all your hard work and research was for nothing. Follow these five in-depth tips on how to find a great forex broker, so you end up with the right broker that meets your needs, without exposing you to any scams.

1

Consider Your Needs

Before looking at brokers, assess your own needs. Here are some things to consider:

Are you going to day trade a lot or a little? Trade very small moves, or capture bigger moves? If you day trade a lot and capture small moves, consider an ECN broker. You'll pay a commission on trades but the spreads are much tighter, which matters when trading small moves. Search only for "ECN Forex Brokers."

If you don't think you'll need an ECN broker, then you still have a big pool of potential brokers left.

2

What the Broker Should Offer

Now that you know what you want, and have hopefully narrowed the list of potential brokers, look for the following in the brokers you're still considering.

No "dealing desk." If you're a day trader you want to be interacting directly with the market, and not sending your order to a trading desk which then initiates it in the market. That takes too much time, and often results in "re-quotes." This is when the price has changed since you placed your order, and the broker asks you if you wish to proceed. Because of the time delay, your trade opportunity is likely gone.

3

Be Wary of "Losing Trader" Reviews

Part of your research in choosing a broker should be looking at written reviews of the broker as well as discussion forums.

Be wary of these though. Unless the information comes from a credible source, and most forums are not credible sources, you're likely to find fake reviews, both positive and negative.

Most day traders will lose money, and since most traders can't admit that to themselves, they blame others when it happens to them. Just because someone complains about losing money doesn't make the broker they were using bad, even though the writer may blame the broker.

4

What the Broker Should Offer

Your list of potential brokers should be smaller now. But with so much false information out there, don't make a decision yet. Instead, test out the brokers you are most interested in.

First, open a demo account and take note of the trading conditions. Your orders should execute instantly. Spreads should be tight and the platform stable, not crashing all the time. If the demo works well for several weeks, then open a live account, with a fraction of the capital you intend to deposit. For example, if you have $10,000 to deposit, start by only putting in $1,000.

5

Avoid "Bonuses"

When you open a live account avoid any and all "bonuses" the forex broker may offer. Here's an example: "Open a $1,000 account and get $100 in bonus cash!"

Nothing really comes for free. If you accept a bonus it may interfere with withdrawals, because some of the money in your account is now the broker's money. Send an email with your account application that explicitly states you don't want to take part in any bonuses that they have on offer.

Meet the team

This day and age, forex brokers number in the hundreds. It seems that for every good, legitimate broker out there, there is one that is the direct opposite, whose sole purpose is to rid you of your money as a result of a fraudulent act or a scam. Unfortunately, these brokers make themselves look like the rest of the bunch, making their identification a complex process, and a never-ending one at that, as it seems that new brokers spring up by the week. A nuance worth mentioning is that no single broker has an ideal reputation. Even the highest rated brokers seem to upset traders at one point or another. Whether it’s their own fault or the brokers is another question, one that we are here to answer.

Learn more about our team
Pratyush Sharma
Gopal Sharma
Dhruv Khatri
Nidhi Laghari