Introduction
This site explains Forex Brokers from the perspective of a trader.
>>See author’s profile
The minimum condition that I mentioned in [How to choose the best broker?] is following.
- Regulated by trustworthy authority
- Provides negative balance protection system
- Provides bonus programs
- Provides attractive products
Following this, I picked up some easy-to-use and trustworthy brokers.
Please remember. The best broker will be decided depending on what you want from the broker, what kind of product you want to trade, and so on. Choose the best one that suits your investment style.
Let’s get started!!
Forex Brokers and Evaluation
Forex brokers I recommend are followings.
| Broker | Rating | Review | Bonuses | Spreads /Fees | Products | Detail |
XM | [jinstar4.5 color=”#ffc32c” size=”14px”] | Review |  |  | | Detail |
FXGT | [jinstar5.0 color=”#ffc32c” size=”14px”] | Review | | | | Detail |
FBS | [jinstar4.5 color=”#ffc32c” size=”14px”] | Review | | | | Detail |
GEMFOREX | [jinstar3.0 color=”#ffc32c” size=”14px”] | Review |  | | | Detail |
HotForex | [jinstar5.0 color=”#ffc32c” size=”14px”] | Review | | | | Detail |
TitanFX | [jinstar3.0 color=”#ffc32c” size=”14px”] | Review | | | | Detail |
LAND-FX | [jinstar3.5 color=”#ffc32c” size=”14px”] | Review | | | | Detail |
Axiory | [jinstar4.0 color=”#ffc32c” size=”14px”] | Review | | | | Detail |
Tradeview | [jinstar3.5 color=”#ffc32c” size=”14px”] | Review | | | | Detail |
iFOREX | [jinstar4.0 color=”#ffc32c” size=”14px”] | Review | | | | Detail |
| TMGM (TradeMax)  | [jinstar4.5 color=”#ffc32c” size=”14px”] | Review | | | | Detail |
Each has its own characteristics, but I believe there is no problem which of the 10 companies here you choose. Since I set importance to bonus programs as an evaluation standard, the evaluation is relatively low for those who do not have a bonus program, but that does not mean that they are not good brokers.
Spreads and fees depending on the product you are trading. In this table, I evaluated the average spreads in STP accounts of the major currency pairs EUR/USD and USD/JPY. Please check each official website for details.
Let’s take a look at the characteristics of each broker.
Forex Brokers Overview
XM
XM is popular all over the world.
You can get a lot of information on XM website and the explanations are very easy to understand.
There are plenty of learning materials, including webinars and MT4 tutorial videos.
- Want to use popular broker
- Need a lot of information on internet
- Beginners
Overview of XM
| Regulated by | ASIC (Australia), IFSC (Belize), CySEC (Cyprus) |
| Max Leverage | 1:888 |
| Products | Forex:57, CFD:41 |
| Bonuses | 3 Types (Non-deposit, Deposit, XMP) |
| Spreads *STP/Avg. | 1.6pips/EURUSD, 1.6pips/USDJPY |
| Commission *ECN | $7/lot |
- High corporate safety and reliability
- High quality of support
- Wide spreads
If you can’t decide a broker, you can start with XM for the time being. If you search on the internet, there is a lot of information, so it may be said that it is for beginners. I’ve been using it for years and nothing strange has happened for now.
Since the spread is wide, it is not suitable for trading that accumulates small profits by scalping.
＼Just 3 minutes!!／
Please refer to another post for more detailed information.
FXGT
Although it is a start-up company that started operations in 2019, it is gaining momentum and increasing the number of accounts.
It is famous for high leverage trading of cryptocurrencies, but the trading conditions of ordinary currency pairs are not bad.
- Want lower spread than XM
- Want to trade cryptocurrency with high leverage
Overview of FXGT
| Regulated by | FSA (Seychelles) |
| Max Leverage | 1:1000 |
| Products | Forex:48, CFD:13, Crypto:30, Stocks:53 |
| Bonuses | 2 Types (Non-deposit, Deposit) |
| Spreads *STP/Avg. | 1.4pips/EURUSD, 1.4pips/USDJPY |
| Commission *ECN | N/A |
- Handles cryptocurrencies with high leverage
- Many deposit and withdrawal methods, no fees
- New broker, not much information
The biggest feature of FXGT is that it is possible to trade cryptocurrencies in addition to currency pairs.
No other trader can trade Bitcoin with a leverage of 1000 times. It will be a powerful broker for those who want to trade cryptocurrencies.
Of course, FXGT also handle ordinary currency pairs.
FXGT is still a new broker, so we cannot find as much information on the internet like XM.
FXGT has been founded by the members who founded XM, and its slogan is “Overthrow XM.”
The spread is narrower than XM, and I’m sure it will grow in the future.
＼Just 3 minutes!!／
Open an Account
Please refer to another post for more detailed information.
FBS
FBS is also a sponsor of FC Barcelona and is well known in the world.
Due to its high leverage and low fees, it is extremely popular in the world.
When you open an account with FBS, you will receive one lesson email per day (6 in total). The first theme is “What is Forex?”, and you can see amazing attitude towards beginners.
- Trade major currency pairs such as EURUSD
- Take advantage of high leverage up to 3000 times
Overview of FBS
| Regulated by | IFSC (Belize), NAFD (Russia) |
| Max Leverage | 1:3000 |
| Products | Forex:37, CFD:10, Crypto:5, Stocks:66 |
| Bonuses | 3 Types (Non-deposit, Deposit, Cashback) |
| Spreads *STP/Avg. | 1.1pips/EURUSD, 2.0pips/USDJPY |
| Commission *ECN | $6/lot |
- Narrow spreads on major currency pairs
- World-famous and trustworthy
- Wide spreads on minor currency pairs
Spreads for minor currency pairs such as USDJPY are quite wide, but major currency pairs such as EURUSD and GBPUSD are very narrow. Recommended for those who mainly trade major currency pairs.
＼Just 3 minutes!!／
Please refer to another post for more detailed information.
GEMFOREX
Manny Pacquiao, Philippine hero is Gemforex ambassador.
Gemforex often do gorgeous promotions such as limited-time bonuses.
Gemforex has been founded by Japanese person in 2010. So they are very famous in Japan.
- The bonus should be gorgeous
- Fees should be cheaper
- EA (Automated trading tool) can be used for free
Overview of GEMFOREX
| Regulated by | New Zealand |
| Max Leverage | 1:1000 |
| Products | Forex:31, CFD:14 |
| Bonuses | None |
| Spreads *STP/Avg. | 1.3pips/EURUSD, 1.3pips/USDJPY |
| Commission *ECN | N/A |
- Fixed and narrow spreads
- Provides EA for free
- Not much products
- No bonus programs (Only for Japan market)
GEMFOREX is a company founded by Japanese people. It is not so well known overseas, but it is fairly famous in Japan.
The spread is fixed and narrow, so I think it is good for those who emphasize costs.
GEMFOREX didn’t have a financial license until 2019, but with the approval of the New Zealand financial authorities, their credibility has increased.
Also, GEMFOREX provides EA tools for free. It’s very unique that Forex brokers themselves offer it for free. GEMFOREX should be a candidate for traders who want to use EA.
＼Just 3 minutes!!／
Please refer to another post for more detailed information.
HotForex
HotForex is very famous and has a high reputation.
HotForex is licensed by the financial authorities of many countries and can be said to be a reliable broker.
- Want to use the world’s leading and popular broker
- Want to use a gorgeous bonus programs
Overview of HotForex
| Regulated by | Cyprus, RSA |
| Max Leverage | 1:1000 |
| Products | Forex:53, CFD:38, Crypto:12, Stocks:56, Bond:3 |
| Bonuses | 2 Types (Non-deposit, Deposit) |
| Spreads *STP/Avg. | 1.2pips/EURUSD, 1.7pips/USDJPY |
| Commission *ECN | $5～$8 |
- Many financial licenses
- Highly evaluated
- Gorgeous bonus
- Many products (Especially CFD)
- Nothing special
HotForex is one of the largest brokers in the world, with FPA (the world’s largest Forex community) rating of 3.744 points, far exceeding XM. (XM is 2.982, as of September 2020)
＼Just 3 minutes!!／
Please refer to another post for more detailed information.
TitanFX
TitanFX has been founded in 2014. The biggest feature is the low fees.
On the contrary, there is no bonus at all, but I think it is still worth trying.
- Fees should be cheap anyway
- Support should be generous
Overview of TitanFX
| Regulated by | Vanuatu |
| Max Leverage | 1:500 |
| Products | Forex:60, CFD:36, Crypto:18, Stocks:65 |
| Bonuses | None |
| Spreads *STP/Avg. | 1.2pips/EURUSD, 1.33pips/USDJPY |
| Commission *ECN | $7/lot |
- Quite narrow spreads
- 24 hours support
- No bonus programs
Due to the low fees, a lot of traders choose TitanFX. TitanFX is a broker suitable for short-term trading such as scalping. There are no campaigns or bonuses, but considering the long-term use, it can be said that the low commissions will pay off.
＼Just 3 minutes!!／
Please refer to another post for more detailed information.
LAND-FX
LAND-FX has been founded in 2013, it is popular due to its low fees and is steadily increasing the number of accounts.
- Fees should be cheap anyway
Overview of LAND-FX
| Regulated by | England, New Zealand |
| Max Leverage | 1:500 |
| Products | Forex:67, CFD:22 |
| Bonuses | 2 Types (Deposit *2 types) |
| Spreads *STP/Avg. | 0.8pips/EURUSD, 0.8pips/USDJPY |
| Commission *ECN | $7/lot |
- Quite narrow spreads
- Many minor currencies are handled
- Withdrawal fee is needed
LAND-FX is a popular trader because of its overwhelmingly low commissions, which keeps other companies away. Not only that, but due to the speed of contracts and the large number of minor currencies handled, the number of users has increased rapidly as an advantageous trader for scalping.
Please note that the deposit fee is free, but the withdrawal is charged. For overseas bank transfers, you will be charged $ 45.
＼Just 3 minutes!!／
Please refer to another post for more detailed information.
Axiory
It is very popular due to its low transaction fees and good support.
The website based on the corporate color purple is beautiful.
There is a lot of information on the site. Negative balance protection system, difference in fees depending on the transaction method and products and so on. You can see the attitude of valuing Forex beginners.
- Fees should be cheap anyway
- Support should be generous
Overview of Axiory
| Regulated by | Belize |
| Max Leverage | 1:400 |
| Products | Forex:61, CFD:19, Stocks CFD:78 |
| Bonuses | None |
| Spreads *STP/Avg. | 1.2pips/EURUSD, 1.3pips/USDJPY |
| Commission *ECN | $6/lot |
- Narrow spreads
- Full support system
- No bonus programs
Spreads are quite narrow.
Axiory has been founded in 2007 and is a popular broker among traders all over the world, I’ve never heard any bad rumors such as refusal to withdraw. The support is also generous, I think this is also the reason for its popularity.
There are no bonus programs, but what’s still popular is evidence that many traders consider the benefits above to be greater.
＼Just 3 minutes!!／
Please refer to another post for more detailed information.
Tradeview
Founded in 2004, it is in the long-established category.
It is a highly regarded broker all over the world.
There are not much information on website, and there are four types of trading platforms that are used, so it is difficult for beginners to understand. But due to the low fees, it is a broker that deserves long-term use.
- Want to use a highly rated broker in the world
- Want to trade with a low commission
- Want to trade Cryptocurrency
Overview of Tradeview
| Regulated by | Cayman |
| Max Leverage | 1:400 |
| Products | Forex:61, CFD:16, Crypto:5 |
| Bonuses | None |
| Spreads *STP/Avg. | 1.7pips/EURUSD, 1.7pips/USDJPY |
| Commission *ECN | $5-$6/lot |
- ECN account spreads are quite narrow
- Fees are also low
- Cryptos are available
- No bonus programs
Tradeview has received a high rating of 4.091 points on FPA (the world’s largest FX community site) (as of September 2020). This is a fairly high rating. I haven’t seen more than 4 points.
ECN accounts have low fees, so I think they are suitable for scalping and high-frequency trading on EA. It seems that these things have led to high praise in the world.
You can also trade cryptocurrencies (bitcoin, etc.).
Leverage is not as high as FXGT, but it can be traded with 10 times leverage.
＼Just 3 minutes!!／
Please refer to another post for more detailed information.
iFOREX
Founded in 1996, iForex is a pioneer of overseas Forex.
Not only does it have a long history, but its popularity does not decline due to the large number of stocks it handles and the ease of high-level trading.
- Want to trade with high leverage with small capital
- Want to trade not only forex but also individual stocks
Overview of iFOREX
| Regulated by | Virgin Island |
| Max Leverage | 1:400 |
| Products | Forex:83, CFD:53, Crypto:17, Stocks:845, ETF:47 |
| Bonuses | None |
| Spreads *STP/Avg. | 0.7pips/EURUSD, 1.0pips/USDJPY |
| Commission *ECN | N/A |
- A lot of products. Also stocks and cryptocurrencies
- 0% stop out level
- MT4 and MT5 are not allowed
- No bonus programs
The most characteristic feature is the large number of products handled. There are more than 150 types of individual stocks and 17 types of cryptocurrencies (stocks are reviewed regularly).
Among them, individual stocks are unique. iFOREX handles not only US stocks such as Apple but also many Japanese stocks.
There are so many different types of coins that are available for cryptocurrencies.
iFOREX also offers Dogecoin, which became famous when Elon Musk invested in it.
Spreads, which were previously fixed, have changed from 2018 to volatility and are much cheaper. Some sites mention wide spreads, but it’s out of date.
Please note that the only trading platform is the web tools provided by iFOREX.
This is easy to use, but MT4 and MT5 cannot be used, so EA tool is not allowed.
＼Just 3 minutes!!／
Please refer to another post for more detailed information.
TMGM (TradeMax)
TMGM(TradeMax) has been founded in 2013, it is a relatively new broker.
It has been developed under the brand TradeMax, but recently it has changed its name to the TMGM (TradeMax Global Markets) brand and has begun to expand worldwide.
Actually TradeMax is a new broker, but the information on website is not much.
But as far as I’ve actually used it, it can be said TMGM is a good broker.
- Want to trade with high leverage with small capital
- Want to use a broker that has a momentum
- Have a enough capital
Overview of TMGM(TradeMax)
| Regulated by | ASIC (Australia), VFSC (Vanuatu) |
| Max Leverage | 1:500 |
| Products | Forex:60, CFD:29, Crypto:5 |
| Bonuses | 2 Types (Deposit Bonus, Gift Program) |
| Spreads *STP/Avg. | 0.7-1.6pips/EURUSD、0.8-1.8pips/USDJPY |
| Commission *ECN | $7/lot |
- Good support
- Bonus programs
- Narrow spread
- Crypto is available
- Not much information on official website
Although it is not mentioned on the official website, there are bonus programs.
Deposit bonus and gift exchange promotion.
Regarding account types, only Classic (STP) and Edge (ECN) are listed on the website, but there are 4 more accounts that can be selected on an application basis.
Also, when you open an account, a dedicated account manager will be assigned for you. And TMGM offers 24/5 support. It can be said good support programs and good for novice traders.
＼Just 3 minutes!!／
Please refer to another post for more detailed information.
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