When you are choosing the Forex broker, you should pay attention to both positive and negative sides of currency pair offering, account details, customer support, regulatory compliance, and trading platforms. Also, you should check customers' reviews to have a better understanding of how this or that broker delivers its services to traders and investors. In this post, you will see pros and cons of some of the best Forex brokers on the market.
eToro
eToro is an online Forex broker, aiming to organize accessible financial trading and investing services to all traders and investors. This broker offers an easy access to beginners and professionals who can manage improved trading elements. eToro was established in 2007 on the territory of Cyprus. Today, the broker has offices in New York, Singapore, Dubai, Sydney and Australia. The broker offers such instruments as commodities, CFDs, stocks, indices, precious metals, and currencies which are available both for short- and long-term perspectives. As one of the most popular trading providers, eToro offers a real opportunity to share trading experience/strategies by using adequate trading tools, forex trading educational materials, convenient deposit and withdrawal system, advanced charting functions, and so on.
Pros:
- 24/7 customer service answering clients' questions through effective communication via emails, telephone, and live chart;
- Multi-lingual trading system for traders across the globe;
- Adequate educational materials including trainings and webinars.
Cons:
- Availability of too high spreads when compared to other online brokers;
- Only16 currency pairs.
Oanda
Oanda is a Forex broker that offers multi-faced financial services to forex traders. It has a quite broad spectrum of trading instruments, including commodities, CFDs, and precious metals. Also, it offers a standard set of trading platforms known as FX Trade that includes instruments like graphs, algorithms, charting tools and customized features. The broker was established in the United States and licensed by a lot of financial regulatory bodies. The company manages to provide adequate security of client's data, provide effective customer support platform, total transparency, and quick trade execution mechanisms. Thanks to an easy to use currency converter, Oanda provides a facility to trade forex in different languages.
Pros:
- Availability of effective customer service around the clock to handle complaints, technical issues, trading ideas, and general inquiries.
- No language barrier due to the multi-language approach established on the website, including the languages like English, Chinese, French, Spanish, German, Italian, and Japanese.
- No minimum account deposit;
- No minimum trade lot size.
- Regulation and safety measures required to detect and neutralize possible scam and fraud.
- Availability of a demo trading account where traders can get some practice by developing their trading skills and mastering some risk management techniques;
- Historical currency converter where traders can find up to 350 years of historical exchange rates for the most popular and exotci currencies.
Cons:
- No support for Skype users who want to use this method of communication.
TradersWay
Trader's Way is a Forex broker that provides online traders with the opportunity to buy and sell foreign currency, commodities, and metals. Its operations are based on the intermediary's function of buying and selling of securities for traders and investors. This online broker was established by TW Corp in 2010 to offer more than ten currency pairs, metals, energies, commodities, and indices for trades. To provide its users with efficient trading experience, it offers a wide range of trading platforms such as MetaTrader4, MT Mobile, cTrader and some more. Trader's Way is well-known for affordable and transparent pricing policy, narrow spreads for trading on different accounts, advanced technical options, access to attractive liquidity, relatively low service commission, great margin and high leverage forex trading terms for different accounts, delivery of widely accepted analytical trading mechanisms, and efficient management of protected transferred data.
Pros:
- Wide range of account types suitable for all traders regardless of experience and possible investments;
- High number of forex trading platforms;
- Leverage ratio available at a ratio of 1:1000;
- No minimum deposit for all available types of accounts;
- Adequate and efficient customer support handling all the clients' issues and inquiries;
- A medium where losses never exceed investments.
Cons:
- Widespread covering all variable accounts;
- Absence of regulation policies.
