Top Forex Brokers

Here is a list of the top forex brokers in the industry.

BrokerMin. DepositBonusLeverage
FXTM Broker$10N/A1:1000
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Easymarkets Broker$25N/A1:400
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XM Broker$5$30 Free500:1
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$100N/A1:200
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HYCM Broker$100up to $50001:200
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ICMarkets Broker$200N/A1:500
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Pepperstone Broker$200N/A500:1
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Avatrade Broker$10020%400:1
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FBS Broker$5100% Deposit Bonus
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Alpari Broker$100Cashback1:500
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HotForex Broker$50100%1:1000
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Etoro Broker$200N/A30:1
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Instaforex Broker$130% Deposit bonus1:1000
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Grandcapital Broker$10Free $5001:2000
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Roboforex$10N/A1:2000
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FXTM Broker

Min. Deposit – $10

Leverage – 1:1000

Regulated – Yes

Bonus – N/A

Rating – 5.0

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easymarkets

Min. Deposit – $25

Leverage – 1:400

Regulated – Yes

Bonus – N/A

Rating – 5.0

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XM Broker

Min. Deposit – $5

Leverage – 500:1

Regulated – Yes

Bonus – $30 Free

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FXChoice

Min. Deposit – $100

Leverage – 1:200

Regulated – Yes

Bonus – N/A

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HYCM Broker

Min. Deposit – $100

Leverage – 1:200

Regulated – Yes

Bonus – Up to $5000

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ICMarkets Broker

Min. Deposit – $200

Leverage – 1:500

Regulated – Yes

Bonus – N/A

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Pepperstone Broker

Min. Deposit – $200

Leverage – 500:1

Regulated – Yes

Bonus – N/A

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Avatrade Broker

Min. Deposit – $100

Leverage – 400:1

Regulated – Yes

Bonus – 20% Deposit Bonus

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FBS Broker

Min. Deposit – $5

Leverage – 

Regulated – Yes

Bonus – 100% Deposit Bonus

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Alpari Broker

Min. Deposit – $100

Leverage – 1:500

Regulated – Yes

Bonus – Cashback

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HotForex Broker

Min. Deposit – $50

Leverage – 1:1000

Regulated – Yes

Bonus – 100% Deposit Bonus

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eToro Broker

Min. Deposit – $200

Leverage – 30:1

Regulated – Yes

Bonus – N/A

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Instaforex Broker

Min. Deposit – $1

Leverage – 1:1000

Regulated – Yes

Bonus – 30% Deposit Bonus

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Grand Capital

Min. Deposit – $10

Leverage – 1:2000

Regulated – Yes

Bonus – Upto $500 Free

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Roboforex Broker

Min. Deposit – $10

Leverage – 1:2000

Regulated – Yes

Bonus – N/A

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How to Trade Forex

  • Open a forex trading account
  • Fund the account
  • Place orders –
    • Market orders – Here you instruct your broker to execute your trade (buy/sell) at the current market price.
    • Limit orders – Here you instruct your broker to execute your trade at a pre-determined price.
    • Stop orders – Here you choose to execute a trade above or below the current market price to cut losses.
  • Monitor your trade – After placing trades, what’s left to do is for you to watch how your trades are going. Take Profits where necessary and cut losses where necessary.

Basic Forex Terminologies

Before doing anything, knowing the terminologies used in that field is very important as it would enable get less confused and prevent you from getting stuck at one point or the other. Here are a few basic forex terminologies you should know:

  • Quote Currency – This is the currency you’re purchasing.
  • Base Currency – This is the currency you’re spending.
  • Exchange Rate – This tells you how much quote currency you need to be able to purchase the base currency.
  • Long Position – This means you want to buy the base currency and sell the quote currency.
  • Short Position – This means you want to buy the quote currency and sell the base currency.
  • Bid Price – This is the price in which you broker would be willing to buy the base currency in exchange for the quote currency.
  • Ask Price – This is also known as ‘offer price’. It is the price in which the broker is willing to sell the base price in exchange for the quoted price.
  • Spread – This is the difference between the bid and the asking price.
  • pip – This is a way in which the change of value between the two currencies is measured.
  • Margin – This is when the investor takes a short-term loan from the broker. This loan equals the amount of leverage the investor is taking.
  • Leverage – This a scenario whereby a certain amount needed to be invested is borrowed from the broker by the investor.