Forex Brokers Reviews

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Forex Brokers Reviews – 2014

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There are many foreign exchange brokers to choose from. Therefore, it is crucial to read the following forex brokers reviews very carefully. To make things easier for you, we have done dozens of reviews of the best forex brokers to enhance your trading experience.

MT5 Brokers

A comprehensive list of Forex Brokers that offer the MetaTrader (MT5) 5 Platform

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MT4 Brokers

A comprehensive list of Forex Brokers that offer the MetaTrader (MT4) 4 Platform

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Brokers with VPS
A list of Forex Brokers that offer VPS (Virtual Private Server) services for traders to host their accounts on. Many of these brokers will offer this service for free, based on account balance and/or trading volume - details of these requirements can be viewed in each brokers listing.

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Brokers with Non Expiring Demo Acounts
A list of Forex Brokers that have Non-Expiring MetaTrader 4 (MT4) Demo Accounts

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Brokers for Scalping
A list of Forex Brokers that allow the use of Scalping as a strategy. Scalping involves high volumes of low profit/loss trades, often held for only seconds at a time. ECN/STP brokers tend to allow unrestricted scalping, while other may allow scalping with restrictions (such as holding the trade from more than 1 minute) - details of whether or not any restrictions apply can be viewed in each brokers listing.

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Benefits of Being a Forex Introducing Broker

The Forex market is by far and away the largest market in the world. Trading at over $5 trillion a day it is well above all of the exchanges combined. The Forex trading industry has seen both of record volumes and record profits in the past months. There are ways to take advantage of this boom and also to provide a necessary service.

Becoming an introducing broker is a way that one can get compensated for introducing clients to Forex broker. This process is usually quite simple.

First of all the introducing broker or IB will discuss with a sales representative from the Forex broker the nature of their business. They will provide information like their target market or other demographic all information that is helpful to the Forex broker. The introducing broker will then sign an Introducing Broker agreement with the Forex broker including the terms of their payout.

Upon completion of all the agreements and execution of those agreements the next step is for the introducing broker to market to his clients. There are many ways that an introducing broker can acquire his clients. One is the introducing broker that provides training or education and is looking for a broker for his clients to trade with.

Another type of Forex introducing broker may be someone who specializes in online marketing. The introducing broker may run a blog or a portal that features Forex markets. They can then have banners or links back to the broker and receive compensation for referring that broker. Many times the introducing broker specializes in a certain country and provides language support for that particular country. This can be a great deal of help to the Forex broker that they do not have to have language support in every country that they deal with. This can also be very beneficial to the client in that there is no misunderstanding and there’s clear support in their native language.

Brokers usually provide the introducing broker with a completely transparent back office where they can track all of their activity and calculate their payouts in real time.

Becoming an introducing broker can be one way that you can experience the exciting world of Forex.

JP Morgan Buys Into Plus500

FCA regulated retail FX company Plus500 (PLUS.L) can look back over recent events with some degree of satisfaction, with the entity continually demonstrating high stock prices since its equally high-ticket IPO.

Today, the company has published a notification of major interest in shares, denoting that corporate banking giant JP Morgan Asset Management (NYSE:JPM) along with its securities division, has purchased a 4% interest, representing 4.64 million shares

Plus500 has consistantly performed strongly, with its share prices having continued to rise as last year drew to a close, during a period when large, household names within the retail FX sector such as GAIN Capital experienced a downward dynamic.

This was exemplified in November, when Plus500's share price rose by 17%, compared to GAIN Capital, a company which did not perform at all badly during 2013, experienced a 17% decline in the value of its stock.

Couple this to the company's successful IPO in July last year, which culminated in a valuation of $200 million, and it is evident that Plus500 is well positioned to attract the attention of the large conglomerates in the global financial industry.

It is entirely possible that JP Morgan has acquired the Plus500 shares as part of the recent £100 million share sale by Plus500 insiders, and that some of the shares are likely being held by JP Morgan for their own clients.

Regardless of the circumstances which surround the transaction, this represents a major credibility boost for Plus500.

Choosing a Forex Broker

It might seem like it goes without saying that it is important to do your due diligence before committing to a market broker in any asset class — be it forex, commodities, options or stocks. But what is most surprising is the fact that most traders choose their brokers without giving it much thought because they feel the need to jump right into the markets and start making amazing gains. Those of us with experience in these markets know that there are some important reasons to have patience in these areas because not all forex brokers are created equal. Additionally, the potential for destructive losses in many cases is even greater in forex markets because most traders (especially new traders) will utilize large levels of leverage in order to maximize gains. Unfortunately these practices have the potential to maximize losses as well — so it is highly important to understand the inner workings of your broker before taking on real market risk.

Stops and Execution

When you want to choose a forex broker, the first area to monitor is the broker’s ability to execute trade and honor specific order levels. For example, if you have a stop loss in a EUR/USD trade that is placed at 1.35, it will be critical to have that stop loss filled correctly if prices trade at the 1.35 level. If this does not happen, you can undergo unnecessary losses or even encounter a margin call that you were not prepared to experience. Some brokers offer guaranteed stop losses, while others offer variable stop losses that may or may not be filled (depending on overall market liquidity). This is an important difference that must be understood before any real trades are placed.

If you are not prepared for the arrangement that is offered by your broker, you could begin to experience losses at a rate that is much faster than you were initially expecting. Looking at stop loss arrangements and trading execution is one of the quickest and easiest ways you can determine whether or not a specific broker is right for you. But you will also need to spend some time using that broker’s demo account in order to determine whether or not you are seeing slippage between the order level you were expecting and the one that was actually filled in your trading account.

Spreads

The second important factor to watch is the spread that is offered on your most commonly traded currency pairs. In pairs like the EUR/USD these will usually be somewhere between 1 and 3 pips, but there are brokers that offer even lower rates and this can only help your trading account. One sacrifice that is often made when getting lower spreads is weaker trading execution, so you will need to determine which aspect of the broker arrangement is most important to you before you open a live trading account and begin establishing positions. Spreads, Stop Losses, and Trading execution are a few of the most important factors to consider when choosing your main forex broker.

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New Russian Forex Bill: Offshore Regulation To Be Banned

The schedule of the Russian parliament has been updated yet again and it appears that forex dealing regulation is coming back to the fray. According to recent reports by Russian media there might be some key amendments aimed to limit the participation of brokers residing in offshore financial centres (OFCs). The revisions have been introduced for consideration of the financial markets committee headed by Natalya Burykina.

Popular Offshore Destinations Not Tolerated

While the committee plans to discuss the proposed amendments to the forex regulation bill, it is worth pointing out that Cyprus has been excluded by lawmakers from the list of OFCs back in January 2013. However entities which are regulated in Malta might have a hard time getting into the Russian market if the amendments are included. Needless to say the list goes on with a full mention of all offshore tax heavens one can think of, and notably includes the United Arab Emirates and Hong Kong. (A full list of the OFCs deemed as offshore can be found by following this link in Russian.)

Another set of proposed amendments touches on the professional qualities of individuals and history of conduct of companies who apply for a forex broker dealer license. The proposal details certain requirements for the founders and shareholders of the companies that can get a license. They have to be completely unrelated (without distinction whether the shareholders are directly or indirectly through controlled entities) to funds engaged in trust management agreements, simple partnerships, errands, shareholders agreements, any other agreements, the subject of which is the exercise of rights certified by shares in a forex dealer company that controls votes relating to stakes in an authorized forex broker dealer.

Additionally the legal entity can not be registered in any of the OFCs that concede information on financial transactions from the Russian government.

A Clean sheet Is A Must For Regulated Forex Brokers

The next amendment relates to companies that have already been revoked their license for previously conducting any sort of financial services related activity. In addition the draft proposal includes provisions for the business reputation of the professional management teams of the forex broker dealers. This point concerns the members of the board of directors, the collective comprising the executive body and every executive in the company including branch managers, internal comptrollers, risk management professionals and others.

As such, the individuals would have to comply with the following requirements – to have not been in charge of an organization that has violated financial regulations throughout the person’s tenure, or if the organization whose license has been revoked, at least three years need to have passed. Leadership positions at forex brokerages would not be held by individuals who have been administratively punished and disqualified for misconduct in any other company and individuals who have been convicted for economic crimes or crimes against any state authority.

The latter part of the proposed amendments applies to founders and shareholders in forex broker dealer companies as well. To conclude the changes, forex broker dealers regulated in Russia would be obliged to report any changes in their shareholder structure to the Bank of Russia in a set timely manner.

Second Reading Vote Is Imminent

It’s good to know that Russian authorities have not postponed back regulation of the foreign exchange indefinitely after all. The 23rd of April is quite close and if the votes pass, the implementation of these changes are actually addressing some of the concerns that were expressed by Forex Magnates in an earlier detailed report on the state of the regulation of the forex industry in Russia. One of the so-called banking forex companies has been operating from the British Virgin Islands all along, and nobody seemed to care much. Well after all Russian authorities do appear to have taken this into account. However with the broadness of the list of OFCs some decently regulated entities might be shut off from the Russian market.

Global Prime Partners Appoints Deutsche Bank, FxPro Launches Branded MasterCard

Forex broker Global Prime Partners has announced in a press release that it has awarded Deutsche Bank a contract to provide clearing, custody and execution services for its clients. Most of GPP’s customers are family offices, emerging managers, boutique broker dealers and professional traders.

This follows its recent appointment of BNY Mellon last November to provide it with the custody and clearing services.

“We are excited to be partnering with another top-rated institution and are already enjoying the operational benefits that Deutsche Bank is providing. We continuously see smaller managers and broker dealers having difficulties gaining access to large, reputable institutions, but through Deutsche Bank, we will be able to provide our clients with this opportunity,” said GPP’s CEO Julian Parker.

“We are delighted to be able to bring our market-leading clearing and custody services to GPP. They have an excellent reputation and we believe Deutsche Bank is the ideal partner for such a dynamic organization. We look forward to broadening our relationship with them,” added Deborah Thompson, who is the Managing Director and Global Head of Direct Securities Services Sales in Deutsche Bank’s Global Transaction Banking.

Separately, FxPro unveiled its own branded prepaid card called FxPro Infinite Card, which is issued by MasterCard. Cardholders will be able to seamlessly connect it with their FxPro trading account. They will also be able to use it to purchase goods and make other transactions just as with other normal credit and debit cards.

FxPro says that cardholders can easily move, when necessary, the funds between their MasterCard and FxPro Vault.

Recently, most retail forex brokers have embraced a trend that has seen them give their clients direct access to their funds.