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Best Forex Brokers 2020

Best Forex Brokers 2020

Best Forex Brokers 2020

Most Forex traders start out in the business of speculating and investing in the global foreign currency market with a strong belief that to become successful, they need to find the best possible trading system. It is certainly true that you cannot beat the market without having a systematic approach to trading. However, many traders fail to grasp the significance of the second most important aspect of Forex trading, which is their broker.

Forex trading is hard enough, and you should pick your Forex brokers by comparing every aspect of the services they offer. We believe that our transparent rating system and detailed qualitative reviews represent some of the best Forex brokers in 2020. Based on our elaborate rating system, we have sorted some of the best brokers into different categories.

A broker is a trader's best friend (at least should be), or it could turn out to be an adversary who can terminate the prospect of your success as a trader in its infancy. When you are starting out or just beginning to move beyond breaking even on your trades, a broker with a conflict of interest against you could trigger events that can put you on the backfoot and utterly annihilate your confidence. On the other hand, trading with a transparent and honest Forex broker that execute your trade on time, charges competitive fees and attends to your questions promptly will definitely help you establish faith in your ability to become a successful trader down the line ...

At ForexChurch, we have invested hundreds of hours to develop a systematic approach to reviewing and rating Forex brokers from all over the world to try and give you an accurate overview of the brokers operating in this industry. Armed with the right information from us, you can decide what type of service you should expect from them and which Forex broker's offerings may suit your particular needs.

Our team has conducted thorough research on each of the brokers we have listed in this guide and attempted to verify their regulatory status, if they really put client funds in segregated accounts or not, if the broker is really an ECN and passes client orders through to liquidity providers; and opened live accounts with each broker to check the ease of deposits and withdrawals along with how fast the transactions were processed. Moreover, we read through hundreds of reviews in public forums and social media to see how other traders evaluated have these brokers.

We have developed proprietary software to test the efficiency of the MT4 trading platforms offered by all the brokers we have covered it in our detailed reviews of each of the brokers below. We have checked the stability of provided software on various operating systems, both on local PCs running Windows to open-source platforms on the cloud environment. We have meticulously (and continue to do so daily!) tested order execution latency during regular trading hours as well as during important news releases to measure each brokers oreder execution times.

We have also measured if the brokers that we have reviewed are prone to filling orders at different prices after your market or limit order is triggered. Knowing which broker has slippage issues and if that is a major problem or not, especially during highly volatile market conditions, will give you the upper hand in picking the right Forex broker and provide you with the edge you need against other traders in the market.

Last but not least, we spent a lot time of making several calls to each brokers support channels and chatted with customer support agents of these brokers, as real clients with live accounts, to observe the level of professionalism and problem-solving skills of the agents.

Based on our findings, we have assigned weighted criteria and rated the brokers based on a five-star rating system we have developed.

If you want to know more about the detailed methodology we used while rating the brokers, please click here.

Best FX Brokers

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FP Markets - Best Overall Forex Broker

FP Markets has really outdone itself to bring the best in class Forex offerings to its wide range of clients. As a broker using ECN pricing, FP Markets routes your orders through some of the largest banks and financial institutions that enable it to offer tight spreads and fast order execution. Customer support is another area FP Markets has taken seriously. The broker is regulated by the Australian securities and Investments Commission, meaning your funds will be under the watch of a reputed regulator. During our extensive review process, the company excelled in multiple categories and received the highest overall rating of 4.88 out of 5.00, winning the tile of our the Best Overall Forex Broker of 2020.

Why FP Markets is the Best Forex Broker in 2020

FP Markets - Best Overall Forex Broker

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FP Markets has really outdone itself to bring the best in class Forex offerings to its wide range of clients. As a broker with ECN pricing, FP Markets routes your orders through some of the largest banks and financial institutions that enable it to offer tight spreads and fast order execution. Customer support is another area FP Markets has taken seriously. The broker is regulated by the Australian securities and Investments Commission, meaning your funds will be under the watch of a reputed regulator. During our extensive review process, the company excelled in multiple categories and received the highest overall rating of 4.88 out of 5.00, winning the tile of our the Best Overall Forex Broker of 2020.

Why FP Markets is the Best Forex Broker in 2020

First Prudential Markets Pty Ltd started offering Forex brokerage service under the brand FP Markets in 2005. Over the last 15 years, it has gained valuable experience in knowing what traders look for in a broker. Their service and trading accounts are structured to meet the growing demand for a broker offering service with ECN pricing from both beginner and professional traders. FP Markets is the only broker in our below reviews that listed their liquidity providers and we verified that when you trade with them, your orders get routed via some of the biggest names in financial markets, including Citibank, Barclays, and Goldman Sachs. FP Markets scored high in our regulatory category as its opeartion is guided by the rules of the Australian Securities and Investments Commission (ASiC) and the Cyprus Securities and Exchange Commission (CySEC). While other brokers verify identify of their customers as a formality, we found that FP Markets took their Know Your Customer (KYC) requirement very seriously. These policies make the company more sustainable as following strict procedures reduces the possibility of fines and other regulatory measures. FP Markets also scored very high in our order execution and customer support tests that boosted its overall score based on our weighting criteria.

Who should open accounts with FP Markets?

FP Markets does require an AUD$ 100 equivalent deposit to start trading with them, but it is rather small compared to other established brokers in the Forex industry. Hence, even if you are a novice Forex trader, you should be able to promptly open an account without worrying about large deposits. Especially, with the introduction of the Standard account that charges zero commissions, any type of Forex trader can now trade with FP Markets. Having said that, the ECN pricing services of FP Markets are mostly suitable for professional traders and they will be certainly taken care of by the dedicated account manager.

FP Markets received 4.88 Weighted Average Rating from the ForexChurch review team.

Pros
1. ECN pricing brokerage platform connected to multiple top tier liquidity providers.
2. Supports a number of country-specific deposit and withdrawal methods
3. Mulitilingual customer support based in Sydney, Australia
4. Regulated by the Australian Securities and Investments Commission (ASIC)
Cons
1. No major regulatory oversight if you open an account with its International entity
2. Depositing process with credit or debit cards can be simpler

LMFX - Best Discount Forex Broker for Price Sensitive Traders

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LMFX received a rather low overall rating of 3.86 from the ForexChurch review team and it is mostly due to the lack of regulatory oversight. However, the benefit of trading with a mostly unregulated broker like LMFX is that they tend to compete tooth and nail when it comes to aggressively pricing their services. If you are looking to pay lower fees and tight spreads, LMFX could be your best choice in 2020.

Why LMFX is the Best Low-Cost Forex Broker in 2020

LMFX is one of those unregulated brokers that has found a niche market segment in which to compete against larger, more established, and well-regulated brokers. In this segment, traders are looking for the lowest spreads and commissions to keep their cost of doing business as low as possible. The tradeoff is LMFX is based in the Republic of North Macedonia and not regulated by any Government authorities anywhere in the world.

The risk of trading with such a broker is inherently higher than with a broker regulated by a reputable body and this is part of the reason LMFX got a very low rating in our review. But costs associated with trading currencies may not appear to be at the top of the list concerns when you start out as a Forex trader, but those pesky few pips of spreads quickly add up and keeping the fees as low as possible only adds to the competitive edge your trading strategy that is so vital for long-term profitability.

Who should open accounts with LMFX?

LMFX received a rather low overall rating of 3.86 from the ForexChurch review team and it is mostly due to the lack of regulatory oversight. However, the benefit of trading with a mostly unregulated broker like LMFX is that they tend to compete tooth and nail when it comes to aggressively pricing their services. If you are looking to pay lower fees and tight spreads, LMFX could be your best choice in 2020.

Who should open accounts with LMFX?

Primarily, the people who we believe would most likely benefit from trading with LMFX, and therefore should consider LMFX as their broker, are traders for whom low fees are the topmost priority. If you have a profitable trading strategy, but the competitive edge of your trading system requires fees to be absolutely low and deem high leverage like 1000:1 as necessary, then LMFX may be a good fit for you. Additionally, clients from the U.S. may find LMFX a safer option when compared to the few offshore brokers that accept U.S. clients. It is however always advisable when using unregulated brokers not to invest large capital as there are material risks while trading with them.

Why LMFX is the Best Low-Cost Forex Broker in 2020

LMFX is one of those unregulated brokers that has found a niche market segment in which to compete against larger, more established, and well-regulated brokers. In this segment, traders are looking for the lowest spreads and commissions to keep their cost of doing business as low as possible. The tradeoff is LMFX is based in the Republic of North Macedonia and not regulated by any Government authorities anywhere in the world.

The risk of trading with such a broker is inherently higher than with a broker regulated by a reputable body and this is part of the reason LMFX got a very low rating in our review. But costs associated with trading currencies may not appear to be at the top of the list concerns when you start out as a Forex trader, but those pesky few pips of spreads quickly add up and keeping the fees as low as possible only adds to the competitive edge your trading strategy that is so vital for long-term profitability.

Who should open accounts with LMFX?

Primarily, the people who we believe would most likely benefit from trading with LMFX, and therefore should consider LMFX as their broker, are traders for whom low fees are the topmost priority. If you have a profitable trading strategy, but the competitive edge of your trading system requires fees to be absolutely low and deem high leverage like 1000:1 as necessary, then LMFX may be a good fit for you. Additionally, clients from the U.S. may find LMFX a safer option when compared to the few offshore brokers that accept U.S. clients. It is however always advisable when using unregulated brokers not to invest large capital as there are material risks while trading with them.

LMFX received 3.87 Weighted Average Rating from the ForexChurch review team.

Pros
1. Offers both fixed spread and variable spread ECN accounts, making it suitable for different types of Forex strategies
2. Offers very high leverage up to 1,000:1
3. Tight spreads from 0.2 pips and competitive commissions
Cons
1. Lacks regulatory oversight by reputed government agencies
2. Only offers MetaTrader 4 platform for ECN account, which does not guarantee transparency in price feed data from liquidity providers

FP Markets - Best Broker Offering Forex Analysis and Research

FP Markets will impress you with its extensive range of analysis and research offerings. Yes, there are brokers who publish more analysis than the Wall Street Journal on their client portals, but when it comes to market analysis, it is about the quality and not the quantity of information. This where FP Markets has cracked the code and figured out that offering quality Daily and Weekly market reports you can trust and apply in trading, is more important than giving minute by minute updates to traders. If you are learning to become a discretionary Forex trader, FP Markets has you covered in 2020.

Why FP Markets is the Top-Rated Broker in Our Research and Analysis Category?

FP Markets seems to understand that to trade in the global currency market, you need to have a holistic approach to global macroeconomics. They provide the latest news and analysis on a daily basis that covers US, European, Asian and Australian equity markets. Moreover, they cover Oil futures, commodities like Gold and Silver, and are not only about spot Forex news - like covering US Retail Sales data, but they also take a look under the hood by covering verticals like the WSJ Dollar Index.

As we already mentioned, it is the quality of the research that matters, not quantity and if you subscribe to that philosophy, then FP Markets have you is your choice in this regard.

Besides daily market analysis, FP Markets also provides a bird's eye view of the world economy in their weekly publications and we were impressed by the overarching coverage of economic and news analysis that affects most major and even minor currencies.

Who should open accounts with FP Markets?

Yes, we have answered it earlier and you will find the answer to this question a few more times below! If you are a technical trader who solely relies on indicators and price data-driven strategies, then any broker can suit your needs. However, if you include fundamental analysis in your trading and need to stay on top of current affairs related to the global economy, political developments, and trade relations, you should definitely explore what FP Markets has to offer.

FP Markets received 4.88 Weighted Average Rating from the ForexChurch review team.

Pros
1. Daily and weekly market analysis.
2. Quality and depth of market research
Cons
1. No major regulatory oversight if you open an account with its International entity

FP Markets - Best Broker for Personal Account Manager Service

Once again, kudos to the FP Markets' team for offering traders a dedicated personal account manager. Dealing with your Forex broker turns out to be a breeze when your contact person knows your name and detailed information about your needs. By assigning a dedicated account manager for each client, FP Markets has taken the lead in putting customer service as one of its top differentiating features in 2020.

Why FP Markets Offers the Best Personal Account Manager Service?

Trading Forex or any other securities is a stressful endeavor. During a typical trading day, you need to continuously scan chart after chart, analyze all the new information coming at a speed of bullets, and deal with risk management - all the same time. Since most Forex traders place their orders over the Internet to their brokers, they need to ensure that when they need help with an issue, they are talking to an agent who is not only empathetic to the problems but can also provide personalized service and solutions.

Most brokers run call centers and are capable of handling technical issues at ease. The problem is, when you are a professional trader, your list of problems does not end at technical issues. You might need to call your broker to discuss which payment method would be best to make a large deposit from two different bank accounts in a different part of the world. Or you might need other, and more, complex advice from the support team who are not familiar with your unique situations.

Having a dedicated personal account manager who recognizes your exclusive and particular issues and who you can talk to on a first name basis will go a long way to help you manage the business of trading.

FP Markets' personal account managers provide this personalized service. We found FP Markets' professional account managers to be extremely capable when solving unique issues and providing service at a level that we were not expecting.

Who should open accounts with FP Markets?

Since all FP Markets accounts offer you a personal account manager, we would say that regardless of whether you are an amateur or professional trader, anyone opening an account with them would benefit from this service, however it is primarily designed to serve professional traders who demand fast and efficient service and they will likely be the ones to get the most out of it.

FP Markets received 0.50 Weighted Average Rating from the ForexChurch review team in the Customer Service category, which is the highest among all the brokers we have reviewed.

Pros
1. Personal account managers are well trained to deal with professional traders and capable of solving unique problems.
2. We found FP Markets' dedicated account managers to be polite and empathetic
Cons
N/A None noted

RoboForex - Best Forex Trading Apps in the Industry

RoboForex might be based in a tiny offshore financial center like Belize, but its trading apps are mightier than some of the heavyweight Forex brokers in the industry. If you are a busy person who is always on the go, you would appreciate the wide range of mobile trading apps RoboForex has to offer. Want MetaTrader 4 & 5 as well as the cTrader apps? You got it. But what makes RoboForex standout among giants is that the MobileTrader packs some innovative features we have not seen in other trading Apps in 2020.

Why RoboForex Trading Apps are the Best?

RoboForex trading apps should certainly catch your attention. Even if you are a sophisticated Forex trader who often uses the most advanced features of existing mobile trading apps, you will find the MetaTrader and cTrader apps offered by RoboForex to be very capable of meeting your demands by offering top of the line technical analysis capabilities.

Most mobile apps suffer from a major limitation, which is the screen size. However, RoboForex apps try to minimize this limitation by introducing what is called Fluid charting. When you enter full-screen mode, you can use the responsive charts by moving in any direction you like. With this capability, you can fully extract the value of having over 50 built-in technical indicators and make use of the 25+ timeframes.

Moreover, the apps seamlessly integrate with your trading account via cloud servers. Meaning, you can easily place an order with your desktop platform, then modify any aspect of it like changing stop loss levels or set a new profit target on the app later.

Who should open accounts with RoboForex?

If you access your trading account for not only checking up on the profits and losses from open trades, but to actually conduct technical analysis and place trades from the apps, RoboForex will provide you with the functionality you need. As a rule of thumb, if you check your mobile trading apps more than social media accounts, then RoboForex should be your choice in this area.

RoboForex received 0.5 Weighted Average Rating in the Trading Platform category from the ForexChurch review team.

Pros
1. Fluid charts and full screen charting capability
2. Over 50 technical indicators available for technical analysis
3. 25+ timeframes allow you to analyze a market from a short-term as well long-term perspective
Cons
1. Font size could be an issue if you are using the apps on smaller than 5-inch screens
2. The in-app notifications could be distracting, but you can always turn it off

LMFX - Best Offshore Forex broker for US Traders

LMFX is one of the handfuls of Forex brokers that still accept US traders. In our overall rating, there were other brokers who got higher scores. Nonetheless, LMFX stood out to be the best broker for US traders because of the inclusion of an array of e-payment services. Bank wire is cumbersome and sending funds to offshore brokers via banking channel from the US is often a tricky business due to regulatory issues. With e-payment services, it will make your life easier when it comes to depositing funds or withdrawing your profits from the United States in 2020.

Why LMFX is the Best Offshore Broker for US Traders?

The American legal system severely limited the features and functionalities of speculative trading industries within its jurisdiction after the 2007-2008 financial meltdown. Most Forex brokers have moved their businesses abroad to enjoy relatively business-friendly regulatory oversight.

However, the introduction of the Foreign Account Tax Compliance Act (FATCA) meant that banks and other financial institutions have to report to the US Internal Revenue Service (IRS) whenever an American citizen or legal resident opens an account with them. This filing process is rather lengthy and time-consuming, and you need to have expert staff who have experience with such complicated compliance issues.

While most offshore brokers stopped welcoming traders from the US, a few in remote jurisdictions like LMFX still accept them. Among all the brokers, we found the LMFX onboarding process for US-based Forex traders to be the most streamlined. Also, coupled with the comparitively positive trader feedback left on various online channels, as we mentioned earlier, the range of e-payment services offered by LMFX to US traders was the key reason you should consider them as your Forex broker if you are looking for an offshore broker as a US resident.

Sending large sums of funds abroad using traditional banking channels like wire transfer can, for lack of a better phrase, make life complicated. However, if you use services like voucher-based payment service VLoad, which lets you move large sums of money at a relatively reasonable price, it can help mitigate some of the issues of investing overseas as a US resident. LMFX seems to understand the challenges faced by US traders and has taken measures to minimize such potential hurdles better than other offshore brokers that we have reviewed.

Who should open accounts with LMFX?

As mentioned above in the "Best Discount Forex Broker for Price Sensitive Traders" category, traders who need a very competitive fee structure and high leverage and who view these as more important to their trading needs than regulatory oversight - or if you are a trader from the United States looking for an offshore Forex broker, an obvious choice would be LMFX.

LMFX received 3.87 overall Weighted Average Rating but topped the ranks in Transaction Costs and Fees category from the ForexChurch review team.

Pros
1. A very easy onboarding process for US traders
2. Low fees and commissions
3. Inclusion of e-payment providers make it easy to deposit and withdraw funds for US-based traders
Cons
1. Lack of regulation
2. Relatively poor service offerings compared to other brokers

RoboForex - Best Forex Trading Platforms

RoboForex not only wins the competition, but an arms race really, for offering the best trading platforms for Forex traders. With the inclusion of time-tested standard platforms like MetaTrader 4 and its younger cousin, MetaTrader 5, you can do almost everything in the market. But RoboForex didn't stop there, with the inclusion of the cTrader ECN platform and the Multi-asset terminal R Trader, you can take your technical analysis to new heights in 2020.

Why RoboForex Trading Platforms are the Best for Forex Trading?

Most of the brokers we reviewed have invested in acquiring licenses of industry-leading software like MetaTrader and/or cTrader. While both of these two software platforms include numerous technical indicators and automated trading capabilities, RoboForex upped the ante by including the R Trader platform into their service mix.

The unique watchlists feature, along with multiple windows, makes the R Trader a professional traders dream platform. When you are conducting technical analysis, you are basically looking at the same price data from different perspectives to develop a better understanding of price behaviors. The myriad of viewing methods from R Trader will help you achieve that objective with ease. Also, the R Trader platform uses the latest remote networking technologies to improve the charting latency that produces the fastest charts in the industry. All that, while offering the ability to trade more than 12,000 instruments - including Forex, Indices, CFD's on stocks, Cryptocurrencies and ETF's.

Who should open accounts with RoboForex?

While cTrader also allows multiple charting windows to be placed in different monitors as independent windows, the R Trader platform does this seamlessly. Traders who depend on technical analysis and need to conduct a lot of sophisticated analysis in multiple timeframes across multiple windows and on a huge array of instruments, should consider RoboForex as their broker.

RoboForex received 4.45 overall Weighted Average Rating but topped the ranks in the Trading Platform category from the ForexChurch review team.

Pros
1. Extremely capable trading platform with the highest number of technical indicators and charting tools
2. Inclusion of R Trader means you can also trade a wide variety of assets besides Forex
Cons
1. Some of the mobile apps are not available in many countries

FP Markets - Best Broker for Customer Support

FP Markets received the highest rating for providing the best in class customer support in over ten languages. During our test calls, as live account holders, we were very impressed by the level of professionalism and the depth of knowledge their customer support agents had about how to deal with regular issues that Forex traders might face. If you want to make a call to your broker and expect them to understand your unique issues and deal with it in a prompt manner, FP Markets should be your warrants strong consideration in 2020.

Why FP Markets Customer Service is the Best?

Customer support is one of the vital areas where a Forex broker can differentiate itself from the rest of the industry. There is a saying that it takes a lot more marketing effort to acquire a new customer than to sell to an existing one and FP Markets seem to understand this concept very well.

During our customer support test calls, most brokers we reviewed were able to deal with basic questions and showed a certain level of professionalism. However, we are very impressed by the tenacity of the customer support agents from FP Markets. Not only did they provide solutions, but they also suggested other ways to can improve the situation.

Moreover, the inclusion of dedicated account managers made us feel that it should be the industry norm, not an exception that high-end brokers like FP Markets provide.

FP Markets was one of the handful of brokers that offered toll free numbers as well as customer support in more than ten languages.

Who should open accounts with FP Markets?

Customer service becomes important when you least expect it. May be your trading platform is suddenly freezing before an important news release and you have to get out of the market. When such mishaps happen, you need to know your broker has got your back - so, customer service is not only important for beginner traders who are still learning to trade and need a lot of handholding - but in fact, customer support becomes more important for professional traders as their decisions become more time sensitive.

If you want the safety of knowing that during those intense sittuations that you can really depend on an unknown person on the other end of the phone, based on our research, FP Markets is worthy of strong consideration.

FP Markets topped the ranks in the Customer Service category from the ForexChurch review team.

Pros
1. Well trained and professional customer support agents
2. Dedicated personal account manager
Cons
1. Besides phone support, response time in other channels like e-mails were often relatively high

BDSwiss - Best Broker for Educational Content

Not too many Forex brokers have put a dedicated menu item labeled "Education" on their websites, but BDSwiss is not one of those brokers. The Mauritius based broker offers traders basic lessons and educational videos and runs regular Webinars. And if you need one on one VIP trading sessions with an expert analyst, there are really not many options for picking a broker other than BDSwiss in 2020.

Why Educational Content from BDSwiss is the Most Useful for Forex Traders?

Basic Forex educational materials are freely available all over the internet. Just search for "Forex course" and you will get millions of results on Google. However, learning materials offered by Forex brokers tend to be more sophisticated and thorough and more reliable than much of free content found on the Internet.

We found BDSwiss to take their educational content very seriously compared to many other brokers and it speaks volumes about their target market in this regard, which has to be relatively new traders entering this business.

The recorded and live webinars are real jewels offered by BDSwiss. The expert-led webinars help beginning traders learn and gain confidence in your trading abilities. We found that BDSwiss offered one of the most diverse webinar schedules in the industry. There are various live trading sessions occurring at different times to cover all major markets and live market analysis walk-through webinars helped traders form trading ideas, which are offered on a daily basis.

Who should open accounts with BDSwiss?

BDSwiss has a decent range of services and scored relatively high in overall ratings. However, we found that their educational content is a major unique selling proposition for the company.

We understand that not all traders put as much emphasis on learning materials as other aspects of a broker. However, if you are just starting out as a Forex trader and want guidance about how to trade and learn about financial markets in general, BDSwiss would be a great choice.

BDSwiss received 4.57 overall Weighted Average Rating from the ForexChurch review team.

Pros
1. An extensive list of articles and video tutorials available for beginner traders
2. Webinars are hosted in different trading sessions to cover major geographical markets
Cons
1. The Webinars often cover advanced topics and participants are expected to have basic knowledge about industry jargons and technical analysis

OctaFX - Best Demo Trading Account

It may not sound so important, but Demo accounts are the precursor to your success as a Forex trader. Demo accounts not only help you get familiar with the software platform you will stare at for several hours a day, but it is also vital to test your strategies. OctaFX is the only broker that we have reviewed, with a reasonably high overall rating, that offers demo accounts that do not expire at the end of a 30 Day (or less) trial period. If you are looking to try out a Demo account and treat it like a real account, OctaFX has got your back in 2020.

What Makes OctaFX Demo Accounts the Best Among All Brokers We Reviewed?

Almost all brokers offer paper money or demo trading accounts for their respective software platforms. What made OctaFX stand out among other competitors is the full range of features that came with its demo accounts.

While some of the brokers we reviewed had separate demo pricing feeds and trading environments, OctaFX provided a real market environment that mimicked actual trading prices and quoting details the same as their real accounts. The live trading environment is essential to experience how the platform would work and behave in practice as order executions and other aspects of trading differ widely based on what market hours you are accessing the system.

Also, OctaFX demo accounts come with no expiration date. Meaning, you can trade your strategies for as long as you feel necessary and develop confidence before investing real money.

Another great thing about OctaFX is their demo trading contests. While a lot of experts say that trading with demo accounts does not create the psychological pressures as with real money accounts, the introduction of demo contests would help traders take their demo accounts more seriously as there is at least something at stake.

Who should open accounts with OctaFX?

OctaFX demo accounts are suitable for beginners who need to learn how to use the platform as well as how to conduct basic technical analysis. However, professional traders often spend more time with their demo account than trading live. Because professionals understand that forward testing their strategies and tweaking certain variables to increase the efficiency of the system is what gives them the winning edge in the long run. Therefore, in this regard, OctaFX would be the ideal Forex broker for anyone - regardless of their experience level.

OctaFX received 4.67 overall Weighted Average Rating but also received one of the highest 0.50 ratings in the Trading Platform category from the ForexChurch review team.

Pros
1. 1. Demo accounts are free and come with an unlimited validity period
2. The demo trading environment is similar to real trading as all the price feeds and trading conditions are the same
Cons
1. Types of offered assets for trading in both real and demo accounts are limited compared to other brokers

IC Market - Best ECN Forex Broker

Not all ECN brokers are made the same. Any Forex broker can have a few liquidity providers and hold their service out to be ECN, which would be technically correct. Nonetheless, IC Markets' ECN model is based on 25 different top-tier liquidity providers. Having a large pool of liquidity providers means that when you trade with IC Markets, you will always get deep liquidity and your orders will be executed at speed with the best possible spreads available at any given time.

Why IC Markets Topped Our Ranking for Offering the Best ECN Brokerage Service?

IC Markets ECN brokerage service may not offer the lowest commissions and there is room for improvements when it comes to average spreads. However, we still believe that if you are looking for an ECN broker, it is not the fees and commissions that should determine your choice, but you should consider how efficiently and fast your orders are being filled and at what price.

There were many features that made IC Markets our choice for ECN broker. One of the factors that helped propel IC Markets to the top bracket is the fact their MetaTrader 4 and 5 servers are located at Equinix data centers in New York. Equinix hosts servers of some of the world's largest banks and financial institutions, who happen to be IC Markets' liquidity providers. Hence, the geographic proximity of your broker's server to the liquidity provider means orders get filled at a much faster pace compared to brokers who have hosted their servers hundreds of miles away. During our live testing of order execution, IC Markets was the fastest of the brokers that we tested, with a 5 day average order execution time of 112.4 milliseconds- and experienced no slippage.

Sure, for day traders, these few milliseconds of latency may not matter much. But, in the world of automated finance, a few milliseconds can be like years. If you trade during volatile market conditions like during news releases or have automated your trading strategy, IC Markets ECN service, especially, the Raw Spread account is perhaps one of the best things you can have in your arsenal.

Who should open accounts with IC Markets?

Even if you only execute a few trades a day, having the best order execution in the market should be your top priority. However, if you are running automated algorithm-based trading strategies that require your ECN broker to be at the top of its game, consider IC Markets for your trading needs.

IC Markets received 4.76 overall Weighted Average Rating and topped the ranks in Order Execution/Server Latency category from the ForexChurch review team.

Pros
1. 1. Trading servers are hosted at the Equinix data center in New York, USA
2. Multiple top tier liquidity providers in the same data center facility mean IC Markets order execution is one of the fastest in the industry
Cons
1. Commissions on cTrader depend on the opening and closing price of the currency pair, making it difficult to calculate exact commissions

FP Markets - Best Australian Forex Broker

Australia hosts some of the largest and most recognized brands of Forex brokers in the world. The liberal regulatory policies of the Australian Securities and Investments Commission (ASIC) have attracted brokers to be regulated there and the competition was fierce. However, FP Markets still won the title of being the best Australian Forex broker because of its stellar reputation and overall performance in almost all the criteria we took under consideration. Well regulated, fast order execution, great customer support, and competitive pricing - everything you should care about as a Forex trader - FP Markets has structured its service to stay way ahead of the pack as the most sought-after Australian brokers in 2020.

Why FP Markets is the Best Forex Broker You Can Have in Australia?

We feel FP Markets is the best broker you can trade Forex with in Australia for the same reasons it received the highest overall rating in our in-depth review process. With best in class ECN pricing, competitive fees, and commissions, a wide range of CFDs for trading with Iress, and some really dedicated men and women ready to help at the customer service department makes FP Markets our top choice.

Also, besides being regulated by the Australian Securities and Investments Commission (ASIC), FP Markets has also got trading licenses in several other jurisdictions to serve international clients. Hence, it is not only our recommended broker for Australian residents, but it is also perhaps the best overall broker in the global market in 2020.

Who should open accounts with FP Markets?

If you maintain residency in Australia, FP Markets should be at the top of your list of Forex brokers that you are considering to open an account with.

FP Markets received 4.88 overall Weighted Average Rating from the ForexChurch review team.

Pros
1. Regulated by the Australian Securities and Investments Commission (ASIC)
2. Maintains segregated accounts Tier-1 Australian banks to ensure the safety of client deposits
3. Multilingual customer support
Cons
1. While Forex spreads and commissions are very competitive, CFD trading fees could have been lower
2. In an event of a margin call, FP Markets do not offer negative balance protection, so you may end up losing more than your initial investment capital, which will be adjusted from future deposits

Broker Bonuses

$10,000 Welcome Bonus - Join AvaTrade and get a New Clients Bonus up to $10,000

$10 No Deposit Bonus - Open a Live STP account, $10 Bonus is automatically added to your account

100% Deposit Bonus - Receive a 100% Bonus on Deposits (Max Bonus $5,000). Bonus credited after required lots are traded.