We treat Forex Broker reviews on AtoZ Markets very seriously. We conduct our studies slowly and with a lot of patience, since we go through variant stages of our evaluating process, before releasing our verdict and rating. Our in-depth online forex broker reviews include rankings, detailed analysis, spread data, platform breakdowns, trading fees, account features, and more.
When it comes to reviewing a Forex brokerage firm, at AtoZ Markets, and even though we are veteran experts in the arena, however, we do not rush. We conduct our studies slowly and with a lot of patience, since we go through variant stages of our evaluating process, before releasing our verdict and rating. Our commitment to the above-mentioned increases as we keep gaining more trust from more readers and traders alike.
Get your broker on AtoZ Markets Directory, for that we realize the size of responsibility in assessing a company our readers will adopt in determining their future plans, we give priority in verifying whether it is safe for traders to deal with that Forex brokerage firm or not.
For that we realize the size of responsibility in assessing a company our readers will adopt in determining their plans, we give priority in verifying whether it is safe for traders to deal with that Forex brokerage firm or not. The following points are basic pillars to consider in our studies about Forex brokers:
Verifying honesty and commitment
Safety of clientele funds
Fees and commissions
We contact the regulators who issued them their authorization, and further extend our investigations checking generic feedback from customers who dealt with those brokers, till we finalize our rating and verdict checking them ourselves, through variant channels.
In addition to scrutinizing the safety side, we also make real efforts to familiarize the reader with what types of accounts the Forex broker provides and on which trading platform it functions, besides informing about whether the broker deals with cryptocurrency or not, and if yes, we mention which ones.
Often, we won't just take what is written on a website, but taken to the regulator. We will speak to the regulatory bodies, ask if there is any investigation into any of these brokers. We will be checking generic feedback from customers who dealt with those brokers, till we finalized our rating and verdict checking them ourselves, through variant channels.
We will also look into the way the Forex broker handles their customer problems. It is important for us that there is a lean customer support methodology while resolving user complaints. In essence, conflict resolutions are also under our magnifying glass. By doing so, we make sure that each broker really earns its approval rating.
The way the Forex broker handles the problems traders report as they encounter on the trading platform, and the procedures the broker’s customer support team follows in resolving complaints are also under our magnifying glass, to make sure we, at AtoZ Markets have covered both, traders and readers, with the study we present them about any Forex brokerage firm we publish on our website and has earned the AtoZ approved badge.
Trading Forex is easy, yet complicated. Compared to 10 years ago, trading Forex is much more accessible and requires smaller investment sizes, making it suitable for more and more people.
Talking of suitability, the lower the deposits go, the more questions arise. As you get a common question in your mind, why does my broker make things look so easy.
Where is my broker incorporated?
Although trading Forex is accessible from anywhere we want, the location where our broker is incorporated tells much about our broker. As an example, if our broker is incorporated somewhere in Caribbean Islands and has no regulation, it is likely that your account is neither segregated nor insured.
How likely is it that I will have the advertised spreads?
It is becoming more and more trendy among brokers to publish “as low as” or “typical” spreads without revealing when or for how long these rates are available for traders. In fact, with many brokers a typical retail trader will never get these advertised spreads.
If you see your broker advertising spreads “as low as” 0.0 pips on EURUSD, you need to ask what does that “as low as” mean?! Do special conditions apply? Can they share the record of their average spreads for the last month to confirm their spreads? Or what are their conditions?
What are the “Special” conditions?
Like many things we see online and press that accept button, in Forex trading we also often do not read our brokers’ terms and conditions where there are always some nitty gritties mentioned.
For example, there are many brokers imposing a minimum account opening balance for the trader to receive the advertised spreads. Or, they offer 50%, 100% bonus where everything seems so amazing until you notice that your broker will be sharing your profit 50/50.
The worst part is that, even in front of the regulator, in this case you have no right as you have accepted the broker’s T&Cs.
What are my trading costs?
Traders are a special type of breed. We believe in unicorns, holy grails and angels.
When I started trading for the first time, I used to think that the only cost I had was my spread and I am sure that many of the traders still don’t understand their costs properly.
Some Forex Brokers offer tight spread like 0.3 pips but then they make up their profits in other ways.
Your broker might start charging you illogical swaps, withdrawal fees and different types of fees. So you should make sure to understand all of the possible trading costs involved.
Do all traders get the same spread?
This is a common misperception. Traders would often be depositing $200 and expect to not pay transaction fees, receive free VPS and have 0.2 pips spread with no commission. All sounds good, right? My answer is not!
Every Forex Broker claims to have the smallest spreads and fastest execution. I am not saying they lie, but even so, they won’t give the same opportunity to every trader. Many brokers will tailor their spreads based on customer trading account balance, trading volume, or other KPIs set by their management. Often larger and better-connected traders and institutions will receive a differentiated service. So are you even eligible for the “discounts”? Especially if you are a normal retail trader with a $500 deposit.
What flexibility do I have?
Often brokers offer different types of accounts, of course, the one that looks better is quite often the bad one.
For example, one broker may offer three types of accounts:
Fixed spread for majors 1.5 pips, with $500 minimum deposit
Variable spreads starting 1.0 pips, with a $2.500 minimum deposit
Pro account, with a $5.000 minimum deposit
Of course, as a new trader, you want to go for as low as possible and feel that fixed spread is the best. Yet, the reality is that with the fixed spread this broker will disable your account during the news time, making it hard for you to sustain your position.
So, ask your questions in advance. What are the restrictions applied to my trading account?
Which regulator covers my account?
It is common among some brokers to incorporate their company in one country and open representative offices with multiple other regulations. Thus it is important for you as a trader to understand under which jurisdiction your account is being opened.
For example, if your broker is holding regulation from Mauritius and CySEC, where you obviously want your account to be under the CySEC regulation instead of that of Mauritius since your account becomes part of the MIFID regulatory framework.
Is my account segregated?
Almost every broker claims to have accounts segregated, but the reality is that many brokers don’t segregate funds!
Therefore, to safeguard yourself from any possible damage you should consider asking in black and white to your broker if your account is segregated.
Can I visit your office?
There are too many brokers claiming to be “international” or “global” with multiple offices all over the world, but once again the reality is that many of these brokers have nothing but a PO box in most of those countries.
Check your broker’s registration with AtoZ Markets directory, find in which countries they have offices, confirm these offices with the local regulatory listings and ask your broker for a visit. If they are a reliable broker, they will have no reason to say no.
Interested on trading cryptocurrencies? Check the following brokers
Nowadays everyone claims to be the master of Forex trading with so many broker options. So who exactly is a Forex broker? Also, how do know if a broker is trustworthy or not?
In simplest terms, a Forex broker is a company that buys and sells orders according to the trader's decisions. Although there are now so many different types of Forex Brokers, in theory Forex brokers are supposed to earn money by charging a commission or a mark-up on spread for their services. Although it might sound as a simple action, choosing a reliable Forex broker is indeed probably the most crucial part of your Forex career. You need to do a little bit of research, but your invested time will give you insight into the services that are available, fees charged and the ton on Forex Scams out there.
You can start your Reliable Forex Broker hunt by starting with the following questions:
AtAtoZ Markets Broker Directoryyou will find a list of Forex brokers, which are primarily divided into two categories. - Normal broker listing: this is the list of brokers who are being considered or are being or have been tested by the team of Forex Experts.
- AtoZ Approved: these brokers have been tested by the team of AtoZ Markets experts on the following categories and only brokers who score 77% and above get to receive the AtoZ Approved badges:
Execution: We look for the speed of the execution, re-quotes and slippage
Regulation: We look for how many regulations the broker has
Deposit process: How long does it take to open an account and fund it
Withdrawal process: How long does it take for the funds to leave the Forex account and end up in your deposit method
Customer care: Do you get an account manager or not? And if the support is helpful in times of crisis.
Spreads: How expensive is it to trade with this specific Forex Broker?
KYC process: What documents do they require from you?
Trading Platform: Is the Trading Platform stable?
Forex Broker Policies: Many Forex Scams are hidden in terms and conditions, so automatically any scam T&C Broker is allowed on AtoZ Forex.
The last point is given the most attention as the rest of the other sections are rather similar for most of the brokers, so we dig deep into this section with the following sub-categories:
Available Currency Pairs
Traders should confirm that their selected Forex broker offers the base currency that this trader needs. These are the most common base currencies in Europe: EUR, USD, GBP, CHF, HUF, and RUB.
Hidden limitation quotes
Often scam Forex Brokers will have their main scam hidden inside the limitation clauses of their offered T&Cs. These Forex Scams simply disable traders withdrawals as traders have accepted not to withdraw unless they have traded insane amounts of lots.
Often transaction costs are ignored or believed that it is only based on the spread. calculated in pips. Although the spread the better the trader stands the chance to stand out, trading costs are scattered across the board starting with the deposit charges, withdrawal charges and more.
Margin Requirement / Leverage
The lower the margin requirement (meaning the higher the leverage), the greater the potential for higher profits and losses. Margin percentages vary from .25% and up. Higher leverage is great when your trade performance is good, not but not so great when you are win red consistently. So be realistic about your leverage and remember that it can be your savior as well as your worst nightmare.
Minimum Trading Size Requirement / Minimum lot size
The size of the minimum entry size may differ from broker to broker, spanning from 0.01 to 1 lots and above. A lot consisting of 100,000 units is called a “standard” lot.
Rollover / SWAP charges
Although rollover/swap charges are supposed to be determined by the difference between the interest rate of the country of the base currency and the interest rates of the other country. However, each broker will now charge the swap according to their needs, especially if they are market makers.
Many strategies will generally fail, due to the trading hour as the candlestick analysis will appear differently on different brokers.
News trading conditions
I can hear you saying that I will not be trading news. Fair enough, but what if you have an open entry during major news and you want to exit that position and your "reliable Forex broker" does not allow you to close your order?! Then this point would also matter for you as well.
This is a short summary of what AtoZ Markets Broker directory is the most detailed Forex Broker Directory in the world.
We stand here with you to create a transparent Forex industry. Is your broker listed in the Directory?If not mention your broker's name in the comments and we will look into testing them too.
Don't forget to check the following three Forex brokers