| Broker | Advantages |
www.4xp.com
| What we like the most about 4XP is its Protected account offering. With it, traders get to enjoy 30 days of risk-free trading, but they can keep their profit – which is an awesome chance to try out different trading strategies and get to try out 4xp’s trading platform. |
www.fxcm.co.uk
| FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion. |
www.forex.com
| Forex.com is a large broker listed on the New York Stock Exchange. We like it not only because it’s regulated in the U.S., Japan, Australia, Canada and Hong Kong but also because it offers very good spreads and superior execution. |
xemarkets.com
| XEMarkets is broker with great bonuses and promotions. Currently we are loving its 30% bonus on every deposit you make. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for. |
www.fxnet.com
| The two biggest benefits of the FCA licenced forex broker FxNet are the 50% deposit bonus on all deposits, and very, very high level of customer protection. With almost no trading strategy restrictions, the broker is suitable for any trader. |
www.fxpro.com
| FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection. |
DFMarkets.co.uk
| This is a British broker registered with the FSA. It offers the MetaTrader4 and its own DFTrader platforms. Right now, all new sign ups can take advantage of a first deposit bonus of 10% of up to 1,000 GBP. |
HiroseUK.com
| Hirose Financial UK is the European branch of the Japanese Hirose Tusyo Inc. The Hirose Group offers multiple platforms to over 120,000 clients worldwide, transacting over $90 billion of FX volume every month. The typical spread on EURUSD is 0.8 pips and currently new sign ups get a $20 no-deposit bonus. |
www.lqdmarkets.com
| Liquid Markets is regulated in the good old EU, supports the Autochartist pattern recognition tool and offers fixed spreads starting from 0.9 pips – with no commissions, at that. We’re also big fans of the one-click trading. |
www.fbs.com
| FBS is a broker with cool marketing and promotions. It runs an ongoing monthly $999 forex contest, offers a $5 no-deposit bonus for anyone willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals. |
www.hymarkets.com
| HY Markets is global forex broker with more than 30 years of operational experience, regulated by FCA in the UK. Trade Forex with spreads as low as 1.8 pip |
www.mayzus.com
| Mayzus is a Cyprus based forex broker, offering MT4, MT5, Mirror Trader platforms and fixed spreads starting from 2 pips. Experienced can benefit from the tight variable spreads and trade in true ECN environment with Mayzus' Classic and Viking Currenex accounts |
trading212.com
| Trading 212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
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thinkforex.com
| ThinkForex is a broker operating out of Australia under the authority of ASIC. It offers advanced technology covered by fancy abbreviations (VPS, MT4 API, FIX/API), and social trading via the Mirror Trader and Zulutrade platforms. |
RoboForex.com
| With RoboForex you get great NDD/STP execution, ECN Accounts and a bonuses we’re crazy about: 25% bonus on deposit on every deposit, both for new and existing customers. Currenex and Integral – two of the industry’s titans – are RoboForex’s liquidity providers. |
www.jfx.com
| JFX is a forex broker regulated in the EU. We like it because of how reliable it is – the broker is registered with five different regulators, it's a member of the customer money is held in segregated accounts, and JFX is a member of the Investment Compensation Fund. |
Very often, you hear about one broker or another increasing its leverage offering. Off the top of my head, I can immediately think of at least three – Dukascopy, who offer 1:300, Trader’s Way with their 1:1000 and FXGlory who more than take the cake with a breath-stopping 1:3000! But I don’t believe we’ve discussed the possibility of leverage being adjusted according to the personal needs of each account. This is something that Cypriot broker Mayzus is trying now, with the introduction of Floating Leverage in demo accounts. If the concept is found to be successful, it will be brought to live accounts as well. The way it works is simple – the size of the leverage you can use changes in sync with the trading volume of all open positions in the account. At the moment, the maximum leverage offered by Mayzus is 1:500. Read more
The last participant in this week's customer support challenge is InstaForex – a Russian broker that I don't really think highly of. Sadly, its performance in the challenge just reinforced my opinion as Instaforex. Alexander, the rep I talked to, was unbelievably slow (the conversation you will see below took a little more than an hour – can you believe it?!); his answers were generic; and in the end, he just left the conversation in the middle. This offended me, and therefore I gave Instaforex zero points – and yes, I know that technically 5 points is the minimum. I just got too pissed off to give this broker anything different from zero, so that's that. Apart from that, two brokers got the same rating this past week, so they will both compete at the final: Armada Markets and ICM Capital. Read more
New Zealand-based forex and commodities brokerage, RoboForex, announced yesterday that it has broadened its reach to Europe and is now fully authorized by the Cyprus Securities and Exchange Commission (CySec). The acquisition of this latest license grants RoboForex the right to operate as a financial intermediary throughout the European Economic Area (the 27 EU member states plus Norway, Iceland and Liechtenstein), in accordance with the union’s common financial services providers law -- the Markets in Financial Instruments Directive, or more widely known as MiFID. Among the services that RoboForex is allowed to perform are the reception and transmission of traders’ orders to prime brokers and institutional liquidity providers as well as the execution of trades as advised by its clients. Read more
It was only a week ago that the US Securities and Exchange Commission (SEC) approved a proposal made by the Financial Industry Regulatory Authority (FINRA), making it obligatory for brokers to report details of equity transactions no later than 10 seconds after a trade is executed or cancelled. This week, it is the US Commodity Futures Trading Commission (CFTC) that has the spotlight, with a bit of regulative action of its own, regarding reporting of omnibus accounts. As reported by the Forex Magnates, the document in question is an advisory issued by the Commission’s Division of Market Oversight (DMO) and will affect white labels in particular. The term “omnibus accounts” refers to a type of account that combines the accounts of a white label’s clients. This makes it easier to transfer money from clients to the white label, and then on to the broker. Read more
I bet the weather is already awesome on Mauritius, and I'm also guessing it's awesome to live on an island – so when I picked NordFX as a broker for the customer support challenge, I expected to talk to laid-back people who drink cocktails on the beach after work, recharge and go to work on the next day to handle clients' questions relaxed and with sense of humor. I was wrong. Which is not to say I'm not happy with the way NordFX's team handled my questions – on the contrary. They were very professional but they didn't really didn't leave the impression I would expect from island people. See for yourself. You are now chatting with 'NordFX Support' NordFX Support: Hello. How can I help you? Hannah: Hi there. A friend told me I can make money with forex and I wanna try it out but I don't know where to begin from. Read more
Ever since the UK Financial Services Authority (FSA) split into two branches, people have been wondering what effect this will have on their Forex trading and business. So far, one thing is certain – the regulative body in charge of foreign exchange, known as the Financial Conduct Authority (FCA) has taken its job very seriously and is coming down hard on any institution that puts a toe out of line. The FCA has already fined EFG Private Bank £4.2 million ($6.6 million) for unsound anti-money laundering procedures, and come up with a complete set of new rules for payments in the platforms industry. Now the FCA will be taking regulatory action against another wrongdoer, big fish J.P. Morgan International Bank Limited (JPMIB). J.P. Morgan will be fined £4,394,695 due to issues with its provision of retail investment advice and portfolio investment services. Read more
A while ago we reported on the Cypriot broker XEMarkets organizing an exclusive trading competition for the students of the London School of Economics and Political science (LSE). The choice of school was not random – four board members and two of the brokerage's founders are graduates of that prestigious educational institution. What's more, XEMarkets used the start of the contest as an occasion to declare its wish for ongoing co-operation with LSE, and becoming a career patron of the school. It is now clear that the broker is moving on with its plan: on June 15, 2013, XEMarkets will host a forex seminar at LSE. The seminar is a part of the company's series of educational events carried out around the world. Attendant of the LSE seminar will have a chance to meet and learn from the certified instructor and portfolio manager Avramis Despotis. Read more
Earlier this week, social trading titan eToro revealed that it has reached a crucial milestone, one that is not only worthy of a note but also calls for a celebration. As reported on its official blog, the broker just recently registered 50 million completed transactions since it opened doors back in 2007. Of those, the greater deal – some 32 million – were copied trades, 85% of which were closed at a profit. But as good as these results might be, eToro is far from satisfied and is determined to continue on the quest to creating the world's biggest and most effective autotrading platform. How do they intend to achieve it? Through developing on the concept of “sustainable trading”. As suggested by collaborating MIT researchers, Dr. Altshuler and Prof. Read more
China has been a particularly interesting spot in terms of currency policy: the People's Bank of China (PboC) is keeping a tight grip on the Yuan (CNY) exchange rate and, at the same time, the authorities are aiming to bolster the role of the currency on the global stage. That is why when we saw that the latest RMB Tracker report by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) was out, we could not help but have a peek into it. The report, released just yesterday, showed that the number of countries using the renminbi (RMB) for more than 10% of their financial transactions with China and Hong Kong rose markedly in April. The number of these countries reached 47, out of a total of 160 countries monitored, last month: this is an increase of 9% from July 2012. Read more
ForexBrokerz Exclusive report A couple of weeks we reported on Myfxbook's demo trading contest sponsored by FxPro. We have been keeping an eye on the interim leaderboard, and looking at the trades of the trader currently on top, a Ilyasikm from Ukraine, we noticed he was hit by sudden success. This made us dig deeper, and we noticed something quite concerning: Ilyasikm is buying at the bid price, and selling at the ask price. He is also getting a positive price correction, which makes his profit skyrocket even further. Let's take a look at a few examples: Click on the image to enlarge This is a one-minute bid chart, and we're looking at Ilyasikm's short positions. As you can see on the image above, at 09:25 on May 22, the trader opened a short position on silver, then closed it 20 minutes later, realizing a profit of $12,500 from his 50-ounce contract. Read more
