Forex Broker Reviews and Comparisons
1st Choice: | 2nd Choice: | 3rd Choice: | ||
|---|---|---|---|---|
| Min Deposit | $200 | $50 | $100 | |
| Credit Cards | Yes | Yes | Yes | |
| Platform Type | Online | Download | Online | |
| Free Demo Account | No | Yes | Yes | |
| Pip Spread Value | Excellent | Excellent | Average | |
| Leverage | Excellent | Very Good | Good | |
| Loss Protection | Excellent | Good | Good | |
| Customer Support | Excellent | Very Good | Average | |
| Overall Rating | Excellent | Very Good | Average | |
You will also need to ensure the broker has easy to use software and excellent customer support if you are to enjoy hassle free, profitable trading. The comparison table above shows at a glimpse the key features of four major online Forex brokers, below you will find full reviews of each one.
 The Best Forex Broker in a SnapshotEasy-ForexMy best rated Forex broker platform goes to Easy-Forex for offering a platform with some fantastic features that help to make your trading much more profitable. For example they offer a mini Forex account with a deposit of just $200 - the lowest of all brokers. This makes Easy-Forex a perfect choice for you if you are new to trading or have a low budget. They also offer leverages of up to 200:1 which means that even with a small budget you can still make some really big profits. Rate Freezing is also a useful function Easy-Forex offers as it ensure you can go about your trading with no nasty surprises and in essence - more profit! Easy-Forex have also met all of the strict standards required to be able to accept traders from the US and UK as well as the rest of the World. Easy-Forex is the ideal choice for you whether you are a new trader or have bags of experience. Carry on reading for my full detailed review or... |
#1 Forex Broker Review - Easy-Forex
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The best broker I have found and the one I recommend to you is Easy-Forex, a broker who have set a new level for the low minimum deposit platforms with just $200 needed to trade.
This is great news for you if you are a new trader or have a low trading budget. You can enjoy the thrills and spills of Forex trading without losing more than you can afford. Because of the leverage of up to 200:1 you can actually still make substantial profits even from such a low deposit.
Unlike some platforms, Easy-Forex do not offer a free demo account arguing that with such a low minimum deposit they don't need to.
I completely agree with this and I don't actually believe a demo account is a good way for you to trade. It can take you into a false sense of security because when it's not real money you take risks you never would if it was your own cash. For this reason it may feel like you are practicing trading but in reality you are not, you are just playing a game and will learn very little.
Click here to open an account at Easy-Forex with just $200
Easy-Forex as the name suggests offer a very easy-to-use trading platform, further strengthening it's suitability to new traders. They also offer some great features on the account such as extra currency pairs that other brokers do not offer and of course both UK and US traders can open an account easily here..
Easy-Forex - Key Features Summary:
Feature | Details |
|---|---|
Minimum Deposit | $200 |
Payment Forms Accepted | Credit Cards, Bank Transfer |
Typical Leverage | 200:1 |
Pip Spread Values | 3-7 pips (with a wide range of pairs available) |
Loss Protection | Stop-Loss - You can preset your exit points in a trade to limit your losses, negative balance protection is NOT available |
Customer Support | Telephone & Email |
Other Features | Rate freezing, Streaming quotes, Now accepts US and UK traders |
Some of the more technical features of the platform include the extensive tools section. Here you will find a daily outlook, charts, and currency rates which helps to set you up for the trading ahead. You will also find their site very professional looking and easy-to-use.
Additionally they offer you a managed Forex account with their dedicated portfolio managers, having used these services myself I can thoroughly recommend them, they actually seem to really care about getting you started and helping you make those big trades!
Easy-Forex do offer a great platform for the new trader to find their feet. With their added features such as analysis tools and one of the widest ranges of pairs to trade around, Easy-Forex is your number 1 choice for learning how to trade profitability.
Click here to open an account at Easy-Forex with just $200
#2 Forex Broker Review - eToro
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Our 2nd choice Forex broker is also the Internets most innovative Forex platform. In fact, eToro has a growing reputation for single handedly putting the fun back in to trading.
For example, let's say you decide to buy USD against the JPY, instead of watching the boring rates change you actually get to watch a race! In this example a cowboy (USD) would go head to head against a sumo wrestler (JPY) in a sprint to the finish.
This adds great fun to your trading and gives an added sense of excitement. Because of this, it makes it perfect for you if you sometimes find trading a bit of a bore and are not keen on watching complex charts and graphs.
To add to this amazing trading experience, eToro are also one of the few brokers to offer you a first deposit bonus of up to $1,000. This gives you a great starting balance if you only have a low budget.
eToro - Key Features Summary:
Feature | Details |
|---|---|
Minimum Deposit | $50 (plus first deposit bonus of up to $1,000) |
Payment Forms Accepted | Credit Cards, Bank Transfer, PayPal, Western Union, Neteller, WebMoney, MoneyGram, or by Phone (credit card and PayPal) |
Typical Leverage | 200:1 |
Pip Spread Values | 2, 4 and 6 pips |
Loss Protection | Negative Balance Protection - All trades will be closed if your account reaches zero meaning no debts to pay |
Customer Support | 24/7 Trained Support |
Other Features | Fantastic fun, graphics, exclusive trading tournaments, deposit bonus, invite a friend bonuses, online live help |
One of the biggest appeals of eToro is the fantastic weekly $1,500 trading tournaments. The two championships (one for real traders and one for play money traders) offer cash prizes every week for the top traders, with the very best walking away with $500!
This adds a competitive edge to your trading activities, can you be one of the top traders for the month? If you can then you could walk away with an absolute fortune!
The platform itself is downloadable. This means that you can just download to your desktop and trade, which can make the whole platform run a lot quicker. If you want to be able to trade from any PC in the world then eToro also offer a webtrader mode that does not require a download, giving you the best of both world's.
Overall, eToro is a fantastically fun Forex trading platform that will add the extra spice to your daily trading activities. It's simple to use which means it will suit you if you are a beginner but also incredbily innovative meaning even if you are an expert trader you will still enjoy eToro.
Click here to visit the most innovative Forex platform - eToro today
#3 Forex Broker Review - Forex Yard
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If Easy-Forex and eToro are not for you (perhaps you are an experienced trader?) Then the next best Forex broker I have found is the Forex Yard platform.
It comes out tops for traders with $1,000 or more to trade when you consider all of the key aspects you should be looking for in a broker such as; good leverage, low pip spreads, excellent customer support, easy-to-use software and loss protection features.
I use the Pro Account from this platform for my own trading and recommend that to any expert traders out there. However, they also offer demo accounts and mini-accounts ($100 deposits) which I found to also be fairly good.
The Pro Account offers a very comprehensive piece of trading software that will suit any experienced trader down to the ground. The SuperMini Account is really easy to use and offers the new or inexperienced trader an excellent platform from which to learn the ropes.
One of the great things is the fact that unlike many brokers who crucify their features and rates on the Mini Accounts, Forex Yard offer extremely competitive spreads and leverages even if you are only depositing the $100 minimum. This is great for allowing the new trader to get started trading Forex and making an instant income from trading currencies online.
Forex Yard - Key Features Summary:
Feature | Details |
|---|---|
Minimum Deposit | $100 (Pro Account recommended with $1,000) |
Payment Forms Accepted | Credit Cards, Bank Transfer, PayPal |
Typical Leverage | 200:1 |
Pip Spread Values | 3 pips on EUR/USD and 3-5 pips on other major currency pairs - These are fixed rates |
Loss Protection | Negative Balance Protection - All trades will be closed if your account reaches zero meaning no debts to pay |
Customer Support | 24/7 Trained Support |
Other Features | Guaranteed continuous quoting, Guaranteed executable prices, No slippage guaranteed, Easy-to-use platform |
As you can see Forex Yard provides some great features for traders particularly those who choose the Pro Account.
Probably the best feature they offer is the fixed spread guarantee on Pro Accounts. It is common knowledge in the trading world that many brokers claim to offer 3-5 pips but then routinely increase them sometimes as high as 10 pips when there is strong market activity.
This makes achieving massive profits almost impossible as you very rarely know where you are as you can never tell what the broker will do next. Forex Yard take this fear out of the equation by not only guaranteeing their pip spreads to between 3 and 5 pips but also offering guaranteed executable prices.
What this means is you always get the rate you see, no clicking through to execute a trade only to find the price has changed infavorably. With this guarantee you can trade with confidence and avoid nasty surprises, all contributing to more secure and profitable Forex trading.
In summary, Forex Yard offers the best Pro Account around and also offers a pretty solid mini account with some fantastic features and some of the best rates in the market. We strongly recommend that all new traders use Easy-Forex for the bulk of their trading if they want to ensure they are giving themselves the best possible chance of significant profits from Forex trade.
However, if you have at least $1,000 to invest and already have trading experience then you won't find better than Forex Yards Pro Account.
Click here to visit Forex Yard and open a Pro Account with at least $1,000
Alternative #4 Forex Broker Review - Pip-Forex
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Our final review of Forex brokers is on a very flash looking platform called Pip-Forex. This platform is probably Forex trading at it's most simplest, from the look of the site down to the usability of the trading software this broker is very easy to use.
Despite this very obvious inclination to help the new Forex trader easily learn his or her skills and become a proficient and profitable trader, Pip-Forex seem to lack some of the most fundamental aspects a beginner should be looking out for.
For example, the minimum deposit of $200 is exceptionally high for a mini account when you compare it to the two other Forex brokers we have reviewed above. You would be mistaken in thinking that this higher minimum deposit reflects better value pip spreads and leverage.
Pip spreads are generally poor and the leverage offered doesn't even compare to the leading brokers such as Easy-Forex. So lets take a look at exactly what Pip-Forex are offering:
Pip-Forex - Key Features Summary:
Feature | Details |
|---|---|
Minimum Deposit | $200 |
Payment Forms Accepted | Credit Cards |
Typical Leverage | 100:1 |
Pip Spread Values | 3-10 pips unfixed |
Loss Protection | Negative Balance Protection - All trades will be closed if your account reaches zero meaning no debts to pay |
Customer Support | Telephone & Email |
Other Features | Real Time Prices |
Additionally another big downside to this platform is the fact that it charges an overnight fee. Basically this means that if you leave a trade open overnight you will be charged a 'daily maintenance fee' equal to the price you paid for one pip on each of your open trades.
This little extra cost can add up if you have several trades open overnight and all those charges add up and can seriously restrict the profit potential of your trades. These charges simply work against your dreams of achieving an instant Forex income.
In summary Pip-Forex is only good for you if you want a no frills platform that is incredibly simple and easy to use. If you are looking for a platform that balances ease of use with low minimum deposits but high profit potential through good value spreads and leverage then we recommend you choose Easy-Forex instead.
Forex Broker Comparison Table:
1st Choice: | 2nd Choice: | 3rd Choice: | |
|---|---|---|---|
| Min Deposit | $100 | $50 | $100 |
| Credit Cards | Yes | Yes | Yes |
| Platform Type | Online | Download | Online |
| Free Demo Account | No | Yes | Yes |
| Pip Spread Value | Excellent | Excellent | Average |
| Leverage | Excellent | Very Good | Good |
| Loss Protection | Excellent | Good | Good |
| Customer Support | Excellent | Very Good | Average |
| Overall Rating | Excellent | Very Good | Average |
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