The biggest Forex Brokers in comparison and Review 2023

 We have tested the largest and most promising Forex brokers and have taken a close look at every detail in order to be able to offer our readers a critical assessment of the services. There are a lot of things to consider when choosing a broker, so we have tied our reviews to appropriate criteria.

In comparison, the broker IQ Option best completed and convinced with many advantages.

The following table contains an overview of all brokers with whom we have already gained experience. With one click you can view our experience report on the respective provider.

IQ Option	Go to the test report	0,0 Pips	Go to the page
eToro	Go to the test report	1,0 Pips	Go to the page
ActivTrades	Go to the test report	0,5 Pips	Go to the page
capital.com	Go to the test report	0,0 Pips	Go to the page
Roboforex	Go to the test report	0,0 Pips	Go to the page

Risk Warning: Forex trading is also associated with risk.

*: 76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

What are Forex Brokers?

Brokers are your interface through which you, as a private investor, can actively participate in trading currencies and currency pairs. With a deposit with a broker you have direct access to the market and get the chance to bet on rising or falling prices of a currency.

The decisive factor when trading currencies is the leverage. The exchange rates of currencies change within a day only in the last decimal places, so larger profits can only be generated with increased capital. With a high leverage, however, the capital is also increased, but on the part of the broker. The client does not have to make a large deposit for this. The profit (or loss) then remains with the trader. The trading principle of Forex trading is basically very simple when traders know what to do and how to do it.

Structure of our test reports

In order to make a certain structure clear and to make it easier for you to follow our thoughts and our approach, we have decided to follow a certain structure in all our test reports. The testimonials basically follow the following pattern:

Background check

Before we devote ourselves to the "inner values" of a broker, we lay down from Macdougallecology.ca of course, special emphasis on seriousness and reliability. Therefore, we have thoroughly examined all Forex brokers and conducted a so-called background check. In doing so, we look first of all at the company or the company from which the provider emerges. We go into details such as the owner and say in particular, since when this provider has been on the market and how much he had to do with financial instruments in advance. From this, it can basically already be seen how much experience a Forex broker has in his field and how reliable he is.

With regard to seriousness, further research is being carried out. The site Macdougallecology.ca is particularly careful to ensure that all readers have an objective view of the broker. Therefore, in addition to the background of the company, we also look at the many different regulations and licensing. We check in which country a license is available and since when this has been the case. In addition, we will take a close look at what the Forex broker says about the legal situation and how to react to it. Deposit insurance, for example, is an essential aspect that is prescribed by the European Union and must be complied with by all providers. The point is that the client's funds must be kept separately from the business capital in their own accounts. In the event of the broker's insolvency, all customers can thus receive their deposits back up to a certain amount.

Also part of our background check is the question of how the company has presented itself to the public in the past. Well-known financial sites regularly award prizes and awards, which are based partly on customer opinions, partly on their own tests. A Forex broker who has already received such an award is of course also highly regarded by us.

Forex Broker Reviews

In the world of Forex trading, there are always black sheep. Finding out is not very easy for beginners and newcomers. We want to show whether a broker is a scam or not. Therefore, in our critical tests, we also take to heart the opinions and reviews that we can find on the World Wide Web. This is not always very easy, because it is necessary to differentiate here. On the one hand, customers with negative experience are more inclined to vent their displeasure on the Internet and express themselves about a provider than those who had no problems with a particular retailer. In addition, some customers often lack differentiation. In their reviews addressed directly to a broker, they actually complain not at all about the provider as such, but more about the trading principle of Forex trading. For our experience, we try to find out which customer opinions are to be taken at face value and can be incorporated accordingly in our tests.

The test of support

In the section "the broker support in the test" we always briefly introduce the support options of the respective broker and tell you what to think of the general selection of contact options. The support times are also taken into account, i.e. the times at which support staff are available.

As it should be for a sufficient test, we would of course also like to make our own experiences with the support. That's why we think about several test questions during our broker tests, with which we approach the support at different times. The responses are evaluated in terms of response time, quality and friendliness. So our own support experience can become part of the tests.

Our Broker experience

After the background check, the opinions of the customers and the support have been extensively tested and the results have been presented, a general evaluation of these criteria is given. In principle, the advantages and disadvantages are discussed. In addition, the results are related to those of other Forex brokers in order to be able to classify the offer of the various brokers.

The offer of Forex brokers

A significant part of our tests and experience continues to consist of accurately presenting the offers and explaining what a Forex broker can particularly score with.

Types of trade

After the basic reliability check, the first look goes to all possible types of Forex trading. Since the principle of Forex trading is rather limited, we will also go into various account types here. These, in turn, are usually achieved with a higher deposit and can bring very different advantages. For example, with a VIP account with a broker, the number of tradable underlying assets increases. Differences in trading costs or margins and spreads are also not uncommon.

Maximum lever

One of the most important parameters when trading currency pairs is the maximum leverage. This is usually offered on at least one of the standard currency pairs. These include EUR/USD and GBP/EUR, among others. Here the leverage is highest which means that every dollar that is used can end up being traded in areas of multiples. The specified maximum leverage of 30 : 1 thus means that with a customer deposit of $ 333.33, it can be traded on the market with $ 10,000. As a result, it is possible that changes in the last decimal places of a course result in profits or losses for the private investor.

The maximum leverage was set by the legislator at 30:1. The following table shows which underlying assets have which leverage:

We would like to point out that these levers do not apply to all currency pairs. If you want to trade your favorite pair, inform yourself before signing up on the broker's page how high the leverage is then.

However, a higher maximum leverage does not have to mean that the broker is also better. It is true that larger profits can be achieved faster with a higher leverage. However, traders also slip just as quickly into the loss zone, from which they then have to fight their way out again. So choose a broker that offers a maximum leverage that suits your trading preferences.

Trading Software and MetaTrader

Usually, brokers provide their clients with their own trading systems. Depending on the provider, these are either available for download or can be used directly in the browser. The latter is the most common method of trading. The advantage is that customers only need an internet connection and a computer to trade currencies easily and simply from anywhere in the world. In addition, many broker sites are also accessible for mobile devices, so that trading from a smartphone or tablet on the go works without any problems. We are from Macdougallecology.ca however, especially newcomers would like to advise against trading via mobile devices. This also includes the apps, which are often provided free of charge by larger brokers. Usually the screen of the mobile devices is too small to be able to get an idea of the price developments and charts. Therefore, there may be problems here, which can turn directly into losses.

While the trading platform of a broker should be as clear and intuitive as possible, there is another attractive solution for traders. The MetaTrader is probably the best known and most popular program when it comes to trading currencies. Many Forex brokers allow you to establish a direct connection to the trading system via the MetaTrader and then make your transactions with the tried and tested program. This has the advantage that you do not have to adapt to a new trading system and learn new tricks when changing your broker. In addition, the MetaTrader is extremely configurable and can be tailored to your individual needs. For example, you can include interesting and important news in your overview or change the general view of the individual platforms as you like. We also recommend beginners to use the MetaTrader right from the start. It offers many advantages and can, for example, also react automatically to incoming trading signals.

Deposit and Withdrawal

The point of deposit and withdrawal to a certain extent, of course, belongs to the sub-point of seriousness. Only a broker who has no fraudulent intentions and in which the customer's well-being is in the foreground strives to make withdrawals dutifully within an acceptable time frame.

Important in terms of deposits and withdrawals, however, is the point of deposit options and, accordingly, the payout opportunities. Usually, in addition to payments by credit card and bank transfer, online services are also offered. These include, above all, Skrill and Neteller, which are represented almost everywhere. Unfortunately, PayPal is less common to find.

When making withdrawals, customers must pay attention to applicable fees and costs that may be incurred per withdrawal. The best brokers offer at least one withdrawal per month completely free of charge. If you can handle your money and deposits well, you should be able to cope with it.

Bonuses and special promotions

In order to lure new customers, Forex brokers decide to draw attention to themselves with special promotions. These often have the content that a certain bonus is guaranteed on the first deposit. For example, if a new customer signs up and wants to make use of the 100 percent bonus with an initial deposit of $ 100, he can start directly with $ 200 on the market. However, the bonus conditions underlying this deal must be taken into account. They state that the bonus amount must be wagered by a certain amount before a withdrawal can be made. In most cases, the amount will have to be wagered at least 20 times, which seems fundamentally difficult. Therefore, think carefully about whether you would like to accept a bonus offer or rather reject it.

For beginners, we also have Forex Brokers without deposit picked out. These are worth it to get started in Forex trading and try trading without risk.

Entry barriers

Traders can only actively trade with a broker if they have made a certain minimum deposit. This is different for each broker. In most cases, participation is possible from about $ 100 minimum deposit. However, we would like to point out that only about 5% of the total capital should be wagered per position. This results in 5 dollars in this case, which seems pretty little. In our professional opinion, it is only possible to trade reasonably with a starting capital of at least $ 500.

Number of underlying assets

Also a decisive value is the number of underlying assets. It decides how many currency pairs can be traded at a broker at all. Basically, the more currency pairs, the better.

Educational opportunities

In addition to an extensive FAQ section, most Forex brokers also provide further training opportunities that can help beginners and professional traders alike to improve their skills and abilities. In our test, we examine these educational opportunities in particular and say for whom the offer is suitable.