Top 8 Forex Brokers That Can Ensure The Security Of Your Funds
Safety is always a crucial factor to consider while working with money. Making an overseas money transfer can be a security risk, so you must protect your money against fraud and fraudsters. This is why picking the best forex broker is crucial. Based on the background research, we separated the eight best forex brokers for you, which are trustworthy and reliable to secure your funds if you start to invest in the forex market.
Why is security the first factor in choosing a Forex Broker?
One of the most crucial factors for a trustworthy forex service is regulation. Money transfer businesses must know all applicable rules, laws, and requirements. Also, they must be authorized by the appropriate regulatory bodies and registered with them. Please make sure a forex broker has the necessary accreditations by conducting extensive research before hiring them or reading reviews. It’s vital to get the registration number and check for yourself rather than assuming that a broker is licensed by the appropriate authorities just because their website has a professional appearance. That’s why, as many experienced traders say, you want to take your time with the financial health of your person or company. According to regulatory authorities like the FCA, financial firms must act fairly and ethically. To maintain accreditation, one must abide by tight guidelines. The FCA has strict rules and ongoing audits and checks to ensure that a forex broker is responsible and that you are protected.
Online trading has been revolutionized by ActivTrades since 2001. They have expanded our knowledge to cover commodities, shares, indices, cryptocurrency, ETFs, and bonds. Initially, they developed their experience by opening FX markets to retail traders. Nowadays, ActivTrades takes pride in being an actual multi-asset brokerage with excellent trading conditions and a variety of client-beneficial tools and services. To simplify the process of researching Forex brokers and ensure that your decision is trustworthy, you can click here to find out the reviews of ActivTrades Forex brokers, for example. By raising the bar for the industry as a whole and giving its clients the security that comes with dealing with a broker licensed in many jurisdictions, ActivTrades is dedicated to maintaining compliance with the highest regulatory requirements. The FCA, CSSF, SCB, BACEN & CVM, and CMVM regulate ActivTrades.
Although FOREX.com is an excellent fit for high-volume traders, it is open to all sorts of traders seeking exposure to various products and asset classes. The broker stresses swift and dependable execution, a wide range of platforms, and account security, even though product offers differ by area. It is designed for customers in the United States who want to trade the foreign currency markets. FOREX.com is a registered FCM, RFED, and NFA member with the CFTC. Moreover, the Financial Conduct Authority (FCA #113942) has approved and regulated GAIN Capital UK Ltd. Additionally, clients in the UK and EU have up to £85,000 in additional asset protection through the Financial Services Compensation Scheme (FSCS).
The world’s first spread betting company, IG Group (IG), was established in 1974 by Stuart Wheeler and is a division of IG Group Holdings Plc, a publicly traded corporation (LSE: IGG) that “enables knowledgeable, proactive, and intrepid people to tap opportunities in the financial markets.” It is not unexpected that IG is a global leader in online trading and the top CFD provider at the moment, given its extensive product offering, attractive rates, over 178,000 clients spread across five continents, and long-standing business operations. Due in large part to regulatory constraints, the majority of well-established online forex brokers avoid the U.S. market; therefore, the fact that IG re-entered this market in 2019 speaks to its dedication to creating a genuinely worldwide presence.
4. Saxo Bank
Saxo Bank Group, a 1992 founding member of the Danish banking industry, is “a leading fintech expert focused on multi-asset trading and investment and delivering ‘banking-as-a-service’ to wholesale clients.” In 1998, the company took advantage of late-’90s technological improvements by introducing one of the first online trading platforms. Saxo Bank has been conducting business in the U.K. through its subsidiary Saxo Capital Markets U.K. Ltd. (SCML) since 2006. Like many forex brokers, it does not accept traders from the United States. Forex, shares, commodities, indices, options, bonds, and futures are fantastic product offerings that can be purchased or sold short using CFDs, forward contracts, and direct ownership. In contrast to several of its rivals, Saxo’s spread betting service is exclusively accessible to clients who meet the criteria for “professional clientele.”
5. CMC Markets
Established, publicly traded, and well-respected U.K. forex broker CMC Markets (CMC), formed in 1989, has successfully adapted to the rapidly evolving internet brokerage market. With the ticker name CMCX, the corporation is traded on the London Stock Exchange (LSE). CMC does not welcome American traders, like many other forex brokers. CMC’s “Next Generation” platform is a feature-rich, web-based service. This includes CMC’s whole online product offering to the user, the popular MT4 (downloadable) platform, and a valid mobile application. CMC gives traders access to various products, including spread betting and CFDs, across numerous asset classes.
Pepperstone Group has established itself as a leading force in the online brokerage market since it opened its doors in 2010. This has been accomplished by creating a highly competitive and feature-rich trading portal focusing on forex, shares, indices, metals, commodities, and even cryptocurrencies. New traders can enter the market with a minimum beginning deposit of 200 units in the base currency and leverage ratios up to 500:1. The business is governed in the UK and registered with both the Australian Securities and Investments Commission (ASIC #147055703) and the Financial Conduct Authority (FCA #684312). Pepperstone does not allow American traders, like many other forex brokers.
To comply with new Polish legislation, X-Trade, established in 2002 as Poland’s first leveraged foreign exchange brokerage company, changed its name to X-Trade Brokers in 2004. In 2009, it underwent a rebranding to become XTB Online Trading (XTB), and in 2016, it was listed on the Warsaw Stock Exchange under the ticker symbol XTB. XTB presently offers access to several markets, including forex, shares, indices, metals, commodities, and even cryptocurrencies. This is even though the online brokerage industry is fiercely competitive and constantly evolving. The business is licensed in the United Kingdom and registered with the Polish Financial Supervisory Authority and the Financial Conduct Authority (FCA #522157). (KNF). XTB does not accept U.S. traders, like many other forex brokers.
American global brokerage company Interactive Brokers LLC (IB). According to the quantity of daily average revenue deals, it runs the most prominent electronic trading platform in the United States. The company trades stocks, futures, EFPs, futures options, FX, bonds, funds, and some cryptocurrencies. Active Brokers is the fifth-largest prime broker serving commodity trading advisors since it also targets them. Several agencies and self-regulatory groups govern IB, including the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the New York Stock Exchange, and the Financial Conduct AuthorityStock Exchange, and Financial Conduct Authority, govern IB.