Choosing a Forex Broker can be very hard, there are so many and they all look really good on paper. The reality is that many of these are not that good or they do not have features that you required. In the article How to Choose the Best Forex Broker for You I explained what you should look for when choosing a Forex Broker, in this article I will list my three recommended brokers. I will also suggest which type of trader is suitable for each broker.
The Choice of a Broker
Choosing the correct broker for your needs is one of the most important steps in your trading journey. You may need special features, fixed spreads, special accounts, appealing bonuses. If you are a beginner you probably have no idea where to start and if you are an advanced trader the chances are that you already tried several brokers.
I spent a lot of time reading and testing different brokers and eventually I was able to make a short list of only three brokers. The following Brokers are my favourite, I will specify which type of trader is more suitable for each one of them and if you want you can try them. They all offer Free Demo Accounts so you can try their services and if happy fund Real Money Accounts and start trading.
If you need other advices about how to progress in your trading “game” I suggest you to check out the article Your Path to Make Money Trading the Forex.
FX Choice is an excellent broker, you can find the full review here Broker Review – FX Choice. In short, FX Choice has a very good reputation, it accepts US Clients (one of the few brokers to do it) and it is well prepared to serve Traders interested in Trading Automation.
I would recommend FX Choice to the following traders:
- Traders of any level in The US
- Traders of any level interested in Trading Automation and Expert Advisors in MetaTrader4, FX Choice also offers a good VPS service
- Traders that prefer to have their account in CAD, GBP, AUD
- Traders requiring Islamic Accounts
Usually FX Choice does not offer a Bonus for the first deposit but if you register with this link you will have a 15% Bonus on the first deposit.
If you want to Open a Free Demo Account with FX Choice click here or the following logo.
HotForex is another really good Forex Broker. The full review can be found with this link Broker Review – HotForex. HotForex has many awards in the Forex Industry, it is a professional and reliable broker and it offers everything a trader needs. I must say the VPS service could be improved and unfortunately the broker does not accept US clients.
I would recommend HotForex to the following types of traders:
- Traders of any level not in the US, HotForex has been awarded as best broker in the Middle East and Asia in the past years
- Beginner Traders that can benefit from Educational material, HotForex in fact offers courses, videos, webinars
- Traders interested in Bonuses, HotForex offers different types of bonus
If you are in the categories above or if you you want to try HotForex I would suggest you to Open a Free Demo Account with them, you won’t be disappointed.
eToro is a unque broker, actually, it is more than a broker, eToro is a Social Trading Platform. Imagine Instagram, Twitter, Facebook, you follow friends, celebrities, family members and so on, in eToro you can follow popular investors, and you can also copy the same trades that they are doing. Despite having spreads higher than the average eToro provides unique services and I would recommend it especially to some categories of traders. eToro does not accept US customers.
I would suggest to try eToro to the following:
- Beginner Traders with no experience at all, this could be a starting point, especially copying successful traders, furthermore eToro has some interesting video courses
- Advanced and profitable traders looking to make more profit, successful traders are in fact paid for each trader that is copying them
If you fall in one of the categories above I would suggest you to try eToro, as all the other brokers eToro offers Free Demo Accounts and an interesting Bonus on the first deposit.
Whether you are a beginner or advanced trader, whether you want big bonuses, social trading or trading automation, I strongly believe that one of the three brokers above will serve you well.
If you don’t know how to choose a broker try to read How to Choose the Best Forex Broker for You and if you are confused about how to improve your trading skills check Your Path to Make Money Trading the Forex.
Should you have any question or feedback please feel free to comment below. If you don’t like any of the Brokers above please Contact Me, we can have a chat about possible alternatives.
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