Our Trusted Brokers in 2023

The foreign exchange market offers a compelling opportunity for traders to generate profits. With an average daily turnover of 5-6 trillion USD, many traders have successfully achieved their financial goals through forex trading. However, the vast size of the market also attracts a significant number of scammers, making it crucial for traders to select a reliable broker.

Why a Reliable Forex Broker is Essential:

Leverage is a powerful tool that allows forex traders to trade larger positions than what would be possible with their own capital. Forex traders have access to a variety of leverage amounts depending on the broker, such as 30:1 or 200:1. This means that a trader with a $1000 account balance and leverage of 30:1 can hold a position valued at $30,000. Leverage can increase the potential for profit but also increases the risk of substantial losses.

Initial deposit: Not every trader can invest the same amount of deposit. Some brokers may require $1000 initial deposit, some may require $50 initial deposit. According to the traders capability, they can choose their broker. 

When choosing the right leverage amount, traders should consider their own risk tolerance and trading strategy. It’s important to note that while leverage can increase trading opportunities, excessive leverage can also lead to significant losses. Traders should be careful not to over-leverage their account, as this can lead to a margin call or even a complete loss of the account.

It’s important to remember that these are just suggestions and traders should always make sure to check their own deposit and then choose the appropriate leverage. Additionally, it’s always a good idea to use a stop loss to protect your account from potential large losses.

Commission and Spreads: 

A forex broker earns money through commissions and spreads. A commission is a fee that the broker charges for each trade, while a spread is the difference between the bid and ask price of a currency pair. Some brokers claim that they do not charge any commission but they may charge a specified percentage of spread. This spread is a cost to the trader and it is important to keep it in mind when making trading decisions. Brokers with low spreads are considered more favorable to traders as it allows them to trade with tight margins and potentially make more money. However, some traders prefer to pay a commission because they believe that the spread will be lower in this case.

Initial deposit:

The initial deposit required by a broker varies, with some requiring as little as $50 and others as much as $1000. Traders should select a broker that aligns with their financial capabilities. It’s important to choose a broker that aligns with your financial capabilities and your budget.

Currency Pair Offered:

In the foreign exchange market, there are a vast number of currency pairs available for trading. However, traders typically focus on the major currency pairs such as EUR/USD, USD/JPY, GBP/USD, and USD/CHF. It’s crucial for traders to select a broker that offers the specific currency pairs they are interested in trading. Not all brokers offer the same currency pairs, so it’s important to check which pairs a broker offers before signing up with them. This will ensure that the broker can meet the trader’s trading needs.

Trading Platform:

Trading platform is the vital key to do forex trading. 

Commission and spreads, initial deposit, and currency pairs offered are important factors to consider when choosing a forex broker. Traders should select a broker that offers low spreads, affordable commissions, and currency pairs that align with their trading strategies.

When it comes to selecting a forex broker, it can be overwhelming to navigate the options available in the market. While there are many brokers to choose from, not all of them are available in every country. When choosing a broker, it’s important to consider factors such as regulation, reputation, and trading conditions. Here we will look at the best brokers in the market in 2023.

1. IC Markets
2. XM
3. AxiTrader
4. FXTM
5. Exness
6. AvaTrade

IC Markets:

IC Markets Logo
IC Markets Logo

IC Markets is the largest true ECN broker in the market. Founded in 2007, it is an Australian-based broker that has grown to become one of the largest in the world. The company is known for its cutting-edge ECN technology, which enables it to offer some of the best spreads in the industry. This makes it a popular choice among scalpers and day traders, who typically engage in a high volume of daily trades.

They have been providing quality service to the traders for a long time. There features are:

  1. Lower Spreads: IC Markets offers some of the lowest spreads in the industry, which can result in lower trading costs for traders.
  2. Faster Execution: The company’s advanced technology enables fast execution of trades, which can be particularly beneficial for traders who engage in scalping or day trading strategies.
  3. Superior Technology: IC Markets is known for its advanced technology, which can provide traders with a more efficient and reliable trading experience.
  4. Do not manipulate the market: IC Markets is a true ECN broker, which means it does not manipulate the market or act as a counterparty to trades. This helps to ensure a fair and transparent trading environment for its clients. 

IC Markets is a reliable and reputable forex broker that offers traders low spreads, fast execution, superior technology, and a transparent trading environment. With its strong reputation and advanced technology, it is a popular choice among traders looking for a high-quality broker.

Account types of IC Markets: 

Standard  accountTrue ECN accountcTrader Account
Spreads from 0.7Spreads from 0.0 PipsSpreads from -0.3 Pips
Minimum deposit $200Minimum deposit $200Minimum deposit $1000
Currency and metal, CFD, Indices are availableCurrency and metal, CFD, Indices are availableOnly currency and metal are available

Click here to know more or open an account with IC Market

…………..

XM:

XM logo

XM, founded in 2009 in Cyprus, is one of the largest forex brokers in the world, known for its strong growth in recent years. The broker offers two popular platforms, the MT4 and MT5, which are widely used by traders globally. XM’s strength is in its orders execution technology, which is highly advanced and efficient, making it a popular choice among active day traders.

In terms of account types, XM offers a variety of options to meet the needs of different traders. These include:

  1. Standard account: 
Account BalanceAvailable Leverage 
$5-$20,0001:1 to 1:888
$20,001-$100,0001:1 to 1:200
$1000,001+1:1 to 1:100


XM Ultra Low Account:

In addition to the account types mentioned above, XM also offers a Micro Account with a minimum deposit of only $50. This account type is perfect for traders who are new to the forex market or have a limited trading capital. With this account type, traders can access the market with low barriers to entry and can start trading with as little as $50.

Another attractive feature of XM’s Micro Account is the low spreads it offers on all major currency pairs. The spread on all majors is as low as 0.0 pips, which is one of the lowest in the industry. This allows traders to trade with tight margins and potentially make more profit.

Leverage: 

Account BalanceAvailable Leverage 
$5-$20,0001:1 to 1:888
$20,001-$100,0001:1 to 1:200
$1000,001+1:1 to 1:100

XM is very popular among new traders as their required initial balance is very less. 

Click here to know more or open an account with XM.

………..

AxiTrader:

AxiTrader logo
IC Markets Logo

AxiTrader prides itself on being founded by and for traders. As such, the platform understands the features traders want and aims to deliver them. AxiTrader gives clients access to MetaTrader 4, which is perfect for trading indices, commodities, and forex. Execution is always fast with tight spreads. The broker is also well regulated for added peace of mind.

AxiTrader is a forex broker that positions itself as being created by traders for traders. The company focuses on providing traders with the features and tools they need to be successful in the market. To achieve this, AxiTrader offers clients access to the MetaTrader 4 (MT4) platform, which is widely recognized as one of the best trading platforms for forex, indices, and commodities.

One of the key advantages of trading with AxiTrader is the fast execution and tight spreads that the platform offers. The company’s technology is designed to provide traders with fast and efficient trade execution, which is critical for traders who engage in scalping or day trading strategies. Additionally, the tight spreads offered by AxiTrader help traders to keep their trading costs low and potentially make more profit.

Another important aspect of a forex broker is its regulation. AxiTrader is well regulated by several reputable organizations, providing clients with the added peace of mind that their funds and trades are secure.

AxiTrader provides 2 types of account, 

MT4 Standard AccountMT4 Pro Account
Minimum deposit: 200Minimum deposit: 1000
Minimum lot: 0.01Minimum lot: 0.01
Commission: 0 Commission:$7 round trip (USD)
Spread: 1.0Spread: 0

Click here to know more or open an account with Axi Trader

4. FXTM (Forex Time)

logo 1
IC Markets Logo

FXTM offers various types of accounts to meet the needs of different traders. Their major account types are Standard and ECN Accounts, which include multiple sub-accounts to cater to different trading styles.

he Standard Accounts include:

  • Standard Account: Ideal for traders who want to trade with a flexible leverage and trading conditions
  • Cent Account: Suitable for traders who want to trade with small trade sizes and low minimum deposit
  • Shares Account: Allows traders to trade shares in addition to forex

The ECN Accounts include:

  • ECN Account: Ideal for traders who want to trade with tight spreads and minimal trading costs
  • ECN Zero Account: Designed for experienced traders who want to trade with ultra-tight spreads and no additional commission charges
  • FXTM Pro Account: This account type is for professional traders and offers institutional-grade trading conditions.

Account Types: 

In summary, FXTM offers a wide range of account types, including Standard and ECN accounts, with multiple sub-accounts to cater to different trading styles, such as flexible leverage, small trade sizes, low minimum deposit and tight spreads, institutional-grade trading conditions, making it an attractive option for traders looking for a comprehensive and flexible broker to trade with.

VariablesStandard AccountsECN Accounts
Minimum deposit$/€/£ 10-100$/€/£ 200-500
CommissionN/A$2 per lot
Spread0.1-1.30-1.5

Click here to know more or open an account with FXTM

Exness

exness broker 660x375 1
IC Markets Logo

Exness is a highly reputable broker that is preferred by experienced and professional traders. Although they may not offer as many promotions as other brokers, their high leverage and consistent performance in the market have made them a popular choice among traders. In 2018, their trading volume saw an impressive increase of 35%, which highlights the trust and confidence traders have in this broker.

Despite having a relatively small client base of 44,000, Exness generates a staggering 395 billion dollars in trading volume, a testament to the significant trades executed by their clients. This is a clear indication that Exness is a trusted and reliable choice for traders looking to execute large-scale trades.

Account Types of Exness: 

VariablesMini AccountClassic Account
Minimum deposit$1$2000
LeverageUp to 1:2000Up to 1:2000
Spread From 0.3From 0.1
Commission on trading volumeNoNo

Click here to know more or open an account with Exness.

AVA Trade:  

avatrade logo
IC Markets Logo

AvaTrade, established in 2006, has grown to become a reputable and reliable broker in the industry. With a monthly trading volume of 2 million and a customer base of 20,000, they have established a reputation as a reliable and trustworthy broker.

Additionally, they are regulated by leading financial regulatory bodies, which gives traders the assurance that their investments are secure and that the broker adheres to industry standards. With a proven track record of growth and credibility, AvaTrade continues to be a popular choice among traders looking for a reliable and reputable trading partner.

For EU traders, the following account types are available:

  • Retail Account
  • Professional Account
  • Options Account
  • Spread Betting Account

For international traders, Following account types are available: 

  • Standard Account
  • Options Account

Additional Information: 

Minimum requirement$100
Spread Fixed
PlatformsAvaTradeGo, MT4, Mac Trading, Webtrader

AvaTrade, based on our research, is a highly sought-after broker among traders in South Africa and Nigeria. The popularity of the broker among traders in these regions can be attributed to its extensive range of financial trading instruments and tools. The broker offers a comprehensive set of charts, analytical tools, and economic indicators that enable traders to make informed decisions and develop effective trading strategies. The availability of such a vast selection of resources gives traders in South Africa and Nigeria the flexibility and convenience they need to make the most out of their trading experience.

Click here to know more or open an account with AVA Trade.

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