Source: fxempire.com

Typically, there are several standards for evaluating foreign exchange brokers to see if it is legit or reliable enough to use, and what standards can make certain forex brokers stand out among others? The answers include reputation, regulation, trading instruments, trading platforms, trading costs and more.

Here we list some rankings of brokers under each standard for your reference:

Reputation: A trader’s reputation is an important factor in evaluating their trustworthiness and reliability. It is essential to research a trader’s background and track record before entrusting them with your funds.

Regulation: A trader’s compliance with relevant regulations and licensing requirements is a critical factor. Regulatory bodies such as the Financial Conduct Authority (FCA) and the National Futures Association (NFA) enforce standards for foreign exchange traders.

Source: UdeForex,com

Here is the ranking of brokers under the most stringent regulation:

Forex.com – Regulated by the Financial Conduct Authority (FCA) in the UK, the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) in the US, and the Australian Securities and Investments Commission (ASIC) in Australia.

IG – Regulated by the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) in Australia, and the Financial Sector Conduct Authority (FSCA) in South Africa.

TD Ameritrade – Regulated by the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) in the US.

Interactive Brokers – Regulated by the Financial Conduct Authority (FCA) in the UK, the Securities and Exchange Commission (SEC) in the US, and other regulatory bodies in different countries.

Oanda – Regulated by the Financial Conduct Authority (FCA) in the UK, the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) in the US, and the Australian Securities and Investments Commission (ASIC) in Australia.

eToro – Regulated by the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) in Australia, and the Cyprus Securities and Exchange Commission (CySEC) in Cyprus.

Saxo Bank – Regulated by the Financial Conduct Authority (FCA) in the UK, the Danish Financial Supervisory Authority (DFSA) in Denmark, and other regulatory bodies in different countries.

CMC Markets – Regulated by the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) in Australia, and other regulatory bodies in different countries.

Plus500 – Regulated by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Australian Securities and

Trading Platform: The quality and features of the trading platform offered by a trader can be a decisive factor. The platform should be user-friendly, offer reliable execution, and provide access to relevant trading tools and analysis.

Source: fairforex.com

Here are some popular forex brokers and the trading platforms they offer:

Forex.com – Forex.com offers the MetaTrader 4 platform, as well as its proprietary platform called Advanced Trading Platform.

OANDA – OANDA offers the MetaTrader 4 platform, as well as its proprietary platform called fxTrade.

IG – IG offers its proprietary platform called IG Trading, as well as the MetaTrader 4 platform.

Plus500 – Plus500 offers its proprietary platform called WebTrader, as well as a mobile trading platform.

Pepperstone – Pepperstone offers the MetaTrader 4 and 5 platforms, as well as cTrader.

eToro: eToro offers its proprietary platform called eToro platform, which has a social trading feature.

XM – XM offers the MetaTrader 4 and 5 platforms, as well as its proprietary platform called XM WebTrader.

Customer Support: A trader’s customer support service is vital in case of technical difficulties or other issues. The customer service team should be easily reachable and responsive to inquiries.

Here are some forex brokers known for their good customer support:

FXCM – FXCM is known for its excellent customer service, with 24/7 support via phone, email, and live chat.

XM – XM has a reputation for providing excellent customer support, with 24/5 support available via phone, email, and live chat.

IG – IG has a dedicated customer support team available 24/7 via phone, email, and live chat.

Forex.com – Forex.com offers excellent customer support with 24/7 support via phone, email, and live chat.

OANDA – OANDA has a reputation for providing excellent customer service, with support available via phone, email, and live chat.

Pepperstone – Pepperstone provides excellent customer support with 24/5 support via phone, email, and live chat.

Trading Costs: The cost of trading, including spreads, commissions, and other fees, can have a significant impact on profitability. It is crucial to compare trading costs across different traders to find the most cost-effective option.

Here is the ranking of brokers charging low spreads and commissions:

IC Markets – IC Markets is known for offering very low spreads starting from 0.0 pips, with low commissions starting from $3.50 per standard lot.

Pepperston – Pepperstone offers low spreads starting from 0.0 pips, with low commissions starting from $3.50 per standard lot.

FXT – FXTM offers low spreads starting from 0.1 pips, with low commissions starting from $2 per standard lot.

XM – XM offers low spreads starting from 0.0 pips, with low commissions starting from $3.5 per standard lot.

HotForex – HotForex offers low spreads starting from 0.0 pips, with low commissions starting from $4 per standard lot.

Admiral Markets – Admiral Markets offers low spreads starting from 0.1 pips, with low commissions starting from $1 per lot.

Trading Instruments: The range of trading instruments offered by a trader is also an important consideration. A trader should offer a diverse range of currency pairs and other financial instruments to meet the needs of different traders.

Here is the ranking of brokers offering a wide range of trading instruments:

IG – IG offers over 17,000 trading instruments, including forex, indices, stocks, commodities, cryptocurrencies, and more.

Saxo Bank – Saxo Bank offers over 40,000 trading instruments, including forex, stocks, options, futures, bonds, and more.

eToro – eToro offers over 2,000 trading instruments, including forex, stocks, indices, commodities, and cryptocurrencies.

Plus500 – Plus500 offers over 2,000 trading instruments, including forex, indices, stocks, commodities, options, ETFs, and cryptocurrencies.

Pepperstone – Pepperstone offers over 150 trading instruments, including forex, indices, commodities, and cryptocurrencies.

Forex.com – Forex.com offers over 200 trading instruments, including forex, indices, stocks, commodities, and cryptocurrencies.