17 🥇 Best Currenex Forex Brokers – ( Reviewed ) 2020

 

 

 

According to research in South Africa, Currenex Forex Brokers and its trading platform is used by more experienced Forex traders for spot Forex and CFDs through the brokers ECN (Electronic Currency Network).

When using Currenex Forex brokers, traders can spot forwards and swaps through STP (Straight through Processing) technology. This platform is aimed at more experienced Forex traders and is not really suitable for new Forex traders.

If an experienced trader does use a Currenex Forex broker then they will have access to deep financial liquidity provided by organisations like Goldman Sachs.

Currenex has a range of execution algorithms and order types in addition to reporting tools that are very advanced and is Java based, so there is no need to install anything.

You will find below, a comprehensive list of the 17 best Currenex Forex Brokers.  This list is not ranked in any particular order but is rather a comprehensive list of great brokers to choose from.

 

A review about Alpari
 

Alpari

 

Alpari was established in 1998, relaunched in 2014 and is based in and regulated by the Financial Services Commission (FSC) of the Republic of Mauritius.

Alpari gives their traders access to more than 250 markets in Forex, Stocks, Indices, Metals and Cryptocurrencies.  They offer both the MetaTrader 4 and MetaTrader 5 platforms on Desktop, Web and Mobile formats.

Both beginner and experienced traders will find a good fit with Alpari with demo accounts and educational resources as well as boasting more than $1.3 trillion in trading turnover per year.

 

Features

 

  • Maximum leverage as high as 1000 to 1
  • Over 60 Forex currency pairs and crosses available for trading
  • Low min deposit
  • Choice between ECN and market-maker execution models
  • Regulated by an offshore industry center (FSC Mauritius)

 

Pros and Cons

 

Pros Cons
Demo Accounts and Social Trading Limited educational resources
Great copy trading broker Lack of resource tools
Diverse selection of tradeable assets High fees
Good support in over 30 languages Withdrawal fees
Low minimum deposit

 

A review of FP Markets
 

FP Markets

 

FP Markets is an Australian CFD and Forex broker that was founded in 2005 and is regulated by the Australian ASIC and the Cypriot CySEC.

They offer MT4, MT5 platforms as well as over 50 currency pairs, gold, silver, CFDs, Indices, stocks and cryptos to trade with.

 

Benefits

 

  • Leverage is 500:1 when trading currency.
  • Offer Direct Markets Access (DMA)
  • ASIC & CySEC Regulated broker
  • Demo Account for beginning traders
  • 50 plus currency pairings to trade

 

Pros and Cons

 

Pros Cons
Easy and fast account opening Limited product portfolio
Low trading fees High CFD fees
Fast execution of trades High minimum deposit
Low Forex fees High fee for international bank withdrawal
Good platform options

 

A review about FXTM
 

FXTM

 

FXTM is a licensed and well-regulated broker worldwide, from the UK, South Africa, Belize, Cyprus and Mauritius as examples.  They also boast an impressive list of awards.

FXTM was founded in 2012 with offices in major cities like London, Germany, Poland, France, Spain, Italy, Turkey, China, Thailand, South Korea, Malaysia, India and Nigeria. All central operations are directed from FXTM’s five story tower located in Cyprus.

FXTM offers tight spreads, trading in all currency pairs as well as a wide range of other financial products and derivatives.

 

Benefits

 

  • Allows hedging
  • Fast and easy account opening
  • Low min deposit
  • Great selection of educational tools
  • Low stock index CFD fees
  • spreads as low as 0.1 pip for a standard account and 0 pips for ECN based trading accounts

 

Pros and Cons

 

Pros Cons
Low minimum deposit Inactivity and withdrawal fees
Fantastic Customer Service High CFD fees
Fast and easy account opening Limited product portfolio
Well regulated Broker
Very competitive Forex fees

 

XM.com Review in south africa
 

XM

 

XM Global was established in 2017 and offers more than 1000 financial instruments which includes Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDs. and is regulated by the International Financial Services Commission. They off over 55 currency pairs for Forex trading.

XM offers 2 trading platforms which are accessible from both real and demo accounts; both MetaTrader 4 and MetaTrader 5, the most widely used platforms in trading.

They are an award winning firm with some of their recent awards being: Best FX Service Provider for 2020 awarded by City of Wealth Management Awards 2020, Best Customer Service Global 2019 awarded by Capital Finance International Magazine, Best Market Research and Education Global 2019 awarded by Capital Finance International Magazine, and Best FX Service Provider awarded by City of London Wealth Management Awards 2019

 

Features

 

  • Allows scalping
  • Offers negative balance protection
  • Low min deposit
  • Used by over 70,000 traders
  • Offers Negative Balance Protection
  • Allows Hedging

 

Pros and Cons

 

Pros Cons
Low withdrawal fees Inactivity fee
Easy and fast account opening Average Forex fees
No withdrawal fee
Great educational tools and resources

 

A review of GO Markets
 

GO Markets

 

GO Markets is one of the leading and trusted Australian regulated brokers and was established in 2006.  They have offices in Melbourne, London, Taipei and Hong Kong.

GO Markets currently offers more than 350 tradeable CFD instruments including Forex, Shares, Indices and Commodities and Cryptocurrencies.

 

Features

 

  • Allows hedging
  • Allows scalping
  • Offers STP
  • Regulated by ASIC
  • Offers Negative Balance Protection
  • Used by over 10,000 traders

 

Pros and Cons

 

   
 

 

     
Pros Cons
Ultra-fast trade executions Only two account types available
Innovative technology Clients from many jurisdictions not accepted
Great trading and analysis tools Not available in the US
Highly regulated broker Limited range of instruments

 

A review of AvaTrade
 

AvaTrade

 

AvaTrade was founded in 2006.  Their headquarters are in Dublin, Ireland but they also have  offices around the world, located in Japan, Australia, Ireland, and the British Virgin Islands with sales offices also in Paris, Milan, Madrid, Mongolia, Beijing, Nigeria, Santiago, and Johannesburg.

AvaTrade offers more than 250 instruments which include more than 60 currency pairs, major stock indices, cryptocurrencies, commodities, bonds, individual shares and ETFs and is highly regulated.

They are regulated in Europe, the British Virgin Islands, Australia, Japan, and South Africa.

 

Features

 

  • A range of automated trading platforms and EA compatibility
  • Client funds are held in segregated accounts for increased security
  • Desktop, tablet, mobile and web-based trading with MetaTrader 4, MetaTrader 5 and AvaTradeGO
  • Competitive spreads offering
  • Trading websites in more than 20 languages

 

Pros and Cons

 

Pros Cons
Easy and fast account opening Limited research tools
Great educational tools Poor support telephonically
No withdrawal fee Administration fee
Free deposit and withdrawal options Inactivity fee
Low trading fees Offers only CFD’s, Forex and Cryptocurrencies

 

A review of Exness
 

Exness

 

The Exness Group was founded in 2008 in St. Petersburg, Russia and offers access to more than 120 financial instruments to trade across which include Forex, Crypto, Stocks and Indices.

In Forex Exness offer 120 currency pairs to choose from.

They have licences from the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Authority (FSA) of Seychelles.

Exness has a monthly trading volume of more than $180 billion, as well as 15,000 new accounts opened each month, with more than 80,000 active traders.

Their website is available in 23 different languages including English, Chinese, Russian, Vietnamese, Farsi, Hindi, Urdu, Tamil, Thai, Bengali, Indonesian, and Malay with 24/5 customer support in 13 languages.

 

Features

 

  • 120 Currency pairs to trade from
  • Tight spreads from 0.1 pips
  • No hidden commissions or fees
  • Client funds kept in segregated accounts
  • Tight spreads
  • Copy trading system

 

Pros and Cons

 

Pros Cons
Customer support in many languages Inactivity and withdrawal fees
Commission free trading High CFD fees
Access to Forex ECN trading Not available in the US
Very cool modern website
Offshore regulation
Instant withdrawal of funds

 

HotForex Review in south africa
 

HotForex

 

HotForex was founded in 2010 and has its headquarters in Cyprus with several global satellite offices in Dubai, South Africa and offshore entities in St Vincent and the Grenadines.

The company was listed as on the Top 100 Companies by World Finance Magazine and HotForex received the award for Business Excellence in 2015.

Users can access 150+ trading instruments across Forex, Commodities, Indices, Shares, Bonds and Cryptocurrency CFDs over 6 core trading accounts. Every account type offers commission-free trading for Forex pairs.

 

Features

 

  • Known for great technology
  • Great range of markets
  • Regulated by ASIC, CySEC, FCA
  • Offers Negative Balance Protection
  • Additional Civil Liability Insurance
  • Lots of premium MetaTrader tools offered

 

Pros and Cons

 

Pros Cons
Fast, easy, fully digital account opening Only Forex and CFD products
Low minimum deposit Two of their entities are unregulated
Commission free accounts available Only 56 shares available
Low Forex fees
Competitive spreads
Numerous industry awards garnered
Excellent customer service

 

Read Top 100 🥇 Forex Brokers – ( Reviewed ) 2020

 

A review about eToro
 

eToro

 

eToro is a brokerage firm based in Tel Aviv, Israel and founded in 2007.  eToro made its name on its social investing platform that allows users to copy the trades of other investors.

In the eToro social community, traders can become “leaders” and earn from leading other traders that follow and copy their trades.

eToro started off as a broker that only offered Forex trading and has since expanded its product offerings to include cryptocurrencies, commodities, stocks and market indices and now boasts more than 10 million users in 140 countries worldwide.

 

Features

 

  • Premier Social trading/Copy trading platform and community
  • Huge cryptocurrency offering
  • Robust charting
  • 10 million traders worldwide
  • Offers access to 15 cryptocurrencies
  • Free stock and ETF trading in Europe

 

Pros and Cons

 

Pros Cons
Fully digital account opening Withdrawing money is slow and costly
Low CFD fees High Forex fees
No deposit fee Only one account base currency used
Service is fast Withdrawal fee
Low minimum initial deposit  No streaming news

 

A review of XTB
 

XTB

 

XTB, founded in 2002, has offices in more than 13 countries including the UK, Poland, Germany, France and Turkey with headquarters based in London and Warsaw.

XTB offers CFD, Crypto and Forex trading over an award-winning platform.

The company offers a wide range of financial instruments through its standard and pro account types.

 

Features

 

  • Lots of educational materials offered
  • Regulated by top-tier FCA
  • Fully digital account opening and trading
  • Offers Negative Balance Protection

 

Pros and Cons

 

Pros Cons
Easy and fast account opening Limited product portfolio
Free and easy deposit and withdrawal Poor email support
Low trading fees High fee for stock CFD
No withdrawal fee
Low Forex and stock index CFD fees

 

A review about AxiTrader
 

AxiTrader

 

AxiTrader is an Australian based company founded in 2007. They also have offices in London, which was opened in 2012.

AxiTrader has more than 40,000 registered traders in over 100 countries and boasts a monthly client trading volume of around $100 billion.

 

Features

 

  • Allows hedging
  • Low spreads starting from 0.0 pips
  • Allows scalping
  • Strong leverage up to 400:1
  • Wide range of Forex Markets

 

Pros and Cons

 

Pros Cons
No Deposit and withdrawal fees Only offers Forex and CFDs
Fully digital account opening Limited research tools
No inactivity fees Slow email support
Low Forex fees
No minimum deposit
Award winning customer service

 

A review of IC Markets
 

IC Markets

 

IC Markets was founded in 2007 with a team of financial professionals who had the vision to bridge the gap existing between retail and institutional clients.

One of the ways IC Markets do this is by being an ECN broker, which means that there is a no-dealing-desk.

This also means IC Markets can provide tight spreads in its offering of 63 Forex pairs and 41 CFDs on indices, metals, cryptocurrencies and futures

IC Markets is based in Sydney and acquired an Australian Financial Services License (AFSL) with the Australian Securities and Investment Commission (ASIC) in 2009.

IC Markets offers several trading platforms to choose from including MetaTrader4 (MT4) and MetaTrader 5 (MT5), as well as the suite of cTrader platforms.  All their platforms make use of their own high-level web security

 

Features

 

  • Great variety of Educational materials
  • Selection of sophisticated trading platforms
  • True ECN broker with institutional grade liquidity
  • Wide range of tradeable products
  • Good customer service with 24/7 Support

 

Pros and Cons

 

Pros Cons
Easy and fast account opening No investor protection
Low Forex fees Only Forex, CFD, and crypto trading
Free deposit and withdrawal Lack of research tools
Low Forex fees
Low minimum deposit

 

A review on OctaFX
 

OctaFX

                                                          

OctaFX, established in 2011, is a part of Octa Markets which is based in Kingston and has a subsidiary in Cyprus by the name of Octa Markets Cyprus Ltd. They are based Jakarta, Indonesia with offices in St. Vincent and the Grenadines.

OctaFX is an (STP) ECN Forex broker that offers both the MetaTrader and cTrader platforms providing access to all major currency pairs and commodities with a leverage of 1:500.

In the past, OctaFx had focused primarily on the Asian market and won several awards for their work in that region but have grown significantly to more than 300,000 traders in 100 countries worldwide.

 

Features

 

  • First time deposit match of 50%
  • Unlimited demo account
  • Spread offerings among the most competitive in the Forex industry.
  • Great advanced technology
  • Extensive research and educational resources

 

Pros and Cons

 

Pros Cons
No commission deposits or withdrawals Limited range of instruments
Free and easy deposit and withdrawal No Forex educational tools
Multiple platforms to choose from Doesn’t offer VPS
Enhanced licensing with the addition of CySEC regulation
Low Forex and stock index CFD fees

 

A review about FXCM

FXCM

 

FXCM is a UK-based broker that also have offices in the UK, Germany, Australia, France, Italy, Greece, Hong Kong, and South Africa with affiliated offices in Canada and Israel.

FXCM was founded in 1999, and it has grown to be one of the leading providers of online trading and is known for fast trade executions and advanced and innovative technology.

Users can trade on FXCM’s proprietary Trading Station platform for Desktop, Web and Mobile, as well as on MetaTrader 4, NinjaTrader and ZuluTrade.

The broker also offers access to other platforms such as QuantConnect, MotiveWave, AlgoTerminal, Sierra Chart and others as well.

 

Features

 

  • A huge offering of platforms including their proprietary Trading Station
  • Wide range of tradeable markets, research and educational resources
  • Top Notch charting and technical analysis tools
  • Great technical research tools
  • High quality educational tools

 

Pros and Cons

 

Pros Cons
Low Stock and ETF fees Limited product portfolio
Fast and easy account opening Poor mobile platform
Low trading fees High AUD/USD trading fee
No withdrawal fee
Excellent charting and tech analysis tools

 

A review about Globex360
 

Globex360

Globex360 was founded in 2017, with a primary focus on the providing a trading broker based on the continent of Africa, with their head office in Johannesburg, South Africa.

Globex360 are highly regulated by the Financial Sector Conduct Authority in South Africa (FSCA).

They are also obligated to follow the guidelines of the Financial Intelligence and Anti-Money Laundering Act 2002 (FIAMLA 2002), as well as the Prevention of Corruption Act 2002 (POCA 2002) and the Prevention of Terrorism Act 2002 (POTA 2002).

 

Features

 

  • Keeps client’s funds in segregated accounts
  • Variety of trading instruments
  • Different trading accounts to choose from

 

Pros and Cons

 

Pros Cons
No deposit fee No negative balance protection
No withdrawal fee Withdrawal process is slow
Multiple platforms to choose from Inactivity fee
Enhanced licensing with the addition of CySEC regulation
Low trading fees
Regulated by the FSCA in South Africa

 

A review about Olymp Trade
 

Olymp Trade

 

Olymp Trade was founded in 2014 and their headquarters is in St. Vincent and the Grenadines.

They offer many different assets, including binary options, which aren’t too common amongst Forex brokers.

Olymp Trade only offer one platform to trade on buy it does have its own mobile application with more than 50 million installations.

They are certified by the Financial Commission that acts as a mediator and regulator and protects clients from misconduct. Any member with the IFC must provide an annual report and act with full transparency towards the IFC and their traders.

If any misconduct occurs Olymp Trade must pay the trader 20,000 Euros.

They offer 24/7 in multiple languages over multiple channels and also offers good educational resources and training materials.

 

Features

 

  • Low minimum deposit to start
  • 20,000 Euros compensation for any misconduct
  • Legal assistance available
  • Investor protection available

 

Pros and Cons

 

Pros Cons
No deposit or withdrawal fee Only one trading platform
Free demo account Not available in all countries
Good 24/7customer service Long withdrawal process
Enhanced licensing with the addition of CySEC regulation
Low Forex and stock index CFD fees

 

A review about Forex.com
 

Forex.com

 

Forex.com was established in 2001 and is the brand name of GAIN Capital, which is listed on the New York Stock Exchange, and is a global Forex and CFD brokerage firm.

The company is regulated by several financial authorities, including the top-tier Financial Conduct Authority (FCA) in the UK or the US Commodity Futures Trading Commission (CFTC).

Forex.com has garnered many awards and in 2020 it has earned Best in Class (top 7) awards for numerous categories including Offering of Investments, Commissions & Fees, Education, Professional Trading, Crypto Trading, Ease of Use, and Overall best broker award.

Forex.com offer over 4,500 CFD instruments to trade with and they allow access to over 180 markets which include Forex pairs, stocks, indices, cryptocurrencies and commodities.

 

Features

 

  • Over 40,000 traders
  • Regulated by several authorities
  • Diverse technical research tools
  • TradingView charts built into platform
  • Great mobile and desktop functionality

 

Pros and Cons

 

Pros Cons
Great variety of currency pairs Limited product portfolio
Fast and easy account opening High stock CFD fees
Fast execution of trades Higher spreads than some brokers
Low Forex fees No negative balance protection
No withdrawal fees Inactivity fee

 

Read 12 🥇 Best Forex Demo accounts with NO time limit – ( Reviewed ) 2020 

 

In conclusion

 

Currenex is a trading technology that provides a trading portal for institutional and hedge fund Forex traders through multiple dealers.

Currenex is common with institutional and hedge fund traders because of its ability to provide prices from multiple liquidity providers as well as being able to execute trades real-time.

Currenex is able to connect traders to more than 60 banking institutions, which include some of the top brands in the market through its proprietary FIX Protocal.

Some of the cream of the crop brands connected to the Currenex platform are Credit Suisse, Barclays Capital, Morgan Stanley, and Goldman Sachs, among others.

This means that Forex traders are able to get the best rates at any time of bidding, which increases their profit margins based on their ability to lock winning trades.

Currenex is considered to be the best foreign exchange aggregator, and this brings various benefits to the trader.

However, retail traders must use the white label option of the platform through their broker in order to get access to Currenex.

The Currenex trading platform has an adaptable charting feature allowing traders to apply different trading strategies and timeframes.

It also has a multi-language feature so that traders around the world can use the platform in their own languages.

The Currenex platform is certainly overwhelming at first and for good reason.  But once you understand its capabilities it may be worth going through the hefty learning curve of being able to understand and use its features.

In this article we looked at the best Currenex Forex brokers and the firms that we believe are worth investigating further, according to research in South Africa.

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