26 Best Forex Market Making Brokers – ( Reviewed ) 2020

Market Making Brokers

 

According to research in South Africa, a market making broker style artificially creates a market for traders to trade in and in many cases the broker themselves are the counterpart of a trader’s order. Here is an overview of the 26 Best Forex Market Makers Brokers on offer to traders.

 

A review of AvaTrade
 

 

AvaTrade

 

AvaTrade is an excellent partner for all types of trader, be it beginner or pro – with over 200,000 active traders around the globe, on both the MetaTrader 4 and AvaGo platforms.  AvaTrade offers great trading conditions across Forex, commodities, cryptocurrencies, ETFs, bonds, and equities and boasting FSCA and ASIC regulation.

 

Account types

 

 Account types Min. Deposit Max. Leverage Min. Spread Commission
Islamic USD 100 400:1 1.3 pips None
Professional USD 100 400:1 1.3 pips None
Retail USD 100 400:1 1.3 pips None

 

AvaTrade does not charge their clients for making deposits and withdrawals and the only costs are the bank card, e-wallet, or bank transfer fees.  Traders have access to professional customer support, 24 hours a day, five days a week.

 

HotForex Review in south africa
 

HotForex

 

HotForex offers traders a variety of account types to choose from including fixed and floating spreads, commission-free trading (in Micro, Premium and Fixed accounts) or tighter spreads, involving commission fees. Beginner traders can sign up for Micro accounts with a minimum deposit of as little as $5, and micro lots are available for trade on all accounts.

An Auto Account, which enables traders to subscribe to free and paid Trading Signals from the MQL5 Community and a HF Social account, which provides trading powered by FxStat is also on offer.

HotForex is a retail forex broker, offering attractive conditions for trading in a wide range of instruments, including Forex, Spot Metals and CFDs on commodities, indices and popular shares such as Google, Apple and Facebook.

 

A review of XM
 

XM Group

 

The XM Group provides the entire suite of MetaTrader platforms and over 1300 tradeable instruments, was Founded in 2009, and is regulated in two tier-1 jurisdictions and one tier-2 jurisdiction, making it an average-risk for forex and CFDs trading.

XM Group’s research offering is above the industry standard, and pricing at XM Group varies by account type.

 

Features

 

Feature XM Group
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 57
CFDs – Total Offered 1247
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD No

 

XM Group is a MetaTrader-only broker and offers the standard experience, including both MT4 and MT5, iOS and Android versions of the MT4 and MT5 mobile apps come standard and are both available for download from the Apple iTunes store and Android Play store, respectively

 

A review about Alpari
 

Alpari

 

Alpari is a great choice for Forex and CFD traders who are looking to leverage the power of MetaTrader platforms due to its established brand history, multiple offices, and range of account types and diverse managed account offering for investors.  The Alpari brand offers traders access to nearly 50 forex pairs and 30 CFDs on indices, commodities, precious metals, and on Bitcoin.

 

Features

 

Feature Alpari
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 48
CFDs – Total Offered 16
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

 

The commissions and fees at Alpari vary depending on the account type and platform used native versions of the mobile app for MetaTrader 4 and MetaTrader 5 are available for Android and iOS devices straight from the developer.

 

A review about eToro
 

eToro

 

eToro is an online broker which was founded in 2006 and offers CFDs and Social Trading, with a head office based in Cyprus, UK.  eToro offers traders two ways to trade: CFDs, Social Trading and eToro traders will need to make a minimum deposit of $200 and the platform can accommodate various levels of traders from beginner to expert.

eToro is supervised by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies and has been in operation for over 14 years.

Traders can trade in a wide variety of over 100 instruments and over 50 currency pairs on eToro’s user-friendly custom trading platform which is available as a browser-based web application. eToro also offers traders mobile apps for Android and iOS, making it easier to keep an eye on and execute trades.

eToro trading accounts on offer include:  Demo, Micro, Mini, Standard, STP and Islamic.  eToro supports a wide range of languages including English, German, Spanish, French, and Italian.

 

A review about Forex.com
 

Forex.com

 

Forex.com is an online broker founded in 1999 and offers Forex trading, Indices trading, Commodities trading, Equities trading, and Cryptocurrencies trading.

 

Benefits

 

  • Regulated by: Financial Conduct Authority (FCA), Cayman Islands Monetary Authority (CIMA), Investment Industry Regulatory Organization of Canada (IIROC), National Futures Association (NFA)
  • Headquarters:United States
  • Foundation year:1999
  • Min Deposit:500
  • Used by over 40,000 traders

 

A review about easyMarkets
 

EasyMarkets

 

EasyMarkets is a global, online broker which was founded in 2001 and offers traders Forex and CFDs trading.  EasyMarkets offer traders the popular MT4 forex trading platform coupled with mobile apps for Android and iOS respectively.

 

Benefits

 

  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection

 

EasyMarkets Trading Accounts on Offer include Demo, Micro, Mini, Standard and Islamic but a demo account is also on offer and the minimum and maximum trade requirements will vary depending on the trader and the instrument.

EasyMarkets also offers supports a wide range of languages including English, German, Arabic, Chinese, Spanish and Polish.

 

A review of FP Markets
 

FP Markets

 

FP Markets is a global, online broker which was founded in 2005 and offer Forex trading and has a head office situated in Australia.

When starting off with FP Markets traders will need to make a minimum deposit of $100 and a demo account is on offer with a wide variety of instruments and currency pairs on offer.

Over 100 instruments and over 60 currency pairs in total is on offer, on the popular MT4 forex trading platform.  FP Markets also offers traders mobile apps for Android and iOS.

 

Benefits

 

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection

 

FP Markets Trading Accounts Offered include: Demo, Mini, Standard, ECN, STP, Managed and Islamic and all accounts support a wide range of languages including English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, German, Vietnamese.

 

A review about AxiTrader
 

Axitrader

 

Axitrader is an online broker founded in 2007 and offers Forex trading, CFDs trading, and Social Trading.

 

Benefits

 

  • Regulated by: Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA)
  • Headquarters:Australia
  • Foundation year:2007
  • Min Deposit:No minimum deposit.
  • Used by over 10,000 traders

 

A review of RoboForex
 

Roboforex

 

Roboforex are an online, global broker which was founded in 2009 and offers traders Forex and CFDs trading.  When starting off with Roboforex traders will need to make a minimum deposit of $1 and there is an option available for a demo account for those who would like to get acquainted with the platform.

Roboforex can accommodate various levels of traders, from experienced to beginner, and they can trade a wide variety of instruments and currency pairs.  Roboforex offers over 100 instruments and over 35 currency pairs in total.

Roboforex offers traders both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform developed for traders.   Roboforex also offer mobile apps for Android and iOS.

 

Benefits

 

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

 

Roboforex Trading Accounts include – Demo, Micro, Mini, Standard, Zero, ECN, STP and Islamic and all accounts support a wide range of languages including English, Chinese Simplified, Chinese Traditional, Indonesian, Malaysian, and much more.

 

A review about FXTM
 

ForexTime

 

Forex Time (FXTM) is a MetaTrader broker which offers traders forex and CFD traders multiple account options for both MT4 and MT5 platforms. Some products are segmented by account type. Forex Time (FXTM) was founded in 2011 by forex industry veteran Andrey Dashin and is considered average-risk.

 

Features

 

Feature ForexTime
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 59
CFDs – Total Offered 193
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD No

 

FXTM offers traders several different accounts types where the execution method, range of markets, available platform, and commissions and fees may vary.

 

A review of FxPro
 

FXPro

 

FXPro is an online broker founded which was founded in 2006 and offers Forex, Share Dealing, Spot Indices, Futures, Spot Metals and Spot Energies tradingFXPro is a global broker and has a head office located in the UK.

FXPro provide traders with access to top-tier liquidity and advanced trade execution with no dealing desk intervention and a starting account will need a minimum deposit of $100.

 

What can be traded with FXPro?

 

  • Over 250 instruments
  • Over 70 currency pairs

 

FXPro is one of the few brokers in the market who offers both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform and mobile apps for Android and iOS.

 

Benefits

 

  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Offers Negative Balance Protection

 

With FXPro, the minimum and maximum trade requirements vary depending on the trader and the instrument and the broker offers support in a very wide range of languages including Arabic, Chinese, English, French, German, Hungarian, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, and Vietnamese.

 

A review on OctaFX
 

OctaFX

 

OctaFX is one of the very few forex brokers which offers Nigerian traders Metatrader and cTrader.

OctaFX offer Market execution with all their platforms and allows scalping & hedging, Expert Advisors and custom indicators.

VPS service is also available with their MT4 platform.

 

Features

 

  • Supports: MT4, MT5 & cTrader for desktop, web & mobile
  • Minimum deposit: $100 (₦36,000)
  • Leverage: 1:500 (variable based on account type)
  • Trading Instruments: 28 currency pairs, 3 Cryptocurrencies, CFDs on Indices, metals

 

A review on Plus500
 

Plus500

 

Plus500 was founded in 2008 with over 300,000 active customers to date and is a leader in the CFD trading industry with a simple to use trading platform, and appealing trading conditions.

 

Trading conditions

 

Minimum Deposit ZAR 1500
Base currencies AUD, EUR, USD
Number of FX Pairs 70+
Hedging Allowed No
Scalping No
Swap-Free Accounts Yes

 

There are two account types on offer – a demo account with play money, and a live account where clients will need to deposit real funds once the account is verified. Plus500 offers 24/7 customer support via email, online chat and WhatsApp message in 31 different languages.

 

A review about HYCM
 

HYCM

 

HYCM is an online broker which was founded in 1977 and offers Forex and CFDs trading on the popular MT4 forex trading platform plus mobile apps for Android and iOS.

Traders starting off with HYCM will need to make a minimum deposit of at least $100 and have the choice to sign up for a demo account perfect for various levels of traders, experienced or novice.

A wide variety of instruments and currency pairs are available for trade:

 

  • Over 100 instruments
  • Over 40 currency pairs

 

Benefits

 

  • Allows scalping
  • Allows hedging
  • Low min deposit

 

HYCM Trading Accounts on offer include Demo, Micro, Mini, Standard and Islamic and the minimum and maximum trade requirements will vary depending on the trader and the instrument.

 

A review about CityIndex
 

City Index

 

City Index is an online broker which was founded in 1983 and offers Forex, CFDs and Spread Betting trading and traders can trade in over 12,500 instruments and over 100 currency pairs on the popular MT4 forex trading platform.  City Index also offer mobile apps for Android and iOS.

City Index is a global broker and has a head office situated in the UK and new traders will need to make a minimum deposit of $25 to make a start.

 

Benefits

 

  • Allows hedging
  • Offers STP
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection

 

City Index Trading Accounts on Offer include:

 

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • STP account
  • Managed account

 

City Index support a wide range of languages including English, Spanish, German, Arabic, Polish, and Chinese and has a triple AAA grade support rating.

 

A review about BDSwiss
 

BDSwiss

 

BDSwiss is a well regulated by CySEC that offers 3 types of accounts – BasicRaw, and Black VIP. These accounts come with a minimum deposit of $100 accept the Raw account which has a monthly subscription fee of between $1 and $79.

BDSwiss offers both full demo and Islamic accounts are available and traders can fund their account through wire transfer deposits as well as through credit card and deposits which are fee free in most cases. Trading with the broker takes place through MT4, MT5, and WebTrader.

 

A review about Markets.com
 

Markets.com

 

Markets.com is an online broker which founded in 2008 and offers Forex, CFDs and Spread Bets. Spread Bets are only available to UK customers trading and Markets.com is a global broker with a head office situated in Cyprus.

New traders will need to make a minimum deposit of $100 and a demo account is available for those who wants to try before they ‘buy’ in.

 

Traders can trade in a wide variety of instruments and currency pairs

 

  • Over 100 instruments
  • Over 80 currency pairs

 

Markets.com offers both of the MetaTrader platforms; MT4 and MT5. plus, mobile apps for Android and iOS.

 

Benefits

 

  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection

 

Markets.com Trading Accounts on Offer include:

 

  • Demo account
  • Mini account
  • Standard account
  • Islamic account

 

Markets.com support a wide range of languages including Arabic, Chinese, Dutch, English, French, German, Italian, Japanese, Norwegian, Polish, Romanian, Russian, Spanish, and Turkish.

 

A review about Olymp Trade
 

Olymp Trade

 

Founded in:                        2014

Headquarters:                   St. Vincent and the Grenadines

Regulation:                         ‎IFC

Platforms:                           Olymp Trade WebTrader

Leverage:                            1:500 on FX Trading

Minimum Deposit:          USD$10

 

Olymp Trade is a well-known online trading platform, which offers trader multiple different assets, including binary options.  Safety measures and precautions are put first by this platform and it is considered a financial organization which keeps the interests of their clients in mind at all times.

Olymp Trade is part of an international organization, the Financial Commission, and the minimum amount required to start investments and open a live account plus Technical support is available 24/7 in a multitude of languages by a team of specialists, through email, phone and chat – both quickly and efficiently.

Traders are also offered access to educational resources and training materials.

 

Pros and Cons

 

Pros Cons
No deposit or withdrawal fee Only one trading platform available
Free Demo Account available Not available for trading in all countries (EU, UK, and USA included)
Member of the Financial Commission Long withdrawal process
Customer service available 247

 

A review about IQ Option
 

IQ Option

 

Founded in:                        2013

Headquarters:                   Cyprus

Regulation:                         CySEC

Platforms:                           In-House Platform

Leverage:                            1:30 and/or 1:1000

Minimum Deposit:          USD$10

 

IQ Option is a broker developed under the IQ Option Europe company which was founded in 2013. IQ Option contains a CySEC license Cyprus Securities and Exchange Commission from Cyprus, with permission to provide its financial services within the European Economic Area zone, with several licenses from other EU local jurisdictions. IQ Option offers its clients services in binary options, stocks and shares, currencies, and ETF trading.

The IQ Options trading platform and website are available to traders in thirteen different languages and allows traders to choose the currency to trade with. The selections of currencies are: GBP, RUB, EUR, IDR, USD, MUR, and Yuan.

 

Pros and Cons

 

Pros Cons
Regulated by the Cyprus Securities and Exchange Commission (CySEC) Does not provide MT4 and MT5 trading platforms
Easy and convenient method of opening an account Not available for traders in the US, Canada, Australia, Japan, and other countries
Wide range of trading instruments
No deposit and withdrawal fees

 

A review about OANDA
 

OANDA

 

OANDA is the Most Regulated Forex Broker and operate across six of the most credible authorities including:

 

  • Australia AISC (Australian Securities and Investments Commission)
  • United States CFTD (Commodity Futures Trading Commission)
  • Europe and UK FCA – (Financial Conduct Authority)
  • Japan IFFA (Institute Financial Futures Association)
  • Singapore MAS (Monetary Authority Of Singapore)
  • Canada IIROC (Investment Industry Regulatory Organization of Canada)

 

OANDA Focuses on Transparency

 

OANDA is focused on pricing transparency and customer satisfaction and they offer real-time data from liquidity providers and finds mid-points across instruments. When it comes to customer support, OANDA boasts multiple customer service awards for 24 hours/6 days a week support. Live chat, emails and phone support is available.

 

A review of Exness
 

Exness

 

The Exness Group was founded in 2008, and offers traders access to more than 120 financial instruments to trade across.  Trading platforms available from Exness includes MetaTrader 4MetaTrader 5, mobile trading platforms and the MT4 WebTerminal.

 

Pros and Cons

 

Pros Cons
Segregates client funds Limited range of instruments
Established in 2008 Not FCA Regulated
Min. deposit from $1

 

Exness offers over 105 different instruments to trade, including over 103 currency pairs.

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account Payoneer
Low min deposit ECN account Neteller
Islamic account

 

Exness support a wide range of languages including English, Russian, Chinese, Urdu, Malay, Indonesian, Hindi, Arabic, Bengali, Farsi, Tamil, Vietnamese, Thai, Korean, and Spanish.

 

A review of IG Group
 

IG

 

IG offers traders a wide-ranging list of tradeable products, outstanding trading and research tools, industry-leading education, and competitive rates.

 

Is IG Safe?

 

IG is considered low-risk, and is a publicly traded company which operates a regulated bank, and is authorised by six tier-1 regulators (high trust), three tier-2 regulators (average trust), and one tier-3 regulator (low trust). IG is authorised by the following tier-1 regulators.

 

Commissions & Fees

 

IG provides traders competitive pricing across the board, regardless of the product chosen to trade.

 

  • Average spreads:For small and standard size contracts, minimum spreads on the EUR/USD were 0.6 pips, average spreads were 0.73 pips, for the end of November, 2019.

 

  • Active traders:For volume traders who qualify as professionals under EU rules, IG offers even more competitive rates on its commission-based offering, Forex Direct.

 

  • Execution method:Forex Direct streams from interbank liquidity providers where IG acts as an agency broker – not adding on any additional spread. IG adds a commission to each trade made.

 

Platforms & Tools

 

IG provides an outstanding offer of trading platforms and tools.

 

Flagship platform: IG’s main trading platform is its proprietary web-based platform with usability at the centre of the experience.

 

Charting: The default charts within the platform offers traders advanced functionalityincluding the ability to add an alert on a specific indicator, with a total of 28 studies available to select.

 

Additional platforms:  IG offers the MetaTrader4 (MT4) platform and a L2 Dealer platform where Forex Direct and Direct Market Access (DMA) are available for share trading.

 

ProRealTime charts:   Via the ProRealTime premium charting more advanced charting with nearly 100 indicators is provided.

 

Customer Service

 

  • Average Connection Time:<1 minute
  • Average Net Promoter Score:7 / 10
  • Average Professionalism Score:2 / 10
  • Overall Score:17 / 10
  • Ranking:8th in 23 brokers

 

IG provides traders a large selection of quality market research from both in-house and third-party providers plus, a mobile app that comes packed with plenty of features.

 

Mobile app features include:

 

  • Tools:Alerts, sentiment readings, an economic calendar, watch lists, detailed market information and a well-designed layout.
  • Charting:The charting function is loaded with 28 technical indicators and drawing tools.
  • Research:News content and signals from AutoChartist.
  • MetaTrader:MetaTrader is also available for traders who prefer the MT4 mobile app.

 

IG offers traders powerful research tools, competitive spreads and over 17,000 tradeable assets.

 

A review about Instaforex
 

InstaForex

 

InstaForex is a MetaTrader only broker.

 

Pros and Cons

 

Pros Cons
InstaForex TV videos are cleanly recorded, consistently delivered, and the broker’s in-house market commentary is relevant and timely Default MetaTrader platform offered with no premium features
While InstaForex is authorised by the FCA, it is not regulated by the FCA

 

Is Instaforex Safe?

 

Instaforex is considered high-risk and is not publicly traded and does not operate a bank. Instaforex is authorised by zero tier-1 regulators (high trust), one tier-2 regulator (average trust), and one tier-3 regulator (low trust).

 

Commissions & Fees

 

InstaForex offers users two main account types:

 

  • Standard (ECN / non-dealing desk)
  • Eurica (dealing desk).

 

Both above mentioned accounts have a 1 USD minimum deposit.

 

Research & Education

 

InstaForex provides a range of offerings which includes InstaForex’s daily market analysis blogs and technical analysis posts via MT5. Interviews, weekly reviews, and educational videos are also available.

Education primarily includes videos, a glossary, and a variety of text articles based on forex trading.

 

Platforms & Tools

 

InstaForex is a MetaTrader4-only broker – offering the MT4 platform suite from MetaQuotes Software Corporation, developer of the widely popular MT4 and MT5 platforms for desktop, mobile, and web.

 

  • InstaForex features only the default functionality
  • No other third-party platforms or plugins provided to traders

 

iOS and Android versions of the MetaTrader 4 mobile app come standard and are both available for download from the Apple iTunes store and Android Playstore, respectively.

 

A review about Saxo Bank
 

Saxo Bank

 

Saxo Bank is a Danish investment bank that was founded in 1992, providing online trading and investments and is regulated by several financial authorities globally, including the Danish Financial Services Agency (FSA) and the UK Financial Conduct Authority (FCA).   Saxo Bank is a global service provider.

Saxo Bank is Recommended for investors and traders looking for a great trading platform and solid research.

 

Pros and Cons

 

Pros Cons
Great trading platform High bond, options and futures fees
Outstanding research High minimum deposit
Broad product portfolio Lacks live chat and 24/7 availability

 

A review of GO Markets
 

GO Markets

 

GO Markets Pty Ltd is an ASIC regulated broker with their head office situated in Melbourne, Australia. GO Markets is a leading broker with a huge client base from over 150 countries. GO Markets offers forex, share CFDs, indices, metals and commodities for trading on the MT4 and MT5 trading platforms.

 

Pros and Cons

 

Pros Cons
GO Markets is a regulated brokerage entity Demo accounts expire after 30 days; non-expiry demo account is available.
Ultra-fast trade executions courtesy of innovative technology Clients from over 35 high risk and other monitored jurisdiction are not accepted
Availability of trading and analysis tools like Auto chartist and Trading central. Only two account types available for all traders.
Clients’ fund segregation. Swap free offered in MENA region only.

 

In Conclusion

 

Brokers and market makers are two of the most important players in the market and brokers are usually firms which facilitates the sale of an asset to a buyer or seller whereas Market makers are typically large investment firms or financial institutions that create liquidity in the market.

 

Frequently Asked Questions

 

Do market makers trade against you?

A Market maker tries to hedge and does this by passing your trade on to another client who is opposing your trade and then profit off the spread or they try to bet against you in order to profit off changing stock prices.

Is forex manipulated?

It is known that the forex market is manipulated by big players in the market, etc. Banks. There isn’t much that individual retail traders can do in terms of manipulation, mainly because of the fact that a retail trader isn’t able to contribute the kind of volume to the market as is contributed by Banks.

Who is the best forex market making brokers?

Here is a list of the 26 Best Forex Market Making Brokers

Do forex brokers want you to lose?

When you consider that 95% of traders lose money, it seems like a safe assumption to make.

Is AvaTrade a market making broker?

Yes.

 

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