If you are planning to trade Forex, it is essential to trade with a best licensed broker if you hope to be successful. There are a lot of regulatory bodies that license brokers. Brokers that are licensed by more than one regulatory agency are more reputed than those with only a single license. You also need to check out how strong the regulatory authority is, so you could avoid surprise from black Forex brokers. To help you make the right choice of licensed FX broker, we have provided a list of best-licensed FX brokers to trade currency below.
Best Licensed FX Brokers Reviews:
The licensing body for FX brokers varies from country to country. In the US, the primary licensing agencies are the National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC).
1. Markets.com licensed broker
Markets.com is a trading platform managed by Safecap Investments Limited. Markets.com broker’s license is from the Financial Services Board (FSB) in South Africa. The company received an award as the broker with best customer service in 2012. It also has a few other awards.
2. AvaTrade licensed broker
AvaTrade brokers have offices in New York, Dublin, Sydney, Milan, Tokyo and a few other places. It is functioning under the regulation of the Central Bank of Ireland and obtained its license from MiFID the European Union. Other licensing bodies also license it. Features of AvaTrade are:
- A selection of platforms
- A demo account,
- An Ava debit card for owners of live account holders
- Access to trading central’s charting tools for traders who deposit more than one thousand dollars.
- They offer free withdrawals to account holders.
3. FXCM (Forex Capital Markets) licensed broker
FXCM launched its trading platform in the US in 1999. The company is one of the original initiators of online Forex trading. It consecutively ranked number 500 in the list of the fastest growing companies in the US. The headquarters of FXCM is in New York. However, the company has subsidiaries in the U.K., France, Italy, and Australia and has a license to operate in each of the countries. FXCM also function under the regulation of every country with the branch office. FXCM is traded on the Nasdaq Exchange. The regulatory bodies include FCA and ASIC.
A few features of FXCM:
- Maximum Leverage of 1:50
- 50 dollars minimal deposit amount.
- The trading platform include MetaTrader 4, Proprietary platform and Web-based trading
- They allow practice account amount of $50,000 and;
- Minimum Deposit of 2,000 dollars
4. FXTM or Forex Time licensed Broker
FXTM was launched in 2012 and is still a relatively new online Forex brokerage. However, the company has gained enormous popularity within the few years of its existence. It is a winner of the Best Newcomer award in 2013 as the most fast developing licensed Forex Broker. The brokerage headquarter is in Cyprus. It functions under the IFSC and FSB regulatory bodies.
5. Plus500 Ltd
Plus500 licensed brokers headquarter is in Israel with branches in the UK, Cyprus, and Australia. The Financial Conduct Authority permits the Plus500 UK subsidiary branch. It also functions under its regulation. The company’s subsidiary branch in Cyprus is authorized and regulated by the Securities and Exchange Commission of the country under the license number. The Australian Securities and Investments Commission license Australia’s branch of the company. Forex traders who trade through Plus500 do not own the principal assets. Before buying from the company, make sure you read the company’s disclosure agreements to ensure that it suits your needs.
6. OANDA Corporation licensed broker
The OANDA Forex broker launched its trading platform in 2001. The company has no minimum deposit for account opening, and the amount of fund you can have in their practice account is unlimited. The demo account of OANDA has no expiration date. The demo account provides the trader with a unique opportunity to practice until he or she is prepared to trade with a live account. OANDA offers live and online web training and resources that help the trader to be successful. They also provide videos training to platform users when requested.
Conclusion: Licensed brokers your Forex trading success tool
If you want to engage in Forex trading and succeed, you must be well informed and adequately equipped. Your first equipment for success is to select a licensed Forex broker that has educational resources you need to guide you as a trader. Forex trading is a very risky investment. The licensed broker’s review in this article should give you a proper and robust footing to dive right into the Forex market and succeed.