What do you need to look for in a Forex broker?

Regulations

It is essential to use a regulated broker. The most popular regulatory bodies are CFTC § NFA in the USA; FCA or FSA in the UK; CySEC in Cyprus.

Low Costs

Even you have a profitable strategy, you won’t make money if you pay high costs to the broker. It is vital to have low spread, commission, and swap for your trading.

Reviews

Honest and informed reviews are critical to select the Forex broker you need. Reviews are a reflection of how Forex brokers behave with their clients.


Below you will find a list of brokers that we have tested together with many of our students. The listed brokers are just, for example, and you can choose any other Forex broker. It is your personal choice.

MT4 or MT5? *FSB Pro works only with netting accounts on MT5. If you want to use hedging accounts on MT5, you better use EA Studio. If you want to use MT4, both EA Studio and FSB Pro work great.


List of the trusted Forex brokers


DukaScopy Europe

Forex

Regulation

FCMC

Spread for EURUSD

0.2 pips

Rating – 4.2


JFD Bank

Regulation

CySEC

Spread for EURUSD

1 pip

Rating – 4.1


FXChoice

Regulation

IFSC

Spread for EURUSD

1.2 pips

Rating – 4.4

With FXChoice you can use 15% Deposit Bonus. *General terms and conditions of the bonus program apply.


Why did we select these Brokers?

At EA Forex Academy, we want to choose a trusted Forex Broker easier for our traders. Long time we were asked in the Forum to create a page with the trusted Forex brokers, and we did it.

Hopefully, this way, the beginner traders will have a more comfortable choice and will stay away from the Scam brokers. Share your reviews for the listed Trusted Forex brokers so it will be useful for everyone!

The trusted Forex brokers are tested by Forex Academy and many of our students and traders. Make sure to share your good or bad experience with the other students and us.


More tips when choosing a Forex broker

Open a Demo account and a Live account. Don’t fund it. Perform a backtest to check if the results are the same. This will prove to you if the broker provides the same quotes for the Demo account and the Live account. If not, testing on the Demo account will be useless.

When opening a live account, fund it with the smallest amount possible. Perform some trading and withdraw some cash to make sure there are no issues with this process.

If you are going to trade with Expert Advisors, make sure to test the Live account with many EAs trading with 0.01. At the same time, test the EAs on a Demo account. Compare if the results are similar.

Try not to depend on one broker. It is good to have accounts in a few brokers. This way, you can transfer quickly from one to another if needed. More, you will collect Historical data from a few servers, and you will be able to compare results.

Always stay highly cautious with the brokers. Even the ones that are acting properly at the moment. It might always change behavior.

If you select to use any of the brokers listed above, Forex Academy may receive a commission. The generated funds will be invested in better equipment so we can provide even better education.