How to choose the right Forex broker? What are the best of the best in the market?
By Traders-Paradise Team
Choosing the right Forex broker is not an easy job. When we are evaluating any Forex trading broker, we examine their reputation in essence. Sometimes we can find a reputable broker but sometimes we face scammers.
You wouldn’t believe how many scammers are out there! Even among customer’s feedbacks from forums discussions. You can find the opinions of other customers.
But can you believe them?
We recently heard about services that provide so-called ”black-marketing” for customers.
Choosing the right Forex broker can be disappointing.
Here, in this Traders Paradise site, you’ll be provided with all the information you need. And, moreover, we are giving our honest opinions based on our research
So, why would you need us for that? Choosing the right Forex broker is a remarkable decision. We tested the most popular brokers and what we found is in the article below. We did it for you because choosing the right Forex broker is a hard-working job these days.
eToro
eToro is a well-known fintech startup, an Israeli social trading broker founded in 2007. It is one of the 5 best trading platforms for Europeans. The company has operations across 140 countries worldwide and the United States is on the list of countries. The introduction of such a globally respected name in the social, at the end of last year, and copy trading industry is exciting for the millions of customers in the U.S. market who keen to begin trading with our preferred trading platform new platform.
eToro stands out from other platforms because of the sheer number of investment and trading options available. There are numerous ways to invest and trade, users have the advantage of the same platform for their cryptocurrency trading needs as for traditional assets.
The social trading of eToro also makes it unique. The example is ‘’Copy Portfolio’’. The ability to copy the investments of prosperous traders is innovative, as is the Popular Investor program. This platform intends to educate traders. Yes, almost all of these tools are prepared toward those trading traditional assets, not to crypto. Nevertheless, they can be helpful for those who want to expand their portfolio to include more than just cryptocurrency.
After registration, eToro you will get “virtual-money accounts” at $100,000.
That is a fantastic experience. You can work on strategies and skills before investing any real money.
It also provides multiple other tools to help with actual trading, such as an economic calendar. It is so simple to use. All you have to do is to input the dates and time zone you want to look at and the assets you trade. The calendar will then display how events are likely to impact your assets.
We found it is super!
This helps you in choosing the right Forex broker. Moreover, it provides regular market analyses. You will find a large article or a quick overview. Whatever you want.
eToro established the social trading concept, making CFD, Forex, and Crypto investing accessible to everyone. FCA is regulated. You can automate your trades via Copy Trading – Follow profitable traders. Open and close trades automatically when they do.
Automated trading execution whereby trades are opened and closed in your account without your manual intervention. That’s an automated trading, of course.
But that’s all, folks! They don’t have an automated trading strategy. Nevertheless, an interesting option on eToro that you can use for crypto and fiat investments is ‘’Copy Portfolio’’. This is the opportunity to copy successful traders. Traders may become Popular Investors if they deliver consistent returns, and have a low-risk result. They receive rewards for sharing knowledge.
eToro tries to limit the use of minimum trades. You must have $200 to participate in CopyTrading and make a minimum investment of $1,000 for ‘’Copy Portfolio’’. The minimum sizes for manual positions are based on the instrument. For currencies, like cryptocurrencies, and commodities, it is $25. For stocks, it is $50, and for ETFs and indices, it is $200.
Do you want to know what are the best eToro alternatives as regards Copy and Social Trading? Maybe you aren’t happy using this platform. Or you just like to find out if there are any choices besides eToro?
No problem.
Let’s begin.
ZuluTrade
Zulutrade provides multiple automation and the copy trading options across forex, indices, stocks, cryptocurrency, and commodities markets It is a market leader in automated trading. From scripts to auto execution, APIs, or copy trading. The exchange is a global social trading and copy trading platform for the forex market and cryptocurrency market. It is extremely popular. They have over 1 million users and $1.1 trillion in daily volume executed between all its active member accounts.
WOW, impressive statistics!
That’s why ZuluTrade become an epicenter of the social impetus for market members. You can use its platform to copy the best ZuluTrade traders. It is an easy way, you don’t have to pay attention to charts or analysis. The charts are so boring, yeah? Hmmm!
OK, but it is their advantage, not yours.
Moreover, they have more than 100,000 different signal providers. What do you say? Great? Yes, it is great.
ZuluTrade is a next-generation signal service. When you subscribe to some of these traders, the signals that they provide will then be automatically applied in your own trading account. In real-time. This is a completely free service and it really is a win-win. Signal providers earn plentiful commissions if they are permanently profitable.
And you, as signal subscribers, you want to earn decent profits. Right? It will cost you nothing. Zero! We hope this helps you in choosing the right Forex broker. Unlike many other forex signal services that charge a monthly fee, ZuluTrade is a perfectly free trading service.
Of course, they have earned. ZuluTrade has a relationship with many of the forex brokers and takes a small commission from the spread of each trade. Part of them goes to the signal providers if they are profitable. But only IF.
One of the main benefits of joining ZuluTrade is that you can make money from forex trading without having to trade the markets yourself. Therefore it is ideal if you are lucky and have a full-time job, so can be lucky twice.
Lucky you, you don’t need any previous knowledge of forex trading. Because you won’t be the one making the trading decisions. Isn’t it good? But think once again to educate yourself about the various different aspects of currency trading. This will help you to estimate all of the signal providers and understand how they trade the markets.
You don’t want to be just a follower, you want to KNOW what are you doing. So, learn!
Tradeo
Tradeo operates as an independent broker, focusing more on Social Trading features than on Copy Trading ones. Its Social Webtrader is cutting edge, and among the most “social” platforms in the field.
The Signals section is certainly interesting, it’s a sort of Feed that collects the trades made by other community traders. It is offering users the chance to see click on any operation to see its details, and to copy it, still with just one click. Tradeo really stands out is in the trader compensation system.
Basically, Tradeo has no compensation system for Signal Providers, meaning no one is rewarded when someone copies their trades. With the platform that fully integrates both social and trade execution within the same visual interface.
Tradeo offers its clients access to the MetaTrader 4 (MT4).
This is the trading platform which is one of the world’s most popular Forex trading platforms. MT4 allows traders to access advanced technical analysis and to use automated trading systems. The broker’s own platform has tools that are best used for social trading. It is also stable. And we must say, we think they have tighter spreads compared with other brokers since they follow an STP system. With this, we could say that you can profit well. However, their withdrawal process becomes a downside.
You could receive it after a week. That’s a pretty long wait and we hope they work on that. Also, it has the Live stream of trading signals that allows you to view what other traders are buying and selling in real-time and also Live market notification that keeps up-to-date with market movements and improves your trading decisions.
It highlights their reliability is the quality of their customer support service. To provide their clients with unfettered access to the support services, Tradeo has made their support services available on a 24 hours basis through email, live chat, or the telephone. This means that regardless of the time of day, a trader can always request assistance from the support staff at this broker.
Remember, choosing the right Forex broker is not an easygoing job.
TD Ameritrade
Despite higher trading fees, TD Ameritrade got top marks for its $0 minimum, free tools, and research and multiple trading platforms. The company offers an electronic trading platform for the purchase and sale of financial securities. Such as stocks, futures contracts, exchange-traded funds, options, mutual funds, and fixed-income investments.
It also provides margin lending, and cash management services. Ameritrade develops and affords innovative brokerage products and services. They are tailored to meet the varying investing and portfolio management needs of individual investors and institutional distribution partners.
Through its brokerage subsidiaries, it provides a dynamic balance of investment products and services that fit the changing needs of investors. The company’s full spectrum of services for the individual investor includes a leading active trader program.
Such as long-term investor solutions, including a national branch system. As well as relationships with one of the largest
networks of independent registered investment advisors.
TD Ameritrade is a well-known and popular stock trading platform. It provides powerful software for traders of all levels, includes some of the best trading tools, and has recently lowered its pricing. It is a good option for experts and beginners.
Its think-or-swim platform is expansive but also well organized. Thinkorswim is a desktop software product by TD Ameritrade that offers tools and educational services for online investing. It is geared for self-directed stock, options and futures traders. It is easy for use, you can find securities and add them to a watchlist or buy them very quickly.
TD Ameritrade’s platform comes with a variety of premade watch-lists. You can make trades directly from these watches-lists. Also, it has a powerful search function that allows you to search for stocks by industry. Also, you can create alerts for multiple scenarios and price ranges, a useful tool that can help you quickly move on price movements.
Thinkorswim includes a customizable dock, which is always visible and provides the tools and information to spot market opportunities and implement stock trading strategies.
Our favorite is the Portfolio Planner tool. It is helpful for creating a suitably balanced portfolio of stocks, ETFs, mutual funds, and bonds. Investors have two opportunities. They can either build a customized model or pick a prebuilt one. Moreover, it is also a helpful monitoring tool to control allocation direction. Hence, it provides you to properly rebalance over time.
The command center screen brings all your important information together in one place. If you want something marvelous when choosing the right Forex broker, try them. Traders can use with no minimum or specific trade criteria for access.
Wallstreet-forex robot
If you want something different when choosing the right Forex broker and full algo experience, try WallStreet Forex Robot 2.0 Evolution. Its performance is very good for your real money accounts. Everyone who is interested in WallStreet Forex Robot 2.0 Evolution can visit their official website and check the robot’s latest performance on real money accounts.
One more thing WallStreet 2.0 Evolution comes with +2 bonus robots WallStreet ASIA and WallStreet Recovery PRO. Their performances are good. If you follow all their instructions your success is guaranteed.
It is worth checking their website.
You can see the live results of the robots on our real money accounts. If you tried the older version of the Wall Street Forex Robot, then you’ll notice a major difference. Now, the site has a very pro expression. You will find an intuitive user interface. Navigating the site is so simple. The entire system is smooth-running.
Traders Paradise can assure you that you’ll enjoy the latest version of the program. This high-grade program has a lot to offer advanced and new traders. The program involves a Broker Spy Module. This module is created to protect the trader from scams and unethical brokers. The main advantage is the program works by automatically scanning for new updates and settings.
Hey, you won’t have to worry about restarting the robot. This is a great feature. The software is designed to ensure brokers cannot steal your money. This new program doesn’t allow the scam broker to fool the software using methods such as delayed order executions and spreads. The software will monitor for broker movements and investments all time and can easily recognize a scammer, 24/7.
We hope this helps you in choosing the right Forex broker.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether
you can afford to take the high risk of losing your money.
