Brokers For Beginners

Best Forex brokers for forex trading, rating and results from we have scrutinized out the 9 best forex brokers 2023. If you are new, See our best forex brokers for beginners

The far-off chat promote is new in action than any other monetary marketplace in the world, with over $5 trillion swapping hands every day. This direct is all ears on assisting Nigerian traders in result the preeminent forex negotiator for their good taste of trading.

For opening trading account, we have compared the 9 best forex brokers 2023. However,  we used commissions & spreads, trading platforms, execution, and overall quality as a testing approach.  All of the top forex brokers we cover are regulated and licensed by the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC). However they meet a strict set of criteria, ensuring protection from forex scams. See our uk forex brokers list

What we considered before making a list of  9 best forex brokers for 2023.

Type of Platform, Minimum deposit, Custormer support, regulation?

9 Best forex brokers for 2023

  • Binarycent: BEST OVERALL
  • Raceoption: BEST FOR BEGINNERS
  • Octafx: Best ONLINE PLATFORM
  • Iqoption: BEST BONUS


1. Binarycent: best online investment platform with ECN


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Binarycent is a forex and CFDs broker founded by group of experts in 2016-07-03. The platform offers a regulated trading platform with no hidden fees. You can start trading with binarycent and enjoy the most reliable platform.

Binarycent offer the best forex and binary options trading platforms with long term experience. However it doesn’t matter if you are old in forex or a beginner. All you have to do is to create account and follow their trading guide. In that you can start earning through experts, you can equally copy traders and or use robot to trade.

The binarycent platform is centered on clients security and  success. Binarycent operates under Wave Makers LTD – Nr. 103581. They are located  at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960

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2. Raceoption: best online investment platform with CFDS

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This broker is one of 9 best forex brokers for 2023, recommended for all.

Raceoption is one of the top broker so far. Founded in 2017. With regulatory  compliance from (ASIC) and (FCA). They offer Forex, Metals, CFDs and Cryptocurrencies with the best trading platforms.

No doubt, pepperstone is fastest growing platform with low cost pricing. They offer WebTrader and more platforms on mobile apps. Raceoption is safe and under Makerun Corp. – Nr. 104038. Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.

The a Minimum deposit is $200, while minimum trading commissions start from AUD $3.50 each way on major currencies and from USD $0.02 per share. Pepperstone offer soud education to traders making the beginner friendly.

Read Raceoption review

3. Iqcent: best online investment platform with Binary Options.

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Iqcent is a world-leading provider of electronic trading and investment. As a smart broker, it specializes in online trading and investment. The broker was founded as a brokerage firm in 2019 by group of experts.

Iqcent offers trading via online platforms in forex, options, futures, funds, bonds and futures spreads. They are one of the best forex company in the globe with multi-regulatory license.

Iqcent is secure, reliable and safe to use, it’s a fintech pioneer. The minimum deposit at iqcent broker is $200, while the minimum trade size depends on your choice.

Read iqcent review


4. Videforex: Best forex brokers with Good platform.

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Videforex is a forex broker that was founded in 2017. They specialize in forex, CFDs and binary options. Making the market accessible to all user regardless of your level of knowledge.

They are beginners friendly and offers trading guide to starters. Videforex is located at Algobit Ltd. (IBC No: 198028) – 309&310 Office, Albert Street Victoria, Mahe, Seychelles. They offer low cost trading platforms and experienced customer support.

Looking at the broker service offered by videforex, we are glad to recommend it. They offer a good trading platform with web-based, therefore you can just trade on the go. However the minimum deposit is $250, while the minimum trade is $1. There are bonuses to explore and much more tools.

Read videforex review Best forex brokers with low Fee

Forex brokers Founded in 2008, Exness is one of the best platforms & is a part of the brand name Nymstar limited, a well-known securities dealer. This company is registered in Seychelles and is regulated by the authority – the FSA (Financial Services Authority) of Seychelles, and Vlerizo Pty Ltd, as a well-known financial service provider, an fx broker with fast execution, a broker that is regulated and authorized by the FSCA (Financial Sector Conduct Authority of South Africa). The Exness has some of the highest overall ratings and over 200 tradable assets on Forex, Shares, energies, cryptocurrencies, metals, Forex, and CFDs, making it a top broker list. You should also know that the broker also provides services on MT4 and MT5 (Metatrader 4 and Metatrader 5) trading account for windows, the web, and Mac along with an Islamic account and micro account.

5. XM: Best forex brokers for beginners


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This broker is under the Trading Point of Financial Instruments Ltd.

Xm is a CFDs and forex broker that was founded in 2009 by group of experts. The company official headquarters is located at Country Cyprus, Australia, UK.

More-so xm is regulated by CySEC, FCA, ASIC. The company offer a competitive trading platform with good customer support. They offer competitive spreads and low cost services.

However its low and cheap but with high quality market offer. XM offer bonuses $30 non-deposit Bonus up to $5,000 (t&c apply). In addition, they offer promotion from year to year, and equally giving training to their users. XM broker offer its Platform with MetaTrader 4, MetaTrader 5. However they offer leverage up 1:30 and Minimum deposit $5.

XM broker is good for all traders, they offer easy and fast withdrawals with methods. Such as Credit/ Debit Card; Bank wire transfer; Local bank transfer; Neteller; Moneybookers; Skrill, etc. XM offer Islamic account as well as demo account, and you can trade on the go.

Read XM review

Octafx: overall best forex brokers in Nigeria for currency trading

OctaFX – Best Broker for a Wide Range of Assets with Technical Charting Tools
Founded in 2011, OctaFX is a popular international ECN broker that provides Forex trading for experienced and new traders with a minimum deposit of 5 USD. It also provides a demo account for its traders that helps them to get acquainted with the broker’s platform and to test various trading conditions or strategies.
Traders can quickly deposit, and the withdrawal process is easy. OctaFX provides the MetaTrader 4, MetaTrader 5, cTrader ECN account, demo account, and micro account provided for its users. It also provides a mobile app exclusively for Android and IOS devices for mobile trading. OctaFX has won many industry awards in the past few years and does not charge any trading fees or commissions on CFD assets in Nigeria and other countries as well.


Regulated By CySEC, FCA (Financial Conduct Authority)
Best For Best for Wide Range of Assets with Technical Charting Tools
Year Founded 2011
A Minimum Deposit of $25
Maximum Leverage 1:500
Tradable Assets Currency Pairs, Cryptocurrencies, CFDs, Stocks, Commodities
OctaFX is well-regulated and licensed by the FCA (Financial Conduct Authority of the UK). This platform is best suited for different types of investors who are looking to trade for a trader that offers a wide choice of assets with technical charting tools, analysis tools, and financial instruments that can be used in your trading, even for beginner traders and the base currency is generally USD.

OctaFX – Comes in Best Nigerian Forex Bro kers List

To start trading on the best platforms, you need an OctaFx minimum deposit of l 25 USD. OctaFX provides leverage of 1:500, and some of the tradable assets offered by the OctaFX platform are currency pairs. A few of these are GBP, USD, and Euro, with live quotes, cryptocurrencies, CFDs, stocks, and commodities in exchange for your money in Nigeria. This platform accepts Nigerian traders so the overall process is always smooth.

TD Ameritrad: best currency broker with zero fee

5 tips for selecting a good forex brokers

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TD Ameritrad is an American brokerage company that was founded in 1975. One good thing about TD ameritrade is that they offer $0 fee trade. They have grown large with over 11 million clients worldwide. TD Ameritrad is keeping up by Securities and replace assignment (SEC), monetary commerce regulatory Authority (FINRA) and the Commodity Futures Trading assignment (CFTC).

TD Ameritrade is one of the best forex brokers in the United states. They offer zero commission and free best trading platforms. However they offer intuitive trading platform with highly advanced technology. More-so,  it’s their Tinkorswim that put their traders first.

Read td Ameritrade review

IQ option Best forex options brok

Forex trading brokers 2020

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IQoption broker was founded in 2013 by group experts, they offer forex CFDs and binary options. The broker’s office is in Cyprus, managed and owned by IQOption Europe Ltd. IQ Option is a financial services provider that is based in Cyprus, designated as a Cypriot Investment Firm (CIF).

The trading platform comes under the jurisdiction of the Cyprus Securities Exchange Commission (CySEC).

However iq option is registered in Hinds Building, Kingstown, St. Vincent and Grenadines with registration No. 24840 IBC 2018. IQoption recently expanded to offer ETF and digital options.

The broker is one of the cheapest broker and recommended for beginners. IQoption offer the best trading platforms with over 40 million traders. In addition, with IQ option you can trade indices and cryptocurrencies.

They are now best mobile trading platform and fastest growing platform. Therefore, looking for a good trading platform to trade forex options IQ option is best for that.

Read IQ option review

How To select a trusted forex broker for forex trading

How to select a good broker

Therefore, Looking to start trading in the financial markets, you need to select a forex broker. However, we have listed the best forex brokers so you can choose one.

If you see a broker that suits your investment size, regulatory approval and trading style. Then complete your application and wait for approval. However some will require hours, while some will be instant approval.

If you are good to pick up a currency pairs, you would like to trade EURO/USD. Moreover you can choose otherwise like GBP/USD, depending on your choice.

Use the buy and sell button to predict the market. However at the end of the preferred time of the trade. You make 95% of your investment.

5 Tips For Selecting A Forex Brokers

5 tips for selecting a good forex brokers

In addition to the above, we will show you how to pick a legal forex broker. However, we all know that choosing a good broker is very important.

Consequently, it’s better to choose a regulated broker than going for bonuses. Therefore make sure to use this guide for selecting a forex broker. consider this guide important.

  • Regulation: in this area, you check if the broker is regulated. More-so, in which country are they offering service.
  • Minimum deposit: To begin with, you need to know your investment size. However by opening account with any broker you need know their minimum deposit. In short its equally important you know the minimum trade size.
  • Payment methods: therefore check if payment methods offered by the broker is available at your reach. More-so check the charges attached to to it.
  • Customer support: consider your language in terms of customer support. Therefore, you should know if a broker provides customer support in your language. In short are they offering support at all.
  • Platform offered: its very important that when selecting the best forex brokers, you consider platform. However some forex brokers offer in house trading platforms. While some offer MetaTrader4/ MetaTrader5. But what matters is if any of these platform offered is technically enhanced to suit your style.

Finally if after checking all this information and they good to go, then you have perfectly chosen a broker. If you are still a beginner, see our forex trading beginners guide 

Is there a reliable forex brokers at all?

Best forex brokers

These was the question I asked myself in 2016. After trading with five different brokers without profit. I was very confused about the truth. However my reason for losing wasn’t because I didn’t know how to trade currencies. But there are so many factors that could have affect my performance.

  • I might have choosed a wrong broker
  • I was in a hurry to make money
  • My signal wasn’t consistent enough
  • I wasn’t learning from experts

Therefore, whatever reason that made me to fail, I learned from it anyway. However if there’s no reliable forex brokers at all, Bill Lipschutz wouldn’t be the best forex trader, no does he trade on his own market only. the truth is that there are both reliable and fake brokers and this is the more reason why you look into how forex brokers scam forex traders and follow our 5 tips for selecting a forex broker each time you want to trade forex. Read more on state bank and how it works.

How Do Forex Brokers Scam Forex Traders,?

How do forex brokers scam forex traders

Therefore, considering the fact that there legit forex forex brokers, we still find scam forex brokers. However in this guide we will expose their strategies for scamming forex traders. Some scam forex brokers will avoid so many features like:

  1.  They won’t be regulated
  2.  They will not have customer service support.
  3.  Minimum deposit will be up to $500 to $1000.
  4.  Payment methods will only be available on bitcoin.
  5.  their website will crash
  6.  they will call you on phone
  7.  they will offer to trade for you
  8.  You will keep losing on their platform
  9.  much Policy will attach to withdrawal. 
  10.  You will be asked to invest more to make more

The above is just their features, looking at their strategy, there are two types of forex scam. A forex broker that wants to scam a trader and online scammers that claim to be a broker.

More-so there are forex investment platform companies that will claim to trade on your behalf. However, when a forex broker want to scam you they will build a fake trading platform. Each time you trade, you will lose.

Therefore, to avoid mistakes Check out our recommended binary options brokers 

More-so read fbs review

Caution about forex brokers

Forex brokers

Finally, Forex, CFDs are complex instruments, retail investor accounts lose money when trading CFDs. Don’t Invest all you have, and please consider if you can afford to take the high risk of losing money rapidly due to leverage.

65% of of investors accounts lose their money when trading in the forex market, therefore spread bet should be handled with no pressure.

More-so we would like to let you know that Our company makes money as affiliate. Therefore each time you sign up we receive commissions.

However it doesn’t affect your investment. We would appreciate if you use our company link for all your investment. Please choose from our 9 best forex brokers for 2021, or brokers for beginners .

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