The Weak Sides of the Most Popular Forex Brokers

When it comes to Forex brokers, the variety of options make your head go round. By checking the multiple reviews posted by other traders on the Internet usually focus on the positive aspects of each particular broker. Despite all the benefits, it is more reasonable to base your final choice on the drawbacks.

Forex Brokers

The most suitable Forex broker happens to be a matter of individual preference for the forex traders and investors. It involves the pairs of assets, charting and analysis options, platforms, currencies, or membership requirements. Below is a list of Forex brokers, which take the leading positions on the trading market.

FXTM

FXTM

FXTM is a leading forex and CFD broker. Being an established trading platform, FXTM provides traders and investors with a wide range of significant advantages over many opponents. Crucially, it is administered by the FCA, which provides customers with plenty of protection and transparency. The broker focuses on education and customer care, so it takes responsibilities to its customers seriously. It’s also a broker with a good selection of trading platforms and accounts, while the service fees are estimated at the average level.

Cons:

  • Inactivity and withdrawal fees;
  • Limited product portfolio;
  • Most withdrawal methods feature a fee;
  • No two-step login.

XM Group

XM Group

XM Group is an international broker providing customers with access to over 1,000 tools across 7 asset classes. XM is marked with high liquidity and order rejections. There are four account types to choose from, as well as the ability to adjust an account to your needs and preferences. If you choose to have some practice, you can always open a demo account. When you are ready to take action, you will be able to create a live account for just $5. Also, XM also has an attractive system of signup bonuses, including a no-deposit bonus of $30 and a matching bonus of $5000. XM has great educational resources for customers who are new to trading. These include videos, instruments, and live webinars, which make up some of the best educational materials.

Cons:

  • Limited trading platforms;
  • Beginners broker promoted toward high volume professional forex trading;
  • No customers from the US, Canada and Israel.

Admiral Markets UK

Admiral Markets UK

Admiral Markets is a forex and CFD broker providing a vast array of features and services that are often ignored by competitors. For instance, traders and investors are usually attracted by the broker’s simple login procedure, minimum deposits, demo accounts, narrow leverage, and spreads. Today, Admiral Markets positions itself as the leading Forex broker with several hundred thousand active traders across the world. The group’s headquarters are located in different countries, from Tallinn to Estonia. Admiral Markets’ operations are licensed with different regulatory bodies such as the UK Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).

Also, Admiral Markets has considerably low spreads compared to other brokers. Currently, there are more than 30 cryptocurrency pairs with a fixed spread of 1% that is below the CFD market average indicator. Admiral Markets order execution time is quite quick and trustworthy. What’s good is that Admiral Invest enables the trading and investing operations related to real stocks and cheap conditions.

Cons:

  • Limited number of stocks available for trading;
  • Limited number of CFD-Futures available;
  • No US Traders allowed;
  • With only 3 offices, their physical presence is limited.

Saxo Bank

Saxo Bank

Saxo Bank is a Danish investment bank that was established in 1992, delivering online trading and investments. Being managed and regulated by several authoritative financial authorities such as the Danish Financial Services Agency (FSA) and the UK Financial Conduct Authority (FCA), Saxo Bank gained the reputation of a reliable online broker with well-secured operations. Today, Saxo Bank is considered to be a strong global service provider. Ideally, this Forex broker can be recommended to investors and traders searching for an excellent trading platform and thorough market research.

Cons:

  • High connection and service fees;
  • Higher than average minimum deposit;
  • Missing live chat and 24/7 customer support.

The Bottom Line

For a beginner and professional trader, picking up the right broker to entrust their financial resources to. It won’t be exaggerated to say that this step is probably the most important step on the way to success in trading. Choosing a broker based on its trade quantity is not the best idea, as each person has individual preferences and needs. Checking out everything a broker has to offer as a whole is crucial, although you should pay special attention to the weak sides.