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In the Forex Market, the term Intermediate refers to Forex Traders who have passed the beginner stages, have learned how to trade and are taking the needed next steps to become a professional in the field. As the biggest and most liquid financial market in the world, the forex market will offer Intermediate Forex Traders superb opportunities. But, with this being said, only those with the right skills and knowledge acquired will have what it takes to become a Professional Forex Trader.
The First and most important step when it comes to an Investors journey from Intermediate to Pro is finding a Reputable and Regulated Forex Broker with whom to invest.
Regulation plays a very important role in ensuring that forex brokers abide by a strict set of rules and standards. Regulation ensures that the Brokerage Firm does not indulge in illegal practices.
Traders should take a look at the Brokers Leverage and Margin, Commission and Spreads, Initial Deposit Amounts, Deposit, and Withdrawals, as each Broker will differ in what they have on offer.
A broker may offer a huge selection of forex pairs, but it is most important that the Broker offers the pair(s) in which the trader or investor may wish to invest.
A broker’ Customer Support should be available at all times as trading occurs 24 hours a day.
Traders should make sure that the trading platform or platforms on offer are easy to use, visually pleasing and has a variety of technical and/or fundamental analysis tools.
AvaTrade is an online broker which was founded in 2006 and offers Forex, CFDs, Spread Betting and Social Trading and is a global broker with their head office situated in The British Virgin Islands. AvaTrade is regulated in Europe, the British Virgin Islands, Australia, Japan, and South Africa by ASIC, CySEC and FCA.
| Pros | Cons |
| Used by 200,000+ traders | Doesn’t offer VPS |
| Established in 2006 | |
| Regulated by Central Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE and BVI | |
| Min. deposit from $100 |
Those who are looking to start out with AvaTrade will need a minimum deposit of $250 and a demo account is available for those who want to get acquaint with the popular MT4 forex trading platform. AvaTrade also offers mobile apps for Android and iOS.
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Micro account | Bank Transfer |
| Low min deposit | Mini account | PayPal |
| Standard account | Skrill | |
| Islamic account | Payoneer | |
| Neteller |
Customer support is available by email, phone, or live chat.
EasyMarkets is one of the most popular choices for Beginners and is regulated by CSEC (Cyprus) and ASIC (Australia) and offers beginner forex traders:
| Pros | Cons |
| Segregates client funds | Doesn’t offer VPS |
| Established in 2003 | Limited range of instruments
|
| Regulated by CySEC and ASIC | Not FCA Regulated |
| Min. deposit from $1 |
The available trading platforms offered are MT4 and the EasyMarkets web platform.
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Micro account | Bank Transfer |
| Low min deposit | Mini account | Payoneer |
| Guaranteed stop loss | Standard account | Neteller |
| Offers Negative Balance Protection | Islamic account |
Customer Support is available 24/5 via various chat channels, email, phone and web forms.
IC Markets is a regulated Forex ECN and CFD broker which offers more than 236+ financial instruments across Forex, Commodities, Indices, Bonds, Cryptocurrency, Stocks and Futures on the MetaTrader 4, MetaTrader 5 and cTrader platforms for desktop, web and mobile. IC Markets is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), as well as the Seychelles Financial Services Authority (FSA).
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2007 | Not FCA Regulated |
| Regulated by ASIC | |
| Min. deposit from $200 |
IC Markets offers traders three main types of live trading accounts to choose from, including Raw Islamic swap-free accounts and the use of a free demo trading account.
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | PayPal |
| Low min deposit | Zero spread account | Skrill |
| ECN account | Neteller | |
| Islamic account |
Customer support is available 24/7 via Live Chat, Phone and Email.
eToro is an online broker which was founded in 2006 and offers CFDs and Social Trading, with a head office based in Cyprus, UK. eToro is supervised by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies and has been in operation for over 14 years.
| Pros | Cons |
| Used by 6,000,000+ traders | Doesn’t allow scalping |
| Established in 2006 | Inactivity Fee |
| Regulated by Financial Conduct Authority, CySEC, ASIC | Limited range of instruments |
| Min. deposit from $200 |
eToro offers traders two ways to trade: CFDs, Social Trading and eToro traders will need to make a minimum deposit of $200 and the platform can accommodate various levels of traders from beginner to expert. Traders can trade in a wide variety of over 100 instruments and over 50 currency pairs on eToro’s user-friendly custom trading platform which is available as a browser-based web application. eToro also offers traders mobile apps for Android and iOS, making it easier to keep an eye on and execute trades.
| Trading Features: | Accounts offered: | Funding methods: |
| Offers STP | Demo account | Credit cards |
| Low min deposit | Micro account | Bank Transfer |
| Mini account | PayPal | |
| Standard account | Skrill | |
| Islamic account | Payoneer | |
| Neteller |
eToro supports a wide range of languages including English, German, Spanish, French, and Italian. 24/6 customer support is available via telephone and support ticket.
FP Markets is a global, online broker regulated by the Australian ASIC and the Cypriot CySEC which was founded in 2005 and offers Forex trading and has a head office situated in Australia. When starting off with FP Markets traders will need to make a minimum deposit of $100 and a demo account is on offer with a wide variety of instruments and currency pairs on offer.
Over 100 instruments and over 60 currency pairs in total is on offer, on the popular MT4 forex trading platform. FP Markets also offers traders mobile apps for Android and iOS.
| Pros | Cons |
| Low Forex Fees | High Stock CFD fees |
| Easy Account Opening | Limited Product Portfolio |
| Quick Deposit and Withdrawal | Outdated Platform |
| Trading Benefits | Accounts Offered | Funding Methods |
| Allows scalping | Mini | Bank Transfer |
| Allows hedging | Standard | Credit/Debit |
| Offers STP | ECN | Electronic Walles |
| Low min deposit | STP | |
| Offers Negative Balance Protection | Managed |
All accounts support a wide range of languages including English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, German, Vietnamese.
Customer Service is available via email, phone and live chat.
XM Group (XM) is a group of regulated online brokers regulated by the Cyprus Securities and Exchange Commission.
| Pros | Cons |
| • Low stock CFD and withdrawal fees | • Limited product portfolio |
| • Easy and fast account opening | • Average forex and stock index CFD fees |
| • Great educational tools | • No investor protection for non-EU clients |
XM offers traders more than 1000 financial instruments to trade on both the MT4 and MT5 platforms, including Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDs. Forex trading is available on over 55 pairs, including the major USD, GBP, EUR and JPY pairs. Traders must take note that XM does not offer binary options or futures.
| Trading Features | Accounts Offered | Funding Methods |
| Negative Balance Protection | Micro | Wire Transfer |
| Low Spreads | Standard | Credit/Debit |
| Low Commission | XM Zero | Neteller |
| Hedging Allowed | UnionPay | |
| Scalping Allowed | WebMoney | |
| Qiwi |
Customer Service is available via live chat, Phone and email support.
OANDA is a globally regulated Forex and CFD broker which also provides corporate Forex solutions and currency conversion. Users have the choice to trade on Forex, Indices, Metals, Commodities and Bond CFDs on the broker’s own proprietary trading platform for desktop, web and mobile, as well as on MetaTrader 4.
| Pros | Cons |
| Accepts U.S. clients | No account protection for U.S. clients |
| Regulated by FCA and NFA | No guaranteed stop losses for U.S. or U.K. clients |
| Well-designed platforms | Traders cannot access cryptocurrencies or single-stock CFDs |
| Superior research offerings | A lot of ancillary fees |
OANDA is the most Regulated Forex Broker and operate across six of the most credible authorities.
| Trading Features | Account Offered | Funding Methods |
| Mobile Trading | Standard | Wire Transfer |
| Excellent Charting Tools | Premium | Credit/Debit |
| Educational Materials | PayPal |
Customer support is available via a FAQ section, a OANDA Virtual Assistant and phone.
FXTM or ForexTime was founded in 2011 and is a registered brand name of Exinity Limited, regulated by the Financial Services Commission of Mauritius with license number C113012295. FXTM offers users seven different accounts types where the execution method, range of markets, available platform, and commissions and fees may vary. Three accounts are offered under the Standard category. Forex Time (FXTM) is a MetaTrader broker which offers forex and CFD traders multiple account options for both MT4 and MT5 platforms.
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2011 | Not ASIC Regulated |
| Regulated by CySEC | |
| Min. deposit from $10 |
FXTM provides research in the form of daily technical and fundamental news analysis provided by an in-house team of analysts.
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Micro account | Bank Transfer |
| Offers STP | Mini account | Payoneer |
| Low min deposit | Standard account | Neteller |
| Offers Negative Balance Protection | Zero spread account | |
| ECN account | ||
| Islamic account |
Customer Service is an available phone, email, online chat options – WhatsApp, live chat, Viber, Telegram or Messenger.
Interactive Brokers was founded in 1978 and is regulated by multiple financial authorities including the UK’s Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).
Interactive Brokers offers many account types, which fall into two big groups:
| Pros | Cons |
| Low trading cost | Pro users incur an account maintenance fee if multiple trades are not made |
| Invest globally in a multitude of products via a single account | Not everyone is eligible to open an IBKR Lite account |
| No minimum balance required | |
| Tools to bring your trading to the next level |
| Tradable Securities | Accounts Offered | Funding Methods |
| Stocks | Lite | Bank Transfer |
| Fractional Shares | Pro | |
| Bonds | ||
| Mutual Funds | ||
| ETFs | ||
| Options |
Traders can choose between two different web trading platforms: The Client Portal and Webtrader and IBKR Mobile, Interactive Brokers’s mobile trading platform, is available both for iOS and Android. Users can trade on Stock, Forex, Option and Futures – to name but a few.
Customer Service is available 24/7 via Live Chat, Phone and Email.
IQ Option is a broker developed under the IQ Option Europe company which was founded in 2013. IQ Option contains a CySEC license Cyprus Securities and Exchange Commission from Cyprus, with permission to provide its financial services within the European Economic Area zone, with several licenses from other EU local jurisdictions. IQ Option offers its clients services in binary options, stocks and shares, currencies, and ETF trading.
| Pros | Cons |
Regulated by the Cyprus Securities and Exchange Commission (CySEC) | Does not provide MT4 and MT5 trading platforms |
Easy and convenient method of opening an account | Not available for traders in the US, Canada, Australia, Japan, and other countries |
Wide range of trading instruments on offer | |
No deposit and withdrawal fees |
IQ Option provides clients with a proprietary platform which is also used for CFDs and for binary options trading. Traders can also install the mobile trading app which is provided free of charge. The mobile trading app has been designed specifically for use on smartphones and mobile devices and allows traders to check their account status, keep updated with all the developments in the market as well as to execute trades.
| Trading Features | Accounts Offered | Funding Methods |
| Low min. deposit | Standard | Alipay |
| Low Spreads | VIP | Credit Card |
| Regulated by CySec | Demo | MoneyGram |
| Perfect Money | ||
| QIWI | ||
| Skrill | ||
| Wire Transfer |
The IQ Options trading platform and website are available to traders in thirteen different languages and allows traders to choose the currency to trade with. The selections of currencies are: GBP, RUB, EUR, IDR, USD, MUR, and Yuan.
Customer service is available via email, live chat or the telephone.
Trading 212 is an online broker which was founded in 2006 and offers Stocks trading, Forex trading, Commodities trading, and Indices trading. Trading 212 are a global broker and has a head office situated in UK. Trading 212 is Regulated by the Financial Conduct Authority (FCA), Financial Supervision Commission (FSC) and is used by over 14,000,000 traders.
| Pros | Cons |
| Strict Regulation | No US clients |
| Segregated Client Funds | Limited leverage for non-professional clients |
| Financial Services Compensation Scheme | No MT4/MT5 |
| Commission Free Trading | |
| Intuitive trading platform | |
| Low Minimum Deposit |
Trading 212 are the UK’s number one trading and investment app with over 14,000,000 downloads, thus a large userbase but is not available in the following countries: US
| Trading Benefits | Accounts Offered: | Funding Methods: |
| Allows hedging | Invest account | PayPal |
| Offers STP | ISA account | Skrill |
| Low min deposit | CFD account | Visa |
| Guaranteed stop loss | Demo account | |
| Offers Negative Balance Protection |
Trading 212 offers an outstanding, highly responsive customer service team available 24 hours a day across a variety of platforms and in 16 different languages.
City Index is a Spread Betting, CFD and Forex trading broker which is regulated by the UK Financial Conduct Authority (FCA). City Index offers traders the ability to trade on 12,000+ instruments covering Indices, Shares, Forex, Cryptos and Commodities, all on the MetaTrader 4 platform, the broker’s own proprietary, web-based HTML 5 trading platform or the AT Pro desktop download.
| Pros | Cons |
| Used by 140,000+ traders | Doesn’t allow scalping |
| Established in 1983 | Inactivity Fee |
| Regulated by Financial Conduct Authority, ASIC and MAS | Limited range of instruments |
| Min. deposit from $25 | |
| Used by 140,000+ traders |
| Trading Features: | Accounts offered: | Funding methods: |
| Allows hedging | Demo account | Credit cards |
| Offers STP | Micro account | Bank Transfer |
| Low min deposit | Mini account | Payoneer |
| Guaranteed stop loss | Standard account | |
| Managed account |
Customer support is available 24/5 via Live Chat, Telephone, Email and an Online Contact Form.
Forex.com is a platform that can be used for trading foreign currencies and precious metals. Traders can trade over 80 currency pairs as well as silver and gold.
| Pros | Cons |
| Segregates client funds | Doesn’t offer VPS |
| Established in 1999 | Not ASIC Regulated |
| Regulated by Financial Conduct Authority | |
| Min. deposit from $50 |
To open a live trading account, traders will need a minimum deposit of at least $50.
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | |
| Low min deposit | ECN account | |
| Islamic account |
Customer support is available by phone, live chat, or email 24 hours a day during market hours.
BDSwiss is a Forex and CFD broker which is regulated by CySEC.
| Pros | Cons |
| 250+ instruments | No US clients |
| Well Regulated | No Fixed Spread Accounts |
| Commission Free Accounts | |
| Free VPS | |
| Daily Trading Alerts |
BDSwiss offers full demo and Islamic accounts and traders can fund their account via one of multiple choices.
| Trading Features | Accounts Offered | Funding Methods |
| Negative Balance Protection | Classic | Wire Transfer |
| Multiple Trading Accounts | VIP | Credit Card |
| No Deposit or Withdrawal fee | Raw | Skrill |
| Neteller |
BDSwiss offers multilingual customer support 24/5 via Live Chat, Telephone, Email, Call Back, WhatsApp, Telegram and an FAQ section.
Forex Capital Markets Limited or FXCM is a Spread Betting, CFD and Forex trading broker, authorized and regulated by the UK Financial Conduct Authority under the Forex Capital Markets Limited and is part of the Leucadia Company, which offers users the ability to trade on Forex, Forex Baskets, Indices, Commodities and Crypto on its own proprietary Trading Station platform for Desktop, Web and Mobile, as well as on MetaTrader 4, NinaTrader and ZuluTrade.
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 1999 | |
| Regulated by Financial Conduct Authority | |
| Min. deposit from $1 |
FXCM offers traders 4 main types of trading accounts to choose from, including Spread Betting, CFD Trading, Active Trader and Professional Clients. A Free Demo account is also made available.
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | Payoneer |
| Low min deposit | Islamic account |
Customer Support is available via Live Chat, Phone, Email and SMS.
HFM was established in 2007 is well regulated by FCA, CySEC, DFSA, FSCA and SFSA.
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2010 | Not FCA Regulated |
| Regulated by CySEC | |
| Min. deposit from $1 |
The HFM MT5 terminal offers 21 different timeframes, superior analysis tools, trading across HFM asset classes, close to 100 simultaneous charts, hedging and one-click trading and 80+ technical indicators plus an in-built economic calendar. The account can be accessed from anywhere using an iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators.
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Micro account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | Neteller |
| Low min deposit | Zero spread account | |
| Offers Negative Balance Protection | Islamic account |
Customer support is available via phone and email.
Admiral Markets is an online broker which was founded in 2001 and offers Forex and CFDs trading, is globally recognized and has a head office based in the UK. Traders will need a minimum deposit of $200 to start and can sign up for a demo account to in over 148 instruments and over 40 currency pairs. Admiral Markets is authorised and regulated by the UK Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC) and the Estonian Financial Supervision Authority (EFSA).
| Pros | Cons |
| Segregates client funds | Inactivity Fee |
| Established in 2001 | |
| Regulated by CySEC | |
| Min. deposit from $100 |
Admiral Markets offers both of the MetaTrader platforms; MT4 and MT5 and mobile apps for Android and iOS.
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Micro account | Bank Transfer |
| Offers STP | Mini account | Skrill |
| Low min deposit | Standard account | Payoneer |
| ECN account | Neteller |
Admiral Markets offers multilingual customer support via Telephone, Live Chat and Email.
Axitrader is an online broker which was founded in 2007 and offers Forex, CFDs and Social Trading, is a global broker and has a head office situated in Australia with no minimum deposit needed to get started plus a demo account is on offer. AxiTrader is authorized and regulated by the Australian Securities & Investments Commission (ASIC).
| Pros | Cons |
| Used by 221,000+ traders | Limited range of instruments |
| Established in 2007 | |
| Regulated by Financial Conduct Authority and ASIC | |
| Min. deposit from $1 |
AxiTrader is able to accommodate various levels of traders and offers the MT4 forex trading platform plus mobile apps for Android and iOS, respectively.
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Micro account | Bank Transfer |
| Offers STP | Mini account | Skrill |
| Low min deposit | Standard account | Payoneer |
| Zero spread account | Neteller | |
| ECN account | ||
| Islamic account |
Customer support is available via Phone, Live Chat and Email.
Markets.com offers traders access to the world’s most traded CFDs using instruments such as shares, currencies, indices, bonds, ETFs and commodities. Markets.com is regulated by the Cyprus Securities and Exchange Commission (CySEC).
| Pros | Cons |
| Segregates client funds | Doesn’t offer VPS |
| Established in 2008 | Inactivity Fee |
| Regulated by CySEC, Financial Services Board | Limited range of instruments |
| Min. deposit from $100 | Not FCA Regulated |
To open a live account, traders will need to make a minimum deposit of at least $100. Markets.com offers over 2,146 different instruments to trade, including over 56 currency pairs on MT4 and MT5 forex trading platforms.
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Low min deposit | Standard account | PayPal |
| Guaranteed stop loss | Islamic account | Payoneer |
| Offers Negative Balance Protection |
Customer support is available in over 25 languages, 24/5 via email, telephone and live chat.
SpreadEx is a forex, CFD and spread betting broker which gives Forex traders access to major markets like currencies, indices, commodities and shares. SpreadEx is one of the few Forex Brokers which offers cryptocurrency CFDs, which makes it a smart choice for investors who are interested in cryptocurrencies like Bitcoin. SpreadEX also offers vanilla options to experienced traders.
| Pros | Cons |
| Segregates client funds | Doesn’t allow EAs |
| Established in 1999 | Limited range of instruments |
| Regulated by Financial Conduct Authority | Not ASIC Regulated |
| Min. deposit from $1 |
In order to open a live trading account, traders will need a minimum deposit of at least $1. SpreadEx is Regulated by the Financial Conduct Authority, and client funds are kept in segregated bank accounts.
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Standard account | Bank Transfer |
| Low min deposit | Skrill | |
| Guaranteed stop loss | Payoneer |
Customer Support is made available via live chat, phone and email.
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