How to choose a forex broker?

There are a large number of brokers who offer different conditions to their clients. Therefore, when choosing, it is important to study information about the company. It is especially important that the broker has a good reputation. To determine this, you can get acquainted with the rating of various forex brokers on the website Thus, it will be much easier to make a choice. Indeed, thanks to the rating, you can quickly select a broker, taking into account your preferences.

What to consider when choosing a forex broker?

It is important to decide which parameters are required. You should also consider the needs and style of trading. You need to carefully study what opportunities the chosen broker can provide. To determine the right broker, you need to compare different companies.

A reliable broker should have a portfolio of successful deals, as well as a lot of reviews from real clients. You also need to pay attention to how the registration process and deposits and withdrawals of funds with a particular broker are carried out.

Criteria of choice

To make the right choice, you need to consider the following:

  • the direction of activity;
  • the level of reliability of the trading platform;
  • availability of customer support;
  • account types;
  • broker terms.

It is also important to clarify whether a particular broker offers additional services. In addition, you need to pay attention to the structure of payments and commissions.

First of all, the company must be reliable. She must have a license and a long term of work. Each broker offers a different initial deposit amount and account types. Therefore, it is important to pay attention to this criterion.

When choosing, it is important to consider what tools are offered for trading on Forex. If there is a wide range of different opportunities, then the trader will receive more income.

Be sure to pay attention to what methods of input and output are used by the brokerage company. After all, there are organizations that impose restrictions on the ability to withdraw a certain amount to the card. Therefore, you should ask the manager how best to withdraw funds and how long it will take for this procedure.

If all the criteria are taken into account when choosing a broker, then the trader will be able to achieve successful results. But for this, the conditions of the brokerage company must be suitable for him. Therefore, it is important to familiarize yourself with various brokers before choosing.

Forex Payment Methods in South Africa

Funding your Forex trading account from South Africa is a relatively straightforward process as long as you use a credit card or a prominent local bank account. With that said, financial regulations in a country can sometimes get in the way if someone is trying to fund an international account from their domestic bank account or with a lesser-known credit card. However, in recent years, such problems have arisen less frequently. These measures are aimed at reducing illegal activities such as money laundering.

Foreign transfer limits

Forex traders from South Africa should be aware that there are limits on the amount of money they can transfer overseas. Each country’s citizen can move abroad for no more than R10 million per year for foreign investment purposes. You have to provide a certificate of insolvency. There is also a discretionary foreign currency surcharge of up to R 1 million, which does not require a tax clearance certificate.

Funding solutions

Other than that, South Africa-friendly brokers make various funding solutions that you can use to transfer money to your live trading account. E-wallets like Skrill, PayPal, and Neteller are some of the most convenient options out there. They can help you work around the problems that sometimes arise when paying with credit cards or bank accounts. You need to register, verify your account, top up your e-wallet balance, and you’re done.

Some brokerage companies also work with other locally available methods such as PayFast and PayU. Be sure that your chosen broker supports the banking solution you intend to use. Check if there is a handling fee.

Popular trading software in South Africa

One of the key benefits of doing business in the Forex markets is that you can trade any currency pair from the comfort of your home. You can open positions whenever you want. However, you will need good Forex software to do this. One of the critical features of a quality trading platform is its intuitive design.

The platform should be easy to use to suit traders of all experience levels. Complexity is annoying because it makes it difficult to navigate, but it can also lead to trading errors. The golden rule is ‘the simpler, the better. The platform should also support various market analysis tools to open multiple windows on the same chart station. Backtesting and multiple timeframes are always a big plus.

If you are not sure if a given South African broker meets these criteria, you can always open a demo account. Thus, you can test the trading software to make sure you feel comfortable with its interface and functions.

Forex Trading in South Africa is not different than trading in any other country, the vast majority of brokers in South Africa use the MetaTrader 4 platform. MT4 was officially launched back in 2005. The fact that it is still used today says a lot about its quality. The platform meets all the quality criteria listed above.

There are different timeframes and technical indicators for market analysis and the ability to view charts and place notes on them. The platform is popular with novice traders for its intuitiveness. It is also possible to trade automatically using the so-called advisors.

Many brokers in South Africa offer MT4 in conjunction with its successor MetaTrader 5, which supports additional instruments such as stocks, bonds, futures, and options. Any version is usually available in browser format through a dedicated WebTrader. The latter offers roughly the same features as the downloadable software but requires no additional installation.

Mobile trading in South Africa

Traders from the country have a world of trading opportunities in the palm of their hand as all good brokers in the local market offer innovative mobile apps for iOS and Android devices. In addition, the apps can be downloaded free of charge, either from the respective broker’s website or from mobile content platforms such as Google Play and the App Store.

There are many advantages to trading on the go. First, the apps give you instant access to real-time news, allowing you to immediately track the latest market trends.

The apps are optimized for use on devices, rendering it much easier to place orders on the fly. It is usually possible to enlarge all the details. Mobile traders also can manage multiple charts on their smartphones and tablets. Training materials are generally available for aspiring mobile traders.

VARIANSE is the latest broker to launch cTrader

London headquartered international forex brand VARIANSE recently launched cTrader for its clients worldwide. The company has spent the previous few years building on its UK FCA foundation by obtaining authorisations in Asia and the MENA regions. Launching cTrader is another step in the brand’s evolution.

VARIANSE first launched in 2015 as a MetaTrader 4 focused broker licensed and authorised by the UK’s Financial Conduct Authority. In recent years the company’s group gained additional licenses from the FSC in Mauritius, and the LFSA in Malaysia, to provide global client coverage across Europe, the Middle East, Africa and Asia. cTrader is now available to all VARIANSE clients throughout the world.

On the VARIANSE cTrader platform, you can trade dozens of forex pairs and CFDs on indices, precious metals, energy products, and over 100 Nasdaq listed stocks.

Traders already using VARIANSE MT4 can seamlessly transfer funds to a cTrader account and continue to hold accounts on both platforms concurrently. If you’re new to cTrader, we always recommend starting with a demo account first and give yourself time to familiarise yourself with the interface and features before trading with a live account.

Commenting on the development, Rohit Mirpuri, director of VARIANSE UK, said, “Launching cTrader aligns perfectly with our business model and growth objectives by offering a multi-device cross-asset platform. cTrader has enabled us to offer an enhanced transparent trading experience. Clients can instantly assess our multiple liquidity streams via the inbuilt market depth panels and access key trading metrics such as execution speed and latency, which provides a real advantage to algorithmic traders and asset managers where performance and cost-efficiency matter.”

Alex Geralis, the Business Development Manager at Spotware Systems, the developer behind the cTrader platform, expressed his thoughts on the collaboration, “VARIANSE offers traders with cost-efficient, low latency, and access to deep and dynamic liquidity for active trading strategies; these are precisely the conditions cTrader was built to thrive. The cTrader community stands to gain a lot from having another FCA regulated broker, especially one that understands traders’ fundamental needs.

Traders looking to learn more about VARIANSE and the exciting trading conditions offered by the brokerage can read our in-depth review of the company or visit the website.

VARIANSE Review | Best cTrader Brokers

Frequently asked questions about VARIANSE

Is VARIANSE a market-maker?

No. VARIANSE is not a market maker. The UK company is an IFPRU 125K firm, which means it is prohibited from dealing on its own account. Therefore, requiring the company to execute clients’ orders on a matched principal basis, also known as back-to-back-trading. As the company’s FCA license prohibits it from market-making activities; therefore, all orders are executed using straight-through-processing (STP) methodology. Similarly, VARIANSE Mauritius is licensed as an Investment Dealer (Broker), which permits only agency dealing. It does not allow the company to issue or underwrite securities or take on any market risk.  

I am not from the UK. Can I still open an account with Varianse?

Yes, VARIANSE welcomes clients from all countries except for the USA and sanctioned countries.

Can I buy stocks with VARIANSE?

You can trade stocks with Varianse, but you cannot buy or invest in shares. All products offered by VARIANSE are contracts-for-difference (CFDs), meaning all trades are settled in cash according to the difference between the opening and close prices of a position.

The advantage of trading the Stock CFD is that you can go both long and short and increase your buying power with up to 5 times leverage.

How long can I keep my VARIANSE demo account?

Demo accounts will only expire if you do not log in within 180 days to keep your VARIANSE demo account active for an extended period; just log in within the required time or keep a position open. 

Can I open an MT4 account and cTrader account at the same time?

Yes. VARIANSE allows you to trade on both platforms at the same time. You’re also able to transfer funds between your trading accounts. Providing both accounts have the same base currency, you won’t be charged when transferring funds.

Why does VARIANSE charge for deposits and withdrawals when other brokers don’t?

VARIANSE does not charge for deposits via Bank Wire; however, it does for alternate payment methods.

Forex brokers are considered high-risk clients by the banking and payments industry. Due to the compliance burden, many banks and payment processing companies (PSPs) avoid cooperating with brokers. The banks and PSPs that do cooperate with FX brokers want to be compensated nicely for their efforts. Many brokers operate a market-making business model, allowing them to earn on average US$15 per lot, whereas STP brokers like VARIANSE earn just US$3.50 per lot. 

What’s the difference between VARIANSE in the UK and VARIANSE in Mauritius?

When trading with either company, clients will benefit from the same trading technology, platforms, and low-cost, low latency trading. Similarly, the liquidity and trade execution is the same and impressive. Client fund safety is essential, and it’s good to know that both companies safeguard and segregate clients’ money with Barclays Bank in London. This is very important for a trader to have that peace of mind.

Clients of VARIANSE Mauritius have access to leverage of up to 1:400, whereas clients of VARIANSE UK have access to leverage of 1:30 (or 1:400 if you qualify as a Professional) 

Does VARIANSE offer cTrader Copy?

Yes, you can access all of the available strategies on cTrader Copy via your web browser or mobile with a VARIANSE cTrader account.

Broker OMF Forex Review | Top cTrader brokers

About OM Financial

OMF is an abbreviation for OM Financial, which appears to be derived from the former name of Ord Minnett Group. The company, which has changed several names and management changes, has existed since 1987. OMF is very active in the New Zealand market, where they were the first NZX accredited NZX-accredited New Zealand futures and options market in 2004 and have since been licensed. to provide many other New Zealand Exchange products and services.

As a registered financial services provider in New Zealand, OMF is regulated by the Financial Markets Authority (“FMA”), which monitors companies’ compliance with New Zealand laws, regulations and best practice standards.

OMF cTrader Review

On the OMF cTrader platform, you can trade over 30 currency pairs, as well as gold and silver. Interestingly, they offer gold versus JPY available on their cTrader platform, which is not common. Regarding trading conditions; OMF is one of the most expensive cTrader brokers we have reviewed. The company charges $ 100 for $ 1mil. traded. The minimum trade size for all FX symbols is 10,000 units, which is 0.1 lots. Most brokers allow trading in micro lots, i.e. 0.01 lots.

Conclusion on the OMF review

While OM Financial is an accredited New Zealand broker, we believe their high fees can be a hindrance for the average forex trader, especially when neighboring Australian brokers such as IC Markets and Pepperstone charge around $ 30 per $ 1 million. On the other hand, it seems clear that their clientele is somewhere closer to institutional traders, and investors expect very solid support from their customer service team. If you are a New Zealand investor, it is definitely worth looking into OMF, the company has many merits and fits the description “trustworthy” perfectly. However, if your trading style is high turnover and location is not an issue, it may be worth looking into other cTrader brokers.

31FX Forex Broker Review | Top cTrader brokers

The 31FX website is very well done and offers a lot of useful information. There are many legal texts on the website such as AML Policy, KYC Policy, Terms and Conditions, but it is difficult to say who these contracts are concluded with as the counterparty is just a trademark that is not associated with any legal entity or individual …

About 31FX

There is not a lot of relevant information about this forex broker. While the company does offer a cTrader platform, we don’t know anything else.

31FX offers several trading accounts with up to 1: 1000 leverage. The highest leverage, known as the Diamond account, is only available with a € 150,000 deposit, which is an odd requirement considering that most brokers offer lower leverage. for accounts with a higher balance due to the higher risk they pose.

Depending on the size of your account, the company offers various benefits such as structuring your financial portfolio, zero management fees, VIP services and other features. These benefits are features that we have not seen in advertisements from other brokers, and it is not clear what they are.

31FX – scam

The Financial Conduct Authority (FCA) has issued a warning 31FX inform investors that they are not eligible to offer financial services or products in the UK. The FCA warning says some firms are acting without permission and some are knowingly engaging in investment fraud. While the regulator has not concluded whether the company is engaged in fraudulent activities or not, they stated that based on the information available, they believe that 31FX is carrying out regulated activities that require authorization.

Other scam Forex Broker sites have highlighted 31FX due to a number of alarms and complaints from traders.

Conclusion on the 31FX review

The company is really active and posts regularly on their social media. Compared to other brokers, it is unclear what the benefits of 31FX are, especially considering the risk of trading with an unregulated broker.

In general, we do not condemn all unregulated brokers as scams. Regulation is complex, expensive and overwhelming for brokers. It is very difficult to tell the difference, however, and unregulated companies always run the risk of losing bank accounts, payment methods, or being completely closed. If you decide to open an account with 31FX, we always recommend caution and do not recommend using this broker.

cTrader Brokers in Nigeria | Top cTrader brokers

What makes Forex trading popular in Nigeria?

Forex trading is popular with Nigerians for many reasons. First, the youth unemployment rate is almost 20%, which is incredibly high. Secondly, Nigeria ranks 6th in terms of the number of Internet users. Finally, the English literacy rate among Nigerians in developing countries is above average. These reasons make the country a popular destination for forex brokers.

Is it legal to trade Forex in Nigeria?

Although there is no formal regulation of FX and CFD trading, it is not illegal. Since trading with foreign brokers is not illegal, this opens the door to a variety of options. This variety even allows you to choose the regulator structure of the broker you will trade with.

The downside to choosing a foreign broker is that their investor protection schemes can only cover domestic clients. However, it is probably best to choose an international broker who has their own rule book rather than a local Nigerian forex broker who is completely free of supervision.

It is worth noting that the Central Bank of Nigeria, also known as CBN, regulates the country’s foreign exchange market. However, this provision applies to the services of the physical interbank foreign exchange market and exchange offices.

Forex trading is a derivative, which means a separate framework is required to regulate the business. The Central Bank’s regulations do not cover the type of trading you do on cTrader or MetaTrader

4. While some international forex brokers may accept Naira for making deposits to your trading account most will convert that deposit into USD or another popular instrument and also won’t offer Nigerian Naira trading pairs.

cTrader Forex Brokers in Nigeria

We have reviewed several cTrader brokers based in Nigeria in the past. These reviews include HAXI Capital and Fintec Global Markets… However, we have come to the conclusion that these two brokers are not a reliable investment for your money.

The vast majority of international forex brokers accept clients from Nigeria, so there is little reason to look for a brokerage company based in Nigeria.

Top 5 U.S. forex brokers

The sphere of investment and finance in the USA is particular. There are many exchanges in the country with an annual trading volume of tens of trillions of dollars, where investors worldwide trade. On the other hand, the dealers’ activities are closely monitored by regulators who fine and revoke licenses to violate established requirements.

Before we learn about the top 5 US forex brokers, we should know some facts about US forex brokers.

Features of trade in the USA

Trading is carried out according to standard schemes: a client registers, deposits in an account, and places orders using a trading terminal.

All customer accounts must be verified. The customers must provide:

  • a copy of an identity card (passport, driver’s license, or another document);
  • a copy of the document confirming the address of residence (telephone or utility bill, bank statement, or otherwise).

The documents must be translated into English and the translation certified.

Advantages and disadvantages of U.S. brokers

Opening an account with a forex dealer from the United States is worth it for several reasons:

  1. Regulator protection. If the account is blocked or profits are improperly debited, the trader can contact the CFTC or NFA. The representatives of the organization will thoroughly understand the situation.
  2. Availability of information. The broker honestly indicates what spreads are in effect and what commissions apply.
  3. Brokers submit weekly and monthly reports on transactions, which allows them to quickly prevent manipulation of quotes.
  4. Good tutorials, but in English.

American brokers have several disadvantages :

  1. Increased requirements for user identification. The client should be ready to mail copies of his documents with a certified translation into English. Also, the dealer may require confirmation of the legal origin of funds.
  2. High spreads. The difference in prices for buying and selling reaches 2-3 points for popular pairs. For unpopular ones – 40-50 points. Low spreads of 0.8 pips are rare.
  3. Additional commissions. American brokers can charge a fee for trading operations, and commission compensation for account replenishment is available only at an inevitable turnover.
  4. Leverage limitation.
  5. High requirements for the minimum deposit.
  6. The legislation does not provide for any compensation for clients in the event of bankruptcy.

US financial regulators

The Forex market is regulated by the NFA, a non-profit association of forex dealers. It was established in 1982 as an independent regulator for financial derivatives. The NFA operates on contributions from its members and is responsible for, among other things, issuing forex licenses (RFIDs). Every forex dealer providing services to US residents must be an NFA member.

There is also the CFTC, which is a government commission that does not directly supervise forex dealers. But the CFTC can order the NFA to protect the interests of investors from abuse.

American brokers who work with clients from worldwide.

Forex brokers from the United States work with residents of any country unless sanctions are imposed on a particular country. Citizens of the United States should pay attention to the following organizations.

Here are top 5 US forex brokers in our view:

The company was founded in 2001, has many licenses in Europe and the Pacific region.


It is a low spread broker with a minimum deposit of 1 USD. Many technical indicators can be connected to the trading terminal; there is support for MT4.

TD Ameritrade

The company has been working with investments for over 40 years. Lots of currency pairs, no trading commissions, there is a mobile application, trading 24/7.

ATC Brokers 

It is a dealer for experienced traders. Scalping is allowed, multiple bracket orders are supported, you can leave orders in the online chat and by phone.

American brokers are chosen by people who are ready to invest large sums of money and are not afraid to provide real information about themselves. 

What is the best forex broker in the USA?

You can pose the question this way; becoming a broker in the U.S. is not as easy as registering an offshore brokerage company.

The answer lies in regulatory requirements. All U.S. brokers must be registered with the NFA (National Futures Association).

While registration itself is not an issue, membership in a group of NFA regulated brokers requires strict NFA regulations.

What to Become a U.S. Forex Broker?

All U.S. forex brokers must be registered with the NFA.

All U.S. Forex Introducing Brokers must also be registered with the NFA.

Forex Broker – RFED – A foreign exchange trader must send the following to the NFA:

1. Online Form 7-R

2. Documents:

– Financial report,

– Methods of combating money laundering,

– Methods of business continuity and disaster recovery

– Methods of providing advertising materials,

– Surveillance of related persons,

– Customer complaint procedures,

– An asset source letter describing the source of the firm’s current assets

3. Non-refundable application fee of USD 500

4. RFED (Retail Foreign Exchange Dealer) membership fees of USD 125,000

For a complete list of any additional documents, see the following sections:

High Leverage U.S. Forex Brokers?

All U.S. brokers must provide leverage of no more than 50: 1 by CFTC 50: 1 Rules. This margin will be offered to all U.S. citizens without exception.

Non-U.S. residents who seek to open an account with a U.S. broker can obtain higher leverage for their trading accounts. This option is often available when the broker has multiple branches around the world.

Forex brokersMin account sizeMax leverageA typefinancing method
ATC Brokers$ 500050: 1ECN / STP & STPBank transfer, check, debit cards
CMS Forex$ 25050: 1Market makerBank Transfer, Check
FIPFX$ 50050: 1Market makerBank transfer
FIPFX GLOBAL$ 500400: 1STP & Market MakerBank transfer
FastBrokers$ 250050: 1ECN / STP & Market MakerBank transfer, check
FOREXer$ 200500: 1Market makerBank transfer$ 25050: 1Market makerBank transfer, check, debit cards
Fortress Capital$ 200050: 1STPBank transfer, debit cards
FXCM$ 200050: 1STPBank Transfer, Check, Debit Cards, ACH
GAIN Capital Groupno50: 1ECN / STP & Market MakerBank transfer, check, debit cards
iClickNTrade$ 250500: 1STPBank transfer, credit cards, debit cards
IKON Global Markets$ 100050: 1ECN / STP & Market MakerBank transfer
Interactive Brokersno40: 1ECN / STPBank Transfer, Check, ACH
MB Trading$ 40050: 1ECN / STPBank Transfer, Check, Debit Cards, ACH
M2 Forex$ 200050: 1Market makerBank Transfer, Check, Debit Cards, ACH
OANDA$ 150: 1Market makerBank transfer, check, debit cards
Thinkorswim$ 50050: 1Market makerBank Transfer, Check, ACH
TradeKing$ 50050: 1Market makerBank Transfer, Check, Debit Cards, ACH
TradersChoiceFX$ 25050: 1ECN / STP & STP & Market MakerBank transfer, check, debit cards
TradeStation Securities$ 200050: 1DMA / STPBank transfer, check

Among these brokers:

ATC Brokers – 1:100 leverage for non-US accounts

CitiFX Pro – 1:100 leverage for non-US accounts

CMS Forex – 1:100 leverage for non-US accounts

FastBrokers – 1:200 leverage for non-US accounts – 1:200 leverage for non-US accounts

U.S. Forex Brokers vs. Other Brokers

So, what is the odd between U.S. brokers and other Forex brokers?

Two striking differences:

– leverage options

– regulation mode

U.S. brokers offer relatively low leverage of 50: 1 (NFA regulations) compared to other brokers who can withdraw up to 1000: 1 or higher without any consequences. This makes U.S. brokers less competitive in the eyes of many novice traders, who usually require increased leverage from the outset.

Forex brokers in the U.S. are among the most regulated brokers in the world. NFA’s regime and penalties are high and severe. This fact certainly provides a high level of trust in U.S. brokers.

Alternatives to U.S. Forex Brokers

Are there any good alternatives to American Forex companies?

While traders won’t find better-regulated forex brokers than the United States, other countries to consider are the U.K., Australia, and Switzerland.

LiteForex Broker Review 2021

CySEC regulates LiteForex. As always in the EU, CySEC, in turn, is overseen by ESMA. On the other hand, in the Marshall Islands, he is completely unattended, which means he can propose almost any trade rules he deems appropriate.

Although the broker explicitly states on its portal that LiteForex Investments Limited – a branch in the Cayman Islands – does not accept clients from any EU / EEA country, there are examples of EU traders who have successfully registered with this branch of the broker.

Essentially, this means that EU traders who are usually mandated to trade with a Cyprus-regulated company can instead open an account with a company based in the Marshall Islands. Thus, European traders can easily bypass the very strict ESMA rules that severely limit leverage in Europe.

Assets offered by LiteForex

The underlying trading assets offered by LiteForex include a pretty good selection of over 50 currencies and over 20 different cryptocurrency pairs. Also, the broker allows its clients to trade stocks of more than 40 major US firms and major stock indices and CFDs on various commodities.

Platforms by LiteForex

All tools and reviews provided by LiteForex can be traded on MT4 / MT5, which are the only two platforms provided by the broker. While this may seem boring to some traders, it provides a smooth transition from other brokers for traders who are already used to these platforms. Another nice advantage of using MT4 and 5 is that it provides access to a very wide selection of Expert Advisors ( trading algorithms ) that exist for both platforms, both paid and free strategies.

LiteForex gives clients the flexibility between registering with an ECN account or the usual “classic” one. Although ECN provides the tightest spreads to date, it does provide a fee for all transactions. Meanwhile, the classic account has much wider spreads but no commission trades.

As you might guess, the ECN model is usually more suitable for traders with large trading accounts. In contrast, the Classic Forex trading account is more suitable for small traders and newcomers to the Forex market.

All LiteForex accounts can be funded using all conventional funding methods. LiteForex has added several other payment systems, including popular cryptocurrencies.

Support by LiteForex

LiteForex support service is available around the clock via chat on the company’s website. Another unique feature of LiteForex is that it has also created special groups and online chats for their community, where traders can communicate and help each other on various issues. Finally, customer support can also be obtained from the UK registered phone number.

Open Live or Demo Account in LiteForex

LiteForex Conclusions

To summarize, LiteForex can be considered a worthy choice as a broker for anyone who prefers to stay on MetaTrader 4 or 5. Considering that EU clients may register with an offshore LiteForex representative, leverage here can also be quite overpriced with this broker. Unfortunately, however, the spreads are still relatively high compared to some of its competitors.

Briefly about Liteforex

TRADING PLATFORMS:MetaTrader 4 , MetaTrader 5 , WebTerminal
min ACCOUNT$50
max SHOULDER1: 1 – 1: 500 
TRADING TOOLS:currency pairs, crypto pairs , metals, gold , oil , indices , CFDs
SPREADS:from 0
PAYMENT SYSTEMS:VISAMasterCardWebMoneySkrillNetellerPerfectMoneyQIVIYandex moneyBank transferSWIFTSberBankBitcoin
Open Live or Demo Account in LiteForex