Sooner or later, each Forex trader eventually has to get down to choosing a reputable FX broker since most companies operating in the contemporary FX industry cannot fulfil their obligations at all times. More frequent bankruptcies among FX brokers due to force-majeure situations coupled with cases when traders simply cannot withdraw their money make traders think twice before making a decision. Those traders who treat their trading business seriously want reliability and security as well as decent liquidity, innovative solutions and beneficial trading conditions. Simply put, they want to save and multiply their capital confidently.
This leads us to believe that choosing a reputable FX broker requires a serious approach. Nevertheless, there are now strict rules or guidelines to it. The thing is that each broker each trader is guided by his/her own set of criteria when choosing a broker. For instance, an intraday trader values the spread while a long-term trader focuses on swaps. Some brokers pay attention to deposit/withdrawal methods while others look at the country where the broker is registered as well as the licenses.
It should also be noted that some of the FX brokers out there also conduct banking activities. Frankly speaking, it is vice versa – some major banks offer FX brokerage services. That’s why we call them FX banks. When a Forex broker is a bank, this may be treated as an extra guarantee of its reliability. FX banks are more reputable than ordinary FX brokers for obvious reasons that you know.
Anyway, even if you have decided to choose among FX banks, you still may have a hard time making up your mind since analyzing the information about those banks requires a lot of time and effort. However, there is a simple way out. The thing is that Masterforex-V Expo has been offering the rating of FX banks, which is updated on a monthly basis. The chart includes the most prominent representatives of the FX banking niche, i.e. the most reputable banks offering retail FX trading services online. By the way, the mentioned rating is designed to determine the best FX bank 2015 later this year. With that said, the contestants still have a couple of months to improve their position in the rating.
The latest update took place in late September. For now, this is how it looks like:
As you can see, the TOP 3 is represented by the following FX banks:
- Swissquote Bank SA
- Saxo Bank
- HY Capital Markets
All of these brokers are well-known banks rendering FX trading services to retail and institutional traders worldwide. Some of them have been doing it for decades, which allowed them to win excellent reputation among all kinds of clients.
The top is followed by:
- Alfa Forex
- Dukascopy Bank SA
- Nefteprombank
- Republican Investment Bank
- UFXBank
- Rietumu Banka
- Mosoblbank
- Varengold Bank FX
- Integral Bank
- vPE Bank
