Best Forex Broker for 2024 (ECN Brokers)

The forex market deals with the trading of forex currency. It trades a volume of around $5 trillion every day. In forex, trading with the best forex broker will generate maximum profit in the transaction. We have done thorough research on the forex market.  You will get information about top forex brokers on our website. We will provide all information to choose the best forex brokers for beginners as well.


What is Forex Trading?

Forex is simply exchanging one currency with another one. The buyer & seller exchange foreign currency with each other at a specific price.  The national currencies of the different countries are traded in this market.  The forex market has no central hub. It’s a global digital(electronic) platform with end nodes in brokerage houses, financial firms, & central banks. Trading takes place 24 hours in the forex market.

Like other businesses, forex trading aims to earn a profit on investment. Currency conversions make the price movement of some currencies immensely volatile. This volatility makes the trading captivating. The volatility of the market increases the chance of making a profit. On the other hand, an increase in volatility escalates the risk too. The best forex broker would give you the advice to trade for increased profit minimizing the loss.

Best Forex Broker (ECN Brokers)

Min. Deposit


No Bonus





No Bonus


Auckland, New Zealand



No Bonus


Melbourne, Australia



No Bonus


New Providence, Bahamas.



No Bonus


NSW, Australia



100% Bonus


Belize, C.A



50% Bonus


Belize, C.A



No Bonus


Sydney, Australia

What is the Forex Broker?

You need to get access to the trading platform for exchanging currency pairs, i.e., buying & selling the currency. The forex broker is the financial service organization that will give you this access to the trading platform. Investors for a large organization, currency speculator, are the broker’s client. An individual brokerage firm contributes a small portion to the total foreign exchange market.

Top forex brokers trade with outstanding trading plans & strategies. On buying the currency pair, the trader opens the trade. He sells the same currency pair & thus closes the deal. Through the best forex broker, the trader closes the transaction on a high exchange rate & makes the profit.

For example, a trader wants to trade the EUR/USD pair. He buys the Euro using the US dollar. He would close the trade on selling the pair. The sale price is equivalent to the buying price of US dollars with euros. Now about the profit & loss, the trader will make a profit if the exchange rate is higher while selling, i.e., on closing the trade. If the rate is low, he incurs the loss.

Forex Terminology

To get complete guidance about the forex market, first, let us introduce some important forex terms.

Currency Pair

Two different currencies form a currency pair, i.e., base currency & counter currency.  For example, EUR/USD. You will buy Euro & sell the US dollar when buying the pair. While selling, you sell US dollars & buy Euro.

The 195 countries use around 180 authorized currencies. The currency pairs are divided into three different categories. They are,

Major pair: You will find the US dollar in the major pair. The other currency of this pair is one from the EUR, AUD, NZD, JPY, CAD, GBP, CHF. For example, EUR/USD, GBP/USD, USD/JPY. The best forex brokers for beginners suggest trading with major pair.

Cross pair: In cross pair, any two currency except the US dollar form the pair. Example – EUR/CAD, NZD/CAD.

Exotic pair: The least popular currencies make this pair. Though less popular, such a pair can be extremely volatile. Rand (South Africa), Peso (Mexica), Lira (Turkey), Forint (Hungary), Koruna (Czech Republic), or Zloty (Poland) form such a pair.

The best forex broker would give the option to trade all categories of currency pairs.

Forex Terminology - top forex brokers

Forex Terminology – top forex brokers – best forex brokers for beginners ( ECN )

Exchange Rate

The price at which the trader trades one currency for another one is the exchange rate. For example,

Let us take 5 $/€ as the exchange price between the dollar & the Euro. You will buy one Euro spending 5 dollars. Exchange rates are mostly 1. floating & 2. fixed.

Floating exchange rate: The exchange price of currencies is flexible. The rate changes with the market condition (like interest rate, price level, future market expectation, etc.). Top forex brokers trade at a favourable floating price to make the profit.

Fixed exchange rate: In this case, the government fixes the currency price with another currency price. Such an exchange rate doesn’t change.

Bid Price

The selling price of base currency (or a product) is the bid price. For example, in the quote USD/AUD 1.5/20, the bid price is 1.5. It means one can sell 1 US dollar for 20 Australian dollars.

Ask/Offer Price

The buying price of base currency (or product) is the ask/offer price. For example, in the quote USD/AUD 2.75/20, the ask price is 2.75. It means one can buy 1 US dollar for 2.75 Australian dollars.


Spread is the best forex broker‘sno commission’ way of making the profit. The difference between bid & ask(offer) price is the spread. The spread is measured in pip (the smallest unit). Spreads are of two kinds- Fixed & Variable.

Fixed spread: Fixed spread remains the same regardless of market condition. Brokerages that operate the trade as ‘dealing desk’ or market maker offer fixed spread.

Variable spread: This spread changes continuously. The bid and ask price changes too with the variable spread. ‘non-dealing desk’ model operator brokers offer variable spread.

Percentage in Point (Pip)

Percentage in Point (Pip) is the 4th decimal value on a price quote. Example- The price quote of USD/JPY is .0625. It means, 1 US dollar enables you to buy around.0625 Japanese Yen.


The initial capital the investor uses to open a position is the margin. The best forex broker reviews that, the margin may lead to both profit & loss apart from opening the leveraged trade


The size of trade or position that you would open is the lot. On standard measurement, one lot= 100,000 units of the base currency (of the pair). Euro is the base currency in the EUR/USD. You open the trade in the US dollar means the trade size is $100,000.


The ratio of the trader’s fund to the broker’s credit size is the trade leverage. One borrows an amount of capital to increase the return. This borrowed capital is leverage. The leverage is variable. Brokers decide the amount based on market conditions. Usually, the Top forex brokers prefer to trade with high leverage.

Let us give an example. A trader would require around $130,000.00 to trade the GBP/USD pair without leverage. The costs reduce to only $260.00 ($130,000.00/500= $260) using 1:500 leverage.

Long & Short

The trader can go long or short. When you go long, you buy the first part(currency) of the pair and sell the second part. And, you expect the price will rise. Going short means you sell the first part and buy the second currency. You expect the price will reduce.

Forex Market Categories

There are three types of forex market. The best forex broker would keep the option open to trade in whichever you feel comfortable.

Forward Forex Market

It is the OTC (Over The Counter) market where the price is decided for future delivery. The price is determined on the interest rate discrepancies basis. Top forex brokers usually trade on EUR/USD, USD/JPY, and GBP/USD currency pairs.  There is no restriction on date & quantity. So, they generally meet investor’s expectations more precisely. You can trade in a forward contract on a public exchange.

Future Forex Market

In the future market, the price, quantity are defined for a specified period. It has less flexibility compared to forward future market. Such a market usually has an expiration date & contracted amount. Future contracts are not traded on the exchange.

Spot Forex Market

in the spot market, assets & currency are delivered immediately after the transaction. It is also called the ‘cash market’ or ‘physical market.’ The exchange price at which trading takes place in the market is termed as the spot exchange rate.

The forex market provides equal opportunities for level investors from beginners to experts. It is true, like every other business, you may find difficulty in trading at the beginning. In that such a case, we suggest you trade with the best forex brokers for beginners. They will provide significant educational resources & materials. Going through the resources, you will learn how you should trade forex to earn the profit.

How the Forex Broker Makes a Profit?

The best forex broker will surely make his profit from the trade. As you will invest your hard-earned money in this business, you should know how your money will work as a profit to the brokerage.

The top forex brokers make money in two ways – through spread & commission.

The broker may not offer you a charge for the currency exchange. Do you think they will compromise with their benefit in this case? Of course not! They sometimes widen the spread & take a portion of the money as their profit.  The forex market is extremely volatile. So in the case of variable spread, you may end up with a large amount of money. Be always careful about how the brokerage would ask you their fee.

There is some broker who asks for an amount of commission on the trade. This transaction charge is their profit from work.

While choosing the broker, don’t forget to pay attention to how you will pay the brokerage charge?

Advantages of Trading Forex

Advantages of Trading Forex – best forex brokers for beginners ( ECN )

Advantages of Trading Forex

Trading with the best forex broker brings lots of benefits. Some of the trade benefits are,

High liquidity

By liquidity we understand, the ability of a product/ item to get converted in cash. The forex market offers high liquidity. That is, a large volume of currency can be transferred in the money and vice versa.

Low Transaction Cost

Typically spread is the transaction cost in the forex market. Or, the broker may ask for commission. In both ways, top forex brokers make their profit. The charge of currency exchange is comparatively less with other uprising business.

Use of Leverage

The best forex brokers offer a significant amount of leverage on trade. Using leverage, the investor can trade with a higher amount of money than they have in the account. For example, trading at the 50:1 leverage, using only $1000 (as capital), you can control $50,000 trade.

Make Your Profit from the Rise and Fall of Currency Price

Directional trading is absent in the forex market. There is no particular period for the transaction. You can buy the currency pair when you think the price is going to increase.  When you feel the pair value would decrease, you can sell it.

As the price is continuously changing, adapting different forex strategies will help you to trade better. If you are new in this business, then look for the best forex brokers for beginners. They will teach you to trade in this volatile market.

Trade Using the Demo Account

You can learn forex trading using a demo account before trading with real money. Using a demo account is free. It is safe because you invest ‘play money’ & not the real money to test the trading trend. Ultimately the entire capital is kept intact. The best forex broker would always offer a demo account.

A 24/5 Market

The market is open for 24 hours. Forex trading is available five days a week. You will trade at a suitable time. The forex market runs trade in three major time zone varying the region (country). You can trade according to your time zone.

The forex market is such a place where you should invest wisely. Learning forex is not a matter of one single day. The newcomer in this business should trade with the best forex brokers for beginners. You will find hundreds of brokerages once you look for the one. The top 10 ecn forex brokers would be the one who meets your trading requirement.

Top Forex Brokers Review
Top Forex Brokers Review