Top 7 ECN Forex Brokers in 2023

It would be best if you kept in mind that not all brokers work in every single country. That’s why you will need to figure out the top 7 forex brokers from different country-specific regulatory bodies. Besides, with the development of technologies, many brokers offer some new forex strategies. So, while selecting the top 7 forex brokers, make sure you look at their trading strategies.

 

In this article, we will thoroughly educate you on all the available forex trading strategies you should look at while choosing a forex broker.

 

First, let’s get to know the forex brokers in different countries.

 

 

 

How Many Forex Brokers are Available in the World?

 

It is tough to know the exact broker’s number, as new brokers are being introduced frequently. However, according to the MT4 brokerage user’s data, more than 1200 forex brokers are now available worldwide.

 

Those more 1200 brokers are handling 13.9 Million online traders worldwide, which is increasing daily.

 

Country-Specific

 

If you are actively looking for a fully rounded forex trading experience, we strongly advise you to check the top 7 brokers from different countries. The following list contains an overview of country-specific regulatory and licensing bodies for seven different countries. This comprehensive list will help you understand what you should look for when gathering forex strategies for the top 7 forex brokers. 

 

Forex Strategies for UK Regulated Brokers

 

The top 7 forex brokers in UK should show the commitment to give you unsurpassed trading along with the first-rate trading experience. Besides, they should be regulated by the UK Financial Conduct Authority (FCA).

 

When you join any brokers from the UK, make sure you can deposit and withdraw using GBP.

 

US Regulated Forex Brokers

 

Because of strict US regulations, you may not find too many forex brokers to offer you based on the USA. That’s why it may take a longer time for you to sort out the top 7 forex brokers in the US. Some of the brokers are the USA doesn’t offer service in all states. However, when you come to know about a broker, you should check that license and regulations first.

For verification, you can check out with either the National Futures Association (NFA) or the Commodity Futures Trading Commission (CFTC). If you find any non-regulated broker in the USA, we suggest you avoid those. By joining a regulated broker, you will have peace of mind. You will know that regulatory bodies are there if you face and fraudulent activities. Additionally, check the broker’s forex strategies if they have any. A US broker should be making transactions only in USD currencies.

 

Australian Regulated Forex Brokers and Platforms

 

There are several forex brokers who offer their services exclusively Australian residents. To find out the top 7 forex brokers in Australia, make sure you check their funding method. If any broker claims to be Australian, they are supposed to allow you to deposit in AUD currencies. Besides, they should be regulated by the Australian Securities and Investments Commission (ASIC).

 

Canadian Regulated Top 7 Forex Brokers

 

All the related financial services in Canada are licensed and regulated by the Investment Industry Regulatory Organisation of Canada (IIROC). However, this authority doesn’t regulate forex brokers in Canada. So, if you are seeking to work with any legit Canadian forex broker, you will find it hard to find one.

 

To look for a Canadian forex broker, you have to put your highest effort on research. Especially, cross-check with different forex-related forums and communities.

 

Forex Brokers with European Regulation

 

Since many Europeans are involved in forex trading, you will find plenty of forex brokers located in Europe. Different countries are actively trading currencies such as Germany, Netherlands, Spain, Sweden, France, Cyprus, and Italy. All of these countries have their regulations regarding forex trading. If you are in Europe, it will be easier to find the top 7 forex brokers in Europe.

However, you still have to do plenty of research to find the broker with the best forex strategies.

 

The Common Checklist for Top 7 Forex Brokers

 

The first this you have to check is, the forex broker you sign up should be licensed to your home country. Besides, that country-specific broker should allow you to make the transaction in that country’s local currencies. On the other hand, their forex trading strategies should include a wide range of currency pairs.

As the forex market is developing day by day, more brokers offer their services to private traders. So, making the right choice and not stumble on the scams is difficult. The second thing you should check is their reputation in different communities and forums. Instead of finding all the positive reviews, you should check for the negative reviews too. That’s how you will get to know the actual condition of a broker.

 

Forex Strategies and Goals

 

Before discussing forex strategies, we need to first elaborate, why would one consider trading foreign currencies in the first place? According to the experts, there are two reasons to trade forex: hedging, and the other is speculation.

 

Hedging is the way to protect companies from losses. Brokers get their profits from foreign countries. After that, they transfer it to their own country with the expectation of fluctuation in the currency. However, this practice is not relevant to forex strategies.

 

On the other hand, speculation is the prediction of a move a company can make in some certain situation. If the prediction is correct, it can improve the trading results. Speculation is all about day trading. With decent trading strategies, you can progress in the FX trading. In the end, you may apply your own forex strategies. Although applying their strategy could be time-consuming and difficult.

 

But, there is good news that plenty of pre-made trading strategies are available for your convenience. However, it is advisable to play it safe, especially when you are a new trader. Let’s dig the available pre-made strategies.

 

 

What is the Best Forex Strategies? 

 

Here, we will show you the overview of some working strategies that have been running in the forex industries over the years. From those strategies, you may research the one you might want to apply.

 

The following are some methods that will help you to apply strategies and gain pips.

 

The Bladerunner Trade

 

This strategy is suitable for currency pairings for all timeframes. Right now, Bladerunner trade is one of the trending strategies that is taking by most of the traders. It is mainly a price action strategy.

 

Bolly Band Bounce Trade

 

Bolly band focus on the ranging market. It works very well with the combination of confirming signals. If you are interested in Bollinger Bands, you should check the bolly band bounces forex strategies.

 

Daily Fibonacci Pivot Trade

 

It uses only daily pivots. However, according to this strategy, you can extend to a longer timeline. Fibonacci Pivot combines Fibonacci retracements and extensions. On the other hand, Fibonacci can incorporate any amount of pivots.

 

Forex Overlapping Fibonacci Trading Strategies

 

Most of the traders follow this strategy, but the reliability of this method is a bit lower. However, it is used with the combination of appropriate confirming signals, and ultimately they become accurate.

 

Pop ‘n’ Stop Trade

 

Unless you know the trick, trying to chase the price when it goes reverse rarely works. This forex strategy will provide you a tip so that you may know whether the price will keep rising or drop.

 

Trading the Forex Fractal

 

It is considered a concept, rather than a strategy. However, it teaches you about the market fundamentals that accelerate your efficiency in trading.

Trading is usually a game of trial and error. You have to apply different strategies to know the right one for you.

 

Scalping

 

To some traders, scalping is time-consuming and needs a lot of work. However, it is not useful for all traders. Although scalping works if you can do it properly. Some traders might think that scalping could take the fun out of forex strategies.

 

On the other hand, if you are looking for the best forex trading strategy, this might be the safest one for you. As a day trader, you might dip in and out of the forex market one in a day or twice, including carrying a position into another period. Eventually, the profit will come back.

 

If you are a knowledgeable scalper, you may trade in and out several times a day. However, you may see a small profit, but they would be steady. The more you scalp, the more money you make.

As a scalper, you should know when inflation rates, unemployment figures, and GDP information are about to release. Those factors affect strategies. Scalping can help you out in those situations trading with Top 7 forex brokers.

 

 

Positional Trading

 

As we already know that scalping will teach you about the current market; at the same time, it is time-consuming. You have to sit for a long time in front of the computer while scalping. Considering that, it would be more efficient to find a less time-consuming strategy.

 

Positional trading can be great alternatives. It will take only a few hours a week, and it can provide a handsome amount of profit.

 

Having your position opened for a long period is usually the position trading. It allows you to catch some large market moves. On position trading, you have to avoid using high leverage and keep the focus on currency swaps.

 

Final Thoughts

 

Among all the forex Strategies, applying the right one with Top 7 forex brokers would be hard. To become successful in forex, you should research yourself and work with experiments.

Whether you are a new or seasoned trader, everything depends on the broker. That is why it is suggested to work with the top 7 forex brokers. You will find many brokers claiming themselves as a top broker. However, your job is to filter all the brokers and choose a perfect one for your trading.