UFX is a Cypriot market maker broker, founded in 2007 and regulated by CySEC. With five different accounts types, not including the swap-free option, and support for MT5 as well as the proprietary UFX platform, it's a shame that trading conditions are not better here. Spreads are wide, even on the more expensive accounts, and on the Micro Account (100 USD minimum deposit) you can expect a fixed spread of 4 pips on the EUR/USD. Forex education is also lacking, as well as any kind of in-house market research, though UFX do offer both Trading Central and it's own MassInsights trend and volatility tool. 

For beginner traders who do not want to risk trading large sums of money and prefer to trade in smaller trade sizes, Weltrade may be a tempting option.  However, traders should be aware that because Weltrade is based in Saint Vincent and the Grenadines, it lacks regulatory oversight.   An STP broker, Weltrade offers trading on a small range of tradable instruments, including 37 forex pairs, 2 commodities, 4 metals, and 15 cryptocurrencies, which is severely limited compared to other brokers.   Weltrade offers five live accounts and an unlimited demo account.  Although the minimum deposit is low on its entry-level account, at 25 [fxs-broker-property identifier="currency"], and it offers trading in micro-lots, spreads are wide, averaging at [fxs-broker-property identifier="eur_usd_spread_smallest_account"] pips on the EUR/USD. Spreads tighten to 0.5 pips (EUR/USD) on its Pro Account, but this is in exchange for a minimum deposit requirement of 500 [fxs-broker-property identifier="currency"].  Additionally, the trading costs on its Zulutrade Account are exorbitantly high.   Weltrade offers full support for the standard MetaTrader4 and its innovative successor, MetaTrader 5, but offers virtually no trading tools.  It also lacks educational and market analysis materials, forcing traders to self-educate elsewhere.  

An internationally and FSCA-regulated broker, ThinkMarkets appeals to experienced traders who value a broad range of tradable assets and an extensive suite of trading tools, though trading costs are higher than average on its entry-level account.  ThinkMarkets offers trading on a wider range of tradable assets than other brokers, including Forex pairs, indices, commodities, 3500+ share CFDs, and 20+ crypto pairs. The ThinkMarkets Standard Account, with no minimum deposit requirement, has high trading costs compared to other brokers, at 12 USD per lot EUR/USD. On the other hand, the 500 USD minimum deposit ThinkZero account delivers better pricing at 8 USD per lot EUR/USD, which may interest more experienced traders.  ThinkMarkets offers support for the MT4, MT5, and in-house ThinkTrader platforms, and traders have access to some of the best trading tools in the industry, including Trading Central, Zulutrade, and a VPS hosting service. Trading Central is offered free of charge to account holders but the Zulutrade copy-trading service requires a subscription of 30 USD per month, and the VPS service has a subscription fee unless traders trade over 15 lots per month.  The ThinkMarkets education package targets all traders levels and is a good place to start for beginners. Daily market commentary is missing from the website, but real-time news from FX Wire Pro is integrated into the ThinkTrader platform, along with advanced order management, risk management tools, charts, and more.

FxScouts does NOT recommend Boston Merchant Financial Group due to insufficient regulation. We suggest that you find an alternative regulated broker governed by processes designed to protect your funds. Supplying customers with MT4, but minimal educational material and regulatory oversight over their accounts, there are more attractive places for beginners to start than BMFN. A lack of transparency in areas of execution and commissions charged means trading costs could not be estimated and confirmed. At the same time withdrawals all carry a 50 USD administration fee.