Forex is one of the largest and speed-driven financial markets globally, available for potential traders looking to make profits. All the top traders with consistent gains produce the best trading performance by selecting the right broker that caters to their needs. A scalper would prefer quick execution with the lowest possible fees, while swing traders may favor getting no overnight fees or swaps as they maintain their positions. Various accounts are offered by brokerage firms that deliver specific qualities based on instruments (forex, stocks, CFD’s, etc.), trading platforms (desktop, mobile and web), leverage, trade execution (ECN and standard accounts), fees (commission and spreads). Being regulated by one of the noted top tier regulatory authority is a must. Going through each amongst hundreds can be challenging, so we took care of sorting the good ones for you. After doing some in-depth research, we made a list comprising the best forex brokers in the industry that offer excellent services to their clients.
Our Top Picks For Best Forex Brokers:
- Overall: FXTM, Forex.com
- For beginners: AvaTrade
- For advanced traders: Pepperstone
- For mobile trading: Plus500, Dukascopy
- For social trading: eToro
- For automated trading: XM, RoboForex
- Lowest costs: XTB, Oanda
- Best for US clients: IG
Best Forex Broker Overall: FXTM
Max. Leverage: Up to 1:2000
Min. Spread: 0.1 pips
FXTM opened its doors to the world of trading in 2011, and in just nine years, it made the list of one of the top forex brokers. They offer fast execution and low fees over currencies, precious metals, stock CFD’s, commodities, CFD’s, indices, and crypto. Standard, cent, and ECN accounts come with lucrative tight spread, swap-free packages, and leverage up to 2000. It is licensed and regulated by the Cyprus Securities and exchange commission, the UK’s Financial Conduct Authority, and the Financial Services Commission (FSC), who keep everything under a tight check. After all these regulations, it is safe to say the broker is legit. The company has partnerships with several banks where the deposits are kept safely away from the firm’s funds. A guide is provided, including webinars, ebooks, and videos for those just entering the forex market world to help them learn fast and be profitable in a short time.
Various deposit and withdrawal options are available with FXTM, including Visa/Master card, Skrill, Neteller, bank transfer, Fasa pay, web money, perfect money common for both. All the withdrawals are processed within one business day, and cash out to banks is charged a 30 euro fee. Bank transfers can only be done to a euro account. FXTM offers copy trading for anyone looking to invest their money and profit by mimicking other people’s positions. They pride themselves in providing minimum slippage, best execution speeds, and client satisfaction in signal copying. With daily market analysis and blogs to read from, they also provide webinars where you can register for free and enjoy listening to pros in the market. Live chat service is available on their website, which you can get via various social media apps.
- Support for a wide variety of instruments including currencies, precious metals, crypto, stocks CFD’s, CFD indices and commodities spot
- Excellent customer support 24 hours 7 days a week
- Regulated by verified regulatory authorities including the Cyprus Securities and exchange commission, the UK’s Financial Conduct Authority, and the Financial Services Commission(FSC), making it a trustworthy broker
- The broker offers competitive spreads so you can get in on the profit side quickly
- A ton of withdrawal and deposit options are available with FXTM
- Withdrawal fees are applicable on some options. Bank transfers are charged 30 euros, that is quite a lot.
- FXTM Invest with strategy managers show high return rates. It depicts the use of a risky strategy to get such significant gains.
- Trading with a high leverage of 2000 can be extremely risky.
Best All-Round Offering: Forex.com
Location: United States
Max. Leverage: 1:500
Min. Spread: 0.1 pips
Forex.com is a hub of forex trading offering thousands of markets, flexible pricing options, great trading platforms, market analysis, education, and support. The broker was founded in 2001 and is regulated by The National Futures Association (NFA) Commodities Futures Trading Commission (CFTC) in the United States and Financial Conduct Authority in the United Kingdom. The broker has two types of spreads fixed and variable. A commission is charged with other trading assets, which is quite competitive compared to other brokers. The kind of costs that you may incur depends on the nature of your account. A standard account has the spread of 1.2 pip on EUR/USD, while a commission account has only about 0.2 pips(without fees). The broker charges no deposit fees, as Forex.com rebates any incoming costs; the minimum amount that can be transacted is 100 dollars. There is no fee on withdrawals, and similar to the deposit, you would require a minimum of 100 dollars to cash out. Forex.com have their web, desktop, and mobile platforms which offer customizable dashboards along with powerful technical tools. Traders can use Metatrader as it is also available
Over 4500 markets are provided to trade, including forex, indices, stocks, commodities, gold and metals, cryptocurrencies, and oil. Trading news and research, along with valuable insights into the market, are available on the website. The analysis offers pivot points, economic calendar besides an in-depth view of the popularly debated topic globally. The education section covers financial courses that are made according to the client’s level. Fundamental, technical analysis, managing risk, strategies, and concepts are all a part of their useful educational content designed to help you be more profitable. Support services can be found given via live chat, call, and emails. You can contact them from 10 am Sunday to 5 pm Friday.
- The data offered by the broker can be viewed on the trading view website and its page, which provides tons of different customizations
- Registered and regulated by many firms all over the globe, which recognizes it as a safe brokerage
- Traders can earn rebates if they are trading a high volume by being a member of the active trader program
- More than 4500 markets are available to trade with Forex.com, including forex, indices, stocks, commodities, gold and metals, cryptocurrencies, and oil
- Their own trading platform that gives its services for mobile, web and desktop is quite powerful and handy to use
- Does not allow you to withdraw anything less than 100 US dollars
- For a broker as big as forex.com, customer support must be given 24/7
- Small leverage of 50:1 may not be suitable for traders who like to take it risky
Best Forex Broker For Social Trading: eToro
Location: UK, Cyprus, Israel
Max. Leverage: 1:400
Min. Spread: 1 pip
eToro is regulated by the Cyprus Securities Exchange Commission (CySec), Financial Conduct Authority (FCA), and is authorized by the Australian Securities and Investment Commission (AISC) for providing financial services. The broker quickly rose to fame by 2015, almost nine years after it started. The minimum deposit required to get you in financial markets with eToro is 200 dollars in most cases; however, it changes depending on where you live. One can test out their services via a demo account of up to 100000 dollars in value. Unlike other brokerages, eToro does not offer MetaTrader; instead, they have their web trade and a user-friendly mobile app. There are no deposit fees on the platform. Withdrawal fees are limited to five dollars, and the conversion toll is deducted while transferring from USD to non USD accounts.
eToro has a lower losing rate than other financial dealers, as only 71 percent of retail investors lose their money while investing. Forex, CFD’s, ETFs, crypto, stocks, and commodities can be traded within the platform. The company prides itself on its copy and social trading opportunities not offered by other forex brokers. Profitable traders can enjoy a passive income sharing their executions as others copy them to get their gains. Clients can contact eToro’s customer support 24/5. The broker has a set of tiers for notable clients meeting a specific investment amount as each advanced tier from silver up to diamond comes with a bunch of benefits. The brokerage offers its services in the USA since 2018 as USA LLC has been available. However, there is a long list of countries where the company does not provide facilities due to regulation and other issues.
- Perfect for anyone looking to make money from copy trading
- No trading fee on stocks and ETFs
- Decent leverage is given based on the asset you are trading so that one doesn’t over-leverage their trades and blow their account
- User-friendly web and mobile interface that allows you to buy or sell within seconds
- eToro is a hub to most of the top traders in the finance industry, so it’s a chance for you to sit and invest with pros
- Account verification is a prolonged process with eToro. It can take a few days to get the whole process completed.
- Commission-free stock trading is a plus; nonetheless, the fees on forex are pretty high
- Money withdrawals take time and only offers USD as a mode of payment
- eToro has some negative reviews on trustpilot
Best Forex Broker For Beginners: AvaTrade
Max. Leverage: 1:400
Min. Spread: 0.9 pips
Legitimate forex, crypto, and CFD broker is regulated by various authorities worldwide. AvaTrade is considered as one of the best brokerages online in terms of reliability and reputation built over the years. It offers MT4/MT5 for pc, mac, web, and mobile, along with the Avatrade go app for mobile trading. The application has been ranked as one of the best of 2020 by global forex awards. They offer credit cards, bank transfers, and various e payment methods for deposits with a minimum amount of 100 dollars. KYC (know your customer) policy is followed at Avatrade, which requires you to verify your identity before making any withdrawal. All the cashouts are processed and completed within 1 to 2 days after the request.
Regular promotions and trade benefits are offered. From welcome, deposit, and referrals, a client is paid tribute, which can be utilized under the company’s policy. Decent leverage is offered up to 400: useful for any aggressive trader. A comprehensive list of articles in the education section is dedicated both to beginners and advanced traders. Fifty-three trading Videos are also available for those who’d like to increase their knowledge even further. Avatrade offers competitive spreads in the industry with a 0.9 pip spread on EUR/USD. Professional accounts provide an even more low difference of bid and ask, but to be eligible for it needs the following: a reasonable amount of trading in the last 12 months, experience in the financial sector, a portfolio of over 500000 euros. The broker offers 24/5 chat support, which may take some time to connect. You can also contact them by visiting their office or giving them a local or international call.
- A low minimum deposit of 100 dollars can allow anyone to get a taste of real trading at a low cost
- Simple and easy process to open a new account
- Not only deposits but withdrawals are also free of charge with ava trade
- User-friendly mobile interface with AvaTrade go app for easy trading
- Regulated by seven different regulatory authorities in other parts of the world
- Impressive educational material is offered, which covers almost all aspects of trading
- Live chat support takes a lot of time to connect
- It is not regulated in the USA; therefore, it does not accept any clients from there
- It accepts only a few deposit methods as compared with its rivals
Best For Advanced Traders: Pepperstone
Max. Leverage: 1:30
Min. Spread: 0 pips excluding commission
In a world where financial regulation is becoming a must for brokers to be trusted, Pepperstone is not left behind. It is regulated by two top authorities, including the UK’s Financial Conduct Authority and Investments Commission. The company offers standard platforms for trading, including MetaTrader 4 and 5. cTrader is also available, which offers improved efficiency and transparency. A range of markets, i.e., forex, CFD’s, commodities, and cryptocurrencies including over 180 instruments, is covered by the broker. They have two forex account types: a standard one fit for new or swing/ carry traders, and a razor, which gives you institutional grade spreads with a commission charged per trade. Deposit options are flexible, requiring a minimum of 200 dollars to trade a live account. A demo can also be opened consisting of virtual money up to 50000 euros. One can use Visa/Mastercard, POLi, bank transfer, BPay, PayPal, Neteller, Skrill, and Union Pay for investing their money in forex with Pepperstone.
There is no fee for withdrawals; however, a bank fee of 20 dollars is charged for clients outside E.U. and Australia. Any withdrawal is processed within the same day; however, bank transfers may take three to five business days to show up. Leverage options are available depending on your qualification as a trader. A professional trader can multiple his equity up to 500, while for an average, this number is limited to 30. For retailers, customer support can be contacted via telephone, mail, and form filling. High volume traders with premium client services get priority customer support, premium rebates, an invitation to the premium event, advanced trading tools, and market insights. Founded in 2010, Pepperstone broker had an incredible client growth within ten years and provided good services to any trader looking to profit from the markets.
- No fees charged on deposits as well as withdrawals are a plus for any broker
- Regulated by two renowned forex regulators, which makes it trustworthy for trading
- cTrader option available for trading that provides a range of options to cater to your trading needs
- Offers a fair amount of leverage for trading cryptocurrencies
- Pepperstone has one of the best website interfaces providing easy access to every information that you may need
- Rebates are given to active traders with AUD 1 per lot. One can earn up to 500 AUD in rebates per month, and the premium members have a chance to get even more
- Limited range of instruments in which you can trade
- Clients from the united states and a few other countries are not accepted
- Does not offer full negative balance protection in case of a volatile market condition
Best European Forex Broker: Swissquote
Max. Leverage: 1:100
Min. Spread: 1.1 pips
One of the safest brokers out there as the brokerage is named a Swiss investment bank with a banking license. It has a long track record and displays all the up to date financial news swiftly. Swissqoute has two main trading components, one of which is located in Switzerland and is responsible for stocks, options, futures, and funds. The other is located in the UK, handles the forex and CFD’s, and is regulated by the Financial Conduct Authority. Cryptocurrencies can also be traded. Swissquote offers a bit expensive spreads that vary based on your equity, requiring a 1000 dollars minimum to get in the market. The company offers three different trading platforms. Advanced trader mobile app can be downloaded from the website and is useful for beginners, while MT4/MT5 software can also be installed. The broker is limited in terms of deposit and withdrawal as it only accepts Master/Visa credit cards (no transaction fees charged) and wire transfers.
The trusted brokerage also provides educational material to help newbies gain an edge in the market. Ebooks and videos, along with webinars, give a useful insight into the world of trading. Several analysts also work hand in hand with the company to provide you good fundamentals and technical ideas. Customer service is offered via phone, email, and live chat having support for various languages. The response time is relatively quick; however, their agents are only available Monday to Friday from 8 am to 10 pm. The inactivity fee is charged after six months, which is equivalent to 10 account currency units. They allow you to trade a minimum lot size up to 0.01 lot and give the leverage of 100 suitable for any everyday trader.
- The most trustworthy broker as the bank itself owns it and have various regulations globally
- A mobile app made especially for Swissquote users to help them in their trading on the go
- Offers a quality news flow along with good analyst ideas by a fair amount of in-depth market research
- The support team is providing quick response time to live chat, phone, and email services when contacted
- Lots of quality educational videos available that provide useful insight into trading platforms and forex. Webinars and seminars are also available in multiple languages
- US clients are not accepted
- Support is offered on limited hours on weekdays
- Trading fees are high, which result in a good amount of costs being paid to the broker
- Requires a substantial minimum deposit of 1000 dollars
Best For Mobile Trading: Plus500
Max. Leverage: 1:300
Min. Spread: 0.8 pips
Coming with a classy website that gives a whole bunch of information, Plus500 was founded in 2008 and is a British international financial firm. Authorization and regulation are provided to the company by the Financial Conduct Authority (FCA) to offer CFD’s. They provide you various plus points under client money protection, which includes holding it in a segregated bank account made for the specific customer. It is also registered with the stock exchange. Debit/credit card, bank transfer, and e-wallets are available to deposit money into your account. The minimum investment required to get your hands in markets is 100 dollars. As with any trader, we are more interested in withdrawals where the competent company does not charge a single penny for any cashouts made. However, fees will occur if you take your money out frequently within a month, and any forex conversion rates are also applicable. Plus 500 pride themselves in offering more than 2000 instruments, which includes crypto, indices, forex, commodities, shares, options, and ETFs.
The company has taken a unique approach by offering you their user-friendly android trading, a web trader, and desktop application rather than traditional MetaTrader. The applications are excellent with useful search features, order execution, and security. The trading leverage is offered that differs based on particular assets from 1:30 to 1:300. Plus500 gets its share of the money by the spread value, which is pretty competitive compared to other brokers. Overnight fees, guaranteed stop-loss orders, and inactivity fees are charged. Looking and searching within the website, you won’t find any educational material for trading as the broker relies on you to get knowledge beforehand from other sites. Customer service is provided via live chat and email support. Services given by later are delivered 24/7.
- Unique and user-friendly trading platforms that give you an edge in executing trades
- Plus500 offers tight spreads
- Over 2000 instruments that are provided by the broker makes it the top choice for anyone looking to trade multiple assets on a single platform
- Negative balance protection ensures that you won’t lose more money then the one put in your account
- Guaranteed stop-loss order that protects the clients from market gap risk
- No withdrawal fees allow you to keep more of your hard-earned profits in your pockets
- Useful trading tools including an economic calendar, risk management, traders guide, etc. are beneficial for traders
- You can not reach their customer service immediately via telephone
- No education videos are offered within site, which is a downside as most companies give their clients useful materials
- The company does not hold a banking license, which may raise some eyebrows
Best For Mobile Trading: Dukascopy
Max. Leverage: 1:100
Min. Spread: 0.7 pips
Founded in 2004, Dukascopy is a licensed broker being regulated in Switzerland by the Swiss Financial Market Supervisory Authority (FINMA) and in Europe by the Financial and Capital Commission of Latvia. The broker has its system of calculating trading fees based on the value of the account opened. Commissions can be seen on their website, while the daily spreads can be documented reasonably, to say at least. Dukascopy offers you trade on more than 50 + currency pairs, binaries, commodities, stocks, bonds, and cryptocurrency CFD’s. Considering the nature of their site and usage, the brokerage is aimed more towards advanced traders; however, any retail or beginner trader can also open an account quickly. The minimum deposit to start trading on the broker’s Europe service is 100 dollars; nonetheless, the one required to initiate alongside the bank needs an initial startup of at least 1000 USD.
Deposit and withdrawal options are limited, having the only choices to put in your money via credit/debit card and wire transfer. Cashouts can only be done via wire transfer. A maintenance fee for your account over 50000 USD may be charged, which can be calculated by their site. Desktop, web, and mobile platforms of Dukascopy offer you a smooth experience along with 250 charting indicators. Several premium charts, such as Renko, range bars, etc., are given for a price on famous charting sites. Novice traders looking to get themselves educated on financial markets will have to dig deep within the site’s subsections. The articles and videos are limited as the broker aims itself towards pros. Phone numbers are provided on the web interface where you can call to get customer support. You can also communicate with them via live chat, which is available 24/5.
- A lot of extra tools are offered from their Jforex trading platform, which can give you an edge while trading
- Fast ECN forex account that executes trades swiftly and quickly. It is best for those who have a quick trading style.
- Expert news and commentary are given and updated regularly to provide unique market insight
- Multiple currency accounts are available to cater to clients from most regions around the globe
- Availability of PAMM accounts which is a form of forex trading by forming a pool
- Limited funding options are there with Dukascopy with only wire transfer and credit/debit cards
- As the services offered by the broker are driven more towards pros, beginners may have a hard time grasping their platforms and other material
- Restricted leverage is available with the broker
- Withdrawal fees are pretty high as compared with other brokers
Best For Automated Trading: XM
Max. Leverage: 1:888
Min. Spread: 0.1 pips
XM broker is always renowned for offering its traders top-quality education along with multiple trading platforms. The company has partnered alongside lots of famous personalities in the past, including Usain Bolt, to promote and develop itself. It is also regulated by the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the International Financial Services Commission of Belize (IFSC). As with most other brokers, it offers many deposit methods, including major credit cards, wire transfer, e payment methods, bank transfer, etc. It provides flexibility deposit and withdrawal by providing a minimum of 5 dollars cash in and out.
The company provides micro, standard, ultra-low, and shares accounts. The ultra-low option allows you to trade on the minimum spreads possible with no active commission on executions. MetaTrader 4 and 5 are the standards in terms of platforms in XM, offered for P.C./Mac, smartphones, and tablets. XM allows you to trade over more than a thousand instruments, including forex, stock index CFD’s, stock CFD’s, commodity CFD’s, and cryptos. Catchy leverage of 888:1 is offered for anyone looking to satisfy their risk appetite. Social trading service enables one to copy trades manually, semi-automatically, and automatically. They have an extensive research section available on the site to give you updated information on news, trade ideas, economic calendar, and technical summaries. Various trading tools and a forex calculator can also be used to hand out information on your position size. XM is hailed in forex for providing good teaching. Any trader can utilize live education, videos, webinars, and platform tutorials to learn and grow their accounts. You can contact the broker via live chat, phone, and email.
- A good amount of trading education is offered by XM, which is helpful for any beginner or amateur trader
- XM provides various account types with a minimum deposit option of 5 dollars. Any trader looking to trade with extra-low to no risk can opt for a micro trading option
- Regulated by various financial institutions and offers negative balance protection
- Free withdrawals over 200 dollars
- Multiple platforms that allow you to trade whenever and wherever you want
- You can deposit your money in any currency
- A monthly inactivity fee of 5 dollars is applied after three months of staying dormant
- They don’t offer any services to US clients due to the recent Dodd-Frank Act passed by the US Congress
- For a prominent broker such as XM, chat is still limited to 24 hours/five days a week
Best For Automated Trading: RoboForex
Max. Leverage: 1:500
An 11-year-old broker regulated by IFSC with its headquarters in Cyprus. They are an official partner of BMW M sports, which is more than enough to consider it a safe option along with its regulation. They offer tons of different accounts on their website, including pro-cent, pro-standard, ECN, prime, ECN pro affiliate, Islamic, etc. Varying spreads can be found at ones mentioned above with the lowest ones being on the electronic communication network ECN. The range of accounts offers different services with a minimum deposit starting from just 10 dollars for prime and ECN’s. This is unique in the industry as no other brokers allow you to trade on such a fast execution platform with super-low cash input. Maximum leverage is given at the rate of 2000:1 for risk-takers. Thirty-six currency pairs, metals, CFD on US stocks, CFD on indices, and cryptocurrencies are available to trade.
A minimum volume of 0.01 lots can be executed, the ability to get cash back rebates up to 15 percent of the company’s value. MetaTrader platform, cTrader, and company’s web trader terminal allow fast execution and suitable tools to cater to your trading needs. Roboforex gives you the ability to withdraw funds without any commission twice a month. The company processes applications for cash out within two days. Educational videos are available on the website for anyone looking to refresh or top up their trading knowledge. The lucrative promotions that come accompanied by prizes and bonuses and free VPS are valuable points. Customer services are offered via tons of different sources, including live chat, Facebook, Telegram, Viber, Skype, WhatsApp, Line, phone line, and email.
- The broker offers various promotional things, including free VPS, bonuses, and prizes
- Allows you to trade fast ECN account with a minimum deposit of as low as 10 dollars
- Excellent customer support services offered by the broker, which is provided by none other
- Regulated by IFSC and partner with BMW makes it a good candidate to be on the trusted broker’s list
- Roboforex offers a pretty big choice of trading instruments
- Available cent accounts which are ideal for any novice looking to make their way into the trading
- A majority of international awards are won by the company
- No accounts are available with a fixed spread
- They have an extensive list of restricted clients, including major countries like the US, Canada, Japan, etc.
- Chat is limited to 24 hours on five days a week
- The currency pairs that are offered are quite limited as one would like to benefit from ECN services by trading maximum pairs
Best For Low Cost: XTB
Max. Leverage: 1:500
Min. Spread: 0.9 pips
One of the old brokers that made our list XTB was founded in 2002 with its current headquarters in Warsaw and London. XTB international limited is regulated by the International Financial Services Commission IFSC situated in Belize. The broker offers you trade on crypto, forex, indices, commodities, stock CFD, and ETF CFD’s. The combined list of available instruments is over 2000 on all the above mentioned. Their fees are pretty competitive for forex and average for stock CFD’s. Leverage range changes for the kind of market you trade but is set for 500:1 for currencies and ranges from 100:1 to 200:1 for indices. The account opening process in XTB is pretty straightforward, allowing you to get started in the markets within a day. They require a minimum first deposit of 250 USD; afterward, you can put in your money again at whatever amount you wish.
Various options are available to invest with the broker, including bank transfers and credit cards free of charge. Filling up your account via an e-wallet like Neteller will, however, cost you a little. Your funds are held in segregated accounts that ensure client money protection according to the rules of IFSC. The only withdrawal option at one’s disposal through this brokerage firm is a bank transfer. Any amount below then 50 dollars requested for a cashout will be charged 30 dollars. Other than that, there are no fees except for the company’s side. They have their trading platform named X station, which is available on both mobile and desktop. The award-winning software is user friendly, easy to use, and gives good execution speeds. Customer services are offered by phone support and live chat, which is accessible 24/5.
- Award-winning X station trading platform that gives unique options in terms of trading feasibility
- The broker is offering competitive spreads
- No minimum deposit required after the initial deposit of 250 us dollars
- Free withdrawals are given to cashouts over 50 dollars
- Customer service is adequate that provides quick response on given inquiries
- The account opening process is pretty simple, and you’ll be on your trading desk within a day with XTB
- Client fund protection keeps your money in a separate account, giving you peace of mind
- An inactivity fee is a charge for accounts that are dormant for 90 days
- The number of base currencies that are available in forex is pretty limited
- Withdrawal option is limited to bank transfer with this broker that may be a hassle for some
- Deposit fees are deducted for some options; something that is rarely done by brokerage firms
Best Broker With Low Fees: Oanda
Max. Leverage: 1:50
Min. Spread: 1.2 pips
Founded in 1995, Oanda is an American broker with headquarters in New York, USA. They accept US clients and are regulated by top tier authorities including Retail Foreign Exchange Dealer (RFED) with the US Commodity Futures Trading Commission (CFTC), and is a Forex Dealer Member (FDM) of the National Futures Association. The company offers over 100 instruments, including currency pairs, commodities, indices, bonds, and metals. Their fees are reasonable, with an average EUR/USD spread of 1.2 pips. You can choose to pay it or select another option to give nothing but a fixed commission. The account opening process is pretty simple, which can take a few minutes, but it may require several days to be approved by the broker. Deposit options are simple: you can get your money in for trading via Paypal, wire/electronic bank transfer, and credit/debit cards.
One can only withdraw their funds to the same account from which the deposit was made. They charge fees for taking out reserves into your account that differ according to the nature and number of cashouts. You can choose to place and edit your positions via their own or MetaTrader software. Their award-winning web platform offers lots of tools for charting and an intuitive interface. Customer support is given by live chat, email, and phone available 24 hours and five days a week. As expected by a brokerage who has been in the industry for the past 15 years, the responses are fast and satisfactory. The market pulse section provides an in-depth insight into forex news, technical analysis, and the economic calendar. Educational material is also available that provides essential knowledge of financial markets.
- Market pulse does an excellent job in providing news related to financial markets, technical analysis, news, etc
- Contain top clients belonging to reputable institutions that trade with the broker
- Phone support and live chat offers fast replies
- One of the key features of Oanda is that it accepts us clients
- Inactivity fees are only charged if a client is not active for 12 months
- Compared with other brokers that have a specific minimum deposit amount, there are no such requirements with Oanda
- A well-versed trading platforms that provide unique tools and trading equipment catered to your needs
- No negative balance protection is available for residents of some countries
- For a broker that has been around for a long time, the website is not up to the mark
- Fees are reasonable but a bit high as compared with market standard
Best For US Clients: IG
Max. Leverage: 1:50
Min. Spread: 0.8 pips
IG is one of the oldest forex brokers. Founded in 1974, it claims to have a revenue of 488 million GBP as of 2019. The brokerage is regulated by the Financial Conduct Authority (FCA) in the UK and undertakes Internal Capital Adequacy Assessment Process (ICAAP). The company prides itself as a no 1 CFD broker and gives access to over 17000 markets. Forex, indices, crypto, shares, options, and commodities are offered with IG super competitive spreads are provided by the broker, which starts from 0.4 pips for major forex pairs and 0.8 points on significant indices Germany 30, FTSE 100, etc. A new account would require about three days for verification, and a minimum of 300 dollars in deposit amount is required to start trading.
Putting cash in your account can be done via credit/debit card. Funds can be withdrawn to your card or can be completed via bank transfer. Withdrawals back to Paypal are usually the fastest option that takes no time. An inactivity fee is solely charged after two years of no executions on your account and will only deduct any money if there is any cash within. Web, desktop, and mobile trading platforms are available that open/close your positions with ease and quickness; MetaTrader Is provided as a desktop trading platform while the brokerage has web and mobile apps of its own. Learn to trade section contains information on managing your risk, trade analytics tool, news and trade ideas, strategy and planning, and financial events. Customer services are offered via live chat, phone, and email to answer all needs. They are available 24 hours a day from 8 am Saturday to 10 pm Friday.
- Strictly regulated by multiple jurisdictions ensuring that your hard-earned money is kept in safe hands
- User-friendly and powerful platforms for trading on mobile, web, and desktop
- A vast range of trading instruments is available to trade with IG
- Numerous amount of trading tools are available with IG to trade to help traders
- Accepts traders from the US and multiple other countries
- The inactivity fee is only charged after two years, which is unique for IG
- The broker gives a considerable amount of currency pairs that are more than 90 from which you can choose to trade
- Limited options available to fund your account online
- Customer support is not provided seven days a week
- The max spread that is available on the platform is 50:1 which may be considered as low by many
How to Choose a Forex Broker
Indeed after reading reviews about lots of different brokers, you might be confused about finding the right one for you. Following crucial things will highlight the key points one should look for when choosing a broker:
Being regulated by one of the recognized firms is a significant key to look out for. Most of the top brokers are regulated by FCA. in the UK, CySEC, SEC, and other noted firms. Under these regulatory authorities, any forex dealer comes under strict supervision to provide their services free from any hassles. Any client who feels as if their broker has cheated them can contact them, who will take action immediately based on the given proof.
Spreads and commissions
Spreads and commissions can be a significant factor in determining your trading efficiency, especially if you are a scalper. As there are a ton of different brokers in the market, the competition is high amongst them. Trading fees are usually mentioned on the website; if not, you can open a demo account with most brokers and check their spreads. ECN accounts are preferred when choosing a forex dealer as they offer the lowest costs on your trades and provide fast executions at the same time.
Deposit and Withdrawal Methods
Easy deposit options must be provided. Almost all the brokers these days allow you to deposit without any fees. Ease of opportunities to get your cash in with various options, including cards, bank transfers, E Wallets, Paypal, etc., is always beneficial.
Withdrawals are even more essential than deposits. Getting your cash back with a fair amount of rebates quickly will make anyone happy. Some brokers charge a relatively hefty fee on withdrawals even as small as 100 dollars. Such brokerage firms should be avoided by keeping an eye out for other better dealers.
A good trading platform will ensure that you get better execution, trading tools at your fingertips with a user-friendly interface. Availability of different market orders alongside the ability to tweak stop losses and take profits must be there for better risk management. Several forex brokers have developed their trading software for both desktop, web, and mobile. Other than traditional MetaTrader and cTrader platform tools, they have tried including even further features to benefit a trader.
Trading education and market analysis
Education and market analysis is essential for every trader no matter a novice or a pro. No matter how much you have advanced in trading, there is always something to grab due to the vast sea of knowledge that financial markets are. Market analysis can give you deep insights into what other traders are thinking and what the sentiment is.
Right Choice of Forex Pairs and Leverage
If your strategy is based around a selected choice of unique pairs and your broker doesn’t offer them, you won’t be able to trade. A broker should provide enough major and minor pairs along with other trading assets. Leverage is also a hot topic under discussion. Too much leverage can blow your account in seconds, while too little may not be able to give you a true taste of trading for low equity account holders.
Dealing with technical or other issues on your way to trading profits can be itchy. You don’t want to miss out on that perfect trade just because something isn’t right with the platform. One should be able to communicate such issues with their broker swiftly. Having good customer service that allows access to a broker via phone, live chat, email, social media platforms, etc., is a plus.
Our research has been done through careful observations mounting up to hundreds of hours in effort. We evaluate each broker after months of usage that includes scrutinizing regulations, trading platforms, fees, assets, instruments, accounts, customer experience, deposit/ withdrawal methods, education, and safety. After careful data collection, we summarized everything into short paragraphs with pros and cons using simple language for everyone to grab the knowledge swiftly.