One of the things that sets IBKRs apart is the sheer magnitude of their investment offerings. The brokerage currently offers over currency pairs, bitcoin futures, as well as over 7, CFDs. The broker offers a wide variety of well-produced educational content as well. IBKRs also offers a fantastic amount of research and news.
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Some of the research tools, however, are not free. Despite this, the broker merits high marks in this regard — IBKRs offers almost limitless research possibilities given their offering. Wait times are much shorter than before, now averaging 1 to 2 minutes, and the helpful IBot mobile virtual assistant is also a very handy feature. If you want to learn more, our complete Interactive Brokers review goes into much greater detail. Pepperstone is an award-winning brokerage that combines low fees and spreads with several highly-customizable platforms.
These, in conjunction with their platforms, make Pepperstone stand out in the Forex market. Pepperstone was founded in Melbourne, Australia, in It is regulated in two tier-1 jurisdictions by the ASIC and the FCA and has experienced meteoric growth and industry acclaim since its inception. So, what is the secret? A combination of laser-focused investment offerings, a wide variety of customizable platforms and tools, and low fees and tight spreads.
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The last point being the most important one — Pepperstone offers incredibly competitive spreads to clients. Pepperstone does not charge inactivity and withdrawal fees , and there is no minimum deposit amount. The broker also offers a free demo account which allows you to get acquainted with the platform of your choosing. Speaking of platforms, Pepperstone gives you quite a bit of choice in this regard.
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All of them are solid choices — and Pepperstone also provides a bevy of premium add-ons for their platforms. However, once all is said and done, we have to give a slight edge to cTrader. This platform has an advantage over the MTs when it comes to charting tools, and offers a slightly more intuitive user interface. This ECN platform has more than 70 technical indicators, as well as the cutting-edge cTrader Automate feature , which makes this platform the best choice for algorithmic trading.
Some of these platforms require minimum deposits and incur higher commissions, but they are nevertheless useful tools to have on disposal. The brokerage offers a good amount of currency pairs — 62, but the offering of CFDs is much more humble.
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Pepperstone offers two main account types — a regular account, and a Razor account. Regular accounts have higher spreads, but no commissions — Razor accounts, on the other hand, have much lower spreads but also come with a fixed commission. The spread for standard accounts, on average, is 1 — 1. Pepperstone also offers an Active Trader Program that comes with large rebates for customers that make large trades. However, the rebates kick in when you start trading lots or more, so this feature mostly appeals to seasoned traders.
Pepperstone offers customers an impressive amount of well-produced educational materials. These range from platform tutorials to webinars, educational articles, and even a YouTube channel.
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The research tools that the brokerage offers, such as AutoChartist and Smart Trader Tools are quite useful — although the scope of research and news is rather limited. The brokerage can be contacted via live chat, email, and phone. You can copy their trades — so any trade they make, you make. The broker is regulated in two tier-1 jurisdictions and one tier-2 jurisdiction and has recently expanded its business to the U.
Unfortunately, U. Both the web-based and mobile versions are crisp and feature easy to use , functional designs. The web-trading platform also boasts a number of powerful tools, including full-featured charting and approximately 70 indicators. The platform allows you to see how well their investments have performed historically, as well as how risky their strategies are.
Simply choose a dollar amount to dedicate to a particular trader, and you will execute the same trades that they do — typically less than one second later. You can copy up to traders simultaneously. The platform still has some antiquated fees, however. While this may be a step in the right direction, eToro still has a ways to go, as many competitors offer more appealing spreads.
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When it comes to cryptocurrencies, the spreads that eToro offers are competitive but vary to a large degree — from the quite tight 0. Whether you are interested in trading CFDs or currencies, IG has a huge selection of over 16, markets. IG has been around forever, and interestingly, was the first of its kind at the time. Today, IG is a leading forex provider, with competitive fees, superb educational material and research, and a huge variety of assets. S traders can now access IG U. However, IG U. The company breaks down the offered currency pairs into six categories — Major pairs, Minor pairs, Australasian, Scandinavian, Exotic, and Emerging Markets.
The broker caters specifically to forex traders in several ways, including offering higher volume forex traders access to an aggressive rebate program. Both offer advanced tools, as well as a news stream from Reuters and an economic calendar. One final note to U. IG has a minimum of 0. With this, you can trade on forex, cryptocurrency exchanges, individual equities, all stock sectors, bonds, and commodities.
You can also trade on interest rates through their mobile and browser-based platform. But note: there are steep, monthly inactivity fees after two years. See our IG broker review for more about their fee structure. This platform is easy to use and customizable. In addition to being a leading forex broker, IG is the largest CFD dealer due to its trading revenue numbers.
IG also offers six cryptocurrencies to trade as CFDs or spread bets but bitcoin has a pip spread which is above the industry average. DailyFX Forex University offers informative and accessible information for all traders of all levels.
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Its touch of humour allows traders to easily broach what can be a complex subject. Traders can take enjoyment out of articles with titles including, Meet Your Subjects in reference to forex pairs, and How to Stay in School, a piece about risk management. The courses can be completed in your own time and include interactive exercises and quizzes to liven it up and test your ability. Customer support is helpful and friendly and can be contacted by phone, live chat, email, and social media, including Twitter. New clients and existing contacts have separate numbers, and the team is available 24 hours a day Monday to Friday.
Overall, IG is suited to both smaller traders and professional traders. As one of the top U. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose.
As a publicly-traded company with regulations in four tier-1 jurisdictions, CMC Markets is considered a safe and low-risk forex and CFD brokerage. CMC Markets is best suited to active traders as well as beginners. The platform has a variety of educational resources and tools to help you learn about forex trading and CFDs, and a responsive and helpful customer service team. However, the firm also caters to more advanced and active traders who want to take advantage of their 0.
The truth is, CMC Markets has a low spread offering with very low trading costs overall. That said, this information can change so, make sure to check out the fees section yourself for any updates. Other forex brokers offer fixed spreads — which has its pros and cons. In addition, active traders are a focus for CMC Markets and are looked after.
This means that you can set risk thresholds for all of your positions, and you are guaranteed to close the trade exactly as you specify.