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Best and most trusted forex brokers in March 2021
The global foreign exchange forex market is the largest and most actively traded financial market in the world, by far. When looking for the "best" forex broker, both beginners and experienced traders generally look for several key features and benefits. Among the most important of these are: the overall trading experience, the breadth and depth of product offerings currencies, CFDs , indexes, commodities, spread betting , cryptocurrencies , etc.
Through extensive research and a strict adherence to our robust methodology, we have determined the best forex brokers in all of these areas and more, which has resulted in our top rankings below.
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Our mission has always been to help people make the most informed decisions about how, when, and where to trade and invest. Given recent market volatility and the changes in the online forex brokerage industry, we are more committed than ever to providing our readers with unbiased and expert reviews of the top trading platforms for traders of all levels, for every kind of market. Like many forex brokers, CMC does not accept U.
CMC Markets is for all types of traders, from the novice retail trader looking to dip their toes into the online trading arenas of forex, CFDs, and spread betting, to the experienced veteran seeking exposure to a broad array of products. The firm's fees are competitive within the industry and it ranks high on several of our lists. London Capital Group LCG , founded in , has continued to keep pace in the highly competitive online brokerage space.
The company's latest rebranding effort occurred in with the launch of LCG Trader. This, coupled with the ubiquitous MT4 downloadable platform and a functional mobile application, comprises LCG's entire online offering to the consumer. LCG provides access to a broad selection of CFDs and spread betting instruments across several different asset classes.
Like most others on this list, LCG does not accept U. As one of the major U. The firm's fees are competitive within the industry and it ranks high on our list for customer service. With these positive attributes along with its apparent focus on functional simplicity, LCG is well-suited to beginning traders. Aside from rating highly overall, the company is ranked as the winner for Investopedia's Best Forex Broker for Beginners in Although you certainly don't have to be a beginner to benefit from its offerings, LCG is hard to beat if you are just starting out.
Saxo Capital Markets is for the advanced trader. It offers a broad variety of brokerage services geared towards sophisticated active traders, investors, professionals, and institutions. Smaller account holders will encounter a number of unusual obstacles that include higher account minimums, a variety of fees, and fewer customer support options.
Tiered accounts lower trading costs and add benefits as equity grows, but the majority of retail traders will have a tough time reaching the higher customer tiers.
Founded in as Poland's first leveraged foreign exchange brokerage house, X-Trade morphed into X-Trade Brokers in to comply with new Polish regulations. The firm does not accept U. XTB offers maximum leverage of up to for non-U. The firm places an emphasis on customer support and offers relevant educational tools and research amenities that would be well-suited to a novice trader. In the U. It's as simple as that. To deliver on this successfully, IG has decided to adopt the time-honored adage, "go big or go home" because, well, it can.
Low spread costs, emphases on customer service and education, actionable research, and functional user interfaces make this broker well-suited to compete in the online forex broker market. Traders in Since opening its doors in , Australia-based Pepperstone Group has emerged as a top-tier player in the online brokerage landscape, building a highly competitive and full-featured trading portal that focuses on forex, shares, indices, metals, commodities and even cryptocurrencies.
Best Forex Brokers
Pepperstone offers uncomplicated access to the markets which allows the client to focus on the complicated task of trying to successfully trade the markets. Pepperstone is ideally suited to traders that want a manageable range of low-cost offerings, multiple choices of user interfaces and account types, and efficient customer support.
Investopedia's ranking methodology factored in these attributes in declaring Pepperstone as the Best Forex Broker for Trading Experience in When you are choosing an online forex broker you will need to think about your immediate needs as a trader. There are several questions to ask yourself during the process of searching for a suitable broker. However, people often ask do you really need to use indicators? Some professionals believe indicators overcomplicate charts and decision making. Instead, pros try to minimise distractions, focusing only on those alerts and tools they really need.
Yes, fundamental news can steer price, but the challenge is predicting when the market will react and to what extent. For this reason, lots of pros use fundamental analysis to complement their technical analysis. Instead, their market aptitude allows them to stay agile in the face of changing market conditions. For further guidance on strategies, see here. Most professionals utilise the resources around them. That might be getting tips from those in their network or from social copy platforms. It could also mean reading books and getting coaching from a mentor.
Professional advice through an online coach or mentor can prove useful. Many opt to go it alone, making the same mistakes again and again. Whereas if you hire a professional forex trader, errors are often quickly spotted and bad habits coached out of. Basically, the right mentor can shorten your journey to becoming a successful professional trader.
The problem is there are a host of online mentors and coaches parading as experienced investors and educators. So what should you look for when you hire a professional forex trading mentor? Online courses can also be an effective way to learn from experienced forex professionals. But with so many courses available, what are the key characteristics to look for? The professional forex trader is acutely aware of the importance of choosing a top trading platform. And in a market where margins are slim, every edge counts. Today the aspiring professional forex trader has multiple platforms to choose from, some of which are listed below.
Please note that these are general platform tips — all traders need to individually research and choose a platform that suits their needs. The MetaTrader 4 MT4 system is the most popular choice among forex professionals. The customisable platform and comprehensive repertoire of tools make it a fantastic option.
The software is home to over 2, custom indicators, one-click trading, nine different time-frames, economic calendars, plus real-time market news. However, the industry-leading platform for forex does have some drawbacks. Also, some brokers offer wider spreads on the MT4 system vs their primary platform.
The system offers advanced charting capabilities, a breadth of indicators, and trade automation.
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The platform is available via web or download on both desktop and mobile devices. The ZuluTrade platform is a good option for strategies that use automated investing. The NinjaTrader platform offers customisation through its Strategy Builder.
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The Market Analyser and Market Replay trading tools also allow you to test strategies on recent market data. The powerful and user-friendly platform will meet the needs of most professional traders. For more information on what forex brokers and platforms to use, see here. One of the distinguishing characteristics of a professional forex trader is their mindset.
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While the professional mindset may come naturally to some, it usually takes years of training and experience. The income earned by professional forex traders varies and a consistent salary is rare. Earnings one month may be several thousand US dollars while next month you may see no profits at all.