Finally, each year ForexBrokers. Here's our high-level takeaways for each broker. To dive deeper, read our reviews. Swissquote , "Traders willing to pay a premium to have their brokerage account held with a Swiss bank choose Swissquote for its competitive, multi-asset offering. That said, Swissquote's UK-based offering provides better pricing despite offering a smaller range of markets. FXCM , "While the range of tradeable markets is narrow and pricing is just average, traders that appreciate robust trading tools alongside quality market research will find FXCM to be a winner.
AvaTrade Visit Site , "AvaTrade is a trusted global brand best known for offering traders an extensive selection of trading platform options. Our testing found AvaTrade to be great for copy trading, competitive for mobile, mostly in line with the industry average for pricing and research, and a winner for investor education. XM Group , "While XM Group struggles to stack up against industry leaders, in terms of its platform offering, range of markets, and pricing, XM Group provides an outstanding offering of quality educational content and market research.
Plus , "Plus is a trusted global brand that offers online traders an easy-to-use trading platform and a thorough selection of CFD instruments. However, Plus trails industry leaders in market research and advanced trading tools desired by active traders. Pepperstone , "While Pepperstone offers a small set of tradeable products, it provides one of the largest selections of third-party platforms, including multiple social copy trading options. IC Markets , "IC Markets caters exceptionally-well to algorithmic traders through its commission-based accounts.
That said, the range of markets, and research materials offered by IC Markets are not as impressive. Tickmill Visit Site , "Tickmill is a plain vanilla MT4 broker offering a minimal selection of tradeable securities. The primary drawback to an otherwise balanced offering is pricing that is higher than the industry average. Vantage FX , "While offering forex and CFD traders the MetaTrader platform suite, multiple social trading platforms, and a proprietary mobile app, Vantage FX trails industry leaders in key areas, including mobile apps, research, and education.
Moneta Markets "As a new standalone brand within Vantage Group, Moneta Markets struggles to compete with the industry average in the primary categories that are most important to forex and CFD traders. Eightcap , "With a small range of markets and no standout features across its research, education, platforms, and account offerings, Eightcap struggles to compete with the best forex brokers.
VT Markets , "VT Markets benefits from being part of the Vantage Group of companies, yet struggles to compete with the best forex brokers due to a limited offering of research, platforms, and tools, as well as a limited range of available markets to trade. BlackBull Markets , "With just MetaTrader 4 available alongside a handful of social copy trading platforms, BlackBull Markets offers a limited product range and struggles to compete with industry-leading forex brokers. Beyond its European license in Cyprus, OctaFX lacks regulation in major jurisdictions, which puts it at a severe disadvantage compared to other trusted forex brokers.
Regulated and trusted across the globe, IG offers traders the ultimate package of excellent trading and research tools, industry-leading education, competitive pricing, and an extensive list of tradeable products. For traders that can afford the USD 10, minimum deposit GBP for the UK , Saxo Bank offers competitive pricing, excellent trading platforms, brilliant research, reliable customer service, and over 40, instruments to trade.
CMC Markets is a globally trusted broker that delivers a terrific offering for traders thanks to excellent pricing, nearly 10, tradeable instruments, and the Next Generation trading platform, which comes packed with quality research, innovative trading tools, and powerful charting. When it comes to pricing, Tickmill offers the most competitive all-in cost to trade.
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Tickmill offers three accounts, and no question, Tickmill is best for active and VIP traders, who have access to pricing that competes among the lowest brokers in the industry. Using typical spread data listed by Tickmill for its Pro account offering of 0. Methodology: To assess brokers, we take into consideration how much beginners, average traders, and even more seasoned traders would pay, looking at average spreads for standard forex contracts , units as well as mini accounts 10, units and micro accounts 1, units , where applicable. We then calculate the all-in cost by including any round-turn commission that is added to prevailing spreads.
It delivers a terrific user experience, advanced tools, comprehensive market research, and an excellent mobile app. Hands down, the CMC Markets Next Generation trading platform is a market leader that will impress even the pickiest of traders. IG offers the most tradeable CFDs in the industry, 19, CFDs, or "contracts for difference," enable traders to speculate whether the price of a stock, forex pair, market index, or commodity will go up or down without taking ownership of the underlying asset.
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Alongside offering over 9, CFDs, Saxo Bank offers the most tradeable currency pairs, in total. The one caveat to Saxo Bank is the broker's high minimum deposit requirement for non UK residents. After placing phone calls to assess customer service from locations across the UK, XTB offered the best phone service. Connection times were consistently less than one minute and across 13 total calls, XTB received an average Net Promoter Score of 9. Methodology : To assess customer service, ForexBrokers. For the Review, customer service tests were conducted over eight weeks. Ten unique templates were used with three questions being asked, on average, per call.
This program in the UK is available only to Professional Clients. Using the average spread data of 0. Professional client status : In today's highly regulated forex world, traders who want to maximize their margin leverage must apply and obtain ESMA's professional client status with their broker.
List of the best 20 Forex Brokers | Trusted reviews and comparison
Methodology : We broke down each forex broker's active trading program to assess brokers for professional trading, comparing available rebates, tiers, and all-in costs. Alongside pricing, each broker's trading platform was tested for available advanced trading tools frequently used by professionals. Here are three of the most important factors to keep in mind when choosing an online broker for forex trading.
First, make sure your broker is properly regulated. The safety of your deposit is always the top priority. Next, compare the trading platforms, tools, and investment research provided by each broker. Finally, read forex broker reviews to compare pricing and product offerings e. It is crucial to use a well-known, properly regulated broker to avoid forex scams. In addition, in the case of bankruptcy or insolvency by the forex broker, there will be set procedure that dictate how client funds are to be handled. Regulation makes is difficult for brokers without the proper requirements to operate in their jurisdiction.
This in itself sometimes deters less reputable brokers from ever trying to gain licenses from these regulatory bodies. Though there is no guarantee that even the best forex brokers in the world within well regulated jurisdictions will not fail, the level of security for your funds will generally be much better than with unregulated brokers.
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Below is a list of countries and their respective regulatory agencies:. The financial stability and security of a well funded forex broker should bring some peace of mind to you. In the course of your due diligence process, it is important to know how financially strong a forex brokerage institution is. Some forex brokerages are small operations with just a handful of employees, others are among the biggest FX brokers and can be large organizations that are owned by a Parent company or Holding company. Most reputable brokers in highly regulated regions will be required to hold client funds in segregated accounts.
The safety of your account should be your primary concern and working with a financially strong capable forex broker will go a long way towards that end. And this axiom certainly holds true in the forex broker realm. There are new foreign exchange brokers that spring up by the dozens every year, and some of these companies are located in regions where regulations are quite relaxed or non existent. Even those brokers that have gone thru intensive regulatory requirements many still not always abide by the best practices espoused by their governing bodies. Ultimately, it is upto the individual forex trader to make sure that they are placing their funds with a reputable broker with a solid forex broker rating.
Ok so we know that the reputation of the forex broker is important, but how would one go about finding this information? There are a few ways. First and foremost is to ensure that you are planning on trading only with a regulated forex broker. The top forex brokers list at the beginning this article should help you decide among good forex brokers that are a right fit for you.
You can check the regulatory agency website to make sure that there are not any major complaints surrounding the broker in question. In addition, you can check online forex broker reviews, and forums to get information from past and present customers of the broker. One of the best detriments of how reputable a company is will be the actual age of the company.
Most forex brokers who have stood the test of time and been in business for at least 7 or 10 years are good candidates that may be deserving of your business. The biggest transaction costs in forex trading comes in the form of commissions or the dealing spread.
Commissions and spreads are the means by which forex brokers earn a profit on their business. Using a broker that has competitive spreads will effectively help your bottom line, but you do not want to sacrifice joining a broker with poor execution or one that is unregulated for the sake of lower transactions costs. There should be a healthy balance between both transaction costs and other criteria that you consider important when doing a Forex brokers comparision.
# List of 20 best Forex Brokers | Trusted comparison & test
The trading platform serves as the portal or gate between you, the retail trader, and the markets. It is the primary tool from which the trader performs their market related activities.
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A solid trading platform is as essential to the trader, as a sharp scalpel is to the surgeon. One of the most stable and popular trading platforms for Forex trading is Metatrader 4. There are other broker specific platforms as well, but Metatrader is by far the most widely used. Most of the top FX brokers offer demo accounts so that you can test drive any of the Trading platforms that they support. This is usually a good idea, and will help you become more comfortable with the platform when you decide to switch over to a Live Trading Account.
Keep in mind that the trading platform does not need to be overly fancy or have a lot of bells and whistles. Many times these additional features can become a distraction. A simple, yet powerful platform that is fast and user friendly will typically prove to be the most robust. In most normal market conditions, when you hit the Buy or Sell button on your trading platform, you should expect to get a speedy trade execution at your specified price. Every reliable forex broker will try to ensure this type of execution for their clients.
Currency brokers offering solid execution should be able to fill your order within seconds not minutes, and should have minimal re-quotes. During volatile market conditions, you may not get this type of fill. But during normal market conditions, you should demand the proper trade execution practices from your broker. So essentially, without trading a real account with the broker, you will not be able to fully test their execution abilities.

There are several different types of trading accounts that are offered by various forex brokers. Below is a brief description of each:. As you can imagine, each trader will have a different type of experience level and funding capability. And such, it is important that each trader analyze their unique situation so that they can best decide what type of account is best suited for them. Most forex traders will obviously want access to all the major currencies, along with most minor currencies and some exotic pairs.