Forex is an impeccable and thrilling market where one can earn a lot of money through a variety of trading features. You have to deal with the best FX brokers if you are willing to begin your own forex trading or investing. Forex brokers assist in providing a secure trade environment, competitive pricing, updated trading tools and quick and dependable trade order execution. For an ordinary trader, selecting the best fx broker might sometimes be a tough job.
Hence, we did the legwork for you and narrowed down a list of some of the best FX brokers with a variety of emphases and specialities. The best forex trading books suggest you try multiple brokers while learning and trade and don’t wed yourself to one broker or trading platform too soon. The economics of the foreign exchange market means that making a profit is difficult as it is a zero-sum environment, meaning you must beat another trader to generate a positive return.
This is a recent round-up that takes a look at active brokers in the FX industry and is not an endorsement or a recommendation to trade FX with these brokers. Trading FX is a high risk activity.
FXTM generally focuses on foreign exchange. FXTM has many specializations which makes them the best FX trading platform. CFDs are accessible on more than 50 different currency pairs. FXTM lets users get leverage of up to 1000:1. FXTM offers competitive spreads and allows users to conduct trade 24 hours a day. FXTM also offers its users a free demo account.
This is a well-known broker with a fantastic offering for traders, including competitive pricing and approximately 10,000 tradable instruments. CMC Markets (LSE: CMCX) has the greatest platform with its flagship upgraded web interface, which includes superior research, unique forex trading tools, and advanced charting.
This caters to both novices and professionals due to its customizable flexibility and inexpensive fees. Pepperstone offers cheap fees and spreads, as well as a variety of highly configurable platforms. Pepperstone doesn’t have any withdrawal fees or any kind of minimum deposit amount. Pepperstone also offers a free demo account, allowing you to familiarise yourself with the platform of your choice. When it comes to chart tools, this platform has an advantage over MTs, and it has a somewhat more straightforward user interface.
Capital.com gives its users a safe and secure platform that is well regulated in Belarus, Cyprus and the United Kingdom. Traders can also use Capital.com’s award-winning trading platform for manual trading techniques. Forex traders get access to 138 currency pairings, making it one of the greatest options in terms of assets available. Capital.com offers over 3,000 trade products in total, including 200 cryptocurrencies, making it one of the largest cryptocurrency exchanges.
This brokerage provides a vast array of tradable assets. FP Markets offers leverage of up to 500:1 and supports the MT4, MT5, and IRESS platforms. FP Markets allows its traders to trade 45 different currency pairs with low spreads and commissions. A slightly newer business than some other brokers, FP Markets is still earning its reputation.
For more than a decade, oanda has been a leader in the forex market. It has more product choices, greater technology, and a dedicated customer base that covers the globe. Oanda has the most historical data and offers the most up-to-date trading technology for forex traders. No minimum account balance is required to trade with oanda. Most traders rate the quality of trade executions as excellent, and it offers transparent pricing and fee structures, making it a more trustworthy forex broker overall. You can also use a variety of apps, including their MetaTrader 4 software, both online and on your mobile device.
You can have access to over 17,000 markets if you use IG to spread bet financial assets. This comprises indices, commodities, crypto, and stocks, in addition to dozens of different types of currency pairings. All fees are integrated into the spread at IG, so you may trade FX with no commission. When trading major pairs, this starts at just 0.6 pips, which is extremely competitive. Profits from forex spread betting at IG are exempt from the capital gains tax, which is a huge advantage for traders. Tax rules may vary and you should always check tax rules independently before making any investment.
Our guide on how to trade forex explains how difficult making a profit in the forex market can get. Choosing the best forex brokers can help every trader reduce risk while gaining the benefits of trading.