The foreign currency (FX) market is by far the world’s largest and most active financial market. Consequently, when looking for the “best” forex broker, new and seasoned traders often look for various crucial features and benefits. The most significant variables include the overall trading experience, the breadth and depth of product offerings, pricing, trading platforms, customer support, trading research and education, and trustworthiness. The top 10 forex trading platforms in all the categories and more have been identified by Traders Union.
5 Tips for Selecting a Forex Broker
- Regulatory Compliance
When choosing a forex broker, you should look at their reputation first. A trustworthy forex broker in the US will belong to the National Futures Association (NFA), which serves as the futures industry’s self-regulatory body.
- Account Features
Different account options are offered by each forex broker. When evaluating broker characteristics, keep the following factors in mind: leverage and margin, commission and spread; minimum starting deposits; and ease of withdrawals and deposits.
- Currency Pairs Offered
Although there are many different currencies that can be traded, only a select number receive the majority of attention and, as a result, have the most liquidity. A broker may provide a huge range of forex pairs; however, what matters most is that they provide the pairings that appeal to you as a trader.
- Customer Service
Since forex trading is conducted around-the-clock, a broker’s customer service department should be accessible at all times. Also, take into account how simple it is to reach a real person by phone.
- Trading Platform
The trading platform serves as the market entry point for investors. Trading platforms and software should therefore provide the technical and basic analytical tools that traders want, and transactions should be simple to enter and exit.
Top 10 Forex Trading Platforms
- FOREX.com
The finest overall currency broker is FOREX.com, a StoneX company. This broker is licensed in the US and welcomes US clients. Through its subsidiaries, FOREX.com is also under the regulation of authorities in six important international jurisdictions.
- CedarFX
For customers to build their accounts, CedarFX focuses on combining the most favorable market circumstances with superior pricing and technology. As a result, a low spread typically denotes minimal volatility and great liquidity.
- IG Markets
Customers of IG Markets get access to up to 80 currency pairings for trading. The minimum deposit required by the broker is $250. Due to regulation from the CFTC and NFA, IG allows clients from the United States.
- SimpleFX
SimpleFX is accessible anywhere with a few limitations. WebTrader, MetaTrader 4, as well as dedicated phone applications for Android, iPhone, and HarmonyOS, are all ways to access the platform.
- Interactive Brokers
One of the lowest fees in the industry is provided by Interactive Brokers, which charges no commission on stocks and marketplace funds that are listed on U.S. exchanges (ETFs).
- (Non US) eToro
Since you may follow the trades of experienced traders who have a track record of success, social trading, which is eToro’s area of expertise, is perfect for beginners. In addition to its top-notch social trading route, eToro offers fantastic learning materials for those new to forex trading.
- (Non US) AvaTrade
Among the most secured brokers in the business, AvaTrade is subject to 7 regulators on six continents. However, its wide range of assets, industry-leading platforms, and favorable trading circumstances may pleasantly surprise you.
- (Non US) FXCC
With access to 70 major currencies, several CFD alternatives, spot metals, as well as the top 8 cryptocurrencies, FXCC is the ideal brokerage for non-U.S. users. Popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin just are a few of the ones that exist.
- Pepperstone
You can invest easily in a variety of possibilities by using Pepperstone. The platform provides cTrader or MetaTrader, as well as round-the-clock client care. In addition, through Pepperstone’s educational platform, you can study as much as you need, and you can create a broad portfolio that will assist you in increasing your net worth and accumulating wealth.
- XTB
Award-winning CFD platform XTB covers cryptocurrency, stock CFDs, ETF CFDs, indices, commodities, and Forex. XTB offers low-cost spreads on 48 currency pairs for use in forex trading. Customers of XTB have the option of trading on the MT4 or xStation 5 platforms.