For all the complaints levied against Forex trading, average investors just like you can make a substantial profit in the foreign exchange market. All you have to do is take the first step.
If you’re already dealing with cold feet and researching Forex horror stories on Reddit, you’re not alone. Before you take a leap of faith with any online broker, it’s important to get informed about the potential risks and benefits that come with trading foreign exchange.
So long as you start currency trading with a reputable Forex broker, you won’t have to roleplay as one of Jordan Belfort’s victims. While it’s always possible to lose money when trading, the best Forex brokers offer a degree of protection against losing money rapidly.
Our top 9 Forex brokers are compliant with government regulations that protect investors from fraudulent trading. They also list minimal fees, low account funding limits, automated trading strategies, competitive pricing, and thousands of currency markets to browse through.
Best Forex Trading Platforms:
- Public.com: Best Forex broker overall
- Interactive Brokers: Top reputable Forex broker
- IG: Top Forex broker for trading CFDs
- Saxo Bank: Excellent trading platform for Forex market variety
- XTB: Great for low trading costs
- Plus500: Reliable customer support
- CMC Markets: Forex broker for novice traders
- SoFi: Top Forex broker for automated trading strategies
- Forex.com: Great for Forex trading in the US
1. Public.com is the top Forex broker.
• 25+ cryptocurrencies
• Fee-free trading of stocks and ETFs
• $0 account minimum
Cons
• Stocks, ETFs, and cryptocurrencies only
Forex Market Variety: 4.9/5
Public.com offers up to thirty distinct cryptocurrencies, providing you with the diversity you require for your investing and trading needs. Algorand, Bitcoin, Cardano, and Chainlink are examples.
Public.com, similar to Acorn and Robinhood, allows individual investors to purchase fractional stock shares for as little as $1. Investors will have access to more than 25 cryptocurrencies and stock options spanning thousands of global markets.
As one might expect given the company’s moniker, Public.com focuses on community investing. You will be able to imitate the market moves of profiteering site members, which can remove most of the uncertainty from Forex trading.
4.8/5 for Commissions & Pricing
Due to the fact that they list 100% commission-free stocks and ETFs, you will retain every penny of your gains. In addition, Public.com lists a $0 account minimum, so you will not be required to make a deposit if you decide this platform is not for you.
Their offerings are restricted to equities, ETFs, and cryptocurrencies. If you wish to purchase, sell, or trade bonds, CFDs, or options, you will need to locate a different brokerage.
Customer Service: 5
In addition to emailing support@public.com, chat support is accessible from 9:00 a.m. to 5:00 p.m. Eastern Time, Monday through Friday, to address any issues you may have.
2. Interactive Brokers – Trustworthy Forex Broker
The rock-bottom share prices provided by Interactive Brokers facilitate the investment practices of seasoned Forex traders.
Pros
• $0 account minimums
• More than 17,000 no-fee mutual funds
• Trading of BTC, BCH, LTC, and ETH
• Minimal crypto commission
• Support by phone, email, and live chat
• Unique investment categorization
Cons
• User interface has a learning curve
• Mobile app is simply ordinary
Forex Market Variety: 4/5
Experienced retail investors can buy, sell, and trade across 17,000+ mutual funds without incurring transaction fees.
There are no commission fees associated with these mutual funds, so you will keep 100% of your gains.
In addition to Bitcoin, Bitcoin Cash, Litecoin, and Ethereum, you will have access to tens of thousands of more stocks, options, ETFs, futures, corporate bonds, and fractional shares.
We were impressed by Interactive Brokers’ website’s innovative investment categorizations, despite the fact that their website and mobile apps require some adjustment time.
Retail investors with experience can acquire a good understanding of each company’s position on LGBTQ+ rights, ocean life conservation, and other issues.
4.5/5 Commissions & Pricing
If you would want to sign up for an account and explore Interactive Brokers’ platform on your own, you can do so without making a deposit. Advanced investors can enjoy share values ranging from $0.005 to $1, with a maximum price of 1% of the amount of each transaction.
Their 100% commission-free mutual funds are not subject to any hidden costs, and crypto traders can enjoy transaction fees between 0.12 and 0.18 percent.
Bank wire transfers have a minimum cost of $10 for cash withdrawals.
Customer Service: 4.6%
Interactive Brokers is available to retail investors 24 hours a day, six days a week via telephone, live chat, and email.
While IB does not have physical locations in the United States, we believe that their customer care service is more than capable of managing urgent situations remotely.
Even completely empty accounts are eligible for trading guidance and support, so feel free to contact us if you have any questions.
3.IG is the best Forex broker for CFD trading.
IG offers short-term and long-term CFDs across 17,000+ financial markets for a commission fee of 5%.
Pros
• CFDs on more than 17,000 marketplaces
• Automated trading techniques
• Website favorable to users
• Dedicated mobile app
• No withdrawal fees
• 0.5% stock/ETF transaction fee
• Support through telephone, e-mail, live chat, and Twitter
Cons
• 5% CFD commission fee
• $250 account minimum
• No CopyTrading Allowed
Forex Market Variety: 4.1/5
IG was created in 1974 as the first legitimate spread betting company. Since then, they have amassed close to 200,000 customers and expanded to list CFDs throughout tens of thousands of financial marketplaces.
Naturally, you will also have access to more than 80 currency pairs via their user-friendly website and/or mobile application. If you wish to trade Forex and CFDs simultaneously, you can find successful shares from the same 17,000+ global equities.
However, IG does not offer any type of CopyTrade scheme. In other words, you will be required to make your own financial judgments independent of eToro‘s expert gurus.
Commissions and Pricing: 4 out of 5
There is a 5% “winnings” fee on all turnover generated from trading CFDs. Yes, we are aware that this commission is high, but it would be difficult to find more lucrative CFD opportunities elsewhere.
Since IG’s typical commission for owned assets is approximately 0.5%, trading stocks and ETFs is significantly cheaper. Initial account funding requires a deposit of $250 or more.
On the bright side, you can make limitless fee-free withdrawals to your preferred bank account.
Retail investors should be aware that CFDs carry a significant risk-to-reward ratio. Never invest more money than you can afford to lose, even if you have a solid bet.
Customer Service: 4.5/5
IG excels in this area; retail investors can contact the company by phone, email, live chat, and Twitter direct messages. Unlike sites like eToro, members of IG will not be required to deposit a certain amount of capital before having access to the phone line or live chat support service.
While their employees are absent on Sundays, we were impressed by their commitment to offering superior customer care.
4.Saxo Bank: Leading Trading Platform for Forex Market Diversification
Although Saxo Bank requires a minimum first deposit of $2,000, skilled traders can discover leverage with over 60,000 symbols.
Pros
• 22,000 available stocks
• 9,000+ different CFDs
• 6,900+ unique ETFs
• 0.005% stock trading fees
• Telephone and electronic mail support
• Trading in BTC, LTC, ETH, and Ripple
Cons
• $2,000 account minimum
• There is no chat support
Forex Market Variety: 5/5
The market diversity offered by Saxo Bank is the greatest in class. Retail investors can speculate on over 9,000 CFDs and over 6,900 ETFs over 22,000 equities.
You will also be able to purchase, sell, or exchange fractional amounts of BTC, ETH, LTC, and Ripple.
Long-term retail investors can examine more than 300 futures from 28 worldwide exchanges or hedge their bets with more than 4,500 corporate bonds representing 21 foreign currencies.
With 22,000 listed stocks and approximately 38,000 extra possibilities, you’ll find almost everything here.
4.3/5 for Commissions & Pricing
Before registering with Saxo Bank, you need be prepared to deposit at least $2,000.
They do not allow traders who fill their accounts with less than $2,000 to begin trading, which may deter people who are not ready to risk a large sum of money.
After overcoming this obstacle, you will enjoy fee-free crypto purchases and low stock trading costs.
Stock, ETF, CFD, and Forex trades incur a transaction fee of 0.005%, which is near the bottom of the price scale.
Customer Service: 4 of 5
As a reputable Forex platform, Saxo Bank recognizes the need of providing suitable customer care choices. Their crew is available 24 hours a day, seven days a week via phone or email, however there is no “live chat” button.
Thankfully, Saxo goes above and beyond to provide real-time phone support without charge.
necessitating an increase in account money.
5. XTB: Excellent for Low Trading Fees
Even taking into account their relative lack of asset variety, XTB is the best option for traders seeking the lowest commission rates on the market.
Pros
• $0 account minimum
• Low forex spread fees
• Commission-free transactions
• 48 exchange rates
• 20+ global exchanges
• 2,100+ stocks and CFDs
• Phone, email, live chat assistance
Cons
• Comparative dearth of market selection
• No mobile app is downloadable
• There are no social investment options
Forex Market Variety: 3.7/5
Although XTB does not provide nearly as many tradable symbols as our top recommendations, it offers individual investors a sizable portion of the pie.
We encountered 48 currency pairs, including 23 foreign currencies as well as Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. In addition, XTB offers over 2,100 key stocks and CFDs from over 20 global exchanges, placing it slightly behind eToro in this regard.
Unfortunately, there is no CopyTrade service or downloaded mobile software for mobile trading on this platform. In any case, XTB’s asset selection comprises the great majority of potentially lucrative deals.
4.8/5 for Commissions & Pricing
Given their ultra-low FX spread costs, ordinary investors in the United States can obtain profit leverages of up to 10 times their initial investment. For CFD transactions, this profit margin might rise to 500 times the initial investment.
You will also enjoy commission-free stock, ETF, and cryptocurrency transactions across the entirety of XTB’s asset catalog.
Although XTB charges a $10 monthly fee after one year of inactivity, there is no minimum amount required to begin trading and bank wire payouts are free.
Customer Service: 4.2%
During its first 15 years as a Forex broker, XTB earned the trust and devotion of more than 500,000 individual investors.
Consequently, they highlight the significance of offering superior customer service. Monday through Friday, retail investors can get in touch by phone assistance, live chat, or email.
Even if their offices are closed on the weekends, you will have access to quick, highly qualified agents 24 hours a day, seven days a week.
6.Plus500 Is the Best Online Forex Broker for Customer Support Professionals
• Prompt and knowledgeable customer service alternatives
• Low account minimum of $100
• Minimal stock transaction costs
• sixteen currency pair
Cons
• Can’t conduct quick transactions
Traders who refuse to settle for anything less than prompt and knowledgeable support should consider opening an account with Plus500. You will have access to live chat, WhatsApp, and email around the clock.
Although they do not have a separate phone line, their employees are among the best (and fastest) in the industry. They responded to our email within an hour, which is practically unheard of.
If you require emergency assistance, a live chat or WhatsApp message will connect you to a person who can assist you within seconds.
Along with thousands of commission-free stocks and ETFs, Plus500 traders will have access to 16 currency pairings. You can open an account with as little as $100, which is the lower end of typically necessary account minimums.
However, quick traders are not permitted here. If Plus500 discovers that you have closed a trade inside the first two minutes of trading, your account will be canceled permanently.
You can read more about Plus500 to discover just how fantastic this platform truly is!
7.CMC Markets is an excellent forex broker for beginners.
Pros
• $0 account minimum
• Negative balance safeguard
• Competitive prices for stock shares
Cons
• Costs for CFDs above average
CMC Markets provides inexperienced and novice investors with a relatively inexpensive option to dabble in Forex, stock, ETF, and cryptocurrency trading. You will have access to 10,000 tradable symbols at an affordable price per share, and many of the hosted choices are commission-free.
However, CFD traders will incur spread charges that are above normal. However, amateurs shouldn’t expose themselves to the heightened risk profile typically associated with CFDs.
8.SoFi is outstanding for automated trading strategies.
Pros
• Free trading management
• Rebalancing accounts automatically
• Completely hands-off investment
Cons
• There is no specific tax loss harvesting
SoFi is the ideal Forex broker for investors that lack the time to handle their portfolios. Clients can select from ten or more low-cost portfolios, all of which are maintained for free by the most recent AI software.
You will also have unrestricted access to SoFi’s staff of licensed financial planners if you desire human guidance. SoFi does not automate or track your investment losses for tax season, unlike other trading platforms.
9.Forex.com – Leading Broker for Forex Trading in the United States
Pros
• #1 Forex brokerage for US traders
• 21 years in operation
• Over 80 currency pair
Cons
• Restricted to foreign currency transactions only
With more than 80 currency pairings in addition to gold and silver choices, Forex.com has established itself as the premier Forex broker for US traders.
Despite the absence of equities, ETFs, and cryptocurrencies, this platform covers a vast array of worldwide currencies and maintains market offers in all fifty states.
How We Selected the Top Forex Trading Platforms for Novices
Forex Market Variety
Because we believe that active traders should have a world of possibilities available to them, we selected foreign exchange platforms that allow investors access to the greatest number of marketplaces.
Commissions and Costs
The most advantageous foreign exchange marketplaces do not charge transaction fees. Whether you’re trading Forex, CFDs, stocks, ETFs, or cryptocurrencies, our top-ranked platforms enable retail investors to retain a greater portion of their profits.
Why not check out some of the most popular bitcoin casinos while you’re at it?
Customer Service
Although you hope you never need customer service, the safest Forex brokers won’t abandon you if you do. Any respectable internet trading platform makes swift communication straightforward and convenient.
Public.com Has No Account Minimum.
How to Begin Foreign Exchange Trading
1. Create a new Interactive Brokers account.
You will notice a green “Get Started” button in the center of the Interactive Broker website. Create a unique username and password by clicking on the link. Then, input your selected email address and check both boxes.
To continue, click on the blue “Create Account” button.
2. Verify your email address
Interactive Brokers will send a verification email to your mailbox. If you have not received an email within three to five minutes, check your “spam” or “promotions” folder.
Open their email after you find it. Click “Verify My Email” then. You will be returned to their website.
3. Complete your profile
Click “Fill Out My Profile” Then, input any personal information requested. It is now time to place your initial deposit and commence Forex trading.
4. Make your initial investment
On the homepage of Interactive Broker, click the menu in the upper-left corner of the screen. Then, select the option labeled “Deposit Funds.” Enter the amount of cash you wish to deposit and choose your favorite currency from the drop-down option.
Click the “Deposit” button to initiate online trading immediately.
Top Forex Platforms: Frequently Asked Questions
What Are the Leading Ten Forex Brokers?
• Public.com
• IG
• Saxo Bank
• XTB
• Plus500
• CMC Markets
• SoFi
• Electronic Brokers
• Forex.com
• eToro
Can individual investor accounts incur losses?
We will not sugarcoat it: ordinary investor accounts consistently lose money. Although all traders are vulnerable to market volatility, your capital gains or losses will be determined by the stocks, ETFs, and crypto currencies you choose to trade.
Forex traders should be aware of the elevated risk associated with CFD trading. CFDs, also referred to as “contracts for differences,” are not based on the value of equities, commodities, foreign exchange markets, or futures.
When trading CFDs, you commit to receive or pay funds based on the fluctuating value of a certain asset. In lieu of trading Bitcoin, for instance, investors might bet on whether the price of BTC will rise or fall over a given time period.
Can Your Money Be Stolen by a Forex Broker?
Numerous “top-rated” Forex platforms are dubious, however there are hundreds of trustworthy broker platforms. Before you begin your search for a virtual security seal, you must consider a few factors.
Any proprietary trading platform that is worthwhile to use is owned by a publicly traded corporation. For the purpose of preventing capital theft, reputable Forex brokers are transparent, compliant, and regulated.
We only recommend Forex brokers based in the United States, the United Kingdom, Canada, Australia, or Singapore. Because of the stringent enforcement of rules, Forex brokers operating in these nations are trustworthy.
Which Forex Broker is the Most Reputable?
Interactive Brokers is indisputable the finest broker for Forex trading.
Is It Possible To Trade Forex With A Minimal Deposit?
Beginner Forex traders can enter the forex market with minimal initial capital. While minimum deposit requirements differ across online brokers, eToro’s $10 account minimum has gained prominence.
Which Forex Broker Has the Least Expensive Fees?
Although most Forex brokers do not charge an arm and a leg to utilize their trading platform, eToro offers the highest return on investment.
eToro does not charge any fees for stock or ETF transactions, and its 1% cryptocurrency transaction fee is the lowest among regulated broker sites that we’ve seen.
Are Forex Brokers Cost Effective?
For retail traders ready to take calculated risks, forex brokers are worthwhile. To benefit from Forex trades, you do not need to be a hedge fund manager or aspiring millionaire, contrary to popular assumption.
Forex traders have two advantages over conventional stock investors. Your speculative intuition can be just as valuable as the currency you choose to trade, given that you do not need to acquire or sell tangible assets to make a dollar.
Often referred to as “social investing,” many of the main Forex broker systems permit individual users to copy deals. You will essentially have the cheat code necessary to advantage from the expertise of financial gurus.
Research all possible alternatives to prevent slipping into debt or hurting your credit score.
Who is the World’s Largest Forex Broker?
Broader Forex brokers provide more stability and trading leverage to regular investors because they have a larger client base. In terms of liquidity, IC Markets is the largest Forex broker in the world.
