BEST FOREX BROKERS

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Selecting a Forex Broker

Foreign currency is an exciting and fast-paced industry where fortunes are won and lost in a single blink. If you wish to engage in foreign exchange trading or investing, often known as the Forex market, you should work with a reputable Forex broker.

The most reputable Forex brokers provide a secure trading environment, competitive pricing, cutting-edge trading tools, and reliable trade order execution. For the average trader, sifting through the huge list of Forex brokers and selecting the best is too time-consuming, so we did the legwork and compiled a list of the finest Forex brokers for a variety of emphases and specializations.

The majority of these brokers offer free demo accounts, allowing you to try their services and platforms with virtual funds. Try it out with play money before using your real money.

Top Forex Brokers for Trading

Plus500

Plus500 is a publicly traded CFD company that was created in 2008 and is the primary sponsor of Atlético Madrid football club. The Plus500 CFD trading platform is provided by Plus500 UK Ltd, which is authorized and regulated by the UK Financial Conduct Authority. Plus500 UK Ltd is a subsidiary of Plus500 Ltd, a publicly traded business listed on the London Stock Exchange.

The broker’s trading platform is accessible in over 50 countries and is licensed and regulated globally by, among others, the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), the Monetary Authority of Singapore (MAS), and the Israel Securities Authority (ISA).

PROS

• Multiple international regulations – FCA, CySEC, ASIC, MAS, and ISA

• Over 2,500+ CFDs available for trading, spanning several asset classes.

• Trading commission-free.

• Simple to use proprietary trading platform.

• Multilingual client support 24/7.

CONS

• No phone help is available.

• An absence of market news and trading training.

FXTM

FXTM, which stands for ForexTime, is a platform that focuses mostly on foreign exchange. This concentration distinguishes it from the majority of other Forex-focused trading platforms and tools. There are over 50 currency pairings accessible for CFD trading, including major, minor, and exotic currencies. There is a maximum leverage of 1000:1.

Spreads are competitive across all platforms, and trading is available 24 hours a day, five days a week. FXTM is headquartered in Cyprus and is authorized by the International Financial Services Commission (IFSC), the Cyprus Securities and Exchange Commission, and other EU and non-EU regulators. There is a free demo account accessible.

PROS

• Support for more than 250 trading items on worldwide marketplaces, including Forex, commodities, shares, indices, and cryptocurrency CFDs

• Competitive spreads

• Support for MetaTrader 4 and MetaTrader 5 platforms

CONS

• Small maximum order quantity

• No native Mac desktop app

XTB

77% of retail investor accounts that trade CFDs with this service lose money. Consider whether you comprehend how CFDs operate and whether you can afford the high risk of losing money.

XTB is a CFD platform that covers Forex, indices, commodities, stock CFDs, ETF CFDs, and cryptocurrencies, and it has won a number of awards. For foreign exchange, XTB offers 48 currency pairs with low margins. Customers of XTB have the option of trading on either the xStation 5 or the MT4 platform. This broker offers up to 200:1 leverage on margin accounts.

PROS

• Select from two outstanding trading platforms (xStation 5 or MT4 platforms)

• More than three thousand trading instruments across six asset segments

• Tight spreads

CONS

• Fewer Forex pairs than several leading rivals

• No 24/7 support

IC Markets

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if necessary, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts offer spreads beginning at 0 pips and commissions of $3.50 every 100k traded. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any country or jurisdiction where distribution or use would violate local law or regulation.

IC Markets was established in 2007 in Sydney, Australia, and is governed by the Australian Securities and Investments Commission (ASIC) and the Seychelles Financial Services Authority (FSA). According to the broker’s website, in April 2019 alone they processed $646 billion worth of trading activity.

PROS

• An authentic ECN broker with institutional-grade liquidity

• MetaTrader and cTrader are accessible on PC, online, and mobile platforms.

• Extensive selection of tradable products with 24/7 client service.

• An impressive collection of educational resources and videos.

CONS

• Beginner traders may be overwhelmed by the number of available markets and trading platforms.

FP Markets

This website’s content is provided solely for illustrative purposes and general information. It does not constitute financial advice, nor does it take your investing objectives, financial condition, or specific needs into account. Commission, interest, platform fees, dividends, variable margin, and additional fees and charges may apply to FP Markets’ financial products and services. This website’s content has been created without consideration of your specific aims, financial status, or demands. Before deciding whether to acquire or sell a financial product, you should evaluate the facts in light of your objectives, financial status, and requirements. Contracts for Difference (CFDs) are derivatives and are potentially dangerous; when trading CFDs, you do not own or have rights to the underlying assets. Before deciding to invest in or dispose of a derivative, FP Markets suggests that you seek independent counsel from a suitably qualified individual. Before entering into a transaction with us, you should review the Product Disclosure Statement for each of the financial products offered by FP Markets, which can be accessed from our website or by contacting our offices. The First Prudential Markets Pty (ABN 16 112 600 281, AFS Licence No. 286354). FP Markets is a group of companies that includes First Prudential Markets Ltd (registration number HE 372179), a company authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC License number 371/18, Registered Address: Griva Digeni, 109, Aigeo Court, 2nd floor, 3rd floor, Limassol, Cyprus). FP Markets does not accept applications from residents of the United States, Japan, New Zealand, or any other country or

This brokerage provides a vast array of tradable assets through Forex, CFD, and share trading accounts. FP Markets supports the MT4, MT5, and IRESS platforms and offers leverage up to 500:1.

PROS

• 10,000+ tradable assets

• Select from three trading platforms

• Competitive raw account spread pricing

CONS

• Spreads on the standard account are high.

• A selection of possible additional charges

• AU $200 minimum opening balance

Swissquote

Trading includes risk, and Swissquote’s products and services are restricted to those who are permitted to receive them by local legislation.

Swissquote Bank Ltd. is an online forex, CFD, and derivatives trading broker that offers a whole trading package that extends beyond forex and CFDs. Swissquote Bank is a subsidiary of Swissquote Group Holdings Ltd and is the Swiss-based trading section of the corporation.

PROS

• Swissquote Bank is a governed institution.

• this is an extensive trader education package.

• Customer service is responsive and provides prompt assistance.

• Investor protection is extremely robust.

• Extremely diversified asset base that accommodates all types of traders.

CONS

• Many countries are excluded from doing business with Swissquote, preventing traders from opening trading accounts in such nations.

• Minimum deposit amounts are excessively high.

OctaFX

OctaFX is a Forex and CFD trading platform that emphasizes competitively priced spreads. It supports the MT4, MT5, and cTrader trading platforms.

PROS

• Low pricing spreads

• 3 distinct platforms and adjustable price

• A free Forex demo is accessible

CONS

• Only 28 currency pairs exist

• Few deposit alternatives

• Lost coverage by the UK Financial Conduct Authority in 2017

Exness

General Risk Warning: CFDs are leveraged products. Trading in CFDs carries a high level of risk and therefore may not be suitable for all investors. The investment value can both increase and decrease, and investors may lose their entire invested capital. The Company shall have no liability to any person or entity for any loss or damage in whole or in part caused by, resulting from, or relating to any transactions involving CFDs.

Exness was founded in 2008 and is a joint brand name of Nymstar Limited, a Securities Dealer registered in Seychelles that is authorized and regulated by the Financial Services Authority (FSA) of Seychelles, and Vlerizo (Pty) Ltd, a Financial Service Provider that is authorized and regulated by the Financial Sector Conduct Authority (FSCA) in South Africa.

The broker allows clients to trade on more than 200 financial CFD instruments, including Forex, Shares, Indices, Energies, Metals, and Cryptocurrencies, using its WebTrader platform and the world recognized MetaTrader 4 and MetaTrader 5 platforms for Web, Windows, and Mac.

PROS

• 200+ financial CFD instruments

Unrestricted leverage.

Available commission-free trading.

• MT4/MT5 available.

• Deposits and withdrawals are free.

CONS

• Not accessible in all regions.

BDSwiss

This website is operated for informational reasons exclusively by BDSwiss AG, the holding company of the BDSwiss Group headquartered at Grienbachstrasse 11, 6300 Zug, Switzerland. The BDSwiss AG provides NO financial products or services.

BDSwiss was established in 2012 and is a registered trademark of BDSwiss Holding Ltd, which is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC), the Financial Services Authority (FSA) Seychelles, and the Mauritius Financial Services Authority (FSC). This study focuses on the services supplied on the EU website and is thus subject to CySEC legislation.

BDSwiss provides clients with access to over 250+ financial instruments, including Forex, Commodities, Shares, and Indices, using its proprietary WebTrader platform and the worldwide recognized MetaTrader 4 and MetaTrader 5 platforms.

PROS

• CySEC-governed.

• Commission-free trading is available for CFDs other than shares.

• 250+ trading markets available.

• An abundance of research and educational resources

CONS:

• Premium features require a VIP account with a higher deposit minimum.

CMC Markets

Spread bets and CFDs are complicated instruments that carry a high risk of fast financial loss due to leverage. 76% of retail investor accounts with this service lose money while spread betting and/or trading CFDs. Consider whether you comprehend how spread bets and CFDs operate and whether you can afford the high risk of losing money.

Peter Cruddas started CMC Markets in 1989 as a market leader in CFDs and spread betting. CMCX is the ticker symbol for the corporation listed on the London Stock Exchange (LSE). Multiple global agencies, including the UK Financial Conduct Authority, supervise CMC Markets (FCA).

The Next Generation flagship trading platform offers sophisticated tools and capability for trading a large array of instruments. In the FX and CFD sector, spreads are among the most competitive. With over 30 years of experience and over 300,000 clients worldwide, CMC Markets has developed a state-of-the-art trading platform to assist traders in realizing their full potential. This broker’s research and educational offerings are also superior.

PROS

• Registered with numerous global top-tier regulators.

• Competitive fees and spreads

• Extensive selection of tradable instruments.

• Strong research resources.

• Good client service.

• Cutting edge platform.

CONS

• Monthly inactivity fee of £10 (no deductions are made if there are no funds in the account).

• There are no courses listed under education.

• There is no Islamic Account

Tickmill

Min Deposit:$100

CFDs are complicated instruments that carry a high risk of fast financial loss owing to leverage. When trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd, respectively, 79.27% and 73.32% of retail investor accounts lose money. Consider whether you comprehend how CFDs operate and whether you can afford the high risk of losing money.

Tickmill was created in 2014 and is regulated by the Financial Conduct Authority (FCA) of the United Kingdom, the Cyprus Securities and Exchange Commission (CySEC), and the Seychelles Financial Services Authority (FSA).

The broker offers more than 80 CFD instruments including Forex, Indices, Commodities, and Bonds for trading via three primary trading accounts known as the Pro Account, Classic Account, and VIP Account. In addition, they provide demo trading accounts and swap-free Islamic accounts.

PROS

• Multiple licenses and regulations.

Available commission-free trading accounts.

• Competitive overnight swap fees and spreads.

• Comprehensive array of research tools and analyses for traders.

Cons:

• No stocks available.

• MetaTrader 5 not available.

Selecting a Forex Broker

Every trader has various goals and tactics when choosing a Forex broker, but there are a few characteristics that every trader desires in a Forex brokerage:

• Regulation and dependability – When working with a regulated broker, you may rest assured that the broker has met the regulatory body’s operational standards.

• Low fees — A brokerage with low fees allows you to keep more of your profits. Different Forex providers impose fees in the form of commissions and/or markups on the spread.

• Excellent platform and trading tools – When you log in to your account, you should have access to everything you require for success. The best brokerage and forex platforms provide desktop, mobile, and web-based options for account management, position research and tracking, and trade entry.

• Fast trade execution — When you hit the buy or sell button, a delay of a few seconds might cost you a significant amount of money. Working with a platform that provides real-time data and near-instant executions is essential.

FX Empire is a pioneer in Forex and CFD (contract for difference) industry reviews and has years of experience studying and assessing brokerages and other financial companies from across the world.

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