Best Forex Brokers

Trading forex online has become immensely popular. In this article we compare the very best forex brokers available on the forex market. FX brokers are not created equal.  There isn’t one best forex broker for everyone, since each forex trader has a different trading style! Although they all offer asset classes , such as forex and CFDs, they vary in fees and attitude towards a client.  It is often a matter of individual preference for the forex trader. In our forex brokers list we compared  fees, spreads, trading platforms, regulations, charting and analysis so that you don’t have to waste your time!  

Below list is based on an extensive testing. Decide which one best suits your forex trading style and pick a top forex broker from the list.

Best Forex Brokers for 2020

 

Pepperstone

This Melbourne-based Australian is broker that provides a competitive, multi-featured trade execution via multiple platforms, including mobile devices and MetaTrader 4. You have a choice of over 150 tradable instruments across a wide range of asset classes, including cryptocurrencies, forex, metals, and other commodities. 

Pepperstone allows  you to execute these trades from anywhere in the globe via a wide range of account types.

Pepperstone is an online forex and cfd broker that requires  only $150 minimum deposit. This account is backed by a comprehensive list of funding sources, including MasterCard, Visa, Skrill, Bank Transfer, PayPal, and Neteller. Standard debit/credit deposit fees still apply – 1.8% for AUD and 3% for other currencies.

The best thing about this trading account is that it provides you with numerous educational resources to build your skill level so that you can recognize profit opportunities more easily.

Pros:

  • Provides extensive FREE educational resources
  • Has numerous tradable asset classes , including forex, cryptocurrencies CFD
  • User-friendly webtrader that is best suited for amateurs 
  • Expert trading platforms (MT4, MT5, cTrader) 
  • One of the top brokers for swap free trading

Cons:

  •  Does not have a single stock CFD 

Visit www.pepperstone.com


XTB

XTB is an online forex and cfd broker that  allows you access to a wide range of markets, including forex, cryptocurrencies, indices, shares, metals, and commodities. X-Trade Brokers trace their origin back to Poland. The company is registered with the Polish Financial Supervision Authority, as well as the Financial Conduct Authority. XTB is also publicly listed on the Warsaw Stock Exchange.

When it comes to their account fees and trading costs, they are average for the industry. XTB’s forex spreads, however, have consistently been better than average. Their platform allows access from both mobile and desktop.

Pros

  • Provides you with access to over 1500 trading markets
  • CFDs on forex , commodities , cryptocurrency, stocks
  • Real stocks without commision !
  • Registered with the FCA
  • Builds your trading skills by providing you with educational material

Cons

  • A relatively pricey initial investment of $250 required once you open an account

Visit www.xtb.com


XM

XM is a subsidiary company to Trading Point Holding, which is a global CFD and FX broker that was created in 2009.

XM is one of the best brokers for forex trading in 2020

Nonetheless, XM also has a global footprint and is regulated by three separate financial authorities: the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the International Financial Services Commission of Belize (IFSC). This means that XM is one of the safest platforms to trade on.

XM also features some of the lowest CFD and withdrawal fees. Additionally, opening an account is fast and easy. It also comes with a variety of educational tools to help build your skills.

XM’s product portfolio is quite limited, as it only offers Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDs. They also charge an inactivity fee if you do not use your account for more than 90 days.

Pros

  • Easy and fast account opening
  • Offers forex and CFD trading of stocks and cryptocurrencies
  • The availability of good educational material
  • iOS/ Android trading App is the best for mobile traders !

Cons

  • Charges inactivity fee
  • Limited portfolio of CFD stocks

Visit www.xm.com


How to Find the Best Forex Broker

As there are numerous forex trading platforms out there, you must take your time when selecting a forex broker. The truth is that some brokers do not look out for their clients’ interests the way others do. Consider the following factors when choosing a forex trading broker.

When done right, forex trading can be a lucrative venture. By utilizing the principle of leverage, you can increase your profits by 100 fold, as you can trade with up to 100 more times the money than you have in your account.

Nonetheless, this also implies that you stand to lose just as much if you don’t get it right. If you are not well versed in the trade, opening a trading account with a reputable forex trading broker is highly recommended.

Broker costs

In addition to the initial deposit, there are some other ‘hidden’ fees that some brokers charge their clients. In fact, you will be surprised to learn that there are platforms that can charge you up to 10 times more for the same trade. Therefore, check out a broker’s fees and conditions first to ensure that you are not getting the short end of the stick.

Trading Platforms

The only reason you are subscribing to a forex broker is their comprehensive and insightful tools. These tools allow you to recognize profitable ventures in good time. Some platforms even allow for customization to allow you to tailor your investments to your needs. As such, check out various platforms to see which one has tools and configurations that suit you.

Regulation

Unfortunately, the market is full of unscrupulous players that will make away with your money any chance they get. Legitimate brokers are often regulated by a financial commission to allow their customers a chance at legal recourse in case of misunderstandings.

Therefore, always look to make sure that your broker is regulated by at least one international financial institution.

Reputation

The reputation of a forex broker, both precedes and follows them. This means that you should pay close attention to what other people say about a trading platform. While no broker is perfect, there shouldn’t be too many complaints about them.

Customer Support

In case anything goes wrong in your account, you need someone from the company that you can talk to. Reputable forex trading platforms provide you with competent support throughout your journey with them. Avoid dealing with companies that have no customer support system.

Education

As a beginner, you can lose a lot of money due to a lack of necessary trading skills. Good forex trading companies will provide you with comprehensive educational material to harness your skills so you can be more proficient.

Mobile-Friendly

There are times that you will need to trade on the go, perhaps following a tip, which means that you may not have time to access a computer. Good trading platforms are designed to be compatible with mobile browsers.

Final Thoughts

More often than not, the success of your forex trading pursuit depends on the type of broker you have. Choosing the best forex broker is not a decision that you should rush into, but you are unlikely to go wrong with any of the brokers we reviewed.

Disclaimer: CFDs and forex are complex financial products that come with a high risk of losing money