Customer support is helpful and friendly and can be contacted by phone, live chat, email, and social media, including Twitter. New clients and existing contacts have separate numbers, and the team is available 24 hours a day Monday to Friday. Overall, IG is suited to both smaller traders and professional traders. As one of the top U. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose. Their powerful platform and diverse investment offerings make it a favorite among all types of traders — because with all things considered, no one else comes close.
IBKRs has been a trailblazer for quite a long time. Needless to say, their regulatory safety is the best you will find in the forex market.
It is highly customizable and supports advanced charting, as well as 20 different order types. TWS is a powerful piece of software — so powerful that it may prove too complex for absolute beginners. Customers are offered prices that are aggregated from 17 global banks that deal in the foreign exchange market. One of the rare drawbacks of this broker is the monthly fees, should they be applicable. One of the things that sets IBKRs apart is the sheer magnitude of their investment offerings.
The brokerage currently offers over currency pairs, bitcoin futures, as well as over 7, CFDs. The company offers competitive fees, plenty of high-quality research tools, easy-to-use-apps, and cutting-edge tools.
The broker offers a wide variety of well-produced educational content as well. IBKRs also offers a fantastic amount of research and news. Some of the research tools, however, are not free. Despite this, the broker merits high marks in this regard — IBKRs offers almost limitless research possibilities given their offering. Wait times are much shorter than before, now averaging 1 to 2 minutes, and the helpful IBot mobile virtual assistant is also a very handy feature.
If you want to learn more, our complete Interactive Brokers review goes into much greater detail. In addition, it has the reputation of being the most trusted retail forex platform.
Oanda has been around since the beginning of retail forex. While it was developed within academia, the company has grown and built a reputation for being a trustworthy exchange. As a forex broker, it has more product offerings, better technology, and a dedicated customer base that spans the globe.
Since Oanda has been around since the s, they have the most historical data and offer the latest trading technology for forex traders. The quality of trade executions is considered high by most traders, and it has clear pricing and fee structures, which make it more trustworthy overall as a forex broker.
You can access a variety of apps online and via mobile, including their MetaTrader 4 app. Many traders find Oanda to be trustworthy, as it is regulated by a number of tier-1 agencies, including the Financial Conduct Authority in the UK.
The cost to trade on forex with TD Ameritrade is based on spread alone. The broker recently removed all trading commissions for stocks and ETFs in October However, TD Ameritrade also provides a calculator that helps you estimate the cost to carry different currency pairs.
This largely depends on the direction of the trade and order size. This is based upon data from October to September There is no minimum initial deposit, and you can access thinkorswim platform without a subscription.
With so many tools and research capabilities, you can streamline your trading and upgrade your skills. You can use the Forex Trader module to display rates for six different pairs or add more. There are 75 different forex pairs to choose from, and you can customize your dashboard as you like. There are technical indicators available for the charting tools. This is the most in the industry, and explains why TD Ameritrade is a favorite among U. There are also over 80 different strategies that trigger trading signals when a custom condition is set.
You can also test trades in their simulator platform. Pepperstone is an award-winning brokerage that combines low fees and spreads with several highly-customizable platforms. These, in conjunction with their platforms, make Pepperstone stand out in the Forex market. Pepperstone was founded in Melbourne, Australia, in It is regulated in two tier-1 jurisdictions by the ASIC and the FCA and has experienced meteoric growth and industry acclaim since its inception.
So, what is the secret? A combination of laser-focused investment offerings, a wide variety of customizable platforms and tools, and low fees and tight spreads.
The last point being the most important one — Pepperstone offers incredibly competitive spreads to clients. Pepperstone does not charge inactivity and withdrawal fees , and there is no minimum deposit amount.
The broker also offers a free demo account which allows you to get acquainted with the platform of your choosing. Speaking of platforms, Pepperstone gives you quite a bit of choice in this regard. All of them are solid choices — and Pepperstone also provides a bevy of premium add-ons for their platforms.
However, once all is said and done, we have to give a slight edge to cTrader. This platform has an advantage over the MTs when it comes to charting tools, and offers a slightly more intuitive user interface. This ECN platform has more than 70 technical indicators, as well as the cutting-edge cTrader Automate feature , which makes this platform the best choice for algorithmic trading. Some of these platforms require minimum deposits and incur higher commissions, but they are nevertheless useful tools to have on disposal.
The brokerage offers a good amount of currency pairs — 62, but the offering of CFDs is much more humble. Pepperstone offers two main account types — a regular account, and a Razor account. Regular accounts have higher spreads, but no commissions — Razor accounts, on the other hand, have much lower spreads but also come with a fixed commission. The spread for standard accounts, on average, is 1 — 1.
Pepperstone also offers an Active Trader Program that comes with large rebates for customers that make large trades. However, the rebates kick in when you start trading lots or more, so this feature mostly appeals to seasoned traders.
Pepperstone offers customers an impressive amount of well-produced educational materials. These range from platform tutorials to webinars, educational articles, and even a YouTube channel.
The research tools that the brokerage offers, such as AutoChartist and Smart Trader Tools are quite useful — although the scope of research and news is rather limited. The brokerage can be contacted via live chat, email, and phone. You can copy their trades — so any trade they make, you make. Risk Warning: Your capital is at risk. You should consider whether you can afford to take the high risk of losing your money.
The broker is regulated in two tier-1 jurisdictions and one tier-2 jurisdiction and has recently expanded its business to the U. Unfortunately, U. Both the web-based and mobile versions are crisp and feature easy to use , functional designs. The web-trading platform also boasts a number of powerful tools, including full-featured charting and approximately 70 indicators.
The platform allows you to see how well their investments have performed historically, as well as how risky their strategies are. Simply choose a dollar amount to dedicate to a particular trader, and you will execute the same trades that they do — typically less than one second later.
You can copy up to traders simultaneously. The platform still has some antiquated fees, however. While this may be a step in the right direction, eToro still has a ways to go, as many competitors offer more appealing spreads. When it comes to cryptocurrencies, the spreads that eToro offers are competitive but vary to a large degree — from the quite tight 0.
You can trade in forex with currency pairs and 35, CFDs. It also offers social trading and copy trading. Forex Broker Rating is a long-time running and well-reputed list featuring the most prominent and active brokers acting on the forex market today.
Our visitors are capable of voting, reviewing and commenting on the performance as well as on the strong and weak points of the brokers listed in the rating. For the most recent information please visit the forex-brokers site. Best Forex Broker We are evaluating and honoring the best forex brokers in almost 30 nominations. FxPro is an award-winning online broker offering Contracts for Difference CFDs and Spread Betting on forex, futures, spot indices, shares, spot metals and spot energies.
FxPro serves clients in NordFX is a leading multi-awarded international broker that offers individuals and companies a full set of services for Forex trading. Since its foundation in , NordFX always keeps abreast of Octa Markets Incorporated is a forex broker recognized worldwide.
OctaFX provides forex brokerage services to its clients in over countries around the world. OctaFX uses the most up-to-date We review the top Forex industry events on a daily basis.
As of late, the term FUD has been among the most critical topics We then calculate the all-in cost by including any round-turn commission that is added to prevailing spreads. It delivers a terrific user experience, advanced tools, comprehensive market research, and an excellent mobile app. Hands down, the CMC Markets Next Generation trading platform is a market leader that will impress even the pickiest of traders.
If you're a particular fan of mobile platforms, see our picks for best forex trading apps here. IG offers the most tradeable CFDs in the industry, 19, CFDs, or "contracts for difference," enable traders to speculate whether the price of a stock, forex pair, market index, or commodity will go up or down without taking ownership of the underlying asset.
Alongside offering over 9, CFDs, Saxo Bank offers the most tradeable currency pairs, in total. The one caveat to Saxo Bank is the broker's high minimum deposit requirement for non UK residents. After placing phone calls to assess customer service from locations across the UK, XTB offered the best phone service.
Connection times were consistently less than one minute and across 13 total calls, XTB received an average Net Promoter Score of 9. Methodology : To assess customer service, ForexBrokers.
For the Review, customer service tests were conducted over eight weeks. Ten unique templates were used with three questions being asked, on average, per call. This program in the UK is available only to Professional Clients. Using the average spread data of 0. Professional client status : In today's highly regulated forex world, traders who want to maximize their margin leverage must apply and obtain ESMA's professional client status with their broker.
Methodology : We broke down each forex broker's active trading program to assess brokers for professional trading, comparing available rebates, tiers, and all-in costs. Alongside pricing, each broker's trading platform was tested for available advanced trading tools frequently used by professionals.
Here are three of the most important factors to keep in mind when choosing an online broker for forex trading. It is crucial to use a well-known, properly regulated broker to avoid forex scams. To check if your forex broker is regulated, first identify the register number from the disclosure text at the bottom of the broker's homepage.
Next, look up the firm on the regulator's website to validate the register number. If the broker is not regulated in your country, do more research. To help traders, we track, rate, and rank forex brokers across over 20 international regulators.
If a forex broker is operating as a dealer, also known as dealing-desk, they will be on the other side of their client's trades. If a forex broker is not on the other side of their client's trades, they will be acting as an agent agency broker by routing the trade on to another dealer. There are also hybrid-desks, which may operate as a dealing-desk and agency. Lastly, matched-principals are dealers who immediately hedge their trades to remove any potential conflict of interest.
For forex and CFDs trading, the all-in cost to complete open or close each trade consists of the spread, plus any round-turn commissions. There may also be overnight financing charges, known as carrying costs, which can be either a net debit loss or a net credit refund. For our Forex Broker Review we assessed, rated, and ranked 27 international forex brokers over a three-month time period resulting in over 50, words of published research.
Each broker was graded on different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure read about Trust Score here. As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.
Ultimately, our rigorous data validation process yields an error rate of less than. Learn more about how we test. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument.
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