Interactive Brokers stands out as a rare trading platform that does forex and a wide range of asset classes equally well. Forex trading is popular worldwide, with more traders outside of the United States than within it. Nonetheless, the U.S. remains one of the largest financial hubs, and the U.S. dollar makes up half of the most popular currency pairs.
IG: Best Overall
Forex trading can be profitable, and the same could be said for every type of investing. There is no one way to be profitable in investing, but forex traders tend to do well when they have a defined trading strategy, control their overall trading exposure, and are mindful when using leverage. 80% of retail investors lose money when trading CFDs with Pepperstone.
- The broker’s transparent fee structure further enhances its appeal.
- Individuals looking for Cryptocurrency CFDs such as Bitcoin should consider Forex.com (City Index) which has the lowest trading costs.
- Not only does IC Markets have tight spreads, but the broker also has Lowest Commission Brokers costs for most base currencies including the GBP, USD, EUR and AUD.
- There is no legal recourse should they run away with your funds or handle your capital negligently.
- For a limited time, IG is removing the IG spread on all FTSE100 shares on spread betting products.
Platforms & Tools
More than half the companies we reviewed charge inactivity fees, and AvaTrade is one of them. In addition, the company falls a bit short with its below-average offering of just 1,250 tradable assets and 55 forex pairs. 76% of retail investors lose money when trading CFDs with AvaTrade.
Best for Low Costs
- A regulated broker must adhere to strict rules, which, if broken, will result in fines or the loss of their license to operate.
- I was particularly impressed with IC Markets’ policy of having no minimum order distance restriction.
- However, those looking for platforms like cTrader or RTrader may need to consider other brokers.
- There are over 50 indicators available in the mobile app covering all the most well-known ones, such as Bollinger Bands and MACD, and other newer ones, such as the Stochastic Relative Strength Index.
If you see any element (no matter how basic) that may require updating, feel free to contact the authors using the Contact Us form. We aim to update this site regularly and provide dates on each page of when the last update was. We recommend that the website and tables be used as a guide when formulating your trading forex strategies to help make your decision easier.
Saxo stands out for its wide range of investable assets, including access to stocks, bonds, mutual funds, forex, cryptocurrencies, commodities, and options. Traders can express their forex trades using either spot contracts, options, swaps, CFDs, or forwards. While Saxo does offer the ability to trade cryptocurrency, this can only be done using derivative products. Though not uncommon among forex brokers, Pepperstone is not available in the U.S. It also offers a relatively low number of tradable symbols and does not offer trading in non-CFD shares, ETFs, or cryptocurrency. Another highlight is Pepperstone’s active trader program, which rewards high-volume traders with rebates and other benefits, further reducing trading costs.
For example, the platform has an in-built real-time, automatic pattern recognition detector. This means you can easily identify candlesticks and chart patterns using AI technology. The layout of the platform is fully customizable and can be adjusted by using a drag-and-drop method.
City Index offers 6 of the most popular cryptos including Bitcoin, Ripple, Ethereum and Litecoin but where it shines is the low costs with some of the lowest spreads and swap rates on the market. Tastyfx, Oanda, and FOREX.com, among others, are open to U.S. customers. It is also worth noting that some large stock brokers offer access to limited forex trading.
Top Forex Brokers at a Glance (
Brokers regulated by well-established financial regulators have the highest level of investor protection and must follow strict rules to protect your capital. The safety of your funds should always be the number one priority. Non-trading fees can include charges for account maintenance, account inactivity, deposits, and withdrawals. It is wise to review the deposit and withdrawal methods and their respective fees so you are not surprised by any high charges. Choosing a regulated broker is essential to keeping your funds safe and ensuring your broker has no conflicts of interest in executing your trades. A regulated broker must adhere to strict rules, which, if broken, will result in fines or the loss of their license to operate.
Before investing, you should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Our editors independently research and recommend the best products and services. You can learn more about ourindependent review processand partners in ouradvertiser disclosure. We may receive commissions on purchases made from our chosen links. Tastyfx is a new brand name of IG US, which launched its US forex trading service in 2019. It is registered with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA).
Best for Mobile
This allows you to purchase 1/10th of a share and is useful to trade stocks with a high share price, benefitting forex trading guide and forex broker reviews those with small accounts. With a good range of trading platforms, ActivTrades is a top broker to consider. Swissquote boasts one of the most powerful proprietary forex trading platforms, providing access to over 3 million trading and investment products, exceptional charting capabilities, and automatic real-time pattern detection.
IronFX offers seven account types that suit various trading strategies and styles. Founded in 2010, It is authorized and regulated by the UK FCA, CySEC, and the FSCA and has one unregulated entity based in Bermuda. ActivTrades offers an excellent range of share CFDs from the U.S., Europe, the UK, Asia, South America, and other regions. In our live fee test, I found the spread for Apple averaged 0.04 points during the New York open, which is better than the industry average.
Pepperstone Has The Best Forex Trading Platform
They also allow the trading of cryptocurrencies to commodities and indices. Our Best CFD Brokers in Australia rewarded XTB as the best CFD broker. Saxo currently delivers its products and services to customers in over 50 countries. Saxo is also regulated in the European Union via the MiFID passporting system. Privately owned and headquartered in Copenhagen, Saxo was established in 1992. Saxo operates as a bank, but focuses on providing trading access and platforms to traders, rather than traditional banking and lending.
Then a shady broker froze my funds, and I had no one to complain to. I think that’s why there were so many payment options, finaincal organizations were ready to work with this broker which is a clear sign of reliability. I used neteller for trnasctions, nothing strange, filling in the info was clear. So far I’m trading on ECN trading account, the conditions are great, let alone getting a 100% deposit bonus to my balance. IG Group, which is Australia’s largest retail foreign exchange broker was considered the second-best when it came to education. The IG Academy included interactive education, webinars, and seminars as well as a demo account to trade risk-free.
They are still the best forex broker for beginners as risk management tools can limit losses and their training facilities are the best for novice traders. Saxo and Pepperstone also scored highly during our review process, with Saxo standing out for its extensive range of offerings, and Pepperstone topping the list for advanced trading features. IG’s tastyfx is the best choice for often underrepresented U.S. forex traders, while FOREX.com’s mobile platform takes the spotlight for trading and managing accounts on the go. Our list of top options is rounded out by AvaTrade, where beginner traders will find everything they need to develop, and XTB, thanks to its competitive pricing mix.