Forex Brokers

You will need an online broker if you are planning to trade in Forex. Executing trading with a most trusted Forex broker is critical for success in global currency markets. As an investor or currency trader, the user might have specific needs related to the platform, research instruments, they offer. Besides, choosing the best investment style can determine which Forex broker can be best suited for you.

Given below, we have compiled a list of top forex brokers for your understanding.

  • IG

IG Forex broker had been in the Forex and CFT trade business for more than 40 years. The company provides access to worldwide exhaustive product lines which includes, stock indices, Forex, stock sectors, individual equity, cryptocurrencies, commodities, bonds and offers interest rates on various professional-grade mobile and web-based trading platforms.

IG – About this Platform

https://www.ig.com/en

Minimum Account Requirement

IG’s minimum initial deposit requirement is 250 pounds or currency equivalent. Standard accounts have a $1 minimum trade amount and a maximum of 300 dollars per option limit. Besides, it does not have a minimum deposit for using bank transfers; yet it has a $300 minimum deposit for using Paypal and credit or debit cards.

Fees

IG uses its size to offer traders competitive pricing, irrespective of the product traded by the user. For US markets they charge $10 per trade, for European markets they charge 10 pounds or 10 euros per trade or 0.1 %. Also, they charge an inactivity fee of $12 for a month after inactivity of 2 years.

Best Suited for

IG is the biggest CFD broker, which is based on trading revenue, having the largest number of active financial spread across betting accounts in the UK. CFD and retail Forex traders who wanted access in every market will find IG an incredible choice. It is recommended for traders having any experience level and looking for a trading platform that is easy to use.

Let’s see a few Pros & Cons of this Broker –

Pros Cons
  • Leading web trading platform
  • News and research are available by launching external applications or webpages
  • Good Educational resources
  • Limited product portfolio
  • Easy withdrawal and deposit options
  • Customer care needs to be improved
  • No Minimum amount
  • CFD Fees are high

IG – Trading platform

https://www.ig.com/en/trading-platforms

  • Oanda

Oanda forex broker is considered as one of the earliest pioneers in the retail forex industry. Oanda had built its reputation, technology, product offerings, and the customer base and serves customers all over Singapore, UK, Australia, and Canada. The company’s Inception dates back to the 1990s and it had been considered as a leader in retail Forex providing the latest services in trading technology to a worldwide customer base.

Oanda – Trading Platform

https://www1.oanda.com/

Minimum Account Requirement

Oanda does not require a minimum initial deposit; It makes sure that day traders and traders who are having limited capital do not have to deposit more money in case they cannot afford it. Also, there is no minimum account size which allows the traders to open an account with $1, by making it the best trading platform to develop and test intraday strategies.

Fees

Oanda charges very low Forex and CFD fees; further non-trading fees are also low. The withdrawal fees for bank transfers are quite high and have average no trading fees. There is no deposit fee; the withdrawal fee for credit or debit cards and Paypal is low, the bank withdrawal fees are quite high. When the traders are more than two years inactive, Oanda charges $10 per month.

Best Suited for

Oanda forex broker is best suited for established traders and who would like to test their trading strategies in the forex market without much investment capital. It is also recommended for forex traders who are looking for great research tools and a user-friendly platform.

Oanda – About this Platform

https://www1.oanda.com/

Let’s see a few Pros & Cons of this Broker –

Pros Cons
  • Easy to use trading platform
  • Customer service needs to be improved
  • Simple and easy account opening
  • Bank withdrawal fee is high
  • Low fees
  • Offers only Forex and few CFDs
  • This broker is regulated by the Monetary Authority of Singapore, CFTC, IIROC, FCA, and AIC
  • Research and news feed needs to be improved
  • Forex.com

Forex.com is the first forex trading broker. Over recent years, forex.com has been into revamping and upgrading its trading platforms and its related applications. Consequently, the company’s technology has become a core strength in trading Forex. It also offers the traders fantastic research tools and apart from forex and CFD markets, it also offers Bitcoin for trading outside of the US. This broker offers more than 4,500 CFD instruments on its platform.

Forex.com – Trading platform

https://www.forex.com/en/

Minimum Account Requirement

The traders require a minimum deposit to cover the initial cost associated with creating an account. The minimum initial account deposit is 50 units of base currency on the traders’ account.

Forex.com – Account opening

https://www.forex.com/en/

Fees

This broker has very low fees for stock Index CFDs. Moreover, stock CFD fees are quite high and also it charges inactivity fees, which are around 15 dollars of base currency per month, for one year or more.

Best Suited for

Forex.com forex broker offers competitive pricing, full-feature trading platforms, and exhaustive market research, a supportive mobile app for its traders. It is best suited for traders with all experience levels and also it is best for traders looking for good research tools and lower fees.

Let’s see a few Pros & Cons of this Broker –

Pros Cons
  • Supports a large number of currency pairs
  • Limited tradable assets
  • Lower fees on Forex
  • Does not support Meta trader5
  • Offers diverse research tools
  • Limited portfolios of products
  • Competitive pricing
  • High CFD fees
  • Supports Meta trader4
  • Navigating educational resources are not easy
  • Saxo Bank

Founded in 1992, Saxo Bank is a Danish investment bank, offering online trading and Investments. The company is regulated by various financial authorities globally, which includes the Danish financial services agency (FSA) and the UK financial conduct authority (FCA). Saxo Bank is referred to as a global service provider and in several regions, its subsidiaries are present as separate legal entities.

Saxo Bank – Platform

https://www.home.saxo/

Minimum Account Requirement

For a classic account, the minimum deposit requirement is $600 in the UK. Further, the minimum deposit can be based on the trader’s residency country and the type of account they choose. For example, the minimum account requirement for middle Eastern or central European traders is $10,000 and for Australian or Swiss traders is $2,000.

Saxo Bank – Account opening

https://www.home.saxo/

Fees

Overall, Saxo Bank has an average trading and non-trading fee. The fees for mutual funds, stock Index CFD, Forex are low, while for real stocks, stock CFDs or ETFs are average and for bonds, futures and options the fees are high.

Best Suited for

Saxo Bank is best suited for traders who can afford USD 10,000 or GBP 500 (for the UK) as a deposit. Saxo Bank provides competitive pricing, great research, reliable customer service, an excellent trading platform and more than 40,000 instruments for the trader. It is highly recommended for traders and investors who are looking for solid research and an easy-to-use trading platform.

Let’s see a few Pros & Cons of this Broker –

Pros Cons
  • Offers a wide range of product portfolios
  • High Minimum deposit
  • Good trading platform
  • Does not offer 24×7 live chat
  • The platform is fully digital
  • High fees for Futures, bonds, and options
  • User-friendly interface
  • Slow account verification
  • Available in several countries
  • FXCM

Forex Capital Market or FXCM is a UK based forex broker providing CFDs and Forex. It was established in the year 1999 and its main shareholder is the well-known Jefferies Financial Group. FXCM’s parent company had been listed on the New York stock exchange, which has an investment banking background. FXCM has a long track record and it is regulated by top-class financial authorities like Australian ASIC and the UK FCA.

FXCM – Platform

https://www.fxcm.com/uk/

Minimum Account Requirement

The minimum account requirement for FXCM is $50, provided the trader chooses a standard account. Active trader accounts need a $25,000 minimum deposit, where there are low commission rates and the spreads are average, which provides competitive pricing for traders who are trading high volume shares.

Fees

FXCM forex broker offers average non-trading fees and low trading fees; there are no deposit, account and withdrawal fees, yet the trader has to pay a $50 fee for one year of inactivity.

Best Suited for

FXCM forex broker can be best suited for multiple traders like algorithmic traders, high volume traders, and overall traders who use robust trading tools along with quality market research might find FXCM to be the best bet. It is highly recommended for Forex traders looking for easy funding, withdrawals, and account opening.

FXCM – Features

https://www.fxcm.com/uk/

Let’s see a few Pros & Cons of this Broker –

Pros Cons
  • Simple and easy account opening
  • The mobile platform needs to be improved
  • Good technical tools
  • Less product portfolio
  • Educational content is good
  • Does not cater to US clients
  • Several free trading tools are offered
  • Low minimum deposit requirement
  • City Index

Founded in 1983, City Index is a global CFD and forex broker. City Index is the brand name of GAIN capital, which had been listed on the New York stock exchange. City Index had been regulated by top tier financial authorities. City Index offers its traders an exhaustive range of products. Further, Multi-asset traders use this platform for great platform options, competitive spreads, great research tools, and dedicated customer service.

City Index – Trading platform

https://www.cityindex.co.uk/

Minimum Account Requirement

City Index forex broker does not ask for a minimum deposit if the trader deposit funds through bank transfer and Paypal. If the trader selects debit/credit card the required minimum deposit is $100. This is considered a low amount because there are few forex brokers where the minimum requirement is $2,000 or more.

Fees

City Index offers low fees for stock Index CFDs and Forex. On the contrary, stock CFD fees are high and it also charges inactivity fees. The minimum commission rates offered by City Index are 10 pounds or $10 or 10 Euros.

Best Suited for

City Index forex trading broker has 30 years of experience in the trading field and it provides traders with Contracts for Difference (CFDs) and also spread betting derivatives. This broker is recommended for CFD and Forex traders who are looking for good research tools and low Forex fees.

City Index – Features

https://www.cityindex.co.uk/

Let’s see a few Pros & Cons of this Broker –

Pros Cons
  • Offers diverse educational and research tools
  • Not the best platform for beginners
  • More than 12,000 instruments to trade on
  • No two-step login; traders might be prone to risk of losing money
  • Web-based trading platform
  • High CFD fees
  • Easy customization of charts
  • User-friendly interface
  • TD Ameritrade

Founded in 1978, TD Ameritrade is one of the biggest US-based forex trading brokers. TD Ameritrade has a long track record and it is listed on a stock exchange. It comes from a banking background where it discloses its financials and it is regulated by top-class regulators. Also, it offers a wide range of tools for beginners and experienced traders and investors.TD Ameritrade is located in Omaha, Nebraska. It offers its traders easy to use trading platform, great market research, $0 trades, great educational materials for beginners, and dedicated customer service.

TD Ameritrade – Platform

https://www.tdameritrade.com/home.page

Minimum Account Requirement

There is no minimum deposit amount required to open an account with TD Ameritrade, but it requires a $2000 deposit for margin and options privileges irrespective of any promotional offers.

Fees

TD Ameritrade offers free stock and ETF trading. Moreover, bond, forex and option fees are low, yet they charge high fees for mutual funds. They offer zero commission for exchange-listed US Stocks.

Best Suited for

TD Ameritrade offers large investment resource tools and it is highly recommended for traders and investors who are looking for good research tools and great trading platforms.

TD Ameritrade – Award winning experience

https://www.tdameritrade.com/home.page

Let’s see a few Pros & Cons of this Broker –

Pros Cons
  • Low trading fees
  • Can trade only in US markets
  • Best desktop trading platform
  • Slow account opening
  • Good Customer support
  • Credit/debit cards and electronic wallets are not supported
  • Free ETFs and stocks
  • Interactive Brokers

Interactive Brokers connect with any electronic exchange globally, so the traders can trade options and futures, equities across the world anywhere, anytime either on their desktop or on their mobile. It was founded in 1978 and is considered one of the biggest US-based discount brokers. This broker is regulated by various financial authorities worldwide, which include the UK financial conduct authority (FCA) and the US securities and exchange commission (SEC). Moreover, this broker is an ideal choice for active traders, especially for traders who are looking for a cheap volume pricing setup.

Interactive Brokers – Trading platform

https://www.interactivebrokers.com/en/home.php

Minimum Account Requirement

The account opening process for Interactive Brokers is fully digital and the minimum account requirement is also low. Moreover, it charges $2000 minimum if the trader would like to trade on a short sale or margin trading.

Fees

Interactive Brokers forex broker offers very low trading fees and for US customers, ETF and stock trading is free. Also, it charges high inactivity fees for non-US residents.

Best Suited for

Interactive Brokers lead the trading industry by offering low-cost trading for experienced traders. It offers excellent research tools and an exhaustive selection of tradable securities, which is highly recommended for traders who are looking for low fees with a professional trading environment.

Interactive Brokers – Features

https://www.interactivebrokers.com/en/home.php

Let’s see a few Pros & Cons of this Broker –

Pros Cons
  • Offers a wide range of product portfolios
  • Complex trading platform, prone to the risk of losing money
  • Several research tools
  • Account opening process is complicated
  • Regulated by authorities
  • Offers depositing and withdrawal options only through bank transfer
  • Pricing is low, especially margin rates
  • Inactive accounts are subjected to maintenance fees
  • eToro

eToro was founded in 2007 and it is headquartered at Cyprus. It focuses on social and copy trading, which has led to its rapid growth and now has several millions of clients globally. This platform offers services in the cryptocurrency sector. Its USP is copy trading, which allows the retail account holders to copy the trades and their trading strategies of the most successful clients in real-time. Even though several brokers are offering the same capability, none have come even close to eToro.

eToro – Trading platform

https://www.etoro.com/

Minimum Account Requirement

The minimum deposit account requirement depends on where the trader is based, which usually ranges from $200 and $500 and can go up to 10,000 dollars. In several cases, the required minimum deposit is $200 or more. It is different for the following countries –

  • $10,000 for Israel

  • $50 for residents in the USA and Australia

  • $500 for residents of China, Russia, Taiwan, Macau, and Hong Kong

Fees

eToro has low CFD; on the other hand, Forex trading fees are high and also it charges withdrawal and inactivity fees. Also, it charges a flat $5 fee on every withdrawal; the minimum withdrawal amount is $50.

Best Suited for

eToro’s unique strategy is copy trading, which helps the traders to copy other investor’s trades. It is highly recommended for traders who are interested in social trading.

eToro – Social trading platform

https://www.etoro.com/

Let’s see a few Pros & Cons of this Broker –

Pros Cons
  • Regulated broker
  • Does not have MetaTrader platform
  • Innovative mobile trading platform
  • Only one account base currency
  • Offers a wide range of products
  • Withdrawal is a slow process
  • Easy and simple account opening
  • High fees for Forex
  • Impressive charting
  • No live news streaming
  • Plus500

Plus500 is one of the leading CFD trading platforms that support Indices, stocks, cryptocurrencies, and Forex. Moreover, it offers commission-free brokerage charges and very low spread rates and also offers fast trades on the platform. Plus500 offers its support on complex trades, which includes negative balance protection and offers extensive educational materials. This broker is located in Israel and is regulated by financial conduct authority in the UK (FCA).

Plus500 –Trading platform

76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

https://www.plus500.com/

Minimum Account Requirement

Plus500 minimum account requirement is $100 for credit or debit cards and electronic wallets. It charges $500 for bank transfers. Further, trading at Plus500 platform is conducted on open positions on various financial instruments.

Fees

Plus500 offers low trading fees and average non-trading fees. It also charges inactivity fees where it is applied if the trader is not logging in. Besides, it derives its revenues from the spreads charged on more than 2000 assets. Trading costs for currency pairs are very competitive and no commissions are charged by this broker.

Best Suited for

It offers traders more than 2000 trading instruments; it is highly recommended for experienced traders who are looking for great user experience with an easy to trade platform. It is also recommended for users who are aware of CFD trading risk and for traders who are looking to trade on cryptocurrencies as well.

Let’s see a few Pros & Cons of this Broker –

Pros Cons
  • Low trading fees and no commission
  • Inactivity fees are charged
  • Easy to use trading platform
  • Limited product portfolio
  • No withdrawal fees
  • Minimum research tools
  • Bitcoin, Ethereum and several cryptocurrencies are offered
  • Low spread costs
  • Listed on the stock exchange

Advertiser Disclosure

We offer a free comparison among various forex brokers, CFD brokers, and financial brokers. We have researched on various offerings and compared the brokers and offered our service. We provide reference links and market information about the particular broker and we do not endorse recommendations or opinions and the sources of information.