Best Forex Brokers – Updated 2020 List!

You will need the best forex broker if you are planning to trade in Forex. Executing trading with the most trusted Forex brokers 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. There are several brokers for forex who help people in forex trading stocks, and commodities.

Benefits of Forex Trading

For the past two decades, the Forex trading sector had grown immensely; had offered opportunities for trading. With this, more people came to the accessibility of the financial markets where they need to choose suitable markets to trade. A trader should consider the advantages and disadvantages of the currency market before they proceed with forex trading. In case if you are a new trader, you should have a good knowledge of it before committing to it. The user should do their research and look out for an expert’s knowledge to understand the forex markets and then proceed with trading. Vanguard is one of the largest investment firms as it has over $5.3 trillion of assets & provides one of the best ETF trading services.

Let us discuss some of the benefits of Forex Trading –

  • Global trading Market: Forex (foreign exchange) market is one of the largest financial markets around the world. It is growing day by day; around $5 trillion on an average are traded daily, starting with new to experienced traders participating in the forex market. Hence we can say that the forex market is traded globally. We get to know from the Multibank Group review that Multibank Group is one of the global Forex & CFD brokers that provides trading services on multiple countries.
  • All type of traders: Forex trading is not only for experts but also used by all types of users. Based on the review, the IQ Option app has more than 48M users who trade regularly on this broker. Getting started in Forex is very easy and does not cost more money, especially when it is compared with options or stocks to trade; it is adopted by several users worldwide.  UFX Global is one of the trading brokers who provide its services to all around the world. Besides, without having the largest startup capital, this trading can be accessed by all individuals.
  • Liquidity: The forex market is huge, and it always associates itself with the word “liquidity” which implies that even though large volumes are traded at any time, the trader must not wait to buy or sell. There is always someone to trade on the Forex market. It can also be automated. Based on Libertex review, the broker provides both automated trading & support several currency pairs for its traders.Even though there are several trading pairs, one of the major ones is USD / EUR.
  • Decentralized: When we take into consideration the size of the market and its uses, we can say that not a single institution or a trader can control the market prices for any period. Further, the market adjusts itself accordingly. The market is fully decentralized, and there are no third parties. The user can trade directly with another trader in the market, and retail forex broker associates facilitate it. The market is directly influenced by the economy, not by the company or a person.
  • Several trading opportunities: Even though the market is going upwards or downwards, the user can trade by using their trading strategies. The user can find an opportunity to trade in any market and can trade with their selected currency pairs according to USGFX review. Besides, few users can achieve profit even though there are high volatile periods, and it carries more risk.
  • Trade round the clock: The forex market is open 24 hours with 5 days a week, and it never sleeps. The trader can trade whenever they choose to. The trading begins with the Sydney session, and it draws to close with the New York session, which means it works round the clock. Even though the trader is active or passive, they can trade at their convenience; it can be morning, afternoon, or night. In the market, there are many types of trading brokers like the Olymp Trade app, which provides FTT (fixed time trade) to its traders.
  • No Commissions: Concerning forex trading, there are no trade commissions or low charges for a large volume of trades. Exness broker is one of the trusted brokers who doesn’t charge any commissions on the trading.It does not charge clearing or exchange fees. Retail brokers earn their income by way of spreads (which is the difference between the bid and ask price). Reputed brokers offer highly competitive spreads by reducing the trading costs and maximizing the trader’s profits.
  • Accessing Leverage: Several Forex brokers offer leverage, which means the user borrows money from the broker to trade in addition to the deposited money. You can do leverage trading through Vantage FX International & its leverage is up to 500:1.This is considered as one of the most powerful tools and attractive features to trade on it.
  • Demo Account: Several Forex brokers offer a free demo account to the users to practice and to test their trade strategies. Practicing with a demo account is like real trade, but the users can trade with virtual funds. The AxiTrader demo account provides you real trading experience through its demo account so before starting the trading you get an idea about how to trade. The demo account is mainly used by the traders to improve their trading skills by using real market conditions without using real funds.

How to identify and choose the Best Forex Broker?

Identifying and choosing the best Forex broker needs careful planning; you should have goals in investing in foreign currencies. We have given below a few tips to identify and how to choose the best broker –

  • Every Forex broker that offers Forex Investments has its pros and cons. One of the most important factors to consider is the regulation and the security level offered by these broker companies and the transaction fees. Alvexo broker is one of the secured trading brokers as it is regulated by the top financial authorities. Security features differ from broker to broker. Few brokers have strict security measures like two-step authentication, which keeps the trader’s account safe from hackers. Bityard provides SSL encryption security on its platform and it used cold storage to store cryptocurrencies.
  • Several Forex brokers are regulated. Further, U.S brokers like tastyworks.com & others are regulated by the Commodity futures trading commission(CFTC) and the National futures association (NFA). The trader should keep in mind that not every broker is regulated, and they should research well about the unregulated brokers before proceeding with them.
  • The user should keep in mind that the forex brokers and their trading platforms have different minimum deposits and transaction fees. Before involving with a platform, the user should devise a budget for the Investments and several other factors to get involved with a broker.

Besides, choosing the best investment style can determine which broker can be best suited for you. Given below, we have compiled a list of top forex brokers for your understanding.

1. IG Forex broker

IG Forex broker has been one of the best brokers for Forex and CFD; they are in the trading 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.

Forex brokers - About IG Platform

Forex brokers – About IG Platform

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, IG Forex broker 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 users 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 one of the best forex brokers and biggest CFD brokers, which is based on trading revenue, having the largest number of active financial spread across betting accounts in the UK, and offers significant operations in South Africa. CFD and retail Forex traders who wanted access to the forex market will find IG an incredible choice. It is recommended that users have any experience level and looking for the best platform that is easy to use. A bit of investment advice, even though there are several forex brokers offering tutorials and demo account, it is highly recommended that the users do their research on the internet and read about the various experiences offered by the experts to avoid risk of losing money.

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

2. Oanda

Oanda forex broker is considered as one of the best forex brokers and earliest pioneers in the retail industry.  Oanda broker has 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, providing the latest services in trading technology to a worldwide customer base. It also offers services on foreign exchange for the benefit of its users.

Oanda – Broker Platform

Oanda – Broker Platform

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 forex brokers to develop and test FX trading strategy.

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 trade strategies in the forex market without much investment capital. It is also recommended for high-level users who are looking for great research tools and a user-friendly platform.

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

3. Forex.com

Forex.com is one of the best forex brokers offering a high-level forex platform used by the traders. Forex.com’s parent company is Gain Capital, which has been listed in the stock exchange. 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 and making money. Forex.com brokers also offer the users fantastic research tools, and apart from CFD and forex market, it also offers several currency pairs like major forex pairs, Bitcoin for trading outside of the US. This broker offers more than 4,500 CFD instruments on its platform.

Forex.com – forex broker

Forex.com – forex broker

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 trader’s account. forex.com broker offers several currency pairs and different account types for the benefit of its user. Besides, the customer support offered by forex.com is dedicated, and the users can contact any time during the day to solve their issues.

Fees

This broker has very low fees for stock, Index, CFDs, and they offer several order types. 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. Forex.com minimum deposit is $100 to open an account is lower than other top trading brokers.A bit of investment advice, the trader should do their research before investing money, as it is prone to higher market risks.

Best Suited for

Forex.com broker offers competitive pricing, a full-feature platform to trade, 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 who want to do forex trading, who are 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

4. Saxo Bank

Founded in 1992, Saxo Bank is a Danish investment bank that offers online forex trading and Investments and operates in South Africa. The company is globally regulated by various financial authorities, including 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

Saxo Bank – Platform

Minimum Account Requirement

For a classic account, the minimum amount of money to be deposited 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.

Fees

Overall, Saxo Bank is the best forex broker offering an average trading and non-trading fee. Saxo bank offers three types of accounts and several currency pairs; the user can choose from any of the accounts as per their convenience. 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 offers great services and 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 platform, and more than 40,000 instruments for the trader to access. It is highly recommended for traders and investors who are looking for solid research and an easy-to-use trading platform to make money.

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

5. FXCM

Forex Capital Market or FXCM is one of the top UK forex brokers providing CFDs and Foreign exchange. 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 top-class financial authorities regulate it like Australian ASIC and the UK FCA.

FXCM – Platform

FXCM – Platform

Minimum Account Requirement

The minimum account requirement to access FXCM is $50, provided the trader chooses to access 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. FXCM forex broker offers three account types for its users.

Fees

FXCM forex brokers offer 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. Even though many brokers offer outstanding service for its traders, many accounts lose money because of the high risk that revolves around the market.

Best Suited for

FXCM forex brokers can be best suited for multiple traders like algorithmic traders, high volume traders, and overall traders who want to access robust trading tools and quality market research, They might find FXCM to be the best bet. It is highly recommended for Forex traders looking for easy funding, withdrawals, and account opening. The users should be extremely cautious while investing in forex markets, as many accounts lose money while trading and high risks are involved.

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

6. 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. Gain Capital is the parent company of City Index. Top tier financial authorities had regulated city Index. 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 – forex platform

City Index – forex platform

Minimum Account Requirement

City Index forex broker does not ask for a minimum deposit if the trader deposits funds through bank transfer and Paypal. If the trader selects a 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 field, and it provides traders with Contracts for Difference (CFDs) and also spreads betting derivatives. This broker is recommended for CFD and Forex traders who are looking for good research tools and low Forex fees.

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

7. TD Ameritrade

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

Forex brokers - TD Ameritrade Platform

Forex brokers – TD Ameritrade Platform

Minimum Account Requirement

There is no minimum deposit required to open and access the 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.

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

8. 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. Interactive Brokers 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.

Forex brokers - Interactive Brokers

Forex brokers – Interactive Brokers

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

Even though many brokers offer several advantages in the forex industry, Interactive Brokers lead the industry by offering low trading costs for experienced traders who want to trade with foreign exchange. It offers excellent research tools and an exhaustive selection of tradable securities, highly recommended for traders looking for low fees with a professional environment.

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

9. eToro

eToro was founded in 2007 and it is headquartered at Cyprus. It focuses on social and copies 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 trade 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 – Best Forex Brokers

eToro – Best Forex Brokers

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 eToro 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.

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

10. Plus500

Plus500 is one of the leading CFD and forex brokers that support Indices, stocks, cryptocurrencies, and Forex. Moreover, it offers commission-free brokerage charges and very low spread rates and offers fast trades. 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 – One of Best Forex brokers

Plus500 – One of Best Forex brokers

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.

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 the 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 this broker charges no commissions.

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

Wrap Up

The user should consider several factors and should take their time before choosing a Forex broker because a wrong decision might cause them heavy loss. As per the Markets.com review, reputable brokers offer users useful resources, low trading costs, and they permit traders to access their educational materials. These brokers will handle the trader’s money and help the users open an account with them, and also they will also help them generate more profits by using their trading platform.

FAQ’s

1. How to find the best forex broker for beginners?

There are three basic ways to find out the best Forex broker. The first way is, to find out whether they are regulated and offer a user-friendly platform. The second way is that they should provide various educational resources, and the third one is they should offer quality market research.

2. Do you need a broker for Forex?

The Forex broker’s important role is to provide the user with easy access to the Forex market and help them make more profits. Several brokers will help the user about how to trade and learn about markets. Various types of Forex brokerage are available currently, starting in different sizes, and the trader can choose from any one of them.

3. Is forex trading legit?

Forex investing is a legitimate process, and it is not considered as a scam. Several scams have been associated with Forex trading. The user can use Forex as a real business to generate more profits. Moreover, with regulators’ intervention, they have several protections in place, which has improved the market significantly by making scams rare.

4. What is a Forex Broker?

When the user plans to trade foreign currency, they can use a Forex broker which is also known as a currency trading broker, to execute the trades. When the user trades in Forex, they buy or sell in currency pairs such as EUR/USD. The markets are open round the clock, 24 hours a day, 5 days a week.

Advertiser Disclosure

We offer a free comparison among various forex brokers, CFD brokers, and financial brokers. We have researched 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.

Thomas Gillard

Thomas is news editor at CoinNewsSpan. He has worked as a sub editor for leading newspapers and magazines. He is responsible for streamlining the news that would go live on the site. He singlehandedly executes different editorial decisions that are taken from time to time. His primary focus areas include Ethereum and Ripple and crypto mining.
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