5 Best Forex Brokers

The greatest platforms are provided by these forex brokers to traders of all stripes.

The world’s biggest and busiest financial market is the foreign exchange, or FX, market. When looking for a reliable forex broker, traders of all skill levels should look into the following: trading experience; depth and breadth of product offerings (currencies, spread betting, commodities, contract for differences (CFDs), etc.); fees (commissions and spreads); trading platform(s) (web-based, downloadable software, mobile, charting, and third-party platforms); customer support; trading education and research; and reliability.

To assist you in selecting the best forex broker for your requirements, we have investigated and evaluated dozens of firms.

Best Forex Brokers

Best Overall, Best for Range of Offerings	CMC Markets
Best Forex Broker for Beginners	London Capital Group (LCG)
Best Forex Broker for Advanced Traders	Saxo Capital Markets
Best Forex Broker for Low Costs	XTB Online Trading
Best Forex Broker for U.S. Traders	IG
Best Forex Broker for Trading Experiences	Pepperstone

CMC Markets: Best Overall and Best for Range of Offerings

Why We Made That Decision

Established in 1989, CMC Markets (CMC) is a reputable, publicly traded, and well-known forex broker in the United Kingdom that has adeptly adjusted to the constantly evolving online brokerage market.1 The London Stock Exchange (LSE) is where the corporation is listed, and its ticker is CMCX.2. CMC does not take US traders, similar to a lot of other forex brokers.3.

All levels of traders can use CMC Markets, from the inexperienced retail trader wishing to try out spread betting, CFDs, and FX trading online to the seasoned veteran looking for exposure to a wide range of products. The fees charged by the firm are reasonable for the sector.

Pros and cons

pros

• ✔wide selection of products
• ✔controlled by FCA (UK)
• ✔a focus on instruction and customer support
• ✔top-tier research facilities in the industry
• ✔provides customer account protection.

Cons

• ❌doesn’t take clients from the US
• ❌Distinctions between MT4 and Next Generation
• ❌Excessive CFD spreads on specific indices

London Capital Group (LCG): Best for Beginners

Why We Made That Decision

Since its founding in 1996, London Capital Group (LCG) has maintained a steady pace in the fiercely competitive online brokerage industry. With the release of LCG Trader in 2016, the business changed its name.4 LCG’s online consumer solutions consist of this, the widely used MT4 (downloadable) platform, and a useful mobile application. Access to a wide range of CFDs and spread betting instruments across many asset classes is made possible by LCG.5.
“Online Trading.” LCG.

One of the leading forex brokers in the United Kingdom, LCG provides a smooth trading environment and a large selection of asset classes. The company has reasonable fees compared to other businesses in the same field, and it has excellent customer service.

With these advantages and a clear emphasis on practical simplicity, LCG is a good option for novice traders. While you don’t have to be a novice to take advantage of its services, LCG is a tough competitor if you’re just getting started.

pros and cons

pros

• ✔placing a priority on client service
• ✔controlled by FCA (UK)
• ✔provides customer account protection.

Cons

• ❌doesn’t take clients from the US
• ❌Distinctions between MT4 and LCG trader
• ❌Absence of automated trading and back-testing features

Saxo Capital Markets: Best for Advanced Traders

Why We Made That Decision

Having been established in 1992, the Saxo Bank Group (Saxo Bank) in Denmark describes itself as “a leading Fintech specialist that connects people to investment opportunities in global capital markets.”Six In 1998, the company made its debut as one of the earliest internet trading platforms.7. Through its subsidiary Saxo Capital Markets U.K. Ltd (SCML), Saxo Bank has been conducting business in the United Kingdom since 2006. Like many other forex brokers, it does not accept traders from the United States.8

More experienced traders should use Saxo Capital Markets. It provides a wide range of brokerage services targeted at investors, professionals, institutions, and knowledgeable active traders. Higher account minimums, a wide range of costs, and fewer customer service alternatives could disappoint smaller account customers.

Pros and cons

Pros

• ✔wide selection of products
• ✔controlled by FCA (UK)
• ✔research focused on forex
• ✔enhanced user interface
• ✔provides customer account protection.

Cons

• ❌Neglecting to prioritize customer service
• ❌Perplexing instrument cost structures
• ❌doesn’t take clients from the US
• ❌Absent MT4

XTB Online Trading: Best for Low Costs

Why We Made That Decision

X-Trade, the first leveraged foreign currency brokerage company in Poland, was established in 2002. In 2004, it changed its name to X-Trade Brokers in order to comply with new rules in Poland. In 2007, the company became public and was listed under the ticker symbol XTB on the Warsaw Stock Exchange. In 2009, the company changed its name to XTB Online Trading (XTB).9. US traders are not accepted by the company.10

For traders looking to cut expenses, whether it be in the bid/ask spread associated with placing a trade or in not having to pay unnecessary fees like wire transfers, XTB is a good option. For non-UK accounts, XTB provides a maximum leverage of up to 500:1, while UK accounts can only acquire up to 30:1 leverage.

Pros & Cons

Pros

• ✔Minimal FX spreads
• ✔controlled by FCA (UK)
• ✔provides customer account protection.
• ✔placing a priority on client service

Cons

• ❌doesn’t take clients from the US
• ❌High non-FX spread expenses

IG: Best for U.S. Traders

Why We Made That Decision

The first spread betting company in history, IG Group (IG), was established by Stuart Wheeler in 1974 and is a division of the publicly traded IG Group Holdings plc (LSE: IGG) conglomerate.1314 In contrast to the majority of brokers on this list, IG has been accepting American forex traders since the company’s re-entry into the American market in early 2019.15

Anyone who want to trade CFDs can do so globally on IG. It is intended for customers who wish to trade foreign currency markets in the United States. That is all there is to it. Because it can, IG has embraced the age-old maxim “go big or go home” in order to successfully deliver on this.

Pros & Cons

Pros

• ✔wide selection of products
• ✔Takes on US clients
• ✔controlled by the CFTC, NFA, and FCA (U.K.)
• ✔A focus on research and education
• ✔gives protection for customer accounts in the UK and the EU.

Cons

• ❌Backtesting and copy trading are not included into the IG platform.
• ❌Exorbitant share-CFD costs

Pepperstone: Best for Trading Experience

Why We Made That Decision

Pepperstone Group, an Australian company, has been a major force in the online brokerage market since it first opened for business in 2010. It has developed a feature-rich and fiercely competitive trading site with an emphasis on forex, shares, indices, metals, commodities, and cryptocurrencies.1617

Pepperstone provides simple market access, freeing our clients’ time to concentrate on the intricate work of profitable market trading. Trades looking for a flexible selection of affordable products, a multitude of options for account kinds and user interfaces, and effective customer service can consider Pepperstone.

Pros & Cons

Pros

• ✔Minimal FX spreads
• ✔controlled by FCA (UK)
• ✔provides protection for customer accounts in the UK.
• ✔Variety of platform options

Cons

• ❌doesn’t take clients from the US
• ❌Limited account security for customers outside of the UK and EU
• ❌No assurance of a halt loss

Selecting the best forex broker is crucial. Investors should look for a broker that provides a wide range of products, great customer service, affordable fees, and an easy-to-use interface. Although CMC Market is our top choice, another forex broker on our list might be a better fit for your needs.

Frequently Asked Questions

Forex Trading: What Is It?

Trading currencies, spread betting, commodities, contracts for differences (CFDs), cryptocurrencies, and more on the world’s largest and most liquid asset market is known as forex, or FX, trading.

Exchange rate pairs are used to trade currencies against one another on the forex markets. For example, the EUR/USD currency pair might be used to trade the euro versus the US dollar.

The foreign exchange markets function as both spot and derivatives markets, providing currency swaps, forwards, futures, and options.

Among other things, investors trade in the foreign exchange markets to diversify their holdings, speculate on geopolitical events, and insulate against foreign currency and interest rate risk.

Is Forex a Good Investment for Novices?

Although it might be difficult, trading currencies and other forex assets is a viable way for novice investors to diversify their holdings. It makes sense to proceed with caution and dedicate some time to familiarize yourself with the assets you intend to trade. Make the time to utilize the plethora of research and educational materials that are accessible through various forex trading platforms.

How Can I Get Into Forex Trading?

Make sure you do your homework first. The plethora of research and instructional materials that are accessible through trading platforms and websites such as Investopedia should be utilised by novice investors.

After that, evaluate forex brokers, select the best fit for your trading requirements, and create an account.

After that, you should develop your forex market trading plan.

Lastly, open, keep an eye on, and shut your initial position. And you’ve managed to become a profitable FX trader.

How Much Cash Do I Need to Start Trading Forex?

Most of the time, you can start with as little as $100, but it’s crucial to remember that forex trades are done in normal lots of 100,000 units of money. You might need to put in more money than $100 for this.

Which Asset Classes Am I Able to Trade?

Forex brokers offer a variety of products; you should select a broker that offers a greater selection of tradeable assets, such as shares, cryptocurrencies, currency pairs, indices, and commodities.

How We Selected the Finest Forex Brokers

Based on a variety of factors, including the variety of products available, fees (such as commissions and spreads), platform usability, regulatory protections, customer service, training and instructional materials, and reliability, we investigated and evaluated over a dozen forex brokers. Based on how important they were to consumers, each of these factors was given a weight.

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