Published by Steven Hatzakis. Tuesday, April 4th, For our Forex Broker Review we assessed, rated, and ranked 20 international forex brokers. Over seven months, we spent hundreds of hours collecting over 5, data points. Each FX broker was graded on variables. Trading with the right forex broker is critical to success in the international currency markets. As a currency investor, you may have specific platform, tool, or research needs that should be met.
Understanding your investment style can help determine which FX broker may serve as the best forex broker for you. Our team here at ForexBrokers. In each individual FX broker summary, we highlight where each broker stands overall and against its competitors. CMC Markets - 4. Overall CMC Markets finished third out of 20 forex brokers and offers the largest selection of currency pairs. The fx broker brings a great selection of research and charting tools in its platforms and is licensed in several major regulatory hubs.
City Index - 4. City Index finished with 4 stars overall. The firm is regulated in several major regulatory jurisdictions globally as part of Gain Capital Holdings. TD Ameritrade - 4. As one of the few remaining brokers left globally that accepts U. The new eToro platform brings a revamped design and impressive user experience including a new CopyFunds product offering for investors. Not only does FxPro offer both the MT4 and cTrader platforms for algorithmic traders, it also provides traders the choice of agency-execution or dealer execution across its forex account offerings.
Here are some of the most important factors to keep in mind when choosing the best online forex brokerage for currency trading. Forex trading costs are not easy to break down. Reasons why trading costs can be impacted: Forex spreads may include a round-turn commission. To assess brokers, we took into consideration how much beginners, average traders, and even more seasoned traders would pay, looking at average spreads for standard forex contracts , units as well as mini accounts 10, units and micro accounts 1, units , where applicable.
We then calculated the all-in cost by including any round-turn commission that was added to prevailing spreads. When the dust settled, IG came out as the best broker for commissions and fees, earning it first place among the 20 brokers we reviewed in With an average spread of just 0. In second place was CMC Markets. Rounding out the top three on the podium in was Dukascopy Bank.
A highly competitive offering. Questions to ask include: What are average spreads for the account types offered? How will differences in margin requirements or execution affect my forex trading volumes and related trading costs? These are just some of the questions that can help traders consider key differences between offerings.
Forex trading platforms are the modern gateway to investing in international currency markets. Regardless of your trading style, the platform technology you use can affect nearly all aspects of your trading experience.
From accessing research to analyzing news events or performing technical analysis on charts, forex trading platforms share the common goal of helping you trade and discover trading opportunities, while managing your personal investments. Over the past decade, forex trading platform technology has continued to evolve steadily across devices, with a shift from desktop to web and then to mobile.
With ongoing enhancements to the user experience throughout the year, forex brokers compete for market share amid shifting regulations and the evolving needs of traders.
After testing 20 international forex brokers, it was clear that the best forex platforms managed to pack a slew of features and tools into a simplified user experience, while keeping the technology up to date with the latest supported standards. All in all, these platforms provide customers a rich and pleasurable experience in all critical areas of forex trading.
The mobile platform nearly matched the advanced features of its desktop-based platform counterpart, including research, charting, and third-party automated pattern-recognition tools. Second place goes to Dukascopy Bank for its highly versatile and innovative JForex 3 desktop platform, which is compatible with Windows, Mac, and Linux operating systems.
Charting in JForex 3 comes packed with technical indicators, and the platform supports automated trading strategies, helping it compete with popular third-party software, such as the MetaTrader4 MT4 platform and cTrader platform.
The broker also offers a lighter web version of JForex 3, although it was not as impressive as the desktop version in terms of overall design and features. Third place goes to IG for its innovative web platform, which comes packed with versatile charting, automated pattern recognition tools, and its premium ProRealTime charts. The broker discontinued its flagship Market Maker desktop platform for new clients in , which excludes it from consideration.
Overall, the best forex platform for you will depend on a myriad of factors. First, do you prefer a web-based environment or desktop download? Next, consider how important tools such as charting or automated trading are to you. Available order types and other unique tools and features are also items to keep in mind. Fortunately, nearly every forex broker supports opening a demo account and testing out the experience in a simulated trading environment. Read our full-length reviews to learn more about these industry-leading brokers, compare them side by side , then open test accounts to finalize your selection.
Foreign exchange markets are open 24 hours a day, five days a week, which means investors can constantly scan international markets for opportunities to invest.
Having access to multiple asset classes from within a single platform is important to many investors, as financial markets, including forex, are highly interconnected. The ability to react quickly to geopolitical and economic news events in real time is key.
In the early s, a fine line used to exist: However, today trading platforms are no longer just for trading forex, stocks, or futures; instead, multi-asset offerings are now industry standards among all the largest online brokers. That said, the range of products and markets you can trade still varies considerably across firms.
During our review of 20 international forex brokers for , we ranked firms by the largest offering. All in all, CMC Markets is the top choice when it comes to having the largest offering of investments, including currency pairs, CFDs, options, and other instruments within its platform, giving international traders a comprehensive multi-asset solution, including access to forex with nearly every pair available.
First place goes to CMC Markets, which not only offers the largest number of currency pairs, , but also quotes prices both ways for each pair i. CMC Markets offers 10, CFDs across all major asset classes, such as energy, metals, commodities, indices, fixed-income markets treasuries or bonds , and single-stock shares across international stock exchanges. Saxo Bank earned second place with 9, CFDs available and currency pairs, including forex options trading supported on key major pairs and crosses.
In third place is IG, which makes 7, CFDs available for customers, including 91 currency pairs and even five bitcoin-related pairs. In fourth place, City Index offers just 66 currency pairs and an unclear range of CFDs we were unable to confirm the exact number of CFDs offered, as anywhere from 7, to 10, are listed on its website. Interactive Brokers took fifth place with 4, CFDs available and 85 forex pairs. Meanwhile, Swissquote offers an extensive number of products on its exchange-traded offering from Swissquote Bank, yet these are segmented away from its core offering of 78 forex pairs and 51 CFDs.
Almost every forex broker aims to provide its clients with research content and tools to find and analyze investment opportunities. At the same time, we are living in the digital information age where traders can get lost in the sea of forex news headlines, making it hard to get the information they need unless brokers provide the right structure for forex research.
Beyond news headlines and an economic calendar, leading forex brokers usually integrate in-house research for fundamental news and technical analysis, then couple it with outsourced research content. Firms that take it a step further may even create their own TV channel, for example, to stream video updates instead of providing basic daily or weekly video updates.
Furthermore, daily or weekly market recaps, live trading rooms, and integrated pattern- recognition tools for news events and charts, as well as screeners, heat maps, and sentiment indicators are increasingly integrated as research tools available within trading platforms. Saxo Bank deserves its top spot for research in , as it delivers on all fronts for forex research from both its website and within its trading platforms.
For conducting forex research in , Saxo Bank is the best. While many brokers struggle to organize research for their customers, Saxo Bank does a fantastic job centralizing the research it provides on its trading platforms. Saxo Bank also goes above and beyond, providing Trading Floor, which is its research-focused site that incorporates a social network where traders share commentary about markets.
IG takes second place for research, with a broad range of tools available within its web platform. The broker also offers its own streaming video, IG TV, along with a huge array of daily blog updates and detailed posts from a team of global analysts.
IG only slipped to second place as its research is not entirely centralized, and many features will open in a new browser tab, for example, making its offering not quite as clean as Saxo Bank. In third place is Dukascopy, which incorporates an extensive amount of research-related content within its website and trading platforms, along with a fully staffed professional TV studio that powers Dukascopy TV.
To round out its offering, Dukascopy provides many social elements within its community to engage traders with important market content and related analysis tools. Rounding out the top five finishers for research, Forex.
The global use of mobile devices to access online services, ranging from email to social network sites such as Facebook, Twitter, and LinkedIn, has continued to grow exponentially in recent years. This trend has accelerated as smartphones get faster processors, more RAM, and larger hard drives capable of running powerful applications and web software. As a result of these innovations, mobile app usage is helping drive the shift to mobile across many industries, including finance, while the transition to mobile continues.
Adding to the momentum of this trend are innovations from financial technology FinTech in terms of integrated payments and banking apps through which consumers perform many related financial transactions from their mobile devices. As a result, mobile apps for investing and trading are part of this same arms race, and the growth in mobile is just as real as it is for trading platforms on desktop and web, with many forex brokers ranking neck and neck in terms of mobile app innovation.
While nearly all forex brokers have offered mobile apps for years, the competition continues to increase as clients demand many of the same features in mobile that are normally found on desktop and web platforms.
To identify the best forex brokers for mobile trading in we focused on identifying mobile experiences that were bug free, cleanly designed, and provided a wide range of features. First place goes to TD Ameritrade for its impressive mobile app, which packed multiple innovations, including advanced order visualizations, powerful charting, and syncing watchlists enabled by default for forex traders. Whether you are logging in with your fingerprint on compatible devices or exploring a comprehensive array of customizations, the thinkorswim mobile app experience is cleanly designed and impresses throughout.
Saxo Bank took second place, as its SaxoTrader GO mobile app is highly responsive with its web-based counterpart helping to provide many of the same features to forex traders using the mobile app. Like thinkorswim, syncing watchlists and charts are also enabled by default. The app is rich in features, yet keeps a clean and user-friendly interface wrapped in a modern design.
CMC Markets took fourth place as its mobile app offers unique features such as the ability to subscribe to future news events; charting also comes packed with technical indicators and drawing tools. All in all, the best forex trading mobile apps will not only provide an alternative for traders to access their accounts but will inevitably become a replacement for web and desktop platforms, making it easier for traders to do what they need, whenever they need to do it.
When using a forex broker, a single customer service experience is not enough to assess the all-round quality and scope of service.More...