Ahad Waseem
Despite criticisms of Forex trading, regular investors like you can earn a significant profit in foreign exchange. Just take the first step to learn and understand how to trade profitably, then set your goals.
If you’re feeling unsure and looking at negative stories about Forex on Reddit, you’re not alone. Before you trust any of the best Forex trading brokers, it’s crucial to understand the potential risks and rewards of trading foreign currency.
As long as you trade with a trustworthy Forex broker, you won’t have to worry about being a victim like in Jordan Belfort’s story. While there’s a chance of losing money in trading, the best Forex brokers offer some protection against rapid losses.
Our nine best Forex brokers comply with government regulations protecting investors from fraudulent trading. They also list minimal fees, low account funding limits, automated trading strategies, competitive pricing, and thousands of currency markets to browse through.
That said, IG is our #1 option among the best Forex trading brokers.
Best Forex Trading Platforms:
- IG: Best Forex Broker Overall
- PLUS500: Best Rated Mobile App
- Interactive Brokers: Top Reputable Forex Broker
- CMC Markets: Best for Novice Traders
- Saxo Bank: Excellent Trading Platform for Forex Market Variety
- Public.com: Best for Trading CFDs
- XTB: Great for Low Trading Costs
- SoFi: Excellent for Automated Trading Strategies
- Forex.com: Great for Forex Trading in the US
Disclaimer: You may lose money when trading. Use the best Forex trading brokers responsibly to avoid attracting heavy debt. Opinions expressed within the content are solely the author’s and don’t constitute financial advice.
1. IG – Best for Trading CFDs
Pros
- CFDs across 17,000+ markets
- Automated trading strategies
- Fee-free withdrawals
- 0.5% stock/ETF trading charge
Cons
- $250 account minimum
- No CopyTrading
Forex Market Variety: 4.6/5
Established in 1974, this best Forex brokerage was founded as the first legitimate spread betting firm. Since then, they’ve acquired nearly 200,000 clients. Plus, they’ve grown to list CFDs across tens of thousands of financial markets, making them one of the best Forex brokers for trading CFDs.
Of course, you’ll also have access to 80+ currency pairs via their user-friendly website and mobile app. If you’d like to trade Forex and CFDs concurrently, you’ll find profitable shares spanning over 17,000+ worldwide stocks.
That said, IG doesn’t have any sort of CopyTrade program like other best Forex trading platforms. You’ll have to make investment decisions without insights from professional gurus.
Commissions & Pricing: 4.4/5
Any turnover you earn from trading on CFDs is subject to a 5% “winnings” fee. We know this commission is steep, but you’d be hard-pressed to find more profitable CFD opportunities elsewhere.
Trading stocks and ETFs isn’t nearly as costly; since IG’s standard commission for owned assets is around 0.5%. To fund your account initially, you must deposit $250 or more.
On the bright side, you’ll enjoy unlimited fee-free withdrawals to your bank account of choice.
Customer Support: 4.5/5
Being one of the best Forex brokers, IG excels in this department. Retail investors can contact by phone, email, live chat, or Twitter DMs. Plus, users won’t have to deposit a certain amount of equity before gaining access to IG’s phone line or live chat support team.
While their support staff is MIA on Sundays, we were mostly impressed with their dedication to providing top-notch customer service six days a week.
Overall Score Among the Best Brokers for Forex Trading: 4.5/5
>> Get Automated Trading Strategies With IG >>
2. Plus500 – Best Rated Mobile App
Pros
- Quick, competent customer service options
- Low, $100 account minimum
- User-friendly trading platform
- No hidden fees
Cons
- Can’t execute quick trades
Forex Market Variety: 4.2/5
Plus500 primarily offers the opportunity to engage in CFD trading, which covers various areas such as forex, stock indices, individual stocks, commodities, and cryptocurrencies. Unlike other best Forex trading brokers, commonly sought-after asset types such as ETFs or options aren’t provided.
Plus, trading futures is only available to US residents through the Plus500’s Trade Sniper platform.
Commissions & Pricing: 4.8/5
As one of the best Forex brokers, Plus500 traders charge no hidden fees, so you only pay what you agree to. You can start with just $100 down, which comprises the lower end of commonly required account minimums.
But fast traders may want to consider other best Forex brokers. If Plus500 detects that you close a position before 2 minutes of trading have elapsed, your account will be closed permanently.
Customer Support: 4.8/5
For traders seeking the best Forex brokers with swift and proficient help, creating an account with Plus500 could be ideal. You’ll enjoy 24/7 availability via live chat, WhatsApp, and email.
If you need immediate help, sending them a live chat or WhatsApp message will connect you with somebody who can help in seconds.
Overall Score Among the Best Brokers for Forex Trading: 4.6/5
3. Interactive Brokers – Top Reputable Forex Broker
Pros
- $0 account minimums
- 17,000+ fee-free mutual funds
- BTC, BCH, LTC, and ETH trading
- Minimal crypto commission
Cons
- Website UI has learning curve
Forex Market Variety: 4.9/5
Being one of the best Forex trading brokers, experienced retail investors can buy, sell, or trade across 17,000+ fee-free mutual funds. These mutual funds aren’t attached to commission fees, so you’ll get to keep 100% of your profits.
Besides BTC, Bitcoin Cash, Litecoin, and Ethereum, you’ll have thousands more stocks, options, ETFs, futures, corporate bonds, and fractional shares at your fingertips.
Although Interactive Brokers’ website and mobile apps can take some time to adjust to, we were impressed by their site’s unique investment categorizations.
Commissions & Pricing: 4.6/5
If you’d like to register an account and explore this best Forex brokerage, you won’t have to deposit any money. Advanced traders can revel in share prices that range from $0.005 to $1, with a maximum price listed at 1% of each transaction’s value.
As one of the best Forex brokers, their 100% commission-free mutual funds aren’t attached to any sneaky charges. Plus, crypto traders can enjoy a nominal rate of 0.12 – 0.18% in fees per transaction. To withdraw your cash, you’ll need to pay a minimal $10 surcharge for bank wire transfers.
Customer Support: 4.9/5
Retail investors can contact Interactive Brokers 24 hours a day/6 days a week via phone call, live chat, or email contact options. While this best Forex brokerage has no physical branches in the United States unlike other best Forex trading platforms, we think their customer support team can handle any pressing issues virtually.
All accounts, even those with minimal activity, are welcome to seek trading advice and help, making it one of the best Forex trading brokers for most people.
Overall Score Among the Best Brokers for Forex Trading: 4.8/5
>> Start trading With Interactive Brokers >>
4. CMC Markets – Best for Novice Traders
Pros
- $0 account minimum
- Negative balance protection
- Top-tier educational and research tools
- Competitive stock share prices
Cons
- Higher-than-average CFD costs
Forex Market Variety: 4.5/5
As one of the best Forex brokers for novice and beginner investors, CMC Markets offers a relatively inexpensive opportunity to dip their toes in Forex, stock, ETF, and crypto trading. You’ll enjoy access to 10,000 tradable symbols at a competitive price per share, and many of the options hosted here are free from commission.
But CFD traders will have to deal with higher-than-average spread costs or consider other best Forex trading brokers. That said, novices shouldn’t expose themselves to the magnified risk portfolio commonly seen with CFDs.
Commissions & Pricing: 4.5/5
CMC Markets stands out as one of the most forthright brokers in the industry, simplifying determining your trading expenses.
As one of the top FX brokers for beginners, the company boasts competitive charges for Forex and stock index CFDs. Plus, it refrains from applying fees for account maintenance, deposits, or withdrawals, although certain exceptions may apply.
Notably, this best Forex brokerage imposes a £10 monthly charge if there’s no account activity for a year. But this fee is waived if your account holds no funds.
Customer Support: 4.5/5
As one of the best Forex brokers, the customer service at CMC Markets is swift and dependable, often addressing email queries within the day. But their support is not round-the-clock but operates 24/5.
Clients can communicate with CMC Markets using different channels such as live chat, phone, and email. Plus, they provide customer service in several languages, catering to a global customer base.
Overall Score Among the Best Brokers for Forex Trading: 4.5/5
5. Saxo Bank – Excellent Trading Platform for Forex Market Variety
Pros
- 22,000 available stocks
- 9,000+ different CFDs and 6,900+ unique ETFs
- 0.005% stock trading fees
- Phone and email support
Cons
- $2,000 account minimum
- No live chat support
Forex Market Variety: 5/5
As one of the best Forex trading brokers, Saxo Bank’s market variety is best-in-class. Retail investors can speculate on 9,000+ CFDs and 6,900+ ETFs spread throughout their 22,000 stocks. You’ll also be able to buy, sell, or trade BTC, ETH, LTC, and Ripple in fractional increments.
Long-term retail investors can delve into over 300 futures from 28 global exchanges or hedge with over 4,500 corporate bonds across 21 foreign currencies. Between 22,000 available stocks and nearly 38,000 additional options, there’s almost nothing you won’t find here.
Commissions & Pricing: 4/5
Before registering with this best Forex brokerage, you should be prepared to fork over $2,000 or more initially. This could be off-putting for those not willing to stake much capital and they may consider other affordable best Forex trading platforms like IG.
Once you can get past this hurdle, you’ll enjoy fee-free crypto purchases and minimal stock trading commissions, making it one of the best Forex brokers.
Stock, ETF, CFD, and Forex trades incur a fee of 0.005% per transaction, which remains on the lower end of the pricing spectrum.
Customer Support: 4.2/5
As one of the best Forex trading brokers, Saxo Bank understands the importance of providing adequate customer service options. Their team is ready to help you 24/5 via phone call or email, but don’t expect to find a dedicated “live chat” button.
Thankfully, this best Forex brokerage goes above and beyond to provide real-time phone help.
Overall Score Among the Best Brokers for Forex Trading: 4.4/5
6. Public.com – Best Forex Broker Overall
Pros
- $1 fractional share investing
- 25+ cryptocurrencies
- Fee-free stock and ETF trading
- $0 account minimum
- User-friendly app
Cons
- Limited to stocks, ETFs, cryptocurrencies
Forex Market Variety: 4.9/5
Public.com supports up to 30 different crypto coins, offering you the variety you need for your investment and trading needs. Some of these include Bitcoin, Cardano, and Chainlink.
As one of the best Forex brokers, Public.com lets retail investors purchase fractional stock shares for as little as $1. Investors will have access to 25+ coins and stock options spanning thousands of financial markets.
As you might have expected from their name, Public.com is one of the best Forex trading platforms focused on community investing. You’ll be able to mirror the market moves of profiteering site members, which can take much of the guesswork out of Forex trading.
Commissions & Pricing: 4.8/5
Because they list 100% commission-free stocks and ETFs, you’ll get to keep every penny of your profits. Public.com lists a $0 account minimum, so you won’t have to deposit anything if you decide this best Forex brokerage isn’t the right fit.
However, unlike some of the best Forex trading platforms, their selection is limited to stocks, ETFs, and cryptocurrencies. If you’re looking to buy, sell, or trade bonds, CFDs, and options, you’ll have to consider other best Forex brokers.
Customer Support: 5/5
You can contact Public customer support by emailing [emailprotected]. Chat support is available from 9:00 am to 5:00 pm ET, Monday through Friday, to answer questions you may have.
Overall Score Among the Best Brokers for Forex Trading: 4.9/5
>> Start Trading With Public.com Now >>
7. XTB – Great for Low Trading Costs
Pros
- Low FX spread costs
- Commission-free trades
- 48 currency pairs
- 20+ global exchanges
- 2,100+ stocks and CFDs
Cons
- Comparative lack of market variety
- No downloadable mobile app
Forex Market Variety: 4.4/5
Although the XTB Forex brokerage doesn’t offer nearly as many tradable symbols as other best Forex trading brokers, they give retail investors a reasonably large slice of the pie. We came across 48 currency pairs that include 23 foreign currencies, Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. Plus, you’ll find 2,100+ major stocks and CFDs from 20+ global exchanges, making it one of the best FX brokers.
Unfortunately, this best Forex brokerage doesn’t offer a CopyTrade program or downloadable mobile app for on-the-go trading like other best Forex trading brokers. Regardless, XTB’s asset selection accounts for the most potentially profitable trades you could make.
Commissions & Pricing: 4.8/5
Given their ultra-low FX spread costs, US retail investors can score profit leverages worth 10x their investment. This profit margin can expand to meet 500x your original stake for CFD trades.
As one of the best Forex brokers, you’ll also enjoy commission-free stock, ETF, and crypto transactions throughout XTB’s entire asset library. Although XTB charges a $10 monthly fee after one year of inactivity, they offer fee-free bank wire payouts and a $0 minimum deposit requirement to start trading.
Customer Support: 4.6/5
Over their first 15 years as a Forex brokerage, XTB has gained the trust and loyalty of 500,000+ retail investors. They emphasize the importance of providing top-notch customer support. Retail investors can get in touch via phone support, live chat, or email contact options from Monday – Friday.
Although their offices are closed on weekends, you’ll have access to fast, highly qualified agents on a 24/5 basis.
Overall Score Among the Best Brokers for Forex Trading: 4.6/5
8. SoFi – Excellent for Automated Trading Strategies
Pros
- Free trading management
- Automatic account rebalancing
- Fully hands-off investing
- $0 minimum deposit
Cons
- No dedicated tax-loss harvesting
Forex Market Variety: 4.5/5
SoFi is among the best Forex brokers for those who don’t have time to manage their investments. Clients can choose among 10+ low-cost portfolios, all of which are freely managed by the latest AI software.
If you’d also like to seek human guidance, you’ll have unlimited access to SoFi’s team of certified financial planners. But unlike other trading best Forex brokers, SoFi doesn’t automate or track your investment losses for tax season.
Commissions & Pricing: 4.5/5
SoFi imposes minimal trading and non-trading expenses. US stocks and ETFs can be traded without commission, and no fees are levied for account dormancy or fund withdrawals.
But it’s important to note that while ACH withdrawals are free, withdrawing funds via wire transfer incurs a fee of $25.
Customer Support: 4.5/5
As one of the best Forex brokers, SoFi impresses with its swift live chat feature and the relevancy of the responses provided by their phone support.
On the downside, their lack of round-the-clock service compared to other best Forex trading platforms was disappointing. Another hiccup was the necessity of account validation before gaining access to live chat.
On a brighter note, the unique opportunity to direct emails to the CEO’s office is a commendable feature.
Overall Score Among the Best Brokers for Forex Trading: 4.5/5
9. Forex.com – Great for Forex Trading in the US
Pros
- #1 Forex brokerage for US traders
- 21 years in business
- 80+ currency pairs
- Low forex fees
Cons
- Strictly limited to foreign currency exchange
Forex Market Variety: 4.4/5
With 80+ currency pairs besides gold and silver options, Forex.com has earned their prominence as one of the best Forex brokers for US traders.
But unlike some other best Forex trading platforms, you won’t find any stocks, ETFs, or cryptocurrencies here. To make up for that, the platform covers a wide range of global currencies and maintains its market offerings in all 50 states, making it one of the best US Forex brokers.
Commissions & Pricing: 4.4/5
Forex.com offers a competitively priced service for forex trading. But an inactivity fee of $15 kicks in following a year of non-usage.
Conversely, the best Forex brokerage charges for stock CFD trades are on the higher end of the spectrum. Plus, US-based clients must bear a withdrawal fee if they cash out less than $10,000.
Customer Support: 4.4/5
As one of the best Forex trading brokers, Forex.com impresses with its stellar phone-based client help, ensuring customers receive top-notch service. Although locating their live chat feature can pose a minor challenge, the speed and relevance of their responses compensate for this.
But their email support could use improvement, as responses often take longer than expected.
Overall Score Among the Best Brokers for Forex Trading: 4.4/5
How We Chose The Best Forex Trading Platforms for Beginners
Selecting the right option among the best Forex trading brokers is crucial for beginners to kickstart their trading journey. To help aspiring traders make informed decisions, we undertook a rigorous evaluation process to identify the best Forex brokers tailored for beginners.
Our assessment considered vital factors such as forex market variety, commissions and pricing, customer support, and more. Here’s an overview of how we chose the best Forex brokers for beginners:
Forex Market Variety
The range of currencies available for trading is an essential factor we considered while choosing the best Forex trading platforms for beginners.
Platforms that offer an array of currency pairs allow new traders to learn and experience the dynamics of different global markets.
Commissions & Pricing
High fees and hidden costs can eat into a trader’s profits, especially for beginners still trying to find their footing. We looked for the best Forex brokers with clear, competitive, and transparent pricing structures.
Free demo accounts, low minimum deposit requirements, and low spreads were crucial considerations to ensure beginners could start trading without a heavy financial burden.
Customer Support
We prioritized the best Forex brokers that offer robust and responsive customer service. This includes 24/7 support, multiple channels for communication (like email, phone, and live chat), and availability of educational resources.
The best brokers for forex trading should provide easy-to-understand guides, tutorials, and webinars.
How to Get Started With Forex Trading
The best Forex trading brokers offer a dynamic and potentially rewarding opportunity for individuals to participate in the global currency exchange market. Getting started with forex trading may seem overwhelming.
But with the right approach and knowledge, you can begin your journey with confidence. This guide will walk you through the essential steps to trade with any of the best Forex trading brokers.
Let’s take Interactive Brokers as our reference point, though the process is quite comparable across other best Forex brokers regarding registration.
1. Create a New Account With Interactive Brokers
On Interactive Broker’s site, you’ll notice a green “Get Started” button in the middle of your screen. Click on it, then create a unique username and password combination. Next, enter your preferred email address and accept both checkboxes.
Finally, click on the blue “Create Account” button to continue.
2. Verify Your Email Address
Go to your inbox and look for a verification email from Interactive Brokers. If you don’t receive an email within 3-5 minutes, check your “spam” or “promotions” folder. Once you find their email, open it. Then, click on “Verify My Email.” You’ll be redirected back to their site.
3. Complete Your Profile
Click on “Complete My Profile.” Then, enter any required personal information. Once you’re finished, it’s time to make your first deposit and start Forex trading.
4. Make Your First Deposit
From Interactive Broker’s homepage; click on the menu in the upper-left corner of your screen. Then, click on the “Deposit Funds” button. Type in the cash amount you’d like to deposit, and select your preferred currency from the drop-down menu below. Finally, click the “Deposit” button and start online trading instantly!
Best Forex Brokers: FAQs
Looking for straightforward explanations about the best forex brokers? Dive into our list of answers to common questions and get the clarity you need.
Can Retail Investor Accounts Lose Money?
Yes, retail investors often experience losses in their accounts due to market volatility. Forex traders should be cautious when trading CFDs (contracts for differences).
Trading CFDs means agreeing to receive or pay capital based on the fluctuating value of the chosen asset. For instance, instead of trading Bitcoin directly, investors can speculate on its price movement over a specific period.
Can a Forex Broker Steal Your Money?
While most of the best Forex brokers are regulated and legitimate, some fraudulent ones out there might engage in dishonest practices, potentially including taking your money. These brokers might not provide the services they promise, manipulate trading results or fail to return your money when you request a withdrawal.
So use the best Forex trading brokers that are reputable and regulated by a recognized financial authority. They’re required to follow strict standards and regulations, which protect traders from such fraudulent activities.
Which Forex Broker Is the Best?
Based on our review, IG is the #1 option among the best Forex trading brokers. One of IG’s unique aspects is its ability to offer fractional shares. This means users can buy a portion of a stock or ETF rather than needing to afford the entire share price.
Can I Trade Forex With A Minimal Deposit?
Yes, you absolutely can! The best Forex brokers allow you to trade with a minimal deposit, sometimes as low as $10 to $50. This is often called a “micro” or “mini” account. These best Forex trading brokers are a great way for beginners to gain experience in the forex market without risking a significant amount of money.
Which Forex Broker Charges the Lowest Fees?
Interactive Brokers and IG Group have been recognized for their competitive pricing structures. These best Forex brokers are known for their low spread costs and transparent pricing models.
Are Forex Brokers Worth It?
Whether the best brokers for Forex trading are worth it depends mainly on your personal trading goals and skills, the amount of capital you plan to invest, and the time you’re willing to commit to trading.
The best Forex brokers offer a platform for individuals to buy and sell foreign currencies. They provide necessary tools, resources, and services that can help facilitate trading and potentially increase your chances of making a profit.
The best Forex trading brokers also give you access to leverage, which can amplify your profits, but also your losses.
Who Is the Biggest Forex Broker in the World?
Because the best Forex trading brokers have a broad base of active clients, they give retail investors more stability and trading leverage. Regarding liquidity, the biggest Forex broker in the world is IC Markets.
IC Markets’ average volume of daily transactions (AVDT) is listed at $18.9 billion.
Comparison of the 6 Best Forex Trading brokers:
Below, we compare the features of the six best Forex brokers.
IG
- CFDs across 17,000+ markets
- Automated trading strategies
- Fee-free withdrawals
- 0.5% stock/ETF trading charge
Public.com
- User-friendly app
- $1 fractional share investing
- 25+ cryptocurrencies
- Fee-free stock and ETF trading
- $0 account minimum
- Social feed and educational resources
Interactive Brokers
- $0 account minimums
- 17,000+ fee-free mutual funds
- BTC, BCH, LTC, and ETH trading
- Minimal crypto commission
- Phone, email, and live chat support
- Unique investment categorization
XTB
- $0 account minimum
- Low FX spread costs
- Commission-free trades
- 48 currency pairs
- 20+ global exchanges
- 2,100+ stocks and CFDs
Plus500
- Quick, competent customer service options
- Low, $100 account minimum
- No hidden fees
- Multiple top-tier regulations in the UK, Australia, and Singapore
- Responsive customer service
CMC Markets
- Top-tier educational and research tools
- $0 account minimum
- Negative balance protection
- Competitive stock share prices
Our Final Thoughts on the Best Forex Trading Platforms
As cryptocurrency, stock, and ETF investment have become infinitely more accessible to average retail traders; plenty of the best Forex trading brokers are in business to make a pretty penny.
While some retail investor accounts lose money due to poorly planned trades, many success stories rise above the noise.
That said, we’ve done the heavy lifting necessary to separate the wheat from the chaff. Our best Forex brokers, like IG, offer pertinent stock information at a glance. Plus, they host cutting-edge mobile apps that make it easy to trade at just the right moment.
Disclaimer: CFDs are a leveraged product and can result in losing your entire balance. Trading CFDs may not be suitable for you. Please consider whether you fall within Plus500’s Target Market Determination available in their Terms and Agreements. Please ensure you fully understand the risks involved.
You may lose money when trading. Use the best Forex trading brokers responsibly to avoid attracting heavy debt. Opinions expressed within the content are solely the author’s and don’t constitute advice.
The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.
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