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If you’re going to be doing forex trading, it’s important to do it right. Choosing the best forex brokers will help you save money, make the most out of your investment, and ensure you trade safely.
CMC Markets allows you to trade forex and CFDs in thousands of markets. It doesn’t have any minimum deposits and offers excellent customer support. They are great when it comes to CFDs trades and having excellent customer service.
There are many FX platforms out there, but not all of them were created equal. Some charge high fees that would eat into your profits, especially when day trading.
Others might not have as many trading features and tools as others, or the interface might not be as user-friendly. Regulation and security are other things to think about.
- Are your funds safe?
- Can you trust the forex broker – is it regulated?
- Do you need to invest a lot when starting?
- Can you use a demo account to practice your strategies before committing?
When selecting a forex trading platform, it’s important to look at all of those factors.
The Best Forex Brokers of 2023
Comparison of the Best FX Platforms
IG is a user-friendly platform for investors who can tolerate high-risk investments.
Trade CFDs with CMC Markets, a leading global provider. Trade on up to 10000 instruments, including forex, indices, commodities, shares and treasuries.
FOREX.com offers forex & metals trading with award winning trading platforms, tight spreads, quality executions, powerful trading tools & 24-hour live trading.
LCG is a leading CFD provider offering online financial trading and investment services such as forex, shares, commodities, metals, oil and spread betting.
XTB is one of the largest stock exchange-listed FX & CFD brokers in the world, providing retail traders instant access to hundreds of global markets.
I used a precise methodology to decide which forex brokers to include in the list of the five best forex brokers. I considered various factors, including:
- Minimum investment
- Demo account availability
- Number of years in business
- Trading fees and spreads
- Available currency pairs
- Deposit and withdrawal methods and fees
- Third-party reviews from professional critics
- User reviews on review aggregator sites
- The leadership team and customer support
- User interface and mobile app
- Account protection
- Trading tools and charts
- Educational resources
Some of these factors may be more relevant to you than others. For example, a low investment minimum may be more of a factor for beginner investors or those without a lot of money to spare.
However, all the factors, when weighed together, helped determine each broker’s worth. Based on the above factors and other considerations, I came up with the five best forex brokers globally, including the United States and the United Kingdom.
Each of these platforms has its pros and cons, and some are better for some things (like CFD trading) than others. However, every one of the following platforms is safe, regulated, and trustworthy.
They all have beautiful interfaces and great customer support.
Detailed Reviews of Forex Platforms
1. IG Trading - Best Overall
IG is a well-known and respected provider of trading services. Founded in 1974 by John Stuart Wheeler (now deceased) as a spread betting broker, it is regulated by the FCA (the Financial Conduct Authority of the UK) and listed on the London Stock Exchange.
In 2019, IG made its forex trading service available in the United States. It offers leverage and low spreads on popular currency pairs, with more than 80 pairs available.
Spreads are up to 20% lower than with other popular brokers, such as Oanda and TD Ameritrade, for the top currency pairs, including the EUR/USD and USD/JPY pairs.
With no commissions, you can enjoy spreads of just 0.8 pips on the EUR/USD & USD/JPY pairs and 1.0 pips on the EUR/GBP and GBP/USD pairs.
IG’s demo account gives you $10,000 in paper money to practice your trading skills. Furthermore, the IG Academy has tons of resources, including tutorial videos, quizzes, and exercises to help you become a better trader.
You can reach support via live chat, email, or phone, and support is available 24 hours except for Friday night and early Saturday morning.
Also, if you’re a high-volume trader, not only can you get personalized support and a dedicated account manager, but you can also trade rebates as a reward for trading, helping you boost your profits even more.
2. CMC Markets - Best for CFDs
CMC Markets, founded by Peter Cruddas in 1989, is based and regulated in the UK. It’s listed on the London Stock Exchange. With a sleek interface on both web and mobile, CMC Markets specializes in forex and CFD trading.
CFDs, or contracts for differences, are contracts between traders and investment banks or spread betting brokers for the difference between the opening and closing prices of an asset.
When you trade CFDs for forex currency pairs or other financial assets, you’re not trading the actual currency pairs. Instead, you’re trading the difference between the buying and selling price.
If the price goes up or down, you may have to pay that difference, or you may earn it, depending on whether the asset appreciates or depreciates.
You can go long or short and use leverage to multiply your profits by a lot more than otherwise possible based on the amount you invested.
CMC Markets is best for CFD trading. You can trade CFDs not only on forex but on cryptocurrencies, indices, shares, and more. You can also trade currency pairs directly if you’re only interested in forex trading.
Regardless of what you’re trading, CMC Markets provides advanced technical analysis features. You can use over 12 different charts, 35 drawing tools, and dozens of technical indicators like Bollinger Bands and SMAs.
A demo account with virtual funds is available, and support is available 24/5.
3. Forex.com - Best Dedicated Support
Forex.com is known for its excellent customer support. Support is available from 10 AM on Sunday until 5 PM on Friday, and there are dedicated numbers for new and existing clients.
You can expect quick responses from the support team. While Forex.com has its trading platform, you can also use MetaTrader 4 to trade using your Forex.com account.
MetaTrader 4 is an online trading platform popular with forex traders, so transitioning to Forex.com may be easier if you’re an existing trader using MetaTrader 4.
Beginner traders will find the minimum deposit of $100 easy to meet. If you’re in another country other than the US, the minimum deposit will be 100 of your base currency (€100, £100, etc.).
Traders can use useful tools, like the margin pip calculator, to make better-informed trades.
4. LCG - Best for Beginners
LCG, which stands for London Capital Group, is the best forex trading platform for complete beginners. It’s been around since 1996, and it uses a white-label version of the cTrader trading platform.
However, you can also use MetaTrader 4. There is no minimum deposit, making LCG excellent for small-time traders. Alternatively, new traders can open a demo account.
In addition to trading currency pairs, new traders can trade cryptocurrencies, ETFs, commodities, indices, and more. Over 60 currency pairs are available.
5. XTB Online Traders - Lowest Fees
Finally, we have XTB Online Trading, which is the best choice if you’re trying to save money on fees. It was founded in 2002 in Poland, but it is regulated in both Poland and the United Kingdom.
Its xStation 5 web trader platform is easy to use and provides a wide range of trading tools. Meanwhile, mobile traders will love xStation Mobile.
You can trade forex, indices, commodities, and CFDs on stocks, ETFs, and cryptocurrencies. A 30-day demo account is available, while its Trading Academy has tons of resources to help you learn how to perfect your strategy. Account protection is available.
XTB doesn’t have any minimum deposits, and it allows you to add funds to your account with a debit card, bank transfer, and even PayPal and Paysafe (formerly Skrill).
How Do You Start Forex Trading?
Once you’ve selected your forex broker, start with a demo account (if available). There will be a learning curve, and it’s critical to perfect your strategies before investing real money.
A demo account not only allows you to test the waters of forex trading, but it also allows you to get used to the platform and its various trading tools.
While demo trading, learn new strategies. Pick up a book from your local library or check out online courses on YouTube or Udemy. Try out new tactics you discover until you figure out a strategy that works for you.
Try to focus on a few currency pairs when starting. You can select the major pairs, like EUR/USD, and a few minor currency pairs. In either case, decide what type of trader you will be.
Some traders follow the news and forecast how various currency pairs will react to factors such as elections, interest rate hikes, civil unrest, and more.
Others use charting tools exclusively to look for patterns. The idea is that if a pattern was true in the past, the markets will probably follow it again in the future.
Yet others use a mix of both strategies. Furthermore, different traders have different overall goals. Not everyone is a day trader; others trade currencies and hold their positions over the long term, which may carry less risk.
Once you’ve played around with the demo account and started making a profit, you can start investing real money. Still, only invest what you can afford to lose, and understand that your forex trading knowledge will constantly evolve, and your skills will improve.
How to Choose a Forex Trading Platform
To choose a forex trading platform, ask yourself the following questions:
- Is a demo account available?
- What is the minimum investment?
- What are the trading fees?
- Is the platform easy to use?
- Does it include a wide range of charting tools?
- What are users saying about it?
- Is the broker regulated and safe?
While there are plenty of good forex brokers out there, it’s best to go with one of the five pre-vetted brokers above.
Which Forex Platform Should You Choose?
Selecting the right forex broker, whether you’re a beginner or experienced investor, will allow you to safeguard your funds, avoid poor trades, and save on fees.
Start a demo account with one or more of the above best forex brokers if you’d like to try trading without commitments.
Are you new to forex trading? Here are answers to common questions we see from readers.
Forex trading is the trading of currency pairs. Unlike stock market trading, in which you trade currency for stocks, forex traders trade one currency for another.
For example, they might trade the US dollar for the Euro, betting that the value of the USD will rise or fall compared to the Euro.
It’s best to start with at least $1,000, but $100 is an okay starting point, as well. It’s best to start trading with paper money (using a demo account) until you figure out how to make a profit.
If you use an untrustworthy and/or unregulated broker, it’s possible. A forex broker located overseas that has no regulatory oversight may not give you back your money when you request a withdrawal.
If you’re dealing with a regulated forex broker, the chances that it will steal your money are low unless it’s committing fraud.
However, some forex brokers may steal your money in other ways, such as offering fraudulent managed account services or charging hidden fees.
Yes, theoretically. However, it’s important to take forex seriously instead of treating it as a get-rich-quick scheme. Forex isn’t a way to get rich quickly – the traders who think so are not the ones who are successful, as they fail to put in the work to get better.
Yes. Forex trading remains risky, but there are ways to minimize your risks, such as placing stop-loss orders and not using too much leverage.
That depends. To successfully earn a full-time income from day trading stocks, you’ll need to invest a huge sum of money upfront.
Forex trading allows you to earn a lot less with leverage. However, stock investing (as opposed to day trading) is typically less risky.
IG is an award-winning online forex trading provider. In 2019, we brought our high-quality FX service to the US - empowering informed, decisive, adventurous people access to over 80 currency pairs at competitive prices.