Forex, or foreign exchange, is a global marketplace for buying and selling currency pairs. The forex market is one of the world’s largest and most liquid financial markets, with traders able to exchange global currencies 24 hours a day, five days a week.
However, with so many forex brokers, selecting the best forex trading platform for your needs is difficult. We evaluated dozens of forex brokers based on various criteria such as assets, regulation, trading platform, user reviews, and fees to help you make your decision.
Whether you’re a beginner or an experienced trader, here are the best forex brokers in the industry.
eToro, founded in 2007, focuses on cryptocurrency markets, but forex traders can also use it. Significantly, it offers the copy trading feature. CopyTrader allows you to directly replicate expert traders’ strategies, trades, and portfolios.
eToro’s CFD (contracts for difference) forex platform allows access to commodities, indices, stocks, and, of course, cryptocurrencies, in addition to 40 global FX pairs. CFD trading allows you to trade solely on the price movements of various financial markets and instruments without owning the underlying asset. This strategy can help you quickly gain capital while minimizing trading costs.
Instead, you pay a small portion of the asset’s price (a practice known as trading on margin) and depending on the asset’s price direction, you may profit (or lose). Using leverage, seasoned traders can benefit significantly from this tactic. Also, the other forex brokers on our list offer CFDs as well.
Public.com accepts up to 30 different crypto coins, providing you with the variety you require for your investment and trading needs. Bitcoin, Algorand, Cardano, and Chainlink are a few examples.
Public.com, like Acorn and Robinhood, allows retail investors to buy fractional stock shares for as little as $1. Additionally, investors can access over 25 coins and stock options across thousands of financial markets.
Public.com focuses on community investing, as you might expect from its name. You’ll be able to mimic the market moves of profiteering site members, removing much of the guesswork from Forex trading.
- Plus 500
Plus500 is one of the top trading platforms in the United Kingdom and the largest CFD provider in Europe, particularly in the United Kingdom, Germany, and Spain.
Plus500 allows investors of all skill levels to begin trading CFDs for various instruments such as stocks, cryptocurrencies, indices, forex currency pairs, and ETFs. Though Plus500 can be used to trade actual instruments, the emphasis is primarily on CFDs, making it ideal for traders who want to work in this field.
To reiterate, you do not own the stock, commodity, or currency when you trade CFDs. Instead, you’re betting on the direction in which the asset’s price will move, and the accuracy of your prediction determines your profit or loss.
IG was founded in 1974 as the first legitimate spread betting firm. Since then, they’ve gained nearly 200,000 clients and expanded to offer CFDs in tens of thousands of financial markets.
You’ll also have access to more than 80 currency pairs via their user-friendly website and mobile app. Also, if you want to trade Forex and CFDs simultaneously, you’ll find profitable shares spread across the same 17,000+ global stocks.
However, IG does not have a CopyTrade program. In other words, you’ll have to make your own investment decisions rather than following the advice of eToro’s professional gurus.
- Saxo Bank
Saxo Bank’s market coverage is unrivaled. Retail investors can trade 9,000+ CFDs and 6,900+ ETFs spread across 22,000 stocks. In addition, you’ll be able to buy, sell, or trade BTC, LTC, Ripple, and ETH, in fractional increments.
However, retail investors who want to hold their positions for the long term can look into 300+ futures from 28 global exchanges or hedge their bets with 4,500+ corporate bonds in 21 different currencies. There’s almost nothing you won’t find here, with 22,000 available stocks and nearly 38,000 additional options.
Forex.com is a popular option and is frequently one of the first forex trading platforms that investors investigate. Forex.com is a highly trusted online broker publicly traded on the NASDAQ. They are also the most regulated, having received four tier-one jurisdictions.
Users in the United States also flock to Forex.com because of its longevity (since 2001) and many currency pairs available. Additionally, Forex.com currently offers over 80 currency pairs. They also allow you to trade gold and silver, as well as futures and options.
Forex.com does not claim to have the lowest prices, but they offer flexible and competitive fees based on five levels, from standard to pro. The typical spread for most forex pairs is 1.3 pips, but it can be as high as 2, with some pairings offering one-pip trades. Also, the spread can be as low as 0.77 pips in highly favorable conditions.
As cryptocurrency, stock, and ETF investments have become infinitely more accessible to average retail traders, many Forex brokers have sprung up to capitalize. However, while some retail investor accounts lose money as a result of poorly planned trades, there are many success stories.
We’ve done the heavy lifting to separate the wheat from the chaff. Significantly, our top trading platforms provide relevant stock information at a glance and cutting-edge mobile apps that make it simple to sell at the right time.
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