The best broker for forex

Easymarkets – unique way of trading forex.Com is another excellent trading platform that offers cutting edge pricing.

Best forex bonuses

Best Forex Brokers 2021, the best broker for forex.

It offers its services all over the world. Here, at this platform, you get:

Best forex brokers 2021

Welcome to the world of foreign exchange trading or forex trading. This world has a lot to offer to those who understand its nitty-gritty. In this article, we have tried to present to you a comprehensive guide on choosing the most suitable forex brokers for your trading needs. We have also covered all the major related concerns around forex brokers such as the role of brokers, regulations, security, a list of top forex brokers, along with fundamentals of forex trading. So, without wasting a moment, let us start!

What is forex trading?

Foreign exchange trading is trading (i.E., buying or selling or exchanging) of one or more currencies instead of other foreign currencies. Forex can be translated into foreign exchange. These exchange currencies are known as currency pairs. The price of these currencies is decided based on the forex market’s exchange rates. The forex market is the biggest financial market that is spread across the world. Reports suggest that, on average, around 6.59 trillion U.S. Dollars in the form of various currencies are traded every 24 hours. The foreign exchange market runs 24 hours a day and is active for five days a week.

In the process of exchanging, buying, or selling of foreign currency, forex brokers prove to be very useful. They are also known as trading brokers, as they place a trade on behalf of the trader.

More on forex broker:

Forex brokers aid in exchanging, buying, or selling of currencies. Using brokers is pretty straight forward. All you need to do is open an account, deposit money in the newly formed accounts, and then, with the help of the broker’s trading platform, purchase, or sell currency as per the platform’s margin.
Regulation: given that forex traders place their trust on forex brokers, the regulation of these brokers, therefore, becomes quite important. Proper regulatory measures are in place to ensure security. In order to steer clear of frauds, two regulatory bodies govern the regulation of forex brokers. They are:

The commodity futures trading commission (CFTC) and

The national futures association (NFA)

These regulatory bodies keep financial activities under check. There are provisions for these authorities to launch lawsuits against those entities who are found guilty of illicit activities. This power assures customers’ safety on all fronts.

When you look for brokers, our advice is to do thorough research to check the credibility of the broker and see if its spreads, functions, and features match your needs. For research matters, the homepage of NFA and reviews such as ours can be quite handy and useful.

Usually, all the reputed forex brokers permit the clients to try a ‘practice account.’ this type of account allows the trader to get a fair idea about how the system works. This way, traders can have a mini first-hand experience on a number of broker trading platforms as they like, before choosing any. Another tip in finding a good broker is to check its 24 hours working feature like its customer service. The foreign exchange market works for 24 hours and 5 days a week, and the most reputable brokers work accordingly.

Which broker is the best for forex?

As we now have a fair idea about what a forex broker is and its purpose, it is time to move on to see which brokers are considered as the best in the market. To come up with a list of best brokers, we test a number of foreign exchange brokers for forex quality as well as CFD trading. Only after that, we suggest any name.

Before you go through the list of best brokers, it is important for you to know that cfds are complex instruments. There is a high innate risk involved with them that can lead you to steep money losses as there is leverage involved. On average, approximately 69 to 78 percent of retail accounts tend to face losses during cfds trading. That is why it is of high importance that you understand thoroughly how cfds work. You should also trade as per your risk capacity as there are steep losses involved.

Best forex brokers

Now it is time to look at the best forex brokers that can offer some fantastic trading advantages over others. So, here they are:

IG – trade with the best broker

IG is a well-regulated forex broker and is considered as one of the best forex brokers. It is trusted worldwide. Since its commencement it has offered its clients with a good variety of:

Versatile tradeable products

Highly useful trading and research tools

Industry’s top educational support

Cutting edge rates

Basically, IG is an all-around forex broker that offers a wholesome trading experience. As per market reports, IG is considered 2021’s best overall forex broker. Another thing that you should be aware of is that approximately 76 percent of retail CFD accounts lose money at IG. For details on commissions, please refer to the official website.

2. Saxo bank:

Saxo bank – trade with global capital market

Saxo bank has a reputation for serving the elite or VIP clients with utmost excellence. The minimum deposit at saxo bank is 10,000 U.S. Dollars, which is equivalent to 500 GBP. The salient features of this broker are:

It offers competitive prices

It backs its features with some well-made research

The customer service of saxo bank is also exceptional

It offers more than 40,000 trading instruments to its clients.

Overall, it is an exceptional platform for forex trading, and you can now see why it is attributed as the best forex broker. But the point to keep in mind is that around 72 percent of retail CFD accounts lose money at saxo bank. For details on commissions, please refer to the official website.

3. CMC markets:

Trade from anywhere anytime with CMC markets

CMC markets is considered to be the best online broker and included among the best forex brokers. The clients at CMC markets get to avail a variety of features as given below:

The clients are offered a great variety of currency pairs

Its offices are regulated in major international financial centers

The traders get to use a good range of financial products

The prices which CMC markets offers are competitive

It offers innovative trading tools and charting for commendable trading experience.

Overall, CMC markets can be considered as the best forex broker. Market reports suggest that it is considered to be the ‘next generation’ forex trading place. For details on commissions, please refer to the official website.

4. Oanda

Oanda – well know forex broker

Oanda is recognized among the most popular forex brokers. It has some unique and multifaceted features that its clients can avail. You can expect the following features from oanda.

No minimum initial deposit

No commission fees for their trading services

Very high execution speed of orders

Advanced charting tools and features

Competitive spreads as low as 1 pip for EUR/USD

Two basic types of trading platforms: metatrader 4 (MT4) and fxtrade webtrader

Oanda is a very popular forex broker that improves its client’s trading experience many folds.

5. Dukascopy

Dukascopy – leading forex broker

Dukascopy is another well-regarded trading broker that offers all the major trading services. Here are some interesting facts to know about dukascopy that may help you in deciding whether you want to use this as your forex broker:

Dukascopy uses the jforex platform suite, which supports this trading broker to offer the industry’s top-notch trading tools to its clients.

In addition, dukascopy supports its clients with excellent market research.

A major drawback of dukascopy is that its customer service is not that great. Also, dukascopy offers narrow tradeable markets. For details on commissions, please refer to the official website.

6. TD ameritrade FX

TD ameritrade FX trading platform

TD ameritrade FX is an exceptional trading platform which only functions within the united states’ borders. This trading broker offers some great functions to its clients:

TD ameritrade FX offers around 80 currency pairs to its traders for foreign exchange trading.

Along the way, it backs its users with a great range of trading tools as well as strong research.

7. City index

Earn more with city index

City index has made its name for offering excellent forex trading services. The clients get a range of useful trading products, multiple asset classes with competitive spreads. Further, clients get:

Excellent platform options

High tech research tools

Dependable customer support

Offers AT pro (desktop-based) and web trader (web-based) along with metatrader 4.

All of these services are offered under the biggest international retail broker- GAIN capital. Please also be aware of the fact that at city index, around 71 percent of the retail accounts lose money.

8. Forex.Com

Forex.Com – trading specialist

Forex.Com is another excellent trading platform that offers cutting edge pricing. It offers its services all over the world. Here, at this platform, you get:

In-depth market research

High tech mobile app for trading

Feature loaded trading platform

Both beginners, as well as expert traders, are welcome here.

Given the forex market has its innate trading risks, so is the case with this platform too. Around 69 percent of the retail CFD accounts lose money in trading.

9. XTB

XTB – best broker for 2021

XTB is known for offering the best customer support. It is a great trading platform that offers:

Multiple asset classes trading

Regulation in various major financial centers

Competitive offering

Excellent customer services

Xstation 5 trading platform

10. FXCM

FXCM is known for offering well-rounded services. Despite offering a narrow range of tradable markets, it serves a number of types of traders. The pricing at FXCM is average. At this platform, you get:

Strong trading tools that serve high volume traders and algorithmic traders amongst other types of traders

Great market research-backed support

Good customer support

What is the best forex broker for beginners?

In the foreign exchange market, many forex brokers cater to different categories of traders. Beginners in the trading market usually need extra support. So we decided to compile a separate list of best forex platforms for traders who have just ventured into the foreign exchange trading world:

1. Plus500

Plus500 – trade cfds and forex with trust

Plus500 is great for novice traders. It is an online broker that is very supportive of its traders and is listed among the best forex brokers. This makes it a very user-friendly trading platform for forex and CFD trading. One can say that all the basic requirements of traders who have just started exploring trading are fulfilled. For experts, plus500 may come across as a limited trading platform.

2. Markets.Com

Markets.Com – enjoy seamless trading

This is another user-friendly platform. It is an online broker with a marketsx trading place. Compared to other trading platforms, markets.Com is a bit expensive and does not have a number of trading features, spreads products, and tools other than the basic ones.

3. Saxo bank

Saxo bank – connect with world

Saxo bank is a great trading platform with competitive pricing, an exceptional range of trading tools, impressive research, and great customer support. In addition to all this, it offers a thorough variety of instruments of more than 40K trading instruments and is considered one of the best forex brokers. The only downside to it is that it charges a minimum deposit of 10,000 U.S dollars. Another thing to notice at this platform is that around 65 percent of the retail CFD accounts lose money on this platform.

4. Etoro

Etoro is great for copy trading and is considered to be one of the best forex brokers. Moreover, it was awarded this year for offering easy to use copy trading services. Traders here at etoro can copy the trades of other users through more than 1900 trading instruments. This wide variety of instruments includes cfds on famous cryptocurrencies. The only point where etoro lacks is pricing.

5. Easymarkets

Easymarkets – unique way of trading

Easymarkets is a unique web-based trading platform and is considered one of the best forex trading platforms. It offers trade protection to its users. It is indeed the best forex broker out there for beginners. It is an expensive trading platform but is very user-friendly. It offers two user-friendly features, namely:

Deal cancellation, and

Freeze rate

On the downside, this trading platform lacks market research tools. It offers just 169 tradable instruments. The mobile app of its platform is also quite average. On the other hand, around 74 percent of the retail CFD accounts lose money. For details on commissions, please refer to the official website.

How much money do you need to trade forex?

The minimum requirement to start foreign exchange trading at any platform varies. Some do not charge anything at all, and some do. The range of the minimum requirement starts from 100 U.S dollars and goes up to 250 U.S dollars. There are, however, some exceptions like saxo bank wherein the minimum funding is 10,000 U.S dollars.

What do brokers do in forex?

Forex platforms’ role is to get orders for buying and selling of currencies and then to execute trade orders accordingly. They function on the OTC (i.E. Over the counter) market. They offer access to all the main currency pairs, such as:

EUR/USD

GBP/USD

USD/JPY

USD/CHF

G10 currencies, along with emerging market currencies.

The rules and regulations in these markets differ from other financial exchanges. The broker market lacks any centralized clearing mechanism, which puts the responsibility of the right execution of the trade at the trader’s shoulders. Therefore, it is important to do thorough research about the broker’s capitalization capability before placing your trust in him or her. It is the trader’s responsibility to choose the right forex broker.

Do you need a broker for forex?

When you depend on online brokers, they continue to earn commissions from your pie regardless of your trade results. This happens because of the difference in the market price, and the actual price goes in their pockets. Their main role is to provide you with easy access to forex trading and profitable spreads. They keep their rights reserved. The results are not their responsibility. So, it can be a good idea to take charge of the entire process in your own hands.

You can gain insights into how the foreign exchange market works without losing money. You can try your hands at various demo accounts that are commonly available at various broker trading platforms.

Therefore, if you are just beginning your trade journey, we would suggest you take adequate time to first grasp the fundamentals of trading. Educate yourself about the various facets of the foreign exchange market (through a demo account) and understand how you can further push your trade portfolio without compromising security and regulations. Once well-comprehended, you will realize that foreign exchange trading is no rocket science! It may look daunting at first as there is so much to learn. But, with patience and persistence, you, by all means, can do foreign exchange trading without having to depend on a broker. Further, the following suggestions can help you kick start your journey smartly and intelligently:

High leverage and potential risk: when it comes to the daily trading volume, the forex markets are the largest. This promises a great deal of liquidity. Further, based on high liquidity, the entry and the exit at a trade position become way too easy. However, the challenge is that the banks, dealers, and online brokers in the market permit high leverage. This enables the traders to hold large positions at little money. Therefore, it goes without saying that the trader needs to understand the risky nature of the forex market. For instance, the leverage of 100:1 is a high ratio. It can swing to either high profits or steep losses. In some cases, the extreme ratios of leverage have ended many dealers with issues around insolvency.

Bird’s eye view of trading requirements: the foreign exchange market works 24 hours a day and for 5 days a week. Every day it starts in sydney, australia, and ends in new york. The main centers of the foreign exchange market are sydney, hong kong, singapore, tokyo, frankfurt, paris, london, and new york. Now, as we all know that trading currencies need a fundamental understanding of the market and its functions as well as indicators. Therefore, a trader or investor is expected to have a bird’s eye view of the entire financial movement, the economies of various countries, the inter-connections, etc, to be able to reap the best trade results.

Forex trading risks: as discussed before, foreign exchange trading has an innate nature of risk. It is complex in nature too. Further, forex brokerage operates at varying degrees in different parts of the world. The regulation between the banks varies, the standardization of various forex instruments differs, and in some places, it is totally unregulated.

The inter-bank market determines and accepts risks. They design a structure around it to come up with an interoperable process that is as safe as possible. The regulation designed in such a fashion aims to protect every participant bank.

Know forex trading risks

Given, the participating banks provide bids and other related offers for various currencies; this mechanism is therefore heavily dependent on the supply and demand rate. Due to large trade flows, influencing the price of any particular currency is difficult. With the help of inter-bank dealings, a sense of transparency is taken care of in the market.

Usually, small retail traders trade with comparatively low-key and almost unregulated forex platforms; there are always chances for them to re-quote rates and sometimes trade against the trader. Regulation on such platforms is highly dependent on which legislation they come under. This decides what type of industry and government regulation they are subject to. The protection measures for every trader vary from country to country.

Ideally, one should do a background check to see whether a broker is regulated in the U.S. Or the U.K. Further, to ensure security, one can check what kind of account protection is offered by the forex broker features in times of crises and other insolvency issues.

The bottom line

We hope our discussion on forex platforms has helped you gain clarity on the subject. As for our final thoughts, we would say that forex trading is great for forex traders with limited money who are seeking day trading in small amounts. On the other hand, those with large sums of money to trade, long term trading can be more beneficial. New forex traders should take their time to gain a good understanding of the market, its fundamentals, and create an overall view of global economics to make well-informed trade decisions.

Forex platforms really help you gain easy access to the trade market and get access to the best spreads. But it is your responsibility to do thorough research to check the credibility of the broker and also to see if its functions, products, spreads, and features match your needs. For research matters, the homepage of NFA and reviews such as ours can be quite handy and useful.

The forex market is very risky in nature. Forex and CFD are complex instruments. There is a high innate risk involved with them that can lead you to steep money losses as there is leverage involved. On average, approximately 69 to 78 percent of retail accounts tend to face losses during cfds trading. That is why it is of high importance that you understand thoroughly how cfds work. You should also trade as per your risk capacity as there are steep losses involved.

1. Can one become rich by trading forex?

The answer to this question is a mixed one. There are people who have become rich through foreign exchange trading, but the majority have not. The simple reason is the risky nature of the forex market. There have been cases where people have made millions and billions through foreign exchange trading, but one must also not forget that similar amounts have also got swept away through steep losses in the forex market. Therefore, making well-informed and calculated risks is very important.

2. How can one start forex trading?

Forex trading is all about awareness and practice. One can start by using a demo account in order to gain a good understanding of the forex market, and its various functions, tools, trading platforms, etc. Learning through case studies, researching about the technicalities about the foreign exchange market is also very useful. Once you feel confident, you can choose a forex platform by researching its credibility. Open an account there, fund it with the minimum deposit requirement, and you are ready to trade!

3. How does one choose an appropriate forex broker?

Choosing the right forex broker is tricky, but is manageable. As the first step, you should look for brokers who are regulated within the legislation of your country. Further, you should check out the reviews about the broker platform to understand how good its trading support, costs, spreads, tools, research capabilities, customer service, and other spreads, features, and products are. Upon screening through your list of best brokers, you can finalize the most suitable and trustworthy forex broker based on your trade requirements.

4. Which forex brokers accept US or non-US clients?

Those forex brokers who have regulatory status in the U.S permit U.S. Based clients and keep their rights reserved. On the other hand, those forex brokers who permit non-U.S clients are usually required to have licenses in countries where they come from.

5. Which currency pairs are popular?

There are seven currency pairs that are really popular in the market. They are also called the ‘majors’. They are as follows:

EUR/USD

GBP/USD

USD/JPY

USD/CHF

NZD/USD

AUD/USD

USD/CAD

Around 85 percent of all trades take place within these seven currency pairs or the ‘majors.’

3 best US forex brokers for 2021

The forexbrokers.Com annual forex broker review (five years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. How we test.

Trading forex (currencies) in the united states (US) is popular among fx traders. Before any fx broker can accept US forex traders as clients, they must become registered as retail foreign exchange dealer (RFED) by the financial regulatory body, the commodity futures trading commission (CFTC) and also regulated by the national futures association (NFA) as a futures commission merchant (FCM). The NFA website is nfa.Futures.Org. We recommend US residents also follow the CFTC on twitter, @CFTC.

The CFTC is a federal regulatory agency that was established by congress in 1974 with jurisdiction over the commodity futures (derivatives) markets. The same legislation authorized the creation of the registered futures associations, and in 1982 the NFA started as a self-regulatory organization for the US derivatives industry. For a historical breakdown here is a link to the NFA's webpage on wikipedia.

Best US forex brokers for 2021

To find the best forex brokers in the USA, we created a list of all CFTC registered brokers, then ranked brokers by their trust score. Here is our list of the top forex brokers in the united states.

IG - best overall broker 2021, most trusted

TD ameritrade forex - best desktop platform, US only

FOREX.Com - great all-round offering

Best forex brokers US comparison

Compare US registered forex brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's forexbrokers.Com trust score.

Forex broker	accepts US residents	average spread EUR/USD - standard	minimum initial deposit	trust score	overall	visit site
IG	yes	0.745	£250.00	99	5 stars	visit site
TD ameritrade	yes	1.065	$0.00	98	4.5 stars	N/A
FOREX.Com	yes	1.400	$100.00	93	4.5 stars	visit site

How to verify CFTC registration

To identify if a forex broker is CFTC-registered and regulated by the NFA, the first step is to identify the NFA ID number from the disclosure text at the bottom of the broker's US homepage. For example, here's the key disclosure text from FOREX.Com's website.

FOREX.Com is a registered FCM and RFED with the CFTC and member of the national futures association (NFA # 0339826).

Next, look up the firm on the NFA website to validate the current status of the id number. Here is the official NFA page for FOREX.Com.

More forex guides

Methodology

For our 2021 forex broker review we assessed, rated, and ranked 27 international forex brokers. Each broker was graded on 108 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex risk disclaimer

"there is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." learn more.

About the author: steven hatzakis steven hatzakis is the global director of research for forexbrokers.Com. Steven previously served as an editor for finance magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

About the author: blain reinkensmeyer as head of research, blain reinkensmeyer has 18 years of trading experience with over 1,000 trades placed during that time. Referenced as a leading expert on the US online brokerage industry, blain has been quoted in the new york times, forbes, and the chicago tribune, among others.

Trading cfds, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading cfds with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how cfds, FX, and cryptocurrencies work. All data was obtained from a published website as of 12/14/2020 and is believed to be accurate, but is not guaranteed. The forexbrokers.Com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

The names, products, services, branding/logos, and other trademarks or images featured or cited within this website (www.Forexbrokers.Com) are the property of their respective owners and the owners retain all legal rights therein. These trademark holders are not affiliated with forexbrokers.Com and the use or display of names, trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, or endorses forexbrokers.Com or any of its reviews, products, or services. Forexbrokers.Com declares no affiliation, sponsorship, nor any partnership with any trademark holders unless otherwise stated.

IG - 76% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you can afford to take the high risk of losing your money.

OANDA - cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

Advertiser disclosure: forexbrokers.Com helps investors across the globe by spending over 1,000 hours each year testing and researching online brokers. How do we make money? Our partners compensate us through paid advertising. While partners may pay to provide offers or be featured, e.G. Exclusive offers, they cannot pay to alter our recommendations, advice, ratings, or any other content throughout the site. Furthermore, our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data. Here is a list of our partners.

Disclaimer: it is our organization's primary mission to provide reviews, commentary, and analysis that are unbiased and objective. While forexbrokers.Com has some data verified by industry participants, it can vary from time to time. Operating as an online business, this site may be compensated through third party advertisers. Our receipt of such compensation shall not be construed as an endorsement or recommendation by forexbrokers.Com, nor shall it bias our reviews, analysis, and opinions. Please see our general disclaimers for more information.

Best forex brokers

Out of the hundreds of brokers in the world, finding the best forex broker is challenging. As the trading involves exchanging one currency in terms of another currency, one has to be careful while trading. When looking for the top forex brokers, both experts and new traders should consider the platforms, leverage, offered currency pairs, and customer service. Besides, some other factors should be taken into consideration too. Through extensive research with effective methodology, we have suggested a detailed guideline to choose the best forex brokers for beginners and experts. Read on to find out those.

What is a forex broker?

To trade something, you must need a place/platform to buy or sell in the real world. In the currency trading market, forex brokers work like that platform. Usually, a forex broker is a firm that allows traders to use their platform to buy or sell currencies worldwide. For your information, the whole process is done virtually. However, not all the broker acts the same.

What is the role of the top forex broker?

The broker works as a middleman between you and other buyers or sellers. They create a virtual place and let you trade your currencies. However, during the process, they charge a fee or commission, which is their earning source.

Types of forex broker

Top forex brokers are divided into two basic categories. They are-

Dealing desk brokers (DD)

They work as direct liquidity providers to their clients.

Non-dealing desk brokers (NDD)

On the other hand, NDD brokers connect their clients to other available liquidity providers in the market. Through, NDD work in two ways-

Straight through processing (STP) brokers

Electronic communication network + straight through processing (ECN + STP)

At this point, you know some basics of the top forex brokers. But, if you want to trade, those basic will not get you the best forex broker. Let’s find ways to get a legit broker.

Criteria to find the best forex broker

Out of hundreds of brokers available worldwide, you have to look for some criteria to get the best forex broker. The following are the benchmarks you should look for.

Safety and reliability

When you are investing money, security should be one of the main concerns. Checking the credibility of a forex broker is not that tough. There are regulatory bodies in different countries.

Regulatory bodies

Before putting your money into a broker, check for yourself, if the broker is a member of the regulatory body for the respective country it works for. You will find their membership on their websites. Additionally, you may crosscheck with country-specific regulatory body’ listing.

Account registration

The best forex brokers for beginners will keep their account opening procedure simple and light. If they seek any unusual info, you should avoid it.

Transaction costs

Every time you trade through a broker, you will have to pay a commission or spread. However, trading with the best forex broker is always affordable and cheapest. However, sometimes you have to sacrifice a bit higher transaction cost for a reliable broker.

Deposit and withdrawal

The best forex broker will keep the deposit and withdrawal hassle-free.

Trading platform

Best forex brokers for beginners will feature a user-friendly and stable trading platform. So, you should check the trading platform in detail before deciding to start trading.

Execution

Under the normal market condition, no matter what, the broker should fills you at the best possible price when you order. Besides, they should also offer micro pips for your transaction.

Market coverage

The best forex broker will let you trade on the fx pair or your preferred product.

Demo account

Best forex brokers for beginners always provide a demo account to practice before you start the real trading. Whether you are an experienced or beginner, you should be able to get the demo account.

Education support

A good broker always provides education support to their clients. The support could be the video tutorial, e-books, blogs, newsletters, etc.

Customer support

Though you will trade online with software, you may face problems. On the other hand, if the broker doesn’t help you in your need, there is no point to trade with them.

Top forex brokers always offer 24/7 customer support. However, some good brokers may offer 24/5 live support, such as FP markets.

We have also explained some of the important criteria in detail later on in this informative article.

How to find the top forex brokers for beginners?

As a beginner, find the best forex broker is a real challenge as they start with zero experience. We will suggest newbies to make a list of some forex broker, you know. After that, follow the points we mentioned below for each broker you have chosen.

Company history

Brief research on your forex broker will give you an idea at a glance regarding that broker. Check out everything about that broker, such as year of establishment, location, etc.

Check for the membership of respective regulatory body

Top forex brokers should be the member of corresponding regulatory agencies, which ensures the security of your fund. If they intend to do business in multiple countries, they must get approval from those country-specific regulatory agencies. The following list consists of the countries with their corresponding regulatory bodies and makes sure you check your broker’s credibility.

UK: prudential regulation authority (PRA) and financial conduct authority (FCA)

USA: and commodity futures trading commission (CFTC) and national futures association (NFA)

Canada: investment information regulatory organization of canada (IIROC)

Australia: australian securities and investment commission (ASIC)

Germany: bundesanstalt für finanzdienstleistungsaufsicht (bafin)

Switzerland: swiss federal banking commission (SFBC)

France: autorité des marchés financiers (AMF)

Look for forex broker reviews

Search on google about those brokers. Look for every possible detail available on the internet, including pros and cons. Besides, don’t rely on a single source and read reviews from different sources. That’s how you can realize which one is the best forex broker.

Forex forums

Visit some forex forums to get a better idea from real users. Additionally, you will get to know honest things about your desired broker. As a result, you can sort out the list of best forex brokers for beginners.

Free demo trading

Some forex brokers provide a demo free demo after deposit. However, top forex brokers never ask a deposit for demo trading. When you have found a broker with a free demo account, sign up and try to trade.

Besides those, you have to know some other stuff to find out the best forex broker. Without further ado, let’s dig more about some elements of forex trading.

Broker’s range of instrument

There are a vast number of currencies available for trading in the top forex brokers platform. However, only a few currencies get traded as they have the highest profitable volatility. The most usual currency pairs are EUR/USD, USD/JPY, USD/CHF. Although there are more currencies that are profitable. The best forex broker will offer you more than hundreds of different pairs to trade from.

The cost of trading: spreads, commissions, and leverage

All the forex broker has a variety of account offerings with various spreads and leverage. However, the leverage offering depends on the country and the broker’s limitations. On the other hand, the best forex brokers for beginners usually offer a wide range of leverage amounts on various account types. For the retail account, it could be 1:30, and for the professional accounts, 1:500.

Spreads and commission are other significant offers that affect a trading position. It is an important criterion to check before selecting a broker because brokers make money from commission.

However, the best forex broker may charge less commission as they have many active clients in their list.

Nonetheless, most of the FX brokers say that they don’t charge any commission, and instead, they make money through spreads. It is the bid and asks price for a currency pair, for instance, if the spread is wider, the charge will be higher. In some cases, the spread could be fixed up to three pips. Besides, a broker may also offer variable spreads depending on the market volatility.

Usually, low spread brokers are popular among the trader as they take commissions on trading only through rollover or swap. Being said that, let’s know more about rollover.

Rollover rate

If you keep your forex position open overnight, it will incur an extra fee. The difference in the interest rate of base currency and the quote currency is considered as the rollover rate.

Types of forex trading account

The number of lots and trades are correlated to determine the types of trading account. Depending on the trading size, they fall under the standard, mini and micro-accounts.

Standard: it consists of 1000,000 units of lots of a base currency.

Mini: when you trade 10,000 units, it is called mini lots.

Micro: 1,000 units are fell under micro-accounts.

With the advancement of technology and traders, a new kind of lots has emerged. These days, newbie-friendly best forex brokers for beginners allow trading as low as 100 units, which are called nano lots.

Trading platform for best forex broker

The trading platform is the most valuable and crucial part of a broker. As such, traders will deposit and trade through the designated platform. So, you have to make sure that the platform and trading software is user-friendly. Besides, the platform should also have fundamental and technical analysis tools.

However, top forex brokers use third-party software such as metatrader 4 and metatrader 5.

Metatrader 4 is reliable and trusted by most of the forex traders as it is highly customizable. Besides, it can automate your trading too, which can open and close trades even when you are not logged in. It was made especially for forex trading.

On the other hand, metatrader 5 was developed to grab non-forex traders, such as stocks and commodities. However, it also has a forex trading option.

Deposit and withdrawals

Best forex brokers for beginners always provide an easy process to deposit and withdraw. Besides, you also have to consider the minimum deposit amounts as well as withdrawal time. Best forex broker doesn’t want a huge amount of deposit to start. However, it doesn’t mean that high deposit seekers are not worthy.

Some best forex broker will let you trade from as low as $100, which helps you to understand the market. Besides, they also offer easy withdrawal quickly so that your fund will not be stuck forever.

Payment methods

Top forex brokers keep their payment method easy. Commonly they release their payment through visa, master card, and bank wire along with neteller and skrill. However, bitcoin and paypal payment options very rare.

Forex pairs

A trader should gain knowledge about the pair, which is also known as the currency pair. It is simply the quotation of two currencies, where the value of a specific currency is quoted against the other currencies. However, as a beginner, you might not have enough knowledge about the pairs. For that reason, the best forex brokers for beginners educate their traders on pairs and suggest a profitable one.

Which forex pair to trade?

In the forex market, there could be hundreds of pairs available. They are categorized in terms of traded volume on a daily basis. However, all of them are not highly profitable. Forex pairs can be divided into two parts.

Major currency pairs

For beginners as well as experts, EUR/USD is the most liquid currency pair. Besides, USD/JPY is also one of the most popular pair in the world. Other major currency pairs include USD/CHF, USD/CAD, GBP/USD, and AUD/USD.

Minors and exotic pairs

Unlike major pairs, all the pairs are not associated with USD. So, the forex pairs that are not denominated with US dollars are called as minor pairs or crosses. Those pairs have a bit wider spreads. Besides, they are not liquid like the major pairs. Most common crosses are EUR/CHF, EUR/GBP and GBP/JPY.

When new pairs are introduced in the market, they are categorized as exotic currencies that are not that liquid, and spreads are much wider. For example, US dollars and singapore dollars are emerging in the market. Top forex brokers don’t suggest to trade exotic pairs for a newbie trader.

Bonuses and promotions

Bonuses and promotions sometimes play a major role in selecting a forex trader. These days, forex broker agencies are advanced and popular. Additionally, the best forex broker offers good trading conditions along with extra incentives.

To grab more clients, brokers offer special promotional packages for beginners and old traders. However, sometimes big depositors also get bonuses. Some top forex brokers who offer bonuses and promotions are FX pro, admiral markets, etc.

So, before you sign up for a forex broker, evaluate their bonus and promotional activities too.

Trade execution policy for top forex brokers

Some forex brokers offer a high level of leverage, which seems attractive. As a result, trades follow an aggressive strategy. High leverage can get you a great amount of profit, but it is risky too. If you are conservative traders with medium investment, you should look for moderate leverage offers. Those are less risky.

Anther policy you have to keep in mind that some brokers may offer fixed leverage on some currencies, while others offer adjusted leverage.

While choosing forex brokers for beginners, margin call policies should be kept in mind too. Besides, another detail you should watch out is company performance and how they carried the traders over the weekends.

Before depositing money and start real trading, you must evaluate all the trade execution policies.

Regulation and licenses among the best forex broker

Forex business doesn’t have a central regulation; it is regulated differently all over the world. As a result, different countries have different policies regarding forex. Furthermore, forex brokers must comply with the financial authorities of any particular country.

So, it is essential for a trader to choose a brokerage company that operates under financial authorities with proper authorities. Usually, newbies should see these carefully as they need to find top forex brokers to secure their investment.

However, we already mentioned all the regulatory bodies in how to find the best forex brokers for beginners part of this content. Regardless of your level, you need to have a clear understanding of the regulatory status.

Quality of client support

Customer support quality is another way to categories the top forex brokers. However, it is not possible to know the quality of customer support unless you practically use it. Still, you can take ideas through forums and reviews on google. You may ask what the benchmarks to check the customer support quality.

To search for the quality measurement, you may check their live customer support hours. Some may offer 24/7 support as forex markets never sleep. However, some of the brokers may offer five days a week support. Besides, the best forex broker provides a multilingual trading community with corresponding customer support preferences.

Education support by the best forex brokers for beginners

A new trader must need to learn the trading from a mentor. Though mentors are not always accessible. As a result, they need support from brokers. A beginner’s friendly broker always provide training or education support to its new clients.

Top forex brokers may provide video, books, blogs, forums, and other relevant tools to boost knowledge. It also includes a free demo account. So, new traders also need to check those out whether the desired broker offers education support.

What are pips in trading?

It is necessary to know about pips if you are a new trader. Usually, the change of the value in two currencies is called pip. For example, if EUR/USD moves from 1.1049 to 1.1050, which makes the USD .0001 rise. This .0001 rise is one pip, which means the last decimal place of a price quote.

Most pips go up to 4 decimal places. Sometime they may go out to two decimal places such as USD/JPY is .01

Order entry types in top forex brokers

In forex trading order entry are categorized into two types, market order and pending order.

Market order: it is the process to execute an order instantly at the best price.

Pending order: it is the process to execute a transaction according to your specified price. However, the software will not complete the transaction until it meets the desired price.

Check out the scams

As a beginner, you may become the victim of best forex brokers for beginners scam! There are a lot of brokers who try to scam the newbies. That’s why we have explained all the terms and requirements above. This guideline will help you out to stay away from scammers. Besides, check out if they violated someone’s privacy previously. Again, research yourself to stay safe.

Bottom line

Using this guideline, when you are done with the rough shaping of the top forex brokers, make a list of the brokers. Then, weigh all the positive and negative sides again to finalize your best forex broker.

Perhaps, for your review, you should check the following queries to yourself as well as to the broker.

Are they a broker or a dealer? Try to find out the company types and their capitalization.

Take a closer look at their trading platform.

Check out the types of accounts, whether they invite traders from various skills and investment.

Understand their fees and commission structure.

Company standards are based on their leverage, margins, and regulatory body.

How is their client support management?

Finally, are they the best forex brokers for beginners?

Top rated online best forex brokers 2021

Best forex brokers 2021

What is forex trading?

In the process of exchanging, buying, or selling of foreign currency, forex brokers prove to be very useful. They are also known as trading brokers, as they place a trade on behalf of the trader.

Which broker is the best for forex?

Best forex brokers

Now it is time to look at the best forex brokers that can offer some fantastic trading advantages over others. So, here they are:

IG – trade with the best broker

IG is a well-regulated forex broker and is considered as one of the best forex brokers. It is trusted worldwide. Since its commencement it has offered its clients with a good variety of:

Versatile tradeable products

Highly useful trading and research tools

Industry’s top educational support

Cutting edge rates

2. Saxo bank:

Saxo bank – trade with global capital market

It offers competitive prices

It backs its features with some well-made research

The customer service of saxo bank is also exceptional

It offers more than 40,000 trading instruments to its clients.

3. CMC markets:

Trade from anywhere anytime with CMC markets

CMC markets is considered to be the best online broker and included among the best forex brokers. The clients at CMC markets get to avail a variety of features as given below:

The clients are offered a great variety of currency pairs

Its offices are regulated in major international financial centers

The traders get to use a good range of financial products

The prices which CMC markets offers are competitive

It offers innovative trading tools and charting for commendable trading experience.

4. Oanda

Oanda – well know forex broker

Oanda is recognized among the most popular forex brokers. It has some unique and multifaceted features that its clients can avail. You can expect the following features from oanda.

No minimum initial deposit

No commission fees for their trading services

Very high execution speed of orders

Advanced charting tools and features

Competitive spreads as low as 1 pip for EUR/USD

Two basic types of trading platforms: metatrader 4 (MT4) and fxtrade webtrader

Oanda is a very popular forex broker that improves its client’s trading experience many folds.

5. Dukascopy

Dukascopy – leading forex broker

Dukascopy uses the jforex platform suite, which supports this trading broker to offer the industry’s top-notch trading tools to its clients.

In addition, dukascopy supports its clients with excellent market research.

A major drawback of dukascopy is that its customer service is not that great. Also, dukascopy offers narrow tradeable markets. For details on commissions, please refer to the official website.

6. TD ameritrade FX

TD ameritrade FX trading platform

TD ameritrade FX is an exceptional trading platform which only functions within the united states’ borders. This trading broker offers some great functions to its clients:

TD ameritrade FX offers around 80 currency pairs to its traders for foreign exchange trading.

Along the way, it backs its users with a great range of trading tools as well as strong research.

7. City index

Earn more with city index

Excellent platform options

High tech research tools

Dependable customer support

Offers AT pro (desktop-based) and web trader (web-based) along with metatrader 4.

8. Forex.Com

Forex.Com – trading specialist

Forex.Com is another excellent trading platform that offers cutting edge pricing. It offers its services all over the world. Here, at this platform, you get:

In-depth market research

High tech mobile app for trading

Feature loaded trading platform

Both beginners, as well as expert traders, are welcome here.

Given the forex market has its innate trading risks, so is the case with this platform too. Around 69 percent of the retail CFD accounts lose money in trading.

9. XTB

XTB – best broker for 2021

XTB is known for offering the best customer support. It is a great trading platform that offers:

Multiple asset classes trading

Regulation in various major financial centers

Competitive offering

Excellent customer services

Xstation 5 trading platform

10. FXCM

Strong trading tools that serve high volume traders and algorithmic traders amongst other types of traders

Great market research-backed support

Good customer support

What is the best forex broker for beginners?

1. Plus500

Plus500 – trade cfds and forex with trust

2. Markets.Com

Markets.Com – enjoy seamless trading

3. Saxo bank

Saxo bank – connect with world

4. Etoro

5. Easymarkets

Easymarkets – unique way of trading

Deal cancellation, and

Freeze rate

How much money do you need to trade forex?

What do brokers do in forex?

EUR/USD

GBP/USD

USD/JPY

USD/CHF

G10 currencies, along with emerging market currencies.

Do you need a broker for forex?

You can gain insights into how the foreign exchange market works without losing money. You can try your hands at various demo accounts that are commonly available at various broker trading platforms.

Know forex trading risks

The bottom line

1. Can one become rich by trading forex?

2. How can one start forex trading?

3. How does one choose an appropriate forex broker?

4. Which forex brokers accept US or non-US clients?

5. Which currency pairs are popular?

There are seven currency pairs that are really popular in the market. They are also called the ‘majors’. They are as follows:

EUR/USD

GBP/USD

USD/JPY

USD/CHF

NZD/USD

AUD/USD

USD/CAD

Around 85 percent of all trades take place within these seven currency pairs or the ‘majors.’

so, let's see, what we have: updated best forex brokers for 2021! Find here a complete list of top forex brokers and their unique features which suits your trading. At the best broker for forex