Forex is one of the biggest marketplaces in the global economy, but it is also the most volatile. Therefore, it is important to engage the best forex brokers that will efficiently guide you towards maximizing profit and minimizing losses. This article brings to the fore, the best forex brokers.
Indeed, the foreign exchange marketplace —or forex— encompasses fast-paced twists and turns; a world where fortunes and misfortunes occur in seconds; a marketplace that tests your emotional intelligence, grit, and resilience like no other.
One needs no soothsayer to underscore the fact that the foreign exchange marketplace is by far, the largest and most actively traded marketplace. Venturing into a marketplace such as this requires in-depth knowledge and skill about the mechanisms of such a marketplace. However, that is not the only important factor.
It is also important to engage a good forex broker. Certain critical factors should be taken into consideration when looking for a forex broker. This includes factors such as the range of product offerings —which should include essential offerings such as currencies, CFDs, spread betting, etc., trading platform(s) –be it web-based, mobile and third-party platforms, fees, and a host of other important factors. In line with the above-mentioned factors and other meaningful considerations, the following are the best forex brokers.
The MTrading broker tops this list as one of the most reliable brokers for trading CFD and forex online. Established in 2012, the forex trading platform is reputable for its easy-to-use and friendly interface that offers a host of product offerings, including currencies, stocks, commodities, and indices trading. Using the world’s most popular trading platform —MetaTrader 4— MTrading offers its clients an exciting range of convenient and conducive trading conditions.
One notable feature of MTrading forex brokers is that it enables copy trading. Copy trading aids a green-horn trader to copy the deals of experienced traders in real-time, maximizing profit from those trade positions as well. Copy trading also works for those that are neck-deep in some other activities to make money off the financial marketplace. MTrading forex brokers also offer various educational tools and materials that guide traders through the market. The forex brokers also encompass a wonderful customer service that is available for traders.
Founded in 1966, the London Capital Group (LCG) is one of the biggest U.K.-based forex brokers. Offering an enormous range of asset classes and a smooth trading experience, forex brokers are one of the top-ranked firms in the world.
Following a critical rebranding in 2016, the company now offers its financial services on the MT4 platform. The company also provides a mobile application that aids its customers in making trades, offering a vast selection of CFDs and spread betting instruments. With a focus on simplicity, the forex platform is novice-friendly and hosts excellent customer service.
The Saxo Capital Markets was established in 1922 under the Saxo Bank Group and is perfectly suited for the advanced trader. Its brokerage services are specifically tailored toward experienced traders, investors, and institutions. With its flagship platform —SaxoTraderPRO— that is a downloadable offering, it also offers a web-based platform that brings functional trading features to the table —SaxoTraderGO.
Finally, it offers access to third-party tools that amplifies the trading experience of its customers. The MT4, unlike other platforms, is not a vital feature of the web-based platform. Also, the brokerage services offered by the firm are not compatible with small account holders, as they have a high account minimum. Further, they have a variety of trading fees and fewer customer support options. This can also be attributed to the fact that it deals mainly with sophisticated traders and professional institutions.
For traders looking to minimize their costs, XTB is the best platform for such a choice. Founded in 2002, the forex trading platform offers leverage of 500:1 as its maximum for non-U.K. accounts, while U.K. accounts get up to 30:1 leverage.
Boasting excellent customer service and additional relevant and educational tools and research amenities, XTB is properly suited for a novice trader. With its flagship platform named “xStation 5”, XTB has a web-based offering. Of course, this is coupled with the MT4 platform and a functional mobile application.
For traders in the U.S., IG —founded in 1974— is the best bet for forex traders, especially after it re-entered the U.S. Markets in 2019. This is, no doubt, in its bid to establish a truly global presence, as most brokerage firms avoid the U.S. markets to the heavy restrictions that are usually imposed on such firms.
Are you looking to trade CFDs? Do.you want to trade in one of the largest financial markets? IG is a good place to start from. Featuring low spread costs and relevant educational material, IG is perfectly poised as one of the best forex brokers. IG also offers access to more than 80 currency pairs, coupled with an easily navigable website and unwavering customer support that makes the firm a significant threat to other competitors in the market.
Are you looking for hassle-free access to the forex market? Pepperstone is the right place for you!
Established in 2010, Pepperstone Group is a brokerage firm that centers its operations around indices, metals, shares, forex, commodities, etc.
This firm is compatible with traders that are seeking to manage a range of low-cost offerings. There are also a plethora of choices when it comes to the user interface, simultaneously backed up by efficient customer support that is available 24/5. The group also possesses a functional FAQ that explicitly states its operations concerning deposits, withdrawals, and trade disputes.
They have a wealth of desktop, mobile, and web-based platforms, coupled with standard educational resources and multiple account types that appeal to all traders —both novices and professionals.
Finally, Pepperstone separates individual customer accounts from company funds. This tends to provide a further layer of security for their client’s funds.
It is advisable to go for what works for you, based on your skill, experience, and grit. These forex brokers –and a host of others not mentioned– ultimately offer you a world where you can either leverage your skill as a professional trader or skill up as a novice.