This is because Interactive Brokers has a minimum charge of $2.00 for all position sizes – so larger trades are cheap, while smaller trades are relatively expensive. I’m a big fan of anything that helps beginners learn the basics of forex trading and then progress to more advanced strategies. FOREX.com provides the most trading platform options of any broker I looked at. You’ve got their own FOREX.com platform, as well as MT4, MT5, NinjaTrader, and TradingView – there’s basically a platform for every trading style. Other brokers tested – such as Charles Schwab – exhibited quite a lot of drift in their spreads. Across my time trading with OANDA, I found their EUR/USD spreads to be some of the most stable.

FP Markets – Best MT4 Broker

It is wise to steer clear of brokers that aren’t regulated by a reputable authority, as there is no legal recourse if they take your capital and handle your funds fraudulently. Investigate each account type thoroughly to find the one that best suits your needs. Usually, you can test each account first using a demo trading account before opening a live trading account. Non-trading fees can include charges for account maintenance, account inactivity, deposits, and withdrawals. It is wise to review the deposit and withdrawal methods and their respective fees so you are not surprised by any high charges.

However, this comes at the expense of per-trade-based commissions, which can have a negative impact on your bottom line. Forex trading has the potential to be profitable for traders who possess the necessary knowledge, skills, and discipline. However, it is essential to understand that forex trading is not a guaranteed way to make money, and success should never be taken for granted.

You can also trade spot shares with IG Group, which involves stock ownership, as opposed to CFDs which doesn’t. Trading conditions directly relate to the trading environment a given broker offers. Key factors to consider include trade execution speed, ease of withdrawal, and the conditions related to the specific account you open. As a market marker, eToro doesn’t have the lowest spreads out there, but the broker does average spreads of 1 pip for EUR/USD, which is right in line with the industry average.

You can download it on iOS and Android devices, and just need your account number and password to log in. You open and manage accounts from the FP Markets client portal area, which can also be accessed from the mobile app. When I say global, I mean they will accept clients across the globe except for a few select countries. While the broker accepts clients from the UK, if you are in the US, Canada or Europe FOREX.com will be for you. The Premium Upgrade tool we utilised the most was the DOM (depth of market) feature, which showed us what prices our order would be filled based on the prevailing liquidity in the market. CFD is short for ‘contract for difference’ and is the method of speculating on the underlying price of an asset, like shares, indices, commodities, cryptos as well as currencies.

• Our researchers and editors verified the responses and supplemented the data with additional online research and direct communication with each broker.
• You must open an account with a CFTC-regulated, NFA-licensed online broker to do so.
• Where brokers differ, will be in the methods of trading they offer and how diverse their range of tradeable products are.
• FxPro is committed to responsible trading, offering a range of educational resources through its Knowledge Hub, including webinars, tutorials, market analysis, and trading guides.

Pros and Cons of FP Markets

They should provide easy access to their regulatory information and offer assurances regarding the protection of client funds, such as compensation schemes in case the broker becomes insolvent. It is also essential to verify that the broker’s regulatory claims are valid by cross-referencing with the regulator’s official website. Traders at FxPro have access to over 2,100 financial instruments, including Forex, Futures, Indices, Metals, Energies, and Shares. Cryptocurrency is also offered but less extensively compared to some competitors. XM’s award-winning customer experience team offers support in over 30 languages, across a wide variety of communication methods, many of which are tailored for their regions.

What Is The Best Forex Trading Platform?

Prior to dabbling into margin trading, each reader should take the time to determine their individual investment goals, risk tolerance, and level of expertise. Our main objective is to help readers make better-informed decisions when choosing online brokers and learn the foundations of trading rather than providing financial advice. Please consider contacting a professional advisor if you require any financial assistance. Some trading sites use proprietary software developed in-house, but most tend to rely on platforms created by third parties like MetaQuotes. Either way, cross-compatibility is a desirable feature, especially if you insist on keeping a close watch on the markets as you go. These brokers generate profit from the difference between the bid and ask prices, i.e., they buy at a lower price and then sell at a higher one.

These tools are provided by Trading Central – so you’re getting free access to professional-grade forex trader best tools. Like all the best brokers, Schwab offers 24/5 phone service for their Trade Desk, where you’ll find help with trading ideas or technical support. There’s also 24/7 support through live chat, but this won’t connect you to the Trade Desk. I found the level of knowledge and quality of the responses to be higher than I’d expect from most forex brokers. These commissions present a huge saving, regardless of whether you trade once a week or once an hour. However, they are most beneficial for high-volume traders, particularly scalping and algo traders.

• It is worth noting that these promotions are available only to international clients under the IFSC regulation, as ESMA regulations may restrict certain promotional offers.
• The biggest forex broker in the world is often determined by trading volume and market capitalization.
• FP Markets was founded in 2005 and is regulated by CySEC, FSCA, and ASIC, also having one unregulated entity based in St. Vincent and the Grenadines.
• Despite a relatively average selection of CFD instruments and the absence of passive trading services, easyMarkets delivers a good combination of reliability, technology, and customer support.
• RoboForex is recognized as one of the few Forex brokers with an impeccable reputation.

Among the top options, HFM stands out for its integrated multi-platform system, speed, and broad asset coverage. Pepperstone follows closely with lightning-fast execution, IG Markets provides a professional and refined interface, and XM offers simplicity and accessibility ideal for new traders. Its trading platforms are praised for reliability, user-friendly design, and smooth syncing across devices. Traders also benefit from deep liquidity, minimal slippage, and compatibility with advanced trading tools. Commissions are trading fees a broker charges that are related to a certain type of trading account, such as a RAW account. Often, a commission-based account offers lower spreads than a spread-based (or Standard) account.

Forex Broker Types

StoneX is smart in making sure each broker primarily mostly serves different jurisdictions so they don’t compete with each other. The feature that we found most useful was Market Manager, which gave us a good overview of our trading activities. Funding and withdrawals are straightforward, with various methods supported including bank transfers, credit/debit cards, and e-wallets like PayPal and Skrill. FxPro’s partnerships with top-tier banks and liquidity providers ensure deep liquidity and seamless order execution, with 84% of market orders executed at the requested price​. Traders can also rely on 100% execution of trades, with 99% being executed in under 1 second.

However, if you trade below 1 lot trade sizes, I think this broker may be too expensive, so my runner-up is FOREX.com with 91 forex pairs. There’s no minimum trading cost with FOREX.com, so your fees scale with your trade sizes. MetaTrader 5 (MT5) offers more timeframes and asset classes compared to MT4, making it a solid option for traders looking to branch out beyond forex into futures or commodities.

Non-trading fees

Some brokers also demonstrated their platforms live via videoconferencing, and our experts conducted hands-on testing with live accounts to further validate the platforms’ functionality and user experience. This comprehensive approach allows us to present an unbiased, detailed review of today’s best forex brokers. It is also worth noting that some large stock brokers offer access to limited forex trading. Interactive Brokers stands out as a rare trading platform that does forex and a wide range of asset classes equally well.

You can trade these products using the broker’s excellent Next Generation platform, which we recommend using the web trading version. Not only is the platform user-friendly, but you can also trade with advanced charting, including over 80 technical indicators. While eToro only offers its own proprietary trading platform, we found it user-friendly, based on our testing, and suited for beginner traders. Along with its competitive spreads and low commissions, Fusion Markets have the 2nd fastest execution speeds we’ve tested, achieving speeds of 79ms for limit orders and 77ms for market orders.

eToro – The Best Copy Trading Broker

However, it also carries risks, so traders should carefully consider their risk tolerance and trading strategies before entering the market. FxPro is committed to responsible trading, offering a range of educational resources through its Knowledge Hub, including webinars, tutorials, market analysis, and trading guides. They also provide risk management tools such as negative balance protection and customisable leverage settings. Pepperstone stands out for its diverse trading platforms, industry-leading low spreads, and exceptional customer service, earning an impressive 4.6 Trustpilot rating. The markets available include 80+ spot forex pairs, stocks, ETFs, warrants, options, futures, cryptocurrencies, commodities, and mutual funds. In other words, this is the most diverse range out of any of the brokers I tested.