The foreign exchange market is arguably the largest and most dynamic financial market out there. The 24/5 market is also considered one of the least complicated marketplaces, to begin with. Traders simply need to open an account with the brokerage of their preference to take part in the FX market. This is why, when it comes to being successful in FX trading, the initial step would be researching the best forex brokers and choosing the one that fits your requirements and financial goals.
In order to opt for the ideal FX brokerage, let’s take a look at the top brokers in the market at present.
FOREX.com
Founded in 2001, the subsidiary of StoneX, is considered to be one of the leading brokerages in the industry for its massive amount of clients and wide range of tradable currencies. The broker also supports over 300 stock CFDs, around 30 commodity CFDs and 9 cryptocurrencies along with 80 currency pairs for traders to access. Regulated by tier-1 regulatory bodies, the brokerage offers low account minimums, to begin with along with an extensive education resource for beginners.
Pros
- Easy-to-use platform with impressive navigation
- Extensive range of educational resources and tools
- Supports around 80 currencies to trade
- Traders can leverage up to 50:1
- Beginners and MT4 users may benefit
Cons
- Customer support lacks promptness
IG Markets
Irrespective of what type of market you prefer to invest in, IG provides access to nearly 16000 markets – allowing traders to invest in FX, crypto, commodities, and equities. IG is renowned as the leading FX broker for offering outstanding educational resources, a wide range of assets, and competitive fees. Although traders in the U.S only have access to trade FX, it can certainly be a promising alternative to traders outside the United States. Regulated by NFA and CFTC, IG features a lot of useful tools like ProRealTime, which provides access to 100 indicators.
Pros
- Intuitive web-trading platform
- Provides low spreads for major currency pairs
- Has a selection of over 16000 markets
- Is regulated by several tier-1 regulatory bodies like FCA
Cons
- No access to copy trading platform
- Only U.S. clients can trade FX
CedarFX
Another popular FX broker that is worth including in this list is CedarFX for its exceptional pricing, finest market conditions and excellent features that help clients to grow their accounts. For their beginner-friendly platform, traders find it easy to navigate and open a 0% commission account. The brokerage offers a broad range of tradable instruments such as major FX pairs, equities, crypto, futures and more. Another interesting fact about CedarFX is that this broker is the first eco-friendly provider that donates the money collected from the commissions to plant trees around the globe. The broker also supports Bitcoin as a method for deposits and withdrawals that makes transactions much faster.
Pros
- 0% commission account
- Supports MT4 platform
- Provides high leverage
- Faster payments
- Responsive customer support for 24/7
Cons
- Is unregulated
- Does not provide any educational and research tools
Saxo Bank
Operating since 1992, Saxo Bank is regulated by the top six tier-1 regulatory bodies, making it safer for traders to trade FX and CFDs. The broker offers over 40000 securities such as FX currencies, crypto and micro-futures along with a high-level platform. The brokerage also focuses on risk management options by offering account protection features. Common features of the broker include charting tools, prompt alerts, webinars, market commentary, and more.
Pros
- An abundance of in-depth market analysis
- Demo accounts with free trials
- Analytics tools for professional traders
- Features ten flagship platforms SaxoTradeGo
Cons
- Is not available to U.S. clients
Interactive Brokers
Founded in 1977, Interactive Brokers or IBKR is a low-risk US-based brokerage firm that offers a highly customizable platform with advanced charting and multiple order types. Being regulated by multiple financial authorities like FCA and SEC, IBKR is considered one of the safest brokers among traders. For seasoned traders, IBKR can be a great alternative.
Pros
- Provided low commission fees
- Has a broad range of tradable products
- Offers extensive research tools
- Is extremely low-risk
Cons
- The platform is relatively complex, especially for beginners
Conclusion
Although there are multiple different brokers available when it comes to FX trading, choosing the right one for you depends on your monetary goals and trading volume.
