However, with so many forex brokers to choose from, choosing the forex trading platform that suits your needs is not an easy task. To help you decide, we've reviewed dozens of Forex brokers from a variety of factors including assets, regulations, trading platforms, user reviews, and fees.
Whether you are a beginner or an advanced forex trader, here are the best forex brokers in the business.
1. XTB: Best Forex Broker
As one of the largest Forex brokers in the world, XTB has a solid reputation for providing a first-class trading experience. Since 2002, they're the space veterans, if not necessarily the oldest (IG might get the award).
Nonetheless, with almost 20 years of experience, XTB has developed superior technology and is constantly adapting and improving to earn a place in our list of the best Forex brokers. After developing into a Forex brokerage in Poland, they expanded rapidly and now have thirteen offices in Europe.
With XTB, you can trade on over 2,100 global markets and gain access to a wide range of asset classes with over 4,000 instruments. This includes Forex currency pairs, CFDs on stocks and ETFs, stocks, indices, commodities and cryptocurrencies. In Forex, you can trade 48 different currency pairs. Currency pairs also include the most popular ones such as EUR/USD, GBP/USD, and EUR/GBP.
Overview of the trading platform
XTB offers xStation 5 and xStation 5 Mobile as well as MT4. xStation 5 is XTB's proprietary trading application that is comparable to MetaTrader4 in design and functionality. However, it lacks the ability to create custom indicators, a core feature of MT4 and a staple of forex trading.
Forex traders also have access to a demo account that gives you $100,000 in free currency and 200:1 leverage. The trial version of the demo broker's trading platform is limited to four weeks. So, before you sign up for a trial, make sure you're ready to start trading Forex.
The platform offers everything you would expect from an online forex broker, including comprehensive charts and trading tools, a powerful trading calculator and real-time currency market sentiment information.
2. IG: Best for US traders
IG is our pick for the best overall forex broker. IG offers an extensive listing of trading markets, competitive prices, trading signals and industry-leading education.
With a wide range of awards, IG's currency trading platform is ideal for all types of traders, from beginners to advanced.
market place
IG offers an impressive collection of over 17,000 tradable assets including indices, stocks, foreign exchange, commodities and cryptocurrencies. IG offers 4 different ways to trade global financial markets, including:
Spread Betting: Speculate on future market price movements without purchasing the underlying asset. CFDs: Trade the market spread between the opening and closing of your contract. Turbo24s: Control your leverage and limit your risk when trading unique floorplans.
Common Options: These are the traditional call and put options that are best suited for advanced traders. Choose your expiry date, strike price and premium to control leverage when buying. Note: US traders can only access forex pairs with EUR/USD and USD/JPY spreads of 0.8 pips.
trading platform
IG's web trading platform is designed to provide traders with a fast, clean and smart way to trade spot forex via a web browser. Web platform features include:
- Easily open, close and edit positions with just a few clicks.
- Choose between light or dark themed platforms and customize your workspace to suit your needs.
- Customizable smart settings that remember your position size and stop loss values.
- Use split charts to view the same market simultaneously on multiple timeframes.
- Apply various metrics and drawings without sacrificing speed.
- mobile trading app
IG offers a variety of mobile trading applications that allow you to trade Forex from any iPhone or Android device. IG's mobile trading app offers full trading functionality including a range of technical indicators, customizable alerts and advanced trading options.
3. MetaTrader 4
MetaTrader 4 (MT4) is a popular trading platform used by many Forex traders. Unlike some platforms offered directly by brokers, MT4 is a third-party apps, giving you more flexibility and customization options. This platform equips you with a variety of tools for technical analysis and trade execution, allowing you to tailor your trading experience to your specific needs and strategies.
One of the most compelling features of MT4 is its automation capabilities. It allows you to develop or purchase automated trading algorithms, also known as Expert Advisors (EAs). These EAs can analyze market conditions and execute trades based on predefined parameters, potentially saving you time and effort while maintaining discipline in your trading approach.
For Forex traders specifically, using MT4 with a broker like IG opens doors to a vast marketplace. IG offers access to over 50 currency pairs on MT4, providing you with ample opportunities to capitalize on movements in the foreign exchange market. Furthermore, IG allows you to go long (buying) or short (selling) these currency pairs, giving you the ability to profit from both rising and falling prices. Moreover, IG offers competitive spreads, which represent the difference between the buy and sell price, as low as 0.8 pips on certain currency pairs. This translates to potentially lower trading costs.
To enhance your trading experience on MT4, IG provides a selection of 18 free plugins and indicators. These tools can be used to analyze market trends, identify trading signals, and further refine your trading strategies. If you require a wider variety of functionalities, there's a vast marketplace where you can purchase thousands of additional plugins and indicators, allowing you to truly customize your MT4 platform to fit your individual trading style.
