To trade Forex, you need a broker. A broker will serve between you and the market. However, it is important your choice is a careful one. That is, you have to consider a number of factors such as your investment style, your research requirements, and other specific needs for your trading. Understanding all these before you choose a broker will ensure that you get the best available brokerage services.
Top Forex Trading Platforms.
Importantly, the broker you choose must have a standard online trading platform. This is important because such a platform will serve as your office where you conduct all your trading deals – your analyses, research, and your trades. Based on our research, here are the top 9 Forex brokers for your guidance.
XTB is a global leader in the provision of Forex and CFD brokerage services. The broker provides access to over 1500 financial markets that span a wide range of financial assets including Forex, indices, CFDs, commodities, and cryptocurrencies. Itis authorised and regulated by the Financial Conduct Authority (FCA).
The broker’s online trading platform is the XStation, an intuitive and fully customisable advanced trading platform that offers super-fast order execution speed and cutting-edge trading conditions with leverage up to 1:500. With the platform, you will also have a cashback advantage.
Plus 500 has been in operation since 2008. It offers online CFD trading services across diverse asset classes such as Forex, shares, indices, and cryptocurrencies. Its trading apps are offered in over 30 different languages which include English, German, Greek, Italian, Spanish, Hebrew, and even Arabic.
Plus500 is registered with multiple financial services regulatory authorities. For example, it is authorised by the Financial Conduct Authority of the UK. Even, it is listed on the London Stock Exchange and is a member of the prestigious FTSE 250 market index.
It is also registered with the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC), among others. The company, via its online trading platform, offers tight spreads and leverage of up to 1:300. Order execution with the broker is not only fast but also reliable.
If there is an online brokerage company that is very compelling, it is IG. Having been in business since 1972, it is literally one that has seen through it all and still standing. For the 178,000 active traders that use its platform, the broker gives access to over 17,000 financial markets. It is estimated that at least 350,000 trades are conducted on it every day. IG enables you to take advantage of the rising and falling prices of CFDs on Forex pairs, shares, indices, cryptocurrencies, and also commodities.
The products and platforms it offers are award-wining and enable you to trade quickly and smoothly. The web trading platform is fast and easy to use. Its mobile trading applications are optimised for different devices. Whether web or mobile, the IG’s trading platform is equipped with alerts and highly-effective risk management tools. Indeed, with it, the account opening process is easy, analyses are timely, and order execution is fast.
Importantly, the broker gives round-the-clock support – 24 hours a day, from 8 a.m. Saturday to 10 p.m. Friday. It also offers a comprehensive library of interactive educational resources on trading to its users. Sadly, however, IG charges an inactivity fee and does not support MetaTrader 5.
Oanda is a company that offers top-rated brokerage services on CFDs, Forex, commodities, indices, and cryptocurrencies. It is registered with the Commodity Futures Trading Commission (CFTC) of the United States, the Investment Industry Regulatory Organisation of Canada (IIROC), the Financial Conduct Authority (FCA) of the UK, and the Australian Securities and Investments Commission (ASIC), among others.
The broker has a trading platform, the FXTrade, that is in both desktop and mobile forms. The desktop version provides access to a wide range of trading instruments and features such as watch lists, news feed, and economic analyses. The charting tools on the platform are advanced, enabling users to trade directly on them. The mobile trading application, known as the FXTrade Mobile, is similar in functionality to the desktop trading platform.
Oanda’s trading conditions are also reasonable. First, there is no required minimum investment amount and the trading fees are not above the industry’s average. Customer support via email is 24/7; via live chat and telephone, it is available starting from Monday until Friday between 1:00 p.m. and 6:00 p.m. Eastern Time (ET).
Finally, worthy of mention is Oanda’s heavily currency-focused operations which cover conversion and transfer, data and analytics and more.
Established in 1977, Interactive Brokers is a company that does not need any introduction as far as Forex trading is concerned. Via its platform, the broker has been offering standard brokerage services in a straightforward, neatly laid-out, and easy-to-use environment. It offers highly usable tools which enable comprehensive trading and order management.
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Little wonder that itis especially popular with institutional investors and sophisticated, active traders. The reasons are not far-fetched. First, the broker uses an extremely smart order router to execute the trades of its clients. This enables that it gives them optimally-executed trades at highly-optimised prices. Also, perhaps, in the industry, it has the widest range of tradable products.
Interactive Brokers also has a tool, the Mutual Fund Replicator, that enables its users to find low-cost exchange-traded funds (ETFs) to invest in.
Before you trade, you need a very good broker. We have profiled five of the best nine in the industry here and you might want to make a choice from them. However, no matter which one you choose, to ensure you succeed in your trading career, you need high-qualityForex signals service. In light of that, you should subscribe to 1000pipBuilder signal service.