This, coupled with the ubiquitous MT4 downloadable platform and a functional mobile application, comprises LCG's entire online offering to the consumer. LCG provides access to a broad selection of CFDs and spread betting instruments across several different asset classes. Like most others on this list, LCG does not accept U. As one of the major U. The firm's fees are competitive within the industry and it ranks high on our list for customer service. With these positive attributes along with its apparent focus on functional simplicity, LCG is well-suited to beginning traders.
Aside from rating highly overall, the company is ranked as the winner for Investopedia's Best Forex Broker for Beginners in Although you certainly don't have to be a beginner to benefit from its offerings, LCG is hard to beat if you are just starting out. Saxo Capital Markets is for the advanced trader. It offers a broad variety of brokerage services geared towards sophisticated active traders, investors, professionals, and institutions.
Compare FX Trading Accounts From The Best Forex Brokers
Smaller account holders will encounter a number of unusual obstacles that include higher account minimums, a variety of fees, and fewer customer support options. Tiered accounts lower trading costs and add benefits as equity grows, but the majority of retail traders will have a tough time reaching the higher customer tiers. Founded in as Poland's first leveraged foreign exchange brokerage house, X-Trade morphed into X-Trade Brokers in to comply with new Polish regulations.
The firm does not accept U. XTB offers maximum leverage of up to for non-U.
Best Forex Brokers | TopRatedForexBrokers
The firm places an emphasis on customer support and offers relevant educational tools and research amenities that would be well-suited to a novice trader. In the U. It's as simple as that. To deliver on this successfully, IG has decided to adopt the time-honored adage, "go big or go home" because, well, it can. Low spread costs, emphases on customer service and education, actionable research, and functional user interfaces make this broker well-suited to compete in the online forex broker market.
Traders in Since opening its doors in , Australia-based Pepperstone Group has emerged as a top-tier player in the online brokerage landscape, building a highly competitive and full-featured trading portal that focuses on forex, shares, indices, metals, commodities and even cryptocurrencies. Pepperstone offers uncomplicated access to the markets which allows the client to focus on the complicated task of trying to successfully trade the markets. Pepperstone is ideally suited to traders that want a manageable range of low-cost offerings, multiple choices of user interfaces and account types, and efficient customer support.
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Investopedia's ranking methodology factored in these attributes in declaring Pepperstone as the Best Forex Broker for Trading Experience in When you are choosing an online forex broker you will need to think about your immediate needs as a trader. There are several questions to ask yourself during the process of searching for a suitable broker.
Here are some:. All of these factors, and more, should be considered carefully before choosing an online forex broker. Instruments include:. Client funds are held in segregated accounts for increased security and fast profits withdrawal. It has regulatory oversight in the U. Pepperstone provides support for the MetaTrader 4 and 5 and cTrader platforms. In addition to forex, Pepperstone offers trading in cryptocurrencies, energy, metals, commodities and stock index contracts for difference CFDs. Customer balances are maintained in segregated accounts for safety in the Australian National Bank and Barclays U.
Interactive also submits to regulatory oversight in the U. Minimum commissions apply, as well as maintenance fees and charges for inactivity, so Interactive Brokers would be best for advanced, active and well-funded professional traders. The company keeps your money in segregated accounts but does not offer services to U.
Plus offers trading in 70 currency pairs featuring competitive spreads on its forex CFDs and leverage of up to The intuitive interface featured on both the Plus desktop and mobile trading platforms can be accessed immediately by novices and professionals, which makes Plus our pick for mobile traders. IG accepts U.
IG holds your money in segregated accounts under trustee arrangements for added security. It also allows application programming interface API trading. In the forex market, traders agree to exchange 1 currency for another to make a transaction in that currency pair at a particular level known as the exchange rate. Forex traders can make money on a currency transaction in 2 ways. First, if they buy or go long a currency and it goes up in value versus the sold currency, then they earn a profit. Second, if they sell or go short a currency and it goes down versus the bought currency, then they also profit.
Many currency pairs quoted in the forex market show substantial volatility or fluctuations, which can result in gains or losses for traders. When it comes to pricing, Tickmill offers the most competitive all-in cost to trade. Tickmill offers three accounts, and no question, Tickmill is best for active and VIP traders, who have access to pricing that competes among the lowest brokers in the industry.
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Using typical spread data listed by Tickmill for its Pro account offering of 0. Methodology: To assess brokers, we take into consideration how much beginners, average traders, and even more seasoned traders would pay, looking at average spreads for standard forex contracts , units as well as mini accounts 10, units and micro accounts 1, units , where applicable. We then calculate the all-in cost by including any round-turn commission that is added to prevailing spreads. It delivers a terrific user experience, advanced tools, comprehensive market research, and an excellent mobile app. Hands down, the CMC Markets Next Generation trading platform is a market leader that will impress even the pickiest of traders.
IG offers the most tradeable CFDs in the industry, 19, CFDs, or "contracts for difference," enable traders to speculate whether the price of a stock, forex pair, market index, or commodity will go up or down without taking ownership of the underlying asset. Alongside offering over 9, CFDs, Saxo Bank offers the most tradeable currency pairs, in total. The one caveat to Saxo Bank is the broker's high minimum deposit requirement for non UK residents.
After placing phone calls to assess customer service from locations across the UK, XTB offered the best phone service. Connection times were consistently less than one minute and across 13 total calls, XTB received an average Net Promoter Score of 9. Methodology : To assess customer service, ForexBrokers.
For the Review, customer service tests were conducted over eight weeks.
Ten unique templates were used with three questions being asked, on average, per call. This program in the UK is available only to Professional Clients. Using the average spread data of 0. Professional client status : In today's highly regulated forex world, traders who want to maximize their margin leverage must apply and obtain ESMA's professional client status with their broker. Methodology : We broke down each forex broker's active trading program to assess brokers for professional trading, comparing available rebates, tiers, and all-in costs.
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Alongside pricing, each broker's trading platform was tested for available advanced trading tools frequently used by professionals. Here are three of the most important factors to keep in mind when choosing an online broker for forex trading. First, make sure your broker is properly regulated.
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The safety of your deposit is always the top priority. Next, compare the trading platforms, tools, and investment research provided by each broker. Finally, read forex broker reviews to compare pricing and product offerings e. It is crucial to use a well-known, properly regulated broker to avoid forex scams.
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To check if your forex broker is regulated, first identify the register number from the disclosure text at the bottom of the broker's homepage. Next, look up the firm on the regulator's website to validate the register number. If the broker is not regulated in your country, do more research. To help traders, we track, rate, and rank forex brokers across over 20 international regulators. If a forex broker is operating as a dealer, also known as dealing-desk, they will be on the other side of their client's trades.
If a forex broker is not on the other side of their client's trades, they will be acting as an agent agency broker by routing the trade on to another dealer. There are also hybrid-desks, which may operate as a dealing-desk and agency. Lastly, matched-principals are dealers who immediately hedge their trades to remove any potential conflict of interest.