Trading forex offers a lot to investors who want to take advantage of the differences in currency values around the world and speculate on future movements in the forex market. In order to do so effectively and efficiently, it’s important to utilize the best forex brokers and trading platforms. Continue reading below as we cover the best forex brokers out there today, and how you can compare them all to find the best forex trading platform for you.  

What is Forex Trading?

This is the exchange of one currency to another for investing purposes. Forex traders will speculate on the underlying value and future price movements of a currency pair in order to make money. 

What is a Forex Trading Platform (Forex Broker)?

This is where forex traders will go to actually execute the trade. These platforms connect both parties in the transaction, though they each have their own perks and drawbacks. 

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Etoro

eToro is a comprehensive yet simple-to-use platform that has over 3,000 different assets that you can trade. These include CFDs, currency pairs, and ETFs. Many like the educational side of their platform for beginners, though some of their research tools aren’t as advanced as what you can find with other trading platforms. However, it’s still one of the more affordable options on the market and continues to be widely used across the industry.

CMC Markets

CMC Markets is an excellent trading platform, especially for novice traders given their affordable pricing. Even though they are low cost, they still have a large product catalog that allows customers wide access to the financial markets and forex pairs they could want, including EUR/USD, the most common. 

The platform has great educational resources, though this may not be very valuable to experienced forex traders. However, as an online broker, it is a great option if you’re just getting started in the global foreign exchange market.

IG Markets

IG Markets is a trusted forex broker, supported by the fact that it’s a public company and highly regulated in the industry. Users of IG Markets can feel confident that they’re using a reliable and trustworthy platform that has high credibility among investors. The overall user experience using their platform is great, and they continue to be one of the leaders in the market for forex traders.

Saxo Bank

This is a great trading platform, though there is a high ticket to entry: a $10,000 minimum deposit requirement. If you can get past this, then traders can enjoy the thorough trading tools they offer, trading signals, a large number of assets that can be traded, and great pricing and customer support. 

Because of the minimum deposit, this is a highly exclusive platform largely to professional traders, though users like it for its reliability and the large number of CFDs and currency pairs available.

XTB Online Trading

If you live in Europe and want to trade CFDs, XTB is a great option. Forex and CFD traders in the EU can enjoy commission-free trades of up to 100,000 euros a month, which isn’t seen by most other forex brokers in the region. 

They also have a great and easy-to-use mobile app and web platform, and the demo account they allow to users means it’s a great option for beginners who are just starting to hone in on their investment strategies for forex. 

Overall, it’s viewed as a very safe, trustworthy, and transparent platform because it has been on the market for a long time and is publicly traded. 

IC Markets

IC Markets is a favorite among algorithmic traders, especially given its great pricing and ability to scale with the platform. They have a great number of third-party plug-ins and tools that can be integrated into the platform. However, some users note that the resources and research available on the platform aren’t as good as some of the other retail investor accounts on other platforms with more advanced trading tools.

FOREX.com

FOREX.com is a great brokerage that helps traders make currency trades. Many traders like them for their multi-asset offerings, and it has a long and trusted history. They offer over 80 currency pairs and a number of other CFDs, though this isn’t available to traders in the US. They are a leader in the field when it comes to market research, which is a great benefit to those on the platform.

Why Do You Need a Platform for Forex Trading?

When you’re utilizing a forex trading strategy for your personal wealth, using one of the platforms listed above can be highly beneficial. Accessing the foreign exchange markets on your own may be challenging, so using one of these brokers will facilitate your transaction, and maybe even allow for crypto trading on their proprietary trading platform.

Are Forex Trading Platforms Reliable?

Forex platforms that are regulated and licensed are trustworthy and reliable. They can even be more reliable than making the trade on your own. Plus, they may have a customer support team to help you with any issues and offer other research features and tools to help you make better investment decisions with the forex brokerage, especially for active traders. 

How to Choose The Best Trading Platform?

If you’re looking for the right forex trading platform, continue reading below as we describe how both experienced traders and newcomers can discover the top forex brokers out there. 

Licensed and Regulated

There are many regulations that are imposed on online brokers, so make sure you’re only using a platform that is legitimate and licensed. Common regulatory bodies include the Commodity Futures Trading Commission (CFTC), among others, so keep an eye out for these certifications. 

These regulations are set forth to keep the integrity of the currency markets and forex platforms compliant with related laws. 

Price

The cost of a forex broker will be an important part of comparing to find the best broker. An online forex broker may charge a number of different fees and commissions on trades, so be sure to compare what these are so you find the right platform to fit your budget. Many will seek out a platform with low trading costs, though this doesn’t always mean it’s the best forex broker.  

Security

If you want to trade forex successfully, you should do so on a platform that is safe and secure. These platforms have your money and other valuable personal information, so you shouldn’t trust just any software program out there with your sensitive data. 

Currency Pairs

If you want to begin trading foreign exchange on one of these platforms, make sure they include the forex pairs you’re interested in, like EUR/USD. If not, you may have to find another more advanced trading platform. 

Transaction Execution Speed

You will also want to know the transaction execution speed of a platform before using it. Timing is everything when trading forex, so you need to know that the trades will be made quickly in order to take advantage of an opportunity when it occurs. 

Minimum Deposit

Each broker will have its own minimum deposit requirement, which could be a hurdle for some investors and add to the trading costs of being in the forex market. 

Demo Account

Demo accounts can be very beneficial, even for the most advanced forex traders. This allows the forex trader to make mock trades and test out their strategies, without any impact on their actual money. Not all brokers will offer this, though the ones that do are very helpful. 

Mobile Compatibility

The best forex broker for many traders will be the one that has a mobile app capability so they can make trades of currency pairs on the go. 

Customer Reviews

It’s also important to check out the customer reviews and see what past users have to say about a platform’s customer support team, trading costs, currency pairs available, and whether it supports automated trading strategies. 

Final Thoughts

If you want to find a place to trade forex online, consider the list above of the best brokerages available. They each vary in pricing, account structure, perks, and more. So, be sure to do your own research to check out which one’s right for your needs. 

Frequently Asked Questions (FAQs)