FxBrokerReviews.org – Are you interested in currency pairs? Do you want to invest in foreign exchange and earn great profits? If yes, then understanding the forex market is the first task for all investors.
Forex trading can be complex and confusing without prior guidance, training, and experience. In addition, reputable online brokers have a wide range of educational materials available for beginners and first-timers. Beginners look for easy and user-friendly trading environments for trading forex.
Online Forex brokers update information and offer users new options to meet their needs and requirements. Forex broker reviews have the best forex trading platform to provide the best trading experience.
What does a forex broker do?
A forex broker is a company that allows investors and traders to buy and sell foreign currency to earn a potential profit. Several online brokers provide you with plenty of options and improve your trading experience.
A forex broker can offer you a derivative, a contract for difference (CFD), or a spot contract to trade. Online brokers need to be regulated regarding the risks of threats and scams for customers.
Here are the top 5 forex brokers of 2022
1. IG
IG was established in 1974 in the UK and went on to become one of the largest forex brokers in the world currently. The online forex broker is regulated by top-tier bodies in the UK and including UK’s Financial conduct authority (FCA) and the Federal Financial Supervisory Authority (BaFin)
Pros and Cons of IG:
Pros:
• Superb educational tools including e-books, webinars, and training materials for beginners
• First-class web trading with a user-friendly interface.
• Great deposit and withdrawal options.
• No Withdrawal Fee
• Inactivity fee only after two years
Cons:
• High stock CFDs and Forex fees
• Limited products on the portfolio
• Slow customers support
• High Financing rate
Trade experience – IG offers several platform choices and API interfaces alongside its own that is easy to navigate. You can access the IG trading platform from any browser and available on Android and iOS.
Users will also find the MT4 platform on IG and the L2 Dealer that offer larger accounts and more capability to trade CFD shares and forex. IG provides a risk-free and comfortable trading experience for all users. In addition, the IG interface has basic order types such as “take profit” and “stop loss”.
The Three kinds of orders are:
1. Market- This is the simplest form of order where a trader requests their trade execution at current market rates.
2. Limit – A limit is a pending order where entry is pre-determined on the above or below market according to the buy or sell decision. Traders can also decide on the expiration date and time of limit orders.
3. Stop – Stop is a pending order where a limit is pre-determined and the order is speculated to stop or discontinue according to the expiration date.
What does the trading platform offer?
1. Options
2. Bonds
3. ETFs
4. Interest rates
5. Commodities
6. Forex
7. Indices
8. Shares
9. Cryptocurrencies
10. Industry sectors
2. T D Ameritrade
TD Ameritrade is one of the best online forex trading platforms in 2022. The platform offers comprehensive educational materials and educational programming for all its customers. TD Ameritrade is available as Android and iOS mobile apps with a full range of investment options such as bonds, stocks, ETFs, forex futures, mutual funds, options contracts, and cryptocurrency.
Pros and Cons of T D Ameritrade
Pros:
• Well-designed platform and mobile apps
• Educational content is available in many formats
• Wide range of trading tools and resources for all kinds of investors
• Low fees
• Outstanding client support
Cons:
• No fractional shares offered
• No crypto-trading directly
• No automatic enrolment available for the cash sweep program
Trade Experience
The process of entering, monitoring, and executing trades is simple. The web platform and the mobile app offer the same asset classes except for fixed-income products. Investors can use the search tool and include their orders directly from the site.
Plus, the platform offers screening tools such as ETFs, mutual funds, and stocks to match the user’s trading interests. You can create your screen using various filters like market capitalization, sector, industry, etc.
TD Ameritrade offers its platform for advanced traders known as the Thinkorswim platform to add indicators and conduct technical analysis. Advanced traders can utilize analysis tools for option chains and derivatives.
What does the trading platform offer?
1. Micro futures
2. Mutual funds
3. Futures/Commodities
4. Single and multi-leg contracts
5. Bitcoin futures
6. OTCBB (Penny stocks)
7. Corporate, Treasury, and Municipal bonds
8. Foreign Exchange (70 currency pairs)
9. No transaction-fee Mutual funds.
3. Saxo Markets
The Saxo Bank group was founded in Denmark in 1992 to focus on multi-asset trading and delivering their “Banking-as-a-service” to clients. Saxo Bank has operated in the UK since 2006 through SCML (Saxo capital markets in UK Limited).
They have a very impressive product catalogue that includes- Options, futures, bonds, forward contracts, and CFDs. Also, their spread betting functionality is available for experienced traders.
Pros and Cons of Saxo Markets
Pros:
• Find the best industry research
• Wide range of offerings
• Excellent user interface
• Saxo is regulated by the FCA in the UK.
• Client account protection
Cons:
• The instrument fee structures are confusing
• Weak customer service
• US clients are not accepted
• MetaTrader 4 is not available.
Trade Experience
Saxo offers seamless trading to users with its easy user interface. They have in-built trading platforms, the SaxoTraderGO is web-based, and the Saxo-TraderPRO is downloadable.
SaxoTraderPRO can be downloaded easily on Mac and Windows due to its customizable interface. Users can use six screens to manage work. Saxo offers 50 technical indicators, drawing tools, and more.
Both SaxoTraderPRO and SaxoTraderGO have basic order types such as “stop loss” and “take profit”. Users can access the impressive features of SaxoTraderGO apps on IOS and Android. Also, they have a comprehensive indicator list with real-time news and research.
• Market
• Limit
• Stop
• Stop-limit
• OCO (Order an entry stop, order and entry limit)
What does the trading platform offer?
1. 44 FX Vanilla options
2. 182 FX Spot Pairs
3. 140 FX Forwards
4. 9000+ CFDs
5. 19 commodity CFDs
6. Managed portfolios
7. Cryptocurrency ETNs
8. 250+ Mutual funds
9. 1200+ listed options in 24 exchanges
10. 19000+ stocks in 36 exchanges
4. Interactive Brokers –
Interactive brokers were founded in 1993 to offer superior trade execution and low-cost trading to users. They offer a range of services and a 3-month trial for beginners to try out their investment brokerage.
Investors can trade forex, stocks, futures, options, markets, cryptocurrencies, funds, and bonds and find the lowest margin rates. The platform serves clients with access to 150 markets, 24 currencies, and 33 countries.
Pros and Cons of Interactive Brokers
Pros:
1. Several investment assets are available.
2. Low margin rates and commissions
3. Superior order execution
4. Technical and fundamental tools
5. Ideal platform for international investors and global traders
Cons:
1. Interactive broker SmartRouter is unavailable to the IBKR Lite Clients
2. Beginners can find the platform difficult
Trade Experience
IBKR offers three mobile apps and two computer-based platforms for a seamless trading experience.
• Trader workstation
• Client Portal
• IBKR mobile
• IBKR Global Trader mobile.
• Impact Mobile
Trader Workstation:
Beginners and experienced traders can find great features and functionality on the Trader workstation, the company’s trading platform. Users can manage their orders and portfolios using various tools including fundamental and technical charting.
Experts can access 100 + order types and experience algorithmic trading. Also, you can use hotkeys to place quick orders and place orders for future execution. The trading platform can be used on multiple devices simultaneously.
Mobile trading with IBKR Mobile:
Trade smart assets and execute the same order types on the IBKR mobile workflow. You can smoothly manage your workflow on a highly intuitive interface. The mobile trading platform offers research functionalities such as screeners, client portals, and option strategy tools.
Global trader:
Trade stocks from your phone or tablet in your local currency by depositing funds in local currencies. The IBKR Global trader app helps investors access 90+ global stock exchanges in Europe, Asia, and America. The global trader gives worldwide access to investors.
Client portal:
The client portal allows you to manage and monitor all aspects of your IB account. You can check your account anytime on your mobile, view detailed quotes, access trade tickets, and set up easy trade defaults.
Impact:
This interactive broker mobile app is created for investors in ESG investing. Investors can identify their values contributing to social changes, climate changes, etc. The rewards that you earn from investment can be used to improve the environment and whatnot.
What the platform offers –
• Long and short stocks
• Exchange-traded funds
• Mutual funds
• Corporate, municipal, CDs, treasury, and international bonds
• Futures and futures options
• More than 100+ trading pairs and 24 currencies.
• OTCBB- Penny Stocks
• Fractional share trading through NYSE, NASDAQ, BATS, ARCA, OTC, and AMEX
5. XTB:
XTB was founded in 2002 when X-Trade converted to X-trade brokers as Poland’s first foreign exchange platform. They are a competitive online brokerage landscape offering access to shares, metals, indices, cryptocurrencies, and metals to worldwide investors.
Their flagship online trading platform “xStation5” is a web-based platform integrated with MT4 and functional for mobile education. XTB is a cost-effective option for traders and one of the best for their customer support.
XTB pros and cons
Pros:
• Regulated by FCA in the UK
• Lowest FOREX spreads
• Protection for client accounts
• Excellent customer service and assistance
Cons:
• No US clients accepted
• Stop-loss is not guaranteed
• Non-FX spreads are high priced
• No back-testing and automated capabilities.
Trade Experience:
The xStation5 is a stable online trading platform that can be accessed from any browser and is available on Android and iOS devices. The online trading platform has one-click trading functionality and a highly intuitive interface. The three basic order types are- Market, Limit, and Loss.
The MT4 platform is available alongside a newsfeed for mobile applications. However, there are no free VPS services, or money manager accounts but tools like” top movers”, “heat map”, “market sentiment” and “stock scanner” are notable.
Beginners can find education on the platform’s courses divided into 4 categories such as basic, intermediate, expert, and premium. XTB courses consist of videos and articles on risk management, fundamental & technical analysis, and more.
Also, users can expect efficient and satisfactory customer service 24/5 via live chats and over phone calls. XTB
What does the platform offer?
1. More than 20 indexes
2. 48 currency pairs
3. Major commodities
4. 60 Cryptocurrency and ETF CFDs
5. 1500 + global stock CFDs
Conclusion
Prior research before choosing an online forex broker is much needed to avoid unlikely situations. Therefore, beginners must choose the best online trading platform according to their needs. The top five forex brokers listed above can help make better investment choices.
Online trading can seem complex when you are not guided with adequate information and education. Beginner traders need to learn the basics of investing and trading before going real-time and demo accounts are suggested for initial trading activities. Experts can find the ideal trading environment among the top five listed forex brokers in 2022.
Also, if you are looking for exclusive information on forex brokers, forex broker reviews are one of the trusted online platforms in the industry. Learn about the top 5 forex brokers and make a solid trade decision today.
