FxBrokerReviews.org – The foreign exchange market is globally the largest and most liquid market to trade between foreign currencies. With a daily turnover of approximately $4 trillion, it is the most active trading market.
Also, the forex market is open 24 hours a day and 5 days a week except for some certain holidays making it an idle choice for all traders.
While forex seems exciting and an easy way to place bets in the market, it comes with its potential risks. To save yourself from unexpected surprises it is best to choose the best forex broker which is reputed and reliable for your trading.
The right broker is the difference between keeping your funds safe and protected. You might want to look for a broker who understands your trading needs, is reliable and can protect you from all kinds of fraudulent trading.
Given the volatility in the market and the forex brokerage our team at Forex Broker Reviews conducts extensive research and has assembled the best forex brokers in the world to save you from the hassle of choosing one. Here is an in-depth guide about all the best forex trading platforms.
Why do you need a Forex Broker?
A forex broker is an official financial service that acts as an intermediary between the traders, and the market for the exchange of foreign currencies. Even though the forex market is known to be the largest and the most active financial market there is no central exchange for the currencies.
Therefore all the traders whether a beginner or experienced have to rely on a forex broker to help them carry out the trade.
The forex broker is like your trading partner and therefore it is very important to choose only the best forex broker. Having a reliable and trusted broker gives you 24×7 access and knowledge about the market trends and changes.
If you are unsure which one is the best forex broker trading platform for a beginner then you can open a demo account to see if they would fit your trading needs.
With forex trading becoming an easy way to start trading, you might find a lot of online trading platforms offering you various services. We at Forex Broker Reviews have provided a thorough guide to help you choose the best forex broker online.
How to choose the best forex broker for beginners as well as experienced traders?
You can consider the following factors to evaluate whether a forex broker trading platform will suit your trading requirements or not. You should always keep in mind:-
1. Reliability and trustworthy
The most important factor when choosing a platform for forex trading is the reliability of the platform. To determine whether a platform is reliable or not look for forex brokers that are regulated. A regulated broker operates with fairness and is always transparent about the trading.
The forex market is unregulated, therefore the best forex brokers are the ones that are regulated by the NFA and registered with CFTC for US clients and FCA in the UK.
2. Commissions
Brokers make their money through commissions or spreads. The amount of commission charged depends on the trade you make. They might even charge a fixed amount depending on the lot of trading you have made.
3. Customer Support
Brokers are the link between you and the market, therefore it becomes critical to have good communication. The forex market continues trading 24 hours and you should hence look for a trading platform that offers 24 hours assistance, live chats and communication through almost all modes.
4. Type of Trading Accounts
The type of trading account depends on the number of your trades and the type of spread the trader is willing to pay. With a change in the type of a trading account the benefits that a trader gets to avail also vary. For example, for a beginner, the best forex broker trading account would be a micro account that comes with a low minimum deposit amount.
5. Offers to trade
Most of the trading platforms have numerous trading assets like commodities, stocks, cryptocurrency, CFD and a lot more. Choose the trading platform that provides the asset that you are looking for. While all the trading platforms provide all the major assets, if you are looking for specific commodities do a thorough research.
6. Type of platform
Having accessibility to your forex broker is important. The best forex broker online is the one which allows traders to access mobile apps as well as websites.
Which is the best forex broker trading platform?
The best forex broker according to the research done by our team at forex broker reviews is IG. Whether you are a beginner or an experienced trader IG has specifications that shelter all kinds of traders.
With low spread costs, through research and analysis of the market, and emphasis on customer service and education, it stands as the best forex broker in the world. The platform allows traders to trade up to 80 different currency pairs. IG offers a smooth user interface making it all the more convenient for traders in the online forex broker market.
Still, wondering Why IG is the best? Take a look:
- Wide range of offerings
- Low spread cost
- Regulated by the CFTC and NFA
- Educates the traders about the market.
- Offers protection to U.K clients.
A list of the best forex brokers in 2022
- NAGA.com
- Pepperstone
- IG
- XTB
- CMC Markets
Best forex Brokers: A detailed guide for beginners
1. NAGA.com
NAGA was founded as a fintech company in 2015 by Benjamin Bilski and Yasin Qureshi in Frankfurt. It is the best forex broker if you are looking for social networking as well as financial inclusion under the same platform.
The platform offers traders multiple instruments such as Forex, Stocks, Indices, Stock CFDs, Cryptocurrencies, Commodities, Futures, and even Exchange Traded Funds. Also, it provides more than 500 instruments on the Forex platform where stock traders can invest without commissions.
It is registered under European legislation and is recognised by the Cyprus laws. NAGA allows its traders the feature of copy trading and provides The Meta Trader4 and 5 platforms. Moreover, it has a very user-friendly website as well as a mobile app interface.
PROS
- Has huge product offerings
- Strictly Regulated under the Cyprus laws
- Provides support in multiple languages
- It doesn’t charge any deposit fee
- Provides personal trading assistant to all its traders.
CONS
- Chargers account withdrawal fees
- Not the best forex broker trading platform for beginners
- Does not provide copy trading for demo accounts
Related Article: How secure is the NAGA trading platform?
2. Pepperstone
Based in Australia Pepperstone is emerging to be one of the best forex broker trading platforms in the world. It is a fully- featured trading platform that allows placing bids on forex, shares, indices, commodities and cryptocurrency.
The platform is regulated by FCA and provides protection to all UK-based clients. The 24×7 customer support service makes it one of the best and most efficient forex brokers online.
To open the account investors are required to have 200 units of the base currency. Moreover, it is one of the few trading platforms that won’t charge you an inactivity fee on your account.
PROS
- Provides access to a broad selection of financial instruments.
- Pepperstone offers clients the choice between MetaTrader 4/5 and cTrader.
- Offers low FX spread
- U.K. traders receive protection up to £85,000 under FSCS.
- Has fast execution systems, multiple account types and offers competitive pricing.
CONS
- The platform does not accept U.S. clients
- It doesn’t offer guaranteed stop-loss orders (GSLO).
- Has an inconsistency to offer negative balance protection for clients outside the U.K.
3. CMC Markets
CMC Markets comes with a massive selection of nearly 10,000 tradeable instruments making it the best forex broker for beginners. With a terrific user experience, the trading platform is for all kinds of users.
Founded in 1989, It is listed on the London Stock Exchange (LSE) under the ticker symbol, CMCX which makes it highly reliable. CMC Markets is regulated under FCA. Apart from that it also offers asset protection through the FSCS, up to £85,000.
The platform charges an additional fee for guaranteed stops charges, commissions and even charges a substantial amount of account Inactivity fees. It is the Best forex trading platform for beginners and provides a wide range of offerings.
PROS
- Best forex broker for beginners
- Provides 24/5 telephone support along with quick access to live brokers.
- CMC Markets is the best forex trading platform that offers negative balance protection to all clients.
- The platform does not have a minimum deposit requirement for a live account.
- Emphasizes educating the clients about the changing market.
CONS
- The platform does not accept clients from the US.
- The CMS trading platform does not have a built-in tool for analyzing the trading activity.
- CMC Markets charges high CFDs and spread bets
Also read: Pepperstone Broker Review 2022
4. IG Trading Platform
IG was the first legitimate spread betting firm founded in 1974. With access to 80+ currency pairs, IG serves as the best forex broker trading platform in terms of being a user-friendly website and mobile app.
Clients have the choice to invest in forex, indices, commodities, cryptocurrencies, ETFs, industry sectors, interest rates, shares and more. It has been rated as the best forex broker for UK traders. It is a member of NFA and is regulated by CFTC.
The minimum account deposit is 250 units in the base currency, which translates to $250 for U.S. accounts. It even offers support for forex platforms such as ProRealTime and MetaTrader 4.
PROS
- IG offers negative balance protection.
- For added security, it holds your money in segregated accounts under trustee arrangements.
- Strong emphasis on customer service and education about the market.
- Best forex broker online for US traders.
- It provides direct market access.
CONS
- It does not offer protection to US clients
- Inconsistent with providing a guarantee for stop losses in the US.
- Charge a High share-CFD fee.
5. XTB
XTB founded in 2002 has its headquarters located in Warsaw. It is the best forex broker in the world for trading at low costs. XTB is an excellent choice for beginners as it has a free demo account as well as a Trading Academy with a set of courses for beginner and intermediate traders.
It gives access to many investment options like forex, shares, cryptocurrencies, indices, metals, and commodities. The trading platform is regulated only in the U.K. and is registered with the FCA as well as the Polish Financial Supervision Authority (KNF)
Additional features like the heat map and instrument scanner add a feather to the cap for the forex broker trading platform.
PROS
- It offers commission-free trade options
- Has excellent customer support service through phone, email as well as live chat.
- Offers clients the lowest forex spread cost in the industry.
- Traders have easy access to trading instruments and charting through their Android or iPhone apps.
- It is regulated under the Financial Conduct Authority (FCA).
CONS
- The XTB trading platform doesn’t offer any type of Copy Trade program.
- Charges commissions for both cryptocurrency and stock (CFD) transactions.
- The platform does not allow US clients due to regulatory reasons.
Also read: XTB Broker Review 2022
Summary
If you are a beginner then finding the best forex broker online can be a tough decision to make. But, that does not mean you won’t find one! You want a broker that is trustworthy, understands your trading needs and educates you about the ever-changing market.
Before you make a decision be sure to check that the forex broker is regulated, doesn’t have any hidden costs and offers your desired platform for trading.
We, at forex broker reviews, have done all the research for you! All you have to do is choose the forex broker trading platform that suits you best.
