These brokers offer excellent trading platforms and tight spreads.
The global Forex (foreign exchange) market is the most actively traded and largest financial market in the world. What are the main benefits and features that both experienced traders and beginners generally look for when deciding on the option for forex
trading? While there are many factors to choosing a broker, some of the most important ones are:
3. Sustomer support
4. Cross-platform trading
6. Currency research
7. Trading education
In this article, we will cover global forex brokers allowing islamic accounts that we consider the best of the best.
All of the brokers we took into comparison are considered as safe as they are all regulated by the top tier regulators like the FCA and ASIC and also have a long standing trading tradition.
Considering all of the many factors, we think that the most important ones are trading fees and a user friendly platform. The trading fee’s should be reasonable and the trading platform should be easy to understand and use.
What all of the compared brokers also have in common are the free demo trading accounts. If you are just starting out with forex trading we highly recommend you to start trading with a demo account where you can’t loose any money – as you probably know, forex trading is highly risky and you can loose money in matter of seconds.
All of the brokers also enable CFD trades. This are high risky and complex contracts and are not suitable for beginners traders – you can loose all of your investment in seconds.
- 1 10 Best Forex Brokers
- 2 Our TOP 10 Picks In Review
- 2.1 1. Plus 500 (Recommended for experienced traders looking for an easy-to-use platform, with great user experience)
- 2.2 2. IQ Option (Best Binary Options Trading Company)
- 2.3 3. eToro (Best Social Trading Platform)
- 2.4 4. Forex.com ( Great all-around offer)
- 2.5 5. OandA (Most user friendly trading platform + best API)
- 2.6 6. FXCM (Best Technical Tools)
- 2.7 7. XTB (Best Fx and CFD Broker)
- 2.8 8. IG Trading (Recommended for traders aiming for a great and easy-to-use trading platform)
- 2.9 9. Pepperstone (best for Australian citizens)
- 2.10 10. CMC Markets (Best Beginner Support)
- 3 Best Forex Broker in UAE
10 Best Forex Brokers
Here is a recap of some of the best forex brokers in the world:
- Plus500 is the best platform for CFD trading with a long standing tradition.
- IQ Option is best for Forex and Binary Options Trading with great UE.
- best for Copy Trading with low trading fees and mobile app.
- Forex.com has the best all-round offer
- OandA has the best trading info API.
- FXCM is the Best broker for technical analysis and tools.
- XTB offers the most currency pairs and analysis tools.
- IG Trading has the best overall performance
- Pepperstone is the best Australian Forex broker
- CMC Markets is best for CFD trading for beginners
Our TOP 10 Picks In Review
8. IG Trading (Recommended for traders aiming for a great and easy-to-use trading platform)
IG market Ltd. is one of the world’s leading provider of online services and a world leader in the field of CFD’s provision (contracts for difference).
They have many accomplishments under their belt. They were the first online trader in 1998 and the first to enable iPhone trading in 2008. IG enables traders to access many different assets, such as FX, indices, various equities and commodities, and ETFs. All in all, they are connected to more than 15,000 worldwide markets.
The company is regulated by one of the most renowned regulatorson the planet – Financial Conduct Authority (FCA). They also have a local oversight of their Dubai part of the business in the Dubai Finacial Services Authority.
IG is chosen by many traders because their website is availablein Arabic, and include excessive market information and educational content. They provide quality customer service, that includes a Dubai-based telephone line and Arabic email support.
They also offer some of the most powerful trading tools and many device apps, along with MetaTrader 4.
Best Forex Broker in UAE
- Plus500 – Best For Forex and CFD Trading – 4.9 Stars
- IQ Option – Best for Binary Options Trading – 4.8 Stars
- – Best for Social, Copy Trading – 4.6 Stars
- – 4.5 Stars
- OandA – Best API – 4.5 Stars
- FXCM – Best Technical Tools – 4.5 Stars
- XTB – Best Forex and CFD Broker – 4.8 Stars
- IG – Best for CFDs, Most Trusted 4.5 Stars
- Pepperstone – Best Overall 4.5 Stars
- CMC Markets – 4.5 Stars
- Dukascopy – Best for Trading Tools, Mobile Trading 4.5 Stars
- – Best for MetaTrader 4.5 Stars
- CMC Markets – 4.5 Stars
- – Best for Professionals 4.4 Stars
- – Best for Crypto, Banking 4.4 Stars
What are the most important criteria to look for when choosing a forex broker?
There are lots of criteria to look after when choosing the best forex brokers, but we can simply split them into this three categories:
- Selection of currency pairs
- high-quality tools
- moderate costs
Almost all of the best forex Brokers listed above offer a large selection of currency pairs available to trade, almost all have pretty low account minimums and the highest legal leverage ratio of 50:1. They also provide the choice between commission accounts and spread markup accounts. Commission accounts have a fixed commission fee but will in turn offer lower bid-ask spreads.
Top Low-Cost Brokers: OandA / ATC
As mentioned before, figuring out and comparing the costs of forex trading is not always straightforward. Low-volume traders might fare better and cut costs with brokers that offer reasonable spread mark-ups rather than charging commission. OandA consistently offers lowest bid-ask spreads on the main currency pairs and reports the spreads on the website.
High-volume traders, on the other hand, may have lower costs with brokers that offer tight, competitive spreads and charge a flat commission rate.
ATC Brokers scores high in both categories. They charge a 1 US dollar commission per 10,000 traded and 10 US dollars per 100,000, but their commission is charged round turn, which means a full completed trade (both buying and selling) and not each side separately.
Top forex trading tools and platforms: TD Ameritrade / Forex.com
If you like to get technical and use advanced tools to assist your trading, TD Ameritrade or Forex.com might be the broker of your choice.
- Forex.com makes quite a few appearances on our list and deservedly so. Besides the advantages making them one of the top overall picks, the broker offers a variety of platforms for the user to choose from. In addition to the popular choices like Ninja Trader, MetaTrader4 and MT4 Mobile, Forex.com also offers its own desktop, web and mobile platforms. Currency charting and analytic tools needed to make an efficient plan are provided with access to TradingView.
- TD Ameritrade has its very own popular platform called thinkorswim that offers a range of different investment products besides currency trading. The platform is on par with professional trading tools, enables you to create your own custom currency pairs and offers advanced technical analytics. The only possible shortcoming of the platform is that new users might find it difficult to navigate the complexities of the advanced environment. The company also offers a trading mobile app called Mobile Trader.
Forex Trading for New Investors – What You Need To Know and How to Choose Your Broker?
Foreign exchange market, usually abbreviated as Forex, is a decentralised global market for international currency trading. This market sets the exchange value of different currencies and because the trading is always done in pairs, this means the value of a specific currency is not absolute, but relative compared to another specific currency (e.g. 1 US dollar is worth X euros). It is the largest market in the world by volume and it is by no means suitable for easily intimidated traders.
Every investment carries a certain risk, but forex trading exposure is higher than most.
- One of the reasons is the fast pace of the game, currency trades happen continually, 24 hours a day, except on weekends. When one market closes, another one opens in a different country, so prices vary constantly.
- The other reason which is considered high risk is the fact that forex trading offers high leverage ratios, meaning that you can hold positions much higher than your initial capital. Combine the leverage with the rapid pace and you can easily see the allure of forex trading for the investors – significant profits in no time, but beware, your losses can also quickly exceed your initial investment and you might end up in the red.
When choosing your broker there are a number of things to consider like:
- leverage ratios
- number of currency pairs on offer
- customer service and support
- costs of doing business
These factors differentiate brokers and you should review and compare what they offer to find what best suits your needs. Brokers usually charge their costs in two different ways – either they charge a brokerage commission per trade or they pocket the difference between the bid price (the price for selling a currency) and the ask price (the price at which you buy a currency), also known as the spread. Brokers that claim no commissions are charged usually widen the spread and basically earn a commission that way. Taking these two different methods into account means that a direct costs comparison between brokers is not totally straightforward. The fact that there are numerous brokers across different countries, who may or may not be regulated, only makes the choice more complicated. To simplify the decision-making process, we have chosen to only focus on the brokers regulated by the Commodity Futures Trading Commission and the National Futures Association for the purposes of this list.
So, if you understand the risks and complexities of forex trading and are still willing to give it a go, here are our top forex broker choices.
Business24-7 maintains high editorial standards and provides the best advice and recommendations. The products and companies that we review may compensate us when you click on the links on this website.
The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of online brokers. User experience, the mobile experience, customer service, costs and fees, security, the quality of trade executions, the products available on their
platforms are all part of our six-month evaluation of a brokers platform.
The rating scale was based on thousands of data points that have been weighted into the scoring system. Brokerages were also required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online brokers we reviewed. Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.
This is the list of our brokers in review:
- eToro in review
- Olymp trade in review
- Avatrade insights and full review
- Plus500 in review
- IQ Option UAE in review