We reveal which is the best forex broker trading platform in 2019 allowing islamic accounts. Our selection contains only the most trustworthy platforms, which we have further rated based on several criteria: trading fees, currency pairs, trading assets, charting tools, platforms, knowledge level etc. After analysing all of the information available this is over selection:
- 1 Best Forex Broker 2019
- 2 Our TOP Picks In Review
- 2.1 1. IQ Option (Best Binary Options Trading Company)
- 2.2 2. eToro (Best Social Trading Platform)
- 2.3 3. Plus 500 (Recommended for experienced traders looking for an easy-to-use platform, with great user experience)
- 2.4 4. OandA (Most user friendly trading platform + best API)
- 2.5 5. FXCM (Best Technical Tools)
- 2.6 6. XTB (Best Fx and CFD Broker)
- 2.7 7. Forex.com ( Great all-around offer)
- 3 Best Forex Broker in UAE
Best Forex Broker 2019
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.
Taking all of the above information into consideration this are our favourite brokers in overview:
Our TOP Picks In Review
Best Forex Broker in UAE
- IQ Option – Best for Binary Options Trading – 4.8 Stars
- XTB – Best Forex and CFD Broker – 4.8 Stars
- FXCM – Best Technical Tools – 4.5 Stars
- OandA – Best API – 4.5 Stars
- IG – Best for CFDs, Most Trusted 4.5 Stars
- – 4.5 Stars
- Saxo Bank – Best Overall 4.5 Stars
- TD Ameritrade – 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 Social, Copy Trading – 4.6 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 them but we can simply split them into this three categories:
- Selection of currency pairs
- high-quality tools
- moderate costs
Almost all of the 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.
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