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:
1. Fees
2. Trustworthiness
3. Sustomer support
4. Cross-platform trading
5. Software
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.
10 Best 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.
- eToro is the 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
- Swissquote – Best for Crypto, Banking 4.4 Stars
| RANK | BROKER | INFORMATION | BEST IN | OFFICIAL WEBSITE |
|---|---|---|---|---|
| #1 | PLUS500 | Israeli CFD and forex broker | Best CFD and forex Broker |  |
| #2 | IQ OPTIONS | Global CFD and FX broker | Best Forex & Options Broker | |
| #3 | ETORO | Israeli social trading broker | Best Social Trading | |
| #4 | FOREX.COM | Global forex and CFD broker | Best CFD and Forex Overall | |
| #5 | OANDA | American FX broker | Best API | |
| #6 | FXCM | UK-based forex broker | Best technical tools | |
| #7 | XTB | Global CFD and FX broker | Best CFD and broker | |
| #8 | IG TRADING | Global Forex Broker | Best Overall | |
| #9 | PEPPERSTONE | Australian forex broker | Best Support | |
| #10 | CMC MARKETS | Global CFD and Forex Broker | Best CFD Broker | |
Our TOP 10 Brokers In Overview
1. Plus 500 (Recommended for experienced traders looking for an easy-to-use platform, with great user experience)
Plus 500 is a quality CFD’s provider and operates around the world via its subsidiaries: Plus500AU, AFSL #417727 issued by ASIC, Derivatives issuer licence in New Zealand for NZ clients, FSP No. 486026; Financial Services Provider # 47546 in South Africa. Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909).
Plus500 CY Ltd authorised and regulated by the Cyprus Securities and Exchange Commission (Licence No. 250/14).
Plus500SG Pte Ltd (UEN 201422211Z) holds a capital markets services license from the Monetary Authority of Singapore for dealing in capital markets products (License No. CMS100648-1).
Client Money is held on trust, separated from Business Money. Should Plus500 go into liquidation client money would attract all the legal protections afforded to trust money.
Plus 500 has one of the most user-friendly platforms that allow instant access to variousmarkets, including commodities, indices, shares, andoptions. Every asset is availableto buy or sell as CFD’s, with leverage up to 1:300, commission-free.
Many other featuressuch as stop, limit, andtrailing stop are all present on the platform. Customers can also enjoy trading in a free unrestricted demo account that imitates real action. The platform has a lot of news, market information, training tools and comes with solid customer support. Everything is available in the Arabiclanguage, including customersupport.
2. IQ Option (Best Binary Options Trading Company)
With almost 16 million accounts and 3,6 million trades per day IQ Options is a legit and transparent trading platform following the latest financial regulations, which enables users to trade a variety of different instruments and assets like forex, stocks binary options, cryptocurrencies etc.
The trading experience is pretty smooth. Based on the high level functionality the platform is a good fit for professional traders, but it is also a good fit for beginners as it is really easy to understand and navigate. If you sign up you can be sure to interact with an intuitive platform that enables access to a a big amount of resources, and trading options.
The platforms comes with a few drawback as well. The customer support is still being upgraded and at this time it can happen that you will need to wait for more than 24 minutes in order to have your queries processed. If you are just starting out and you will need to interact with a customer support agent on a daily basis, than you need to pay an fee of $3000 in order to secure a consistent communication. USA, Japan and Canada based traders are not allowed to register with IQ options
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK
3. eToro (Best Social Trading Platform)
eToro is an established social trading company, operating since 2007. It is an FCA regulated entity when operating in the UK, an Australian entity in Australia, and a Cypriot entity for international customers.
eToro is considered to be a trustworthy platform as it is regulated by an established regulator while being a well-recognized startup as well. Its main operation is based around CFDs. CFDs are complex instruments that include leverage, so they come with a higher risk.
eToro has been awarded as the best social trading platform – social trading means you can follow other traders and copy their investment strategies.
- Great support in Arabic language: Monday till Friday 24h/day
- Copy trading feature – copy the best trading secrets
- Solid online trading platforms (mobile app, web trader MT4)
- Safe and fast deposit options and withdrawals
- Strong regulations and security by FCA (UK)/ ASIC (AUS)/CySEC (EU)
- 47+ currency pairs available
- Trade: FX, Stocks, Cryptocurrencies, Commodities, Indices, ETF’s
- Competitive spreads
4. Forex.com ( Great all-around offer)
FOREX.com is a forex and CFD broker offering over 84 currency pairs and 230 CFD’s across major asset classes. The brand is part of the GAIN capital holdings which operates in multiple countries holding licenses from many different regulatory hubs including UK, US, CA, Japan and Australia.
We would recommend this platform to active and mid active traders as they will benefit from slightly lower trading fees and spreads.
+ Forex.com is an overall solid forex broker with a high level of trustworthiness. With over 145.000 clients and nearly $1 billion in assets you can’t do anything wrong. As a beginner you can open a demo account depositing a minimum of $250, before investing real money. On the other side advanced traders can access a premium account by depositing $25.000 or by trading $25million in monthly national value.
– There are no major downsides on this platform. What we could lay out as a downside is the fact that the MT5 trader did not rolled out yet.
In a nutshell, as a trustworthy global player, Forex.com offers plenty of trading options for Forex and CFD traders. With all of the major trading platforms, diverse trading tools and research tools FOREX.com is suitable for almost all traders at all experience levels.
5. OandA (Most user friendly trading platform + best API)
OandA has won many awards this year as the best overall pick for forex and CFD’s trading. It is a well trusted company regulated by the top tier regulators like FCA and ASIC.
We would recommend this platform to users who are looking for a user friendly trading platform including high end research tools.
+ On the positive side OandA offers one of the most user friendly and easy to use platforms including fully digitalised account opening and powerful research tools including the best API in the industry.
– On the flip side you can only trade forex and CFD’s with a pretty high withdrawal rates. Their support would need some improvement as well..
Forex trading for new investors – what you need to know and how to choose your broker.
6. FXCM (Best Technical Tools)
FXCM is a UK based forex broker which offers some CFD’s as well and is regulated by some top tier regulators like FCA and ASIC.
We would recommend this platform to users looking for great technical research tools.
+ What we found best on this platform is the fast account opening options, low trading and finance fees and the high end technical research tools.
– On the downside, FXCM only offers forex, CFD’s and some crypto trading options. Their platform needs and update as it is outdated and not user friendly.
No minimum deposit required so feel free to give it a shot – inactivity fees charged only after a year.
7. XTB (Best Fx and CFD Broker)
XTB is primarily a CFD and forex broker regulated by the most trusted financial regulators including the FCA and is also listed on the Warsaw stock exchange.
We would recommend this platform to users looking for fast deposit and withdrawal + great research tools.
+ What we found best about this platform are the fast deposits and withdrawals and also the hassle free account opening. The platform is easy to use and has a lot of research tools as well.
– On the negative side trading assets are limited to forex, CFD’s and real stocks in some limited countries. The support is a standard solution, but the employees can be a bit pushy some times.
In a nutshell, XTB is recommendable for clients who want to trade forex and CFD’s and are looking for a hassle free account opening, low withdrawal fees and great research tools. Demo account option available.
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.
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9. Pepperstone (best for Australian citizens)
- AUD $200 account minimum
- Fees “starting at” 0.0 pips
- Best Australian Forex broker
Pepperstone is based in Melbourne, Australia, and offers competitive trading capabilities through multiple platforms such as mobile devices, MetaTrader 4, and web-based tools. With a broad range of account types, Pepperstone customers have more than 80 tradeable financial instruments across more than 72 asset classes, including forex, commodities, metals, cryptocurrencies, and index CFDs. It also provides comprehensive educational and research resources.
Pros
- Industry leading rates on CFD executions
- Meta-trader 4 desktop and mobile interface, WebTrader, and cTrader
- No trading against clients
Cons
- No CFDs for single stocks
- Unclear execution costs
- Least competitive of the ones listed
10. CMC Markets (Best Beginner Support)
- $0 Account Minimum
- $10 stock trades; 0.7 pip Forex trades
CMC Markets is committed to their professional and institutional clients which can be seen by their careful maintenance of their dedicated sites for each of these client groups. Despite these benefits, CMC Markets falls behind other brokers as it does not offer a free API interface or any rebate for high-volume traders. The most attractive perks that CMC Markets offers, such as free bank wire withdrawals and guaranteed stop losses, are available to all account holders. These are a major benefit to beginning traders and experienced traders alike.
Pros
- Up-to-date news
- Advanced order types
- Massive product offering
Cons
- Few perks for higher-end clients
- Expensive spreads on US CFDs
- Few advanced tools
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
- eToro – Best for Social, Copy Trading – 4.6 Stars
- Forex.com – 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
- FxPro – Best for MetaTrader 4.5 Stars
- CMC Markets – 4.5 Stars
What are the most important criteria to look for when choosing a 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.
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:
- platforms,
- 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.
Methodology
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.
Disclaimer: By trading with securities you are taking a high degree of risk. You can loose all of your investment money. You should start trading only if you are aware of this risk. Business24-7 is not providing any investment advice, we only help you find the best broker based on your needs and preferences. Business24-7 is free for everyone, but earns commission from some of the brokers. We get commission with no additional cost for you.
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
Contents
- 1 10 Best Brokers
- 2 Our TOP 10 Brokers In Overview
- 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
