Dow Jones Select FX Select gives US forex traders a high-level, real-time view of the financial markets, and the platform includes extensive forex trading education materials to help you develop a trading strategy or improve overall performance.

Partner agreements with specialist software providers give OANDA Trade users options for even more special features via APIs. Access to multi-charts online trading software means professional-level technical analysis with over trading strategies and indicators, as well as more than 20 data feeds from 10 brokers. The CQG FX app provides access to the most recent market data and is backed with robust charting and analysis tools. US clients of OANDA who prefer to trade on MetaTrader 4 have the option to do so via a proprietary plugin offered with two designated account types: MetaTrader 4 and MetaTrader 4 Premium.

Specifically, US forex traders benefit from the following features when trading via MT4 with OANDA:. Looking for the most trusted and reliable forex trading platform?

Look no further than MetaTrader4. The platform also stands out from the competition for its emphasis on customization. Developed by MetaQuotes back in , MetaTrader 4 is also amongst the oldest trading platforms developed specifically for online trading by retail investors.

The platform boasts an extensive range of technical and drawing tools to help with market analysis, as well as sophisticated EAs. Write your own indicators or rely on pre-written scripts. MetaTrader 4 has hundreds of free and paid EAs available. In addition to this. Need even more custom options? MetaTrader 4 allows you to integrate a range of third-party software solutions to do even more with the platform.

The Spread Only Pricing account has variable spreads that start at. Core Pricing account holders benefit from a tighter minimum spread of. Americans trading forex with OANDA can choose from 68 currency pairs, including ten majors and 58 minors, exotics and crosses. With advanced technical analysis tools, tight spreads and a wide range of tradable assets, OANDA is an excellent forex broker for both experienced and beginner forex traders.

With 71 forex pairs, IG Markets has one of the most comprehensive range of currency pairs of all brokers in the US. US forex traders also pay no commission when trading on a standard account.

Spreads start from 0. Easily customizable, IG offers users the option to create and save preferred layouts, as well as create custom watchlists. Where IG really stands out, however, is its charting options. Built using HTML5 the best technology for most browsers , the platform has at least 28 technical indicators and 19 compatible drawing tools for in-depth analytics.

You can even trade directly from the charts. An infinite number of timeframes are available, and traders can compare up to four in a single chart. Charts can also be split into multiple frames to better help you visualize different markets and include extra monitoring tools. Along with watchlist and price alerts, US forex traders can opt to integrate third-party solutions like Autochartist or PIA First for trading signals.

IG also offers US clients significant advantages when it comes to execution speeds. The forex market changes rapidly, and staying ahead of the curve in a high-risk, high-volatility environment can help avoid slippage which can mean the difference between big profits and big losses. Research tools are also available such as economic calendars and Twitter. If you like your news streamed then Reuters is also available.

For those who appreciate the benefits of an IG trading account, but prefer a more powerful interface for trading, IG Markets has a few options. If your forex trading strategy includes extensive chart trading and automation, then ProRealTime is a worthy alternative. With over indicators and an unlimited number of timeframes, ProRealTime has the depth and breadth of information required by those who need a rich market analysis experience. ProRealTime also makes automation accessible via its no-code solution, as well as advanced backtesting.

Note that, due to state-level regulatory restrictions, IG is not available to residents of Arizona or Ohio. There is no minimum deposit requirement to open an account. At IG, US account holders will benefit from competitive spreads across over 70 currency pairs including:. Leverage with IG extends to the maximum permitted by the Commodities Futures Trading Commission CFTC and the National Futures Association NFA : for major currency pairs, and for minor pairs.

A great choice for beginner traders thanks to its intuitive interface and award-winning proprietary platforms, IG also has everything a more advanced trader could want when it comes to drawing tools and indicators.

Traders who take the time to look beyond the no-frills interface will find a surprisingly powerful collection of analytical tools. Those on a budget will likewise appreciate the tight spreads and more than reasonable trading costs and ultra-fast execution thanks to an ECN-like environment with STP.

View Forex. com has developed some of the most powerful, flexible analytical tools available. US forex traders enjoy access to the same comprehensive suite of charts and calculators as their international counterparts, including automated market analysis via Trading Central, Forex.

Suitable even for professional traders, Forex. Users have the option to save preferred chart types and variables for future use, as well as compare multiple financial markets with overlays. Even beginners will appreciate Forex. com ensures a consistent trading experience. The ability to customize virtually every aspect of a chart — from indicators to colors to size — ensures maximum clarity and legibility for even novices trading on a demo account.

In addition to Trading with Forex. com, traders with Standard and Commission accounts can choose between MetaTrader 4 and NinjaTrader. Opting for MetaTrader 4 has several advantages, including access to EAs to automate your trading and additional indicators beyond those native to the platform. TradingCentral for extra charting and Reuters for news services and market research are also available.

If your trading strategy favors scalping, however, NinjaTrader 8 may be the better bet. In addition to depth of market views, the trading platform offers trading directly from charts, one-click trading, simultaneous orders across accounts and cancellation at different prices. NinjaTrader also simplifies order entry with hotkeys and provides a range of order types, such as order-cancels-order OCO. Used by over , users, this platform empowers you with top-notch charting and analysis.

These indicators are supplemented with Market Analyzer, a feature unique to NinjaTrader that identifies opportunities in real-time. The platform does provide all the tools you need to build automations — and unlike MetaTrader 4, does not require EAs. Traders familiar with C can write their own automation script for custom indicators using NinjaScript, while those with less technical savvy have access to a point-and-click, no-code option.

com offers US forex traders a choice of two trading account types: Standard and MetaTrader 4. Both accounts carry no commission costs but also have limited trading platform options. Specifically, US clients will need to choose between the Forex. com proprietary trading platform, MetaTrader 4 and NinjaTrader. US forex traders will want to consider the costs and fees associated with each account type before proceeding.

Commission and STP Pro accounts carry commission costs for each standard lot of thousand that apply when you open or close a position. That said, commission costs decrease the more you trade, in keeping with an account designed for professional traders. com trading platforms and trading view. That means no MetaTrader 4 or TradingView. A straightforward trading environment, low commissions and a variety of platforms to suit every trading style make Forex.

com a great broker for intermediate and advanced US forex traders looking for powerful analytics at an accessible price point.

This uniquely American broker benefits from over 40 years of experience. Today, TD Ameritrade is one of the largest broker-dealer firms in the US, managing over 11 million trading accounts holding more than USD 1 trillion in assets and processing , orders on a daily basis. Acquired by TD Ameritrade and the Charles Schwab Group in , thinkorswim — and its powerful INVESTools suite of solutions — now come standard with a TD Ameritrade investment account — and only a TD Ameritrade investment account.

Similar to MetaTrader 4 with many of the same features, thinkorswim edges out the popular third-party platform with its addition of some attractive features, such as depth of market views. Because when it comes to home-grown trading and analytics solutions, thinkorswim has the charts, calculators and EAs to support just about any trading strategy. Beginners looking to hone their online trading skills can trade virtually using the paperMoney simulator to practice, while more advanced forex traders using a rolling covered call option strategy can automate the management of covered calls using the Strategy Roller tool.

Meanwhile, algorithmic traders have access to over technical studies on which to base an automated trading strategy via thinkScript. An ideal broker for US-based traders hoping to manage a comprehensive portfolio, TD Ameritrade offers access to a wide range of trading products and markets. The broker offers a reasonable portfolio of tradable assets, together with standard analysis, charting and market research tools. Interactive Brokers, more often known as IBKR, wins out over other platforms for on-the-go trading with a mobile app designed to make trading from a smartphone or tablet as accessible as a web app or desktop.

Though perhaps better known to US-based forex traders for its stock and exchange-traded funds ETFs offerings, the IBKR Mobile platform also allows US clients to trade options, futures and other non-forex products across over financial markets. Unlike some mobile app editions of popular trading platforms, IBKR Mobile has the handheld user experience built-in from the ground up.

Block Trading Desk helps money managers who need to execute large orders at the best prices. Impact Dashboard helps you identify which stocks are best for Environmental, social and governance ESG trading. The interactive Order Entry Wheel uses a similar drag-and-drop interface to allow futures traders to easily open positions for a variety of instruments. For those concerned about the security risks associated with trading primarily via smartphone or tablet, IBKR mobile provides multiple layers of security, including two-factor identification and Face ID to protect your stored personal data, transaction records and credit card information.

Trader Workstation is Interactive Brokers most powerful trading platform which makes sense since this is the only platform you can download onto your Windows desktop. Research is available in the form of. FXTrader is an order management tool that aggregates quotes from 14 major interbank dealers.

GlobalTrader and Impact allow trading of stocks from 90 markets across the globe using your mobile. It is also suitable for crypto and funds trading.

The impact is much the same but has an emphasis on sustainable stocks. IBKR stands out from other online forex brokers in a few ways that may make it more attractive to forex beginners and other, less experienced investors. Rather than a Standard account, IBKR instead offers retail traders an account known as IBKR Lite, which operates on a commission basis.

The broker does, however, have over currency pairs available for cross-pairing, as well as a wide range of bonds, stocks, options and futures. The broker has also invested heavily in developing a sentient data collection tool to monitor top traders on the platform and synthesize their behaviors into a broadly applicable trading strategy.

According to eToro, the highly-specific nature of the data collected allows it to provide beginner and intermediate traders with more accurate, useful sentient data. Being a specialist in social trading, of particular interest is CopyTrader and SmartTrader. CopyTrader allows you to find, follow and copy other traders in the eToro network. Smart Trader is like copy trading with indices, with this feature trading baskets are created based on popular themes.

More experienced traders may find the platform lacking, however. In addition to the limited range of products eToro offers US account holders — only cryptocurrency, ETFs and stocks — the trading platform also lacks a desktop format or third-party integrations for more powerful platforms. US clients of eToro accustomed to using MetaTrader 4 or MetaTrader 5 will be disappointed, in particular.

Stocks and ETFs however are commission free. An excellent option for US forex traders new to day trading or specifically interested in crypto, eToro may disappoint more experienced traders or those hoping to build a diverse portfolio. NADEX is the first financial services platform of its kind to be licensed by the Commodities Futures Trading Commission and the National Futures Association, making it the safest way for US-based forex traders to explore options contracts.

NADEX account holders can trade options and knockouts on either a mobile or desktop platforms for enhanced freedom and flexibility.

Regardless of how and where they choose to trade, traders have access to identical features and tools,. US-based traders can open three different types of options contracts with NADEX: knockouts, call spreads, and binary options. Pricing for the underlying instruments is based on COMEX and NYMEX futures.

In the case of a binary option expiration where the trader is out of the money, NADEX charges no fee. Positions are capped for each of the three contract types: 2, for binary options, for call spreads and for knockouts. Traders interested in exploring options and other derivatives can trade with confidence on NADEX, secure in the knowledge that this broker carries the necessary licenses from US regulators. Additionally, IG is also compatible with MT4.

If you haven't previously heard of IG and are concerned about safety - you shouldn't be. This brokerage firm has been operational since the s and it is now publicly listed on the London Stock Exchange. And most importantly - it is fully regulated in several jurisdictions. FXTM is a popular forex trading platform that offers full support for MT4. This means that once you open an account and make a deposit, you can place all buy and sell orders via the MT4 desktop software.

As a seasoned trader, you'll know that MT4 provides heaps of technical indicators and is compatible with automated forex EAs. FXTM itself offers a huge number of forex pairs and there are several account types on offer.

Plus, this FXTM account allows you to trade forex with micro amounts. This is perfect if you are trading forex online for the first time. In terms of forex trading fees, this will depend on your chosen account type. For example, some accounts offer zero commissions and wider spreads, while others allow you to trade currency pairs at 0 pips. If you're a newbie, FXTM offers a good selection of educational and research tools.

This will allow you to become a better forex trader over the course of time. If you are looking to trade several different asset classes other than just forex, XTB might be a good option to consider. The online trading platform is particularly popular in Mainland Europe - as XTB's parent company is listed on the Warsaw Stock Exchange.

Nevertheless, the forex trading department at XTB is highly extensive, with dozens of pairs to choose from. Best of all, you won't need to pay any commissions when trading forex, as everything is built into the spread. This is also the case with indices, commodities, and digital currencies like Bitcoin and Ethereum. If you're also keen on trading stock CFDs, XTB will charge you a very small commission of 0. There are no fees to get started with XTB and there is no minimum deposit to take into account.

XTB uses its own trading platform that was built from the ground up - xStation. This is available online or via the XTB mobile app, which you can use on mobile devices such as iPhone and the ones compatible with Android.

When it comes to the extensive of supported forex trading market, nobody gets close to CMC Markets. Naturally, this includes each and every major and minor pair in the market. But, CMC Markets is really strong when it comes to trading emerging currencies. This includes everything from the Indian rupee and Mexican peso to the South African rand and Singapore dollar. CMC Markets is home to an award-winning trading platform that is compatible with desktop browsers, Android, iOS, and tablets.

Additionally, you can also trade forex at CMC Markets via MT4. When it comes to trading fees, CMC Markets builds all costs into the spread. This starts at a very competitive 0. Outside of the forex department, CMC Markets also supports CFDs in the form of stocks, indices, cryptocurrencies, commodities, and Treasuries. If you like the sound of CMC Markets, it takes just minutes to open an account with this top-rated forex trading platform.

However, a major flaw here is that CMC Markets charges 2. So now that we have reviewed the best forex trading platforms of and beyond - it's now time to explain how you can find a provider yourself. After all, no two brokers are the same, so you need to ensure that the platform is conducive to your forex trading needs.

Below you will find a list of important factors that should be considered in your search for the best forex brokers. The global forex trading industry now sees trillions of dollars worth of currency change hands each and every day.

As such, in most parts of the world, this online trading scene is heavily regulated. However, not all forex trading sites obtain the required license or authorization to operate in the countries it serves.

In other cases, although the platform might hold a license, this might be from a shady offshore financial body. As such, you should only open an account with a forex trading platform if it is regulated by a reputable license issuer. By choose a forex trading platform that is regulated by one or more of the above bodies - you can rest assured that the provider is safe. For example, our top-rated forex trading platform - eToro, is regulated by the FCA, CySEC, and ASIC.

It is also registered with FINRA in the US. All in all, these bodies have strict expectations on the best forex brokers that they regulate - all of which center on fairness, transparency, and investor protection.

There are many forex pairs that you can trade from the comfort of your home. Most forex trading sites in the space will cover most major and minor pairs. These are the most in-demand pairs as they carry the largest trading volume and liquidity. In turn, majors and minors benefit from the tightest spreads.

With that said, the best forex trading platforms that we came across also offer lots in the way of exotic pairs. eToro, for example, allows you to trade many emerging currencies against the likes of the US dollar and Euro. Although more volatile, this is something that is often craved by seasoned forex traders anyway. All forex trading platforms are in business to make money. How they achieve this can vary from platform to platform.

Therefore, it is imperative that you check what fees will be applicable when trading forex at your chosen site. Some forex trading platforms charge a commission on every buy and sell order that you place. In all but a few rare cases, this will come in the form of a variable percentage.

Swap cannot be charged in Islamic forex brokers or swap free forex brokers. With that said, the best forex trading platforms of allow you to place buy and sell positions commission-free. This includes the likes eToro, Forex. com, CMC Markets, and more. In this scenario, you will only pay a fee in the form of the spread. All forex trading platforms make money from the spread. This is the difference between the buy and sell price of the forex pair.

Unlike traditional financial markets, the spread in forex is calculated in 'pips'. In terms of what is deemed competitive, the best forex trading platforms offer spreads on major pairs at less than 1 pip. If you are unfamiliar with the spread, it is an indirect cost that you need to cover to get back to the break-even point on your forex trade.

It is important to note that most forex trading platforms offer a variable spread. This means that the spread can change throughout the day depending on market conditions.

Crucially, the more volatile the forex pair in question is, the wider the spread will be. Unless you have a significant amount of capital in your forex trading platform account, you will likely need to use leverage.

When you trade leveraged products, this attracts overnight financing fees. In simple terms, this is a fee that you pay to your chosen platform for keeping the position open overnight. This fee will be deducted from your account balance and subsequently charged on a daily basis.

With this in mind, you need to check how much your chosen platform charges. This is usually expressed as a percentage and multiplied against your stake. The more you stake and the higher the leverage you apply, the more you will pay. Being able to trade forex online and make consistent profits is a difficult task. This is especially the case if you are a complete novice in the space.

As such, you'll want to see if your chosen forex platform offers a selection of tools and features that can take your currency trading efforts to the next level. As we covered earlier, being able to make a living by trading forex without a sizable amount of capital can be challenging. This is because you will be targeting very small profit margins - especially if you're looking to day trade. As such, if leverage is something that you require, be sure to check whether your chosen forex trading platform offers this.

Once again, your limits will be determined by your country of residence - with the UK, Europe, and several other regions capped to The best forex trading platforms give you access to many order types. This will allow you to trade forex online in a risk-averse manner. The best forex brokers offer automated tools. In the case of eToro, this comes in the form of a Copy Trading tool that allows you to mirror the buy and sell orders of an experienced currency investor.

In other words, every time your chosen investor places a forex trade, the exact position will be mirrored in your own account. The key point is that the size of your stake will be proportionate to how much you decide to invest into the eToro trader. As per the above, the Copy Trading tool at eToro allows you to actively buy and sell currencies without you needing to lift a finger.

This is great for newbies or those strapped for time. An additional way to trade forex online in an automated manner is to opt for an EA Expert Advisor. Otherwise referred to as a 'forex robot' the EA is a piece of software that has the ability to trade on your behalf.

Unlike the Copy Trading tool at eToro, forex EAs are based on pre-programmed algorithms. This means that it has the capacity to scan the forex markets 24 hours per day, 7 days per week. In order to benefit from an EA, you need to sign up with a trading platform that supports MT4. Many of the best forex trading platforms discussed on this page offer this.

Then, it's just a case of installing your forex EA into MT4 and activating it. To ensure that you stay had of the game at all times, it's best to choose a forex trading platform that offers alerts. Even better, these alerts should be delivered to your mobile phone in real-time.

For example, you might receive a notification if a major forex pair breaches a key residence line. Or, the platform might notify you when a news story breaks that could influence the future price of a currency pair.

Either way, the best forex trading platforms ensure that you never miss out on important fundamental and technical events. If you are just started out as an online forex trader, it's best to choose a platform that can help you improve your knowledge of the industry. For example, eToro offers everything from forex trading guides and videos to weekly webinars. In the case of research, the best forex trading platforms offer financial news and market insights. This is great for keeping abreast of key market developments and can really help with your trading decision-making process.

In terms of technical data, the best forex trading platforms offer advanced chart reading tools. This should include customizable screens, technical indicators, and chart drawing capabilities. The forex trading industry moves at an alarming pace - with exchange rates changing on a second-by-second basis. As such, you'll want to ensure that your chosen forex trading platform offers a great end-to-end user experience.

For example, how easy is it to find your chosen forex market, and are there any difficulties in placing orders? When we went through the research process ourselves, we found that there is often a huge difference in how user-friendly a forex trading platform is.

For example, the likes of eToro and Forex. com are really simple to use - which is the case on the desktop version and mobile app. However, some platforms - such as TD Ameritrade, are a lot more suited to seasoned forex pros. This is because it TD Ameritrade forex trading facility is packed with advanced functionality tools and features. While this might be great for experienced traders, it might be overwhelming for beginners.

We briefly mentioned forex demo accounts earlier on this page -and for good reason. The best forex trading platforms offer demo accounts that mirror real trading conditions. This is great for learning the ropes of a complex forex trading scene - as you can keep practices until you are ready to risk your own money. Take note, some forex trading platforms put a time limit on your long you can use the demo account facility - such as 30 days.

The top forex trading platforms that we came across offer a huge selection of everyday payment methods. This makes the deposit and withdrawal process really simple. For example, eToro not supports instant deposits in the form of debit and credit cards, but e-wallets, too. However, some of the forex trading platforms that we reviewed only accept bank transfers. If you are using a platform based in your country of residence, you might still benefit from an instant deposit.

But, in a lot of cases, it can take several days for bank transfers to arrive. This means that you can speak with a support agent in real-time without needing to pick up the telephone. At the other end of the spectrum, some of the forex trading platforms we came across only offer support via email. This means that you might need to wait several hours to get a reply. If you've read through this guide up to this point, you should now know what it takes to find a forex trading platform for your needs.

All that is left to do now is place your first forex trading order. To ensure you know what this entails, we are going to walk you through the setup process is commission-free platform eToro. Even if you want to use eToro to trade via the demo account, you will still need to open an account. This does, however, take just a few minutes. All you need to do is visit the eToro website, click on 'Join Now, and follow the on-screen instructions. You'll need to provide some personal information, contact details, and your national tax number.

As a regulated forex trading platform, eToro is required to verify all new account holders. Once again, this takes just a couple of minutes at eToro and will require the following two documents:.

Once your deposit has been processed, your can search for the forex pair that you wish to trade. In our example, we are looking to trade the Euro EUR against the Swiss franc CHF. As such, we enter 'EURCHF' into the search box and click on the result that pops up. You can also select the exact price that you want your forex trade executed at. To do this, click on the 'Trade' button at the top right-hand side of the box and select 'Order'.

Then, enter your desired entry price. You can also enter stop-loss and take-profit orders by clicking on the respective button and entering your chosen exit price. One of the most important decisions that you need to make when trading forex online is that of the platform you decide to sign up with. After all, you will be risking your hard-earned money - so you need to ensure the provider is regulated by a reputable body. You also need to ensure the platform offers your chosen forex trading pairs and allows you to enter positions in a cost-effective manner.

After reviewing dozens of providers, we found that the best forex trading platform in the market right now is eToro. When looking at forex trading fees - you need to consider commissions and spreads. We found that eToro is the best-priced forex trading platform, as the provider charges no commissions and offers tight spreads on most of its FX markets.

Written by Steven Hatzakis , Blain Reinkensmeyer Edited by John Bringans Fact-checked by Joey Shadeck. The ForexBrokers. com annual forex broker review six years running is the most cited in the industry.

With over 50, words of research across the site, we spend hundreds of hours testing forex brokers each year. Here's how we test. Are you looking to speculate that the Euro EUR currency will go up in value against the U. Dollar USD? The forex market is the largest and most liquid market in the world, representing every global currency with trading conducted 24 hours a day, five days a week.

To trade forex, you need a reputable online broker. Trading with a trusted forex broker is a crucial factor for success in international currency markets. As a contract for difference CFD trader or forex investor, you may have specific needs related to which platform, trading tools, or research requirements you have.

Understanding more about your investment style needs can help determine which forex broker will be best for you. Each year, our team here at ForexBrokers. com spends five months testing the biggest names in foreign exchange and assembles a guide to the best forex brokers for forex and CFDs trading. Here are our findings for CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. IG offers the ultimate comprehensive trading package, featuring excellent trading and research tools, industry-leading education, and an extensive range of tradeable markets. Read full review. Saxo Bank is an exclusive multi-asset broker with brilliant research and a superb trading platform experience — as well as a stunning selection of over 40, securities.

CMC Markets is well-trusted across the globe, and delivers a terrific trading experience thanks to its excellent pricing and selection of over 12, tradeable instruments. Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite. For traders in the U. com is a trusted brand that delivers an excellent trading experience for forex and CFDs traders across the globe.

It offers a wide range of markets and provides an impressive suite of proprietary platforms — alongside limited access to MetaTrader. As a trusted multi-asset broker, XTB offers outstanding customer service, a wide variety of forex and CFDs, and an excellent overall trading experience. Backed by StoneX Group, City Index is a trusted brand known for its versatile trading platforms, excellent mobile app, diverse market research, and extensive range of tradeable markets.

eToro is a winner for its easy-to-use copy-trading platform, where traders can copy the trades of experienced investors — or receive exclusive perks for sharing their own trading strategies. For the ForexBrokers. com Annual Review , all online broker participants were assessed on variables across seven primary categories. Here's how we tested. Alongside primary categories, ForexBrokers.

com ranks brokers by the most popular investor categories. Finally, each year ForexBrokers. com honors the brokerages who go above and beyond in the areas that matter most to investors. Regulated and trusted across the globe, IG offers traders the ultimate package of excellent trading and research tools, industry-leading education, comprehensive market research, and an extensive list of tradeable products.

This fantastic all-round experience makes IG the best overall broker in CMC Markets is a globally-trusted broker that delivers a terrific offering for traders thanks to notably low pricing, nearly 10, tradeable instruments, and the Next Generation trading platform, which comes packed with quality research and innovative features such as its Dynamic Trading portfolio tool. We've conducted thorough testing of the best trading platforms offered by dozens of the top forex brokers in the industry.

A forex broker is a company that is licensed or considered exempt by a national regulator to grant you — as a retail or professional client — the ability to buy or sell foreign currencies, by way of an online trading platform or over the phone known in the industry as voice broking. A forex broker may offer you the underlying currency, or a non-deliverable spot contract or derivative such as a contract for difference, or CFD, depending on any relevant country-specific regulatory restrictions.

It's important to only use brokers that are properly regulated to reduce your risk of being scammed. Yes, to trade forex you'll need to use a forex broker. You'll need to open an account and deposit enough collateral margin to enable you to place orders with your broker to buy or sell forex. The forex broker's job is to execute your orders — either internally by acting as the principal to your trade market maker execution or by sending your orders to another market, thus acting as your agent agency execution.

Your broker should be regulated and properly licensed in your country of residence or in a major financial center. We evaluate and track dozens international regulatory agencies; click here to learn more about Trust Score. Check out our guide to trading forex for beginners here.

The next step will be deciding on your trading budget. This is especially important given the risks involved in trading forex from a margin account. Forex brokers typically offer a range of contract sizes so you can fine-tune the size of your trade — which will determine how much risk you are taking for a given profit target.

In this case, your potential risk will be limited — but so will your potential rewards. For most beginners, trading forex with an amount of capital that you can afford to lose can be a great way to learn with less risk, and can be of value if you focus on the percentage returns rather than their dollar value.

IG takes first place in our Annual Review as the best forex broker, with available currency pairs and the ability to trade CFDs and forex options, traders have plenty of choices. IG is the only broker that is regulated in both Switzerland and the U.

expand What does it mean to be the biggest forex broker? What can be considered the largest forex broker may vary depending on the time period used to measure size.

Important factors to consider when gauging the size of a forex broker are the assets under management, number of clients, and market capitalization valuation for public companies. Here are the top 10 brokers by forex and CFD trading volume according to data compiled by Finance Magnates during the third quarter of data excludes Japan due to the abnormally high trading volumes known to come from Japanese brokers :. CMC Market's Next Generation platform comes with a massive selection of nearly 10, tradeable instruments.

It delivers a terrific user experience, as well as advanced tools, comprehensive market research, and an excellent mobile app. Hands down, the CMC Markets Next Generation trading platform is a market leader that will impress even the pickiest of traders. The new Dynamic Trading tool allows you to place multiple trades simultaneously, which was a nice innovation by CMC Markets this year.

If you're a fan of mobile platforms — or trading forex on the go — see our picks for best forex trading apps here. What do you value most in a forex broker? Maybe you want to trade forex on the go. You might be looking for the most cost-effective forex brokers. Or maybe you are a beginner forex trader who is just getting started. With a wide range of forex brokers comes a wide variety of features and specialties.

IG offers the most tradeable CFDs in the industry, 19, CFDs, or "contracts for difference," enable traders to speculate whether the price of a stock, forex pair, market index, or commodity will go up or down without taking ownership of the underlying asset. Alongside nearly 10, CFDs, CMC Markets offers the most tradeable currency pairs, with pairs that can be quoted both ways i.

As a highly-trusted and regulated global brand, Interactive Brokers IBKR provides everything professional traders might need, from advanced trading tools and platform features to competitive pricing across a wide variety of markets, as well as connectivity to over global exchanges. In addition to competitive spreads and low commission-based pricing for forex, Interactive Brokers provides more third-party research than any other broker.

Interactive Brokers continues to innovate its platform offering, such as with its new Impact app for environmental, social, and governance ESG investing, alongside the related Impact dashboard available in its Trader Workstation TWS desktop and WebTrader platforms.

Professional client status : In today's highly regulated forex world, traders who want to maximize their margin leverage must apply and obtain ESMA's professional client status with their broker. Traders designated as Professionals in the EU do not receive negative balance protection and other consumer safety mechanisms such as eligibility for compensation schemes in the event of a broker's insolvency.

To determine the best forex brokers for professional traders, we broke down each broker's active trading program, and compared all available rebates, tiers, and all-in costs. Trading platforms were then tested for the quality and availability of advanced trading tools frequently used by professionals. Here are three of the most important factors to keep in mind when choosing an online broker for forex trading. Not sure how to go about choosing a forex broker?

Check out our Forex Broker Compare Tool to compare dozens of the biggest forex brokers in the industry and analyze their top tools and features. Our Compare Tool is fed by data gathered by our expert researchers for our forex broker reviews , so you can feel confident you have the most up-to-date information at your fingertips.

To see an intuitive, comprehensive list of highly regarded regulatory agencies, check out our Trust Score page. Also, be sure to check out our in-depth reviews of forex brokers — we detail the regulatory status of each individual forex broker across the international forex landscape.

Here are the Overall rankings for the 39 online brokers who participated in our Annual Review, sorted by Overall ranking. Was this helpful? Yes or No. At ForexBrokers. com, our evaluations of online brokers and their products and services are based on our collected quantitative data as well as the qualitative observations and qualified opinions of our expert researchers.

Each year we publish tens of thousands of words of research on the online forex brokerage industry, and we evaluate dozens of international regulator agencies click here to learn about how we calculate Trust Score.

We test all available trading platforms for each broker — whether they are proprietary or come from third-party providers — and evaluate them based on a host of data-driven variables. All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running macOS Ultimately, our rigorous data validation process yields an error rate of less than.

For a full explanation and accounting of our research and testing process, please click here to learn more about how we test. There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument.

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