6 Top Best Forex Brokers Traders Must Know

By far, the global foreign exchange (FX) market is the world's largest and most actively traded financial market. Beginners and experienced traders alike look for several essential qualities and benefits while looking for the "best" forex broker. 

The overall trading experience, the breadth and depth of product offerings (currencies, CFDs, indexes, commodities, spread betting, cryptocurrencies, and so on), fees (including spreads and commissions), trading platform(s) (web-based, downloadable software, mobile, charting, and third-party platforms), customer support, trading education and research, and trustworthiness are among the most important of these. The best forex broker must have the best of these.

We selected the best forex brokers in all of these areas and more by intensive study and rigorous adherence to our robust approach, resulting in our top rankings below. 

Our goal has always been to assist people in making the best decisions possible about how, when, and where they trade and invest.

Given recent market volatility and changes in the online forex brokerage business, we are more dedicated than ever to providing our readers with unbiased and expert assessments of the best trading platforms or forex brokers for traders of all levels, in all markets.

Best Foreign Exchange Brokers

1. CMC Markets is the best overall forex broker and has the widest range of products.
2. The Best Forex Broker for Beginners is London Capital Group (LCG).
3. Best Forex Broker for Advanced Traders: Saxo Capital Markets
4. XTB Online Trading: The Lowest-Cost Forex Broker
5. IG is the best forex broker for traders in the United States.
6. Pepperstone: The Best Forex Broker for Beginners

Lets look at them one by one:

1. CMC Markets : (the best overall and for the variety of offerings).

CMC Markets (CMC), a well-known, publicly traded, and well-regarded U.K. forex broker, was founded in 1989 and has effectively adapted to the ever-changing online brokerage scene. 

CMCX is the ticker symbol for the corporation on the London Stock Exchange (LSE). Like many other forex brokers, CMC does not accept traders from the United States.

CMC Markets caters to a wide range of traders, from the inexperienced retail trader trying to dip their toes into the online trading platforms of forex, CFDs, and spread betting to the seasoned veteran looking for exposure to a diverse range of products . 

CMC offers traders a diverse choice of products, including CFDs and spread betting, across a variety of asset classes. 

Aside from the usual forex, commodities, indices, and individual stock offerings, the product roster includes a comprehensive government bond listing and 14 cryptocurrency offerings (12 cryptos + 2 indices), providing an overwhelming number of potential trading opportunities for all types of traders. 

Furthermore, the forex broker provides competitive spreads that are dynamic, meaning they broaden or contract in response to trade sizes, and clients' accounts are protected from slipping into negative balance.

The firm's fees are competitive in the industry, and it consistently scores high on our lists. In 2020, the company was named the Best Overall Forex Broker and Best Forex Broker for Range of Offerings by Investopedia.

Fact you must know

• 
  
• Account Minimum: $0
• Fees: Spread cost; Additional charge for guaranteed stops; Commissions; Overnight financing costs; Inactivity fees
• Best for: Overall Forex Broker and Range of Offerings

PROS

• A wide range of services are available.

• The Financial Conduct Authority (FCA) is in charge of regulating the industry (U.K.)

• Education and customer service are prioritized.

• The research facilities are among the best in the industry.

• Provides account security for clients.

CONS

• Clients from the United States are not accepted.
• 
  
• Differences between MT4 and Next Generation
• 
  
• Certain indexes have wide CFD spreads.
• 
  
• There are no back-testing or automated trading options available.

2. London Capital Group ( Best for beginners)

London Capital Group (LCG), which was created in 1996, has kept up with the fast-paced internet brokerage industry. 

LCG Trader, the company's most recent rebranding effort, was launched in 2016. LCG's whole online offering to the consumer is comprised of this, as well as the ubiquitous MT4 (downloadable) platform and a complete mobile application. 

LCG offers a diverse range of CFDs and spread betting instruments over a wide range of asset classes. LCG, like the majority of the companies on this list, does not welcome US traders.

LCG, as one of the largest forex brokers in the United Kingdom, offers a diverse selection of asset classes and a smooth trading experience. 

The firm's costs are competitive in the sector, and customer service is high on our list. LCG is well-suited to beginner traders because of these good characteristics, as well as its apparent focus on functional simplicity. 

Aside from receiving great overall ratings, the company was named the Best Forex Broker for Beginners by Investopedia in 2020. 

Although you don't have to be a beginner to profit from LCG's services, it's difficult to beat if you're just getting started.

Fact you must Know

• 
  
• Account Minimum: $0 (Standard); $10,000 (ECN)
• Fees: Spread cost; Additional charge for guaranteed stops; Premium added to either side of the bid/ask price for shares; Overnight financing costs; Inactivity fees
• Best for: Beginners

Pros

• Customer service is emphasized.

• The Financial Conduct Authority (FCA) is in charge of regulating the industry (U.K.)

• Provides account security for clients.

• There are account and trade bonuses available.

Cons

• Website upkeep is inadequate.

• Clients from the United States are not accepted.

• LCG Trader vs. MT4: What's the Difference?

• There are no back-testing or automated trading options available.

3. Saxo Capital Markets (Best for advance traders)

The Saxo Bank Group (Saxo Bank), based in Denmark, describes itself as a "leading Fintech expert focused on multi-asset trading and investment and delivering 'Banking-as-a-Service' to wholesale clients," having been created in 1992.

 In 1998, the company took advantage of late-nineties technical breakthroughs by developing one of the first online trading platforms. 

Saxo Bank's subsidiary Saxo Capital Markets U.K. Ltd (SCML) has been operating in the United Kingdom since 2006, and it, like many other forex brokers, does not accept US traders.

The advanced trader should use Saxo Capital Markets. It caters to sophisticated active traders, investors, professionals, and institutions with a wide range of brokerage services. Smaller accounts face a variety of unique challenges, including higher account minimums, a variety of fees, and fewer customer service alternatives. 

Tiered accounts reduce trading costs and provide additional benefits as equity grows, but most retail traders will struggle to reach the top customer tiers. 

In 2020, the company was named the Best Forex Broker for Advanced Traders by Investopedia.

Fact you must know: 

• Account Minimum: £500 (Classic - UK)
• Fees: Competitive FX spread costs; Host of additional costs
• Best for: Advanced Traders

PROS

• A wide range of services are available.

• The Financial Conduct Authority (FCA) is in charge of regulating the industry (U.K.)

• The top research in the industry

• Excellent user interface

• Provides account security for clients.

CONS

• Customer service is undervalued.

• Instrument fee arrangements that are perplexing

• Clients from the United States are not accepted.

• MT4 isn't available.

4. XTB Online Trading( Best minimum costs)

X-Trade began as Poland's first leveraged foreign exchange brokerage company in 2002, but in 2004 it changed its name to X-Trade Brokers to conform with new Polish legislation. 

It later changed its name to XTB Online Trading (XTB) in 2009 and went public in 2016, listing under the ticker symbol XTB on the Warsaw Stock Exchange.

 The company does not accept traders from the United States.

XTB is a good option for traders who want to cut their costs as much as possible, whether it's the cost of placing a trade (bid/ask spread) or not having to pay extra fees like wire fees. Non-U.K. accounts can get up to 500:1 leverage, whereas U.K. accounts can acquire up to 30:1 leverage. 

The company prioritizes customer service and provides pertinent instructional materials and research resources that would be beneficial to a new trader. 

This organization was named the Best Forex Broker for Low Costs in 2020 by Investopedia.

Fact you must know:

• 
  
• Account Minimum: $0
• Fees: Spread cost; Commissions; Overnight financing costs; Inactivity fees
• Best for: Low Costs

PROS

• FX spreads that are the smallest

• The Financial Conduct Authority (FCA) is in charge of regulating the industry (U.K.)

• Provides account security for clients.

• Customer service is emphasized.

CONS

• Clients from the United States are not accepted.

• The costs of non-FX spreads are considerable.

• There is no assurance of a stop loss.

• There are no back-testing or automated trading options available.

5. IG: (Best for U.S. Traders)

IG Group (IG) is a publicly-traded (LSE: IGG) conglomerate that "empowers knowledgeable, decisive, and adventurous people to access opportunities in financial markets.

" It was started in 1974 by Stuart Wheeler "as the world's first spread betting enterprise." IG, unlike the majority of the brokers on this list, accepts US forex traders, and has done so since early 2019, when the company re-entered the US market.

IG is for anyone who wants to trade CFDs globally. It's for clients who desire to trade the foreign currency markets in the United States. 

That's all there is to it. To do this, IG has decided to follow the age-old adage, "go big or go home," because, well, it can. 

This broker is well-suited to compete in the online forex broker industry due to its low spread costs, emphasis on client service and education, actionable research, and functional user interfaces.

Fact you must know :

• 
  
• Account Minimum: $250
• Fees: Spread cost; Overnight financing costs; Inactivity fees
• Best for: U.S. Traders

PROS

• A wide range of services are available.

• Accepts clients from the United States

• NFA is governed by the FCA (United Kingdom) and the CFTC (U.S.)

• Education and research are prioritized.

• Client accounts in the United Kingdom and the European Union are protected.

Cons

• There is no account protection for customers in the United States.

• There are no guaranteed stop losses for clients in the United States.

• On the IG platform, there is no integration for copy trading or back-testing.

• Fees for CFDs on shares are very high.

6. Pepperstone: (Best for Trading Experience)

Pepperstone Group, founded in Australia, has risen to the top of the online brokerage sector since its founding in 2010, developing a highly competitive and full-featured trading site that concentrates on forex, stocks, indices, metals, commodities, and even cryptocurrencies.

Pepperstone provides simple market access, allowing clients to concentrate on the more difficult process of profitably trading the markets.

 Pepperstone is great for traders looking for a manageable selection of low-cost options, a variety of user interfaces and account kinds, and quick customer service.

facts you must know

• Account Minimum: 200 units of the base currency
• Fees: Spread costs; Overnight financing costs
• Best for: Trading Experience
  
  

PROS

• Low FX spreads are a plus.

• The Financial Conduct Authority (FCA) is in charge of regulating the industry (U.K.)

• Client accounts in the United Kingdom are protected.

• Variety of platform options

Cons 

• Website upkeep is inadequate.

• Clients from the United States are not accepted.

• Non-UK/EU clients have limited account protection.

• There is no assurance of a stop loss.

WHAT TO CONSIDER WHEN CHOOSING A FOREX BROKER

You should consider your immediate demands as a trader while selecting an online forex broker. During your search for a suitable broker, you should ask yourself certain things. Here are a few examples:

• Are you new to the game? You'll want a broker with excellent educational resources on the FX and CFD markets, as well as excellent customer service.

• Do you only have a modest sum of money that you can set aside for trading? Many forex brokers have minimal-to-no minimum deposit requirements, which can be a good option for traders with limited funds; many brokers also have cheap transactional fees and spreads.

• Are you constantly on the move and require a reliable mobile platform? Several forex brokers offer robust mobile apps that include nearly all of the functionality found in their desktop equivalents.

• Are you a beginner, intermediate, or experienced trader? Some forex brokers include more complicated order types and full-featured charting interfaces with a plethora of analytical tools, which are more important to seasoned traders.

• Do you enjoy trading a variety of instruments? Forex brokers' product offerings vary, and you'll want to choose with one that offers a greater selection of trading options, such as currency pairings, indices, commodities, stocks, and cryptocurrencies.