Best Forex Brokers 2024

The most popular trading platform has to be MetaTrader MT4 trading platform even MT5 trading platform is good.

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Best Forex Brokers for 2024

• IG - Best forex broker overall, most trusted

• opofinance - best Spread no commotion for deposit and withdrawal (Recommended)

• Saxo Bank - Best for research

• CMC Markets - Best web platform, most currency pairs

• Interactive Brokers - Great for professionals and institutions

• Roboforex - Excellent trading platform,

• City Index - Great all-round offering

• XTB - Best customer service, great platform

• FOREX.com - Great all-round offering

• eToro - Best copy trading platform

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How To Find The Best Forex Brokers

Below we’ve listed the main criteria for finding the best forex brokers in 2021. We will expand on each area later on in the article.

• Fees/Commission – This is the most important part of your global forex broker appraisal. One forex platform may charge you a tenth of the price for the same trade vs another. Take note of “hidden” fees, such as withdrawal or inactivity fees.

• Operating Model – Forex brokers usually operate one of two operating models: dealing desk or no dealing desk. A dealing desk broker owns its order book, meaning they create liquidity for clients. These are known as ‘market makers’ because if there is no one to take the other side of a trade (i.e buy what you’re selling), they’ll take it themselves. No dealing desk brokers (also known as ECN brokers) connect to a larger market where filling orders is not an issue.

• Market Coverage – The selection of assets on offer. Does the forex platform provide the FX pair or product you’re looking for?

• Accessibility and Affordability – Beginner forex traders and small-timers need love too. You should never be forced into making a minimum deposit that you cannot afford to lose. Minimum deposits range from $10 to $1000 (or the £/€ equivalent). It might be worth investing more for a platform that suits you better, so stay open-minded.

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• Platforms – The forex trading platform and the tools it provides are your primary weapons in your personal war for profits. Personal preference will play a large part here, as many platforms offer very similar services, but look and feel very different. Remember many platforms are configurable, so they can be tailored to suit your needs.

• Strategies – Not all forex brokers allow every strategy. For instance, it’s common to see limitations on scalping, hedging and automated trading strategies (EAs). If this is what you’re interested in, you’ll need to check before you sign up that you’re selecting a forex broker for scalping, for example.

• Mobile Apps – Being able to trade on the go may be important. Some mobile apps are superior to others. Usually, the features available on desktop are not matched on a mobile app, so access to both is recommended.

• Deposits and Withdrawals – The ability to move funds to and from the platform, quickly and preferably cheaply is key. Forex brokers with instant deposits for debit/credit cards and PayPal are common, so look out for these where possible.

• Reputation – People talk. It is well worth listening to what traders say about their forex broker.

• Regulation – A proper regulatory framework is key. It gives you the reassurance that the forex platform is operating within the rules the governing body has assigned. This provides an element of trust between broker and client.

• Customer Support – You need someone to talk to if you run into problems. Competent support is a must. From opening an account, to help with the platform – customer support is important.

• Company Background and History – Knowing the past exploits of forex brokers can give you a better idea of what it is up to now. A listed company has to publish numerous elements of information about their balance sheet, for example.

• Education – It never hurts to improve your understanding of how the forex markets work. Some brokers offer extensive educational tools that will enable you to take advantage of movements when they occur.

• Account Opening/Registration – Is it a simple process to open an account? Do clients need to be verified? These processes are not always the same and might be worth considering if opening an account has been problematic in the past.

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