Best Forex Brokers 2021 - Public Finance International
The best forex brokers offer a convenient solution for anyone looking to buy and sell on the foreign exchange market. For the successful trader, the world of forex offers plenty of opportunities.
Finding a forex broker depends on each investor. The type of pairs you will be trading, the requirements under which you will be trading currency, and the type of platform you will need differ for each trader.
Interested in diving into the exciting world of forex trading? Then you will need to find the best forex broker for your needs.
Best Forex Brokers 2021
We have put together an extensive list of the absolute best brokers available right now. These brokers appeal to all types of traders, with each platform offering its unique advantages. The best forex brokers need to be chosen based on individual trading strategies and requirements. We have outlined the top options below that are suitable for all kinds of traders.
eToro
You can't have a list of the best forex brokers without mentioning eToro. eToro is one of the most popular trading platforms that offers a wide range of investment opportunities.
Forex traders will enjoy the user-friendly platform and fast-trading capabilities at market prices. eToro has an appealing social trading feature that allows you to follow other top forex traders and automatically copy their moves. This is great for beginners.
| PROS | CONS |
|---|---|
| Diverse range of investment opportunities | Some fees |
| Copy the trades of top forex traders | Account minimum is a bit higher |
| 0% commission fees on stocks and competitive trading | |
| An easy to use forex trading platform |
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
AvaTrade
This global CFD and forex broker is appealing to new and experienced investors thanks to its low fees and free withdrawals. The platform is really easy to get started on, where opening an account and trading are all done online.
AVATrade is heavily involved in forex trading. If this is your focus, then you will be happy. However, there are not loads of other investment opportunities available.
| PROS | CONS |
|---|---|
| Easy to start trading on | Inactivity fees |
| The platform has excellent research tools | |
| Free withdrawals and deposits | |
| Low forex trading fees |
Plus500
Plus500 is a CFD-only platform that offers loads of trading opportunities. This popular international trading platform is speedy and stays up to date with all current prices. It is also very easy to use.
Anyone new to forex trading will enjoy the uncomplicated platform. There is also a free demo mode to allow beginners to try forex trading without any risk attached.
| PROS | CONS |
|---|---|
| A versatile CFD trading platform | Suitable for active traders, but not a great long-term investment platform |
| Includes a demo mode for new traders | |
| A user-friendly forex trading platform |
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Pepperstone
If you want to focus on forex trading, then you should choose one of the best forex brokers that specialize in this area. Pepperstone is a specialist forex broker online CFD platform. It offers a great array of forex trading options.
The fast app stays up to date with real-time prices. The trading platform is also very easy to use. Beginners to Pepperstone can make use of the demo mode to get a feel for trading in the forex market without the risk.
| PROS | CONS |
|---|---|
| The platform has VIP access for enhancing trading opportunities | Non-EU users don't get investor protection |
| Low forex and equity index CFD fees | |
| Daily cash rebates on the active trader program | |
| This is a specialist forex trading platform |
XTB
This global forex and CFD broker is well-regulated, efficient, and uncomplicated. Anyone wanting to invest in forex will find XTB to be one of the best forex brokers. Particularly for UK residents as this is where this broker is based.
XTB appeals to forex traders due to its low fees and mostly free deposits. The trading platform is fairly limited to forex, so there is not a lot of opportunity for other investments. The platform is also fairly simple, without a great deal of data available.
| PROS | CONS |
|---|---|
| Easy to use and open an account | Stock CFD trading has higher fees for anyone interested in expanding their portfolio |
| Low forex fees | Not the best educational data available |
| Deposits and withdrawals are free | |
| The platform focuses on forex |
XM
XM is one of the best forex brokers thanks to its array of helpful features. This global forex broker has generally low fees and excellent educational tools available. There are lots of forex opportunities within the XM trading opportunities.
Beginners will enjoy this platform thanks to the demo mode, and it's an easy account opening process.
| PROS | CONS |
|---|---|
| Easy to get started | The forex fees are a bit higher |
| Great educational tools and content available | Non-EU clients don't get investor protection |
| Low CFD fees available | |
| Withdrawal fees are low |
Alpari
Alpari is an international broker that offers a diverse trading platform. This broker appeals to both new and experienced traders. The trading platform offers excellent execution speeds, and the safe broker is completely transparent. The app is easy to use, and opening an account is a straightforward process.
| PROS | CONS |
|---|---|
| A versatile trading platform | Alpari does not accept traders from the US, Japan, Russia, and others |
| Appeals to all types of traders | The platform has weak research tools |
| Safe and transparent |
Interactive Brokers
Interactive Brokers offers one of the best forex trading platforms thanks to its commission-free trading options. This is a versatile platform for traders who would like to expand further than just forex.
Interactive Brokers has low per-share pricing and low margin rates. The ETF and stock trading platforms are also great for versatile traders.
| PROS | CONS |
|---|---|
| A versatile trading platform with a wide-ranging portfolio | Inactive traders face high fees |
| Many mutual funds with no transaction fees | |
| Top research tools |
Dukascopy
This Swiss online bank provides mobile trading options for keen forex traders. Dukascopy traders can enjoy fantastic spreads on forex trading. This is certainly one of the best forex brokers due to the tools, research opportunities, and competitive rates.
Dukascopy is more appealing to experienced traders. The markets available for trading are not very broad, and the platform can be complex for beginners to grasp.
| PROS | CONS |
|---|---|
| Excellent forex trading spreads | Customer service |
| Unique tools and research opportunities | Small market offering |
| Good rates for forex traders |
IC Markets
When looking for the best forex brokers, IC Markets has to be a top contender thanks to their low fees. Withdrawals and deposits are free, and it is very easy to open an account and start trading.
This platform focuses on forex and CFDs which is great for traders interested in this area. If you want a broader portfolio, then IC Markets isn't your best bet.
| PROS | CONS |
|---|---|
| Low forex fees | Limited product portfolio |
| Free and easy withdrawals and deposits | |
| Easy to use and open an account | |
| A forex-focused trading platform |
FP Markets
This Australian CFD and forex broker is appealing to all kinds of traders. FP Markets offers low forex fees and quality educational tools.
Opening an account and starting to trade through FP Markets is an easy process. There is also a helpful demo mode available for any new or uncertain forex traders.
| PROS | CONS |
|---|---|
| Fast and simple to start trading through | Limited product portfolio for options other than forex |
| Forex fees | |
| Withdrawals and deposits | |
| Focuses on forex trading |
London Capital Group
London Capital Group is one of the biggest and best forex brokers in the UK. This forex broker offers excellent currency pairs and a wide range of asset classes. The efficient broker offers a seamless experience for any avid forex trader.
London Capital Group focuses on providing a very simple, straightforward trading platform. This makes it one of the best choices for beginners looking for a smooth introduction to forex trading.
| PROS | CONS |
|---|---|
| Well regulated with good client protection | London Capital Group does not allow US traders |
| Great options for currency pairs | Experienced traders may prefer more complex tools |
| The broker offers appealing incentives for traders | |
| Excellent customer service |
TD Ameritrade
TD Ameritrade is a versatile broker that offers a wide-ranging investment portfolio. This broker is best suited for long-term investors, although active forex traders can still enjoy all that TD Ameritrade has to offer.
Beyond forex, you can also trade in common stocks, preferred stocks, futures contracts, exchange-traded funds, options, cryptocurrency, mutual funds, fixed income investments, margin lending, and cash management services.
| PROS | CONS |
|---|---|
| Some trading fees are low or non-existent | Most accounts are limited to US residents |
| Customer support is excellent | Not focused on forex trading as other forex brokers |
| No minimum deposit amount |
IG
IG is a trading platform that offers a perfect solution for busy forex traders. This broker has plenty of helpful tools and educational features for foreign exchange trading.
IG offers competitive pricing structures, an excellent desktop platform, and a wide range of investment opportunities for anyone wanting to extend further than just forex.
| PROS | CONS |
|---|---|
| Many withdrawal and deposit choices | High forex and CFD trading fees |
| Quality tools for trading and educational content | Slow customer support |
| Offers a wide-ranging investment portfolio | |
| An easy to use platform |
Forex.com
As the name would suggest, this is easily one of the best forex brokers available. Forex.com is best suited for high-volume traders and can be quite a difficult platform for new forex traders to manage. However, the platform offers excellent options for successful strategies.
Forex.com has some of the best currency pairs available. The forex fees are low, and there are plenty of quality technical research tools.
| PROS | CONS |
|---|---|
| Low forex fees | High stock CFD fees |
| Great currency pairs available | A more suitable platform for experienced investors |
| Brilliant technical research tools | |
| A forex-focused platform for dedicated traders |
CMC Markets
CMC Markets is a broker focused on forex and CFD. Investors love this platform for the very low forex fees and free deposit and withdrawal options. CMC Markets is thoroughly regulated by the FCA.
The desktop platform and mobile app are easy to use, offering a seamless trading experience. You also get loads of helpful tools for enhanced forex trading.
| PROS | CONS |
|---|---|
| Low forex fees | Stock CFD fees |
| User-friendly trading platform | |
| High-quality education and research tools | |
| Great currency pairs available |
Oanda
This private company forex broker offers everything traders need for streamlined, successful, informed forex trading.
The platform is easy to use and is loaded full of powerful tools and technical indicators.
| PROS | CONS |
|---|---|
| User-friendly platform | Limited customer support |
| Technical indicators and research tools | Limited portfolio products available beyond forex |
| A forex-first broker |
FXCM
FXCM is a quality platform for trading in forex, cryptocurrency, and CFDs. FXCM is easy to use, has great trading tools, and offers a particularly good mobile app.
Education and technical research tools rank highly. For forex and cryptocurrency traders, this platform ticks all the right boxes.
| PROS | CONS |
|---|---|
| Great technical research tools | The withdrawal fees are high |
| Easy to use and get started | Beyond CFDs and forex, a limited portfolio |
| Focused on forex trading |
What is Forex Trading?
Forex trading is done through the global foreign exchange market. This is when different types of currencies are bought and sold. Every type of currency listed on the market has a value that is constantly changing. Traders utilize this to buy and sell currencies to make a profit.
>> Want to Trade Forex? Check out our guides on:
Risks of Forex Trading
As is the case with any type of trading, forex offers plenty of risks. One of the main risk areas is that the market is uncontrollable. Many different factors impact the price of currency pairs. If the markets go against you, it is possible to lose a lot of money.
Of course, big price drops also mean opportunities for the savvy investor. It is important that forex traders have a deep understanding of the market, and are prepared for volatility and the potential to lose money.
How to Pick A Forex Broker?
Regulation
The brokers need to be well regulated. Different organizations regulate brokers to ensure safety and security. This makes trading through these platforms secure and transparent. All of the brokers listed above are well-regulated.
Security
Security is important for forex brokers to make sure that all clients are well-protected. This can include things like withdrawal and deposit security, and how the broker is regulated in your country.
Leverage and Margin
Pay attention to whether the broker offers good leverage and margin options. Leverage is focused on taking on debt while margin debt is used for investing in other financial instruments. If leverage and margin ties into your trading strategy, be sure to check this out.
Order Types
Pay attention to the order types available and how the platform offers these. This includes market orders, stop orders, limit orders, trailing stop, and so on. This can affect your forex trading strategy in a big way.
Fees & Commissions
The broker's fees and commissions can come in various forms. Be sure that the fees are suitable for the style you will be trading in. Otherwise, you can lose a significant amount of your returns to fees.
Different types of fee structures cover spreads, trading fees, non-trading fees, and more. Always be aware of all fees before opening an account with a new broker.
Trade Execution
Trade execution is the actual buying and selling of the currency. The platform needs to be fast and up to date for efficient trade execution.
Account Types
Brokers offer many different account types to suit different types of traders. This should be chosen according to your trading level and requirements. This can include demo accounts, Micro, Mini, VIP, Retail, and professional accounts to name a few.
ECN Brokers
ECN brokers offer platforms electronically connected to the international bank network. Trading through ECN brokers gives you real-time, accurate prices on the currency market.
Your Level Of Experience
Make sure that your broker and trading platform matches your level of experience. Soma platforms are best suited for beginners while others are more complex to navigate and manage.
Do They Offer Copy Trading
Copy trading is a useful feature for beginners and inexperienced traders This is where you can follow successful Forex traders and automatically copy their moves.
Deposit Methods
Make sure that the broker you choose offers deposit and withdrawal methods that are suitable for you and your bank. Some deposits can be expensive or limited.
Account Minimum
The minimum deposit amount can make a big difference. Some brokers have no account minimum, while others require very large amounts to start trading.
Customer Support
Customer support makes a big difference to the overall user experience of any platform. You want a broker that offers consistent, easy to reach customer support to help with any queries or concerns.
Currency Pairs Available
When trading in forex, you are limited by the currency pairs available. The best will have a wide range of options for more versatile trading strategies.
Research
The best brokers offer an array of research tools on their platform to allow for more informed trading. This includes things like market news, economic calendars, analysis. and more.
Usability
The user-friendliness of a trading platform will include various features. These all work together to provide you with a more informed trading experience. This includes things like alerts, notifications, price alerts, watch lists, execution speed, and more.
Education
Does the broker have educational tools to help traders? this can include things like webinars, news, and updated educational content on forex trading.
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