Best Forex Broker 2020 Comparison

The top forex brokers offer the lowest spreads and fees when trading CFDs through the best forex trading platforms such as MetaTrader 4 and cTrader with fast execution speeds, a range of currency pairings and markets such as cryptocurrencies and strong customer support.

View the top retail foreign exchange regulated brokers below.

By Justin Grossbard / Updated: Tuesday, February 18th, 2020

Best FX Provider Image

Best Forex Brokers 2020Top 8 Forex Brokers

Below are the best forex brokers in 2020 across each CFD trading categories:

  • Pepperstone – Best Forex Trading Platform
  • IC Markets – Lowest EUR/USD Spread Broker
  • City Index (Forex.com) – Best Bitcoin + Cryptocurrency Broker
  • Plus500 – Best Beginner Demo Account
  • eToro – Best Copy Trader + Social CFD Broker
  • FXCM – Best Forex Trading Demo Account
  • IG Group – Largest Foreign Exchange Retail Broker
  • Interactive Brokers– Best FX Broker For Experienced Traders

Broker Reviewed

IC Markets
Pepperstone
Interactive Brokers
IG
Plus500
Our Rating
8.17
9.17
8.17
6.67
5.83
Best Spread Broker
Most Awarded Broker
Trade CFD and assets
Useful risk management features
Range of risk management tools

Regulations and Licenses

Feature
IC Markets
Pepperstone
Interactive Brokers
IG
Plus500
ASIC (Australia)
FCA (UK)
MAS (Singapore)
Pending
CFTC (U.S.A)
FSCA (South Africa)
Pending
IIROC (Canada)
FMA (New Zealand)

Brokerage

Feature
IC Markets
Pepperstone
Interactive Brokers
IG
Plus500
No Commission Account Spreads From (EUR/USD):
1.0
1.0
0.6
0.6
Commission Account Spreads From (EUR/USD):
0.0
0.0
0.1
Commission (per 100k traded side trip)
USD $3.50
AUD $3.50
USD $1mil = 0.20% (IBKR)
Minimum Deposit
USD $200
$200
$0
$0
$0
Volume Commission Rebates
Has Islamic Account
No Inactivity Fees
Funding Methods
15
16
4
4
3
No Deposit/Withdrawal Fees

Markets and Instruments

Feature
IC Markets
Pepperstone
Interactive Brokers
IG
Plus500
Forex Currency Pairs CFDs
65+
66+
115+
80+
60+
Cryptocurrency CFDs
10+
4+
5+
10+
Index CFDs
16+
2+
26+
34+
67+
Share CFDs
100+
5+
1000+
12000+
1816+
Commodities CFD
19+
4+
38+
17+
Stockbroking
50,000+
Retail Maximum Leverage
500:1
500:1
14:1
200:1
30:1
Professional Maximum Leverage
500:1
500:1
200:1
300:1

Trading Platforms + Tools

Feature
IC Markets
Pepperstone
Interactive Brokers
IG
Plus500
MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
cTrader
Proprietary Platform
Automatic / Robot Trading
Social + Copy Trading
MetaTrader 4 onliy
Standard Stop Loss
Guaranteed Stop Loss Order
Guaranteed Negative Balance Protection
ESMA regulated territories only
ESMA regulated territories only
ESMA regulated territories only
ESMA regulated territories only
Demo Account
Unique Feature 1
ECN pricing
Smart Trader Tools
125 Markets, 31 Countries, 22 Currencies
Guaranteed stop loss orders
Trade cannabis index and share CFDs
Unique Feature 2
Range of fee free funding options
Fast Execution Speed
Earn interest on idle cash balances automatically
Choice of Platforms
Guaranteed stop loss trading option

Overall

Pepperstone Offers The Best Forex Trading Platforms

YouTube video

Pepperstone offers the most popular forex platforms:

  • MetaTrader 4
  • MetaTrader 5
  • cTrader

Three trading platform enhancements features are:

  1. The fastest execution speeds
  2. Smart trader tools for MT4 + MT5
  3. Social trading functionality

How Pepperstone Execution Speeds Less Than 30ms

Most orders Pepperstone forex traders make are executed in less than 30 milliseconds. This is the fastest execution speed achieved through the Equinix Capital Markets infrastructure.  This includes servers in New York (for MetaTrader) and London (for cTrader). The Equinix data centre platform is the largest in the world for multi-asset trading with over 475 buy/sell-side firms and over 1,200 financial service institutions. The size and proximity of the data centre allow real-time exchange rate data for traders and Straight-Through-Processing (STP) of orders. With the Razor account offering no dealing desk the trading experience is ideal for expert forex traders, those running expert advisors or scalpers.

Pepperstone-Forex-Trading-Servers

Why Pepperstone Is Ideal For MetaTrader 4 + MetaTrader 5

Pepperstone offers enhancements for both the MetaTrader 4 and MetaTrader 5 forex trading platform. This is called Smart Trader Tools and includes both broadcast facilities and trading alarms that integrate into the fx platform. Below shows example expert advisors that can be incorporated into MT4 or MT5.

MetaTrader 4 Smart Trader Tools PepperstoneOther trading tools that can be added include 15 indicators such as “Gravity” that visualises support and resistance areas.

Pepperstone also offers Autochartist which is directly built into the MetaTrader 4 and MetaTrader 5 trading platforms. This market scanner tool identifies key markets events impacting focusing on technical indicators, data intervals across currency pairs. Only statistically significant price movements are identified through Autochartist and Pepperstone has built-in filters based on 6+ months worth of historical data. The trading tool also has a risk management tool with expected movements over 1 hour to 24 hours and provides trade volume recommendations to retain risk tolerance levels.

What Copy And Social Trading Facility Pepperstone Offers

There are five social trading options available with Pepperstone. DupliTrade is for MetaTrader 4 only and has copy trader functionality where an individual can choose from a large set of forex traders to duplicate when trading. Pepperstone requires a minimum deposit of $5,000 to access DupliTrade. The other social trading platform for MT4 is MetaTrader signals (this is also available for MT5) and unlike DupliTrade has no initial deposit requirements. The other three copy trading and social trading platforms can be run in conjunction with MetaTrader of the cTrader forex platform.

Pepperstone Social Trading

Summary Of Why Pepperstone Wins The Category Of Forex Trading Platforms

Pepperstone is FCA regulated in UK (no.684312) and by ASIC in Australia (AFSL No.414530).

Pepperstone not only offers the choice of the three best forex platforms but provides the optimal trading environment and tools.

With the best technology, platform feature enhancements and add-on trading tools such as social trading, its no wonder Pepperstone is the fastest growing forex broker worldwide.

Compare MT4 Brokers>>Visit Pepperstone >>


Our Rating

The overall rating is based on review by our experts

9.17
Spreads
10 / 10
Leverage
10 / 10
Trading Platform
10 / 10
Risk Management
7 / 10
Range of Markets
8 / 10
Customer Service
10 / 10

Forex Broker FAQ's

Based on 13,000 traders who voted with Investment Trends, Pepperstone is the best CFD broker offering the leading forex platforms, the fastest execution speeds and customer support. View the finding leading to Pepperstone being the best MT4 broker.

Pepperstone Best Spread Forex Broker Award

Plus500 is the beginner CFD broker offering risk management features including negative balance protection and guaranteed stops, no commissions on trades, low deposit requires of $200 and an easy to use trading platform. See the Plus500 writeup.

An ECN broker acts the same as a stockbroker allowing an individual to process a trade with the market. This type of broker does not want a trader to lose as they make a commission based on trade volume. You can read more about our recommended ECN broker on our page reviewing IC Markets.

The second type of broker is a market maker taking a position in most cases at the opposite end of a trade. These brokers want you to lose money as its a core way they profit from CFD trading. Generally, savvy traders avoid these type of brokers.

How We Compiled The 2020 CFD Broker List

That data above came from the broker’s websites, our own analysis using their platforms and the regulators for:

Australian Brokers

The Australian Securities And Investment Commission (ASIC) is the regulator in Australia. ASIC regulated firms hold an Australian Financial Services Licence. View the top Australian brokers with AFSL licences.

United Kingdom Brokers

The Financial Conduct Authority (FCA) is the regulator in the UK. Despite Brexit, the authority remains guided by the European Securities and Markets Authority (ESMA). Most clients in the EU need to provide a National Client Identifier (for UK residences this is their National Insurance Number) or LEI for entities. View the leading UK brokers with a valid FRN.

South African Brokers

Formally the FSB, The Financial Sector Conduct Authority (FSCA) is the regulator in South African. Regulated FSCA firms have a valid Authorised Financial Service Providers (FSP) licence. You view the leading South African FSP licence brokers.

Singapore Brokers

The Monetary Authority Of Singapore (MAS) is the local regulator. Regulated firms will have a company regulation number relevant for contract for differences trading. You can view our top accounts for Singapore traders.

Other regulators were considered such as the Cyrus Securities And Exchange Commission (CySEC). The same is the case for brokers including Global Prime, XTB, OANDA, easyMarkets, FP Markets and eToro and platforms such as NinjaTrader. This page was not designed for USA trader who may require a broker with the National Futures Association (NFA) or the CFTC. Learn more about selecting a CFD provider with our choosing article.

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