Best Forex Providers In 2021

IC Markets – The Best Forex Broker

IC Markets was awarded the best forex broker based on the following features:

1. Low spreads and commissions
2. A range of popular forex trading platforms
3. Access to various CFD markets and currency pairs
4. Strong customer service
5. Regulated by ASIC (Australia), CySEC (Europe) and the FSA (Seychelles)
6. High leverage up to 500:1 (only via FSA branch), leverage of 30:1 under ASIC and CySEC regulation.

You can view the full IC Markets review or below goes through each of the six points in greater detail.

IC Markets Has The Lowest Fees

Forex broker fees have two main components. The first is similar to an exchange rate known as a ‘spread’ which is the difference between the buy and sell (bid/ask) rate of a currency pair. Most forex brokers offer a market-market trading account that has no commissions but high spreads and those closer to an ECN/STP broker account. Such accounts that mimic an ECN broker environment with no dealing desk allow for the lowest spreads but charge an additional fee of a set commission. Below compares the spreads on these accounts.

IC Markets Offers A Range Of Markets

Foreign exchange is just one of the markets IC Markets offers access to. IC Markets is one of the few online brokers to offer Bond CFD trading. These movements are based on market sentiment and interest rate speculation. As interest rates movements are historically small, IC Markets offers 200:1 leverage on Bonds CFD trading (FSA entity). Two newer markets include cryptocurrency that offers Bitcoin to Ripple, as well as Futures markets across energy, metals and agriculture. Other core markets are shown below, including Indices, Commodities and Stocks. Hedging is allowed across these markets.

IC Markets Offers The Most Popular Forex Trading Platforms

All three popular forex trading platforms are offered by IC Markets:

MetaTrader 4 (MT4)

MT4 is the most popular forex trading platform worldwide based on key features, including:

• Fast average execution speed of 36.5 milliseconds across order types.
• The ability to trade across 64 currency markets (currency pairs).
• The ability to purchase automate programs known as Expert Advisors.

MetaTrader 5 (MT5)

MT5 is a platform suited for those looking for more than currency trading including:

• A full range of CFD markets including currency trading, Commodities and Indices.
• Level II Interbank Pricing with the full range of prices from IC Market liquidity providers.
• Expert Advisor market for MT5 and MetaQuotes MQL5 code for programming.

cTrader

cTrader is for experienced forex traders requiring advanced tools, with the forex trading platform focusing on:

• Trading all markets including 64 currency pairs and 16 major equity indices
• The lowest spreads for the EUR/USD Dollar (average spreads of 0.1 pips)
• Scalping allowed and the ability to purchase from the cBots marketplace.

The Sweet Spot For IC Markets

IC Markets is ideal for intermediate forex traders looking for a low fee provider. With the leading spreads, IC Markets focuses on providing the basics for traders from the most popular forex trading platforms, decent customer service, ASIC certification and access to a range of markets. This ensures most traders’ needs can be met by the fx provider.

Markets.com – Best Forex Trading Tools

Markets.com is the best FX provider with advanced trading tool package based on the following features:

1. 14 Premium Trader Tools
2. Fundamental, technical and sentiment tools
3. Access to market insights from over 50,000 financial bloggers
4. Over 2,200 CFD instruments
5. A wide selection of currency pairs (+120 FX pairs)
6. USD 250 minimum deposit with 9 base currencies

The key trading features offered by this FX provider will be broken down below. Additionally, you can view a comprehensive Markets.com review here.

Advanced Technical Analysis Tools

You can give your trading a boost with the latest technologies that are built into Markets.com proprietary trading platform. The wide range of premium trading tools will give you a better capacity to act on the market trends in real-time.

The Related Instruments feature allows you to see which assets are correlated to those you trade. This tool will give you additional insight into “which assets other people who trade your instrument are buying.”

Markets.com also provides an advanced charting package and new trade tools upfront. Charts are customizable and include hundreds of technical indicators and oscillators like Elliott Wave, Fibonacci Retracement, Gann’s and so much more. Chart types include candles, area, bar, line, Renko, Kagi, Baseline, Point & Figure or Heikin-Ashi charts.

Fundamental and Sentiment Tools

Markets.com provides 6 unique market sentiment tools and the ability to set alerts when there is a shift in the short-term sentiment of your favourite asset. You can follow insights from over 50,000 financial bloggers and turn their analysis into actionable trading ideas. In addition, it’s possible to download the Thomson Reuters Stock Report and have financial commentary provided by Forexlive.com directly inside the platform.

The Sweet Spot for Markets.com

Markets.com is the best FX provider for technical traders and fundamental traders looking for a premium trading tools package. The proprietary trading platform MarketsX is the most powerful, but you can also access MetaTrader 4 and MetaTrader 5. A key strength offered by Markets.com is their chart application, advanced alerts and social sentiment investing tools.

View Markets.com Review >>Visit Markets.com >>

Plus500 – Best Mobile Trading App

Plus500 is an internationally recognized online CFD trading provider with the best mobile trading app based on the following features:

1. Access to a wide range of financial instruments across several asset classes
2. User-friendly interface coupled with valuable risk management tools and real-time alerts
3. Range of account funding options, including Debit/Credit Cards, PayPal and bank wire transfer
4. Proprietary web-based trading platform
5. Multilingual 24/7 professional customer support via live chat or email.

The key trading features offered by this FX provider will be broken down below. Additionally, you can view a comprehensive Plus500 review here.

Range of Markets

Plus500 grants access to seven different asset classes traded as CFDs. CFDs represent complex instruments that involve a high risk of rapid capital losses since high leverage ratios are used! 72% of retail investor accounts incur losses when trading CFDs with this broker.

The mobile trading app ensures access to:

• 28 Stock Index CFDs, 1 Crypto Index CFD as well as a Dollar Index CFD
• 70 major, minor and exotic Currency Pairs
• 22 Metals, Energies and Agricultural Commodities
• 12 Cryptocurrency pairs
• More than 100 Options CFDs
• More than 1,900 Shares CFDs
• 95 ETF CFDs.

All CFDs are traded with no commissions, while clients will pay an all-inclusive spread only.

With Plus500’s mobile app, clients are also able to practice CFD trading on a free demo account with no restrictions.

Interface, Risk Management and Alerts

The mobile app allows easy access to global markets at any time, at any location, supporting 31 different languages.

Plus500’s mobile app for iOS and Android devices delivers the same functionalities as the broker’s web-based trading platform. The interface is kept clean, with all the tools needed to search instruments, place and manage a trade, or simply keep track of market movement being immediately visible. With this mobile app, retail clients can use a safe two-step login as well as take advantage of biometric authentication.

When it comes to trade order management, the broker has ensured several valuable tools, including:

• Stop Limit (Close at Profit) – specifies a price level at which the active position will be closed and gains will be locked in. Available with no fees charged,
• Stop-Loss (Close at Loss) – specifies a price level at which the active position will be closed while losses will be limited. Available with no fees charged,
• Guaranteed Stop – ensures an absolute limit on potential losses and also minimizes the risk of slippage. An extra spread will be applied when using this tool,
• Trailing Stop – ensures profit preservation and places a Stop Loss order that will update automatically when price movement develops in the expected direction.

Additionally, due to Plus500’s negative balance protection policy, retail investor accounts cannot lose greater amounts than the initial deposit. In case of a negative balance, the broker will restore clients’ account balance back to zero.

And finally, the platform’s trade alerts comprise another notable feature. Retail clients are able to receive real-time email, SMS and push notifications, based on:

• Price – whether a particular trading instrument nears certain Buy or Sell price level,

• Change % (Daily or Hourly) – whether a particular trading instrument’s absolute price change (positive or negative) nears a certain level,

• Traders’ Sentiments (Buyers % vs. Sellers %) – whether the percentage of Buyers or Sellers among Plus500 traders reaches a certain level.

The Sweet Spot for Plus500

With its simplicity and functionality, Plus500’s mobile trading app will certainly suit the preferences and financial objectives of beginners and intermediate retail traders. The easy access to trading accounts, monitoring of balance, margin and trading history, coupled with a plethora of trading instruments and good risk management features, including negative balance protection, surely improve retail clients’ trading experience. Yet, more sophisticated traders who crave advanced technical analysis tools and other features such as API functionality may find the broker’s offer too restrictive.

View Plus500 Review >>Visit Plus500 >>

*Your capital is at risk ‘72% of retail CFD accounts lose money’

FP Markets – Best Low Spread Forex Broker

FP Markets is among the leading CFD and Forex brokers, which we consider as the best choice for clients seeking low trading costs based on the following features:

1. True ECN pricing model
2. A deep pool of liquidity providers
3. Advanced trading platform and technology
4. Over 40 international awards
5. Forex trading courses available for beginner, intermediate, and advanced traders
6. Reliable, low-latency order execution.

Competitive spreads on all account types offered

By using Electronic Communication Network (ECN) technology, FP Markets has catered to modern traders’ requirements such as deep liquidity, price transparency, fast order execution and ultra-low spreads. Since FP Markets has a diverse liquidity mix and derives prices directly from top-tier, regulated financial institutions, it is able to offer its clientele some of the most competitive spreads globally across its entire product list on all of its trading platforms. With FP Markets, retail traders will never experience price manipulation or requotes.

During most liquid times, spreads on major and minor currency pairs as well as on Spot Gold can drop to as low as 0.0 pips on the broker’s Raw ECN account type. Yet, the broker’s average spreads also remain very competitive due to its liquidity mix:

• 0.05 pips on EUR/USD – one of the best worldwide
• 0.12 pips on USD/JPY
• 0.17 pips on USD/CHF
• 0.21 pips on AUD/USD and GBP/USD
• 0.28 pips on USD/CAD
• 0.25 pips on Spot Gold (XAU/USD)
• 0.02 pips on Spot Silver (XAG/USD)
• 0.04 pips on WTI Crude Oil Spot
• 0.05 pips on Brent Crude Oil Spot.

In exchange for ECN trading conditions, the broker will charge a small commission of $6.00 per round turn for 1 Standard Lot traded on the Raw ECN Account. More details on FP Markets’ Raw ECN account type are presented in the following table.

Spreads on FP Markets’ Standard account type start from 1.0 pips on currency pairs such as EUR/USD, but there will be no trading commission charged. More details on FP Markets’ Standard account type are presented in the table above.

Along with the Standard and the Raw ECN account types, which offer clients a choice of MetaTrader 4 or MetaTrader 5 trading software, FP Markets also offers three more account types that grant access to IRESS, a platform with advanced functionality for sophisticated traders. More details on those account types can be observed in the following table.

IRESS allows for Direct Market Access (DMA) CFD trading in more than 10,000 Stocks as well as in Futures.

Ultra-fast Order Execution

In addition to its ECN pricing model, FP Markets employs cutting-edge technology to deliver order execution of exceptional quality. With its MetaTrader servers located in the Equinix NY4 data centre, the broker ensures ultra-low latency execution of trade orders with speeds of less than 40 milliseconds.

The Sweet Spot for FP Markets 

The ECN trading conditions, offered by FP Markets, a multi-regulated and award-winning Forex provider, could best suit the preferences of scalpers, day traders and clients who employ automated trading strategies. FP Markets is also currently among the best low-cost Forex brokers in Australia.

View FP Markets Review >>Visit FP Markets >>

IG – Best FX Provider for Beginners

IG is among the most reputable Forex and CFD online service providers, regulated in multiple jurisdictions across the globe, which we consider as the best choice for people who are little experienced or totally new to the financial markets, based on:

1. Its extensive free trading education resource – IG Academy
2. Its professional customer support service
3. Low minimum deposit requirement
4. Demo account with USD 10,000 of virtual funds in a risk-free environment
5. Access to over 17,000 financial markets
6. Segregated accounts at tier-one banks

The key trading features offered by this FX provider will be broken down below. Additionally, you can view a comprehensive IG review here.

IG Academy offers a diversity of education resources

IG has invested a lot of effort to establish a remarkable education section on its website, which includes online trading courses, live sessions (webinars and in-person trading seminars), a trading strategy centre, risk management and trading glossary.

Online trading courses are structured in three categories – beginner, intermediate and advanced, and include practical exercises and quizzes aimed to check clients’ understanding of a particular aspect of global markets and trading.

Live sessions are a way for beginners to access knowledge and trading ideas directly from IG experts. Whether in the form of live webinars or in-person seminars, live sessions feature a range of topics that may suit both novice and experienced traders.

IG’s trading strategy and planning section offer specialist insight into various trading techniques, which may prove useful to capitalize on market movement.

Novice traders can also learn about leverage and the risks and benefits it offers.

Last but not least, beginners are able to browse through the broker’s extensive glossary to find an in-depth explanation of terms related to financial markets and trading.

Professional Customer Support

People who are planning to take up Forex trading for the first time are, naturally, in need of diverse and very specific information – from brokerage services, costs, account types, trading platforms to information about setting up an account or resolving particular issues. All this kind of information can be obtained from a professional at a broker’s customer support unit. Thus, providing relevant and precise answers to any inquiries inexperienced retail clients may have is of the essence.

With IG, beginners are able to take advantage of client support service 24 hours per day from 8 am Saturday to 10 pm Friday (UK time). They can get in touch with a representative from the company’s support team via several channels:

• by sending an email to [email protected]
• by using live chat
• by contacting IG Client Help on Twitter
• and over the phone by dialing +61 3 9860 1799 (for new clients) and +61 3 98601734 (for existing clients).

Minimum Deposit Requirement

IG also tends to be quite competitive when it comes to required minimum funding amount. The broker requires a minimum deposit of $300 (or currency equivalent) when clients fund their trading account via a Credit or a Debit Card. At the same time, if they choose another payment method, such as bank wire transfer, there will be no minimum deposit requirement.

IG accepts 6 different base account currencies – USD, EUR, GBP, AUD, SGD and HKD.

We should note that funding via Debit Cards by Visa or MasterCard will be free of charge. The same is also valid for transfers to the broker’s Hong Kong-based HSBC account. However, funding via Credit Cards will be associated with a fee (1% for Visa cards and 0.5% for MasterCard).

We should also note that in case of no client trading activity for a period of 24 months, IG will charge an inactivity fee.

The Sweet Spot for IG

Since becoming a successful trader tends to be quite demanding and an ongoing process, a diverse education source such as IG Academy represents one good way to embark on such an endeavour. It offers not only the opportunity to learn at one’s own pace but also the opportunity to access expert insight into trading by participating in specialized live sessions. The broker’s professional customer support service only adds to an overall positive experience for beginners.

View IG Markets Review >>Visit IG Markets >>

eToro – Best FX Provider for Copy Trading

It has been over a decade since eToro introduced its innovative social trading feature and currently the broker operates one of the largest communities of traders and investors globally. We consider eToro as the best Forex provider for copy trading based on:

1. Its platform, which is trusted by millions of traders worldwide
2. No management fees or other hidden costs are involved when copy trading
3. A constantly growing community of users where everyone can share trading ideas and learn from others
4. Strong Forex regulation in multiple jurisdictions
5. Ensured safety of client funds, which are kept fully segregated in top-tier banks
6. A one-stop-shop solution for managing your cryptocurrency portfolio

The key trading features offered by this FX provider will be broken down below. Additionally, you can view a comprehensive eToro review here.

CopyTrader

eToro’s Copy Trader feature enables users to observe what others are doing in real-time and automatically copy their trading activity. It is a convenient way for inexperienced traders to earn a passive income, as well as for people who simply lack the time to closely track developments in a particular market.

Users are able to search through eToro’s vast client base and detect top-performing traders based on criteria such:

• Risk score
• Return for the past 12 months
• Number of copiers
• and so on.

eToro users only need to allocate a portion of their free account balance to that trader. eToro requires a minimum amount invested of $200.

Users can copy up to 100 traders simultaneously and they are also allowed to pause or stop the copy, to add or to remove funds whenever they wish. More importantly, users will not have to pay any additional management fees or other hidden costs to use eToro’s Copy Trader.

The Popular Investor Program

eToro also offers benefits for traders, whose activity is being copied. They can sign up for the broker’s Popular Investor program, allowing them to earn a second income. To join the program, traders need to ensure:

1. At least $1000 in equity,
2. At least two full months of stats on eToro’s platform,
3. Maximum risk score lower than 7 for at least two months
4. Full name and biography of at least 150 characters added to their profile as well as an active feed.

The Popular Investor program is structured in four different tiers, each having specific requirements and offering particular benefits. To become eligible for a Cadet rank, every trader will need to ensure minimum equity of $1,000 and minimum value of allocated funds by copiers (Assets under Management) of $500. Note that in order to earn a monthly income (paid by the broker), traders need to obtain the rank of Champion at least.

The Sweet Spot for eToro

What eToro offers is not simply a copy trading platform, but an opportunity to become part of a constantly growing community of traders and investors, where everyone is able to connect, share ideas and strategies and learn from the expertise of others.

ThinkMarkets – Best FX Provider for Spread Betting

Spread betting has become a popular way to trade global markets in the United Kingdom and Northern Ireland because gains from such trades are not subject to capital gains tax. Additionally, clients are not obligated to pay stamp duty, because they simply speculate on the price movement of instruments and do not actually own the particular asset.

We consider ThinkMarkets as the best Forex provider for spread betting based on:

1. Competitive spreads offered across a good range of trading instruments
2. A comprehensive spread betting education section
3. Strong regulation in multiple jurisdictions, including by the UK’s FCA
4. Dedicated 24/7 customer support
5. Tight spreads from 0.1 pips on EUR/USD

The key trading features offered by this FX provider will be broken down below. Additionally, you can view a comprehensive ThinkMarkets review here.

Spreads and Product Range

UK clients are able to spread bet on ThinkMarkets’ Standard Account by using MetaTrader 4 and MetaTrader 5 software. The broker will not charge any trading commissions, while clients will have to pay the bid-ask spread only.

Retail traders can spread bet on 27 major, minor and exotic Forex pairs by using the leverage of up to 1:30, while professional traders can take advantage of considerably higher leverage ratios – up to 1:500. Spreads start from 0.8 pips on EUR/USD and 1.0 pips on USD/JPY, USD/CHF and EUR/GBP.

Another asset class available for spread betting includes major Stock Indices (Cash). Retail clients can spread bet on 8 Stock Indices by using maximum leverage of 1:20, while professional traders can access leverage of up to 1:500.

Other instruments available for spread betting include:

• Spot Metals (Gold and Silver)
• Spot Energies (WTI Crude Oil and Brent Crude Oil).

Spread Betting Education

ThinkMarkets offers a comprehensive CFD and Forex trading education section on its website, structured into three categories – beginner, intermediate and advanced. Among the 8 beginner guides, clients can find on the website is a guide focused particularly on spread betting. Yet, unlike some of the other education contents, this guide can be accessed upon subscription.

The Sweet Spot for ThinkMarkets

An alternative to CFD trading and share dealing, spread betting has certain benefits for clients, with trading conditions offered by ThinkMarkets being one of the most competitive on the UK market. Education content, MetaTrader package featuring additional tools such as the popular Autochartist and a professional 24/7 customer support service only complement the broker’s low costs.

View ThinkMarkets Review >>Visit ThinkMarkets >>