Best Forex Brokers 2020

Here you will find our best forex brokers of 2020 based on our findings from thousands of hours of extensive research, testing and in-depth analysis across hundreds of online forex brokers. It is vital to conduct some research when deciding if a forex broker is trusted and reliable. The vastly experienced trading brokers team have conducted thorough forex broker reviews and assigned each forex broker with a rating based on our research. This can help to give forex traders a clear understanding of the different forex brokers available and save them time when choosing the best forex brokers according to their individual trading requirements. To be listed in our best forex brokers category, each forex trading broker must be under strict regulation from a respected regulatory authority and well established. They should offer online forex trading services with industry leading trading conditions and competitive fees across major, minor and exotic FX currency pairs whilst providing a range of powerful online trading platforms and tools. In addition to this, the forex brokerage should supply traders with educational materials, tight spreads, good execution speeds, flexible leverage, various account types, multiple funding options and excellent customer support.

Top 6 Forex Brokers 2020

Broker
Rating
Regulated
Min. Deposit
Founded
Max. Leverage
1.

FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFF

Min $250 Deposit

1974

1:200

Review Open Account Open Account
Terms & conditions apply
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. All trading involves risk.
2.

ASIC, FCA

Min $200 Deposit

2010

1:500

Review Open Account Open Account
Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of Pepperstone Limited’s retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
3.

ASIC, CySEC, IFSC

Min $5 Deposit

2009

1:880

Review Open Account Open Account
Terms & conditions apply
71.61% 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.
4.

ASIC, CFTC, FCA, FSA, IIROC, JFSA, NFA

Min $50 Deposit

2001

1:50

Review Open Account Open Account
Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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.
5.

ASIC, FCA, MAS

Min $100 Deposit

1983

1:500

Review Open Account Open Account
Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% 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.
6.

ASIC, BVI, CBI, FFAJ, FSA, FSCA

Min $100 Deposit

2006

1:400

Review Open Account Open Account
Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% 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.
Each of our chosen best forex brokers have successfully passed our stringent forex broker reviews and been awarded a top forex broker rating based on multiple factors to make it on our best forex broker list. These forex brokers are regulated by respected financial regulatory authorities and well-established within the online brokerage industry, providing top forex trading services to forex traders across the globe.

1. IG

IG are easily one of our best forex brokers based on our detailed research and testing across hundreds of forex brokers. They are one of the largest brokerages in the world offering an impressive 16,000+ trading instruments to traders all over the globe, including more than 80+ forex currency pairs. IG offer forex trading with tight spreads, low commissions and fast trade execution speeds due to the brokers deep liquidity pools. This forex broker accepts traders from the United States, United Kingdom, Australia, South Africa and most countries from around the globe.

IG have a great choice of easy to use yet very powerful trading platforms that can be used on desktop, web browsers and mobile devices. This includes the brokers own proprietary trading platform and the very popular MetaTrader 4 platform.

Best Forex Brokers: IG Review

Best Forex Brokers: IG Review

IG also provide traders with a large variety of trading tools to help you find trading opportunities quickly and easily. There is an IG academy that has an abundance of educational resources to help improve your trading skills and knowledge.

Perhaps most impressively, IG are regulated in multiple jurisdictions spanning across the globe. The brokers regulation includes the widely respected FCA, ASIC and NFA. Having such strict regulation in place can help to give traders the peace of mind that they are using a trusted and established online brokerage, such as IG.

You can read our detailed IG Review to find out more about why we consider them to be one of the best forex brokers for trading forex online with.

IG Pros/Cons
Pros Cons
16,000+ markets including 80+ forex currency pairs Limited online payment processors for account funding
US clients allowed
Strict regulation in multiple countries
IG training academy
Tight spreads, fast execution speeds & low commissions
User friendly & powerful trading platforms
Plenty of trading tools

IG are one of our best trading brokers offering traders around the globe over 16,000+ markets including Forex & CFDs. They have a great selection of trading platforms, tools & educational resources. Spreads are tight, commission is low & execution speeds are fast. IG are also regulated in many countries including FCA, ASIC & NFA regulation.

Terms & conditions apply
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. All trading involves risk.

2. Pepperstone

The immensely popular online broker Pepperstone earn a place on in our best forex brokers category. They offer online trading on some of the best trading platforms with over 70+ FX currency pairs to trade, including one of the largest selections of exotic currencies.

Pepperstone utilise a vast amount of liquidity providers which helps to ensure that they consistently provide online traders with some of the tightest spreads and interbank execution. This means that trades are executed with great speed and minimal slippage at the best possible prices. The Pepperstone Razor account has amongst the best forex broker trading conditions from our extensive research across hundreds of online brokers.

Best Forex Brokers: Pepperstone Review

Best Forex Brokers: Pepperstone Review

The fact that Pepperstone focuses primarily on the forex market ensures that they maintain some of the most innovative online forex trading conditions to traders worldwide. They have won multiple awards for their forex trading services. The award-winning customer support team is available in over 12 languages, 24-hours a day via phone, chat and email.

Pepperstone have low trading fees in comparison with other forex brokers and there is no inactivity fee. They also have one of the largest selections of deposit and withdrawal options for safe and efficient processing of funds. In addition to industry leading forex trading conditions, the brokerage also has a variety of free educational forex guides and offers the excellent AutoChartist technical analysis tool free of charge to clients.

Pepperstone is authorised and regulated by the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investment Commission (ASIC). This strict regulation helps to ensure traders that their brokerage account is with a safe and secure broker that has client’s best interests in mind. You can read our full Pepperstone Review to find out more as to why we consider them as one of our best forex brokers.

Pepperstone Pros/Cons
Pros Cons
Fast trade execution speeds No US clients
Tight spreads No fixed spread accounts
Low trading fees $200 minimum deposit
70+ FX currency pairs
Strict regulation

Pepperstone is one of the largest trading brokers providing traders worldwide access to trade across all markets with cutting edge technology, low cost spreads, low-latency high speed execution and award-winning customer service.

Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of Pepperstone Limited’s retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

3. XM Group

XM Group is included within our best forex brokers category. Another juggernaut of a forex broker that serves an incredible 196 countries and is under strict regulation. Based in the United Kingdom, XM Group is authorised and regulated by the Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC).

They have a no-requotes policy which means that execution speeds are some of the leading in the online forex trading industry whilst commission fees are amongst the lowest available to online traders. Execution is a big thing to them with claims that 99.35% of trades are executed within just 1 second. This is an impressive execution speed when compared to any other forex broker.

Best Forex Brokers: XM Group Review

Best Forex Brokers: XM Group Review

XM Group provide forex traders around the globe with over 55+ FX currency pairs, including minor, major and exotic currencies. They take great pride in being a transparent forex broker, with the XM Zero account offering spreads from just 0.0 pips.

They have a selection of powerful forex trading platforms and good amount of forex trading tools to assist with your online forex trading strategies. They also have a range of educational materials to help improve your forex trading skills and knowledge. There are many methods of account funding and withdrawal to suit each individual trader needs, including wire transfer, credit/debit card and online payment processors such as Skrill.

There are many other reasons why we consider XM Group to be one of the best forex brokers available for online forex trading. You can read our full XM Group Review to find out more.

XM Group Pros/Cons
Pros Cons
No-requotes policy No US clients
No extra commissions No fixed spread accounts
Low spreads & fast execution
55+ FX currency pairs
Min $5 deposit
Strict regulation

XM Group is a multi-award winning globally established and regulated trading broker with over 2.5m clients from 196 countries offering no-requotes, low spreads, fast execution and negative balance protection.

Terms & conditions apply
71.61% 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.

4. Forex.com

The ever popular Forex.com makes it into our best forex brokers list. We consider them to be the best forex broker for traders that are located in the United States. Many online brokers will not accept US traders but Forex.com welcome them with open arms. They are regulated in the US and in other countries across the globe via their affiliates.

Forex.com are an industry leading online broker and have offered transparent retail trading since 2001. Through them you can trade over 60+ forex currency pairs including major, minor and exotic crosses.

They offer tight spreads and low fees, whilst trade execution is reliable and fast, backed up by an execution scorecard showing impressive performance. It shows evidence that 99.96% of trades are executed in less than one second, with the average trade execution speed at an impressive 0.03 seconds. It is possible for a large percentage of trades to actually end up being executed at better prices than anticipated.

Best Forex Brokers: Forex.com Review

Best Forex Brokers: Forex.com Review

The user-friendly, intuitive and flexible trading platforms can be used on multiple devices so you can analyse the markets and manage trades whilst on the go from anywhere in the world. They incorporate a vast array of useful trading tools to study the currency markets for potential trading signals. Push notifications can alert you when prices reach a certain level.

Their parent company is GAIN Capital Holdings, Inc. (NYSE:GCAP), who are a publicly traded company listed on the New York Stock Exchange. They are obliged to meet high standards of corporate governance with financial reporting and disclosure. This helps to give extra credibility to clients that they are using one of the best forex brokers available.

In addition to offering superior online brokerage services, they have a dedicated support team who are available to help clients get started and to assist them throughout their trading journey.

Overall, Forex.com deserves to be included in our top 5 best forex brokers, especially as an established choice for US traders.

You can read our detailed Forex.com Review to find out more of the reasons why we included them within our list of the best forex brokers.

Forex.com Pros/Cons
Pros Cons
60+ forex currency pairs No online payment processors for funding such as PayPal, Skrill, etc
US clients accepted No fixed spread accounts
Strict regulation in multiple jurisdictions
Tight spreads & low fees
Transparent & fast execution with execution scorecard
Flexible trading platforms
Trading tools for conducting detailed market analysis

Since 2001, Forex.com has been offering over 200,000 traders across the globe access to trade 300+ global markets with a proven track record of consistently providing exceptional trading conditions with fast execution speeds and competitively low trading costs.

Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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.

5. City Index

City Index have made it into our top forex brokers as they are considered to be one of the leading online forex trading providers for over 35 years. Similar to Forex.com, City Index are also part of GAIN Capital Holdings Inc (NYSE:GCAP), one of the largest retail and institutional online trading service providers in the world.

City Index have over 84+ forex currency pairs for trading on a range of flexible, award-winning and user-friendly trading platforms. There are minor, major and exotic currency pairs to choose from with very competitive spreads, superior execution speeds and low fees. In addition to forex trading, they offer more than 12,000+ global markets for online trading.

Best Forex Brokers: City Index Review

Best Forex Brokers: City Index Review

City Index are authorised and regulated in an impressive 8 jurisdictions around the world. This helps to give clients peace of mind that they are using an established and transparent forex broker who have their best interests in mind. They offer traders dedicated customer support, available via online chat, phone or email, 24 hours a day, 5 days a week.

Overall, City Index have rightly earned a place in our best forex brokers category for consistently providing state of the art trading technology to forex traders across the globe, backed by strict regulation and excellent customer support.

You can read our detailed City Index Review to find out more of the reasons why we included them within our list of the best forex brokers.

City Index Pros/Cons
Pros Cons
84+ forex currency pairs No US clients
Strict regulation in 8 jurisdictions across the globe No fixed spread accounts
Sophisticated trading platforms & tools No funding via online payment processors such as Skrill, PayPal, Neteller, etc
Tight spreads, fast execution speeds & low fees
Negative balance protection

City Index is a one of the world’s leading trading brokers offering over 12,000 markets to over 150,000 traders worldwide. They have over 35 years of experience with fast and reliable trade execution speeds, award winning platforms and technology on multiple devices.

Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% 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.

6. AvaTrade

AvaTrade deserve a place in our best forex brokers of 2020 category. AvaTrade are one of the largest forex brokers across the globe, offering online forex trading services to over 200,000 clients since 2006. They provide very competitive online trading conditions and have won multiple awards over a number of years including “best forex broker” and “best trading experience”.

Primarily an online forex brokerage, AvaTrade offer more than 55+ FX currency pairs for trading online, this includes minor, major and exotic currency crosses. If you are interested in other markets, they also have one of the largest product ranges of any online broker with over 250+ instruments including forex, CFDs and cryptocurrencies.

AvaTrade give traders a choice of flexible and advanced trading platforms that can be used on desktop and mobile devices. There is the popular MetaTrader 4 (MT4) trading platform and the proprietary AvaTradeGO platform. They also offer clients a wide range of trading tools and educational materials along with automated and copy trading solutions.

Best Forex Brokers: AvaTrade Review

Best Forex Brokers: AvaTrade Review

AvaTrade is authorised and regulated across 5 continents by 6 regulatory authorities. This means that they must abide by strict regulatory rules. Their huge sponsorship deals help to emphasis the power of the AvaTrade brand within the online brokerage industry.

It is quick and easy to open an AvaTrade broker account with the complete process being extremely user friendly. There is a vast amount of deposit and withdrawal options including PayPal and Skrill for quick and easy payment processing. Customer service is very good from our experience with someone always on hand to answer our questions via the online chat, in a prompt and efficient manner.

For the reasons above and many more, AvaTrade rightly deserves a place in our best forex brokers list. You can read our full AvaTrade Review to find out more about why we consider them to be one of the best forex brokers.

AvaTrade Pros/Cons
Pros Cons
55+ FX currency pairs No US clients
No commissions Min $100 deposit
Good trade execution speeds
Flexible trading platforms
Broad selection of trading tools
Strict regulation

AvaTrade is an award-winning trading broker with regulation in 6 jurisdictions offering 250+ trading instruments across multiple markets and trading platforms.

Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% 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.

How did Trading Brokers choose our best forex brokers?

Following on from our best forex brokers of 2020, we will now look at what factors are worth considering when looking for an online forex broker.

What makes a good forex broker?

The key factors to consider when choosing an online forex broker include:

Forex broker regulatory authorities

The forex broker should be licensed by one of the top regulators such as ASIC, CySEC and the FCA. You can check a broker’s license number with the relevant authorities to ensure the regulation is up to date and legitimate.

Forex broker trading platforms

Make sure that the broker provides a forex trading platform that you are familiar with. If you have no prior trading experience then the MetaTrader 4 trading platform is considered the most popular option for retails traders due to its user-friendly interface.

FX currency pairs

The forex market contains major and exotic currency pairs for trading. Major forex currency pairs include the EUR/USD and GBP/USD. More exotic currency pairs include the EUR/TRY and USD/HKD. Ensure that the broker offers the currency pairs that you wish to trade. You may want to focus on the EUR/USD for now but if you plan to branch out into other currencies in the future it will be beneficial if they are also available through your existing broker.

Forex broker commissions

Most forex brokers will charge a commission for each trade that you place. Check the commission amount is listed “per round turn”. Some brokers will list a commission of $3.5 per trading lot which is actually $7 once you have opened and closed the trade. It would be a wise idea to factor the commission in to your money management plan as it is a key trading cost, along with the spread.

Forex broker spreads

Every time you enter buy or sell a currency pair, you need to pay the spread. This is the difference between the buy and sell price. Whilst the spread will be similar across most brokers, some forex brokers have more liquidity providers (LPs) than others which means their spreads can be lower. This is especially important if you are taking short term trades as the spread can quickly add up.

Forex broker leverage

Forex trading is a leveraged product which means that you can trade with a position size greater than your account. This can lead to greater profits but also carries greater risks. It is extremely important to understand leverage before trading online due to the high risks involved. You should opt for a leverage that you feel comfortable with as every trader has a different risk appetite.

Forex broker order types

Forex brokers will usually offer the instant execution of opening/closing trades and stop/limit orders if you wish to enter a specified distance away from the current price. Trailing stops and break evens are other options they can allow. Some brokers will have a minimum distance requirement if you try to modify an order at a level to close to the current price. Most brokers will allow scalpers, hedging and automated trading. It is worth considering what order types you plan to use and if these are supported by the broker.

Forex broker trading tools & educational resources

You will find that most forex brokers offer additional trading tools and educational material which can help assist traders. These tools will usually include chart analysis, economic reports, videos, trading guides and more. If you require specific tools or would find them beneficial, check that they are offered to clients of the broker and if they free or come at an additional cost.

Forex broker funding methods

Ensure that the forex broker offers a suitable and safe method for depositing and withdrawing funds from your trading account. Some broker offer online payment processors such as PayPal and Skrill which can be quicker and more convenient to some traders.

Forex broker customer service

Whatever the skill level of a trader, it is very likely at some point you will need to contact customer service. This may be more frequent for beginners or a one off for the more experienced traders. However, the customer service should respond in a prompt and efficient manner. Consider what customer services they offer as one may be more convenient to you than others. Some traders prefer to communicate over live chat whereas others want to speak to someone directly on the phone. Also consider the location of the forex broker as the time difference may cause difficulties although most brokers should offer multilingual support 24 hours a day, five days a week.

What is a forex broker?

Foreign exchange had previously only been traded on the interbank market by larger clients such as banks and multinational corporations who used it to trade for commercial purposes and to hedge against currency risks. Since then, retail forex trading has been introduced through forex brokers.

A forex broker (short for brokerage) is an intermediary who buys and sells currency pairs on behalf of its clients for a commission fee and/or spread mark up. They allow individual retail traders access to trade the previously inaccessible forex market through online trading platforms.

Since they first began in the 1990’s, forex brokers have offered a service that is essential for traders to be able to trade currencies and have been vastly improving their services over the years. Opening a forex trading account is now a quick and easy online process. All you need is an internet connection, forex broker trading account and trading platform. Previously, this was only available to banks and other financial institutions.

There are hundreds of forex brokers located throughout the world with differing trading conditions, products and services. Most will offer a wide range of major and exotic currency pairs to trade whilst also offering other trading instruments such as stocks, CFDs, indices, commodities, energies, precious metals and cryptocurrencies. This makes it convenient for a trader to be able to trade multiple markets on one trading broker. Trading is risky, thus if you are a beginner trader it is best to start on a demo trading account.

In addition to providing an account and platform to trade from, forex brokers offer other relevant services such as educational material, forex news, market analysis, trading tools and more. These services may be free to the brokers clients or come at an additional cost.

With so many forex brokers to choose from, it is very important to check if the broker is regulated and offers negative balance protection. Regulation will help to ensure that your funds are safe and held in a segregated account away from the brokers account so that they cannot be used for any other purpose. A regulated broker has to stick to strict regulatory guidelines which can give clients peace of mind.

Forex broker fees

A forex broker makes money by charging a fee for using their services. This fee is usually a commission for each trade made through the brokerage and/or a spread mark-up if using a market maker. These brokers charge zero commission but will increase the liquidity providers spreads to cover costs and make profit from every trade processed through them. They can offer fixed spread accounts which is not always a sustainable model as actual spreads may be greater than the fixed spread set by a broker. When using a fixed spread trading account you should check the small print as they are not always fixed 24/5 especially around economic releases or hours of low liquidity. When a broker charges a commission they tend to offer variable spreads which will depend on the liquidity pools that they use, without any mark-up. This will often mean lower spreads and overall trading costs, even after the brokers commission fee is factored in.

Market makers

There are forex brokers who operate as a market maker and use a dealing desk. These brokers can take the opposite position of a trader and add mark-ups to the spread which can increase trading costs. Some may even delay order fills that can lead to negative slippage. A dealing desk model can be problematic if there is a conflict of interest, although broker regulation has helped to significantly reduce this happening.

STP/ECN forex brokers

Other brokers have no dealing desk and provide STP/ECN accounts with direct access to trade the markets through liquidity providers (LPs) for a small fixed commission fee. This model usually gives lower spreads, faster execution and more favourable trading conditions as there is no broker interference with your trading. This is why it is so important to compare and choose only the best forex brokers with strict regulation in place.

What is forex?

The Forex (FX) is a currency trading market. The forex market is the largest financial market in the world, with trillions of dollars in volume traded every day. Anyone who opens a forex trading account with a forex broker can trade the extremely liquid forex market.

The forex market does not have a centralized location, instead it is an electronic network consisting of participants who have foreign exchange currency needs such banks, financial institutions, brokers and speculative retail traders. The main factors that move the forex market are speculation, economic growth and strength and differentiating interest rates.

Those who participate within the forex market place orders to buy and sell currencies from each other through a forex broker. The forex market is open 24 hours a day, five days a week, excluding holidays. The size and deep liquidity of the forex market, combined with its availability make it an appealing choice for traders. This allows you to buy or sell currency pairs anytime during the week.

The largest forex markets are based in major global financial locations such as London, New York, Singapore, Tokyo, Frankfurt, Hong Kong, and Sydney. Trading liquidity usually peaks when these markets are open or overlap, especially when trading a currency pair that includes a major markets currency.

FX currency pairs

Forex currencies are listed in pairs, such as the most popular fx pairs the EUR/USD and GBP/USD. When you are trading the forex market, you buy and sell a currency pair of one country that is relative to another. When you sell one currency, you are buying another and if you buy a currency you are selling another. The most traded currency is the U.S. dollar whereas the euro is the most traded counter currency. Other significant pairs include the Japanese yen, British pound and Swiss franc.

Each currency pair has its own price on which traders can speculate to make profits from increasing or decreasing value of the associated currencies. If you anticipate a currency pair will decrease in value then you would look to short (sell) the pair. If you expected a price increase, then you would look to long (buy) the pair. A profit or loss is made between the difference in prices from when you entered and exited your trade position.

Forex lots

The forex market is traded in lots which can be micro, mini or standard.

Micro Lot: 1,000 currency value (0.01 lots)
Mini Lot: 10,000 currency value (0.1 lots)
Standard Lot: 100,000 currency value (1 lot)

You can trade single or multiple lots, e.g. six micro lots (0.06) or thirteen standard lots (13).

Forex rollover

Retail forex brokers will usually charge a rollover fee for holding trade positions that is applied at 5pm EST each day. This rollover can be a credit or debit for the difference in interest between the two currency pairs being traded. Rollover fees or either added or deducted from the transaction when the trade is closed. Weekend rollover is charged on Wednesday which will give a credit or debit of triple the normal amount. Some forex brokers offer Islamic accounts (also known as swap free accounts) for clients who cannot earn or pay interest due to their religious beliefs.

Forex market differences

The forex market is different from other major markets. There are less rules especially when not using a regulated forex broker. Fees and commissions can vary depending on the forex broker you use. Most will charge a commission for each trade you make whereas some may also add a mark up to the spread. The spread being the difference between the bid and ask prices. The forex market is available to trade 24/5. Forex brokers can provide leverage of up to 1:500 or even higher in certain jurisdictions. This means that you can have $1,000 in your account and take a position of $100,000 when using 1:100 leverage. Whilst this may seem attractive, it can increase both profits and losses. High leverage makes forex trading very risky and most traders lose money attempting to trade in this way.

Trading with a regulated forex broker that has no dealing desk can help to provide the best possible forex trading conditions. Traders should always manage their position size and control risk so that one trade does not results in a large loss.

What other markets can I trade online?

Forex is one of the most popular markets for online traders and is a large focus of the service that trading brokers offer. One of the reasons is due to the advertising campaigns and high leverage on offer. However, there are other markets that you can trade including CFDs, Indices, Commodities, Energies, Precious Metals, Stocks, Bonds, ETFs and Cryptocurrencies.

How much money do I need to start trading forex online?

You can start trading forex with as little as $1 depending on the minimum deposit required by the broker. As forex trading is risky by nature, never trade with more than you can afford to lose.

Can you make money trading forex online?

Forex trading requires patience, discipline and lots of practice. According to our research across hundreds of forex brokers, most online forex traders actually lose money. Most aspiring traders start trading on a demo trading account before going live.

How to open a forex trading account?

Simply choose an online forex broker, follow the account opening process and you will be able to start trading currencies online through one of their trading platforms.

Need help choosing from the best forex brokers in 2020?

If you are still unsure which is the best forex broker for you then you can use our free online broker comparison tool to quickly compare online brokers based on trading platforms, trading instruments, minimum deposit, regulations, leverage, funding options and more. You can also read our broker reviews and choose from our best brokers that we have conveniently categorised into the best online brokers, best forex brokers, best stock brokers, best CFD brokers, best crypto brokers, best trading platforms, best social trading platforms and best trading apps. If you would like to look for the best trading brokers in a particular country, we have pages dedicated to our best forex brokers USA, best forex brokers UK, best forex brokers Australia, best forex brokers South Africa and best forex brokers Canada. There are also pages for our best stock brokers USA, best stock brokers UK, best stock brokers Australia, best stock brokers South Africa and best stock brokers Canada.