A Global Market Leader! As a trusted multi-asset broker, XTB offers outstanding customer service, a wide variety of forex and CFDs, and an excellent overall trading experience. Backed by StoneX Group, City Index is a trusted brand known for its versatile trading platforms, excellent mobile app, diverse market research, and extensive range of tradeable markets. Trusted broker, best banking services. Traders choose Swissquote for its quality research and vast multi-asset offering — as long as they are willing to pay a premium to have their brokerage account held with a Swiss bank.
Trade with the Swiss leader. For the ForexBrokers. Here's how we tested. Alongside primary categories, ForexBrokers. Finally, each year ForexBrokers. Regulated and trusted across the globe, IG offers traders the ultimate package of excellent trading and research tools, industry-leading education, comprehensive market research, and an extensive list of tradeable products.
This fantastic all-round experience makes IG the best overall broker in CMC Markets is a globally-trusted broker that delivers a terrific offering for traders thanks to notably low pricing, nearly 10, tradeable instruments, and the Next Generation trading platform, which comes packed with quality research and innovative features such as its Dynamic Trading portfolio tool.
Of the 39 brokers that we evaluated for our annual review, the following forex brokers delivered the best trading platform experience:. IG takes first place in our Annual Review as the best forex broker, with available currency pairs and the ability to trade CFDs and forex options, traders have plenty of choices. IG is the only broker that is regulated in both Switzerland and the U.
A forex broker is a company that is licensed or considered exempt by a national regulator to grant you — as a retail or professional client — the ability to buy or sell foreign currencies, by way of an online trading platform or over the phone known in the industry as voice broking. A forex broker may offer you the underlying currency, or a non-deliverable spot contract or derivative such as a contract for difference, or CFD, depending on any relevant country-specific regulatory restrictions.
It's important to only use brokers that are properly regulated to reduce your risk of being scammed. Yes, to trade forex you'll need to use a forex broker. You'll need to open an account and deposit enough collateral margin to enable you to place orders with your broker to buy or sell forex.
The forex broker's job is to execute your orders — either internally by acting as the principal to your trade market maker execution , or by sending your orders to another market thus acting as your agent agency execution. Your broker should be a trustworthy one, regulated and properly licensed in the same country you reside or in a major financial center. Learn about our Trust Score for brokers. The most trustworthy brokers are also reliable.
Reliability depends on which broker you choose, and can vary across brokers. You must be able to rely on your broker to safeguard the money in your brokerage account. There are other trust factors to consider how dependable a broker is, such as ensuring it has adequate financial operating capital, how long it's been in operation, and whether it holds proper regulatory licenses in the countries where it operates to help ensure compliance with local laws.
Note: The largest broker may vary depending on the time period used to measure size. But common to the biggest brokers is that they have the most assets under management, the largest number of clients, and greatest market capitalization valuation for public companies. All are important factors to consider when gauging the size of a forex broker. Here are the top 10 brokers by forex and CFD trading volume according to data compiled by Finance Magnates during the third quarter of data excludes Japan due to the abnormally high trading volumes known to come from Japanese brokers :.
CMC Market's Next Generation platform comes with a massive selection of nearly 10, tradeable instruments. It delivers a terrific user experience, as well as advanced tools, comprehensive market research, and an excellent mobile app. Hands down, the CMC Markets Next Generation trading platform is a market leader that will impress even the pickiest of traders.
The new Dynamic Trading tool allows you to place multiple trades simultaneously, which was a nice innovation by CMC Markets this year. If you're a particular fan of mobile platforms, see our picks for best forex trading apps here. However, trading with a small amount of risk capital can let you test a new investment methodology, or allow beginners new to forex trading learn by trial and error. Trading forex with such a small amount of capital will severely hamper your bottom line but can be a great way to learn with less risk.
That 3. When it comes to pricing — commission plus spread — Tickmill offers the most competitive all-in costs, especially for active and VIP traders, who have access to pricing that is among the lowest in the industry. Using typical spread data listed by Tickmill for its Pro account offering of 0.
Methodology: To assess brokers, we take into consideration how much beginners, average traders, and even more seasoned traders would pay, looking at average spreads for standard forex contracts , units as well as mini accounts 10, units and micro accounts 1, units , where applicable. We then calculate the all-in cost by including any round-turn commission that is added to prevailing spreads.
IG offers the most tradeable CFDs in the industry, 19, CFDs, or "contracts for difference," enable traders to speculate whether the price of a stock, forex pair, market index, or commodity will go up or down without taking ownership of the underlying asset.
As a highly-trusted and regulated global brand, Interactive Brokers IBKR provides everything professional traders might need, from advanced trading tools and platform features to competitive pricing across a wide variety of markets, as well as connectivity to over global exchanges. In addition to competitive spreads and low commission-based pricing for forex, Interactive Brokers provides more third-party research than any other broker.
Interactive Brokers continues to innovate its platform offering, such as with its new Impact app for environmental, social, and governance ESG investing, alongside the related Impact dashboard available in its Trader Workstation TWS desktop and WebTrader platforms.
Professional client status : In today's highly regulated forex world, traders who want to maximize their margin leverage must apply and obtain ESMA's professional client status with their broker. Traders designated as Professionals in the EU do not receive negative balance protection and other consumer safety mechanisms such as eligibility for compensation schemes in the event of a broker's insolvency.
Methodology : We broke down each forex broker's active trading program to assess brokers for professional trading, comparing available rebates, tiers, and all-in costs. Alongside pricing, each broker's trading platform was tested for the availability of advanced trading tools frequently used by professionals. Here are three of the most important factors to keep in mind when choosing an online broker for forex trading. It is crucial to use a well-known, properly regulated broker to avoid forex scams.
To check if your forex broker is regulated, first identify the registration number from the disclosure text at the bottom of the broker's homepage. Next, look up the firm on the regulator's website to validate the registration number; to help traders, we track, rate, and rank forex brokers across over 20 international regulators, and you can find their websites here. If the broker is not regulated in your country, do more research. If a forex broker is operating as a dealer, also known as dealing-desk, they will be on the other side of their client's trades.
If a forex broker is not on the other side of their client's trades, they will be acting as an agent agency broker by routing the trade on to another dealer. There are also hybrid-desks, which may operate as a dealing-desk and agency. The CTrader is specifically designed to make auto trading easy.
It is a preferred choice for traders using automated trading. It is a great choice for Australian and Europe based traders. It has a wide range of trading platforms that traders can choose from. FXTM is a perfect choice for both forex beginners and forex professionals. To the beginners, it offers the cent account where they can actually trade in terms of cents thus reducing the risk of losing too much money. Its headquarters are in London, UK. FxPro is a well-known forex broker and is a perfect choice for traders in Europe and preferably the UK.
It allows automated trading and therefore a good fit for traders looking to use EAs to trade. All these companies are operated by the Henyep Capital Markets group is holding company. HYCM has a great history of forex trading. It is considered one of the best forex traders for Middle East forex traders. In addition, if offers clients great liquidity and low spreads and also delivers efficient services. HotForex is one of the most renowned forex trading brokers around the world.
It was founded in and it is managed by the HF Markets Groups. Its headquarters are located in Cyprus. However, it has another office in Kingston, St. HotForex is a great choice for both forex beginners and experts. Also, the fact that it has a wide variety of payment options makes it a perfect option for forex traders around the world. Different forex brokers charge different trading fees. Some charge on spreads while others charge a commission for every trade. There are also others that charge both spreads and commissions.
A spread is a difference between the Ask Price and the Bid price while a commission is a percentage charged on the trade. Before choosing a forex broker, it is important to look at the amount of fees they charge. The lower the fees the better for you and the more the profits you shall make. Brokers with high spreads and high commissions end up being too expensive. Spread in Forex is the difference between the Ask and Bid price. Normally, it acts as the fee on which the broker charges for trades.
A low spread is when the spread is small. Generally, a spread is considered as low when it is below 1 pip. When the spread is low, the cost of trading is greatly reduced. For instance, with an average spread of 0. It is worth noting that whenever a trader places a new trade, it enters into the market at a negative value which is normally equivalent to the spread. For a low spread, the trade turns into profits faster if it is in the right direction of the trend.
Choosing the best forex brokers with no commission is a very crucial step in forex trading since it determines your trading experience. To choose a good broker, you should go for that broker that suits your financial capabilities. Also, you should go for the broker who shall allow you to employ the trading method that you intend to use. For example, if you want to use copy trading, you should look for a broker that allows copy trading.
If you intend to use automated trading, you should look for a trader that allows the use of Expert Advisors for automated trading. Your email address will not be published.
When it comes to its forex department, you will have access to almost currency pairs. This includes all majors and minors, as well as heaps of exotics. This ensures that you have a trading pair to mirror your appetite for risk.
Notably, IG allows you to access each of its supported pairs in a commission-free manner. You will also find some competitive forex spreads at the platform. Take note, the aforementioned pips are the minimum spreads available, meaning that you might pay slightly more outside of standard market hours — or if the markets are more volatile than usual.
If you are a professional trader, you can trade with leverage of up to Much like in the case of Capital. If opting for a credit card, you will incur a 0. This includes stocks, commodities, cryptocurrencies, and indices — all via CFDs. Each and every financial instrument on the platform can be traded commission fee. Additionally, Capital. Crucially, combining low spreads and a zero-commission policy — ensures that you are able to trade currencies in a cost-effective environment.
Taking a closer look at the forex department, you will have access to heaps of pairs of all shapes and sizes. In particular, Capital. In a nutshell, this allows you to avoid capital gains tax on your forex trades, as well as stamp duty. You can also apply leverage and you will still benefit from zero commissions and tight spreads.
In terms of getting started, Capital. The platform is in full receipt of an FCA license. Visit Capital. So now that you have had a chance to review the popular forex brokers in the UK market, we now need to show you what to look out for when choosing a platform yourself. With that in mind, below you will find the most important metrics to look out for when picking a forex broker that meets your needs.
Like with stock trading , your first port of call will be to ensure that the forex broker has a strong regulatory standing. In the vast majority of cases, if the forex broker is licensed by the FCA, you will find its registration number towards the bottom of the website. You then need to explore what forex pairs the broker allows you to trade. This can vary from a couple of dozen right up to a hundred or more. In most cases, you will find that the forex broker offers most major and minor pairs.
This is because these are the most traded and liquid pairs in the forex scene. These pairs also come with the highest spreads and lowest volatility levels. As such, they are ideal for newbie forex traders. At the other end of the spectrum, exotic pairs are far more volatile and come with wider spreads.
While the risks are higher, you stand the chance of yielding much larger profit margins. Ultimately, if you have a particular pair in mind that you like to trade, make sure the broker supports it before signing up. Of course, fees should play a major role in your hunt for the popular UK forex brokers.
Taking into account just how complex forex broker fee schedules can be, below we have outlined the most common charges that you need to look out for before signing up. This is the most important fee to look out for. Crucially, if your chosen UK broker does charge a trading commission, you will need to pay it every time you place an order.
The spread is simply the difference between the buy and sell price of a forex pair. As we noted earlier, this is how the forex broker in question ensures that it always makes money. Anything more than this and you are likely overpaying. As you can see from the above, there are many fees to consider when choosing a forex broker. This is why the research process is so important. Leverage allows you to trade with more money than you have in your account. The vast bulk of popular UK forex brokers offer leverage facilities.
In fact, if you are a UK retail client, then your leverage limits will likely remain constant across all brokers. In a nutshell, this means that you have the option to trade major forex pairs e. If trading minors e. The only way to obtain higher leverage limits than this is to prove to the forex broker that you are a professional trader.
If you are, then you can often obtain limits in excess of If you think that you will be able to make money from the forex markets without utilizing trading tools — think again. After all, how else will you be able to determine which way a particular forex pair is likely to move?
Otherwise, you are simply relying on luck. As a result, seasoned forex traders will make full use of technical indicators. This includes the likes of 50 and day moving averages, Bollinger bands, MACD, relative strength index, and dozens more. In addition to technical indicators, you should also ensure that your chosen UK forex broker offers chart reading tools. If you are a complete novice in the world of online forex trading, then you will need to ensure that the broker offers a smooth and straightforward investing experience.
This should start at the very offset during the account opening and deposit process, as well as finding your preferred trading pair. Of course, the process of placing orders and performing chart analysis should also be seamless. The popular UK forex brokers will offer a comprehensive research department. This might include live webinars, market insights, real-time fundamental news, and in-depth expert analysis.
For example, the broker might offer guides on how to deploy a forex trading strategy or create a risk management system. If you are planning to trade forex with real money, then you will need to deposit and withdraw funds with a payment method that suits you. Most of the popular forex brokers in the UK that we have discussed on this page support debit and credit card deposits, as well as a bank transfer.
E-wallets are sometimes an option too. This might include Paypal, Skrill, or Neteller. The customer service department is often overlooked by newbie forex traders. This way, you will always have access to support night and day. In terms of support channels , the easiest way to make contact is via live chat. An email is also an option, albeit, response times will not be instant.
Alternatively, your chosen forex broker might offer a dedicated telephone support line. If they do, we prefer toll-free numbers. That way, you can receive support in real-time without being hit with telephone charges. For those unaware, options are highly complex financial derivatives that allow you to speculate on the future value of an asset by paying a small premium.
If your prediction is correct, you will make money. If your speculation is incorrect, then you simply lose the premium that you paid to execute the contract. If you are looking for popular forex options brokers servicing UK clients, it might be worth checking out the platforms listed below:. If you are still a newbie forex trader, then we would suggest staying away from options. This is because they are suited to those who understand sophisticated financial products.
So now that you have had a chance to digest some of the popular UK forex brokers active in the market — as well as the considerations that you need to make when choosing a platform yourself, we are going to show you how to get started with a trading account today. The registration process is similar across most of the popular forex brokers, so you can follow this 4-step process for your chosen broker of choice.
Getting started takes a matter of minutes. Users may be required to complete a simple KYC process, if they invest with a regulated broker. Upload a copy of your passport or driving license as proof of identity, and a copy of a recent utility bill or bank statement as proof of address.
Depending on the broker you choose, you can transfer funds using a debit card, credit card, bank wire transfer, as well as e-wallets such as PayPal, Neteller and Skrill. You will now see a long list of currency pairs that can be traded on your platform. Trading currencies online must be facilitated through a forex broker. There are many brokers active in this segment of the financial markets, so there is a platform to suit most needs.
By reading through our guide in full, you should have a firm overview of what the popular UK forex brokers of offer. The platforms that we have discussed all facilitate commission-free trades, heaps of tradable pairs, and a vast selection of payment methods. Most importantly, they are all regulated by the FCA. Forex brokers typically make money from two revenue streams.
Firstly, they might make money by charging a commission. This will be charged every time you enter and exit a trade, and is typically calculated as a percentage against your total order size. If you are based in Europe and register with the CySEC regulated subsidiary, you can select one of three base currencies:. European traders can deposit and withdraw funds with no fees using the following payment methods:.
As with account base currencies and payment methods, the initial minimum deposit you are required to make varies between regulatory jurisdictions:. When setting up your trading account with GO Markets, you can choose from a wide range of base currencies and payment methods.
Additionally, the broker offers fee-free funding methods, including credit card, bank transfer and e-wallet options. FXTM is a leading specialist in online trading with competitive trading costs. FXTM is the home of over 3 million traders from over countries with 10 global offices. Aside from the low trading costs that accommodate the needs of scalpers and day traders, active traders can profit from a selection of 6 different accounts, super-fast order speed, popular trading platforms and over financial instruments.
Active traders could benefit from exploring ECN pricing with low spreads, deep pools of liquidity and faster execution. Additionally, the ECN environment ensures a market execution model with total anonymity. The low bid and ask spreads and fast order executions are the perfect environment for scalping trading strategies. FXTM clients need to be aware that commission is charged on the number of units traded in the base currency.
Additionally, FXTM offers more flexibility for high-volume traders. Active traders can qualify for lower commission rates if they generate high turnover. The commission on the ECN MT4 account is broken into 4 different brackets based on the trading volume and account equity.
This in combination with the flexible commission terms catered for active traders helps to cut the trading costs significantly. AvaTrade is different from most other brokers as they offer fixed spreads, rather than variable spreads. Fixed spreads are a good choice for new traders since the spread does not fluctuate when market conditions are volatile or liquidity is low. The spreads predictability is also good for trade planning since you are unlikely to have unexpected surprises.
While this page looks at the best low commission brokers, the benefits of fixed spreads which have no commissions mean they should at least be considered as an option. Even though fixed spreads are wider than ECN pricing accounts, having full price transparency and stability can be turned into an advantage regardless if you are a day trader, swing trader or scalper. The table below compares brokers that offer fixed spreads, there are no many as fixed spread brokers are not that common.
In addition to the standard risk management tools, you can find with all brokers like stop-loss orders, AvaTrade has been offering their unique AvaProtect product since mid AvaProtect is a way to insure your position for up to two days for a small cost. Should your trade position go against you this time and you incur a loss, AvaTrade will reimburse you for your loss minus your insurance fee.
If you are in Australia, Europe, South Africa, the middle east and even Japan, AvaTrade can legally offer their financial services thanks to appropriate regulation in all these countries. Being a broker with fixed spreads does have some advantages over variable spreads especially if you are new to trading or a scalper. IG Markets is a tier-1 regulated broker that offers features of both a market maker and direct market access DMA broker.
Although many market maker brokers offer fixed spreads, IG Markets allows you to trade floating spreads that vary with market conditions. To help you protect yourself against unfavourable price movements, IG Markets provides you with a range of both free and paid risk management tools. You can place basic orders like stop losses, take profits and trailing stops free of charge, while premium orders such as guaranteed stop-loss orders GSLOs involve a small fee.
Forex traders frequently use standard stop losses as a risk management tool, as you can limit potential losses if markets move against you. Yet one issue with free order types is the potential for slippage. To avoid this, you can pay a fee to place GSLOs that guarantees no slippage will occur, making it easier for you to forecast gains and losses with more certainty.
If you want to attach GSLOs to every trade you make, the broker offers the option of a limited risk account type. This account type ensures that you cannot lose more than the deposit required to enter the trade, with every position opened with a GSLO attached. As well as premium order types and limited risk accounts, the following IG Markets features can help you reduce the high risk of trading:.
IG Markets is a great option if you are looking for a broker that offers a strong selection of risk management tools, such as guaranteed stop-loss orders and the choice of a limited risk account type. IC Markets is no dealing desk broker that provides access to a diverse selection of financial markets with competitive pricing. Two account types are available, a no commission, standard account, as well as an ECN-style commission account type.
If your account base currency is not the Australian Dollar, when using MetaTrader 4 or 5 you can pay commission fees that equate to:. In terms of trading platform options, Standard Account holders can choose either MetaTrader 4 or MetaTrader 5, while Raw Accounts also gain the additional option of cTrader.
Each trading platform provides extensive inbuilt trading tools, including features to automate trading and advanced charting tools. You can develop trading strategies that include six different asset classes. Commission fee structures and maximum leverage limits vary between the financial markets you are trading. For major forex pairs, you can use very high leverage of under FSA regulation. Similar to an ECN broker, IC Markets offers excellent trading conditions with institutional grade spreads and fast order execution.
As a no dealing desk broker, IC Markets uses 25 different liquidity providers to ensure traders are getting the best spreads possible. Low spreads and minimal account management fees mean you will face low trading costs overall as an IC Markets customer.
As an IC Markets forex trader, you gain access to excellent trading conditions with low spreads and fees. Forex spreads start from 0. On the other side of the spectrum, Forex. Take a look at our unbiased Pepperstone Review to check other features offered by this broker. Based on our independent review, IC Markets is the best lowest spread forex broker.
At IC Markets spreads start from 0. IC Markets offer the following average spreads on the most popular currency pairs:. Scalping is a trading strategy that aims to profit from small changes in the exchange rate. With scalping, buying and selling are done multiple times within a trading day. Fusion Markets offers the lowest commission fees when compared to other top forex brokers.
Two account types are available: the standard account offers commission-free trading, while its ZERO account is like an ECN account type. The broker offers MetaTrader 4 which provides advanced trading tools.
You can fully automate trading using Expert Advisors, manage risk using order types, and conduct sophisticated technical analysis with the inbuilt charting package. Disclaimer: Trading with leverage has the possibility of increasing your profits, but also has a chance of increasing your losses too. Under the ASIC regulations, brokers are restricted to a maximum of leverage, so it is worth checking what your regulator has set as the maximum leverage for each market.
Fact Checked We double-check broker fee details each month which is made possible through partner paid advertising. Learn more this here. Visit Site. Our Rating. Fusion Markets Review. FP Markets Review. Review Of Pepperstone. Review Of IC Markets. FXTM Review. The vast majority of retail investor accounts lose money when trading CFDs. ASIC Australia. FCA UK. DFSA Dubai. BaFin Germany. FSC Mauritius. SCB Bahamas. Raw Spread. Commissions USD Base. Minimum Deposit. Swap Free Account. No Inactivity Fees.
Funding Methods. No Funding Fees. Currency Pairs. Index CFDs. Share CFDs. Commodities CFD. Retail Max Leverage Australia.
A zero-pip spread that is fixed, and doesn't vary, will likely include a commission. The broker may also be operating a dealing desk to attempt. For our Forex Broker Review we assessed, rated, and ranked 39 Commissions: IG uses its size to provide traders with consistent. The best forex brokers with the low commission will have spreads with ECN pricing and discounts for active traders.