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20 Best Retail Forex Brokers

Retail foreign exchange refers to a trading segment of the foreign exchange market where investors will aim to gain profit from exchange rates between different currencies.  In retail Forex, trading currencies can be bought and sold in an instant.

 

10 Best Retail Forex Brokers (2022)

  1. ✔️Markets.com

 

Markets.com

Overall Rating

4.7/5

Rated #206 of
Recommended FX Brokers

💰Minimum Deposit

$100

🌐 Regulators

CySec, ASIC, FCA, BVI FSC, FSCA

📱 Trading Desk

MetaTrader 4

MetaTrader 5

Markets.com propietary platform

Crypto

Yes

📈 Total Pairs

67

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Markets.com offers traders access to the world’s most traded CFDs using instruments such as shares, currencies, indices, bonds, ETFs, and commoditiesMarkets.com is regulated by the Cyprus Securities and Exchange Commission (CySEC).

 

Pros and Cons

✔️ Pros❌ Cons
Segregates client fundsDoesn’t offer VPS
Established in 2008Inactivity Fee
Regulated by CySEC, Financial Services BoardLimited range of instruments
Minimum deposit from $100Not FCA Regulated

 

To open a live account, traders will need to make a minimum deposit of at least $100.  Markets.com offers over 2,146 different instruments to trade, including over 56 currency pairs on MT4 and MT5 forex trading platforms.

 

Trading benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Allows scalpingDemo accountCredit cards
Allows hedgingMini accountBank Transfer
Low min depositStandard accountPayPal
Guaranteed stop lossIslamic accountPayoneer
Offers Negative Balance Protection

 

Customer support is available in over 25 languages, 24/5 via email, telephone, and live chat.

 

Pepperstone

Overall Rating

4.9/5

Rated #10 of
Recommended FX Brokers

💰Minimum Deposit

USD 10

🌐 Regulators

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

📱 Trading Desk

MetaTrader 4, MetaTrader 5 and cTrader, TradingView

Crypto

Yes

📈 Total Pairs

1000+

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Pepperstone was founded in 2010 and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the UK’s Financial Conduct Authority (FCA).

 

Pros and Cons

✔️ Pros❌ Cons
Segregates client fundsLimited range of instruments

 

Trading platforms on offer include MetaTrader 4MetaTrader 5, and cTrader. All three FX trading platforms come with a free demo account which will allow traders to test out the forex broker and platform for 30 days.

 

Trading benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Allows scalpingDemo accountCredit cards
Allows hedgingMini accountBank Transfer
Offers STPStandard accountPayPal
Low min depositMAM/PAMM accountSkrill
Offers Negative Balance ProtectionIslamic accountPayoneer
Neteller

 

Pepperstone offers 24/5 multiple language support via email, phone, and live chat.

 

FXPro

Overall Rating

4.7/5

Rated #202 of
Recommended FX Brokers

💰Minimum Deposit
USD 100 (recommended amount USD 1000)
🌐 Regulators

FCA, CySEC, FSCA, SCB

📱 Trading Desk

MT4

Crypto

Yes

📈 Total Pairs

70

☪️ Islamic Account

Yes

📊 Trading Fees

High

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

FXPro is an online broker which was founded in 2006 and offers Forex, Share Dealing, Spot Indices, Futures, Spot Metals, and Spot Energies tradingFXPro is a global broker with a head office located in the UK. FXPro is regulated by CySEC and operates under the CIF license number 078/07. As a CySEC regulated brokerFXPro is also a member of the Investor Compensation Fund schemeFXPro provides traders with access to top-tier liquidity and advanced trade execution with no dealing desk intervention and a starting account will need a minimum deposit of $100.

 

Pros and Cons

 

✔️ Pros❌ Cons
Easy Account OpeningOnly CFDs and Forex
Excellent Customer ServiceHigh Trading Fees
Free Deposit and WithdrawalInactivity Fee

 

With FXPro, the minimum and maximum trade requirements vary depending on the trader and the instrument chosen.

 

Trading benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Allows scalpingMicro accountCredit cards
Allows hedgingMini accountBank Transfer
Low min depositStandard accountPayPal
Negative Balance ProtectionIslamic accountPayoneer
Neteller

 

FXPro offers customer support 24 hours a day, 5 days a week via Live Chat, Telephone, and Email in a variety of different languages including English, Spanish, French, Polish, Malay, Arabic, Chinese, Greek, Hungarian, Japanese, Korean, Russian, Thai, Vietnamese, Indonesian and others.

 

OANDA

Overall Rating

4.9/5

Rated #194 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FCA, CFTC, ASIC, FSC, BVI and IIROC

📱 Trading Desk

MetaTrader 4 (MT4)

MetaTrader 5 (MT5)

Crypto

Yes

📈 Total Pairs

45 

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

OANDA is a globally regulated Forex and CFD broker which also provides corporate Forex solutions and currency conversion. Users have the choice to trade on Forex, Indices, Metals, Commodities, and Bond CFDs on the broker’s own proprietary trading platform for desktop, web, and mobile, as well as on MetaTrader 4.

 

Pros and Cons

✔️ Pros❌ Cons
Accepts U.S. clientsNo account protection for U.S. clients
Regulated by FCA and NFANo guaranteed stop losses for U.S. or U.K. clients
Well-designed platformsTraders cannot access cryptocurrencies or single-stock CFDs
Superior research offeringsA lot of ancillary fees

 

OANDA is the most Regulated Forex Broker and operates across six of the most credible authorities.

 

Trading benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Mobile TradingStandard accountWire Transfer
Excellent Charting ToolsPremium accountCredit/Debit
Educational MaterialsPayPal

 

Customer support is available via a FAQ section, an OANDA Virtual Assistant, and phone.

 

SpreadEx

Overall Rating

4.3/5

Rated #523 of 
Recommended FX Brokers

💰Minimum Deposit

USD 1

🌐 Regulators

FCA

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

60

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

SpreadEx is a forex, CFD, and spreads betting broker which gives Forex traders access to major markets like currencies, indices, commodities, and shares. SpreadEx is one of the few Forex Brokers which offers cryptocurrency CFDs, which makes it a smart choice for investors who are interested in cryptocurrencies like Bitcoin. Spreadex also offers vanilla options to experienced traders.

 

Pros and Cons

 

✔️ Pros❌ Cons
Segregates client fundsDoesn’t allow EAs
Established in 1999Limited range of instruments
Regulated by Financial Conduct AuthorityNot ASIC Regulated
Minimum deposit from $1

 

In order to open a live trading account, traders will need a minimum deposit of at least $1.  SpreadEx is Regulated by the Financial Conduct Authority, and client funds are kept in segregated bank accounts.

 

Trading benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Allows scalpingDemo accountCredit cards
Allows hedgingStandard accountBank Transfer
Low min depositSkrill
Guaranteed stop lossPayoneer

 

Customer Support is made available via live chat, phone, and email.

 

Alpari

Overall Rating

4.7/5

Rated #70 of 
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FSC 

📱 Trading Desk

MT4, MT5

Crypto

Yes

📈 Total Pairs

48

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Alpari with its long-standing brand history, numerous offices, range of account types, and diverse managed account offerings is the perfect choice for Forex and CFD traders who are looking to leverage the power of MetaTrader platforms.  Alpari is regulated by the FSC.

 

Pros and Cons

✔️ Pros❌ Cons
TransparentLimited Research Tools
Suitable to all trader types
No Deposit Fees

 

Alpari integrates research content from several third-party providers under its Forex Analytics section and is a MetaTrader-only broker.  The native versions of the mobile app for MetaTrader 4 and MetaTrader 5 are available for Android and iOS devices straight from the developer.

 

Trading benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
250 tradable assetsMicroWire Transfer
PAMM AccountsStandardCredit/Debit
ECNE-Wallets
Pro MT4Cryptocurrency

 

Customer Service is available via live chat, email, and phone service.

 

OctaFX

Overall Rating

4.8/5

Rated #8 of
Recommended FX Brokers

💰Minimum Deposit

$5

🌐 Regulators

SVGFSA

📱 Trading Desk

MT4, MT5

Crypto

Yes

📈 Total Pairs

80

☪️ Islamic Account

Yes

📊 Trading Fees

Very Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Official Website

 

OctaFX is an online broker which was founded in 2011, offering Forex trading.  As OctaFX is regulated by the Financial Conduct Authority (FCA), each new client must pass a few basic compliance checks when signing up for an account.  OctaFX has won numerous industry awards over the course of 9 years and is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5.

 

Pros and Cons

✔️ Avantages❌ Inconvénients
Utilisé par 300,000+ tradersN'offre pas de VPS
Etabli en 2011Gamme limité d'instruments
Régulé par FSAPas régulé par FCA
DEPOT Minimum de $5

 

OctaFX provides an array of educational tools to assist beginner traders to become more experienced and even professionals in trading.

 

Trading benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Allows scalpingDemo accountCredit cards
Allows hedgingMicro accountBank Transfer
Offers STPMini accountNeteller
Low min depositStandard account
Guaranteed stop lossZero spread account
Negative Balance ProtectionSTP account
Islamic account

 

Customer Support is available 24/5 via Live Chat, Email, Phone, WhatsApp, and an Enquiry Form across multiple languages including English, Indonesian, Hindi, Chinese and more.

 

FBS

Over 16 000 000+ Traders

Overall Rating

4.7/5

Rated #71 of
Recommended FX Brokers

💰Minimum Deposit

USD 1

🌐 Regulators

IFSC, FSCA (south africa), ASIC, CySEC

📱 Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

📈 Total Pairs

250

☪️ Islamic Account

No

📊 Trading Fees

Low

Welcome bonus

$140 (Find out More)

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

FBS

 

FBS is a Forex and CFD broker which is authorized and regulated by the International Financial Services Commission (IFSC) of Belize and the Cyprus Securities and Exchange Commission (CySEC).

 

Pros and Cons

✔️ Pros❌ Cons
Negative Balance ProtectionLimited Tradable assets
Excellent RegulationLimited Trading Platforms

 

FBS offers users the option to trade on Forex, Indices, Stocks, Metals, and Energies across the MetaTrader 4, MetaTrader 5, and FBS Trader trading platforms.

 

Trading benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Copy TradingCentWire Transfer
Rapid Order ExecutionMicroCredit/Debit
StandardNeteller
Zero SpreadBitwallet
ECNPerfect Money

 

Customer Support is available 24/7 via a Call-back service, online Live Chat, Telegram, Viber, and Facebook Messenger.

 

Vantage FX

 

Overall Rating

4.7/5

Rated #66 of
Recommended FX Brokers

💰Minimum Deposit

USD 200

🌐 Regulators

VFSC 

📱 Trading Desk

MT4, MT5

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Vantage FX is a Forex ECN and CFD broker which offers traders the ability to trade on 120+ tradable assets across Currencies, Indices, Commodities, and U.S and Hong Kong Share CFDs on the MetaTrader platform for Mac, PC, iOS and Android, and other social trading platformsVantage FX is authorized and regulated by the Cayman Islands Monetary Authority (CIMA) under the name Vantage International Group.

 

Pros and Cons

✔️ Pros❌ Cons
Strict RegulationNo US Clients
Segregated Client FundsRestricted Leverage
300+ CFD Trading InstrumentsNo Fixed Spread Accounts

 

Vantage FX offers traders access to the MetaTrader 4 and MetaTrader 5 trading platforms for Windows, Mac, Android, and iOS.

 

Trading benefits

 

📊 Trading Features🔣 Accounts offered💰 Funding methods
Pro Trader ToolsStandardWire Transfer
ZuluTradeProCredit Cards
MAM/PAMM AccountsRawNeteller
Commission Free AccountsUnionPay

 

Customer support is available 24 hours a day, 5 days via phone, email, live chat, and remote TeamViewer in English, Mandarin, Thai and Vietnamese.

 

AvaTrade

Overall Rating

4.8/5

Rated #1 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

ASIC, FSA, CBI, BVI,FSCA,FRSA,CYCES, ISA, JFSA

📱 Trading Desk

MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central

Crypto

Yes

📈 Total Pairs

55+

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

AvaTrade is an online broker which was founded in 2006 and offers Forex, CFDs, Spread Betting, and Social Trading and is a global broker with its head office situated in The British Virgin Islands. AvaTrade is regulated in Europe, the British Virgin Islands, Australia, Japan, and South Africa by ASIC, CySEC, and FCA.

 

Pros and Cons

 

✔️ Pros❌ Cons
Used by 200,000+ tradersDoesn’t offer VPS
Established in 2006Not FCA Regulated
Regulated by Central Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE, and BVI
Minimum deposit from $100

 

Those who are looking to start out with AvaTrade will need a minimum deposit of $250 and a demo account is available for those who want to get acquainted with the popular MT4 forex trading platform.  AvaTrade also offers mobile apps for Android and iOS.

 

Trading benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Allows scalpingDemo accountCredit cards
Allows hedgingMicro accountBank Transfer
Low min depositMini accountPayPal
Standard accountSkrill
Islamic accountPayoneer
Neteller

 

Customer support is available by email, phone, or live chat.

 

IG

Overall Rating

4.8/5

Rated #38 of 
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

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

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

80

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

IG Group was founded in 1974 and is regulated by the Financial Conduct Authority (FCA) in the U.K. and the Australian Securities and Investment Commission (ASIC) in Australia.

 

Pros and Cons

✔️ Pros❌ Cons
Used by 178,000+ tradersInactivity Fee
Established in 1974Limited range of instruments
Regulated by Financial Conduct Authority and ASIC
Minimum deposit from $250

 

The country of a trader’s residency will determine which account type they can open. In most countries, they will only be able to trade forex, CFDs, and options.  Traders can choose between two trading platforms, IG’s proprietary trading platform or MetaTrader 4.

 

Trading benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Allows scalpingDemo accountCredit cards
Allows hedgingMini accountBank Transfer
Offers STPStandard accountPayPal
Low min depositPayoneer
Guaranteed stop loss

 

Customer Service is available 24/7 via Phone, Live Chat, and Email.

 

HYCM

Overall Rating

4.5/5

Rated #36 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FCA

📱 Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

📈 Total Pairs

69

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

HYCM is an online broker which was founded in 1977 and offers Forex and CFDs trading on the popular MT4 forex trading platform plus mobile apps for Android and iOS.

 

Pros and Cons

✔️ Pros❌ Cons
Segregates client fundsDoesn’t offer VPS
Established in 1977Inactivity Fee
Regulated by FCALimited range of instruments
Minimum deposit from $1Not ASIC Regulated

 

Traders starting off with HYCM will need to make a minimum deposit of at least $100 and have the choice to sign up for a demo account perfect for various levels of traders, experienced or novice.

a wide variety of instruments and currency pairs are available for trade:

 

  • Over 100 instruments
  • Over 40 currency pairs

 

Trading benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Allows scalpingMicro accountCredit cards
Allows hedgingMini accountBank Transfer
Low min depositStandard accountPayPal
Islamic accountPayoneer

 

HYCM customer service is available through WhatsApp, Skype, Viber, Telegram Instant messaging services, Facebook Chat, and Phone – 24/5.

 

Saxo Bank

Best UK Forex Brokers Saxo Bank

Overall Rating

4.7/5

Rated #60 of 
Recommended FX Brokers

💰Minimum Deposit

USD 10 000

🌐 Regulators

MiFID

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

170

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Saxo is a globally regulated, multi-asset class broker which offers traders the option to trade on more than 40,000 instruments covering Forex, CFDs, Stocks, Options, ETFs, Commodities, Futures, Bonds and Mutual Funds from a single account across multiple platforms including their own – SaxoTraderGO and professional-grade SaxoTraderPRO.

 

Pros and Cons

 

✔️ Pros❌ Cons
Segregates client fundsDoesn’t allow hedging
Established in 2012Limited range of instruments
Regulated by FCANot ASIC Regulated
Minimum deposit from $6,500

 

The Saxo Group is regulated in 15 jurisdictions including authorization from the UK Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Financial Services Agency of Japan (FSA), and many more.

 

Trading benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Allows scalpingDemo accountBank Transfer
Offers STPMini accountCredit/Debit
Low min depositStandard accountPayoneer
ECN account

 

Customer support is available in nearly 30 different languages via phone, email, and an FAQ section.

 

CMC Markets

Overall Rating

4.7/5

Rated #227 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FCA, ASIC

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

300

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

CMC Markets is a multi-asset class spread betting and CFD broker which is regulated by the UK’s Financial Conduct Authority (FCA). Clients have the ability to trade on more than 9,000+ trading instruments covering Indices, Forex, Cryptocurrencies, Commodities, Shares, and Treasuries, all on the MetaTrader 4 platform or the broker’s own proprietary, web-based Next Generation platform.

 

Pros and Cons

✔️ Pros❌ Cons
Extensive range of offeringsDoes not accept U.S. clients
Regulated by FCA (U.K.)Differences between Next Generation and MT4
Emphasis on education & customer serviceHigh CFD spreads for certain indices
Research amenities are industry-leadingNo back-testing or automated trading capabilities

 

CMC Markets offers a wide range of instruments to trade on covering all major asset classes such as 300+ Forex instruments, 60+ Indices, 15 Cryptocurrencies, 90+ Commodities, 30+ Treasuries, and 9,000+ Shares and ETFs.

 

Trading benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
No Deposit BonusCMC Markets CFD AccountWire Transfer
Stop LossCMC Corporate AccountCredit Card
CMC Stockbroking Accounte-Wallets
CMC Spread Betting Account
CMC Markets Professional Account

 

Customer support is available 24/5 via Live Chat, Telephone, and Email.

 

Interactive Brokers

Overall Rating

4.9/5

Rated #41 of
Recommended FX Brokers

💰Minimum Deposit

🌐 Regulators

FCA, ASIC, NYSE, SEC, FINRA, IIROC. Regulated in Australia, Bahamas, Cyprus, Dubai, Germany, Kenya, UK 

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Interactive Brokers was founded in 1978 and is regulated by multiple financial authorities including the UK’s Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).

 

Interactive Brokers offers many account types, which fall into two big groups:

 

  • accounts for individual traders and investors
  • accounts for institutions

 

Pros and Cons

✔️ Pros❌ Cons
Low trading costPro users incur an account maintenance fee if multiple trades are not made
Invest globally in a multitude of products via a single accountNot everyone is eligible to open an IBKR Lite account
No minimum balance required
Tools to bring your trading to the next level

 

Trading benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
StocksLiteBank Transfer
Fractional SharesPro
Bonds
Mutual Funds
ETFs
Options

 

Traders can choose between two different web trading platforms:  The Client Portal and Webtrader and IBKR Mobile, Interactive Brokers’ mobile trading platform, is available both for iOS and Android.  Users can trade on Stock, Forex, Option, and Futures – to name but a few.

 

Customer Service is available 24/7 via Live Chat, Phone, and Email.

 

IQ Option

Overall Rating

4.7/5

Rated #247 of
Recommended FX Brokers

💰Minimum Deposit

$10

🌐 Regulators

📱 Trading Desk

Own Platform

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

 

IQ Option is a broker developed under the IQ Option Europe company which was founded in 2013. IQ Option contains a CySEC license Cyprus Securities and Exchange Commission from Cyprus, with permission to provide its financial services within the European Economic Area zone, with several licenses from other EU local jurisdictions. IQ Option offers its clients services in binary options, stocks and shares, currencies, and ETF trading.

 

Pros and Cons

 

✔️ Pros❌ Cons
Regulated by the Cyprus Securities and Exchange Commission (CySEC)Does not provide MT4 and MT5 trading platforms
Easy and convenient method of opening an accountNot available for traders in the US, Canada, Australia, Japan, and other countries
Wide range of trading instruments on offer
No deposit and withdrawal fees

 

IQ Option provides clients with a proprietary platform that is also used for CFDs and for binary options tradingTraders can also install the mobile trading app which is provided free of charge. The mobile trading app has been designed specifically for use on smartphones and mobile devices and allows traders to check their account status, keep updated with all the developments in the market as well as execute trades.

 

Trading benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Low minimum depositStandardAlipay
Low SpreadsVIPCredit Card
Regulated by CySecDemoMoneyGram
Perfect Money
QIWI
Skrill
Wire Transfer

 

The IQ Options trading platform and website are available to traders in thirteen different languages and allow traders to choose the currency to trade with. The selections of currencies are GBP, RUB, EUR, IDR, USD, MUR, and Yuan.

 

Customer service is available via email, live chat, or the telephone.

 

TD Ameritrade

Overall Rating

4.5/5

Rated #537 of
Recommended FX Brokers

💰Minimum Deposit

USD 2000

🌐 Regulators

SEC

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

TD Ameritrade is one of the largest online brokers to date, overseen by top-tier US regulators like the SEC and FINRA.

 

Pros and Cons

✔️ Pros❌ Cons
Extensive research capabilitiesCredit/Debit Cards not available
Additional support channels

 

TD Ameritrade offers investors a large array of account offerings, an extensive range of investment choices, educational resources, and diverse trading platforms. Tradable Securities include Stocks, Bonds, Mutual Funds, and more.

 

Trading benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Mobile TradingIndividualBank Transfer
Managed PortfoliosJoint
Cash ManagementBusiness
No min depositRetirement
Investment OptionsCollege Savings
Tax Loss HarvestingCustodial
Trust

 

Customer Service is available via Phone and Email.

 

City Index

Overall Rating

4.7/5

Rated #226 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FCA, ASIC, MAS

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

65

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

City Index is a world leader in spread betting, FX, and CFD Trading, regulated by the Financial Conduct Authority (FCA).  The City Index trading platform offers traders a range of customization options, which includes 16 chart types with 65+ indicators specifically designed for investors to perform technical analysis.

 

Pros and Cons

✔️ Pros❌ Cons
Used by 140,000+ tradersDoesn’t allow scalping
Established in 1983Inactivity Fee
Regulated by Financial Conduct Authority, ASIC, and MASLimited range of instruments
Minimum deposit from $25

 

To open a live trading account, traders will need a minimum deposit of at least $25.  City Index offers over 12,500 different instruments to trade, including over 84 currency pairs on the ever-popular MetaTrader4 trading platform.

 

Trading benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Allows hedgingDemo accountCredit cards
Offers STPMicro accountBank Transfer
Low min depositMini accountPayoneer
Guaranteed stop lossStandard account
Managed account

 

Multilingual Customer support is available by email, phone, or live chat.

 

eToro

Overall Rating

4.8/5

Rated #20 of
Recommended FX Brokers

💰Minimum Deposit

USD 50

🌐 Regulators

CySec, FCA 

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

47

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

* Etoro has lowered the amount of the minimum FTD to $ 50 for the following countries: Germany, Austria, Netherlands, Norway, UK, Ireland, Spain, Italy, Sweden, Switzerland.

 

eToro is an online broker which was founded in 2006 and offers CFDs and Social Trading, with a head office based in Cyprus, UK.  eToro is supervised by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies and has been in operation for over 14 years.

 

Pros and Cons

 

✔️ Pros❌ Cons
Used by 6,000,000+ tradersDoesn’t allow scalping
Established in 2006Inactivity Fee
Regulated by Financial Conduct Authority, CySEC, ASICLimited range of instruments
Minimum deposit from $200

 

eToro offers traders two ways to trade: CFDs, Social Trading and eToro traders will need to make a minimum deposit of $200 and the platform can accommodate various levels of traders from beginner to expert.  Traders can trade in a wide variety of over 100 instruments and over 50 currency pairs on eToro’s user-friendly custom trading platform which is available as a browser-based web application. eToro also offers traders mobile apps for Android and iOS, making it easier to keep an eye on and execute trades.

 

Trading benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Offers STPDemo accountCredit cards
Low min depositMicro accountBank Transfer
Mini accountPayPal
Standard accountSkrill
Islamic accountPayoneer
Neteller

 

eToro supports a wide range of languages including English, German, Spanish, French, and Italian.  24/6 customer support is available via telephone and support ticket.

 

London Capital Group

Overall Rating

4.8/5

Rated #47 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

SCB
📱 Trading Desk
No Trading Desk
Crypto

Yes

📈 Total Pairs
60

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

London Capital Group (LCG) offers traders an in-house platform called LCG Trader which is a web-based trading platform that enables traders to access 7,000+ instruments across 9 available asset classes directly from their web browser.

 

Pros and Cons

✔️ Pros❌ Cons
Segregates client fundsDoesn’t offer VPS
Established in 1996Limited range of instruments
Regulated by Financial Conduct Authority, CIMA, CYSECNot ASIC Regulated
Minimum deposit from $0

 

To open a live account, no minimum deposit is needed.  London Capital Group (LCG) is regulated by the Financial Conduct Authority.  London Capital Group offers over 117 different instruments to trade, including over 66 currency pairs on the MT4 forex trading platform.

 

Trading benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Allows scalpingDemo accountCredit cards
Allows hedgingMini accountBank Transfer
Offers STPStandard accountSkrill
Low min depositZero spread accountPayoneer
Guaranteed stop lossECN accountNeteller
Offers Negative Balance ProtectionIslamic account

 

Customer Support is made available via phone and email.

 

Conclusion

 

Picking the right forex broker may not be an easy task but – it is extremely important for traders to get this step right. While articles such as this can point investors in the right general direction, only traders themselves will know their personal trading needs. Take them into account, before opening an account.

Since the introduction of online trading, the global marketplace is available for any potential investor through the use of an online broker.  Investors can now access the same trades as banks and larger financial institutions.  Forex Traders can make use of their chosen brokers’ websites to make a trade and bet on the short-term direction of exchange rates or currency pairs.

Forex Traders should start by comparing Retail Forex Brokers, focusing on factors such as account types on offer, fees, and spreads, trading platforms on offer, and the level of customer service.  Rushing this process can lead to investors finding themselves stuck in an unfavorable situation.

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