For those new to forex trading, a forex broker is a company that provides you with a trading account and platform for trading online. Anyone can open an account and trade forex currencies, CFD’s on stocks, indices, commodities, cryptocurrencies, precious metals, energies and more. You can see a selection of my best forex brokers if you like.
The majority of forex brokers will provide clients with the popular and widely used MetaTrader 4 (MT4) platform free of charge for desktop, web and mobile devices. MetaTrader 4 is well known for its intuitive interface and abundance of trading tools. Its user friendliness makes it a popular choice for beginners whilst it has plenty of advanced functionality to satisfy the needs of most seasoned traders.
You can choose to open a demo account if you wish to practice your trading strategies with virtual funds until you feel confident enough to open a real account. This is common practice amongst new traders as it enables them to familiarise themselves with the trading platform and how trading online works.
Brokers charge a fee for using their services. This can include a spread and commission on each trade you place with them. It is generally considered that the lower the spread and commission, the cheaper your trading costs can be.
In addition to broker fees, there are other factors worth considering such as the regulation, account funding options, minimum deposit, leverage, educational resources, trading tools, market analysis and customer service.
Whilst there are many forex brokers to choose from, I would personally choose a regulated and established brokerage that has tight spreads, competitive commissions with plenty of liquidity providers (LP’s) for reliable execution speeds at the best possible prices. I would also opt for a regulated broker to help give me peace of mind that my funds should be safe in the case something should go wrong.
Hugo’s Way is an online forex and CFD brokerage that provides traders all around the globe with very good trading conditions including tight spreads and low commission fees. Clients can trade an impressive selection of over 150+ tradable instruments, including FX pairs, cryptocurrency, indices, stocks, commodities, metals, energies, and futures. ..Read More
XM Group are one of the best forex brokers in my opinion, providing forex traders with demo and real accounts to trade forex online along with other asset classes such as stocks, indices, cryptos and commodities. Using the XM Group trading platforms provided, including the highly recommended MetaTrader 4 & ..Read More
FXChoice is a regulated online broker where you can trade an excellent range of financial instruments, including Forex, Cryptos, Stocks, Indices, Commodities, Precious Metals & Energies. The broker provides clients with the easy to use MetaTrader 4 /5 platforms so that you can trade from your desktop and the MetaTrader ..Read More
FP Markets is a well-established and regulated forex broker offering online trading to clients across the globe on an impressive 10,000+ trading instruments across various asset classes. They offer award winning forex trading services including user friendly platforms with tight spreads, quick execution speeds and low fees.
City Index was founded in 1983, headquartered in the UK, and regulated by the financial conducting authority (FCA). StoneX Group Inc. (NASDAQ: SNEX) is City Index’s parent business, and it is one of the world’s leading retail and institutional trading providers, having a good track record of delivering trading services ..Read More
FXTRADING.com is a regulated Australian forex and CFD brokerage firm that provides traders with faster and easier access to the global markets. The broker offers an excellent range of financial instruments including forex, stocks, indices, commodities, and cryptos. They have a choice of professional yet user-friendly trading platforms, including MetaTrader ..Read More
Founded in 2016, Evolve Markets is a crypto-based online brokerage that offers Forex and CFD trading via the popular MetaTrader 4 and MetaTrader 5 trading platforms. They offer their clients access to the global markets with institutional trading infrastructure, liquidity, and the freedom of cryptocurrencies. The broker makes use of ..Read More
FXOpen is a well-established forex broker that has been offering online trading to over 1 million clients across the globe all the way back to 2005. They are an ECN broker that has tight spreads, reliable execution speeds, and competitive commissions. FXOpen can cater to both retail and institutional traders ..Read More
CryptoRocket is an online broker that offers leveraged crypto and forex trading, providing retail traders around the globe with a chance to trade on institutional liquidity from major global investment banks. They have a safe, simple and fast trading environment, with very good trading conditions for clients including access to ..Read More
Trade Nation is an online financial services provider that operates in the United Kingdom. The broker was established in 2014, regulated top-tier by ASIC and FCA. They provide traders with the MT4 trading platform for trading different platforms for trading CFDs on forex, indices, commodities, stocks, bonds, and shares. They ..Read More