Best Forex Brokers for 2020

FxBrokersRanking Research
  • Ic Markets
    Alpari
  • Cmc Markets Lg
    Xtb 1
    Gain Capital Holdings, Inc. Logo
  • Pepperstone
    Saxo Bank
    Ig Group Logo

If you are reading this article probably you are new to forex and you are in search of your first or second forex broker because you are disappointed with the first. There are a lot of websites showing different tables with digits that probably mean nothing to you. They are just data that shows hypothetical parameters in perfect conditions.

Unfortunately, the fx market is far from that perfect condition. A large amount of your trades will be opened, closed in large market movements which happen during the news. In such moments broker parameters are far beyond all that parameters shown in the tables. This parameter can't show you how will be your overall experience with support, or with the finance team. For example, your broker can have an awesome trading environment, but to be not regulated and dangerous. To help you with your choice we tried to make one complete review of the most popular Forex brokers in the industry.

Do you expect a strong dollar and a weak euro or do you know how the pound will be affected by Brexit? Then the Forex market is for you. You can trade all major currencies such as EUR/USD, GBP/USD, USD/JPY and also all the minors and crosses around the globe.

If you want to trade in the Forex market, you need to use a broker. The right choice can significantly increase your performance by minimizing transaction fees. There are also factors such as execution speed, platform type, and options.

Sometimes even the best broker is not suitable for a certain style of trading, so you will have to look for a broker knowing what you need. So when our team is looking for a broker, we take in mind several trader profiles - from the casual trade to an algo trader.

Best forex brokers

Here is the list of all brokers tested in our research :

IC Markets

IC Markets is a Forex and CFD broker established at 2007. The company provides competitive spreads and fast execution. IC Markets offers three platforms โ€“ Meta Trader 4, Meta Trader 5 and C Trader. IC Markets is regulated by the Australian Securities and Investment Commission (ASIC) and by the Seychelles Financial Services Authority (FSA).
Pro ๐Ÿ‘
Low ECN spreads,Good platforms for automated trading,ASIC and FSA regulated, 1:500 leverage available, wide range of payment methods, micro lots, PAMM
Con๐Ÿ‘Ž
No rebates
Read full review

Pepperstone

Pepperstone is one of the largest forex brokers and it was founded in 2010. The main advantages of the broker are low spreads, fast execution, and high-level support. Pepperstone offers three platforms โ€“ Meta Trader 4, Meta Trader 5 and C Trader. The company is regulated by Financial Conduct Authority (FCA) in the United Kingdom.
Pro ๐Ÿ‘
Low spreads, good platforms for manual and automated trading,FCA regulated  
Con๐Ÿ‘Ž
No bonuses or rebates
Read full review

Alpari

Alpari is one of the most rated forex brokers with more than 20 years of history. The company offers two platforms โ€“ Meta Trader 4 and Meta Trader 5. One of the products that differentiate the company is PAMM - account service allows you to gain profits on the Forex market by investing in the accounts of experienced traders. Alpari is regulated by the Financial Services Authority of Saint Vincent and the Grenadines and by the Financial Services Commission of The Republic of Mauritius.
Pro ๐Ÿ‘
Low costs, big variety of account types, social trading, fast execution, ECN spreads 
Con๐Ÿ‘Ž
Only MetaTrader, No Islamic account  
Read full review

Gain Capital

GAIN Capital was found in 1999. The company is global Forex and CFD brokers which included brands Forex.com and City Index. The company provides over 12 500 instruments to over 140 000 customers. Gain Capital is regulated in seven jurisdictions worldwide. The company offers a proprietary developed platform with a big amount of options.
Pro ๐Ÿ‘
one of the most regulated brokers, competitive conditions  
Con๐Ÿ‘Ž
Doesn't have platform that allows trading robots   
Read full review

Saxo Bank

Saxo Bank was founded in 1992 in Denmark. The company services to clients in over 170 countries and offers more than 35 000 instruments. The company offers two platforms: Saxo Trader GO and Saxo Trader Pro. Saxo Bank is under the supervision of the Danish FSA
Pro ๐Ÿ‘
Trustable , with some of the lowest costs  
Con๐Ÿ‘Ž
No environment for automated trading   
Read full review

IG Markets

IG Markets is the biggest CFD provider in the world. The company was established in 1974 in the United Kingdom. IG Markets offers more than 16 000 products to over 175 000 clients. The company offers two platforms โ€“ developed in house platform and Meta Trader 4. Financial Conduct Authority (FCA), United Kingdom, regulates IG Markets.
Pro ๐Ÿ‘
Good spread (as low as 0.7 for EURUSD), multiple trading platforms,  swap free accounts
Con๐Ÿ‘Ž
No negative balance protection   
Read full review

Plus 500

Plus 500 was founded in 2008 in the United Kingdom. The company offers various instruments in Forex, Indices, Commodities, Shares, and ETFs. Cyprus Securities and Exchange Commission (CySEC) regulate the company, by Financial Conduct Authority (FCA) and by Monetary Authority of Singapore for dealing in capital markets products. The company attracts clients with the proprietary developed platform.
Pro ๐Ÿ‘
Low spread, user friendly platform
Con๐Ÿ‘Ž
Limited research tools   
Read full review

CMC Markets

The company was established in 1989. CMC Markets offers more than 300 forex instruments, 60 indices, 15 cryptocurrencies, and 9000 shares. The company services his clients in own developed platform. CMC Markets is authorized and regulated by the Financial Conduct Authority in the United Kingdom.
Pro ๐Ÿ‘
Low costs ,FCA regulated
Con๐Ÿ‘Ž
No automated trading   
Read full review

XTB

XTB was founded in 2002 in Warsaw, Poland. The company is in the forex business for more than 15 years with offices in over 13 countries. XTB offers 48 forex instruments over 20 indices, commodities, ETFs and crypto. The company offers two platforms - xStation 5 and Meta Trader 4. Financial Conduct Authority (FSA) United Kingdom KNF and CMB regulate XTB.
Pro ๐Ÿ‘
Quick account opening, multiple trading platforms,  Low costs
Con๐Ÿ‘Ž
Only forex and CFD products  
Read full review

Z.com

Z.com is a forex brand of GMO Internet Group. It was found in 1991. The company is the biggest Asian and world Forex and CFD broker with more than 700 000 traders on-boarded. Z.com offers over 80 instruments in Meta Trader 4 platform. The company is regulated in several jurisdictions including the United Kingdom and Japan.
Pro ๐Ÿ‘
Low costs, minimal deposit to start trading, multiple trading platforms,  
Con๐Ÿ‘Ž
Low amount of trading instruments   
Read full review

BEST FOREX BROKERS BASED ON LOWEST TRANSACTION FEES

The transaction fees affect every trade, they stack up and after hundreds of trades, they make a huge difference:

  • Spread (Ask-Bid): The spread is different in all the brokers and also it can vary depending on the market state (news, low liquidity hours, swap time);
  • Commissions: some brokers have bigger commissions, some have lower and some don't have, but this is an important factor;
  • Slippage: Forex market is very fast and every time we send a trade this price can change and our trade can be executed at a different price.
    The difference between this two prices is called slippage and based on the technology used by the broker this can vary in a very big range;
  • Swaps: All the national banks have a very specific interest rate, but the rollover for the forex pairs can vary in the different brokers. Having a smaller difference between long and short swaps or having the best swap for the direction you trade is important.

Again the trading style is very important. If you make one buy&hold trade - spread, commissions, and slippage will not affect your trading and only swap matters.

But if you are an intraday trader and open and close many trades, then it the opposite - the swap is not important and the spread, commission, and slippage play a major role.

IG Markets

IG is offering competitive forex spreads, good swaps, but if you are interested in something more than forex, they can offer you a huge amount of shares and stocks. You can trade with spread betting accounts to improve your tax efficiency, use margin for trading shares, low currency conversion fees, and you will have direct market access to be able to see the market depth and all the order book info available.
SELECT IG Markets

Alpari

Alpari PRO ECN MT4 and ECN MT5 accounts are offering one of the lowest spread on EURUSD - only 0.7 points. Many brokers claim that they offer spreads as low as 0 points on their ECN accounts but they require the average commission of 3.5$ for  each direction. This combined with the fact that there is no 0 spread, makes it close to 0.9 points. In Alpari, there is no such commission and 0.7 is the average spread you will get.
SELECT Alpari

IC Markets

If you are a long term trader, you must check this broker swaps. It is offering one of the most attractive swaps in the forex market for EURUSD. It offers 0.49 for short and only -0.90 for a long position. For example, Alpari offers 0.35 for short and --1.26 for long, XTB offers 0.35 for short, and  -0.96 for long. The broker is also offering competitive trading conditions, good spreads and some of the best trading platforms.
SELECT IC Markets

Top Forex Brokers by Trading Platforms

The trading platform is what connects you to your online broker. Every platform can offer different features, different views, indicators, charts, instruments for automation trading, alerts and so on.ย 

Let's not forget that nowadays we have different Operation System, different devices who can do different things. The best thing is when a broker is offering several trading platforms so you can use the trading system that fulfills your needs the most.

But even if you need a specific sophisticated desktop platform you may need a simple mobile platform which you can use just to check things from your phone.

Pepperstone

Metatrader 4/5 and cTrader are platforms that offer everything from manual trading to automated trading. There are a lot of social libraries, expert advisors, custom indicators, social trading integration. Both platforms MT and cTRader also support every device and operating system. Only the desktop platforms offer automated trading. Pepperstone is supporting both trading platforms, which gives the traders the opportunity to choose, change, or use what they are used to.
SELECT Pepperstone

SAXO BANK

SAXO BANK are offering their own fully customizable trading platform SaxoTraderPRO. They offer innovative multi-monitor display (up to 6). There is a functionality for quick order placement, advanced charting elements, and level II market display. There is also one innovative feature - Algorithmic orders. They can be executed on specific user-defined conditions and they are integrated in the order. They don't require the platform to run. For example - you can have much more complex order management in MetaTrader, but you must have the platform running.
LEARN MORE

IG Markets

The own web-based platform of IG Markets doesn't have automation abilities, but it is extremely user-friendly. Even if you are new to financial software, you will know what to do. The other plus of that platform is that it is fully customizable. You can quickly change it from a simple trading platform for a beginner to a fully functional complex platform that can suit even the most advanced traders. The users of the IG platform will be able to access advanced tools like AutoChartist and PIA First. 
LEARN MORE

How to choose your Forex broker

The bad choice of your broker could rollover your profitable strategy into losing one. You should choose the broker with relatively low costsย โ€“ย spreads, swaps, commission if there are any.

Also, the platform has to be good enough to allow you to place orders fast, support different orders and a rich amount of different trading instruments. If you are a fan of algorithmic trading, find a broker that supports such type of trading and has a good possibility for back-testing to develop a profitable system. If you are a manual trader and follow technical analysis, it is better if the platform supports a variety of indicators. For the trades that use fundamental analysis, the broker needs to have a big amount of data. Fast news announcement also is very important.

Depending on if the leverage is important for your strategy, check this too. According to the latest regulation in the European Union, there is an applied cap for the leverage for retail traders. There is a similar restriction in United Statesย and Japan. If you search for higher leverage you should search between Australian brokers or some of the offshore brokers.

In the last place, but maybe one of the most important points when you choose a Forex broker is the regulation of it. The regulation protects you in case you do not agree with your broker for execution or any other problem you could complain to the regulator and it is important the strength of the regulation jurisdiction.

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