Comparison Table

2021 Best Brokers

There are no two Forex brokers alike as they all cater to different goals that investors have. Because each broker has unique differences, it can be challenging to find the best Forex Broker. To be frank, the best online broker will depend largely on individual goals, so it is near impossible to give advice on the best broker.

 

Still, it’s important to have a starting point, and that’s why we have scoured the online trading industry and done the necessary homework on best online brokers, so you don’t have to. There are hundreds of trading platforms out there, it’s easy to get caught up in scams that take full advantage of traders.

 

We’ve rounded up the best forex brokers and together with our data analysts and trading experts, we have compared each one.

 

Though the sense of importance surrounding the selection of an online broker can feel intimidating, the choice doesn’t have to be complicated. Check out our concise, comparison table of the best online stock brokers and how they can fit inside your pocket.

The Best Forex Trading Brokers - 2021

The Best Online Broker! Beginners & Traders

IQ Option

TD Ameritrade
4.9
Our ratings take into account the range of fees, features and tools offered by each online broker platform. Ratings are determined solely by our editorial team.

Products Offered

Forex, Digital and Binary Options,

Stock CFDs, CryptoCurrencies, ETFs, Commodities

Minimum deposit

$10

TD Ameritrade
Open Account
Via IQ Option's secured website

Trading Commissions

$0

for stocks, ETFs, options

Account Minimum

$0

The Best Conclusion

IQ option is ranked at one the best online brokers because of its low minimum deposit. Zero deposit fee, and wide range of services. They employ a “fit like a glove” approach, which allows you to trade in a versatile manner. IQ option protects its investors and provides their users with a vast library of educational resources for beginner traders to learn the art and make their best trades. .

Pros & Cons
  • Low Minimum Deposit
  • Provides investor protection
  • No deposit Fee
  • No MT4 /MT5 trading platforms
  • Not available in the USA, Canada, or Australia
  • Slow bank transfer withdrawal process

Best Online Broker For Social Trading

eToro

Interactive Brokers
4.9
Our ratings take into account the range of fees, features and tools offered by each online broker platform. Ratings are determined solely by our editorial team.

Products Offered

Stock, ETF, Forex,

CFD, Crypto

Minimum deposit

$200

Interactive Brokers
Open Account
Via IQ eToro's secured website

Trading Commissions

$0

for stocks, ETFs, options

Account Minimum

$0

The Best Conclusion

eToro is ranked as another one of the best online stock brokers because they are a safe and regulated broker. eToro is regulated by FCA, CySec, FinCen, and ASIC. In addition to the safety procedures in place, eToro does not operate on commissions, and has a straightforward, simple to use interface. Investors may choose eToro if they are interested in diversifying their portfolio with investment options in stock, CFDs, and ETFs in addition to forex pairs. .

Pros & Cons
  • Various regulations such as CySEC & FCA
  • Easy to open an account
  • Optional mirror trading
  • High High withdrawal fee ($25)
  • High minimum deposit fee
  • Customer support is not always available

Best Online Broker For Forex

AvaTrade

TD Ameritrade
4.9
Our ratings take into account the range of fees, features and tools offered by each online broker platform. Ratings are determined solely by our editorial team.

Products Offered

Forex, CFD,

Crypto

Minimum deposit

$100

TD Ameritrade
Open Account
Via Avatrade's secured website

Trading Commissions

$0

for stocks, ETFs, options

Account Minimum

$0

The Best Conclusion

The best online stock broker for Forex AvaTrade is ranked as one of the best online Forex brokers due to its full slate of currency pair options. When trading Forex, you do not want to be limited by a scarce selection of currency pairs, which Avatrade does a great job avoiding. In addition to the spread of Forex, the platform allows for copy trading, which mimics the trading strategies of another user on the website. They have negative balance protection and educational resources for novice investors to expand their learning. .

Pros & Cons
  • Negative balance protection
  • No withdrawal fee
  • Regulated by ASIC, FSCA & FSA
  • High deposit fee
  • Extremely slow withdrawals
  • Expect inactivity & administration fees

Best Online Broker For CFD & Forex

VideForex

TD Ameritrade
4.8
Our ratings take into account the range of fees, features and tools offered by each online broker platform. Ratings are determined solely by our editorial team.

Products Offered

Forex, CFDs, Indices, Shares, Commodities,

Cryptocurrencies, Binary Options

Minimum deposit

$250

TD Ameritrade
Open Account
Via VideoForex's secured website

Trading Commissions

$0

for stocks, ETFs, options

Account Minimum

$0

The Best Conclusion

The best online stock broker for CFD & Forex Videforex is ranked as one of the best online Forex brokers and CFD brokers due to their customer service, and low fees and account minimums. VideoForex is great for customer service in that they offer various languages. Moreover, they don’t require a specific account minimum to execute trades, which can be helpful for novice traders who do not have a lot of initial capital. Finally, their trading commissions are zero, which means more opportunity for capital to stay in your pocket. .

Pros & Cons
  • 24/7 customer service
  • Various customer support languages
  • Offers leveraged trading.
  • Highest minimum deposit fee
  • Unregulated
  • No islamic account

Best Online Broker For CFD

DaxRobot

TD Ameritrade
4.7
Our ratings take into account the range of fees, features and tools offered by each online broker platform. Ratings are determined solely by our editorial team.

Products Offered

Forex, CFDs, Indices, Shares, Commodities,

CryptoCurrencies, Binary Options

Minimum deposit

$250

TD Ameritrade
Open Account
Via DaxRobot's secured website

Trading Commissions

$0

for stocks, ETFs, options

Account Minimum

$0

The Best Conclusion

The best online stock broker for CFD DaxRobot is ranked as one of the best online brokers for automation. This broker uses a robot to do the work for you, although there is not enough data available on the efficacy of the automated trading. DaxRobot is great in that it offers various deposit methods and allows users to practice with a demo account; however, their minimum deposit fees are the highest in the market, which can dissuade novice traders without much starting capital.

Pros & Cons
  • Access to a demo account
  • Easy registration
  • Offer various deposit methods
  • Highest minimum deposit fee
  • Automated trading that can go wrong
  • Not regulated

Best Mining Broker

IQMining

TD Ameritrade
4.7
Our ratings take into account the range of fees, features and tools offered by each online broker platform. Ratings are determined solely by our editorial team.

Products Offered

Crypto

Minimum deposit

0.01 BTC

TD Ameritrade
Open Account
Via IQ Mining's secured website

Trading Commissions

$0

for stocks, ETFs, options

Account Minimum

$0

The Best Conclusion

The best online broker for mining IQ mining is one of the best online brokers for cryptocurrency mining, which is a popular form of investing for those who want little risk. The platform is recommended for experts who have experience with cryptocurrency given that there is a lot of technical language used. IQ mining provides excellent customer service and has a wide variety of banking options. However, the deposit fee only accepts Bitcoin, which can be limiting.

Pros & Cons
  • Wide range of banking options
  • Can copy otfer traders
  • Good customer support
  • Only trades in crypto
  • Deposit fee in bitcoin only
  • Very technical

Features to look for in the best Forex brokers

Best Forex Brokers for beginners

Best Forex Brokers for beginners

There are a myriad of factors that you should consider when looking through the various Forex brokers. For example, consider if the broker is backed by any national regulatory bodies, is commission-based, and the fee structure.

 

Looking at a potential broker in depth is necessary to understand how you can earn money through forex and what types of deductions from your earnings you should expect. Additionally, it’s important to choose an online broker that is reputable, the best way to determine if an online broker is reputable is by checking out their regulations.

 

Brokers that are reputable and safe will be backed by a regulatory agency. Choosing an online broker that is backed by such an agency will provide you with a sense of assurance that the broker has met minimum set standards for operation.

 

For example, some regulatory bodies require certain procedures and security to protect client funds. Many countries have their own financial regulatory agencies. The regulation acronym in South Africa is FSCA.

 

The best online brokers should have a variety of platforms to improve accessibility. The platform is how trades are executed, so it must be easy to use and accessible in multiple locations. For example, you should look for a broker that has both a desktop trading platform and a mobile device one.

Having the two different options will ensure you have access to trade execution regardless of where you’re located. Most of the best online brokers use the MetaTrader 4 platform, so it is likely that you’ll come across this term in your search.

 

In addition to finding an online broker that will meet your needs regardless of where you’re located, it’s important to find a broker whose platform has the features that you need to meet your goals. Some platforms have single click trading execution for quicker trades, some have stop loss order to reduce the risk of losing massive amounts of money at once, others have comprehensive charts and technical indicators.

 

Look through the different platforms features and offerings to see what will best meet your needs, as everyone’s will be different. Additionally, it’s important to choose a broker who provides a free demo account, allowing you to practice using the platform prior to investing any real capital. This option will help you decide if the platform/broker is appropriate for your needs.

 

Some of the best online forex brokers will have low fees, which is a positive sign, but always read the fine print. How are the brokers earning their income? Is it through deposit or withdrawal fees? Do they take commission? Find an online broker where there is a happy medium so you’re not stuck paying exorbitant fees throughout the entire trading process. In addition to fees, consider the spreads. A spread is quite simply the difference between the buying price and the selling price and is another way that the best online Forex brokers make money. There are three different types of spread structures that you’ll come across including Fixed spread, floating spread, and commission fee. A fixed spread is transparent in that you’ll know how much the broker is earning up front. A floating spread fluctuates depending on how volatile the market is. Finally, a commission fee is a set percentage that investors pay based on their earnings. The type of spread you should look for will depend on your goals. Those who want complete transparency about how much they will pay out to their broker may lean more towards fixed spreads while those who want to gamble on smaller trading costs may choose floating spreads.

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What are the Best Forex Brokers for Beginners?

Best Forex Brokers for beginners

Best Forex Brokers for beginners

As we’ve repeated in this article, it depends. Choosing the best online stock broker for beginners is no different than choosing the best broker for an expert; it will depend on your goals. Despite this vague and likely disappointing response, there are some key features you should look for if you want to improve your investment skills. Look for online brokers that have comprehensive educational resources, an unlimited demo account, and a straightforward platform.

 

Educational resources are not standard across all online forex brokers, so it’s important to find one that has an abundance of tutorials and videos built into the account for you to expand your investment knowledge. To help put this knowledge to practice, you’ll need to find a broker that has an unlimited demo account. Many online brokers offer a demo account which allows investors to practice with the platform without risk.

 

However, plenty of online brokers also put a cap on the duration of access to the demo account or the amount of virtual money. For this reason, it’s important to find a broker that will allow for unlimited access to the demo account so that you can continue practicing, even after you’ve begun executing trades on a live account.

 

Finally, look for an online broker that has an easy to use platform because nothing is more discouraging than trying to navigate an arduous platform that seems to be in a different language.

What are the Best Forex Brokers for Experts?

I’m sure you can already guess what we are going to say –it depends. Expert traders will have different needs from beginner traders, but will also have different needs from each other as their trading has evolved into a sophisticated art.

 

There are three features of online brokers that an expert should seek out including comprehensive trading tools, high leverage, and low spreads.

A comprehensive trading tool is a no-brainer as expert investors are familiar with trading enough to execute advanced trading strategies. Look for a broker that can keep up with that skill and meet those needs. High leverages have an increased risk, but they also have an increased reward.

 

Expert investors have put in the time to develop a skill set where a high leverage is worth more to them and will likely result in a better payout. Finally, choose a broker that has low spreads, because expert traders are likely raking in much more than beginner traders and thus will need to ensure that their broker is not eating away at their earnings.

Best ForeBest Forex Brokers for expertsx Brokers for experts

Best Forex Brokers for experts

Trade as an expert. Gain profit