Our team of experienced traders revised the comparison and ranking in July 2021 in order to provide the best forex broker firms with the high security and performance in their forex trading services. There are many various factors we take under consideration when collecting all types of brokerages, their performance in the trading industry and overall critical views of other traders around the world.
Some of the factors necessary to distinguish the best forex broker list out of hundreds firms available today are:
Guaranteed Stop Loss and other Risk Management Tools
No Dealing Desk?
MetaTrader 4 Platform
Fees and Requirements for Funding and Withdrawal
Spreads on Major currency pairs and Commissions
Headquarter and representative offices
How to Find The Best Forex Broker For Beginner Traders
In April 2021 our forex broker comparison found various firms to follow the requirements to be qualified as 2021 best forex broker for traders of both beginner and experienced level:
- The highest leverage of regulated firm can reach up to 1000:1
- The lowest spreads/fees of fx broker on major currency pairs
- Fast execution speed with minimum cases of re-quotes and errors
- One of the most favored forex platform MetaTrader 4 must be available
- A strong customer service and professional answers to both fundamental and technical questions
Maximum Leverage Offered
You have various options when it comes to leverage, some of which go all the way up to 1,000:1. While high leverage possess higher risk, it also allows to increase your initial capital to impressive amount. Let's say that you have deposited $100, so with maximum leverage of 888:1 or 1:1000, offered with XM and Instaforex brokers respectfully for example, your $100 turns into $100,000 worth of currency and each movement of 0.1% will bring you significant profits.
Pay attention that US-based brokers are not allowed to have leverage more than 50:1, such as OANDA and FXCM, while companies such as Pepperstone, ForexMart, eToro range from 500:1 to 1000:1. Overall the leverage of 200:1 to 500:1, is considered high but relatively safe among traders worldwhide.
Low ECN Forex Broker Spreads
You want your brokerage to offer you various types of accounts, starting from standard account for beginner/intermediate traders with no commission fees and average spreads starting from 1.0 pips on major currency pairs. Other accounts should offer true ECN forex trading conditions with advanced features and lowest pips in addition to low commission charged per lot traded. You want you broker to be linked to major liquidity pools to offer real ECN pricing. This is achieved by inter-bank prices and the link to major banks.
Popular Forex Platform
Take it or leave it, but the most popular platform among forex traders is:
The most popular platform worldwide due to a user friendly interface, advanced graphing tools and the ability to execute advanced trading strategies.
There are other options, of course, with no less advanced and attractive features and even more. Such for example is eToro Copy Trader where you can Social Trade, follow and automatically copy the most successful traders.
No matter how you look at it, you need 24/7 reliable customer support! You will be surprised how many questions you will have during trading hours, not only related to the features of the trading platforms, but many others related to funding, errors, bonuses and more.
Pepperstone, for example, along with XM, eToro, IronFX and other recommended brokers offer high level of support and educational resources, along with daily market analysis and lots of customer support. These brokers compared to lets say easy markets broker, which doesn't even offer No Dealing Desk or ECN trading execution, are considered to be excellent brokers with various attractive trading conditions, trust and regulation. You can check out other forex broker reviews here
The 'Top 10' Best Forex Brokers List
You can compare 5 forex brokers or go all the way up to top 10 forex brokers in order to make an educated choice in your seek for 'top 10' best forex broker 2021. We have created a comparison table below to make the process easier for you to look at best 10 forex brokers an compare them with the other various forex brokers available today over the internet.
Which brokers are considered safe ? Are they regulated by top regulators from the UK, US or Australia ?
What makes a good forex broker in the first place? As a forex trader, do you think fair fees should be one of the ranking factors? Obviously a good brokerage would provide various currency pairs to choose from plus a great platform. You must be able to open an account in a fast and easy fashion and there must be various deposit money options to make your investing experience positive. These are all seem-to-be-obvious factors do not always meet in one place, hence comes our team who test and rank brokers based on various criteria and features. We literally test drive these brokers for your with real accounts and real money to understand all twists and turns.
Beginners should always take time with forex trading and not jump with large amounts to unchanted waters. Keep in mind that you can and you probably will lose all of your invested money within couple of seconds if you aren't careful. We strongly suggest to start with demo account and a lot of practicing and learning. Almost all brokers offer demo accounts so there is no problem in this department. Demo account is a simulator where you try out trading with virtual money without making any deposits of your real cash. You can check out our valuable lessons and tips on FX education at Forex Education section of this site.
Broker Demo Bonus Min Deposit Review Rating OctaFX yes up to 50% 50 OctaFX Review 9 LiteForex
yes 30% + 15% 10 LiteForex
Review 8 Freshforex yes +5% to each cryptocurrency deposit; get 300% for each deposit 1 Freshforex Review 8 XM yes $30 no deposit 5 XM Review 7 AvaTrade
yes 100% 100 AvaTrade
Review 6 FxPro yes up to $1,000 100 FxPro Review 5 FXCM yes - 250 FXCM Review 5 IronFX yes 40% 100 IronFX Review 5 AdvancedMarkets yes - 500 AdvancedMarkets Review 4
Try to find the broker and their platform that suits your financial capabilities and trading requirements. To find the best forex broker 2021 it might be useful to ask the following 5 key questions to the brokerage in question.
What's the difference between a dealing-desk and an agency broker?
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. Lastly, matched-principals are dealers who immediately hedge their trades to remove any potential conflict of interest.
FAQ's About The Best Forex Brokers
- What Is the Best Forex Brokers For Beginners?
- What Is The Best ECN Forex Broker?
- What Is The Best Forex Broker For Bitcoin?
- What Is The Best MT4 Forex Broker?
- Which Is The Best Spread Forex Broker?
Not sure which broker to choose? Read the recommended reviews and try out demo accounts of those brokers to get the idea. You can also see and Compare brokers with this comparison table we have build for you.
What is our Technique to Select The 2021 Best Forex Broker List
The best forex broker comparison table is regularly updated and was last revised on 18/07/2021 by our team of professional and well experienced traders who have traded and checked all types of necessary factors to make your trading experience more pleasant. We work and research all types of firms and determine brokers which follow the basic characteristics of best fx broker.
Your Feedback Matters
As the above 2021 best forex broker comparison table (brokerages from Australia UK US South Africa Asia and other places) is created with up most attention to the smallest factors, we always seek ways to improve and correct any information that is not right or outdated. This is where you and other traders come in with feedback and your own reviews. We are looking forward to receiving your thoughts, experiences and any type of information that can improve our website and create even better resource with valuable details. With that being said, always make sure to validate any type of information you read of this website or another other resourceful site, since despite all the efforts, it is impossible to keep track on all the information and updates related to the industry.