As you probably know, it takes a trained eye to tell a legit Forex trader or Forex Trading Platform from a scam. Well, we have been around for a while, and drawing from our in-depth knowledge of and experience in the industry, we have compiled a list of the best Forex traders.

Now, the best way to maximize these platforms to their fullest potential is to understand what kind of trader you are. Once you know where your interests lie and the amount of money you have, you will be better able to choose a trading platform that suits you.

So, ask yourself the following questions to help you determine which Forex trader you should go with.

Is this your first time, or are you a veteran trader? A beginner trader is better suited to a Forex broker with an easy-to-use platform and a wealth of educational resources.
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The Forex trader you go for will also be determined by how much you have to invest. If you do not have any money, you will need a trader with no minimum deposit requirement. Overall, you need to find a trader with fees and costs you can manage — the lower, the better.

If your tastes run beyond Forex, the traders in our review today also offer other financial instruments. So, you can choose the one which best suits you.

1. AvaTrade: Overall Best Forex Trading App

AvaTrade prides itself on being a pioneering Forex broker. Considering the company was founded in 2006, which is pretty much a lifetime in online trading time, AvaTrade is experienced, trusted, and well-known.

This platform opened its doors to retail traders at a time when only a handful was doing this. It is no wonder it has earned the trust of many Forex traders around the world. As a result, AvaTrade’s reputation is rock solid.

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AvaTrade places a premium on customer satisfaction and trust. So, its platforms, assets, and account types are diverse and numerous to meet the needs of its 300,000 customers. You will enjoy trading on AvaTrade because the team makes sure of it.

Since it was founded, AvaTrade has leveraged cutting-edge technology to serve its customers with a user-centric trading platform and a presence on all continents.

The trading platform records over three million trades monthly, and its offerings are constantly expanding and improving. AvaTrade was one of the first adopters of digital currency, introducing crypto trading long before competitors thought to hop on the bandwagon.

Pros

• Highly regulated in many locations across the world
• Exceptionally secure platform
• Competitive fees
• 55 currency pairs and crosses available
• Exotic currencies available
• Variety of trading instruments available
• Many types of accounts
• Trading academy for beginners
• Excellent customer service

Cons

• The inactivity fee is relatively high

Highlights

Extremely Safe Platform: AvaTrade is safe and secure, being one of the most regulated trading platforms on offer. The company is regulated in six different jurisdictions, which is quite a feat for a Forex broker.

By acquiring regulations in several jurisdictions, customers around the world can enjoy a secure trading experience. Moreover, AvaTrade can tailor its offerings on its site according to the location in question.

Competitive Fees: AvaTrade does not charge a commission for trading. However, opening and closing a trade comes with a fee known as the spread.

For a EUR/USD pair, the spread amounts to 0.9 pips, which is not too high but is certainly higher than what you might find on other platforms. As a professional trader, though, EUR/USD spread drops to 0.6 pips, which makes AvaTrade more competitive for professionals than for beginners.

Spreads for CFD instruments like stocks, commodities, and equity indices are even more affordable. In fact, it is better than the industry average. Regardless, keep in mind there is an inactivity fee. If you do not execute any trades for three months, you will have to pay a penalty of $50.

Exotic Currencies Available: AvaTrade has over 55 currency pairs and crosses that you can trade, and even the most exotic, hard-to-find currencies are available here.

Other Instruments Besides Forex Available: There is a wide range of asset classes you can trade on AvaTrade besides Forex. They have 19 commodities, 20 indices, 500 major stocks, and crypto.

MetaTrader 4 & MetaTrader 5 Trading Platforms: MetaTrader 4 is the gold standard when it comes to Forex platforms, and it is also easy to use and intuitive. All old hands are familiar with MetaTrader 4, which features the MQL4 programming language and allows for hedging and back-testing.

MetaTrader 5 is pretty much the same as MetaTrader 4, only better and faster.

 

2. XTB: Best Customer Service

XTB has been around for over 15 years, and in that time, it has grown in influence and reputation. The platform is easily one of the largest FX trading platforms globally, set up in more than 13 countries.

XTB’s trading app is designed to stay ahead of the curve and bring its customers superior trading solutions. Therefore, it is not surprising that xStation, the trading app, is one of the best you will find on the market.

When it comes to trading platforms, a critical component not to be overlooked is trustworthiness. The good thing is that XTB scores high in that department. Nearly 300,000 customers from different parts of the world trust XTB with their investments. And why not? After all, the platform is regulated by the world’s biggest regulating authorities.

Another big plus for XTB is the overwhelming support it gives to customers. 24 hours a day, five days a week, the XTB customer support team is there for its clients. Plus, there are a wealth of educational resources to help the beginner as well as the veteran.

Pros

• Tight spreads
• Highly regulated
• Super secure trading platform
• A plethora of educational resources available
• Excellent customer service
• No minimum deposit to open an account

Cons

• Not regulated by ASIC

Highlights

Cost: Because of XTB’s structure, different accounts come with different spreads. For the standard account, the minimum spread is 0.5 pips. However, for pro accounts, the spread is reduced to 0.1 pips.

XTB does charge a commission that amounts to $3.50 per lot when trading with a pro account. If you do the calculation, that brings us to a spread of 0.45 pips, which still places XTB among the ranks of the industry’s best.

As usual, there is an inactivity fee that applies when a user has not executed any trades in 90 days. For XTB, the penalty is roughly $15. Also, there are no minimum deposits for opening a live account with XTB, and you can open an account for $0.

Superior Trading Experience: You would be hard-pressed to find any trading platform that gives an experience that beats what you get from the xStation. You can access the app from any platform, and the user interface is pretty intuitive, making it super easy to navigate.

The features the xStation offers are even better, as you get one-click trading with full integration on both mobile and desktop platforms. xStation also comes with the MetaTrader 4 platform, which veteran traders should be familiar with, and beginners will have no trouble learning.

A Wide Range of Instruments Available: XTB has a robust product catalog, including 48 currency pairs, more than 20 global indices, most of the major commodities, crypto, ETFs, and global stocks.

Educational Resources: XTB has a massive library of educational materials. The library is divided into four modules: basic, intermediate, expert, and premium. For the first two modules, anyone can access them through XTB’s website. However, you can only take premium courses after opening an account. The expert module is still in the works, though.

3. FXTM: Most Affordable Forex Broker

FXTM is still relatively nascent, being founded in only 2011. However, this is what makes it such an impressive Forex broker — it has gone so far in such a short time.

FXTM is a household name at the forefront of the online Forex trading industry. It serves a global audience regardless of where they are found and what their financial dreams are.

In the decade of its existence, more than three million customers from close to 200 countries have executed trades on the FXTM platform. Plus, the company is regulated in several jurisdictions, giving customers peace of mind regarding their funds.

You would also be happy to know FXTM has bagged more than 25 industry awards. These awards are not flukes, as they confirm FXTM is serving its customers well with an assortment of financial instruments, account types, and resources.

Pros

• More than two million traders trust FXTM
• Highly regulated by top regulatory bodies in many jurisdictions
• Secure trading platform
• Copy-trading feature available
• Low minimum deposit
• Fair fees and commissions
• The inactivity fee is not too high
• Lots of educational materials
• Over 25 awards

Cons

• Only MetaTrader 4 is available — no MetaTrader 5
• Limited asset options

Highlights

A Variety of Tradable Products: An adequate variety of tradable products is available on FXTM. 63 currency pairs, 8 commodity pairs, and 11 global stock indices. FXTM also allows users to trade crypto, although it only lists a few digital currencies — Bitcoin, Ethereum, Litecoin, and Ripple.

Reasonable Fees and Commissions: FXTM charges a reasonable fee for trading services. However, this fee varies depending on the type of account you choose. Speaking of account types, FXTM offers two types of accounts: the standard account and the ECN account.

On the standard account, spreads are wider than the industry standard at 1.6 pips for the EUR/USD pair. On the other hand, we have the ECN account, which is more like a pro account. This has more competitive fees with a tighter spread of 0.1 pips. But, do not forget that pro accounts usually come with a commission. For FXTM, that is $2 per lot, which increases the cost of trading.

With that said, spreads can get as tight as 0 pips, but that only comes with the ECN Pro Account targeted towards veteran players. Plus, you need a minimum deposit of $25,000 to open an ECN Pro Account. Moreover, inactivity fees on FXTM begin after six months of inactivity at $5 per month.

MetaTrader 4 Platform: FXTM only offers MetaTrader 4, not MetaTrader 5. But that is all good since MetaTrader 4 is what most traders use anyway. The platform is compatible with Mac, PC, and any smart device, which means you get to trade while on the move. And to make this better, you can download the FXTM app, which works for both iOS and Android devices. The app comes with helpful tools like a pip value calculator, an order indicator, and more, which help to improve the user experience.

Educational Resources: Whether a beginner or veteran, FXTM has ample educational resources to help you on your trading journey. The company also runs webinars regularly, where analysts worldwide offer their wealth of experience to young traders. It is also a nice touch that the webinars come in many different languages.

4. IG: Most Comprehensive Forex Offering & Most Trusted

The IG Group, under which the IG trading platform exists, has been in existence for nearly half a century. Altogether, the company has more than 178,000 clients worldwide, all of whom trust IG with their investments.

Well, that is only to be expected with a company that boasts 46 years of experience and a listing on the London Stock Exchange. The company also has offices in 16 different countries and has been the recipient of several awards in the industry for the quality of services it provides.

Setting up an account is super easy with IG. You just fill out the form, which contains a few questions that will help to ascertain how experienced a trader you are. Once you have filled out the form and submitted it, you will be verified almost instantly.

Now, you are all set, and you can begin trading immediately. Just fund your account and trade. Of course, you can also withdraw the funds whenever you want.

If you trade at exceptionally high volumes from month to month, IG promises you a personal account manager. See that as IG’s way of thanking you for your business.

Pros

• Massive array of offerings
• Highly regulated in several jurisdictions
• Secure platform
• Educational resources accessible
• More than 80 currency pairs
• Scandinavian, exotic, and emerging markets available
• Excellent user experience on the trading platform

Cons

• A few critical functionalities are not available for U.S. clients

Highlights

Fee Is Quite Competitive: IG is a large, established brand, so it is quite easy for the platform to offer competitive prices for its users. It boasts the lowest margins in the industry and does not charge any additional fees. This is what makes IG a comfortable platform for beginners to use. Spreads begin at 0.8 pips for the EUR/USD pair and sometimes get as high as 5.4 pips.

There are inactivity fees for users who do not execute any trades for 24 months, which amounts to $12 per month. And then there are fees for wire withdrawals as well, which amount to $15.

The minimum deposit allowed on IG is $250. Plus, there is a rebate available for those moving huge amounts of trading volume from month to month. Those trading at $100 million in monthly volume gets a 5% rebate, while those who bring in a trading volume of $500 million monthly get a 15% rebate.

Superb Trading Experience: Starting with its website, IG provides a streamlined trading platform accessible from any browser. The site lacks many bells and whistles, but its simplicity is what makes it powerful.

The trading platform available here is MetaTrader 4, which works with all kinds of devices. Users will access various tools, including basic risk management tools and Autochartist, which is built into the platform.

Users can also download the IG app, which works with both iOS and Android devices. With touch and face ID security, IG’s app is ahead of other MT4 apps in the industry, and it is also more than adequate in terms of functionality and user experience.

An Assortment of Market Instruments: IG’s offerings are staggering, as its catalog spans more than 17,000 markets, with futures and options available on the platform. There is hardly an instrument worth trading that is not on IG, including commodities, crypto, indices, shares, and, of course, Forex.

Users get to trade with more than 80 Forex pairs, which cover exotic and emerging markets.

5. Vantage FX: Best for Beginners

Founded in 2009, Vantage FX has been in the business of helping its clients achieve their financial ambitions. The platform offers access to the Forex trading market via its MT4 and MT5 trading platforms. It also continues to improve and evolve to meet the demands of the dynamic market.

A key-value espoused by Vantage FX is complete transparency. Vantage FX works hard to earn clients’ trust by serving them with integrity in an industry that can seem quite murky. Clients who trade with Vantage FX know they are sticklers for high quality. They are highly regulated and audited, so clients can go to bed with their eyes closed when investing with this company.

Opening an account is pretty easy with Vantage FX. Simply choose the account you would like to open and then apply. You will be verified almost instantly, and then you can fund your account and start trading immediately.

Vantage FX gives you access to over 300 financial instruments. So, you are sure to have a field day.

Pros

• Affordable fees
• Highly regulated
• Safe and transparent platform
• MT4 and MT5 platforms are available with the fiber-optic network to ramp up the speed
• Great for beginners
• Traders get a welcome bonus
• Trade execution is swift

Cons

• Limited product offerings

Highlights

Vantage FX Is Secure: Vantage FX uses segregated accounts to store its clients’ funds at the National Australia Bank (NAB). By the way, NAB is one of the largest banks in Australia and one of the safest in the world, serving over 12 million clients.

The broker is also highly regulated and quite transparent with its regulatory information. You can find everything you need to know about it on its website. We have to mention that Vantage FX also has professional indemnity insurance, which is a significant plus.

Excellent Trading Platforms: Vantage FX provides both MT4 and MT5 trading platforms. It also goes a step further by providing a fiber-optic network so users can fully utilize the MT4 trading platform’s capabilities. With Vantage FX, you will execute trades at breakneck speed and transparent prices, regardless of the asset class.

The MT5 is an upgrade to the MT4, and it offers more features than the MT4. For example, hedging and scalping are available. Plus, it is much faster than the MT4.

Fees and Costs: Vantage FX offers tight spreads as low as 0 pips depending on the account type. For RAW ECN accounts, you get 0.0 pips. But, for Standard STP accounts, spreads get up to 1.0 pips.

Users do not have to pay any fees to withdraw or make deposits. However, you might still have to pay third-party deposit and withdrawal charges.

An Array of Financial Instruments: Vantage FX offers a fairly wide assortment of financial instruments. You get 41 currency pairs, 17 commodities, and 15 indices, which are more than sufficient for beginners but might probably bore an advanced trader.

How Did We Choose the Best Forex Brokers?

The Forex trading space is a cutthroat market. It is the largest market globally, but it also happens to be decentralized, which means there are no governing bodies overseeing the activities of Forex brokers and traders.

Unfortunately, this has opened the doors for miscreants looking to dupe people. Regardless, our search for the best Forex traders was long and thorough.

We had to assess, rate, and rank nearly every international Forex trader available over some time. This meant crawling through tons of published research to ensure we were only dealing with legit traders.

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Once we were sure of our list of legitimate Forex brokers, we graded each of them based on several variables. Here are some of the factors we evaluated while grading the different traders we came across during our research:

• User experience on the trading platform. It is vital that trading is seamless on any good trading platform. Sometimes, there is a thin line between executing a successful trade and a failed one.
• How many currency pairs are available to trade on the trading platform? We made sure to include only Forex traders with a wide range of currency pairs, including exotic ones.
• The costs and fees involved in executing trades on the platform.
• Of course, we also took the spread and commissions on each platform into consideration.
• Customer support is another aspect we considered. Only Forex traders with excellent and 24/7 customer service were listed in our review.
• Finally, we made sure only to include those that are regulated in multiple jurisdictions.

Based on these variables, we created a scoring system that helped us rank each Forex trader. We eliminated those who did not meet a specific cut-off and left only the best traders on our list.