There is a large list of forex brokers offering trading services to users. This brings us to the question: which forex broker is the best? But the answer is not so straightforward as many would think. Indeed, there are many factors to take into account before we decide which broker would offer the best solutions and services to traders.
For example, it is not the same a forex broker to trade for beginners that for advanced users. It is not the same to use a forex broker located in the United States or in the United Kingdom. But don’t worry, we will go through all the details about which forex broker is the best and which could be the best platform for you to use on a regular basis.
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As we mentioned before, there is no best platform to trade in the forex market. Everything would depend on the type of trading strategies you have, the tools you need and the money you want to use to trade.
The following are just some of the best forex brokers currently offering solutions to users in different jurisdictions. Depending on the type of trader you are, you would select one or another. Let’s now see which are the best forex brokers.
CMC Markets is among the largest and most recognized forex brokers in the world. It is considered to be one of the best platforms to trade currencies due to the large number of services that it is currently offering to clients.
Hence, this could be a good platform for traders that want to have flexibility, try different strategies and explore new trading options. CMC markets is also focusing on offering some of the best educational resources for users that want to learn about the forex market.
CMC Markets is a good option for standard traders that want to buy and sell currencies rather than focusing on other types of activities. The platform can be a great choice for newcomers and also for more expert traders.
If you were searching for a good trading platform for beginners, then London Capital Group (LCG) could be the best option for you. This U.K. platform has been considered by Investopedia the Best Forex Broker for Beginners in 2020.
The company has more than 20 years of experience and it allows users to integrate with MT4 (MetaTrader 4). Despite the fact that this platform is considered to be the best for beginners, it offers a wide variety of instruments that can be used with different asset classes.
This platform has a large selection of CFDs and it also has spread betting instruments for different asset classes. This makes the platform a great choice for beginners but also a good option for more advanced traders.
If you are searching for a platform with low costs and cheaper services, then, XTB online is the right choice for you. This platform aims at reducing to the minimum as possible users’ costs when trading in the forex market.
The bid/ask spread is relatively low compared to other platforms, making it a great option for scalpers and traders that want to make small short trades. Furthermore, they are also offering leverage to traders that would like to get a larger exposure to the markets and they are available for users in different jurisdictions.
Rather than trading only currencies, you can also trade CFDs on stocks. That means that you can trade derivatives that would also let you use leverage.
If you are a trader from the United States, it will be somehow more difficult to find trading platforms. However, IG is the best forex broker currently available for U.S. traders. IG would offer a well-designed website with a clear user interface that would let you customize it according to your needs.
Moreover, you would find it very easy to withdraw money and trade with multiple options. Nonetheless, the fees are higher than other competitors. This is why you should be aware of this when you start trading currencies and CFDs with this platform.
That being said, IG is among the most secure and compliant forex brokers in the world and it is one of the best for U.S. traders.
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