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Best Forex Brokers Australia
We recommend that you choose regulated brokers only with an ASIC license.
Top Rated Forex Brokers For Australians
|Forex Broker||Min. Deposit||AU Regulated||Trade||Review|
|$200||Forex, Bitcoin, CFD||TRADE NOW|
|$100||Forex, Crypto, CFD||TRADE NOW|
|$100||Forex, Crypto, CFD||TRADE NOW|
You don’t have to register with a local broker, there are numerous advantages to doing so.
For instance, the Asian market is a lot more available to you, there is a more solid connection with local banks, and you can expect better customer service. Of course, not all brokers provide services that are on par with one another.
Australian Forex Brokers
The following brokers are based in Australia. This means that their head offices are in Australia, and the banks are also there.
AvaTrade first offered its services in 2006 in Ireland and since then has opened up offices in Australia (Sydney), the U.S, Japan, Italy, and various other regions. One of the main reasons that AvaTrade finds itself on this list is because of well licensed and regulated it is. In Australia, it falls under the purview of ASIC. The broker is also regulated by numerous other regulatory agencies across the world.
The other advantage with this broker is that the deposit amount is relatively low. AvaTrade offers just one account and traders simply need to deposit $100 to begin trading with them. The leverage is offered at 400:1. AvaTrader offers one of the most competitive spreads with fixed and variable, and floating spreads starting from 0.9 pips.
The instruments traded by AvaTrade include forex, commodities, binary options, CFDs, metals, oil, gold, indices, and even cryptocurrencies. The broker relies on a large variety of platforms. These are MetaTrader 4, AvaTradeGO, AvaTradeAct, MT4 Floating Spreads, and AvaOptions. There are also mobile trading options. In addition to first time bonuses, beginner and expert traders also have access to a considerable number of educational resources regarding the forex market and trading.
Pepperstone was actually founded in Australia in 2020 but has expanded to set up headquarters in America and China. Based in Melbourne, Pepperstone is regulated by the ASIC and has won numerous awards excellence in both brokerage services as well as customer service. You can read the full pepperstone review here.
This broker has four accounts, with the Edge Standard and Edge Swap Free requiring no commissions and relying on STP spreads instead. The Edge Razor and Edge Active Traders charge $3.5 for every 100,000 trade. The Edge Razor uses spread pips from 0.1. The leverage offered is 500:1. The minimum amount of money that you can deposit in an account is $200.
In addition to forex, Pepperstone has over seventy tradable instruments. This includes gold, commodities, CFDs, etc. For platforms, this forex broker uses MetaTrader 4, MetaTrader 5, and cTrader. Pepperstone ensures segregated client accounts so that trader’s accounts will always remain separate from that of the trader. These accounts are held by the National Australia Bank. This broker also offers the opportunity to deposit funds from over ten payment avenues. There are various educational tools including trading guides. Pepperstone is a forex broker that caters equally to novice as well as expert traders.
FXCM are one of the first brokers to offer internet-based trading to their clients. Their success in the United States prompted them to open offices in Sydney, Europe, Asia, and the Middle East. The Australian branch of FXCM is regulated by ASIC. Traders can open up one of three accounts with the broker.
There is the Mini, Standard, and Active Trader. Each of the currency pairs can be traded depending on a spreads only, spreads and commission, or spreads and reduced commission. The spreads can vary from 0.4 to 3.1 depending on the account as well as the currency pair. Dependent on the account, the leverage offered can be 100:1, 200:1, and 400:1.
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FXCM relies on three trading platforms – MetaTrader 4, Trading Station, and NinjaTrader. The platforms cater to traders speaking numerous languages. Along with forex, traders can deal with commodities and indices as well. There are plenty of services offered. There are also trading guides and other educational resources for beginners. The broker also has reliable customer service which is offered 24/7.
4. IC Markets
IC Markets, frequently referred to as ICM, offers competitive pricing and services, making it one of the more sought after brokers in Australia. Acclaimed in Australia this broker is also one of the best forex brokers in the world.
There are three account types that traders can sign up for with ICM. This is the standard account, the True ECN account, and the cTrader account. The standard option doesn’t carry commission and has spreads starting from 1.0 pips. The True ECN account charges $3.5 commission for every load. The cTrader account charges a $3 commsion for every US $100K. There is a minimum deposit requirement of $200. The maximum leverage offered is 500:1.
ICM uses MetaTrader 4 and cTrader as trading platforms. There are further features available with these options for a more customized trading experience. ICM is perfect for day traders, scalpers, discretionary traders, and EAs. One of the main advantages of registering with such a broker is the versatility that it offers, including being able to make deposits in nine different currencies. The broker also offers twenty-four hour customer service, seven days a week.
5) Go Markets
Go Markets is an Australian based broken that began welcoming traders in 2006. The broker has a valid license from the Australian Financial Services, having a ASIC regulation. Go Markets is also authorized and licensed in numerous other regions including the Middle East and the UK.
The brokers offer two trading accounts for traders. There is the Standard and the Pro option. The standard requires a minimum opening deposit of $500 while the Pro is active after a $1000 deposit. The maximum leverage is 300:1. For the Standard account, the spreads start from 1.1 pips and the Pro has spreads upwards of 0.1 pips. There is only a commission charge with the Pro account, which is a small AUD 3.5 for each side.
Go Markets works with MetaTrader 4 and has other trading tools to offer such as MT4 Genesis. The education center for this broker is quite impressive. There are guides on how to be a better forex trader as well as video tutorials on how to use the platform.
ASIC Forex Brokers Australia
ASIC stands for Australian Securities and Investments Commission, which is a financial services regulator. All brokers that have an ASIC license are considered to be a lot safer, than unregulated ones.
The reason is that ASIC makes sure that the brokers:
- are operating in a legal way
- the funds of their clients are safe
We always recommend picking as ASIC regulated broker.
These are some of the best forex brokers in Australia. If you are looking for a broker, remember to only sign up with licensed brokers that are regulated by a local regulatory agency.
Binary Options in Australia
The #1 Binary Options Trading Guide for Australian investors. On this website you will find strategies, tips and the best Australian Binary Options broker reviews.
Start trading 100+ stocks, currencies, commodities and indices. You should start by picking one of the trusted brokers at the top of this page.
Where To Start?
- HighLow Review: Highlow is one of the best trading platforms. The company is registered in Australia and they have an Australian ASIC license.
- EasyMarkets Review: One of the best Australian brokers. They don’t offer binary options trading, however you can trade CDFs on forex, commodities, cryptos and indices.
More and more Australians are looking for the best binary options brokers. That’s no wonder, considering the success and ever-growing popularity, that binary options trading has at the moment.
One of the fastest and easiest ways of earning profits is to use binary options trading here in Australia. It is also possible for you to earn bonuses and other great extras.
The best alternatives to binary options brokers are Forex Brokers, CFD Brokers and Bitcoin Brokers.
There are some brokers that are regulated in Australia, while others are regulated in Cyprus, Europe, but they all accept Australian traders. In addition, they even accept all the payment methods preferred by Australian traders.
If you don’t have a trading strategy yet or if you want to try auto-trading then we recommend BinBotPro.
Forex, Cryptocurrency and CFD Trading For Australians
|Name||Min. Deposit||AU License||Features||Review|
|$100||YES||+ ASIC License||FREE ACCOUNT|
What Is Forex Trading?
The best alternative to binary options trading is Forex/CFD/Crypto trading. Forex has been around for longer than binary options, and there are many safe and licensed forex brokers.
The main difference between forex and binary options is that with forex there are no limits to how much money you can make or lose. Of course there are tools to control this (like stop loss). Also you are not limited to any timeframe. You decide when you want to open or close a trade. Forex is more flexible than binary options.
Best Binary Options Robot For Australians
|Name||Min. Deposit||Max Returns||Features||Review|
|AU$250||90%||+ FREE SOFTWARE||FREE ACCOUNT|
What Is A Binary Options Trading Robot?
If you are looking for an automated way to trade binary options, then a trading robot is for you. With these robots, you can trade even when you sleep. Just make the necessary settings in the software and start trading. The BinBotPro software is free, if you sign up through one of their recommended brokers.
Is Binary Options Trading Legal In Australia?
Yes, there are no laws that restrict binary options trading to Australians. Most brokers that we recommend on this website have an ASIC license, which means that they have an official license in Australia. Most of these brokers have their headquarters in Australia. Take a look and compare all licensed binary options brokers and pick one that you think suits you most. Make sure you sign up with one of the top binary trading sites for Australians.
We recommend that you pick a broker with an Australian Securities & Investments Commission (ASIC) license. This way to can make sure that your funds are safe.
Binary Options Trading for Australians
We will show you how to get started with binary options trading. After you have picked a broker, registered and logged in, a drop down menu will appear on the screen as follows:
- Select an asset and time of expiry for your binary option.
- Click on assets and a list will appear with their expiry time.
- Once you have analyzed the information, press the select on your chosen asset.
- Next you need to choose either Call or Put option. When you have done this, a current price will appear on the screen. It will also show you the expected payout on your investment letting you see how much profit or loss is involved.
- Put in the amount of cash you want to invest. You can base this on the amount of money you will make if the option expires in the money.
- When the time has expired you will see n the screen the price of the asset. You will then be able to see if you have made or lost money. If you have predicted correctly and your binary option expired in the money you will get the money projected in the initial investment. If you have predicted wrongly, and you end up out of the money, many of the brokers in binary options trading Australia will refund 15 per cent of the money you invested.
Recommended Australia Binary Option Brokers
Online binary options brokers make it simple for you. These types of brokers are not middlemen in that there is no bargaining with them and they are not paid any commissions. In Australia, they also call them binary options trading platforms. These brokers are well set up in the financial markets and their support is usually very friendly and responsive. Everything is made easy for you as there are no agents to deal with making it a good investment option.
Trading options in your country is as easy as signing up and depositing with your favorite payment method. Most binary options brokers accept all credit and debit cards, bank wire and skrill, but you can find our more about the best binary options brokers that accept all payment methods.
The first step is to register and in no time you will be an investor on an online brokerage, but before starting to trade it is worth your while to read the training guides. There is no registration fees required from the majority of brokers. You do, however, need to open an account at the time of registration and make an initial deposit. Once this is done, you are ready to start investing.
You are now trade in binary options trading Australia from anywhere as long as you have an internet connection. Enter the site of your broker and immediately begin to deal electronically.
Best Binary Options Broker In Australia
HighLow is the most popular and trusted Australian binary options broker. All traders get a special welcome bonus. This broker offers a huge variety of payment methods and their support team is top notch. > Find out more
Other Good Binary Options Brokers Australia
VantageFX is one of the best AU binary options brokers, because it is actually based in Australia. You can’t go wrong with this company, because it is considered to be the safest choice. The minimum deposit is only $100 for a limited time. > Find out more
Binary Options Trading Australia
Binary options is a completely electronic or digital method of trading, without any hassle and you can make huge profit in one day as the turnover is hourly. Another benefit is that there is no need for you to be a financial or economic genius. All relevant information is displayed on the screen and is user friendly, enabling you to make a decision.
If you are unsure where to start, you can check out binbotpro the auto-trading binary software.
Here is a list with all binary options brokers that accept Australian traders (we only recommend the licensed brokers):
Best International Binary Options Broker
Finrally accepts traders from all countries including Australian traders. They have a great welcome bonus of up to $250 on your first deposit. Finrally does not have an ASIC license but offers a better bonus and more assets to trade. The minimum deposit is $250 and the average payout is 90%. Sign up here.
Binary Options Signals Australia
If you are new to binary options trading and you don’t have a winning strategy yet, you can always try a binary options signals service, also called binary options robot. These signals will give you ideas on which assets you should invest next. Some binary signal providers have success rates of
Best Forex Brokers for 2020
The ForexBrokers.com annual forex broker review (four years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. How we test.
Are you looking to speculate that the Euro (EUR) currency will go up in value against the US Dollar (USD)? If so, you will want to trade (or spread bet) the EUR/USD currency pair. The forex market is the largest and most liquid market in the world, representing every global currency with trading conducted 24 hours a day, five days a week.
To trade forex, you need an online broker. Trading with a trusted forex broker is crucial for success in international currency markets. As a currency trader or investor, you may have specific needs related to which platform, tool, or research requirements you have. Understanding your investment style can help determine which fx broker will be best for you.
Each year, our team here at ForexBrokers.com spends five months testing the biggest names in foreign exchange and assembles a guide to the best forex brokers for forex and CFDs trading. Here are our findings for 2020.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 68-79% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Best Forex Brokers
Here’s a breakdown of some of the best forex brokers in the world.
- IG – Best Overall
- Saxo Bank – Best VIP client experience
- CMC Markets – Best web platform, most currency pairs
- Dukascopy – Well-rounded offering
- TD Ameritrade FX – Excellent trading platform, US only
- City Index – Excellent all around offering
- FOREX.com – Great platforms and pricing
- XTB – Best customer service, great platform
- FXCM – Well-rounded offering
Best Overall – Visit Site
Regulated and trusted across the globe, IG offers traders an extensive list of tradeable products, excellent trading and research tools, industry-leading education, and competitive rates. This fantastic all-round experience makes IG the best overall broker in 2020. (68% of retail CFD accounts lose money.) Read full review
Best VIP client experience – Visit Site
For traders that can afford the USD 10,000 minimum deposit (GBP 500 for the UK), Saxo Bank offers competitive pricing, excellent trading platforms, brilliant research, reliable customer service, and over 40,000 instruments to trade. (72% of retail CFD accounts lose money.) Read full review
Best web platform, most currency pairs
Through its offices regulated in major global financial centers, CMC Markets offers traders a wide range of financial products with excellent pricing and its Next Generation trading platform, which is packed with innovative trading tools and charting. Read full review
Thanks to its JForex platform suite, Dukascopy provides forex traders industry-leading trading tools and market research, which includes our favorite mobile app for 2020. Drawbacks include terrible customer service and a narrow offering of tradeable markets. Read full review
Excellent trading platform, US only
With nearly 80 currency pairs to trade alongside a plethora of trading tools and research, TD Ameritrade’s thinkorswim platform provides US-based forex traders a winning experience. Read full review
Excellent all around offering – Visit Site
Beyond its extensive range of products, multi-asset traders confidently choose City Index for competitive spreads, great platform options, premium research tools, and reliable customer service, all under the backing of GAIN Capital, which is one of the largest retail brokers globally. (72% of retail CFD accounts lose money.) Read full review
Great platforms and pricing – Visit Site
FOREX.com delivers an excellent trading experience for forex and CFD traders across the globe. With competitive pricing, full-feature trading platforms, comprehensive market research, and a robust mobile app, FOREX.com caters to traders of all experience levels. (69% of retail CFD accounts lose money.) Read full review
Best customer service, great platform – Visit Site
As a trusted multi-asset broker regulated in several major financial centers, XTB provides a well-rounded, competitive offering. Highlights include outstanding customer service and the xStation 5 trading platform, which delivers a great experience. (75% of retail CFD accounts lose money.) Read full review
While its range of tradeable markets is narrow and pricing is just average for everyday trading, FXCM caters to multiple trader types. High-volume traders, algorithmic traders, and, overall, traders that appreciate robust trading tools alongside quality market research will find FXCM to be a good fit. Read full review
Best Forex Brokers for Low Costs
Forex trading costs are not easy to break down. Reasons why trading costs can be impacted: bid/ask spreads can vary across venues (because forex is decentralized), forex spreads may be either fixed or variable (floating). Also, variable spreads may widen or narrow (vary) at different rates across brokers.
Furthermore, execution policies vary across firms in terms of how orders are processed (slippage/rejections), even when all else is equal. Brokers may be acting as market makers (dealers) to execute your trades or acting as agents for execution (relying on other dealers to do so for them). Forex spreads may include a round-turn commission. Also, not all brokers publish their average spread data, and for those who do – not all brokers record their average spread over the same time-frames, making it difficult to make an accurate comparison.
To assess brokers, we take into consideration how much beginners, average traders, and even more seasoned traders would pay, looking at average spreads for standard forex contracts (100,000 units) as well as mini accounts (10,000 units) and micro accounts (1,000 units), where applicable. We then calculate the all-in cost by including any round-turn commission that is added to prevailing spreads.
When it comes to competitive all-round pricing, Saxo Bank took first place as the best broker in the Commissions and Fees category. Saxo Bank offers the most competitive all-in cost to trade, considering there are no added commissions or fees. For example, Saxo Bank’s average spread was just 0.6 pips on the EUR/USD pair for the 30 days ending October 10th, 2020. It’s worth noting Saxo Bank does also offer a commissions-based pricing model available for traders, which includes discounts for high-volume traders, and pricing can vary by region.
In second place is IG. From October 28th through November 22nd, average spreads at IG for the EUR/USD stood at 0.73 pips. While many other brokers may advertise lower pricing, factors we took into consideration include the maximum trade size and overall position size that IG allows, which helped the firm place among the best in this category.
While the all-in cost to trade can be critical for many traders, it is essential to look at the whole picture in terms of how a broker’s overall offering could best suit your needs. What are the average spreads for the account types offered? How will differences in margin requirements or execution type available affect my forex trading volumes and related trading costs? These are just two questions that can help traders compare key differences between offerings.
Best Forex Trading Platforms
Forex trading platforms are the modern gateway to investing in international currency markets. Regardless of your trading style or preferred multi-asset instrument, the platform technology you use affects nearly every aspect of your trading experience. From accessing research to analyzing news events, performing technical analysis on charts, and efficiently placing trades, using a proper forex trading platform makes a difference.
Over the past decade, forex trading platform technology has continued to evolve steadily across devices, with a shift from desktop to web, and then to mobile. From among the 30 forex brokers we tested this year, it was clear that the best forex platforms continued to innovate. All in all, the best forex trading platforms provide customers a robust, feature-rich, seamless experience across all devices.
IG is our number one recommendation for traders that desire an excellent platform experience. From technical analysis on charts to integrated trading signals, streaming news, and premium research, IG has done an excellent job making everything on its platform compact and easily customizable for traders. Alongside a light-mode and dark-mode option, users can also create multiple workspaces, and content is cleanly categorized across asset classes and market sectors. No question, in 2020, IG’s platform set the bar for the industry.
Saxo Bank took second place thanks to its highly refined SaxoTraderGO platform and its new SaxoTraderPRO platform, which is available for desktop, web, and mobile. Saxo Bank is also our top choice in the Ease of Use category, as it has nearly perfected the user-interface design in a highly-efficient platform. Highlights include excellent charting, which fully syncs across devices and includes integrated pattern-recognition with trading signals. Whether trading spot forex or options on FX, Saxo Bank enables traders to access 40,000 markets and offers a complete package.
Selecting the best forex platform for you will depend on a myriad of factors. First, do you prefer a web-based environment or desktop download? Next, consider how important tools such as charting or automated trading are to you. Available order types and other unique tools and advanced features are also items to keep in mind. Narrow down your top picks, then try each platform out through a demo account to finalize your choice.
Best International Offering
Foreign exchange markets are open 24 hours a day, five days a week. Having the ability to react quickly to geopolitical and economic news events through one universal platform, in real-time, is vital. Why? Financial markets, including forex and more recently even cryptocurrencies, are highly interconnected.
In the early 2000s, brokers used to concentrate on offering just one asset class, for example, forex, to their customers. Today, trading platforms are no longer just for trading forex or CFDs; instead, multi-asset offerings are now industry standards among all the most significant online brokers. That said, the range of products and markets you can trade still varies considerably across firms.
When it comes to the best international offering, IG maintained its first-place podium position year-over-year, thanks to offering over 17,000 tradable instruments, including 93 forex pairs. IG also invokes trust, thanks to its slew of global regulatory licenses, which includes licenses from top-tier jurisdictions such as the US, UK, and Switzerland. In addition to forex and CFDs, IG also provides access to global stock exchanges through its share dealing account offering.
US-headquartered Interactive Brokers (IBKR) took second place, boasting a wide range of top-tier regulatory licenses. Best suited to professional traders, Interactive Brokers provides traders access to 7,400 CFDs, 105 forex pairs, a list global exchange-traded products, US-traded bitcoin futures, and much more. Overall, Interactive Brokers (IBKR) offers traders access to 120 market centers across 31 difference countries.
Best Forex Research
To trade profitably, thorough research content and tools to find and analyze investment opportunities is crucial. Beyond news headlines and an economic calendar, leading forex brokers combine third-party content with in-house research, including fundamental news and technical analysis.
Within the trading platform, research tools are directly integrated. Research tools include daily or weekly market recaps and analysis, live trading rooms, integrated pattern-recognition tools for news events and charts, screeners, heat maps, and sentiment indicators.
IG took the first place position for research, with a broad range of tools available through its web platform and numerous in-house analysts and third-party content. Highlights include its exclusive streaming video, IG TV, along with a vast array of daily blog updates and detailed posts from a team of global analysts. Additionally, IG’s DailyFx site continues to be a leader for retail traders seeking educational and research material.
Saxo Bank came in the second place position as the best broker for forex research in 2020. While many brokers struggle to organize research for their customers, Saxo Bank does a fantastic job centralizing the research across its platform suite and offering content that is rich with insights. For example, with its podcast series, Saxo Bank incorporates commentary from its top market analyst and makes audio recordings available on Spotify, Stitcher, Apple Podcasts, and SoundCloud.
When choosing a forex broker for its FX research, remember that quality is just as important as quantity. The best forex brokers provide a great blend of in-house market analysis as well as tier-1 quality third-party research.
Best Forex Trading Apps
While nearly all forex brokers have offered mobile apps for years, the difference in quality between a great app and a mediocre app is vast.
To determine the best forex brokers for mobile trading in 2020, we focused on identifying mobile experiences that were bug-free, cleanly designed, and provided a wide range of features. Additionally, we looked for brokers who have been able to create a seamless experience between their mobile apps and their desktop and web-based platforms.
Dukascopy Bank again held its first-place position year-over-year, as its JForex Trader app enables traders to run algorithms straight from their smartphones, which is an industry first. The JForex Trader app comes with numerous research and pattern recognition features. The app also includes an impressive array of charting capabilities, complex order types, and other advanced offerings, such as depth of book, all packed into a clean user design.
Saxo Bank maintained second place with its SaxoTrader GO mobile app. SaxoTrader GO is highly responsive and provides traders a unified experience with its web-based platform, offering unique features such as syncing trend lines, indicators, and watch lists. Also, the broker’s native integration of trading signals and pattern recognition, powered by Auto Chartist, is automatically synced with its web platform.
Best Customer Service
When using a forex broker, a single customer service experience is not enough to assess the all-round quality and scope of service. Instead, multiple interactions with a broker’s customer support staff should be conducted to determine an overall rating of customer service.
Here at ForexBrokers.com, we follow the rigorous testing approach used by our sister site, StockBrokers.com, the most respected in the industry when it comes to trusted US stockbroker reviews.
For the 22 international forex brokers included in our customer service assessment, we conducted institutional-grade phone testing with the help of UK-based customer experience research group Customerwise. Over the course of six weeks, 330 phone tests were conducted across the UK (Note: brokers who do not offer any UK-based phone support were excluded from testing).
In the final ranking for best customer service, XTB ended up first followed by ETX Capital, FXCM, Pepperstone, and LCG in fifth. View the full rankings.
Best for Day Trading (Professional Client Status)
When it comes to active trading or day trading, not all forex brokers’ offerings are created equal. The trading requirements and resulting commission/spread discounts a forex trader is entitled to can vary considerably across forex brokers. Also, in today’s highly regulated forex world, traders who want to maximize their margin leverage must apply and obtain ESMA’s professional client status with their broker.
Traders designated as Professionals in the EU do not receive negative balance protection and other consumer safety mechanisms such as eligibility for compensation schemes in the event of their broker’s insolvency. Therefore, choosing a well-capitalized and trustworthy firm is especially crucial for professional forex day traders. Here are our top picks for 2020.
For traders who can afford the high minimum deposit, Saxo Bank is our top choice for professional traders in 2020. In addition to commission-free pricing with average spreads of 0.6 pips on the EUR/USD (for the 30 days ending October 10th, 2020), Saxo Bank also offers a commission-based plan tied to volume, as part of its active trader offering. Saxo Bank won our award, Best VIP Account Offering, thanks to the numerous perks offered to those who deposit at least USD $1m. Finally, it is also worth noting that Saxo Bank offers some of the lowest financing rates in the industry when it comes to the cost-of-carry for traders that hold forex and CFDs overnight.
Our second-place finisher for professionals is IG. Beyond IG’s already competitive base pricing, IG’s Forex Direct pricing provides Direct Market Access (DMA), reducing trading costs even further. Trading costs aside, IG is also an attractive option for high-volume traders thanks to the broker’s ability to execute large orders alongside providing a robust offering of complex order types.
If you’re considering an active trader program or professional trader status in the EU, take attention to the details of what each broker offers. How much do you plan to trade over each calendar month, on average? How will the available margin rates at each broker affect your trade sizes and overall volumes? How sensitive is your trading strategy to spread/commission rates? Finally, other factors that can play a crucial role in your overall experience are the execution method, order types, trading platforms, and other such preferences.
2020 Overall Ranking
Here’s the Overall rankings for the 30 online brokers who participated in our 2020 Broker Review, sorted by Overall ranking.
How do I choose a forex broker?
Here are three of the most important factors to keep in mind when choosing an online broker for forex trading. First, make sure your broker is properly regulated. The safety of your deposit is always the top priority. Next, compare the trading platforms, tools, and investment research provided by each broker. Finally, read forex broker reviews to compare pricing and product offerings (e.g., number of forex pairs and CFDs available to trade).
How do I know if my forex broker is regulated?
It is crucial to use a well-known, properly regulated broker to avoid forex scams. To check if your forex broker is regulated, first identify the register number from the disclosure text at the bottom of the broker’s homepage. Next, look up the firm on the regulator’s website to validate the register number. If the broker is not regulated in your country, do more research. To help traders, we track, rate, and rank forex brokers across over 20 international regulators.
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.
How do I calculate forex trading costs?
For forex and CFDs trading, the all-in cost to complete (open or close) each trade consists of the spread, plus any round-turn commissions. There may also be overnight financing charges, known as carrying costs, which can be either a net debit (loss) or a net credit (refund). To keep trading costs low, focus on trading the major forex pairs such as the EUR/USD, which offer the most liquidity, and thus the tightest spreads.
How important is research and education?
Trading forex is risky and not easy. Even seasoned forex traders allocate time to learning new lessons and concepts. The disparity between currency brokers that provide thorough, high-quality education and those who do not is vast. Research tools for scanning, analyzing, and conducting technical and fundamental analysis will vary from broker to broker. Bottom line: compare your forex broker to make sure you are using the best overall platform.
For our 2020 Forex Broker Review we assessed, rated, and ranked 30 international forex brokers. Each broker was graded on 105 different variables and, in total, over 50,000 words of research were produced.
While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.
All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 1% each year, providing site visitors quality data they can trust. Learn more about how we test.
Forex Risk Disclaimer
“There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.” Learn more.
About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.
Trading CFDs, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 01/20/2020 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.
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