There are a number of crucial qualities and perks that both expert and beginner forex traders look for when choosing a broker. Overall trading experience, product range and depth, trading fees and platform options are just a few of the most significant factors to consider when selecting a broker, and with the right knowledge and strategies, it can be a profitable activity with a Low-Risk Ways to Trade Online.
In this article we break down the 7 best global Forex brokers which provide traders with excellent advantages in all of the above criteria.
Read The Top 10 Forex Trading Platforms To Consider When Starting Your Trading Journey.
1. AvaTrade
AvaTrade offers a wide range of trading options, including FX and CFDs on indices, equities, commodities, and exchange-traded funds (ETFs). As a newbie trader, you’ll find the AvaTrade web trader and AvaTradeGO mobile trader quite user-friendly.
Fees are incorporated into the spreads provided by AvaTrade, which is a commission-free broker. Over 50 currency pairs, including major, minor, and exotic pairings are available to traders, with a variety of base currencies, including the pound sterling.
Pros and Cons
| PROS | CONS |
| Broad range of tradable instruments | High EURUSD and inactivity fees |
| MetaTrader 4 and 5 available | |
| Excellent educational resources |
Features
| Feature | Information |
| Regulation | Central Bank of Ireland, MiFID, ASiC, BVI |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | No commission on Forex |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | First Deposit Bonus |
| Customer Support | 24/5 – multilingual |
2. Trade Nation
Forex and CFD broker Trade Nation has offices around the world including in South Africa, the United Kingdom, and Australia. Their jurisdiction includes South Africa (FSCA), the UK (FCA), Australia (ASIC), and the Bahamas (SCB).
An easy-to-use platform is available to prospective traders at Trade Nation. There is an in-house Smart News feature that provides up-to-the-minute information on the financial markets.
The MetaTrader 4 brand is supported by this broker, so traders who prefer its highly popular software features can open an MT4 account.
Pros and Cons
| PROS | CONS |
| Transparent fee structure | US clients not accepted |
| MetaTrader 4 available | |
| Fixed, competitive spreads |
Features
| Feature | Information |
| Regulation | FSCA, FCA, ASIC |
| Minimum deposit from | None |
| Average spread from | 0.2 pips |
| Commissions from | Variable |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:200 |
| Bonuses | 20% monthly rebate |
| Customer Support | 24/5 – multilingual |
3. Exness
As a forex and CFD broker, Exness offers access to trading currencies, cryptos and stock indexes as well as commodities like gold and silver. Additionally, Exness provides the MetaTrader 4 and MetaTrader 5 trading platforms. Traders can choose from a wide range of account kinds to suit their needs.
Advanced traders and those who use automated trading tactics can take advantage of free VPS hosting. Exness clients can now invest in the tactics of other traders thanks to social trading.
Pros and Cons
| PROS | CONS |
| Well-regulated | |
| Tight spreads | |
| Over 130 currency pairs |
Features
| Feature | Information |
| Regulation | CySEC, FCA |
| Minimum deposit from | $1 |
| Average spread from | 1.3 pips |
| Commissions from | 3 USD and 10 USD per 1 lot for CFDs |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:2000 |
| Bonuses | Standard +10% Bonus Programme |
| Customer Support | 24/5 – multilingual |
4. HotForex
HotForex (HF Markets Group UK Ltd.) is a multi-asset online broker that offers trading options in forex, commodities, indices, and more. Leading liquidity providers are accessed through the broker’s direct market access, with a London headquarters as a convenient backbone for all operations.
In addition to MetaTrader 4 (MT4) and MetaTrader 5 (MT5), HotForex offers a variety of trading features, with a number of web terminals and desktop apps for both novice and expert traders.
Pros and Cons
| Pros No deposit or withdrawal feesCompetitive spreads | Cons High commission charges on the Zero account |
Features
| Feature | Information |
| Regulation | CySEC, DFSA, FCA, FSA, FSCA |
| Minimum deposit from | $5 |
| Average spread from | 0,0 pips |
| Commissions from | USD 0.03 per 1K lot. |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:1000 |
| Bonuses | 100% Supercharged Bonus |
| Customer Support | 24/5 |
5. OctaFX
OctaFX is an excellent ECN DMA broker for scalping, risk management, and automated trading. With a minimal spread, a modest deposit, and its own copy trading service, it’s ideal for a wide range of investors and traders.
OctaFX offers its own, simple-to-use OctaFX mobile trading platform in addition to the most widely used MT4 and MT5 trading platforms.
Market execution is completed in less than 0.1 seconds. In addition, there are no requotes to be found. Since the spreads are so narrow, trading here offers the most competitive prices.
Pros and Cons
| PROS | CONS |
| Ultra-fast execution | No VPS available |
| More than 30 forex pairs availableWell-regulated | No Forex educational tools |
Features
| Feature | Information |
| Regulation | CySEC |
| Minimum deposit from | $100 |
| Average spread from | 0.7 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | 50% Deposit Bonus |
| Customer Support | 24/5 |
6. IC Markets
Online trading brokerage IC Markets, which is situated in Sydney, Australia, and is regulated by ASIC, is a well-known and established company.
CFDs on stock indexes, precious metals, and even popular cryptocurrencies such as Bitcoin are all available through the brokerage firm’s wide range of instruments.
Those that trade frequently understand the importance of minimizing trading costs. Day traders don’t have to worry about losing money due to hefty commissions or trading expenses, while spreads on EUR/USD are merely 0.1 on average.
Therefore, IC Markets are an excellent choice for high-volume trading.
Pros and Cons
| PROS | CONS |
| Low forex feesEasy and fast account openingFree deposit and withdrawal | No Negative Account Balance ProtectionLimited number of available CFDs |
Features
| Feature | Information |
| Regulation | ASIC |
| Minimum deposit from | $200 |
| Average spread from | 0.1 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/7 |
7. Oanda
When it comes to forex trading, Oanda has a solid reputation. The company offers 124 trading instruments which are complemented by corporate FX services, currency management solutions, and rate data for multinational corporations.
Oanda provides access to 71 currency pairs, 16 stock index CFDs, 23 metal CFDs, 8 commodity CFDs, Bitcoin CFDs, and 6 CFD bonds through its trading platform.
In addition to MetaTrader 4, you can utilize Oanda’s proprietary desktop applications and other platforms. Additionally, developers work tirelessly to integrate new features.
Pros and Cons
| Pros User-friendly trading platformLow minimum depositLow trading fees | Cons Lack of decent customer serviceHigh withdrawal feesLimited instruments for forex and CFDs |
Features
| Feature | Information |
| Regulation | FCA, RFED |
| Minimum deposit from | None |
| Average spread from | 1.6 pips |
| Commissions from | $0.01 USD per trade |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:100 |
| Bonuses | None |
| Customer Support | 24/5 |