Best Forex Brokers - Top 5 Brokers for 2021
Selecting the best Forex brokers is important for successful trading in the Forex market. It is a challenge for professional and novice traders to choose the best brokerage firms with the best trading conditions. Learning the details regarding commissions and the availability and types of trading instruments; and analyzing various types of trading accounts are tasks that must be mastered before choosing the best Forex broker for traders.
The Traders Union experts constantly analyze the activities of Forex brokers in different countries according to many criteria. When preparing our rating, we focused on the size of the spreads, the sets of supported trading tools, the quality of the support service, and several other important factors. The best Forex brokers in 2021 according to Traders Union was compiled based on these data.
Do you prefer watching videos? Then watch the video summary of this article.
Below you will find all the information.
The rating of Forex brokers was created also based on the members of the Union trade characteristics, as the Traders Union has access to them. No one else in the Forex market has such an opportunity to analyze data from hundreds of thousands of traders simultaneously. This is precisely why the Traders Union ratings of Forex brokers is the best and most objective ratings system of Forex brokers today.
The FxPro broker was registered in February 2006 in Cyprus. The company’s activities are licensed by financial regulators: CySEC (Cyprus), Bahamian SCB, FCA (UK), and South African FSB. FxPro is successfully operating in more than 170 countries for retail and institutional clients. The broker has received more than 70 awards, including “Best Forex Trading Platform” and “Best Trading Platform”. FxPro has become known for providing the best trading tools. With FxPro broker, traders can trade more than 70 currency pairs, futures and stocks (Twitter, Apple, Google). The company has stock indices, metals and energy resources at its disposal. FxPro sets high safety standards with the client's funds being kept in large international banks. They are insured and separated from the broker's equity.
👍 FxPro broker has an obvious advantage over competitors:•a unique service to protect accounts from negative balance. The broker offers automatic transactions monitoring and a special risk management system, due to which a negative balance is excluded;•investor compensation fund, ensuring the clients' funds;•trusted and reliable advisors for trading available for novice traders;•reliable customer support and a wide range of services, even in conditions of negative balance on traders' accounts;•personal manager services and daily market analytics for VIP-accounts holders;•the company’s capital exceeding 100 million euros;•“Islamic” accounts availability (no swaps) for traders adhering to the Sharia principles;•a high level of training of research department specialists, who provide clients with the most reliable working conditions.
👎 FxPro weaknesses in comparison with competitors:•the minimum deposit is $100, which can be high for novice traders;•not enough debugged registration procedure for the affiliate program.
The Admiral Markets broker company commenced operations in 2001. The broker’s activities are registered and licensed by the Australian Securities and Investments Commission (ASIC). Admiral Markets now operates in more than 40 countries with a cash cycle of up to USD 40 billion. The broker holds a lifetime license issued by the Federal Financial Markets Service. It is also regulated by the Financial Conduct Authority (FCA). Access to the FX+Project as one of their specific features. In 2002 Admiral Markets was awarded the “Forex 2012” (“Best of the Best”) by The New Europe Magazine.
👍 Admiral Markets broker has an obvious advantage over competitors:•professional legal protection if necessary;•a wide range of training materials for novice traders;• quick withdrawal of profits.
👎 Admiral Markets weaknesses in comparison with competitors:•frequent quotations slippages;•lack of relevant news;•lack of a trading session schedule;•overestimated commissions when trading.
XM Broker was founded in 2009. Initially, the company covered a narrow niche of the trader market, specializing exclusively in intermediary services at the foreign exchange market. It has since experienced considerable success and growth. It has diversified and is now an international broker operating in almost 200 countries around the world. For over a decade XM Broker has attracted 3,5 million traders, offering unique technological solutions. The company is now being recognised as the Fastest Growing Broker, the Best Forex Service Provider and various other contributing achievements. The team at XM Broker is committed to continually working hard to improve the quality of the services provided every year as they are committed to continually providing the best service to their traders.
👍 XM Group broker has an obvious advantage over competitors:•Accounts for trading, with a guaranteed absence of requotes. The speed of order execution by XM Group broker almost does not exceed 1 second;•the absence of charges over narrow spreads (the so-called "markup");•a wide range of trading instruments: over 55 currency pairs (including cross rates), CFD on, stocks, raw materials (grain, cocoa, cotton), metals (palladium and platinum inclusive);•no commission on the part of the company for depositing or withdrawing funds. The costs of payment system services are covered by the XM Group broker;•multilingual customer support twenty-four/five.
👎 XM Group weaknesses in comparison with competitors:• no PAMM-accounts, social trading platforms and other passive profit opportunities;•limited choice of trading platforms. The broker offers just various modifications of MT4 and MT5 to work on PCs and mobile devices.
AvaTrade was founded in 2006 in Dublin, Ireland. The company has offices in 150 countries. It currently has over 200, 000 registered users and processes more than 2 million transactions every month. These factors contribute to AvaTrade being a reliable and trusted broker. They are accredited across five continents and are one of the market leaders. The broker is regulated by the Australian Securities and Investment Commission (ASIC), the Japanese FSA, and the South African FSCA. AvaTrade holds accreditation by the Central Irish Bank, the Abu Dhabi Financial Services Regulatory Authority, and the British Virgin Islands Financial Services Commission. AvaTrade allows traders to trade stocks, securities, indices, cryptocurrencies, and currency pairs. In total, the offer more than 250 tools to customers.
👍 AvaTrade broker has an obvious advantage over competitors:•a wide range of trading tools;•services accessibility on five continents due to the availability of appropriate licenses;•day-and-night all-around customer support in 14 languages;•wide selection of trading platforms;•mobile versions of trading platforms for much more comfortable trading;•swap-free accounts for Muslim clients, excluding elements of gharar and maisir;•segregated account where you can store customer funds safely and securely;•possibility to conduct automated trading using tools such as advisors, indicators, etc.;•no restrictions for scalping supporters in trading;•large amount of quality training materials; regular webinars for traders of varying degrees of preparation.
👎 AVATrade weaknesses in comparison with competitors:•website interface that requires simplification and improvement;• insufficient operational efficiency of support specialists;•periodic trading terminal freezing.
Broker FXTM (pronounced "ForexTime") started in 2011. It provides an opportunity to make a profit through active trading or investment programs. The company is regulated by CySEC (Cyprus Securities and Exchange Commission), South African FSCA (Financial Sector Supervision Authority), UK FCA (Financial Conduct Authority), and FSC (Mauritius Financial Supervisory Commission). The broker has received many awards, including "Best Trading Conditions" (2018, 2019) and "Most Innovative Broker" (2018).
👍 FXTM broker has an obvious advantage over competitors:• large number of trading accounts with various conditions satisfying any trader requirements;•accessible and relevant training materials for novice traders;•opportunity to use automatic programs in trading.
👎 FXTM weaknesses in comparison with competitors:•periodic delay in funds withdrawing;•a very limited choice of services for investors (only a system for transactions copying);• low efficiency of customer support;•no access to trading on weekends (Saturdays and Sundays);•no opportunities for passive earnings (PAMM accounts).
Brokerage companies from the TOP-5 list are reliable and proven Forex brokers who always provide their clients with high-quality services. These characteristics allow us to recommend these brokers as the best in the Forex market.
|Position||Broker’s name||Regulation||Min deposit|
|№ 1||FxPro||FCA (Great Britain), CySEC (Cyprus), FSCA (South Africa), SCB (Bahama Islands)||$100|
|№ 2||Admiral Markets UK||FCA (Great Britain), CySEC (Cyprus), ASIC (Australia)||$200|
|№ 3||XM Broker||ASIC (Australia),IFCS (Belize), and CySEC (Cyprus)||$5|
|№ 4||AvaTrade||This broker is regulated by the Australian ASIC, Japanese FSA, and South African FSCA.||$100|
|№ 5||FXTM||The company’s activity is regulated by CySEC (Cyprus Securities and Exchange Commission), South African FSCA (Financial sector surveillance authority), UK FCA (Financial Regulatory Authority), as well as FSC (Financial Supervision Commission of Mauritius)||$5|
Top 5 Best Online Brokers for Beginners
Below you will find a table compiled by the Traders Union’s specialists based on an analysis of key indicators of Forex brokers, which are critical for beginner traders. It presents the most popular brokers among beginner traders.
|Broker||Minimum deposit||Types of accounts for beginners||Additional payment from Traders Union|
|Admiral Markets UK||$1||Demo-account, Zero||25% of the broker's net profit|
|XM Broker||$5||Micro-account, Demo-account||$8 per lot|
|FXCM||$50||Demo-account, Mini-account||1 pip per 1 lot|
|FXTM||$10||Demo-account, Cent||from $5 per lot|
|FxPro||$100||Demo-account||$4.8 rebate per 1 standard lot|
5 Best Brokers for Investments
When a trader decides to become an investor, he needs to select the best Forex broker with the most favorable conditions for investing. After all, there are hundreds of brokerage companies and many of them already have very favorable investment programs.
The broker’s experience and whether the broker is a member of a Forex regulatory agency are key factors to consider when assessing the reliability of a broker. Moreover, it is to be expected that the broker's experience is determined by the age of the agency. Therefore, we do not recommend cooperating with brokerage companies that were founded less than 3-5 years ago. They may well be promising and convenient for small investors, but a limited operating history in the global exchange market may indicate that the company is not yet competent to handle a serious financial event (such as a global financial crisis). A broker’s lack of experience could cause you to lose your entire investment.
We have included the best Forex brokers of 2021 for investors in the table below. The list is regularly updated and adjusted by the Traders Union specialists.
|Broker||Regulator||Minimum deposit||Type of Investment program||Charge from the Traders Union|
|RoboForex||IFSC||$10||RAMM, Auto-trading (CopyFX)||40% of broker’s profit|
|FXTM||FCA, CySEC, FSCA, FSC||$10||FXTM Invest||$8 per lot broker’s commission|
|Instaforex||FSC||$1||PAMM accounts, auto-trading (FOREX COPY)||1.6 pips per lot|
|FxPro||CySEC, SCB, FCA, FSCA||$1||RAMM (SuperTrader)||$20 up to $300 million trade|
|Markets.com||CySEC, FSCA||$250||Strategy Builder, Strategy Template||28% of spread|
Top 5 Best Bitcoin Forex Brokers in 2021
It is extremely important to choose a trusted broker for successful trading to protect your investments from fraudulent activities. Here you can find a list of the largest and best Bitcoin brokers offering to trade a BTC/USD pair and other cryptocurrencies.
|Broker||Minimum deposit||Cryptocurrencies available||Types of account for Bitcoin trading||Extra charges by Traders Union|
|RoboForex||$10||26 cryptocurrencies, including Bitcoin, Bitcoin Cash, Dash, EOS, Ethereum, Ripple и Litecoin, etc.||Prime, ECN, Pro-Standard, Pro-Cent, R-Trader||80% from 50% of the broker’s profit|
|Exness||$1||Bitcoin, Litecoin, Ethereum, Ripple, Bitcoin Cash, etc.||Standard, Pro, Zero, Raw Spread||80% from 40% of spread|
|InstaForex||$10||Bitcoin, Bitcoin Cash, Ether, Ripple, Litecoin, etc.||Insta.Standard, Insta.Eurica, Cent.Standar, Cent.Eurica||80% from 2 pips per lot|
|FXCM||$50||Bitcoin (BTC/USD), Ethereum (ETH/USD), Litecoin (LTC/USD), Bitcoin Cash (BCH/USD), Ripple (XRP/USD), EOS (EOS/USD), Stellar (XLM/USD) , etc.||Demo, Mini, Standard, Active Trader||80% from 1 pips per lot|
|FXTM||$10||Bitcoin, Ethereum, Litecoin, Ripple, etc.||Standard||80% from $8 per lot|
Top 3 CFD Brokers in 2021
It’s possible to refer to CFDs as financial instruments that are critical to a trader’s portfolio. But, how does the whole system work? Basically, experts calculate profit and losses by comparing the differences in price that exist between when traders enter and exit a contract.
Essentially, brokers will pay these differences depending on whether or not traders make a profit. If it’s a loss, the trader has to pay the broker the difference in prices.
For beginners to CFD trading, this can all seem like a complicated process. However, the choice of a CFD broker can make trading a seamless process.
This is one of the largest online networks available for social investment. Furthermore, it’s a rapidly developing brand in the area of online CFD trading and other investments.
Today, there are over 4 million traders that choose to work with the eToro trading company. In fact, these traders come from over 140 different countries.
With eToro, traders can rest easy knowing they’re dealing with a reliable company. This CFD broker is under the regulation of the FCA and CySEC authorities. Even with a quick check of online reviews, it’s easy to determine the reliability and integrity of this trading partner.
XM broker is a company that has been making positive waves in the Forex and CFD markets since 2009. Today, they have over a million active customers making them a powerhouse in the world of online CFD and forex traders.
For traders wondering which are the top CFD brokers in 2021? Well, this company is one of them. It’s an industry leader that has over 120 different specialists in its employ.
IG Markets claim it’s the world-leading provider of CFD trading services. Traders won’t find many reviews or experts that disagree with this school of thought.
For starters, millions of brokers from around the world trust IG Markets. The appeal of this CFD broker is in its strict regulation and supervision. The company is evaluated by a host of local bodies, including the UK FCA, the US CFTC, and NFA, the Singapore MAS, and the Bermuda Monetary Authority.
As one of the top CFD brokers in 2021, traders can expect the best level of service. They offer advanced trading options to foster a long-term business relationship.
Best Forex Brokers for Scalping
For scalping, brokers who provide ECN, DMA, STP accounts with a floating spread, and market execution of orders are suitable. Brokers who offer opening orders based on the Instant Execution principle with a fixed spread is not suitable for scalping. This is due to volatility and the constant requotes that can occur. Under these conditions, the trader simply will not be able to carry out this strategy properly.
Trading in the Forex market involves certain financial risks, and when scalping, these risks increase. We recommend working only with reliable Forex brokers. The following is a list of the highest-rated brokers who are the best to use when scalping. They are also the most popular forex brokers used by traders for scalping.
|Broker||Regulation||Minimum Deposit||Account Types||Surcharge from Traders Union|
|Roboforex||IFSC||$10||Demo, Pro-Cent, Pro-Standard, ECN, Prime, R Trader, Islamic accounts||80% of affiliate payout|
|Exness||CySEC||$1||Demo, Standard Cent, Standard, Standard Plus, Raw Spread, Zero, Pro||80% of affiliate payout|
|Tickmill||FSA, FCA, CySEC||$25||Classic, Pro, VIP, Demo||80% of affiliate payout|
|FXCM||FSA||$500||Demo, Mini, Standard, Active Trader||80% of affiliate payout|
|Instaforex||FFMS, BVI FSC||$1||Demo, Insta.Standard, Insta.Eurica, Cent.Standard, Cent.Eurica||80% of affiliate payout|
Best PAMM Forex Brokers in 2021
An important feature of modern Forex PAMM brokers is that their systems are automated. In other words, the investor needs only select a manager from the list and invests with him. The manager makes bets, and the system independently distributes funds and profits. That is why PAMM accounts are the best passive income option that a Forex broker can offer.
As previously mentioned, different brokers have their own conditions. This is also true regarding PAMM accounts. It is important to understand that only part of the capabilities of a PAMM account is determined by the Forex broker. The conditions for participation are determined by the manager. However, the broker's trading decisions remain important. Therefore, the success of investments in PAMM accounts depends primarily on him.
To help you choose from hundreds of brokers in the market, we have selected the 3 Best Forex PAMM Brokers of 2021.
One of the oldest and most famous Forex brokers has been operating since 2009. It has the most advanced PAMM-account system called RAMM (Risk Allocation Management Model). The broker's activities are regulated by the Belize International Financial Services Commission (IFSC). The broker works with all trading platforms and its minimum deposit is $10.
This company was registered in 2006 in Cyprus. It is regulated and licensed by the Cyprus Securities and Exchange Commission (CySEC), the Securities Commission of the Bahamas (SCB), the UK Financial Conduct Authority (FCA), and the South African Financial Conduct Service Authority (FSCA). Upon request, FxPro clients can become members of the MAM (Multi-Account Manager) system.
This company started its operations in 2007 in Sydney, Australia. The company is licensed to provide financial services (AFSL) and is also regulated by the Australian Securities and Investments Commission (ASIC). IC Markets offers its clients an "Investment Manager" program, which provides consulting services on participating in the MAM, PAMM, and LAMM systems.
Best Forex Brokers in Europe
The European Union in itself is a highly productive and beneficial region for all sorts of Forex activities. Economic integration provides a higher and safer ground for trade. Simultaneously, forex activities in such competitive and potent areas can be rather complicated and risky. Your budget, investment options, potential scammers, and other risks are an inevitable part of the journey.
Luckily, the Traders Union has the support of reliable and expert Forex brokers. When you involve in Forex via Traders Union brokers, you mostly make your investments secure. There's no loss of money; instead, you get a routine cashback!
|Company||Trading Platforms||Trading Instruments||Trading Currencies||Deposit and Withdrawal Means||Leverage Range|
|FxPro||MetaTrader 4, MetaTrader 5, cTrader, FxPro Markets||Forex, Spot metals, Spot indices, CFD for shares, CFD for agricultural products, CFD for energy, CFD for indices -10||USD, AUD, JPY, CHF, GBP, EUR, PLN||Bank cards, bank transfers, electronic payment systems||1:1 – 1:500|
|Admiral Markets||MetaTrader 4, MetaTrader 4 mobile version, MetaTrader 4 Supreme edition, MetaTrader 5||CFD for Spot metals, spot energy resources, spot indices, index futures CFD, CFD for securities||EUR, USD, GBP, CHF, BGN, CZK, HRK, HUF, PLN, RON||Wire Transfer, Visa, MasterCard, Maestro, E-wallets||1:25 – 1:500|
|XM Group||MT 4, MT 5, MT 4 multiterminal||Forex trading and CFDs on Stocks, Commodities, Equity Indices, Precious Metals, and Energies||USD, EUR, GBP, JPY, CHF, AUD, RUB||Visa, MasterCard, Maestro, Bank transfer, electronic systems||1:1 – 1:888,
1:1 - 1:30 (EU)
|Ava Trade||MT4, Ava Trader, MirrorTrader, ZuluTrader, Mobile app, Ava Trader Web, MT4 Web||Forex, Metals, CFD, trade options, securities||USD, EUR||MasterCard, Wire transfer, electronic systems||1:200 – 1:400|
|FXTM||MT 4, MT 5, iOS/Android, Multiterminal, WebTrader, Desktop||Forex, Spot metals, Share CFDs, CFDs on commodity futures, CFDs indices, CFDs on cryptocurrency||EUR, USD, GBP, INR, IDR, PLN, NGN, CZK, RUR, GSH, DZD, MYR, AFN, LAK, VND, EGP, BDT, IQT, THB, CNY, TZS, BTC, ETH, LTC, DASH||Bank cards, local transfers, Bank Wire, E-wallets||Exinity Limited: 1:1000, ForexTime Limited: 1:30, ForexTime UK: 1:30|
Best Forex Brokers in US
The Traders Union specialists constantly analyze the activities of Forex brokers in different countries according to many criteria. When preparing our rating, we focused on the size of the spreads, the sets of supported trading tools, the quality of the support service, and several other important factors. The Top 5 of the best Forex brokers in the USA in 2021 according to Traders Union was compiled based on these data.
|Position||Company name||Regional restrictive regulations||Characterization|
|№ 1||Forex.com||Is registered with the CFTC (U.S.), NFA (U.S.), and FCA (U.K.)||9,4|
|№ 2||IG Markets||Is registered with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA)||9|
|№ 3||Thinkorswim by TD Ameritrade||Is regulated by the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and the Commodity Futures Trading Commission (CFTC)||9,3|
|№ 4||Interactive Brokers||Is regulated by the Financial Conduct Authority (FCA), the US SEC, and CFTC and is a member of the SIPC (www.sipc.org) compensation scheme||8,6|
|№ 5||OANDA||Is regulated by the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA)||7,2|
Our Assessment Methodology for Evaluation of Brokers
We evaluate and assess each broker using over 100 objective criteria, resulting in an average score for each Forex broker, which characterizes all aspects of its work. We also take into account its trading volume, which we have access to thanks to hundreds of thousands of traders of our Union. We also take into account reviews on brokers by their traders, which we curate on our website. As a result, according to our unique algorithmic matrix, which is applied to all companies, our program impartially calculates the overall average for each company and its position in the rating. This makes our rating system the most objective and independent in the Forex market.
Latest Customer Reviews
I have a twofold attitude towards Trader's Way in terms of work experience. On the one hand, the lack of a license is very annoying. In the beginning, I was very worried about whether the money would be withdrawn. I dodged a bullet, the withdrawal was successful. But on the other hand, the broker tries hard to promptly execute all my trades. Also, I did not notice any failures in trading. Plus, you can scalp, hedge, and use advisors for algorithmic trading. There are no opportunities for passive earnings, but there is a platform for social trading. You can also earn money with it by copying the deals of successful traders.
After unsuccessful cooperation with offshore scams, I finally got lucky to meet a regulated broker! I came across an English-language forum where I was advised to try trading with Capital Index. The main thing is that the conditions here are decent and the trades are brought to the real market, and not just imitate trading. Trading is proceeding with varying success, but in general, I am gaining profit. I have already withdrawn $500 and $1000 twice.
SaxoBank is not my first brokerage company, so I have enough expertise to make a thorough comparison. The execution of orders is smooth sailing for me, the withdrawal of money is not lickety-split—some other companies offer more instantaneous methods—but it is still pretty fast. I’m in my element trading here. This broker is the definition of quality.
The IFC Markets broker talks about innovative trading, but through personal experience I can say that these are just all bark and no bite. In fact, this broker still needs to improve upon the service quality to gain the trust of traders. Several times I was subject to the fact that orders did not work for some unknown reason. The impression was that the company artificially twisted with the charts at the right moment (I found this with MT4). The profit comes out a penny because of this. I spend a lot of time and energy on trading, but it wasn’t worth it.
You can trade with the broker Kot4x.
These are the pros.:The company provides trading comfort and honestly introduces transactions to the real market. I didn’t notice the spreads widening, and I mainly trade with the Eurodollar (up to 1.7 pips, as I was told). I am familiar with MT4, which this broker offers for making deals. I didn't have to waste time trying to figure it out.
As for disadvantages, I can note the lack of analytics and useful services for passive earnings. Previously, I collaborated with Alpari, it had all these services. I'm thinking about going back.
The information posted on the website lidyatrade.com is not true. The VFSC license is owned by another company. There is a message from the regulator about this. That is, the LidyaTrade broker is fake. I think it will close soon.
I have been trading at Turnkey Forex for about two months, the trading conditions are decent. However, I give 3 stars because their website is very slow and at the moment it is not working at all, it shows that the website does not exist. This really makes me a little worried as they are not regulated and makes me think that Turnkey Forex can just pack up and walk away with my money when it suits them.
If you want to drain your money, then you should go to Webull. I got 10,000 bucks for fun. Three days later I decided to withdraw it, because in addition to the commission of $ 99, they began to withdraw money every day for some transfer of positions, conducting transactions. With a sin in half withdrew 9400, while the shares went only in growth. took out a week. There were always some technical mistakes.
They are a coolly dubious office, I was convinced of this.
Mego high-speed withdrawal of money. I would like more options for trading, because so far, it's pretty boring. But it's stable. This also applies to earnings, rather stable results for a company with a not yet clear regulation situation.
FAQs about the Best Forex Brokers
Is the selection of the best Forex brokers relevant?
The administration of the Traders Union portal carefully monitors the relevance of all the data provided and updates it monthly. However, you can always clarify the information indicated on this page on the official websites of the considered brokerage companies.
Where can I find the reviews about the Best Forex brokers for 2021?
You can find independent reviews of traders about their cooperation with the most popular brokerage companies on the profile pages on independent websites that host reviews for brokers and on the Traders Union website because we do it best.
Two Forex brokers are suitable for me. I find it difficult to make a choice so what should I do?
In this situation, we recommend you to open demo accounts in both companies and try to start trading in test mode. We also recommend you study the reviews again and be sure to consult with colleagues. These methods should help you make your final choice.
Are the reviews or favorable trading conditions of brokers the most important?
We believe that these are complementary points and it is not necessary to choose in favor of any single criterion. Therefore, we prepared this rating, which included the most reliable companies offering comfortable and attractive conditions for successful work in the Forex market.