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Forex Broker Comparison - Best Brokers in 2021

Forex Broker Comparison - Best Brokers in 2021

Compare Forex Brokers for Reliability and Terms of Cooperation

When trading on the Forex market, traders need to research, analyze, and compare brokers but this is time-consuming and difficult. When you are just starting, you may be unsure of what to look for. We have created this research tool to provide this information in an easy to use the table that provides current information for each broker. You will find data such as leverage, minimum deposit, and spread as well as other factors you need to take into consideration as a trader when choosing your broker.

The top brokerage companies are rated by our system which is subject to stringent standards. We include independent reviews of current trader experiences, including traders who are members of the Traders Union.

You will find that there are many categories of information provided about each broker which makes it a powerful research tool that is used by all traders. You can search for basic information for beginner traders and in-depth complex information for professional trading.

We will outline what information is important when choosing a broker and how to find this information.

Included in our portal is a dedicated section where you will find information about the basics of Forex trading. It is recommended you visit this section as it will provide you with the knowledge for more successful trading results. It contains important information on how to compare Forex brokers correctly, why certain categories are needed, and what you need to consider when choosing a broker.

We have also made it easier to manage your trading account by capturing previously used brokers where you can find and leave feedback at the click of a button. We encourage all traders to share their experiences

Do you prefer watching videos? Then watch the video summary of this article.

Below you will find all the information.

Position	Logo	Trading platform	Min. deposit	Leverage	Spread	Margin call/Stop out	Orders Execution	Trading Account
1	FxPro	MT4, MobileTrading, MT5, cTrader	100$	from 1: 1 from 1: 500	from 1.2 p	25% / 20%	Market Execution, Instant Execution	Real Demo
2	XM Group	MT4, MobileTrading, MT5	5$	from 1: 1 from 1: 30	from 1.0 p	100% / 50%	Market Execution	Real Demo
3	Admiral Markets UK	MT4, MT5, iPhone, iPad, Android, MT4 Supreme Edition	200$	from 1: 25 from 1: 500	from 0.0 p	100% / 30%	Market Execution	Real Demo
4	AvaTrade	MT4, MobileTrading, Zulu Trader, Mirror Trader, AvaTrader, AVA Option	100$	from 1: 200 from 1: 400	from 0.9 p	25% / 10%	Instant Execution	Real Demo
5	FXTM	MT4, MobileTrading, MT5, WebTrader	1$	from 1: 1 from 1: 1000	from 0.0 p	40% / 20%	Market Execution, Instant Execution	Real Demo
6	FXCM	MultiTerminal, Ninja Trader, MetaTrader4, Mobile, Web, Trading Station	50$	from 1: 1 from 1: 400	from p		Market Execution	Real Demo
7	Markets.com	MT4, MT5, Mobile, Marketsi, Marketsx	250$	from 1: 1 from 1: 300	from 0.0 p	50%	Market Execution	Real Demo
8	Swissquote Bank SA	MT4, MobileTrading, WebTrader, Advanced Trader	1000$	from 1: 1 from 1: 100	from 1.4 p	1% / 100%	Instant Execution	Real Demo
9	Tickmill	MT4	25$	from 1: 1 from 1: 50	from 0.0 p	100% / 30%	Instant Execution	Real Demo
10	RoboForex	MT4, MobileTrading, MT5, cTrader, Currenex Viking Trader	1$	from 1: 200 from 1: 500	from 0.0 p	60% / 40%	Market Execution, Instant Execution	Real Demo
11	IC Markets	MT4, cTrader	200$	from 1: 1 from 1: 500	from 0.0 p	120% / 80%	Market Execution	Real Demo
12	InstaForex	MT4, MobileTrading, MT5, MultiTerminal, WebTrader, OptionTrade	1$	from 1: 1 from 1: 1000	from 0.0 p	30% / 10%	Instant Execution	Real Demo
13	Libertex	Libertex	10$	from 1: 1 from 1: 500	from 0.0 p	50% / 100%	Market Execution	Real Demo
14	AMP Global	WebTrader, MetaTrader4, Mobile, StereoTrader, MetaTrader5	100$	from 1: 1 from 1: 100	from 1.0 p	100% / 50%	Market Execution, STP	Real Demo
15	HYCM	MT4, HYCM Prime Trader, HYCM Mobile	100$	from 1: 1 from 1: 400	from 1.5 p	25% / 5%	STP	Real Demo
16	PaxForex	MT4, MobileTrading, MultiTerminal	10$	from 1: 100 from 1: 500	from 0.3 p	10% / 5%	Instant Execution	Real Demo
17	IG Markets	MetaTrader4, Web platform, ProRealTime, Trading apps	300$	from 1: 1 from 1: 200	from 0.6 p	100% / 50%	Market Execution	Real Demo
18	eToro	MobileTrading, WebTrader	50$	from 1: 2 from 1: 400	from 2.0 p		Instant Execution	Real Demo
19	Plus500	Mobile, Web, Desktop	100$	from 1: 1 from 1: 300	from 0.5 p	100% / 30%	Market Execution	Real Demo
20	FXOpen	MT4, MobileTrading	1$	from 1: 1 from 1: 500	from 2.0 p	20% / 10%	Market Execution	Real Demo

How to Identify a Reliable Forex Broker – Important Factors to Consider

Choosing a reliable Forex broker is your first step when you start trading. It is important to choose a broker that not only has good functionality and comfortable working conditions but also understands your individual needs and most importantly, consistently makes payments on time and in full. Ultimately, it is the quality of services and guarantees of income payments that largely determine how successful your trade will be.

Information

Many traders do not choose the right broker and that is why we developed this tool to compare Forex brokers. It will give you an understanding of how to make your choice. It makes it easy to see the features of each of the presented companies, their advantages, and potential success with each broker.

Traders must ensure that the broker is compliant with regulations. This is because there is a potential for high risk with foreign exchange trading and working with the right broker will reduce this risk.

Why Do You Need Our Forex Brokers Comparison Chart?

Our Forex Brokers Comparison is a universal rating comparison of the leading domestic and foreign brokers. We independently analyze and collate detailed statistical data on all brokers and provide this information on our site. We provide the most complete and strictly independent assessment of each broker and compare them objectively according to strict criteria. This tool gives traders unbiased and with the most accurate information available.

What are Forex Brokers – the Basics

A Forex broker is a company that acts as an intermediary between a trader and the financial currency market. Forex Brokers represent individual traders in exchange trading (this applies to all financial market models including the Forex market).

Attention

The functions of the Forex broker are not limited to the execution of orders (for example, orders of the trader). The broker provides several other services, such as leverage.

The Forex brokers industry and its activity are highly regulated - both public and private companies. We identify companies that meet regulations and the companies that don’t meet regulations. The companies are placed into 2 categories:

Forex SCAM

Technically, these are not brokers, but dealing centers. That is, traders do not trade in the world market, but in the local one - within the framework of this platform. They trade either with each other or with the platform itself. Naturally, it is not profitable for the SCAM brokers to allow the trader to make money. Traders who work with these companies face issues such as requotes against their positions, unjustified freezing of accounts, and juggling quotes (which is quite realistic, because the company fully controls pricing).

Bank Forex

This is a broker in the literal sense, it displays all the orders of its traders on the interbank arena and executes them at market quotes, which are broadcast from leading liquidity providers. Here the broker acts as an intermediary and seeks a counterparty in the interbank market. These brokers have an interest in the traders' success as the larger the trader’s deposit, the greater the volume of trading, and the higher the percentage that the broker receives.

Information

The most reliable brokers are companies that are branches or divisions of large banks. When comparing Forex brokers, ensure to check this as it provides the broker the maximum degree of reliability. These brokers are more demanding on deposits, but the trader can be sure of withdrawing orders to the international market and the timeliness bills payment and reduce your overall risk as a trader.

Features of a reliable Forex broker:

1

withdrawal of trading orders to the interbank market;
2

providing the trader with relevant market analytics;
3

reporting under the law;
4

protection of the trader’s data;
5

risk control and notification of the trader about changes;
6

advising traders on investments;
7

advice and assistance in seeking an investor;
8

Forex trading education.

To compare Forex brokers, it is important to know what services each broker offers. The more services it has, the more serious the organization you plan to cooperate with is.

It is important to look for features such as learning resources of the basics of Forex trading at no additional cost to the trader, provides updated analytics, consults, and warns about probable risks and successful opportunities. This will not only provide you with valuable information and tools to succeed but it will attract more traders to the broker providing better success factors.

Forex Broker Selection Algorithm

The growth of the Forex market accessibility for traders has seen an increase in scam brokers operating fraudulent broker companies. Traders need to be able to easily access the relevant information to compare Forex brokers.

Our research chart is based on independent evaluation and we have only included the top brokers and have ranked them based on our analysis which meets very strict criteria. The qualitative research that we have undertaken on each broker ensures that you are making a well-informed decision about your broker.

The Basic Factors included in our analysis are:

1

length of time the company has operated on the market;
2

company is licensed;
3

company is regulated;
4

place of registration;
5

has an official address of its operations;
6

trading conditions;
7

customer support quality.

Once you have considered the basic factors, you will then need to undertake a further comparison of brokers as they differ in terms of the conditions offered. For example, differing leverage, deposit bonus strategies and consider your requirements.

For example, trading conditions and spread as the main factors. Spread is the difference between the purchase price and the sale price. You will need to check factors that will affect your profit and this could be whether the broker includes its commission in the spread or whether the broker charges their commission separately.

Additional Information about the basics:

checking if a broker license is verified by checking the document number on the official website of the regulator.

company’s time on the market for reliability and experience. If the company lacks experience it increases your risk even if they are making good profits. Ensure your broker has the backing of a larger partner.

work with a broker who has a headquarters or a representative office in your city. It is not the most critical factor, as there are some exceptions to this rule. Eg. Headquarters in Singapore.

the quality of customer support is reflected in real reviews. Naturally, it is better to work with the broker who promptly responds to requests from its traders, gives detailed advice, protects your interests.

The information below is worthwhile taking into consideration and then is explained in more detail in the context of comparison.

The spread and commission for opening and closing transactions are crucial when comparing Forex brokers who make a large number of what is referred to as quick trades. If your company focuses on positional trading, which is greatly extended over time, the one-time spread factor is not as important as a Swap – the difference in the interest rates of the two currencies forming a pair. The swap is formed when the rate is transferred to the next day and depending on the situation, it is either in favor of the trader or the broker.

Important!

The platform is important when considering Forex brokers as it determines the trading convenience and the functionality available to the trader. The speed of the order is no longer an issue as the brokers perform trades in the shortest possible time.

During 2019–2021 there was a transition to the terminals used by brokers and now 90% of all sites use MT4. There are newer platforms, but this is the benchmark for its convenience and practicality.

Consideration of online terminals and mobile applications is not as important as the basic factors but mobile applications are more important than online terminals for the convenience of trading. Modern smartphones allow almost all the necessary functionality. Another example of a good trader will have the best mobile versions of the PC platform.

Which Broker is Preferred – Regulated Foreign or Licensed Local Broker?

Information

As mentioned earlier, an easy way to check a broker's liability to carry out a check of their license. It is not difficult to check the number of the broker's license document on the website of its regulator. This factor has seen a decline in fraudulent schemes and has almost disappeared completely.

Which Broker is Preferred – Regulated Foreign or Licensed Local Broker?

The next factor regarding a broker license is how an organization is managed by an international regulator. There are several considerations as follows:

local brokers may be difficult for trading in the international market, particularly when it imposes restrictions due to the local financial legislation. The most crucial limitation is to reduce leverage, and this is a problem for many successful traders;
for international brokers who work under licenses of transnational organizations, their leverage is almost unlimited - up to 1:1000. Also, international brokers, who are not constrained by the laws of one country, always have more financial assets, respectively more opportunities for a trader;
many professional traders have 1:50 leverage. As for licenses, FCA, Baffin, and CySEC licenses are highly quoted in the world market.

Therefore, it is important to understand your trading strategy when comparing Forex brokers. You will want to choose those companies that are regulated locally. A license issued by the Central Bank is the only document that is 100% able to protect the traders legally.

More Information on What Indicators to Consider When Choosing Forex Brokers

To get the most objective comparison, it is necessary to analyze various aspects of activities and working conditions. A complex comparison is important for each broker to gain accurate results.

Important!

All criteria are critical in a given situation. It is important to look at all factors concurrently. Your choice of broker is the broker who you will cooperate with for many years, so take the matter very seriously.

Factor 1 —
Company Age

It is obvious that since financial risks in the currency exchange are hard to diversify, only the most competent and successful players survive here. On average, the broker's potential is revealed after 3-5 years of regular trading. No matter how successful it may be, it must not be considered reliable until that moment.

Fraudulent companies do not last long because traders quickly realize that they are not a good broker. If, when comparing Forex brokers, you see a company that has crossed the 10-year threshold of existence, it is almost always a guarantee that you have a reliable and trusted partner.

These brokers also do not last in operation as state authorities are alerted to such activities and the negative reviews in such a volume would indicate to traders not to use them.
Factor 2 —
Location

A broker’s location is a good indication that it is reliable. If the broker has its headquarters in the capital, this is an unconditional indicator of its status. Also, companies with many branches around the world are again more reliable.

It is preferable to choose a broker that is located near you as you may need to visit in person. This is always more productive than via email or WhatsApp.
Factor 3 —
the Number of Customers

This is probably the easiest factor to evaluate a company when comparing Forex brokers. The more customers a company has, the more reliable and comfortable it is as a partner. Because people will not work in large numbers with brokers have slow and incompetent customer support.
Factor 4 —
Broker's Reputation

Reputation consists mainly of traders’ feedback who worked previously or continue to work with a particular broker. It is difficult for a beginner to evaluate how fair such reviews are. If the broker has been working honestly for a long time, it is difficult to find objective reasons for his negative assessment. For example, if a trader provides a negative review and writes about low leverage, then you need to take into account the clear subjectivity of the assessment and the specifics of this broker’s regulator. The review is either fake or the reviewer had a bad experience due to their own decisions.

Also, Forex brokers have spontaneous reviews in forums where there are enough experienced traders.

One of the main advantages of our site is that for more than 10 years we have been collecting all the reviews so that you can get an objective picture of any broker, without censorship and editing.
Factor 5 —
Customer Agreement

This is an agreement a trader enters with a broker. This is a legally binding document, and all disputed issues will be resolved strictly based on the clauses of this agreement.

Once you have chosen your broker, first read the agreement in detail, if necessary, obtain legal advice before signing it.

In addition to legal advice, if you have any questions on the agreement, write to the customer support of the chosen broker. This way you will not only receive an answer but also be able to evaluate the quality of the service. Many terms may be difficult to understand for a beginner trader but the broker along with the legal advice should clarify any issues.
Factor 6 —
Trading Conditions

Model of orders execution. 2 main models are used in the execution of orders and this can make a significant difference in the amount that you earn. This is a key consideration in your comparison of Forex Brokers. Brokers who use the DDE model make a profit when the trader makes a loss (the term used is “sink” - when you lose money - they earn). The ECN (STP) model, the broker earns their commissions from your trades. This is the preferred model to choose as a trader as you will know that the broker is interested in your success.

The amount of spreads and commissions is for traders who focus on short-term trades. For short term trades, you will benefit from brokers with very "narrow" spreads, because the broker earns either spreads or commissions.

The number of assets. Traders who are just starting will be focused on basic currency pairs like the euro / dollar. Broker assets are often overlooked but the more assets a broker has, the more reliable it is. And if you are seriously engaged in Forex, you will soon realize that a wide range of investments is always an advantage, and looping on 1-2 pairs will not give you any really big income.

Adequacy of quotes. At the terminal, different brokers may have different quotes, given the ratios of foreign currencies at any one time. This makes it easy for fraudulent brokers to set their quotes so it makes sense to compare broker quotes with the quotes, for example, of the Central Bank.

Fees and Forex Broker Spread Comparison

In Forex Trading the term used for a commission is often referred to as a ‘spread’. Many brokers offer zero spread. Here are the top 3 companies that offer zero spread:

XM Group

Zero commission, the minimum deposit is $5.

Roboforex

Lack of commission, the minimum deposit is $1.

Tickmill

Zero commission. You may trade with a broker with a minimum deposit of $100.

Attention!

The Top 5 Brokers who meet all of the requirements when choosing a broker company:

RoboForex

Leverage - up to 1:2000. Over 8,700 different tools for effective trading.

FxPro

Minimum deposit - $100, leverage - 1:500, a variety of trading instruments, and types of accounts.

AvaTrade

All spreads are over market, instant execution of orders, good customer service.

Admiral Markets

Minimum deposit - $200, leverage - 1:500, many trading instruments, the availability of marketing campaigns.

FXTM

The minimum deposit amount is $5, leverage is 1:1000, there are several trading instruments and special services.

Information

When considering ALL factors into comparing Forex brokers, our analysis and research have found that FxPro remains the best Forex broker in 2021. The broker is the clear leader in most categories and is the largest intermediary with an impeccable and proven reputation.

Remember about the Risks!

We focus on this because many believe: if you select a top broker with the most favorable conditions, this guarantees minimum risk and a stable profit. Your success in trading depends to a large extent on you - on your ability to analyze the market and make the right decisions.

A good broker can make your task easier, but you trade, therefore success or failure is determined only by your skills, and not just the quality of the service you deal with. There is always a risk on Forex but it depends on the depth and objectivity of your forecasts, and even the most experienced professional traders do not always get it right. Minimize your risk by ensuring that your decisions are as informed as possible.

Brief Educational Program on Comparing Forex Brokers

Who is a Forex broker?

A broker is a company that brings traders to the international market. A trader can be a resident of any country, but working in the interbank foreign exchange market for a private individual is possible only through a broker.

How is the rating of Forex brokers displayed?

We form a chart that includes the world's leading brokers. Comparison criteria are indicated in the chart columns - these are all the parameters that may and should be taken into account when choosing a broker.

How safe is it to work with these brokers?

All brokers presented in our chart are licensed organizations operating within the framework of internal and / or international legislation and regulations. All brokers that we list are reliable and trusted brokers that are safe and reputable.

How to compare and choose brokers? What to pay attention to?

When comparing and choosing Forex brokers, pay attention to three main categories: how long the brokerage company has been operating, trading conditions, and rating.

What are the main factors you need to compare when choosing a broker?

When choosing a broker, first of all, look at its history, position in the rating of Forex brokers. Most importantly, customer reviews as they provide the experience of real traders.

How to choose a broker by level of popularity among traders?

To understand which broker is more popular and choose it, study the number of reviews for each broker and the size of the branch about it on the forum.

How to find out about the amount of additional payment (rebate) from Traders Unions for the chosen broker?

To calculate the approximate amount of the payout from Traders Unions for the broker you have chosen, you can use the “Revenue Calculator” service that is provided.