Best Brokers for Forex Investments in 2024
Best Forex investment company - RoboForex
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RoboForex - best Forex brokers for investing in copy trading
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XTB - over 135 ETFs, and 1700 stock CFDs to invest in
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MultiBank - near 14.000 investment assets
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IC Markets - best cTrader copy trading broker
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eToro - advanced copy trading community, free stock and ETF trading
Many Forex brokers offer investing in stocks and funds directly or via CFDs. Also, clients can take advantage of passive income from copy trading and PAMM accounts. Moreover, you must take the time to find the best platforms and brokers to trade with, as this can further improve your likelihood of becoming a successful trader. With that in mind, here is an overview of the best Forex investment brokers and companies.
What is a Forex investment broker?
A Forex investment broker is a term used to describe many people and platforms that help facilitate Forex trades. However, for the purpose of this article, we are referring to Forex brokers that provide the following:
Investing in Forex Trading: The most obvious feature a Forex broker must provide is the ability to invest in Forex.
Passive investment accounts such as Copy Trading and PAMM: Moreover, we are also referring to forex brokers that offer passive investment accounts such as PAMM and copy trading. This is because these features make it much easier for anyone to invest, regardless of their experience levels.
It has long-term investment instruments such as stocks and ETFs: Lastly, well-rounded brokers are typically the best to work with in terms of Forex investments. This is because offering other long-term investment instruments shows that the platform is likely more stable and trustworthy overall.
List of 7 best brokers to invest in Forex
| Broker | Copy Trading Accounts | PAMM Accounts | Stocks & ETFs |
|---|---|---|---|
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Yes |
Yes |
9,000+ |
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|
Yes |
No |
2,100+ |
|
|
Yes |
No |
20,000+ |
|
|
Yes |
No |
2,100+ |
|
|
Yes |
No |
2,400+ |
|
|
No |
No |
600+ |
|
|
Yes |
No |
1,200+ |
If you are ready to invest in Forex, you should make sure you take your time when choosing the best platform for your investment goals. Here is a list of 7 of the best brokers to invest in Forex.
RoboForex
RoboForex offers a wide array of products and services for those interested in investing. For instance, RoboForex offers tight spreads starting at 0 pips with low commissions. With the help of fast order execution via the best trading platforms, MetaTrader 4 and 5, many traders assert that they offer exceptional Forex trading conditions. The companies offer up to 36 FX pairs, metals, and an array of CFDs.
RoboForex offers CopyFX, which is its copy trading platform. It allows users to engage in copy trading with a minimum deposit of $100. With a high level of personalization, users can control every step of their investment journeys.
It offers two ways of investing in the foreign exchange markets: 1). Become a Forex trader and trade directly in the market with the help of a Forex broker, and 2). Forex copy trading or CopyFX allows new users to begin trading immediately by copying the moves of professional traders.
Lastly, RoboForex offers over 12,000 stocks, Indices, and ETFs on bonds, securities, commodities, etc., which are available across six platforms. They are available in over 169 countries and in 10 different languages. This makes it a highly useful platform for Forex investors across the globe.
XTB
Presently, the platform only offers stock CFD trading. Either way, the platform offers 1500 global stock CFDs. Users can gain access to CFDs on 1,848 stocks, 135 ETFs, 22 commodities, 36 indices, 5 cryptocurrencies, as well as 57 forex pairs. They also offer over 1700 stock CFDs. However, they are only available on their xStation platform. XTB also offers almost 7,800 in cash equities, as well as 150. Its average spreads involve the use of data from Q3 2021 and offer average spreads on the EUR/USD at around 0.91 pips.
However, the platform does not presently offer options for PAMM or copy trading. This means that investors must have a reasonable knowledge of Forex trading or be prepared to learn more about it before trading. XTB offers CFDs on more than 2100 equities and leverage of up to 1:10.
Although the platform does not offer copy trading, it does offer educational resources that can make Forex trading simpler. By viewing the materials listed under the “Learn to Trade” section, which can be sorted by experience level and topic, investors can learn how to trade Forex quickly. Therefore, users can join the platform, learn how to trade correctly and begin trading in a short period of time.
MultiBank
MultiBank allows users to trade products such as metals, Forex, stocks, indices, and commodities on an array of platforms. The broker offers commission-free Forex mark-ups as low as 0.8 pips or $8.00 per round lot for pro accounts, 1.5 pips, or $15.00 for standard accounts. Moreover, the commission-based ECN account, which provides traders with access to raw spreads of 0 pips with a commission of $3.00 per round trip, is said to be one of the highest-value options for Forex trades.
On the other hand, Multibank also offers three options for social copy trading. They are:
The in-house copy trading web platform
The MetaTrader Trading Signals market
cTrader Copy
Nevertheless, MultiBank doesn’t provide a large selection of trading tools. Although they do offer access to some basic trading tools, they do not offer much in terms of this. Therefore, if you are new to trading, you will need to use copy trading or go elsewhere to learn before investing.
Multibank offers 13,825 CFDs. With a minimum deposit of $50 for a broker account, users can sign up, make a minimum deposit, and begin trading at once.
IC Markets
IC Markets offers 3,583 tradable instruments. It also has an extensive copy trading platform that allows investors the ability to begin trading immediately. The platform offers fully automated copy trading/signal trading. Users also gain access to their trader community, which makes it possible to exchange instant messages between traders as a means of getting more insight and advice from other active traders.
IC Markets offers over 2,100 stocks; the company offers these CFDs across their exchanges in the United States and Australia. IC Markets also provides 1:5 leverage for all stock CFDs regardless of which exchange they’re listed on.
IC Markets Bonus Programs RevieweToro
eToro offers over 3,000 tradable symbols. These include Forex, CFDs, and exchange-traded securities. eToro also offers an impressive copy trading option that allows users to quickly leverage the expertise of other investors in order to make their trades. Users can analyze and assess traders based on user performance and ratings on the website. This makes it far easier for users to make trades without the proper experience. eToro also offers over 3,000 stocks.
Pepperstone
Pepperstone offers Forex spreads that are relatively low. They also offer maximum leverage that depends on geolocation max retail 400:1 and max pro 500:1. The business offers 2,342 symbols shown in its MetaTrader 5 (MT5) platform. Moreover, over 1,000 distinct markets are available for trading; this includes Forex and CFDs.
Pepperstone also offers super convenient copy trading options. The company has teamed up with various social trading platforms to allow its users to quickly and easily trade without experience. The company also offers over 600 US stocks as share CFDs. The stocks include a selection of 100 popular UK stocks, various German shares as well as over 100 Australian shares.
XM Group
XM Group offers 1,230 CFDs, which includes 57 forex pairs However, the XM Shares account requires a $10,000 deposit for those who want exchange-traded securities. When it comes to learning, the XM Group offers an impressive suite of tools that enables users to learn more about stocks, Forex, and much more.
XM Group also offers free copy trading services. This service enables users to begin trading without any training or experience. Users simply need to sign up, make a deposit, and then they may begin trading. The company offers 6 Asset Classes, 10 Trading Platforms, and Over 1000 Instruments. These instruments are considered highly cost-effective and provide direct access to the global equity markets. Moreover, they offer instant access to global economies and are suitable for both long and short-term investment strategies of all kinds.
How to choose the best Forex investment company?
Are you wondering how to choose the best Forex investment company for your unique investment goals? Here is an overview of the criteria to help you do just that.
1. Trading conditions: Every platform has its own unique rules, restrictions, pips, leverage, trading pairs, and more. Make sure you research and understand the trading conditions before choosing your trading platform.
2. Forex investment options: Next, you should take the time to study the Forex investment options being offered on the platform. This is because not all platforms offer the same features and amenities with regard to Forex trading. Therefore, you should take the time to thoroughly research the trader’s Forex investment options before signing up.
3. Regulation in your region: Forex regulation varies by region. These regulations can greatly impact your ability to make trades and profits. Therefore, you should research the regulations in your region as well as the region in which the platform is located, before signing up.
Main types of Forex investments
When it comes to Forex investments, there are lots of options. Here is a closer look at three of the top options:
Copy trading
For those who are yet unfamiliar, copy trading is a form of investment that includes making trades that copy the trades of other traders. Many investors enjoy this type of trading because it allows them to begin trading with minimal research. Rather, copy trading simply requires investors to find a lucrative trading platform that is trustworthy and of course, offers copy trading. Luckily, many platforms offer a way to search for the most experienced traders to assess their methods and progress to mimic their results.
Once you have joined the platform and enrolled in copy trading, you can essentially leave the system on autopilot and allow the platform to make trades for you. Specifically, when copy trading, the traders you are following make trades, and, in turn, the copy trading platform makes the same trades on your account automatically for as long as you are subscribed to the copy trading feature.
When a trader you follow opens a trade, the copy trading platform automatically opens the same trade on your account. Moreover, you also have the freedom to choose how much money you want to allocate to a trader and how much risk you are willing to assume per trade.
8 Best Copy Trading PlatformsPAMM
On the other hand, PAMM is known as both the Percentage Allocation Management Module and Percentage Allocation Money Management, a type of pooled money forex trading. Using this method of investing allows investors to allocate their money however they choose to the qualified traders/money managers they choose. The traders/managers can manage various Forex trading accounts with their capital and pooled money, with the ultimate goal of generating profits.
Best PAMM Account Forex BrokersStocks and ETFs
Lastly, stocks are also known as equity, which is a security used to represent the ownership of a fraction of corporations traded on the stock exchange. These fractions or units are formerly called shares. Purchasing shares of companies makes investors entitled to a fraction of the business's profits and assets, which are equal to the value of the stock owned by each individual.
On the other hand, ETFs or exchange-traded funds are types of pooled investment securities that operate in a similar manner as mutual funds. These funds typically involve tracking a particular sector, index, commodity, or other asset. However, unlike mutual funds, ETFs may be sold or purchased on a stock exchange in the same manner as you would trade a regular stock. Also, ETFs can be structured to track everything from the prices of an individual commodity to a large and varied group of securities; they can even be structured to track identifiable investment approaches.
Best Stocks That Pay High DividendsHow to invest in Forex?
If you are interested in investing in Forex, here is a list of steps to get you started:
1. Open an Account: One of the first steps to invest in Forex is opening an account with a reputable Forex broker. Take the time to research and decide which Forex broker works best with your investment goals. If you are totally clueless about Forex investing and not interested in copy trading, you may want to create a demo account before completing the next step. This is because investing is always risky, and doing so without proper knowledge or guidance may result in a significant financial loss.
2. Fund your Account: Next, you will need to fund your account. The manner and amount you choose depends on the platform you use. Therefore, you should take the time to learn about the minimum deposit requirement and the funding methods accepted. Either way, you must make a minimum deposit before you can begin making Forex trades.
3. Choose your Strategy: Next, you will need to choose your strategy in terms of investing in Forex. As mentioned, you can invest directly, which allows you to try various methods and techniques on your own. This is highly risky for those who don’t have sufficient experience in terms of Forex trading. Alternatively, you can engage in copy trading. However, this means that you will have to take the time to research traders before following and copying their trades.
4. Execute your Trades: Lastly, you will need to execute your trades. If you are copy trading, you simply need to allocate the number of funds you wish to dedicate to your copy trades. On the other hand, if you are making direct trades, you will need to choose your pair and submit the trade.
FAQs
Is Forex trading recommended as a passive income strategy?
Forex trading is not traditionally passive because it requires active management of trades, a deep understanding of the market, and a well-defined strategy.
To make Forex trading more passive, traders can utilize tools like automated trading systems, copy trading, managed accounts, and forex signals. It's important to note that while these methods can reduce the amount of time and effort required, they still carry risks, and traders should thoroughly research and choose a strategy that fits their risk tolerance and investment goals. However, with the right strategy and approach, it's possible to create a stream of passive income.
What is the best account type for a beginning Forex investor (mini, standard, ECN)?
Standard - this is the most common basic account type offered by most brokers. It has reasonable spreads and commission fees, and allows trading in micro, mini or standard lot sizes. The minimum deposit and account balance requirements are also typically lower compared to ECN accounts. This makes it well-suited for forex beginners.
Can I earn dividends from Forex trading?
Forex trading involves the buying and selling of currencies, not shares of a company, so the concept of dividends doesn't apply directly. But you can receive dividends from stocks when trading Contracts for Difference (CFDs). If you hold a CFD on a stock and you have a long position when the stock goes ex-dividend, you will receive a payment similar to a dividend. This amount is credited to your trading account. However, if you have a short position, the equivalent amount is debited from your account.
What is the optimal timeframe for longer-term Forex investments?
The sweet spot for most Forex investors is to utilize swing trading or position trading strategies lasting from 1-4 weeks or 1-6 months. This provides a balance of sizable gains over time while still actively managing trades. But always remember to align your trading timeframe with your personal investment goals and lifestyle.
Team that worked on the article
Oleg Tkachenko is an economic analyst and risk manager having more than 14 years of experience in working with systemically important banks, investment companies, and analytical platforms. He has been a Traders Union analyst since 2018. His primary specialties are analysis and prediction of price tendencies in the Forex, stock, commodity, and cryptocurrency markets, as well as the development of trading strategies and individual risk management systems. He also analyzes nonstandard investing markets and studies trading psychology.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).