Best swing trading brokers
Swing trading has become an increasingly popular trading strategy among investors who want to capture short-term price movements in the financial markets. However, finding the right swing trading broker can be daunting, especially for beginners. With so many options available, it can be challenging to determine which broker is the best fit for your trading needs. That's why in this article, the experts at Traders Union will explore the best swing trading brokers in 2023.
Do note that it is important to choose a broker that aligns with your trading strategy and has a solid reputation in the industry. According to Traders Union’s experts, the best swing trading brokers in 2023 include:
IC Markets - best active Forex traders
RoboForex - best for automated Forex trading
XM Group - best for CFDs
ByBit - for free crypto spot trading
Binance - best for crypto derivatives
Degiro - best for stocks in EU
eToro - best for stock copy trading
Warning:
There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% 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 trading platforms to swing trade in 2024
The experts at TU have conducted extensive research to bring you the best trading platforms for swing trading in 2023. In this article, they will discuss the key features and benefits of the top trading platforms for swing trading in Forex, stocks, and crypto markets. In addition, they will analyze the various trading instruments, fees, and other vital factors that swing traders should consider when choosing a platform. This comprehensive guide will provide valuable insights for both beginner and professional swing traders, helping them make informed decisions when it comes to selecting the best trading platform for their needs.
Best Forex Swing Price AlertsHow to choose the best brokers’ trading platforms for swing trading?
Choosing the right trading platform for swing trading is crucial for achieving success in the financial markets. Here are some tips from the experts at Traders Union on how to choose the best brokers’ trading platforms for swing trading:
Trading Instruments: One of the critical factors to consider when selecting a trading platform for swing trading is the availability of trading instruments. Swing traders are looking for trending assets, so they like a platform that offers a big choice of trading assets across various markets such as Forex, stocks, and crypto.
Low Fees: As swing traders are comparably active traders, they need a platform that offers low fees to minimize their trading costs. Choosing a broker that offers competitive spreads, low commissions, and minimal slippage is essential.
Research Tools: Swing traders rely heavily on technical and fundamental analysis to make trading decisions. Therefore, a good trading platform should offer advanced research tools such as charting software, technical indicators, economic calendars, and news feeds to aid in decision-making.
Regulation and Safety: It's crucial to choose a broker that is regulated by reputable financial authorities such as the FCA, ASIC, or CySEC. This provides traders with an added layer of security, ensuring that their funds are protected in the event of broker insolvency.
User-Friendly Interface: A user-friendly trading platform makes it easier to execute trades quickly and efficiently. The platform should be intuitive and easy to navigate, with clear and concise trading information.
By considering these factors, traders can choose the best brokers trading platforms for swing trading, ultimately leading to a better trading experience and improved profitability.
Best Forex Swing Price AlertsBest swing trading brokers for Forex
IC Markets - best for active Forex swing traders
IC Markets is a regulated Forex broker based in Sydney, Australia. They are licensed by the Australian Securities and Investments Commission and the Seychelles Financial Services Authority. Their effective spreads are competitive, with an average spread of 0.02 pips for the EUR/USD and an all-in cost of 0.62 pips (0.72 pips on MetaTrader) after adding the commission equivalent of 0.6 pips for the cTrader account. The Standard account, which is commission-free, has an average spread of 0.62 pips.
Key features:
EUR/USD average spread 0.1 pips.
Free VPS server.
MT4/MT5/cTrader trading platforms supported.
Over 2200 supported markets.
RoboForex - best for automated Forex trading strategies
RoboForex is a brokerage company that started in 2009 and operates in 169 countries. It provides services to financial markets and claims to have more than 3.5 million users. It is based in Cyprus, Greece, and is regulated by the Cyprus Securities and Exchange Commission (CySEC). They offer trading in Forex and contracts for difference (CFDs) in 35 Forex pairs, including exotic pairs. There are no commission fees on CFDs and no deposit or inactivity fees while the withdrawal fees depend on the payment method. RoboForex has won multiple industry awards and is considered a reliable partner by financial market experts.
Key features:
Demo account available.
Low minimum trade of $1.
35+ FX pairs offered (inclusive of exotic FX pairs).
100 instruments offered.
No commission on CFDs.
No deposit fees.
XM Groups
XM Group also has a variety of features to make trading easier, such as its advanced trading platforms, powerful indicators, margin reminders, and automated trading. Its innovative, user-friendly platforms enable traders to make informed decisions with ease, while its powerful charting tools provide traders with detailed insights into the markets. XM Group also offers high levels of security and data protection.
Key features:
24-hour customer support.
Low spreads.
Fast execution speeds.
Negative balance protection.
An extensive range of educational resources.
Best swing trading platforms for crypto
ByBit - best for free spot trading
ByBit is a cryptocurrency derivatives exchange that offers perpetual contracts, allowing users to bet on the future price of Bitcoin and other digital assets. It has a wide range of features, including leveraged trading with up to 100x leverage, spot trading, and margin trading. It also offers a range of tools to help traders, such as advanced order types, stop-loss, take-profit, and trailing stop orders. The platform also has a range of security features, including two-factor authentication, SSL encryption, and more.
Key features:
Crypto trading with up to 100x leverage.
Advanced trading tools backed by sophisticated technology.
Access to a risk-free demo environment for learning and experimentation.
Educational resources to support traders.
Anonymous trading with no KYC requirements.
Exceptional customer service with 24/7 availability and multiple contact options.
Binance - the best choice of supported coins
Binance is a leading cryptocurrency exchange platform that allows users to trade digital assets in a secure and efficient manner. It was founded in 2017 and has since become one of the largest exchanges in the world by trading volume. One of its key features is its user-friendly interface, which makes it easy for both beginners and experienced traders to navigate the platform. Additionally, Binance supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, as well as many altcoins. It also offers low trading fees and a variety of advanced trading tools, such as stop-limit orders and margin trading.
Key features:
High liquidity.
Multilingual support.
Mobile app.
Staking and savings programs.
Launchpad for initial coin offerings (ICOs).
Currency.com - best for free tokenized assets
Currency.com is also an ideal platform for cryptocurrency traders. The broker offers over 225 tradable assets and enables users to check the latest market prices, spreads, percentage changes, and historical charts.
Intermediate investors residing outside the United States can find this platform to be one of the best cryptocurrency exchanges to consider. It allows for leveraged investments and accepts deposits from various payment methods, including credit cards, bank transfers, and digital wallets.
Key features:
Wide variety of asset classes available for investment.
Ability to conduct spot transactions in real-time.
Low minimum deposit requirement.
Technology-driven platform.
Up to 1:20 leverage available for traders.
Best swing trading brokers for stocks
Degiro - best in Europe
DEGIRO is a leading online broker that started its journey in 2013 in the Netherlands. With its expansion across almost 20 European countries, DEGIRO has become one of Europe's largest brokers. This online broker offers zero-to-low commissions to its retail investors, making it highly competitive. In 2020, DEGIRO merged with flatex and became Europe's largest execution-only, online broker. They have a €/£2.5 annual fee for each market apart from the home market and a 0.25% foreign exchange fee for trading in other currencies. DEGIRO enables its users to trade stocks, ETFs, bonds, investment funds, options, and futures. Its platform is user-friendly, and feature-packed, and allows investors to trade in multiple markets.
Key features:
Intuitive and easy-to-use platform.
Wide range of securities and markets to invest in.
Low fees and commission-free ETFs available.
Regulated by Dutch Financial Supervisory Authority and registered with British. Financial Conduct Authority.
Option to trade with or without leverage.
eToro - best for free US stocks trading and copy trading
eToro is a prominent social trading Forex broker that caters to novice traders. Newcomers can trail the trades of proficient traders with a verified track record, along with a wide range of educational resources. eToro's trading platforms and apps are user-friendly and convenient for all to use. However, the MT4 and MT5 trading platforms are not supported by eToro. Despite this, eToro excels at its simple copy-trading platform where traders can replicate trades of experienced investors. Also, traders can earn exclusive benefits by sharing their own trading strategies. The broker offers over 3,000 tradable symbols that include Forex, CFDs, and exchange-traded securities. eToro's trading experience may be slightly expensive, but it is comprehensive.
Key features:
Free US stock trading.
Biggest social trading platform in the world.
Over 3000 stocks, 75 cryptos, and 300 + ETFs supported.
Interactive brokers - best for professional traders
Interactive Brokers is a well-known brokerage firm that provides access to multiple assets such as Forex, stocks, cryptocurrency, and more. It has over 100 currency pairs, tight spreads, and real-time quotes from top FX dealers. It does not mark up spreads but charges a commission per trade. The company has strong financials, with a large amount of client equity and equity capital. Its Trader Workstation (TWS) and IBKR Mobile are advanced trading platforms that offer access to a range of trading tools and global financial markets, including Forex and CFDs. Interactive Brokers is regulated in six Tier-1 jurisdictions and is a publicly traded company.
Key features:
Desktop platform is comprehensive and fast.
Offers a massive range of tradable assets.
Low margin rates.
Low trading fees.
What is swing trading?
Swing trading is a technique that you can use to achieve smaller gains by cutting losses quickly in short-term trends. The profit you earn in swing trading is usually small, but you can generate a handsome amount of annual returns if you do it correctly and consistently. As mentioned, the positions in swing trading are generally held for about one to several days. However, you can hold them for as long as several weeks as well, but it’s important to ensure that your trading experience remains profitable.
If you want to be a successful swing trader, then you must stick to its basic rules and strategies that we have discussed in this article. The overall price trends in swing trading are more important as compared to the intraday price fluctuations.
Best strategies to swing trade in ForexWhat are the best platforms for beginner swing traders?
For beginner swing traders, social trading platforms such as eToro and RoboForex CopyFx can be a good starting point. These platforms allow users to automatically copy the trades of experienced traders, providing an opportunity to learn from their strategies and potentially make profits. Additionally, educational materials such as webinars and trading courses can be beneficial for those just starting out. As for the trading platforms themselves, those with user-friendly interfaces and simple navigation, such as MetaTrader 4 (MT4), can be a good choice for beginners. In addition, these platforms offer a range of technical analysis tools and indicators to aid in trading decisions while still being easy to understand and use.
Top 7 swing trading indicators you should knowHow to swing trade for a beginner?
Experts have curated the following 4-step guide on how to swing trade for beginners:
Learn the basics: Before you start trading, it's essential to understand the basics of swing trading. This includes understanding technical analysis, chart patterns, and risk management strategies. You can find a lot of free educational resources online, including courses, blogs, and forums.
Choose a broker: Once you have a basic understanding of swing trading, you need to choose a broker that offers the tools and resources you need. Look for a broker with a user-friendly platform, low fees, and good customer support. You may also want to consider social trading platforms that allow you to copy the trades of experienced traders.
Develop a trading plan: A trading plan is essential for swing trading. It should include your risk tolerance, entry and exit strategies, and money management rules. You should also set realistic profit targets and stop-loss orders to limit your losses.
Practice, practice, practice: The best way to learn swing trading is to practice. Most brokers offer demo accounts where you can practice trading with virtual money. This allows you to test your trading strategies without risking your real money. Once you feel confident in your abilities, you can start trading with a small amount of money and gradually increase your position size as you gain more experience.
Can you make money in swing trading?
Yes, it is possible to make money in swing trading, but it is not guaranteed. A skilled swing trader can make an average of 5-30% profit per month, but it depends on various factors such as market conditions, trading strategies, risk management, and individual performance. Therefore, it is important to learn and test different strategies to find the ones that work best for you. Successful swing traders usually have a solid understanding of technical analysis, market trends, and risk management strategies. However, it's important to note that trading always involves risks, and traders should never invest more than they can afford to lose.
How to Make Money on ForexFAQ
Which stock broker is best for swing trading?
There are many stock brokers that are suitable for swing trading. One of the most popular ones is eToro, which offers a user-friendly platform and social trading features that allow traders to follow and copy the trades of successful traders. Another option is IC Markets, which offers low fees and a range of trading instruments. RoboForex is also a good choice for swing traders, as it offers a variety of trading platforms and tools, including the popular MetaTrader 4 and MetaTrader 5 platforms.
Can you be profitable swing trading?
Yes, it is possible to be profitable in swing trading. However, it requires discipline, patience, and a good trading strategy. Swing traders aim to capture price movements over several days to several weeks, which allows them to potentially profit from both upward and downward market movements. However, it is important to keep in mind that there are risks involved in any type of trading, and traders should always be prepared to manage their risks and have realistic expectations about potential profits.
Can you make 10% a month swing trading?
It is possible to make 10% a month swing trading, but it is not guaranteed. The amount of profit a trader can make depends on various factors, such as the size of their trading account, their trading strategy, and the volatility of the markets. Swing traders aim to capture price movements over a few days to a few weeks, which can provide opportunities for profitable trades. However, it is important to note that this strategy also involves risks, and traders should always manage them carefully and have realistic expectations about potential profits.
Is swing trading better than scalping?
Whether swing trading is better than scalping depends on the trader's individual preferences and trading style. Scalping involves making many trades over a short period of time, aiming to profit from small price movements. This requires a lot of focus and discipline and may not be suitable for all traders. On the other hand, swing trading involves holding positions for several days to several weeks, aiming to capture larger price movements. This may be more suitable for traders who prefer a more relaxed trading style, and who are willing to hold positions for longer periods of time. Ultimately, the choice between swing trading and scalping depends on the trader's goals, risk tolerance, and personal preferences.
Methodology for compiling our ratings of Forex brokers
Traders Union applies a rigorous methodology to evaluate brokers using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.
Key aspects of the assessment include:
Regulation and safety. Brokers are evaluated based on the level/reputation of licenses and regulations they operate under.
User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.
Trading instruments. Brokers are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
Fees and commissions. All trading fees and commissions are analyzed comprehensively to determine overall costs for clients.
Trading platforms. Brokers are assessed based on the variety, quality, and features of platforms offered to clients.
Other factors like brand popularity, client support, and educational resources are also evaluated.
Find out more about the unique broker assessment methodology developed by Traders Union specialists.
Glossary for novice traders
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1
Broker
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
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2
Trading
Trading involves the act of buying and selling financial assets like stocks, currencies, or commodities with the intention of profiting from market price fluctuations. Traders employ various strategies, analysis techniques, and risk management practices to make informed decisions and optimize their chances of success in the financial markets.
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3
Swing trading
Swing trading is a trading strategy that involves holding positions in financial assets, such as stocks or forex, for several days to weeks, aiming to profit from short- to medium-term price swings or "swings" in the market. Swing traders typically use technical and fundamental analysis to identify potential entry and exit points.
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4
CFD
CFD is a contract between an investor/trader and seller that demonstrates that the trader will need to pay the price difference between the current value of the asset and its value at the time of contract to the seller.
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Investor
An investor is an individual, who invests money in an asset with the expectation that its value would appreciate in the future. The asset can be anything, including a bond, debenture, mutual fund, equity, gold, silver, exchange-traded funds (ETFs), and real-estate property.
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Team that worked on the article
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
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).