CFDs, or "contracts for difference," enable traders to speculate whether the price of a stock, forex pair, market index, or commodity will go up or down without taking ownership of the underlying asset. Alongside nearly 10, CFDs, CMC Markets offers the most tradeable currency pairs, with pairs that can be quoted both ways i. As a highly-trusted and regulated global brand, Interactive Brokers IBKR provides everything professional traders might need, from advanced trading tools and platform features to competitive pricing across a wide variety of markets, as well as connectivity to over global exchanges.

In addition to competitive spreads and low commission-based pricing for forex, Interactive Brokers provides more third-party research than any other broker.

Interactive Brokers continues to innovate its platform offering, such as with its new Impact app for environmental, social, and governance ESG investing, alongside the related Impact dashboard available in its Trader Workstation TWS desktop and WebTrader platforms. Professional client status : In today's highly regulated forex world, traders who want to maximize their margin leverage must apply and obtain ESMA's professional client status with their broker. Traders designated as Professionals in the EU do not receive negative balance protection and other consumer safety mechanisms such as eligibility for compensation schemes in the event of a broker's insolvency.

To determine the best forex brokers for professional traders, we broke down each broker's active trading program, and compared all available rebates, tiers, and all-in costs. Trading platforms were then tested for the quality and availability of advanced trading tools frequently used by professionals. Here are three of the most important factors to keep in mind when choosing an online broker for forex trading. Not sure how to go about choosing a forex broker?

Check out our Forex Broker Compare Tool to compare dozens of the biggest forex brokers in the industry and analyze their top tools and features.

Our Compare Tool is fed by data gathered by our expert researchers for our forex broker reviews , so you can feel confident you have the most up-to-date information at your fingertips. To see an intuitive, comprehensive list of highly regarded regulatory agencies, check out our Trust Score page.

Also, be sure to check out our in-depth reviews of forex brokers — we detail the regulatory status of each individual forex broker across the international forex landscape. Here are the Overall rankings for the 39 online brokers who participated in our Annual Review, sorted by Overall ranking. Was this helpful? Yes or No. At ForexBrokers. com, our evaluations of online brokers and their products and services are based on our collected quantitative data as well as the qualitative observations and qualified opinions of our expert researchers.

Each year we publish tens of thousands of words of research on the online forex brokerage industry, and we evaluate dozens of international regulator agencies click here to learn about how we calculate Trust Score.

We test all available trading platforms for each broker — whether they are proprietary or come from third-party providers — and evaluate them based on a host of data-driven variables.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running macOS Ultimately, our rigorous data validation process yields an error rate of less than. For a full explanation and accounting of our research and testing process, please click here to learn more about how we test. There is a very high degree of risk involved in trading securities.

With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.

Read more on forex trading risks. Steven Hatzakis is the Global Director of Research for ForexBrokers. Steven previously served as an Editor for Finance Magnates, where he authored over 1, published articles about the online finance industry.

A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.

as a Commodity Trading Advisor CTA. Blain Reinkensmeyer has 20 years of trading experience with over 2, trades placed during that time. He heads research for all U. com and is respected by executives as the leading expert covering the online broker industry. John Bringans is the Senior Editor of ForexBrokers. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets.

Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years.

An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.

com is committed to the highest ethical standards and reviews services independently. Learn How We Make Money. Home Forex Guides Directory. November 15, Best overall broker, most trusted Minimum Initial Deposit £ Pros Outstanding platforms and tools Over 19, tradeable instruments Competitive pricing Cons No predefined layouts on the flagship web platform Limited product range on MT4.

Pros Flagship platform is top of the line Over 40, tradeable instruments Excellent customer service Cons High minimum deposit. Pros Low trading costs Excellent web and mobile platforms Robust research materials Cons Educational offering could be improved MT4 offering limited to 62 symbols.

Pros Robust platform for professional traders Wide range of global markets Thorough research offering Cons Trader Workstation platform is likely too complicated for inexperienced traders. Best desktop platform, U. Pros Outstanding platform in thinkorswim Thorough research offerings Excellent educational materials Cons Does not offer copy trading Forex pricing is slightly higher than industry average. Pros Multiple high-quality platforms Excellent market research Wide range of markets Cons Only about instruments are available on the MT5 platform, compared to over 4, on non-MetaTrader platforms.

Pros xStation 5 platform is an industry standout Robust selection of trading tools Excellent customer service Cons Pricing is just average. Excellent all-round offering Minimum Initial Deposit £ Pros Excellent platforms and mobile app Extensive range of markets High-quality market research Cons Pricing is average for the industry Limited product range on MT4. Pros Large number of investors to copy Extensive range of markets to trade User-friendly platforms and app Cons No automated trading strategies Stops, limits mandatory on trades Research trails competitors.

security Find a trustworthy broker: ForexBroker. percent Pro tip: For most beginners, trading forex with an amount of capital that you can afford to lose can be a great way to learn with less risk, and can be of value if you focus on the percentage returns rather than their dollar value.

smartphone Mobile forex trading If you're a fan of mobile platforms — or trading forex on the go — see our picks for best forex trading apps here. biotech Methodology: To determine the best forex brokers for professional traders, we broke down each broker's active trading program, and compared all available rebates, tiers, and all-in costs. Submit Details. Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers. Blain Reinkensmeyer Blain Reinkensmeyer has 20 years of trading experience with over 2, trades placed during that time.

John Bringans John Bringans is the Senior Editor of ForexBrokers. Joey Shadeck Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers. Saxo Bank. CMC Markets. Interactive Brokers. TD Ameritrade. City Index. FP Markets. Admiral Markets. IC Markets. XM Group. Fineco Bank. HYCM Henyep. Trading You can also use this account as a platform to improve your trading skills.

eToro offers an excellent platform with a wide range of currency pairs for trading. To select the currency pairs you wish to trade with:. eToro makes this process easy and intuitive for both experienced traders and those starting. Buy means you are banking on that asset to increase in value. Sell means you expect the asset to depreciate. A global decentralized or over-the-counter market for exchanging currencies is known as the foreign exchange market.

Some currencies' price swings might be particularly volatile due to the volume of currency that is exchanged each day. This volatility, which increases both the risk and the potential for huge returns, is what can make forex trading so alluring to traders. Forex trading is a highly profitable investment strategy that can provide you with steady returns over time. Forex trading is a high-risk, high-reward investment that can be lucrative for those who are willing to take the plunge.

However, it's important to make the right decisions at the right time. Now that you know the forex trading platforms for beginners, choosing a platform shouldn't be a difficult decision to make. Once you have decided on a platform , it's important to make sure to practice trading with some basic principles in mind. This will help you develop a trading strategy and stick to it. As forex trading is a highly complex activity, it's important to find a platform that is tailored to your needs and budget.

Here are some tips for beginners. It is always important to have a solid forex trading strategy in place before beginning any trade. The strategies offered by different platforms vary, so it is important to select the one that best suits your needs and trading style.

Forex traders should also keep a close eye on market conditions and news events, doing this will help them make better-informed decisions when trading. Finally, use forex trader tools as they can be very helpful in making sense of complex trends and movements. Forex trading is a high-risk endeavor, and without the proper risk management strategy, you could lose all your money very quickly.

Before starting forex trading, it's important to understand the different types of forex trading and their risks. You should also educate yourself on market conditions so that you can make informed decisions about your trades. By doing so, you'll be able to take full advantage of opportunities while minimizing potential losses.

It is important to always be prepared for the market to move in either direction. This means that you need to have a trading plan as well as adjustable stop losses and profit targets in case things get tough.

Technical analysis can help identify trends and volatility so that you can make informed decisions while trading forex. Most importantly, remain positive and stay focused on your goals! If you trade consistently with these principles, then success will come naturally over time.

When forex trading, it is important to choose a platform with tight spreads. These platforms offer traders the opportunity to make a lot of money by successfully trading currencies. Make sure that the platform you select is user-friendly and provides customization options for your trading strategy.

You should also take into account the fees charged by this platform as this will affect how much profit you can make from your investments. It's also worth checking out whether or not this particular forex trading platform has a good reputation in the market - if so, it makes choosing it easier. If in doubt, you can check our list of forex trading platforms for beginners again. Before trading forex with real money, it is important to use a demo account first. This way you can test the platform and make sure you understand how it works.

Once you have mastered the basics, trading with real money is much more fun! And this is when things start moving in your favor - as forex trading platforms tend to be more volatile than stock markets, making profits here can be very rewarding indeed!

Forex trading can be a complex and risky business, but it can also be a very lucrative one. Trading forex can seem daunting for beginners, but with the help of the right forex trading platform, you can get started quickly and make some profitable trading decisions.

We have reviewed 6 forex trading platforms for beginners. The best platform will be based on your individual needs and interests, so make sure to read the reviews and research everything thoroughly before making a decision.

Trade Forex. Some forex trading platforms are better suited for experienced traders who are looking to trade larger volumes of currency. Other forex trading platforms may be better for those who are new to forex trading altogether, or who are looking for a more simplified trading experience. It's important to use a regulated forex broker that offers security features to prevent malpractices.

Many people in the US turn to online forex trading platforms such as eToro, Libertex, FXTM, FOREX. com, IG, and Interactive Brokers for their trading needs.

Each platform has its strengths and weaknesses, so make sure you do your research before committing to anyone. Forex trading is not considered an illegal activity in most countries, including the United States. That said, the strict rules and regulations in the US are quite different from other countries. That all depends on your goals and preferences when it comes to trading forex. If you're looking for quick profits, then forex trading may not be the best option for you.

However, if you're after long-term investment opportunities, then forex trading can be a great way to go. And, as always, make sure that you do your research and choose the right platform for your needs before jumping in head first. After completing her pharmacy degree at the University of Lagos, Nigeria, in , she began writing professionally in fintech.

com, Equalizer, Koinly, Olymp Trade, Salesgnomics, Scribbr, and Swapzone. She currently freelances on Upwork and writes weekly reviews at 18digits. Maryam lives in Manchester, United Kingdom and can be found on LinkedIn Maryam Jinadu. Home » forex » beginners. Maryam Jinadu Pro Investor. Updated: 23 October In This Guide 1 Forex Trading Platforms For Beginners- Overview 2 Top 6 Forex Trading Platforms For Beginners List 3 Forex Trading Platforms For Beginners- Reviewed 4 How To Trade Forex on eToro- Our Top Platform 5 What is Forex Trading?

Cons: Inactivity fee after days Only offers CFDs. Visit AvaTrade Now. Cons: Negative balance protection is not available for US customers KYC process is a bit long-winded. com Now. Cons: a limited selection of commodities and cryptocurrencies inactivity fee and withdrawal fee. Visit FXTM. You can also register using a Google or Facebook account.

Enter your address, which needs to match your Proof of Address. Enter your place of birth and country of citizenship. You may be asked to complete the ID number. Select your answers to complete the investment knowledge assessments. Verify your phone number Verify your identity with a copy of your passport or government-issued ID that must contain your full name, date of birth, picture, and valid expiry date Verify your address. What Are The Pros and Cons Of Forex Trading?

Cons: Unpredictable price movements High level of risk Complexities Requires ongoing attention and focus. What are the best forex trading platforms for beginners? About Maryam Jinadu. View all posts by Maryam Jinadu.

Written by Steven Hatzakis , Blain Reinkensmeyer Edited by John Bringans Fact-checked by Joey Shadeck. The ForexBrokers. com annual forex broker review six years running is the most cited in the industry.

With over 50, words of research across the site, we spend hundreds of hours testing forex brokers each year. Here's how we test. Are you looking to speculate that the Euro EUR currency will go up in value against the U. Dollar USD? The forex market is the largest and most liquid market in the world, representing every global currency with trading conducted 24 hours a day, five days a week.

To trade forex, you need a reputable online broker. Trading with a trusted forex broker is a crucial factor for success in international currency markets. As a contract for difference CFD trader or forex investor, you may have specific needs related to which platform, trading tools, or research requirements you have.

Understanding more about your investment style needs can help determine which forex broker will be best for you. Each year, our team here at ForexBrokers. com spends five months testing the biggest names in foreign exchange and assembles a guide to the best forex brokers for forex and CFDs trading. Here are our findings for CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. IG offers the ultimate comprehensive trading package, featuring excellent trading and research tools, industry-leading education, and an extensive range of tradeable markets. Read full review. Saxo Bank is an exclusive multi-asset broker with brilliant research and a superb trading platform experience — as well as a stunning selection of over 40, securities.

CMC Markets is well-trusted across the globe, and delivers a terrific trading experience thanks to its excellent pricing and selection of over 12, tradeable instruments. Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets.

It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite. For traders in the U. com is a trusted brand that delivers an excellent trading experience for forex and CFDs traders across the globe. It offers a wide range of markets and provides an impressive suite of proprietary platforms — alongside limited access to MetaTrader. As a trusted multi-asset broker, XTB offers outstanding customer service, a wide variety of forex and CFDs, and an excellent overall trading experience.

Backed by StoneX Group, City Index is a trusted brand known for its versatile trading platforms, excellent mobile app, diverse market research, and extensive range of tradeable markets. eToro is a winner for its easy-to-use copy-trading platform, where traders can copy the trades of experienced investors — or receive exclusive perks for sharing their own trading strategies. For the ForexBrokers. com Annual Review , all online broker participants were assessed on variables across seven primary categories.

Here's how we tested. Alongside primary categories, ForexBrokers. com ranks brokers by the most popular investor categories. Finally, each year ForexBrokers. com honors the brokerages who go above and beyond in the areas that matter most to investors.

Regulated and trusted across the globe, IG offers traders the ultimate package of excellent trading and research tools, industry-leading education, comprehensive market research, and an extensive list of tradeable products. This fantastic all-round experience makes IG the best overall broker in CMC Markets is a globally-trusted broker that delivers a terrific offering for traders thanks to notably low pricing, nearly 10, tradeable instruments, and the Next Generation trading platform, which comes packed with quality research and innovative features such as its Dynamic Trading portfolio tool.

We've conducted thorough testing of the best trading platforms offered by dozens of the top forex brokers in the industry. A forex broker is a company that is licensed or considered exempt by a national regulator to grant you — as a retail or professional client — the ability to buy or sell foreign currencies, by way of an online trading platform or over the phone known in the industry as voice broking.

A forex broker may offer you the underlying currency, or a non-deliverable spot contract or derivative such as a contract for difference, or CFD, depending on any relevant country-specific regulatory restrictions. It's important to only use brokers that are properly regulated to reduce your risk of being scammed. Yes, to trade forex you'll need to use a forex broker. You'll need to open an account and deposit enough collateral margin to enable you to place orders with your broker to buy or sell forex.

The forex broker's job is to execute your orders — either internally by acting as the principal to your trade market maker execution or by sending your orders to another market, thus acting as your agent agency execution. Your broker should be regulated and properly licensed in your country of residence or in a major financial center.

We evaluate and track dozens international regulatory agencies; click here to learn more about Trust Score. Check out our guide to trading forex for beginners here.

The next step will be deciding on your trading budget. This is especially important given the risks involved in trading forex from a margin account. Forex brokers typically offer a range of contract sizes so you can fine-tune the size of your trade — which will determine how much risk you are taking for a given profit target. In this case, your potential risk will be limited — but so will your potential rewards. For most beginners, trading forex with an amount of capital that you can afford to lose can be a great way to learn with less risk, and can be of value if you focus on the percentage returns rather than their dollar value.

IG takes first place in our Annual Review as the best forex broker, with available currency pairs and the ability to trade CFDs and forex options, traders have plenty of choices. IG is the only broker that is regulated in both Switzerland and the U.

expand What does it mean to be the biggest forex broker? What can be considered the largest forex broker may vary depending on the time period used to measure size.

Important factors to consider when gauging the size of a forex broker are the assets under management, number of clients, and market capitalization valuation for public companies. Here are the top 10 brokers by forex and CFD trading volume according to data compiled by Finance Magnates during the third quarter of data excludes Japan due to the abnormally high trading volumes known to come from Japanese brokers :.

CMC Market's Next Generation platform comes with a massive selection of nearly 10, tradeable instruments. It delivers a terrific user experience, as well as advanced tools, comprehensive market research, and an excellent mobile app. Hands down, the CMC Markets Next Generation trading platform is a market leader that will impress even the pickiest of traders.

The new Dynamic Trading tool allows you to place multiple trades simultaneously, which was a nice innovation by CMC Markets this year.

If you're a fan of mobile platforms — or trading forex on the go — see our picks for best forex trading apps here. What do you value most in a forex broker? Maybe you want to trade forex on the go. You might be looking for the most cost-effective forex brokers. Or maybe you are a beginner forex trader who is just getting started.

With a wide range of forex brokers comes a wide variety of features and specialties. IG offers the most tradeable CFDs in the industry, 19, CFDs, or "contracts for difference," enable traders to speculate whether the price of a stock, forex pair, market index, or commodity will go up or down without taking ownership of the underlying asset. Alongside nearly 10, CFDs, CMC Markets offers the most tradeable currency pairs, with pairs that can be quoted both ways i.

As a highly-trusted and regulated global brand, Interactive Brokers IBKR provides everything professional traders might need, from advanced trading tools and platform features to competitive pricing across a wide variety of markets, as well as connectivity to over global exchanges.

In addition to competitive spreads and low commission-based pricing for forex, Interactive Brokers provides more third-party research than any other broker.

Interactive Brokers continues to innovate its platform offering, such as with its new Impact app for environmental, social, and governance ESG investing, alongside the related Impact dashboard available in its Trader Workstation TWS desktop and WebTrader platforms. Professional client status : In today's highly regulated forex world, traders who want to maximize their margin leverage must apply and obtain ESMA's professional client status with their broker.

Traders designated as Professionals in the EU do not receive negative balance protection and other consumer safety mechanisms such as eligibility for compensation schemes in the event of a broker's insolvency. To determine the best forex brokers for professional traders, we broke down each broker's active trading program, and compared all available rebates, tiers, and all-in costs. Trading platforms were then tested for the quality and availability of advanced trading tools frequently used by professionals.

Here are three of the most important factors to keep in mind when choosing an online broker for forex trading. Not sure how to go about choosing a forex broker? Check out our Forex Broker Compare Tool to compare dozens of the biggest forex brokers in the industry and analyze their top tools and features.

Our Compare Tool is fed by data gathered by our expert researchers for our forex broker reviews , so you can feel confident you have the most up-to-date information at your fingertips. To see an intuitive, comprehensive list of highly regarded regulatory agencies, check out our Trust Score page.

Also, be sure to check out our in-depth reviews of forex brokers — we detail the regulatory status of each individual forex broker across the international forex landscape. Here are the Overall rankings for the 39 online brokers who participated in our Annual Review, sorted by Overall ranking.

Was this helpful? Yes or No. At ForexBrokers. com, our evaluations of online brokers and their products and services are based on our collected quantitative data as well as the qualitative observations and qualified opinions of our expert researchers.

Each year we publish tens of thousands of words of research on the online forex brokerage industry, and we evaluate dozens of international regulator agencies click here to learn about how we calculate Trust Score.

We test all available trading platforms for each broker — whether they are proprietary or come from third-party providers — and evaluate them based on a host of data-driven variables. All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running macOS Ultimately, our rigorous data validation process yields an error rate of less than.

For a full explanation and accounting of our research and testing process, please click here to learn more about how we test.

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument.

Cons: Not suitable for advanced traders that like to perform technical analysis. Outside of the forex department, CMC Markets also supports CFDs in the form of stocks, indices, cryptocurrencies, commodities, and Treasuries. Fact Checked. as a Commodity Trading Advisor CTA. The freedom you have when it comes to trading is the coolest feature of Libertex. Nevertheless, the forex trading department at XTB is highly extensive, with dozens of pairs to choose from. eToro is a popular forex trading platform that offers an intuitive user interface and a variety of features.

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