5 best Forex Brokers of 2021: Our guide - Pocket-lint

(Pocket-lint) - Apart from the traditional banking system, the forex market tends to be one of the largest and the most influential, having the most liquid assets worldwide. Nowadays, people are making money from home with wisely constructed investments, because the internet has spread on so many levels. Your options are multifaceted. You can track the best forex trader market from your mobile device or a desktop computer. You choose what to do. 

Start with a little investment, then grow into a great forex trade empire. Sounds tempting, does it? Read the article below and learn about the benefits of this money roller business. Be warned, though - this doesn't constitute financial advice.

Here are the Top 5 Best Forex Brokers and Traders!

1. Ava Trade: Overall Best Forex broker
2. XTB: Top Forex platform for trading
3. FXTM: Trusted Forex trading platform
4. IG: Best rated trading platforms
5. Vantage FX: Best for Trade Forex in the US

#1. Ava Trade - Overall Best Forex broker

The forex market has been rapidly increasing, with a variety of services and enormous income, expanding from year to year. Ava Trade is the absolute best forex broker you can count on, earning your trust by making your investments a total lottery win. This cost-effective share market will deliver a monetary approach with a high rate of confidentiality. A spot where Cryptocurrencies can be exchanged.

Moreover, no scam is involved because the broker operators are carefully and wisely selected based on their background to avoid any loss of money when trading. The professional line between trader and forex broker is just a piece more of the puzzle that will open a satisfying relationship, one that will justify the means involved. With a minimum deposition of $100, Ava Trade is the cheapest trader site, especially attractive for beginners.

Features

Minimum deposit: $100

Trust score: 93

• Maximizing the potential

Ava Trade as one of the best forex traders is non-stop open for clients and their questions. Yes, a socially responsible company should always consider that clients have doubts when their income is at a stake.

With such a relationship of always putting the client’s needs and desires first, they are maximizing the potential of a long-term collaboration. Who doesn’t want a safe where their money will be safe and secure and, on the other hand, earning and making a profit?

• Money is held safely and segregated from the other bank assets

This means that not a dime from your money will be used widely on other bank positions. Your funds enter and stay at the one particular part it was delivered to. You are the only and absolute ruler of your international currencies. Obligated with a strict regulatory requirement, Ava Trade funds are reputable and leading in the region.

• Execution as the best feature

A great commission is involved, and the execution is overrated. Fast, agile trade in favour of clients, it’s not a surprise Ava Trade earned the five-star of exclusiveness. And not just a regular exchange, but a great opportunity to feel the business vibe from close. The anticipation, the feeling of victory when money will begin listing on your account.

• Value and reliability

The financial strength you can depend on, with strong oversight into exchange policies, is making the clients rich and satisfied, wanting for more. Ava is the centre of the forex universe, with almost everything a client will need. Not a single question or demand will be left unanswered or unsatisfied.

• What are they specialized in trading?

Trading with foreign exchange currencies, cryptocurrencies, and CFD (contract for differences, a financial contract that pays the settlement price between the open and closing trades,  complex instruments).

• What trading options are there?

Virtual Trading, Proprietary Platform, Desktop Platform (windows only), Web Platform, Social Trading, MT4, MT5, Dupli Trade, Zulu Trade, Charting Trade, Order Type.

Pros 

• Money is safely deposited
• Easy and fast account opening
• Free deposit and withdrawal options
• You can always count on the broker you are trading with
• Strong policy and non-stop care
• Constant market analysis
• A daily list of the currencies on the stock exchange market
• Prognosis of the economical outcome for the client
• Actuary, counting, and calculating the risk involved

Cons

• Only CFDs, Forex, and crypto offered
• High inactivity fees
• Average forex fees

Customer’s experience

With a tremendous platform like Ava Trade, customers are free-willingly counting compliments about professionalism, combining trust, instincts, and knowledge. This trading site is offering only the best, in a manner of speaking, the greatest deed in the foreign exchange market. With a positive vibe and satisfied clients, businesses like this can go on for many decades and eventually will become masters of forex traders.

=> Click here to get more information about Ava Trade

#2. XTB –Top Forex platform for Trading

With Jose Mourinho on the cover, you can’t pass this site. It’s the customer’s bold choice in the race of a fast income, without using the gambling luck. This company’s trading journey started in 2002 and, because of its long history in this field, it has been considered as one of the best forex platforms. Crowned with the royal title of number one phone support, it is an outstanding platform. It finished best in three categories for 2021: for beginners, Crypto Trading, and Ease at Use.

Clients are accenting the points of financial statement transparency, with a great opportunity for beginners, including educational videos, tutorials, written articles from the staff, even step-by-step pieces of advice from celebrity oligarchs. XTB has many stepping stone points which a client should take into consideration if they want to choose wisely their trader ally. Also, this forex trader ensures avoidance of the high risk of losing your money.

Features

Minimal deposit: $0.00

Trust score: 93

• Low risk and high potential

Authorized by Financial Conduct Authority (FCA) with an overall trust score of 93 out of 99, XTB has been the jewel amongst forex traders. It has been directly introduced to the public trading “authorities” and therefore, listed as one of the best in the stock exchanges market. With a high potential for achievement, it is climbing to the very top of the business.

• I said yes to invest!

With the five stars earned in the field of offering investments, XTB offers a set of opportunities for catching the best path of investment. Whatever it is buying Apple shares or other tradable symbols, such as cryptocurrencies or forex pairs, XTB can help you choose your spectrum of preference but in coordination with your financial capabilities. You must say yes to invest!

• Affordable accounts with big profit

The team of XTB is offering the clients two account types: Standard (which is regulated with a spread only) and PRO (this one is a commission-based account). But what is the difference between standard and pro accounts? Which one is the best choice? 

Standard vs. Pro account: For retail traders, the standard account is more than enough. With an investment of a minimum of 250 base currency (here you can invest whatever currency you want: American dollars, euros, British pounds). The Pro account is indeed similar to the Standard one, but with that difference that includes higher money volumes.

Attention: For active traders, XTB has made a revolutionary feat, when reached certain volume thresholds (starting from twenty up to a thousand lots per month) it will give back a portion of the spread, from 5% to 30%.

• Two platforms, many opportunities

xStation5 has been considered a titan platform, even with her minimalistic design. It is rich with features and possibilities coming from a powerful tool built-in in the core of the software.

The platform is available for mobile apps, web, tablets, including iOS and Android smartwatches, offering the ultimate and excellent experience for online brokers. The inside trading tool includes a very rare and unique form of heat mapping (where you can see top movers by colour), multifaceted stock screener, and analytic tool, which shows the client’s financial state, are high or low with the budget.

MT4 Trader: because xStation5 can’t support automatic trading, XTB is giving MT4 as a substitute for the clients. But this trading platform is a little bit more costly than the first offer, and therefore, xStation5 is always the first preferred choice of customers.

• What are they specialized in trading?

Trading with Forex, CFD trading, US stock trading, Int’l stock trading, Cryptocurrency both physical and CFD and social trading.

• What trading options are there?

Virtual trading; brokers are suggesting their developed platform; a process known as Proprietary Platform; suitable desktop platform, web browser trading, and social trading.

Pros

• Low forex fees
• Educational resources portion for beginners
• Easy and fast account opening
• Free and fast deposit and withdrawal
• Number of base currencies supported

Cons

• High fees for CDF stock
• No trading central
• Not included meta traders
• Limitation to CDF and FX for the product portfolio
• Limited fundamental data

Customer’s experience

XTB is a renowned company, a brand that clients trust and they are putting hope in, at the same time effort, to get the maximum of the offer. One of the most secure forex trading sites with the availability of great achievements. Satisfied customers state that this innovative approach and less pricing than the other companies is no doubt their primary choice. 

=> Click here to get more information about XTB

#3. FXTM- Trusted Forex Trading Platform

FXTM or short for Forex Time company has been named one of the fastest-growing forex brokers, and therefore, one of the best forex trading platforms of all time. Started in 2011 with a business bear in Cyprus, the potential of the trading was shortly noticed. But what was the secret to such remarkable success? 

Regardless of the trader’s knowledge, FXTM is giving the chance to anyone, with a philosophy statement that everyone can learn anything and become who they imagined being if they can just catch the sparkle within. With strongly motivated brokers and a perfectly established core of dependable trading conditions, regulated work worldwide, FXTM is making a signature that no other can copy.

Features

Minimum deposit: $10

Trust score: 93

• Awards that speak about the productiveness

The success of FXTM is jewelled with a large necklace from world awards.

2017: Best customer service global and Best FX broker Asia (both from World Finance)

2018: Best trading conditions (from World finance) and Most innovative broker (from FXEMPIRE) 

2019: Best trading experience (from World finance awards) and Best investment broker (from FXDAILYINFO)

• Hosting regular education events

Upgrading the knowledge of the investors, the traders, and brokers, as well, FXTM is dedicating special attention to always keeping in touch with the newest changes on the forex trading market, and the stock market in general.

By improving their skills, they indirectly offer their client the ultimate security others are offering just by words. No matter if it is computer software or the knowledge software inside man’s brain, we always keep higher hopes for the newest versions and editions. The care for additional knowledge, besides the traditional, is the future of this business.

• The leverage heaven

With 750,000 active accounts, the large community of FXTM is growing, introducing every day new members to the magic of forex trading. When starting the business in Forex trading, leverage is a crucial part, especially for the smaller traders, because they can gain great potential.

You can, with the help of the leverage in FXTM, multiply your initial account multiple times. What you had in mind at the start can easily become a realization at the end of the day.

• The three account rule

With a wisely selected setting, involving trading transactions, instruments, and trading size, FXTM has separated accounts in the order of the different traders’ will and need.

Micro Account - This account recommended for beginners is offering a low-cost investment budget and zero commission, as well as spread from 1,5 pips. It includes instant execution.

Advantage Account - This account is the cheapest, with an average commission of $0.40-$2 based on the proportion of the spread. It includes market execution.

Advantage Plus Account - This account has been named partner relations account, because of the spread of 1,5 pips. It includes market execution.

• What are they specialized in trading?

Metals (gold, silver), Stock baskets, FX, FX indices, Indices, Commodities, Stock Baskets, Stocks (MT5 only), Stock CFDs - (MT5 only)

• What trading options are there?

Included MT4 and MT5, Web Trading Platform, Desktop Trading, Mobile app Trading, Social Trading.

Pros 

• Regulated entities
• The account is easily opened
• Lowest deposit requirement 
• Excellent customer service and care, educational segment
• Trading is good although it includes low spread

Cons

• Withdrawal fee
• Stock spreads are high

Customer’s experience

The client-oriented philosophy has exclusive access through variable sources, such as live chat, messenger applications, phone calls, and emails.

Apart from the positive technical execution, this forex trading centre has a wide range of language options. Customers are only thrilled with the whole concept and the great reputation of FXTM is both a product of the selfless giving of the employees and the client’s will for collaboration.

=> Click here to get more information about FXTM

#4. IG -Best Rated Trading Platforms

With a trusting score of 99 and almost everything, starting from overall, platforms, commissions, and fees, offers of investments, educational part, and mobile trading graded with a five-star rate, IG is spreading with a pandemic forex trader speed through the world. The fantastic experience behind the elaborative politics is supported by dozens of regulation companies.

IG is proclaimed as the pioneer in the forex and CFD field. The company was created in early 1974, as a part of the then, uprising stock market. Now, with over half a century of experience, we must say the throne belongs to those who are bringing the best map of opportunities to the table. It’s not a wonder, clients are making the instant decisions of which trader to choose if they want to expand their bank account.

Features

Account Minimum deposit: £250

Trust score: 99

• Minimum Deposit- maximal gain

With a minimal deposit of $250, brokers for forex brokers offer premium services, forwarded with golden discounts and rebates to clients. With IG, you can have your agency broker in the role of an agent that is passing trades to a third-party dealer. Professional and disciplined way of work, and a will to get to the milestone you are eager to achieve.

• Diving into the competition

The risk of implementing new views of point has been the crucial part for many businesses to crush quickly after taking off or landing safely. IG is using its gigantic impact in the forex trading market and with this strength is bringing down the competitor’s prices for its own benefit. So sometimes an aggressive psychological аccess is good for the company, and if it’s good for the client’s welfare.   

• The divine place for making great commissions

IG is using the pressure of a superior company over the board and is lowering the prices from its standard, regardless of the products you are trading. Yes, it is a well-structured platform on paper but how does it work in reality, many interested parties are asking.

So, Forex Direct flows from the interbank liquidity providers, where IG is in the role of just an agency broker, meaning any additional spread isn’t added. Instead (these interactive steps other companies don’t have) IG is adding a commission, or better said, it spreads to each trade you make.

Users, as the carriers of the last word, can switch between the execution method via the available order types, depending on their preferences: if they want to trade with the potential slippage in comparison with others who can easily be rejected if the price is not available anymore.

• The supernatural strength of mobile trading 

If you want a whole package running in the world of exchanges, then your strategy must include a large proportion of options you are offering to potential investors. Including the mobile application is another bravo for the team behind IG, because mobiles have become our new nonbiological limb we depend on, especially for thinking, counselling. Mobiles are our little boxes of joy, pleasure, and business, of course. 

So IG’s mobile app includes many features, such as alerts, economic calendar, watch lists, detailed market information (uprising prices, downfall forex exchanges), and all this packed as an extraordinary and well-thought design. Now you can jog and stay connected with the IG on your smartwatch, too. You can check every time from every place as long as you keep your application and mobile close.

• What are they specialized in trading?

Forex trading, CFD trading, Tradable Symbols, Forex Pairs, Us Stock Trading, Int’l Stock Trading, Cryptocurrency(only CFD), and Social trading.

• What trading options are there?

Virtual trading, Proprietary Platform, Desktop Platform, Web Platform, Social Trading, MT4, Charting Trade, and Order Type.

Pros

• First-class web trading platform
• Great educational resources and tools
• Withdrawal options
• Great deposit

Cons

• High forex and stock CFD fees
• Slow customer support
• Limited portfolio

Customer’s experience

 As an online broker, IG is offering an enriched experience with many open and available options on the desk. The winning plate of the IG forex trader is the versatile options included, using the mobile app, the research, the range of markets, and trading costs. Customers gained trust from the start.

=> Click here to get more information about IG

#5. Vantage FX-Best for Trade Forex in the US

The broker emerging in 2009 on the forex trading market, with a little lower trust score than the other forex trading sites, is considered an average-risk page, even though the broker is regulated with the tier-1 high trusted associations.

Trailing the industry monarchs in key areas, starting from thorough research, education, and mobile apps, FX is making remarkable grades that can definitely make you think and mostly persuade you to give your trust and finances to them.

Regulated by the Cayman Islands Monetary Authority (CIMA), The Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA), and the Vanuatu Financial Services Commission (VFSC). 

The special offer Vantage is giving their new clients is to start trading with a leading broker, a great foundation.

Features

Account Minimum deposit: $200

Trust score:79

• Dupli and Zulu Trade-offers you shouldn’t bypass

Vantage platform is different from the others mentioned above (except AvaTrade), the majority using the base of MetaTrader because it includes offers for additional platforms, ZuluTrade and Dupli Trade, both recognized on the market with special characteristics. With a rich portfolio, they are focused and user-friendly applications, allowing to automatically duplicate the offered actions.

• Three accounts you can choose from

The main difference between the three types of accounts is the pricing structure and the spreads provided. Let’s review them in one sentence.

Standard STP: With a spread of 1.4 and a commission of $0, the deposit in this type of account is $200. It is recommended for new members and beginner traders.

Raw ECN: With a spread of 0.0 and commission of $3, the deposit in this type of account is $500. It is recommended for brokers with experience who want to spread their macroeconomic impact or semi-investors.

Comparison between Standard STP and Raw ECN: FX lists standardly spread 1.1 pips on the standard account, while for the Raw ECN accounts the average spreads are 0.08 pips with a commission of $3 added per side.  

Pro ECN: As the most competitive account, with a commission of $2 per side (or a total of $4 per round turn) in comparison with the Raw ECN account. For the clients with the possibility of investing $20 000, it is the best option compared to the other account features.

• Extremely low-cost fees

In the world of Venture FX monetary approach, there are different costs for different accounts. So a group of economy experts made a little research, by comparing the brokers and calculating all the fees of a typical trade for selected products. And the result of this research was in favour of the Vantage FX, with the lowest fees on the market, as compared to the charges from other competitors.

• What are they specialized in trading?

Forex Trading, CFD Trading, Social Trading, Cryptocurrency (CFD).

• What trading options are there?

Virtual trading, Desktop platform(only available in Windows), Web Platform, Social Trading, MT4, MT5, Dupli Trade, Zulu Trade, Charting- Trade from a chart, and Order Type-Trailing Stop.

Pros 

• Low fees
• Superfast account opening
• Seamless deposit and withdrawal
• Low forex fees
• No withdrawal fee
• No inactivity fee

Cons

• Limited product selection
• Poor customers service 
• Protection of the investors is only available in the area of the United Kingdom
• High financing rate
• The high stock of CDF fees

Customer’s experience

Vantage FX is finding a way to compete with the largest companies in this field, acting as if this isn’t a big bite. The confidence which it uses gives him a visible strength, but a place for improvement as well.

=> Click here to get more information about Vintage FX

Things to consider while getting into the forex trading market

What is a forex trader?

With this online broker service, you can buy and sell currencies from your home, with a mediator broker that can offer them on a foreign exchange market. You can earn much more than you ever expected. The only role you must perform is the one that you should constantly research the currency change and variation.

According to the report from the Bank of International Settlements in April 2019, this incredible sector of neo-banking services reached 6.6 trillion. An amazing number which shows not only the strength but the redirection of the whole sector in favour of newcomer, ultra-powered technology. 

For example, when you travel to India and you are a European tourist, you can’t pay in euros for food. So you need to exchange your native currency for the currency of the country you travelled to at the current exchange rate. With Forex Trader, you can do this before landing in India. 

The market of exchanging currencies, and even profiting from this exchange, is open 24/7, five and a half days of the week, linking your computer to the worldwide broker centres, such as the major financial spots of London, Tokyo, Zurich, New York, Paris, Sidney, Singapore, etc.

How does it work?

The market is an interbank web from worldwide banks trading the currency with each other. Internally, banks have to consider and therefore determine the sovereign and credit risk. With the special form of regulations and consulting the employed, banks are protecting their interest and policy. 

Since the market is made by each of the participating banks providing offers and bids for a particular currency, the market is based on supply and demand. With a high number of traders and bidders, it’s impossible to crush the system or influence the price of the currency. Approaches like this help the market to self-protect and are transparent for everyone, the traders, the brokers, and the investors as well.

Small bank dealers deal with semi-regulated forex brokers, which can sometimes lead the situation to an unexpected event of turn. Depending on the dealer’s country of origin, there may be some government and industry regulations. On the other hand, most retail investors should spend time investigating and prompting with the validation of the dealer.

How to get started with Forex Trading?

• Research the Forex

It’s better to know the benefits so you can set up your expectations ratio. There are several online broker courses available for free, for beginners that teach the ins and outs of the process of forex trading in general.

• Develop a trading strategy for your own proportions

Track the market-changing system as frequently as you can. Little changes can cause you great loss. But brokers are here to take care of the rapid currency exchange rollover. They can even help you develop a business plan that suits you the most.

• Set an account for starters 

To get started with forex trading, you need to make a brokerage account. You need to remember that Forex traders don’t take commission. They earn their part of the deal, through spreads, between the buying and selling prices.

Because you will be a beginner trader, the best option for you is to set up a micro forex trading account. This kind of account has a low capital requirement. With a limited number of tradings and amounts, you are safe from making bold but exaggerated choices. 

• Make a daily routine of checking the numbers

Once you begin trading, don’t forget to check and even the number from the start of the workday and the ones from the end. Most trading sites allow this type of software, which has a built-in checker for daily accounting.

The terminology you should know before starting

The three lot accounts

• Micro forex account

Recommended for beginner individual traders. These accounts will allow you to trade up to 1000 $ currencies in one lot.

• Mini forex account

Recommended for small bank dealers and retail investors, accounts that allow you to trade 10000$ currencies in one lot.

• Standard forex account

Recommended for professional traders and brokers with experience. Accounts that allow you to trade 100000 $ in one lot.

Dictionary

Ask - Ask is the lowest price at which you are willing to buy the currency. The ask price, by some unwritten rules, is greater than the bid price.

Bid - Bid is the opposite of the Ask, it is the price you are willing to sell a currency. Even though these prices are lower than the ask prices, in exclusion instances, when demand is great, bid prices can be higher than the ask prices.

Bear market - The Bear market is the place where prices decline from all currencies, meaning it is a result of a catastrophic event or economic inflation. 

Bull Market - A Bull market is the place where prices increase for all currencies, meaning it is a result of optimistic news from the global economy expo.

CFD - Short form for Contract for Difference is a derivative where investors and traders can speculate about the price movement without owning the assets, the conversation and speculations are taking a turn.

Leverage - This is the use of borrowed material to multiply returns.

Margin - The money set aside, ready to be exchanged.

Pip - For a percentage of point, it is the minimal price move, equal to four decimal points.

Spread -  It is the difference between the bid and the ask, or the selling price and the buy price, in which sector brokers are making their profits.

Sniping and hunting - It is the purchase and sale of currencies near predetermined points to maximize profits.

Benefits of Forex Trader

• Offers the most liquidity of multi-asset from all markets.
• You can always start with a little capital, then spread it into a great profit.
• With a non-stop openness to the market, this online trading centre can connect you to the major financial dens.
• The forex market is more decentralized than the ordinary and traditional money stock market.
• Much less initial capital and much easier to start trading forex as compared to trading stocks.

Disadvantages of Forex Trades

• Forex trades are more volatile in comparison with traditional stock markets.
• In the forex market leverage is being used constantly, meaning that traders can control large portions of the market and with a little amount of money on their own.
• It isn’t as easy as it looks. To dive deep in the market you need to have a proper economic education, great interest, and everyday researching, making strategies, and taking risks. There are courses on the internet that can teach the base of the trading profession, for free and with a payment method.
• It is considered a wild market as compared to others because it is more difficult to regulate some issues.
• The Forex market is missing the security of the regular income as for other bankers: dividend payment, which is a big minus when it comes to attracting new investors.

The bottom line

For beginner traders, those who want to experience the magic of trading, without the pressure of the stock exchange market, not willing to take the high risk, with investing a small amount of money, this is the perfect place to start. Forex Traders who can invest more money can double their input. By focusing on the macroeconomic fundamentals, this sector of the trading market is making big steps towards spreading the impact of the economy in general.

FAQs about Forex Trading

Q. Who owns forex and where is it located?

It isn’t owned by someone in particular. Imagine that this is a bank or better, an interbank, and the transactions are conducted just between two parts in a discreet atmosphere- the seller and the buyer. Forex is just an addition to the formal and traditional banking system. Until the first one lasts, the second one will provide too.

Q. Where is Forex traded?

Forex is traded in three great markets, amongst them: spot markets, forwards markets, and futures markets. Of all, the spot market is considered to be the biggest, because it’s the underlying market that the other two are based on.

Q. Why are people trading forex?

People and therefore companies are using forex for two reasons: speculation and hedging. It is essentially used to make money from the sale and, the difference between selling and buying currencies, the so-called spread. But there is another reason, and that is selling the latter profit overseas and locking the prices in the manufacturing industry.

Q. Are the forex trades an unstable stock?

They are not volatile as the market of real estate for example. But yet, the unpredictable and unstable form of this market comes from the economic and political situation in one country. If a region is in a war zone, logically, its currency will experience a downfall.

Conclusion

No one can guarantee that even with the best support coming from world-renowned trader pages, like these forex trader platforms, your path to the big profit and success will be unblocked as an active trader Many trivial factors are impacting the agenda. 

But what is the most important thing you need to know? Make a solid strategy! Without a plan, even engineers would not be able to build a tower. So, you are the engineer of your money. Invest it, transform it, exchange it. Make capital that you should be proud of. In these macroeconomy branches lies the world’s progress. Grab it!

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2021-10-04 10:05:00Z
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