Best Forex Brokers-Some of the Top Choices

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There are many financial assets and instruments open to everyday investors these days. The forex market (sometimes abbreviated to ‘fx’) is one of them, and this market is where investors buy and sell actual currencies. To do this, many people choose to go through a forex broker, which is essentially a middleman that connects buyers and sellers together to execute trades for both parties. And once you’ve signed up with a forex trading platform, you can trade currencies such as GBP, AUD, USD, CAD, EUR, BRL, and so many others.  

Since these currencies rise and fall in value against one another, this is where the opportunities present themselves. So now that you know what the forex market entails, how about finding the best forex broker to fulfil your investment needs? All of this is covered throughout.

Best Forex Brokers

The great thing about investing in the forex market these days is that there are so many platforms out there that give you exposure to it. And as previously stated, most of these platforms operate as a currency broker, connecting investors on both sides of the equation. However, not all forex trading platforms are of equal quality, which is why it’s worthwhile doing some research to unearth the cream of the crop. On that note, we believe that the following two forex broker sites are the best you can find:

1. eToro – best overall Forex broker

2. Pepperstone – best for experienced Forex traders

HeraldScotland:

eToro – visit here

67% of retail investor accounts lose money when trading CFDs with this provider

eToro has been on the scene since 2007, displaying 15 years of online trading services, at the time of writing. This forex trading platform has pretty much revolutionized the way in which people make investments for this market. eToro has achieved this through providing benefits such as commission-tree trades, access to social trading, as well as a wealth of educational investment videos available on the platform. This cocktail of advantages has helped eToro to surpass the 15 million mark in terms of total users right now, which is pretty staggering, to say the least.

The advantages of choosing eToro don’t end there either. The site has a state of the art mobile app where users can trade as easily as they can on a desktop. And if that still isn’t enough, eToro now lets members trade almost 50 currency pairs, with leverage of 1:30 available for those who are eligible. This is why we suggest that you register with eToro when you get the chance.

This can be done through a desktop or on mobile – the choice is yours. 

Pros

  • A leading platform for social trading
  • Almost 50 fx trading pairs
  • Zero fees charged for trades

Cons

  • Certain withdrawal methods involve fees
  • One of the few sites that has inactivity fees

 

Sign up to eToro here <<<

Cryptoasset investing is unregulated in most EU countries and the UK. No consumer protection. Your capital is at risk. CFD crypto trading is unavailable for clients residing in the UK and US. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

 

Pepperstone – visit here

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.2% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Pepperstone has been a leading forex trading platform ever since it was established back in 2010. As it happens, the fx market is what Pepperstone specializes in, with superior trading options for spread betting and CFDs. It’s definitely a site that many investors consider to be one of the best fx broker platforms in the industry right now. Should you choose to register with Pepperstone and start trading the fx markets, you’ll notice similar benefits to eToro too. These include fee-free trades, access to educational videos, a highly-rated mobile app, as well as full support for MT4 and MT5 trading software.

Pepperstone also gives you the option to set up a ‘professional trading account’. Doing so releases even better trading tools, more favourable spreads, and so much more. 

Pros

  • 10+ years experience in fx trading
  • Top-tier spread and CFD options
  • A designated mobile app is available

Cons

  • A little complex for beginners
  • Fees charged for bank withdrawals in certain nations

 

Sign up to Pepperstone here <<<

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.2% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

 

What is a Forex Broker?

A forex broker is a specialized platform/service that allows people to execute buy and sell orders for this specific market. Just like brokerage services for other market segments, a ‘broker’ provides a direct bridge between investors and the underlying asset class. In essence, the broker will execute orders on your behalf, usually taking a fee for doing so – unless you choose one of the best forex broker sites mentioned previously. To some extent, the broker can set the price of the buy/sell order, yet these spreads still remain extremely competitive at the leading fx broker platforms.

With that said, there are many features that distinguish what we could consider to be the best fx platform out there compared with the rest!

 

Trade with eToro here <<<

 

67% of retail investor accounts lose money when trading CFDs with this provider

How do Forex Brokerages Work?

Forex brokerage platforms can be pretty complex, as they involve many moving parts on both the buy and sell side of things. However, in the most general sense, forex brokerages work by connecting buy and sell trades. For example, if you wanted to acquire $200 worth of USD, using GBP to do so, the broker would go and hunt down a willing seller. Back in the day, this would involve a fairly lengthy process, with one or more individuals working to execute the order correctly. But ever since online brokerage sites and apps started to emerge, all of this now happens in the blink of an eye – usually automatically.

This element of speed is one of the major separators between the best platform to buy fx vs just average platforms. The best will execute trades immediately, especially popular platforms where there is significant liquidity floating around.

How to Sign Up to a Forex Broker

After deciding on which forex trading platform you want to go for, you will then need to open a new account before trading. There is no getting around this requirement, and while yes, it is slightly inconvenient, it’s just a one-time thing. So on that note, if you are ready to take a shot at the forex markets, you can sign up for a trading account by completing the following:

  1. Choose the best fx platform available
  2. Create your new sign in details – email and password
  3. Verify your address and identity (driving license, passport, bank statement, utility bill) 
  4. Deposit funds after passing verification
  5. Make your first forex investment through a preferable product

 

At the very best forex sites, you can buy and sell a wealth of currencies from all over the globe once you’ve opened a new account. You can easily access your account through a desktop site, an optimized mobile site, or via native apps too. This means that you can trade the fx market while at home or on the move.

 

Register with eToro here <<<

 

67% of retail investor accounts lose money when trading CFDs with this provider

How to Choose the Best Forex Broker

Hunting down the best platform to buy forex products is the hard part. But since you are here, the legwork has already been done for you. With that said, while we’ve shortlisted the best fx trading platforms, you may still be wondering how these have been selected. That’s why we’d like to point out some specific criteria that we’ve looked at before recommending these platforms, and you can use these criteria when assessing other fx platforms, if desired.

Design and Ease of Use

There are two main factors that contribute heavily to the overall user experience, and this is true for all currency broker platforms. Firstly, the design – it has to be well structured, professional, and it should perform well across all platforms, mobile included! Secondly, the ease of use needs to be considered. If a site is overly complex or difficult to use, you will get frustrated and you won’t want to keep using it. Of course, the opposite is also true.

If a site has great navigation tools, as well as easy access to all relative products, you will likely feel pleased and comfortable with using the site.

Fees and Commissions

Fees and commissions are both charges that can eat away at your available trading balance. This is especially true if you are going to be an active forex trader, meaning that you will perform a range of buy and sell orders. Fees can be charged for all transactions at some sites, and fees can even apply for deposits, withdrawals, and inactivity. Naturally, the more you can eliminate any unwanted fees, the better you are going to feel about using any fx trading platform. 

In addition to this, the more tangible benefits involve less money being taken out of your account for simply using it as intended!



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