All forex traders need online brokers to trade. Finding a trusted broker is the key to success in the currency markets. The first step of choosing a forex broker is identifying your specific needs concerning platform features, analysis tools, and research materials. You will also need to understand your trading strategies and plan before choosing a broker. Here are the best forex brokers.
Best Forex Trading Platforms
1. IG
IG is a trusted and regulated forex broker that offers the ultimate platform for trading currencies. This forex broker offers competitive pricing, research tools, educational materials, and various trading products. All these features are also available on IG’s mobile app.
IG is regulated and authorized by six regulators, making it one of the safest platforms for trading. The trading platform offers various tools that make it excellent for all traders, irrespective of their trading experience.
The features include charts with live market prices as well as research and trading tools. Risk management modules, such as risk and reward ratios integrated into the system will help traders minimize risk.
IG also offers a variety of educational materials, including videos, articles, and progress tracking quizzes. The platform has eight trading guides for beginners and five advanced guides for experts. The IG Academy is also available and offers courses according to the traders’ experience level.
2. eToro
eToro is ideal for both cryptocurrency and social copy trading. Copy-trading allows traders to copy the trades of other investors. With a user-friendly mobile app and web platform, eToro is ideal for casual traders and beginners.
This platform is regulated by two tire-1 regulators and one tier-2 regulator. eToro, therefore, offers a safe and risk-free trading platform. It is also easy to carry out and complete basic transactions.
One of the unique tools on eToro is the CopyPortfolios feature. This tool groups forex traders into a single fund that you can copy. CopyPortfolios is a feature for passive traders who can use eToro to create a portfolio from one or more CopyPortfolios.
eToro has several research tools and educational materials. Tools for daily market analysis, fundamental analysis, and sentiment data are also incorporated into the platform. Wall newsfeeds, educational articles, and videos are also available.
3. XTB
XTB is regulated by one tier-1 regulator and is publicly traded, hence low risk and safe. The platform offers excellent usability with a rich selection of advanced features, including trading and research tools. There is also an option for cryptocurrency trading on the platform.
Key features in the XTB platform include xStation trading tools and charts. The trading tools are available on the web, tablets, mobile, iOS, and Android smartwatches. Trading tools include heat mapping, which allows you to view the top movers by color. Sentiment analysis and a stock screener are also available.
This trading platform has premium content that offers exclusive strategies to the traders. Streaming headlines, market sentiment, and an economic calendar also add to the platform’s rich educational database.
4. CMC Markets
CMC Markets is a low-risk platform that is regulated by four tier-1 and two tier-2 regulators. Their trading platform is reliable, fast, and has a lot of trading tools. The platform’s design focuses on usability and speed, making it ideal even for picky traders.
The flexibility of the platform allows you to choose between fixed and floating windows. You can also use a custom setup or choose one of the pre-defined layouts. Charting takes the platform to another level with 60 candlestick patterns, 80 technical indicators, and 40 drawing tools.
CMC Markets also has research and educational materials. The platform’s Opto market intelligence portal is equipped with podcasts and articles. There is also a selection of webinars for traders.
5. Plus500
Plus500 is publicly traded and regulated by three tier-1 and four tier-2 regulators. The platform is user-friendly hence excellent for beginners. However, the platform has only basic features, which make it less attractive for active forex traders.
The platform has easy-to-use trading tools that are designed to focus on simplicity. However, guaranteed stop-loss orders and trailing stops are available, making it easier to manage risk, especially for casual traders.
Plus500 has a few research and educational materials. Research materials include sentiment data, an economic calendar, and a link to Yahoo Finance.
Conclusion
With so many forex brokers to choose from, forex traders must identify their needs first. Some trading platforms are equipped with many trading tools, research materials, and advanced features, making them ideal for experts and active traders. Other platforms are simple to use with only a few basic tools and materials, thus suitable for beginners and casual traders.