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First, do you prefer a web-based environment or desktop download? Next, consider how important tools such as charting or automated trading are to you. Available order types and other unique tools and features are also items to keep in mind. Fortunately, nearly every forex broker supports opening a demo account and testing out the experience in a simulated trading environment. Read our full-length reviews to learn more about these industry-leading brokers, compare them side by side , then open test accounts to finalize your selection.
Foreign exchange markets are open 24 hours a day, five days a week, which means investors can constantly scan international markets for opportunities to invest. Having access to multiple asset classes from within a single platform is important to many investors, as financial markets, including forex and even cryptocurrencies, are highly interconnected.
The ability to react quickly to geopolitical and economic news events in real time is key. In the early s, a fine line used to exist: However, today trading platforms are no longer just for trading forex, stocks, or futures; instead, multi-asset offerings are now industry standards among all the largest online brokers.
That said, the range of products and markets you can trade still varies considerably across firms. IG placed first with 15, tradeable instruments available including 95 forex pairs and boasts the most regulatory licenses among all brokers, including from top-tier jurisdictions such as the US, UK, and Switzerland, among others.
IG placed first with 15, tradeable instruments available including 95 forex pairs and boasts the most regulatory licenses, including from top-tier jurisdictions such as the US, UK, and Switzerland, among others.
Saxo Bank held second with 9, CFDs available and currency pairs, including off-exchange forex options trading supported on key major pairs and crosses. Interactive Brokers took third place with a wide range of top-tier regulatory licenses. Interactive Brokers provides traders access to 6, CFDs up from 4, , 85 forex pairs, global exchange-traded products, US-traded Bitcoin futures, and much more.
Swissquote bank followed with top-tier licenses, and although the broker only lists 38 CFDs alongside 78 forex pairs, in a separate trading platform, which requires a different account, it offers nearly two million tradeable products.
Almost every forex broker aims to provide its clients with research content and tools to find and analyze investment opportunities. At the same time, we are living in the digital information age where traders can get lost in the sea of forex news headlines, making it hard to get the information they need unless brokers provide the right structure for forex research.
Beyond news headlines and an economic calendar, leading forex brokers usually integrate in-house research for fundamental news and technical analysis, then couple it with outsourced research content. Firms that take it a step further may even create their own TV channel, for example, to stream video updates instead of providing basic daily or weekly video updates.
Furthermore, daily or weekly market recaps, live trading rooms, and integrated pattern- recognition tools for news events and charts, as well as screeners, heat maps, and sentiment indicators are increasingly integrated as research tools available within trading platforms.
Saxo Bank deserves its top spot for research in , as it delivers on all fronts for forex research from both its website and within its trading platforms. For conducting forex research in , Saxo Bank held its first place position as the best broker in this category. While many brokers struggle to organize research for their customers, Saxo Bank does a fantastic job centralizing the research it provides across its platform suite, within its recently redesigned website, and on its Trading Floor offering.
Saxo Bank incorporates a social network where traders share commentary about markets on Trading Floor and provides access to in-house and outsourced research reports, including pattern-recognition tools. IG took second place for research, with a broad range of tools available through its web platform. The broker offers its own streaming video, IG TV, along with a vast array of daily blog updates and detailed posts from a team of global analysts.
In third place is Dukascopy Bank which also held its position year-over-year. No broker puts out more content than Dukascopy thanks to its in-house, out-sourced, and community-sourced research and news content. The Swiss bank and brokerage incorporates an extensive amount of research-related content within its website and trading platforms, along with a fully staffed professional TV studio that powers Dukascopy TV. To round out its offering, Dukascopy provides many social elements within its community to engage traders with important market content and related analysis tools, as well as even competition incentives beyond the typical deposit bonus.
While nearly all forex brokers have offered mobile apps for years, the competition continues to increase as clients demand many of the same features in mobile that are normally found on desktop and web platforms.
The global use of mobile devices to access online services, ranging from email to social network sites such as Facebook, Twitter, and LinkedIn, has continued to grow exponentially in recent years.
To determine the best forex brokers for mobile trading in we focused on identifying mobile experiences that were bug-free, cleanly designed, and provided a wide range of features. First place goes to Dukascopy Bank, whose SWFX Trader app comes with more research and pattern recognition tools than any other broker we reviewed. The app also includes an impressive array of charting capabilities, complex order types, and other advanced features such as depth of book, all packed into a clean user design.
SaxoTrader GO is highly responsive and provides traders a unified experience with its web-based platform, offering unique features such as syncing trend lines, indicators, and watch lists. Advanced order visualizations, syncing watch lists, and charts that support over indicators are just a sampling of the functionality available to clients. Meanwhile, IG took fourth place for its mobile app which integrates pattern recognition and comes with robust charting that stays neatly organized even when loaded with numerous concurrent indicators.
CMC Markets followed in fifth place as its mobile app offers unique features such as the ability to subscribe to future news events. Charting in the app comes packed with technical indicators and drawing tools available in landscape mode. Each year forex brokers stand out for going "above and beyond" in the areas that matter most to clients. To recognize these FX brokers, we distribute industry awards. Here are the winners. In total, 6, data points were gathered to rate and rank 43 forex brokers.
To determine an Overall winner, we weighted each category as follows:. May the right information empower your forex trading success in and beyond, Steven Hatzakis Global Director of Research ForexBrokers. View all Best in Class Winners. Since the remaining big brokers are spread around the world and are not concentrated in a smaller region, we have included them in the "rest of the world" category.
The brokers listed here come from very different jurisdictions such as St. The brokers in this category abide by different regulation and can vary a lot when it comes to reliability.
However, this does not mean that such brokers cannot be good, as you will see that the ratings they received are very different, from very good to very bad. While US traders will have to settle with a US based broker since they are not allowed to open accounts with foreign companies, people from the rest of the world are free to trade using an offshore forex broker account.
In most cases, Europeans will settle for an European broker and Australians will choose a local one as well, but what about people from the rest of the world? What are their best options? All forex brokers will accept people from most countries, but only a small number of brokers are truly able to handle a diverse client base.
In order to better serve people from various countries and continents, a broker must be able to easily handle deposits and withdrawals with a vast number of internationally used payment methods. The brokers must also allow for accounts denominated in different currencies, have multilingual websites and dedicated customer support for many countries and languages. While many of the big forex companies are specialized in serving more than one demographic, we have identified a set of brokers which have a truly global presence and are well suited to handle traders from any corner of the world.
The average trading volumes presented on this page are the result of out efforts to gather and compile information from different internet sources. We have no guarantee that the numbers are correct, and considering the volatility of the forex market and the seasonal dynamics, it is possible that such numbers will suffer significant changes from month to month. Please also note that the ratings we give to forex brokers are based on our own research and criteria, but do not represent an endorsement or a critique of any broker.
Forex trading is a risky activity and you should never trade with money you cannot afford to lose. Choosing a forex broker can be a very daunting task because the number of available options is overwhelming.
With so many brokers advertising themselves as being the best, people go to specialized websites to read reviews and see broker rankings hoping they will find which broker is their best choice Since there is a lot of confusion among retail traders about the overall quality of forex brokers, we have decided to create an advanced rating system and evaluate all the major forex brokers in the world according to the same set of criteria.
Because we are aware that it is impossible to evaluate all forex brokers There are many reasons why people decide to open bank accounts offshore.
They can include a better privacy protection, access to better banks where money are safer or simply better services that home based banks don't offer. The same reasons apply when it comes to brokerage accounts September 8, Forex Brokers A lot of traders think that a big broker is better than a smaller one because a larger company has many advantages such as economies of scale , a better liquidity position and is the subject of higher scrutiny from the public and the regulators.
How to measure the biggest forex companies When it comes to measuring the size of a company, there are several criteria that are generally used. Largest forex brokers by volume Below you will see the biggest forex companies in the world by volume of daily transactions. Major forex regulators around the world In order to make it easier for you to identify the best forex brokers from the rest, we have also added our rating next to each broker. Largest forex brokers in the United States The United States is one of the largest forex markets in the world, but due to very restrictive regulation it has been declining in recent years.
Below is the ranking of the biggest US forex brokers by volume: Here you can see the largest forex brokers in Europe: Below you can find the largest forex brokers in Australia: Here is the list of the largest forex brokers from the rest of the world: Here are the largest truly global forex brokers: Vincent and The Grenadines 7. More articles about forex brokers: