Best Forex Broker Comparison 2020

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Best Forex Broker Comparison 2020

Find out the best Forex Broker in 2020 form our exclusive Broker Comparison. To choose a right forex broker you need to search and compare forex brokers by multiple criteria. Find the best Forex Broker and take your trading to the next level. Free Broker Comparison List and Top 6 best Forex Broker in 2020.

FP MarketsIC MarketsXMAxiTraderFxProAdmiral

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Brokerage

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FP Markets: A Range of 13,000+ Instruments

FP Markets was founded in 2005 and operated out of Australia. It is well-regulated by ASIC and CySEC. Because of their long years of serving the industry, they are considered safe. For those interested in CFDs trading, you should know that 74-89% of investors in CFDs, on FP Markets, lose money.

To understand how this broker compares to the others on this list, we have to look at their strengths.

FP Markets Market Variety

When it comes to the variety of markets offered, FP Markets stands out. They have competitive trade offerings that accommodate beginners and advanced traders. With over 10,000 instruments and access to ECN pricing and DMA trading, you would be hard-pressed to find anything better in the same broker class.

As we mention in our FP Markets review in full, they have:

  1. Forex Trading

FP Markets offers over 50 pairs. The forex products on FP Markets are traded using ECN, while the CFD products use Direct Market Access. With ECN pricing, you will not only have fast executions but also enjoy better prices by eliminating a market maker.

  1. Shares CFD

These are also known as equities. You can trade them on MT4/MT5 and IRESS. If you use the MetaTrader platforms, you will have access to 20 different kinds of stock. The shares are available with Direct Market Access (DMA) pricing.

Your fees are included in the spread, thus removing commissions. In addition to that, you get the advantage of faster executions because there is no market maker.

  1. Index CFDs

Index options provided by FP Markets are some of the best among ASIC-regulated brokers. They include access to the Sydney Futures Exchange, FTSE 100, Dow Jones and NASDAQ. Traders are allowed to use the index CFDs and open positions on the whole market and not just individual stocks.

  1. International Futures CFDs

When you are on FP Markets, you will have access to the world’s popular exchanges. They include; CBT, NYM, CFE, and CME. FP Markets gives you three account types for you to choose from when trading the CFDs:

  • Premier
  • Platinum
  • Standard

As mentioned, take care when dealing with CFDs.

NOTE: FP Markets offers access to real stocks to the traders. However, these are only stocks from the Australian Securities Exchange.

Other brokers like XTB give access to traders for stocks in 17 different markets. Compared to the one market offered by FP Markets, you can see the limitation here.

The FP Markets Fees

FP Markets offer low forex fees and an accessible account opening process. You can also get access to high-quality educational material that ranges from e-books to a demo account. The products on FP Markets are limited to forex, CFDs.

Their CFDs fees are a bit higher than their counterparts, though.

In our full FP Markets Review, we compared fees using a benchmark method. Our findings were that FP Markets trading fees are generally low, except for their slightly higher CFD fees. FP Markets allows trades of real stocks, but only on the Australian Securities Exchange.

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Execution Speeds

FP Markets has high execution speeds when compared with other contemporaries like Pepperstone, FxPro, and Oanda. At 95 milliseconds, it is only second to Pepperstone, which clocks in at an impressive 85 milliseconds.

The second measure for execution speeds is for ‘Limit Order.’ It is when a value is set in MT4 at a set loss or profit. Individual traders employ this feature. FP Markets are faster at 80 milliseconds. That is far ahead of the 100 milliseconds it takes Pepperstone, or the 110 it takes FxPro.

FP Markets boasts ultra-low latency execution, tight spreads, minimal slippage, and the best prices.

A quick comparison tells you that they are an industry standard.

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IC Markets: Outstanding EUR/USD Spreads

Many traders in the market prefer IC Markets because of their amazing spreads. They have lower costs than other brokers on the same level. The spreads for their EUR/USD pair start at 0.0 pips. One of their best and most outstanding features is that they have a raw spread account based on the True ECN Brokers offerings.

To trade per lot, you will need to pay a commission of $3.50. There are no withdrawal or deposit fees. You will not have to pay inactivity fees either. These provisions are what make it so easy to trade on IC Markets. They offer traders everything without being too expensive.

There are many cost benefits options for you to try out. These options come in the form of minimal additional costs, spreads based on ECN pricing and low commissions. IC Markets accounts have the lowest spreads of their peers.

Traders will have access to ECN pricing and the cTrader platform. If you combine that with the Raw account spreads, the cost of trading goes even lower. With such flexibility, any trader can thrive and make the best of what they have here.

Markets and Instruments

To get an even clearer picture of the trading fees and costs, let’s look at the finer details.

  1. Deposit Fees

IC Markets give traders many options that they can use when depositing into their accounts.

If you would like to make international transfers, the local bank may charge you a separate fee from IC Market’s own fees structure. IC Markets will not charge you anything to move into your account.

Any charges you will incur, are usually from third-party sources.

  1. Withdrawal Fees

As with the deposits, you will not have to pay anything to move out of your account. It is free to withdraw. The standard practice in the forex broker market is that they do not charge anything to deposit or withdraw from accounts. Some do, but most do not, and IC Markets is no exception.

If you get charged anything, it will most likely be a third-party charge from your or transfer service.

  1. Rollover Fees

Rollover fees are charged by all brokers when dealing with CFDs. We mention them here because our focus on IC Markets was about the assertion that they have some of the best pricing plans.

Rollover fees are paid when a trader chooses to keep an open position overnight and carry over to the next day. The fees change periodically. On Wednesday nights, for example, IC Markets will charge three times as much as they usually do.

  1. Inactivity Fee

Some of the brokers in the market charge traders who let their accounts stay dormant. IC Markets does not do that. You will be able to take hiatuses and come back to trade without worrying that there might be some kind of fine or penalty to be paid.

Best Offers on a Global Scale

IC Markets is one of the cheapest brokers compared to the major global leaders in the industry. Worldwide, the EUR.USD pair is the most traded. With the Raw Spread accounts, most traders will have no trouble seeing IC Markets as the obvious choice.

62% of the time, there is usually no spread applied to the EUR/USD pair. It’s not just this pair that makes IC Markets stand out. They also have the lowest published average spread.

In their CFD trading section, you will find many options that make it worthwhile to trade with IC Markets. The broker offers ten bases, where the raw spread account, for MT4, is determined by the base set. All this information is available on their website.

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XM: The Broker of 1000+ Markets and Low Fees

XM finds a great way to combine the MetaTrader platform with low trading fees. Forex and CFD traders alike will find their model very attractive in terms of costs and convenience. All brokers have a high percentage of people who lose when trading CFDs.

XM has one of the lowest percentages of CFD trader losses, at 69.10%. That is uncommon in the broker market.

Average Fees

Trading fees are generally low at XM. Most of the time, you will find that they match the competition when it comes to fees, making them pretty much the same. However, they have some differences which make them stand out.

Their real stock fees, for example, are set in a way that is dependent on the stock market. With a low minimum deposit of $5, they make it easy for any trader to join. The Zero accounts have a minimum deposit of $100.

The minimum spread on all their accounts is 0.1 pips, while the average spread for the major pairs, is 0.1 pips.

In a benchmarking exercise, our reviews pitted XM against XTB and eToro to see how the broker performs when it comes to fees. Generally, we found that XM has low CFD trading fees when they are not the same as competitors.

Inactivity Fees and Withdrawals Below $200

One thing that stands out when it comes to trading fees at XM is the fact that they charge an inactivity fee. That is not something you will find most brokers charging. The inactivity fee comes into effect when the account is left inactive for 90 days.

Another thing that works against XM’s fees is that they have a provision where traders have to pay a type of withdrawal fee. Most of the brokers do not charge a withdrawal fee at all. XM will let you make free withdrawals, as long as the amount is above $200.

If you do a wire transfer of amounts less than $200, XM charges a withdrawal fee.

No Hidden Fees or Commissions

With a strict ‘no-hidden fees or commission’ policy, it is easy for any trader to sign up, knowing exactly what they are going to get. Because of that policy, the commission is only for XM Zero accounts. The broker also covers all the transfer fees and guarantees same-day withdrawals.

Accounts For All Traders

When it comes to accounts, there are provisions for any trader. You will have the following options:

  • Micro Account– With this account, you can choose your base from the following options; USD, EUR, GBP, CHF, AUD, JPY, HUF, and PLN. This account is the one with a minimum deposit of $5. 1 micro lot is equal to 1,000 units of the base you pick.
  • Ultra-Low Account– The base curren-cies for this account include: EUR, USD, GBP, AUD, ZAR, SGD. The minimum deposit is $50. 1 Micro Ultra lot is equal to 1,000 units.
  • Standard– The base curren-cies for this account are; USD, EUR, GBP, CHF, AUD, JPY, HUF, and PLN. The base curren-cy for this account is only $5. One standard lot is 100,000 units of the base curren-cy you choose.
  • Zero Accounts– The base curren-cies are; USD, JPY, and EUR. Traders have to pay a minimum deposit of $10 only. As with the Standard account, 1 standard lot is equal to 100,000 units of the base curren-cy a trader chooses.

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XM is Safe

When trading with XM, the trader should feel safe because the broker is covered under four different regulators.

They include:

  • Cyprus Securities and Exchange Commission (CySEC)
  • Australian Securities and Investments Commission (ASIC)
  • International Services Commission
  • FCA in the UK

The product range is not the widest but, it is comprehensive enough to accommodate beginner and intermediate traders. XM only offers forex, CFDs. Even though they offer stock trading, it is only available to the non-European clients.

If you are a trader with a keen interest in the CFD and forex trading market, this is the broker for you.

AxiTrader- The Best MetaTrader-Only Forex Broker With Access To Global Liquidity Pools

AxiTrader is a purely MetaTrader broker. With this broker, you will have access to over 80 pairs and several CFDs.They have the Standard, and PRO MT4 accounts available to traders, with the regulation in the UK and Australia by the FCA and ASIC, respectively.

To sum it up, before we look at all the other details, they have great features. They include NexGen add-on for MT4 users, they launched a CFD and are appropriately regulated. The downside would have to be that they have a limited range on CFDs that have nothing to do with forex.

If you are proficient at using MetaTrader platforms, this is the place to be. The following reasons are why they are regarded as the best MT4 forex broker in the world:

  • Their customer service has won numerous awards.
  • They provide a wide variety of forex markets.
  • Their leverage goes up to 400:1
  • They have enhanced features in the MetaTrader platforms.
  • Their spreads are low and start from 0.0 pips on some pairs.

MetaTrader Performance

Access To Global Liquidity Pools

The other thing that makes them the best is that they are not a market maker platform. AxiTrader is an ECN broker. They do not use a trading desk. That means they give you access to the global liquidity pools. With that, you do not have to worry about getting requotes.

From this system, you will also be able to get fast execution speeds available in the market, while keeping the spreads very low.

Execution speeds at AxiTrader clock in at 130 milliseconds. The ‘limit orders’ execution speeds clock in at 100 milliseconds. Those speeds are not the fastest in the market, but they are fast enough to get you reasonable prices.

AxiTrader Fees Are Favorable

In a benchmarking comparison with other Australian brokers like Pepperstone and IC Markets, the spreads and fees seem quite favorable. The reason for this is in part because of their no-dealing desk approach.

The ECN style is also the reason why they have such high execution speeds.

The Enhanced MT4 Platform

As one of the few brokers with a singular focus on one trading platform, AxiTrader has added value to MetaTrader 4. As the most popular platform globally, it has enjoyed eases of use and encouraged automated trading use.

If we compare all of the brokers we reviewed, with a specific focus on MetaTrader, AxiTrader comes out on top. However, if we look at platforms generally, it does not score very high because the other brokers offer more than just MetaTrader.

The MT4 platform on AxiTrader is ideal for brokers on all levels. With a simple interface and clean design, it is a favorite of many traders who do not want to be complicated by platforms that are too sophisticated.

For example, on MT4 NexGen, which AxiTrader offers, you will find:

  • The sentiment indicator
  • Session map
  • Forex news
  • Economic calendar
  • Alarm manager
  • Correlation trader
  • New terminal window
  • Automated trade journal
  • Mini manager

All these are tools that any trader would like to have on their platform. They are why AxiTrader is so good at what they do when it comes to the MetaTrader platform.

Satisfactory Range of Markets

AxiTrader is no slouch when it comes to giving traders access to as many markets as they want. They have over 80 pairs and 140+ cross pairings. In addition to the major pairs, you will also have access to the minor and exotic pairs.

The minor and exotic pairs have more movement because they have thin liquidity. Because of that, there is the potential to get more profits. However, it is wise to keep in mind that the risk is significantly higher in this regard.

A trader can have access to:

  • Commodities like silver and gold with no brokerage fees and margin that starts from 1%
  • Energies
  • Soft commodities like coffee and Cocoa with margins that start from 1% and 3%
  • Indices with margins as low as 1%

This is the all-in-one trading experience for beginner, intermediate and expert traders.

FX Pro: Best For Brokers Who Want To Trade CFDs and Forex Pairs

250,000,000+ is the number of orders executed by the U.K.-based broker since it started operating in 2006. A decade later, in 2017, they were voted the most trusted forex broker in the UK.

Right now, they operate in 173 countries and have more than 870,000 clients. They have tier 1 level capital over €100 million.

FxPro is now an NDD, regulated by CySEC, FSCA, and FCA. They offer MT4 and MT5 as the primary platforms and cTrader for those who want to use it. Their range of CFDs includes over 70+ forex pairs with excellent EUR/USD spreads that start from 0.5 pips.

Their customer support is strong as well, with great reviews from both clients and industry experts.

The following subsidiaries are affiliated to the parent company:

  • FxPro Finan-cial Services Ltd
  • FxPro UK Limited
  • FxPro Global Markets MENA Limited
  • FxPro Global Markets LTD

With offices in North America, Europe, and Asia, this broker can serve most of the global market.

FxPro Account Types Are Numerous

When you are a client at FxPro, you will be able to have access to many trading accounts. Each of the trading platforms we mentioned has its trading account. Everything depends on your level of trading experience, the funds you can invest, and the markets you would like access to.

Forex traders will have the following choices:

  • FxPro Demo Account- This one has unlimited access, and the rates are all real-time
  • Meta Trader 4 account
  • Meta Trader 5 Account
  • cTrader Account
  • FxPro Edge account
  • FxPro VIP Premium account- This one is used by high-net-worth clients
  • FxPro Swap-Free account- This one is the Islamic account
  • Additional accounts like corporate and joint

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It does not matter if you are an institutional trader or an individual. You will find something that suits you. Your investment objectives are important, and you must find an account that suits you. That is why FxPro stands out when it comes to variety in terms of account types offered.

You can also get a demo account if you need one. All clients get unlimited access to the Demo account, as long as they keep it active. If the traders stay from the account for more than 30 days, it is disabled.

FxPro Edge For Betting

Since 2017, FxPro has been running its own proprietary spread betting platform that is called FxPro Edge. To be clear, clients need to know that spread betting is only available for clients who trade through FxPro UK Ltd. 

In total, the bettors who use FxPro Edge will have access to:

  • Over 260 finan-cial instruments
  • Commission-free trading
  • A tax-free method of speculation on price movement across global markets
  • Tighter spreads

The proprietary platform is not something that most of the brokers we have reviewed have. In that regard, the folks at FxPro stand out.

An Award-Winning Support Team

When you communicate with the support at FxPro, you will get the sense that they know what they are doing. In 2014, FxPro won the Best Forex Customer Service Brand in Europe, by the Global Brands Magazine.

They offer their customer service in many languages. Because they cater to a global customer base, you will find that they can communicate in over 27 languages. All of this is verifiable.

To access their support system, you can use Live Chat, Email, Fax, Phone, or through their FxPro Help Center.

Live Chat is the fastest method you can use when trying to get in touch with the representative at FxPro. The Help Center is also great as it has a search function which anyone can use to look for information. It is a useful resource.

If you have looked at the featured articles and the Help Center with no positive results to solve your problem, then you can talk to the representatives to get highly-specific answers to your queries.

Admiral Markets: An Impressive Range of Trading Instruments

Admiral Markets has been in the market since 2001. They have grown to become a multi-asset broker with many markets for their clients. As one of the longest-running brokers in the world, they have managed to get a presence on many continents.

With about ten offices around the world, they have made themselves very accessible and established their dominance in the forex broker market. Admiral Markets is regulated by CySEC, ASIC, FCA, EFSA, and MiFID, among other regulatory bodies.

In comparison with the other brokers on this list, they are regulated by more bodies.

The strongest points we can make about Admiral Markets include:

  • The accounts with competitive spreads
  • Their risk protection tools
  • The enhancement tools for MetaTrader
  • The free education and analysis tools

When you combine these four pillars, you get the Admiral Markets that we know today. It is an excellent environment for a trader of any proficiency level. In comparison with the others in this article, they stand out as one of the most reliable due to their long tenure and their features.

Advanced Risk Protection

In addition to the regulation by several regulatory bodies, Admiral Markets is also known for being among a small group of brokers with provisions for negative balance protection for Professional Accounts. Most of the brokers provide this for retail accounts because pro accounts tend to have higher leverage and, therefore, higher risks.

They also have guaranteed stop loss but for AMF regulation in France only. They also provide volatility protection and access to the MetaTrader Supreme Edition.

You should know that the Stop Out is 30% for the Trade Account and 5-% for the Zero Account. The call margin is enabled by default and set at 130%. The notification will reach you when the equity hits 130% of the required margin.

You can disable or enable the call margin and choose how you want to be notified.

Trading Costs

The Enhanced MetaTrader on Admiral Markets

The MetaTrader Supreme Edition is one of the best-enhanced platforms you will find. With the improved MetaTrader Supreme Edition, you will be able to get the following features for your trading needs:

  1. Technical Analysis with Trading Central

Technical Insight is a trademarked creation that gives you technical analysis on every finan-cial instrument to help investors optimize their strategies. It has a balanced and detailed analytics option combined with education to help traders be better.

The analysis is unbiased and backed by the award-winning Trading Central’s algorithm for pattern recognition.

  1. Global Opinion

This widget is a powerful add-on available on the supreme edition as a plugin. It shows you market alerts and has a radial gauge for easy sentiment reading and a linear gauge if you prefer something else.

As a market indicator, it stands heads and shoulders above most of them.

  1. The Mini Terminal

Using the Mini Terminal, you will be able to open and close trading positions with ease. It is a manager for all your open positions too. With a highly efficient design, you can preset stop-loss, take-profit, and trailing stop.

It has integrated lot-size and a margin calculator; in case you need it. There are order templates for OCO and OCA order types. Smart order lines allow you to do partial closing and make multiple and time-based stops.

In addition to all that, you will also be able to have an easy time doing the order reversal and hedging.

  1. The Trade Terminal

This is where you will have access to manage your entire account and all the orders you make. It has all the features of the mini terminal and more. With it, you can effectively trade efficiently and manage everything with ease.

With it, you can do the following things very easily:

  • Template creation is more straightforward.
  • Notifications come from different accounts at the same time.
  • You can manage multi trade.
  • You can do multiple orders partial closing.
  • You get advanced multi-monitoring

You can do a lot from this terminal.

Admiral Markets is unique because of how much trust the market places on them and how long they have been in the industry.

How We Made The Comparison of Best Forex Broker for This List

Making comparisons is not easy. Our approach takes the merits of each of these best forex broker and pits them against each other. The most accessible and easy way to know which one comes out on top is to read the reviews in full.

However, you can opt for this comparison, which comes with a table that shows all the pertinent information you need to know.

In our research, we emphasize the regulation bodies monitoring a best forex broker, the instruments available for trade, the platforms offered, leverage, and tools that enhance the experience.