Best Forex Broker Comparison 2024

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Best Forex Broker Comparison 2024

Find out the best Forex Broker in 2023 form our exclusive best forex 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 Best Forex Broker Comparison and Top 6 best Forex Broker in 2023.

FxProIC MarketsFBSXMHFMAxi

Best Forex Broker Regulations and Licenses

Best Forex Broker Regulations and Licenses

Best Forex Broker Comparison: Brokerage

Brokerage

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FXPro: Best for Brokers Who Want to Trade CFDs and Forex Pairs

FxPro is a forex broker company that helps people trade money from different countries. Since they started in 2006, they have done over 250 million orders. In 2017, people voted them as the most trusted company for trading FX in the UK.

Now, they work in 173 countries and have more than 870,000 customers. They have tier 1 level capital over €100 million.

FxPro follows rules made by CySEC, FSCA, and FCA to make sure they do things the right way. They have three platforms you can use for trading: MT4, MT5, and cTrader.

They offer more than 70 types of money to trade with, and their fees for trading EUR/USD are really good, starting from 0.5 pips.

People say their customer support is really good, and both customers and experts like them a lot.

The following subsidiaries are affiliated to the parent company:

  • FxPro Financial 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

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.

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Best Forex Broker Comparison: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 financial 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.

Best Forex Broker Comparison :Maximum Leverage Offered

Maximum Leverage Offered

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.

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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.

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Best Forex Broker Comparison :Trading Platforms + Tools

Trading Platforms + Tools

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.

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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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FBS: Prompt Withdrawal and High Leverage Feature

FBS is a trusted company in forex industry that helps people trade money from different countries. They have a license from CySEC that makes them reliable, so more than 2.3 million forex traders trust them and have accounts with them.

You can trade different things with FBS, like cryptocurrencies, currency from different countries, metals like gold and silver, stocks, and other valuable resources. The good thing is, you can do all of this trading from just one account. You don’t need to open many accounts for different things you want to trade.

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With just one account, you can trade 28 types of money from different countries, 9 types of rare money, 11 stock market indicators, and more than 100 types of cryptocurrencies. You can also trade metals like gold and silver, and different kinds of oils, like Brent crude oil and WTI crude oil.

FBS offers six different types of accounts you can choose from. They have the cent, micro account, zero spread account, standard account, ECN account, and crypto account. Each account has some similar features, but some things are different. For example, you can start trading with just $1 in some accounts, and you can get the benefit of low commission fees. The leverage benefit means you can use a certain amount of borrowed money to trade, and it’s up to 1:3000 depending on the account type and how you want to trade. The size of the trading units, called lot sizes, are different too, starting from 0.01 and going up to 500.

Best Forex Broker Comparison :Platform

Platform

Platforms

With an FBS account, you can use both MetaTrader 4 and MetaTrader 5 platforms. They also have a mobile app called FBS Trader that you can download on your iOS or Android phone or tablet. It’s really convenient because you can trade on the go using the app.

The FBS Trader app lets you access MT4 and MT5 directly from your phone. You can trade at any time, and if you have any questions or need help, you can talk to their customer service 24/5 through the app.

All the things you can trade with FBS, like cryptocurrencies, money from different countries, metals, and stocks, can be accessed through the FBS app. It’s easy to use, and you can do your trades really quickly. Plus, they offer a lot of technical indicators to help you with your trading decisions.

Offered Assets

The main thing they offer is forex trading, which involves trading money from different countries. They have 28 types of currency pairs you can trade with, and the good thing is you can do it with really low fees.

Besides forex, you can also trade silver and other goods to grow your investment. They also offer trading in indices, which are like groups of stocks from different companies. You can start trading with as little as 100 units.

FBS also lets you trade in energy resources like crude oil and natural gas. They offer 9 special pairs of money from different countries, along with trading in cryptocurrencies and stocks. With cryptocurrencies, you can trade over 100 types of them, and you can borrow money to trade with up to 500 times more than what you have.

You can try trading with a demo account to practice and get used to how it works. If you like it, you can open a real account and start trading with real money.

fbs offer

Transaction Methods

In this modern world, you don’t need to visit a bank in person to put money into your FBS account. You can use the FBS app to add money from your bank account or credit card. The best part is, you can pick from different banks to do this. Once the money is in your account, you can start trading with over 170 assets.

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.

Best Forex Broker Comparison :Spreads

Spreads

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.

HFM: Offers A Wide Range of Tools and Education Features

HFM, formerly known as Hot Forex, is a popular forex broker where people can trade currency from different countries. They are well-known for offering many tools and options for both regular people and big organizations who want to trade. They have different types of accounts to choose from, and they also provide educational materials to help people learn about trading. Whether you’re a beginner or an expert, they have something for you.

https://fxvipsignals.com/go/hotforex

Markets in HFM

Hot Forex offers an extensive selection of markets, including forex, metals, energies, indices, shares, commodities, and cryptocurrencies. Having many different types of trading options lets traders spread out their investments and try different ways to make money. They can access various financial markets and take advantage of different opportunities to trade.

Trading Platforms of HFM

HFM gives its clients access to many modern trading platforms that are made to suit different ways of trading. They offer popular platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are known for being easy to use, having advanced charting tools, technical indicators, and expert advisors (EAs). You can use these platforms on your computer, through a web browser, or on your mobile phone, which makes it easy and flexible to do your trades.

Account Types

HFM makes sure to meet the different needs of its clients by providing various types of accounts that match different ways of trading and levels of experience. Typical account options include Cent, Zero, Pro and Premium. Every type of account at HFM may have different things that make it special, like how much borrowed money you can use (leverage), the fees for trading (spreads), and how much you have to pay as a commission. They offer these different options to suit traders who have different levels of comfort with taking risks and different preferences in how they want to trade.

hfm offer

Tools and Education

HFM focuses on helping traders by giving them the tools and knowledge they need to become better at trading. They offer things like economic calendars, real-time market analysis, trading calculators, autochartist, premium tools and VPS (Virtual Private Server) hosting, which helps with computer performance.

They also provide lots of educational stuff, like webinars, podcast, online trading courses, video tutorials, articles, and market analysis reports. All of these materials are meant to help traders learn and make smart decisions when they trade. They want to support traders in improving their strategies and making good choices.

https://fxvipsignals.com/go/hotforex

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

Axi 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.

Axi

Best Forex Broker Comparison :Research Tools

Research Tools

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Access To Global Liquidity Pools

The other thing that makes them the best is that they are not a market maker platform. Axi 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 Axi 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.

Axi 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.

Best Forex Broker Comparison : Markets and Instruments

Markets and Instruments

The Enhanced MT4 Platform

As one of the few brokers with a singular focus on one trading platform, Axi 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, Axi 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 Axi 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 Axi 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 Axi is so good at what they do when it comes to the MetaTrader platform.

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Satisfactory Range of Markets

Axi 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.

How We Made the Best Forex Broker Comparison

Comparing things can be tricky. Our way of doing it is to look at the good things about each of the best forex brokers and see how they compare with each other. The easiest way to find out which one is the best is to read the full reviews.

But if you want a quick comparison, we have a table that shows all the important 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.

Top Forex Brokers Review
Top Forex Brokers Review