- ✓Narrow spreads on Forex starting from 0.5 pips
- ✓Demo account with virtual money for practice
- ✓Microlots available for trading on Forex
- ✓No commissions for all trades
- ✓Free demo account with virtual funds
- ✓Competitive Forex spreads from 0.0 pips
- ✓Leverage up to 1:3000
- ✓39 currency pairs available for trading
- ✓Copy trading functionality to copy Popular Investors' portfolios
- ✓Easy-to-use platform even for beginners
- ✓49 tradable currency pairs
- ✓Minimum deposit of $50
- ✓Over 60 currency pairs tradable via CFDs
- ✓Authorised and regulated by CySEC and the FCA
- ✓Demo account with virtual money for practice
- ✓Guaranteed stop loss to cap losses
Feeling ready to take action? If you have studied and learned the main concepts of the Forex market, you can now get down to business by opening a demo account to trade with virtual money.
A delicate choice now awaits you: choosing the right online broker for your needs. Do not neglect the task of finding a reliable broker. Using an unsuitable one could render all the learning efforts put in so far in vain. What you can certainly do is to test several platforms in virtual mode, after which you can determine which broker and platform best suits your profile.
For both beginner and advanced traders, the most important parameters to consider when choosing an online broker to trade Forex are:
- Costs: such as commissions, spreads, swap rates, etc.
- Trading tools: the trading platforms offered by the online broker, the app for trading from mobile, charts for analysis.
- Customer service: essential to receive information on the services offered by the broker, but also to resolve any technical problems with the platform that temporarily prevent it from operating.
- Learning material: through which you can move higher and higher up the learning curve.
In this review we make it easy for you to choose an online broker by suggesting what we think are the three best brokers to trade Forex:
Before you delve into the search for an online broker, try to always keep these basic rules for Forex trading in mind:
Find your broker most in line with your needs and personal features.
Always start with the demo account, practising with virtual money. Without risking your own money at the beginning.
When you feel ready to move to real money, start with small amounts and very low leverage. Never trade Forex with money you cannot afford to lose.
Start outlining your personal trading strategy, based on your characteristics.
Never execute any Forex trade without a protective stop-loss on your open position.
Keep track of your trades; analyse your gains and losses and whether you were able to manage your emotional side.
Keep in mind that online Forex trading is not a hobby and you don't get rich overnight: keep studying and improving in what is indeed a real business.
Here are the top 3 Forex brokers:
ActivTrades: trade Forex with rapid execution
5.0Type of broker: Market Maker
Minimum deposit: £0.01
Tradable currency pairs: 50
Demo account:
Commissions:
Trading platforms:
Ideal for: Forex and CFDs trading with low spreads and zero commissions
Pros:
- Transparent pricing and rapid execution
- Trading platforms suitable for both beginners and advanced traders
- Insured trading account up to £1,000,000
Conts:
- Inactivity costs from the second year onwards
ActivTrades is a broker based in the UK (but with offices all over the world). This type of online broker is ideal for traders who want to trade with high leverage and daily trades on speculative instruments such as Forex or cryptocurrencies.
ActivTrades is authorised and supervised by the UK FCA. Trading accounts can be insured up to as much as £1,000,000 and clients' funds are segregated and held in separate bank accounts.
Negative balance protection prevents the client from potential losses exceeding the value of the account.
The maximum leverage for those opening a European account is 1:30. However, if you are interested in higher leverage for Forex trading, ActivTrades has a branch office in the Bahamas. So by opening an account through the non-EU branch, you can benefit from leverage of up to 1:400.
Spreads are lower than in the industry. Due to swap costs on open positions, this broker is not recommended for overnight trades. Account maintenance costs only occur from the second year of account inactivity.
The proprietary web platform is intuitive and easy to use. For more experienced traders, the account can be linked to MT4, MT5 or TradingView. Equally user-friendly is the mobile app for smartphones and tablets.
Start trading Forex or try the ActivTrades demo account
IUX: trade Forex with a reliable and competitive broker
5.0Type of broker: ECN Broker
Minimum deposit: $50
Tradable currency pairs: 39
Demo account:
Commissions:
Platforms:
Ideal for: trading Forex with low spreads and fast execution
Pros:
- 3 account types tailored to different needs
- Wide variety of tradable instruments
- Trading app and MT5 compatibility
Cons:
- Broker not regulated in the UK
As a broker for trading Forex, an interesting option is IUX. It is an international broker that offers competitive conditions and tools suitable for both beginners and experienced traders. With three account types (Standard, Pro and Raw), each user can choose the solution that best fits their trading style.
The Standard account is designed for beginner traders: it charges no commissions, as costs are included in the spreads, and allows trading with a reduced minimum deposit.
The Pro account offers more flexible conditions with lower spreads and a small commission fee. It is ideal for experienced traders seeking greater competitiveness in their trades.
The Raw account is aimed at more advanced traders: it provides the lowest spreads (from 0.0 pips) but applies fixed commissions per trade. It is suitable for those using scalping strategies or high-frequency trading.
IUX is a broker regulated by ASIC and FSCA. Client funds are managed with security protocols and negative balance protection, to prevent losses greater than the deposited capital.
The available financial leverage may vary depending on the account type chosen, allowing traders to operate with greater flexibility. Spreads are competitive and, depending on the account, may or may not be combined with additional commissions.
IUX provides a proprietary app that is easy to use, in addition to compatibility with MT4, MT5 and TradingView, widely used platforms in the industry. This makes it possible to trade both with professional tools and intuitive interfaces, even from smartphones and tablets.
Start investing or try the IUX demo account
eToro: ideal for novice traders
5.050% of retail accounts lose money
Type of broker: Market Maker
Minimum deposit: 10$
Tradable currency pairs: 49
Demo account:
Commissions:
Trading platforms:
Ideal for: start trading Forex by yourself, or by copying other traders with copy trading
Pros:
- Copy trading functionality to copy the best Forex traders
- Ideal trading platform and mobile app for beginners
- Minimum deposit of $100
Cons:
- Platform not suitable for advanced traders
eToro is an online broker based in Israel but serving European users through a branch based in Cyprus.
This broker is ideal both for traders who want to trade independently on Forex and for those who prefer to copy the best traders, using the exclusive copy trading service offered by eToro.
The maximum leverage for account openers is 1:30. Professional clients, on the other hand, can use leverage of up to 1:300.
Spreads are similar to those of other brokers in the sector. Swap costs on overnight open positions are also quite average. Account maintenance costs only occur from the second year of account inactivity (to avoid these, log in to the platform from time to time).
The proprietary web platform is intuitive and easy to use. For more experienced traders, it is not possible to connect external platforms such as MetaTrader or TradingView (which can be a problem for those who do automatic trading).
Equally user-friendly is the eToro trading app for smartphones and tablets.
Start trading Forex or try the eToro demo account
50% 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.
Trade Forex with CFD through an easy-to-use app
5.0Type of broker: Market Maker
Minimum deposit: 100€
Tradable currency pairs (CFD): 60
Demo account:
Commissions:
Trading platforms:
Ideal for: trading Forex in a user-friendly environment especially for beginners
Pros:
- Regulated and listed online broker
- Guaranteed stop loss to cap potential losses
- CFD spreads narrowed, especially on Forex
Cons:
- Inactivity costs from the second year if the account is not used
Plus500 is a broker that operates under the supervision of multiple financial authorities, including the FCA (UK), CySEC (Cyprus) and ASIC (Australia).
Over 60 currency pairs can be traded via CFDs on the trading platform and mobile app provided by Plus500. Specifically:
Main currency pairs: such as EUR/USD and GBP/USD
Minor currency pairs: such as EUR/GBP, EUR/CHF and EUR/JPY
Exotic currency pairs: as USD/HKD and USD/CZK
Plus500 is a broker that does not charge direct commissions. The costs for Forex trading will be the spread, overnight costs and currency conversion if we trade in a currency other than the account currency.
Concerning the spreads applied by Plus500, our analysis showed that the bid-ask spread is among the best around.
Start trading Forex or try the Plus500 demo account
