Compare Forex Brokers and Trading Platforms

When it comes to comparing forex brokers, it's important you've got a full panoramic view of the brokerage market and all the different players that operate within it in order to uncover the best forext brokers.There are many things you must consider before choosing a forex broker whether you are a begginer or an experienced forex trader.


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Broker
FP Markets4
Key Features
  • Daily Market Reports
  • Research Library
  • Economic Calendar
  • Trader Toolbox
  • Up to 500:1 Leverage
Markets
  • Forex
  • Metals
  • Commodities
  • Indices
  • Cryptocurrency
Noteable Benefits
  • ECN Forex & Direct Market Access CFDs. ECN pricing and spreads start from 0.0
  • Trade over 10k instruments with a $100 starting deposit
  • A range of platforms to choose from: MT4, MT5, and IRESS
Broker
FXTM4.5
Key Features
  • FXTM Trading Signals
  • Currency Converter
  • MT4 Indicators
  • Forex VPS Trading
  • Economic Calendar
Markets
  • Forex
  • Commodities
  • Indices
  • Spot Metals
  • Share CFDs
Noteable Benefits
  • Tight spreads from 0.1 pips, fast execution, and no dealing desk
  • A wide range of accounts: Micro Lots, Shares Account, ECN MT4/5, FXTM Pro
  • A wide variety of trading instruments and plenty of trading platforms
  • Negative balance protection
Broker
XM4.5
Key Features
  • Traders from 196 Countries
  • More Than 30 Languages Supported
  • 25+ Secure Payment Methods
  • 16 Full Feature Trading Platforms
Markets
  • Forex
  • Indices
  • Commodities
  • Share CFDs
Noteable Benefits
  • All clients enjoy the same fair and ethical trading conditions regardless of their net capital worth, the size of their investment, or their account type
  • XM provides a fair and trustworthy trading experience by pioneering a strict no re-quotes and no rejections policy
  • We partner with investment grade banks and use segregated accounts to ensure security
Broker
XTB4
Key Features
  • Live Market Commentary
  • Market News
  • Market Calendar
  • Advanced Charting Tools
Markets
  • Forex
  • Indices
  • Commodities
  • Share CFDs
  • ETF CFDs
  • Crypto
Noteable Benefits
  • Two but powerful platforms: xStation 5 and MT4 with spreads from 0.1 pip
  • Offices in over 13 countries and heavily regulated with FCA, KNF and CMB regulations
  • Detailed trader performance statistics to highlight how you can improve with Trader's Calculator
Broker
IronFX3
Key Features
Markets
  • Indices
  • Shares
  • Forex
  • Commodities
Noteable Benefits
  • The IronFX combines bespoke trading functionality through its platforms with a wide range of products to offer good pricing, execution and liquidity. FC Barcelona official partner

Why Compare Forex Brokers?

The trading paltform that they use - web platform , mobile and tablet, metertrader 4/5, social trading. This is very important as where and what devices you can place trades on gives the customer the option to check, close, open and amend trades anywher if you are using the forex broker on a mobile.

The noteable benifets compared to other brokers.

And finaly the key spreads and margin you need to make a specific trade. This is helpful to choosing the best broker for the different types of trader your are. For example if you are a scalper the best forex broker for you would be to have very tight spreads and to hace them fixed would be even better.

So Whether its lower trading costs that catch your eye, which make it easier to profit from market movements, or higher degrees of leverage which up the ante and facilitate larger returns, comparing brokers like-for-like is the only way to be sure you're getting the best terms.

Our easy comparison table is designed to simplify your choice to finding a top broker, presenting the leading forex brokers in a manageable format for traders to compare and find the best deal for their trading needs. And with each table you can also read the full review of each of the brokers in our comparison list.

Comparing Forex Brokers

Like most things in life, forex trading doesn't come for free, and traders will be expected to stump up the fees for their brokerage service and interest on leverage for the duration of their market exposure. Understanding these charges and how they relate to your account is imperative for the purposes of calculating trading profits and loss, and is need to know information when you're assessing potential positions for investment. Furthermore, traders need to be conscious of the ongoing financing charges accrued by longer-term positions in order to determine the optimum time frame for each trade.

Trading in the forex markets can be a costly business, and depending on the broker you trade through, these costs can account for a healthy chunk of trading returns. Payable at multiple different levels, the commissions and fees structures in place across the industry are something that traders need to be aware of before entering into a position, in order to understand the thresholds for breaking even and profiting on an individual trade. But beyond knowing what fees are in place, traders need to be able to understand why they are accrued, and to make calculations on the fly as they assess the viability of one trade over another.

Getting to grips with the costs and fees can be an eye-watering task, particularly for those that don't enjoy working with percentages. However, such is the importance of the costing structure to the forex trading puzzle that it's crucial to understand what you're paying, what it's going towards and how you can reduce the impact of these costs on your trading.

What Am I Paying For?

Forex trading is a facility provided by brokers to their clients in exchange for payment. This payment comes largely in two distinct stages - commission on the trade and the financing costs applicable to the leverage provided. Wrapped up within each of these costs are the costs of doing business for the broker, including actually executing the trades in the forex markets on behalf of the trader. While the broker step might seem arbitrary, it is essential in providing a link to the markets and therefore traders have to consider the costs and profit portion to be paid to the middleman for brokering the deal.

Different brokers offer differing levels of service, and some charge in order to reflect the degree of input they have on the trading process in terms of advice and guidance to traders. In these scenarios, traders tend to be paying more significant costs representative of the extended service level being offered by the broker.

FX Provider Commissions

The commission payable in forex trading accounts directly for the costs of trading in the forex markets, covering the broker's profit share for facilitating the transaction. They are not charged as a percentage of the trade in the same way as with other investments, nor as a flat per transaction fee, but instead wrapped up in the spreads offered on the various currency markets. The spread is the difference between the bid and the ask price of a market at any given time, and this gap reflects directly the proportion of each trade that goes to the broker as commission. Spreads can be computed in several different ways, notably fixed, floating and percentage based spread structures.

Financing Costs in Forex Trading

Alongside the broker's commission are financing costs, which are a secondary way in which brokers make money. In order to provide the leverage necessary to fund the relevant transactions that traders take, the broker has to lend the money to make up the difference and allow traders to benefit from leveraged exposure. This leverage comes at a price, both to the broker and ultimately the trader, and is charged on positions that roll over from one trading day to the next. These financing costs are charged on the basis of the entire transaction (including the margin amount), and are levied at an applied annualised rate daily. Thus the longer a position remains open in terms of days, the more considerable these costs will become.

Choosing a Cheaper Forex Broker

Depending on the fx broker you are trading with, these costs can become a significant feature of your trading planning, and can start to erode the profits you've worked hard to generate. At this stage, it may be worthwhile thinking about switching to a cheaper forex broker. For more traders, the cheapest regulated option will do, and at the basic level most provide the same essential levels of service. By taking the plunge and moving your account to a cheaper fx provider, you can save on both the trading and financing costs of trading forex to help you keep a greater proportion of your market returns.