Best Forex Brokers in 2021 – Updated!
The foreign exchange market is one of the most liquid and active markets. As it is very dynamic, traders are well aware of how easy it is to earn and lose their investments in this Market. Therefore, if you are interested in trading in Forex, you must choose your forex broker carefully. So, what are the best Forex Brokers in 2021?
But, how to choose the best forex brokers is a question traders often ask themselves. First of all, the best forex broker provides security to their clients. They must offer you a safe environment to trade. Thus, the best brokers are known for their services of competitive pricing and high-tech trading tools. They allow their clients to execute their trade orders in a fast and reliable manner.
It takes a severe amount of time for most traders to sort the long list of forex brokers and compare them all to find out which one is best. But, no worries, we have prepared a list of the top forex brokers for you. We include their specialities and their unique focuses.
We have listed the most successful and reliable brokers in their field. If you are looking for an answer for what are the best Forex Brokers in 2021, you can see the list below.
The List of Best Forex Brokers in 2021
- eToro: Great for copy trading
- XM: Great platform offering, range of markets, and pricing
- OctaFX: Well-rounded platform
- Tickmill: Charging lower fee
- Swissquote: Best for research
- Graphene FX: Best for new traders, Great offers
- ActivTrades: Easy to use trading platform
- HotForex: Good selection of assets
- IC Markets: Great for institutional traders
- FXTM: Great educational tools
FCA, IFSC, CySec, ASIC
FCA, CySec, SVG
FSCA, FCA, ASIC
FCA, FSCA, CySEC, FSA
ASIC, FSCA, CySEC, FSA
CySEC, FSCA,FCA, FSC, ESMA
eToro with the center in the U.K. serves since 2007. Today, eToro has more than 17 million users across 100 countries. Only in the USA, the broker has millions of users across 43 states since 2018. It is authorized by the Financial Conduct Authority (FCA) and the Australian Securities & Exchange Commission (ASIC).
It provides CFDs and stocks on various exchanges for non-US traders. At the same time, U.S clients have access to several major cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum.
eToro has enhanced its graphics-intensive platform and applied it to crypto-trading as well. Their website and mobile app are identical, transparent, and straightforward, which is a prominent pro.
One significant difficulty is that their commission charging system is not entirely direct. Even though transactions of leading traders are easy to follow, the platform allows only a higher balance to copy the trades of those clients.
Check out our eToro Review – The Master Of Social Trading
X.M. is an online broker under Trading Point Holding. It allows trading of CFD and Forex to all markets across the globe since 2009. It is regulated by the Australian Securities and Investments Commission (ASIC), International Financial Services Commission of Belize (IFSC), and the Cyprus Securities and Exchange Commission (CySEC)
The platform is multilingual, user-friendly with great educational tools. For instance, they have a helpful search function and price alerts. It provides several account base currencies and different payment methods.
The two primary positive qualities are the low stock CFD and withdrawal fees and easy and fast account opening. On the other hand, the lack of investor protection for non-EU clients is a big challenge for many traders across the globe. Clients also report the lack of two-step login and touch/Face ID login on their website platform and the limited product portfolio.
This Forex and CFD trading platform focuses on low, competitive spreads. Their platform supports MT4, MT5, and cTrader. Among these three, cTrader is the one with the lowest costs despite its demanding structure. Many entry levels of OctaFX start running their micro accounts with MT4.
The primary pros of OctaFX are the low spread pricing, their flexibility with pricing, and provision of 3 different platforms. Also, a free forex demo is available. Meanwhile, they have limited deposit options and a limited number of currency pairs: just 28. The most significant flaw is their loss against the UK Financial Conduct Authority cover in 2017.
The brokerage goes back to 2014 as the year of establishment. Three big financial institutions regulate them: the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Seychelles Financial Services Authority (FSA).
The broker covers Forex, Indices, Commodities and Bonds, and many other CFD instruments to trade (more than 80). They launch these trades through three core accounts: Pro Account, Classic Account, and VIP Account. Also, they have a demo trading account and an Islamic swap-free account.
Tickmill is very advantageous due to its multiple licenses and regulations. They are preferable as they have commission-free trading accounts, competitive spreads, and overnight swap charges. Their range of trader research tools and analysis is impressive. Nonetheless, MT5 and no stocks are available.
Swissquote Bank Ltd. is a platform, a part of the Swissquote Group Holdings Ltd, based in Switzerland, Gland, since 1996. They offer a total trading package including online Forex, CFD, and derivatives trading broker. The company is regulated by FCA.
Swissquote Bank is a regulated entity, implying the reliability and safety of the institution. As you can assume, their investor protection is pretty strong. Bank has a detailed trader education program, and their customer support is responsive. Last but not least, their asset base is very diversified.
However, their minimum deposits are pretty high compared to others. They exclude many countries from their business lists, restraining traders across the globe from opening trading accounts.
6. Graphene FX
Graphene FX Group is a brokerage firm founded by experienced finance professionals. The headquarters of this broker is in South Africa, UK, and Canada. Consequently, they have been serving in Europe, Asia, and Africa for the last ten years. They are regulated by the Financial Services Authority (FSA).
Graphene FX has more than 350,000 clients from 90 countries. At their platform, both individual and institutional investors trade on instruments of stocks, Forex, indices, cryptocurrencies, and options. According to their website, their affiliates execute over 1,300,000 trades per day.
The central point that Grapehene FX stands out among others is their particular additional back office that has been serving in the Pakistani Market for more than 1.5 years. In this platform, traders enjoy the balance protection services to lower the risk when they start to lose. Apart from these two essential qualities, the broker provides more than ten secure payment methods, 15 different features, MT4 and MT5, 30 languages, and personal consultancy for 24 hours in 5 days. Even though their consultancy services are unusual for simple customer support, lack of access during weekends is a problem clients complain about.
ActivTrades, founded in 2001, is the 90th fastest growing company in the UK, according to the declaration of Sunday Times Fast Track 100 in 2017. The company’s institutions are the UK Financial Conduct Authority (FCA) and the Securities Commission of the Bahamas. ActivTrades have offerings of CFD and Spread Betting Trading accounts with direct execution.
They are very reliable and safe as the FCA regulates them. ActivTrades separate client funds and additional insurance protections. Clients have access to more than 500 assets across, Shares, Cryptocurrencies, Commodities, Indices, ETFs, and Forex in this platform. Smart Order, Smart Pattern, and Smart Forecast are the free advanced trading tools they provide clients with, increasing their engagement to their executions. Even though ActivTrades provides one-to-one platform training, it has limited research tools and market analysis. The biggest issue, however, is that the platform is not accessible for clients from the USA.
HotForex is a MetaTrader broker that has been based in Cyprus since 2010. It is regulated and authorized by CySEC, FCA, DFSA, FSCA.
On this platform, clients have access to premium trader tools which are optional tools packages. Besides, traders enjoy 1000 securities ranging from CFDs to 50 forex pairs. Hotforex provides six different account types to reach every type of trader with various account types. Also, they offer Micro Account and Islamic Account along with these six accounts.
Their platform is straightforward, with the possibility to have MT4 and MT5 accounts simultaneously, which are very compelling qualities. Moreover, the most excellent edge is that Hotforex has slightly lower pricing than the average due to the above-mentioned account types.
Nonetheless, it is still not the cheapest option at hand. Further, they do not have any proprietary platform, and their three entities are based in offshore zones.
IC markets had their basis in Sydney, Australia, in 2007. It is authorized and regulated by the Australian Securities and Investments Commission (ASIC). Additionally, they are licensed by Seychelles Financial Services Authority (FSA). According to their website, IC markets executed $646 billion worth of trading volume in April 2019.
IC Markets is an actual ECN broker. They provide institutional-grade liquidity. Moreover, they have MetaTrader and cTrader on desktop, web, and mobile. They offer a wide range of products to the trade. Another plus is their impressive library of educational materials and videos with 24/7 customer service.
The only con is that the variety of markets and platforms might be frustrating for a beginner trader.
Forex Time, FXTM, is a specialized platform on foreign exchange based in Cyprus. Consequently, they attract attention with their forex-focused platform and tools. In this platform, CFDs are various around above 50, ranging from major to minor currency pairs, even exotic pairs. The available leverage is up to 1000:1.
Spreads are competitive across all platforms. Trading is open 24 hours, five days per week. FXTM is licensed by the IFSC, FSCA, CySEC, and other regulators in and out of the EU.
FXTM has a free demo account available, which is one of the pros of FXTM. You can trade across global markets with more than 250 products. These products include Forex, commodities, shares, indices, and cryptocurrency CFDs. On their platform that supports MT4 and MT5, Spreads are competitive.
Two limitations of FXTM are the low order size and the lack of native Mac desktop apps.