Online FX Trading Broker FX Markets

During our tests, we found the Standard account’s spreads low, averaging 1.12 pips on EUR/USD, below the industry average of 1.24 pips. With the price included as one cost, we think this option is ideal if you are a beginner, as it simplifies your trading costs. We think this makes the RAW account ideal for scalpers; not only will you enter with zero spreads, but your trading costs will also become fixed thanks to the commission charged. With fixed commissions and zero spreads, your trading costs will be the same in both volatile and liquid markets.

How we make money

Withdrawal fees in Forex are non-trading fees that are charged with each withdrawal from your account. Withdrawal fees vary from broker to broker so you should always check what your broker charges. Standard accounts and Raw spread accounts also favour different types of traders.

Read our reviews of popular forex brokers.

Fortunes can be won and lost quickly, as brokers routinely let traders borrow heavily to finance their speculations. Investors should seek out a broker that offers reasonable fees, a user-friendly interface, exceptional customer service, and a breadth of offerings. CMC Market is our top pick, but your needs may be better-suited by another forex broker on our list. Pepperstone offers uncomplicated access to the markets, which allows clients to focus on the complicated task of successfully trading the markets. Pepperstone is ideally suited to traders who want a manageable range of low-cost offerings, multiple choices of user interfaces and account types, and efficient customer support.

Learn to trade

Currency pairs are priced through the interbank market, a communications system used by big banks and financial institutions but without a central exchange like NASDAQ or the New York Stock Exchange. Some forex brokers also offer very useful educational information for beginners you can use to increase your knowledge about trading. They might also provide access to expert forex market analysis and financial news feeds to help you make better trading decisions. When you want to access the forex market and make the most of it, you can use FxGlory to grow your portfolio and serve any trading strategy you prefer to use. Pattern day traders, scalpers and swing traders can use this platform along with anyone else who believes that they should diversify with the forex market. There’s more than enough tools for all traders, and you can use MT4 or MT5 as you trade with high leverage, no commissions, low spreads and fast execution.

In our testing, we found FP Markets RAW account spreads to be excellent, averaging 0.1 pips on EUR/USD, making the broker competitive against the rest of the industry. We think this is a solid average spread if you are a scalper, as it allows you to take advantage of tight pricing when aiming to capture small intraday price movements. The narrow spreads help reduce the cost of entering trades, allowing you to maximise potential gains on each scalp.

1. A reliable broker should have stable servers, minimal downtime and robust risk management systems in place.
2. As part of this registration requirement, U.S. forex brokers must maintain membership status with the National Futures Association (NFA), which is the designated self-regulatory organization, or SRO.
3. Choosing a regulated broker that is permitted to offer services in your country helps you avoid potential forex scams.
4. Are you looking to speculate that the Euro (EUR) currency will go up in value against the U.S.
5. Readers are advised to conduct their own thorough research and consider their individual financial goals, risk tolerance and preferences before making any decisions related to choosing a broker.

In fact, in our testing, the broker offered zero-pip spreads 94.93% of the time, as recorded by our analyst Ross Collins across the major pairs. Combining the VPS with razor-thin spreads allows your automated strategies to capture even the smallest price movements with precision and minimal trading costs. IG Group only provides a Standard account, which is a spread-only account with no commissions, as the pricing is bundled into the spread (which is why it’s wider). We tested this account to see how competitive IG Group’s spreads were across the forex majors and found the broker averaged 1.13 pips on EUR/USD. This is below the industry average and put it in line with other low-spread brokers like Pepperstone.

While executing trades on FP Market’s RAW account, we found the commission charged was low at just $3.00 per lot traded, lower than the industry average by almost $0.50. This may not seem significant initially, but these savings accumulate substantially for scalpers who trade frequently. This is why we like that the low commissions allow you to retain more of your profits, especially when scalping multiple times throughout the trading session. Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time.

RAW spread accounts, however, charge commission fees which is why spreads are often lower. As the two most common trading accounts, standard account accounts and RAW spread accounts are quite different in forex trading. As shown in the table below, other low-spread forex brokers include Pepperstone, Fusion Markets and City Index.

Forex.com (Gain Capital) is known for providing forex traders a well-rounded offering. Like Charles Schwab and Interactive Brokers, it is also publicly traded and offers FX traders a large variety https://forexhero.info/ of trading tools. Beyond offering its own proprietary trading platform, Forex.com also offers MetaTrader4 (MT4) to customers, making it an ideal choice for investors of all experience levels.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running macOS 12.5 to test trading on the go. We also test on mobile devices; for Apple, we test using the iPhone XS running iOS 16, and for Android we use the Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 13. During the comparison process, you may notice that the pairing moves inverse to the news you’re reading. As you read further, you learn how to anticipate where currencies will move based on current events.

When trading foreign currencies, you use a forex broker (also known as a currency trading broker) to place your trades. When you trade forex, you buy or sell in currency pairs, such as the “EUR / USD” (euro / U.S. dollar). You open an account, deposit funds, then use the broker’s trading platform to buy and sell currency using margin. The forex markets are open 24 hours a day, five days a week (check out my market hours guide for more details). OANDA offers forex trading across 68 currency pairs, including all the major and minor pairs, ensuring that you have the important options at your disposal. Clients will have a choice of the brokers’ own trading platforms in web and mobile versions or can turn to the popular MetaTrader 4 platform.

Also noteworthy is Plus500 for its trading platform, which is great for beginners thanks to a simple layout that is easy to learn. For even more detailed tips on how to begin trading forex, check out my wide range of educational guides on our sister site ForexBrokers.com. Since 2009, we’ve helped over 20 million visitors research, compare, and choose an online broker. Our writers have collectively placed thousands of trades over their careers. Of course, the sword cuts both ways because a long or short trade with a large unit size moving against you will generate losses more quickly than a trade with a small unit size.

The best forex brokers for beginners all share three essential qualities. As part of this registration requirement, U.S. forex brokers must maintain membership status with the National Futures Association (NFA), which is the designated self-regulatory organization, or SRO. Investopedia does not provide tax, investment, or financial services and advice. The information is presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors.

Competition among forex brokers is currently intense and most firms find they must eliminate as many fees as possible in order to attract retail customers. High leverage makes forex trading very risky and most traders lose money attempting it. This is according to the latest Triennial Survey by the Bank for International Settlements (BIS), which found that approximately 88% of all forex trades include the U.S. dollar. Check out Currency Pairs on Wikipedia for some more high-level information. Yes, and while studying the fundamentals of forex trading won’t guarantee success in the forex markets, it’s an important first step for beginner forex traders.