Best Forex Brokers for 2021
Categories: Education | Published by: Henry Hicks
09/08/2021
To help you to find the best online forex brokers in 2021, we went ahead and did the research for you. First, we selected some quality online brokers, then checked and compared basically every aspect of their offering: fees, available markets and products, trading platforms, deposit and withdrawal options, and more. To be selected as the best online forex broker, service providers had to prove their excellence in multiple areas. We dug deep, so you won’t have to. Here are the forex brokers who made it to the top. We highly recommend all 5 to you.
Table of Contents
The top 5 picks for the best forex brokers in 2021
- Etoro is the best forex broker for 2021. Best overall, commission-free stocks as a bonus, most trusted broker, and the best copy trading platform.
- XM takes second place. Low trading fees. Superb desktop trading platform. Great customer support.
- IQ Option rounds out the top three. Low trading fees.User-friendly mobile trading platform. Great research tools.
- Olymp Trade at number four. The excellent trading platform across mobile and desktop.
- Plus500 just made it to the list at number five. Outstanding research. Great customer service. The best web platform, and most currency pairs.
While Pepperstone offers a small set of tradeable products, it provides one of the largest selections of third-party platforms, including multiple social copy trading options.
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Olymp Trade is one of the most popular online brokers in the industry, with over 25,000 clients currently trading on its platform every day.
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
eToro is popular for its easy-to-use copy-trading platform where traders can copy the trades of investors across over 2300 instruments, including exchange-traded securities, forex, CFDs, and popular cryptocurrencies. It also offers 0% commission stock trading.
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
XM is considered as the next-generation broker for online forex and commodity trading, XM Global Webtrader is suitable for beginner and seasoned traders alike.
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Professional forex and CFD traders seeking a global multi-asset broker will find Plus500 offers a sophisticated, institutional-grade trading platform, and competitive fees.
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
IQ Option is a leading online broker offering binary options, CFDs, cryptocurrency, and forex trading, with more than 17 million users.
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trade 100+ assets. $10 000 free demo. Watch and copy traders deals. Up to 96% profit in 30 seconds. Fast withdrawal. Regulated by VFSC and FMRRC
Risk Warning
Trading and investing involves a significant level of risk and are not suitable and/or appropriate for all clients. Please make sure you carefully consider your investment objectives, level of experience, and risk appetite before buying or selling. Buying or selling entails financial risks and could result in a partial or complete loss of your funds, therefore, you should not invest funds you cannot afford to lose. You should be aware of and fully understand all the risks associated with trading and investing, and seek advice from an independent financial advisor if you have any doubts.
Exness is a trusted global brand that offers retail forex and CFD traders an easy-to-use platform, and a thorough selection of tradeable instruments. However, Exness trails industry leaders in market research and advanced trading tools desired by active traders.
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
As a trusted multi-asset broker, XTB offers traders outstanding customer service and an excellent trading experience overall thanks to the xStation 5 trading platform.
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Tickmill is a plain vanilla MT4 broker offering a minimal selection of tradeable securities. That said, Tickmill offers very competitive commission-based pricing for professionals through its VIP and PRO accounts
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
With just MetaTrader 4 available alongside a handful of trading tools, Hugosway offers a limited product range and struggles to compete with industry-leading forex brokers. However, it offers an exceptional international trading experience to traders that look for high leverage trading.
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Swissquote is a Swiss investment bank established in 1996. It has two main trading arms: a Swiss unit for trading stocks, funds, options, and futures, and a company in the UK for CFDs and forex.
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
BDSwiss is a trusted global brand best known for offering traders an extensive selection of trading conditions. Our testing found BDSwiss to be great for automated trading and mostly in line with the industry average for pricing and research, as well as a winner for investor education and market research.
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
While FBS struggles to stack up against industry leaders, in terms of its platform offering, range of markets, pricing, and education, FBS provides an outstanding offering of copy trading and non-stop promotions and contests.
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
While offering forex and CFD traders the MetaTrader platform suite, multiple social trading features, and a proprietary mobile app, FXTM trails industry leaders in key areas, including mobile apps, research, execution, and education.
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
EagleFx is a global broker that is pretty new on the market. It was only founded in 2019 as a global online financial trading platform and multi-asset broker. Located in the Commonwealth of Dominica, this site is known to offer trading options on multiple things like commodities, Forex pairs, cryptocurrencies, and company shares. This is what the company has grown into during its time.
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
IC Markets caters exceptionally-well to algorithmic traders through its commission-based accounts. That said, the range of markets and research materials offered by IC Markets is also exceptional and helpful to new and experienced traders alike.
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trade245 is a decent platform, but they still have a lot of improvements to make. Given they are a new company, they still need to learn how to take care of their customers and they have to make their platforms better.
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Saxo Bank, a Danish investment bank founded in 1992, provides online trading and investment services. The company is regulated by several financial authorities globally, including the Danish Financial Services Agency (FSA) and the UK Financial Conduct Authority (FCA).
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CMC Markets is a global CFD and forex broker, founded in 1989. It is regulated by several authorities globally, including the top-tier UK Financial Conduct Authority (FCA). The company is also listed on the London Stock Exchange.
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trading 212 is a global CFD and forex broker, but clients can also trade stocks and ETFs free of charge. The company was founded in 2004 and is now headquartered in London. Trading 212 is regulated by the UK Financial Conduct Authority (FCA) and the Bulgarian Financial Supervision Commission (FSC).
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
IG was established in the UK in 1974 and is one of the biggest CFD brokers in the world. It is regulated by several bodies globally, including top-tier regulators like the UK's Financial Conduct Authority (FCA) and Germany's Federal Financial Supervisory Authority (BaFin). IG Group is listed on the London Stock Exchange.
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
2021 Overall Forex Broker Ranking
Here are the Overall rankings for the online forex brokers who participated in our 2021 Forex Broker Review, sorted by Overall ranking.
1
No Bonus
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- No deposit fee
- Great customer service
- Low Forex and equity index CFD fees
2
100%Bonus Welcome Deposit Bonus
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- Low minimum deposit amount
- User friendly mobile app
- Variety of payment methods available
3
0% Commission
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- 15 cryptocurrencies that can be traded 24/7
- Easy-to-use website and mobile app
- Great community for cryptocurrency traders
4
$30 Trading Bonus
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- No commissions
- Lightning-fast execution
- Beginners education and live analysis
5
No Bonus
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- Easy-to-use platform
- Great account opening
- Quick and helpful customer support
6
Up to 100%
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- Low Minimum Initial Deposit Requirement
- Cutting edge Trading Platform
- Quick withdrawals
7
100% Bonus Welcome Deposit Bonus
Risk Warning
Trading and investing involves a significant level of risk and are not suitable and/or appropriate for all clients. Please make sure you carefully consider your investment objectives, level of experience, and risk appetite before buying or selling. Buying or selling entails financial risks and could result in a partial or complete loss of your funds, therefore, you should not invest funds you cannot afford to lose. You should be aware of and fully understand all the risks associated with trading and investing, and seek advice from an independent financial advisor if you have any doubts.
- Diversified trading products
- High profit margin
- Support staff are available 24/7
8
No Bonus
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- Variety of account types including Classic, Mini, ECN, and Islamic
- More than 120+ Instruments
- Tight spreads
9
No Bonus
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- Well Regulated
- Low Spreads
- Great Support and Educational materials for new traders
10
Up to 30%
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- Low forex trading fees
- Fast and easy account opening
- Free deposit and withdrawal
11
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
12
No Bonus
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- Great educational resources are a relief for newbie traders
- Various plugins help imbue traders with new functionality for order types, charting, technical analysis and indicators
- Zero-commission and from 0.0 spreads accounts
13
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
14
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
15
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
18
Up to 100%
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- Bitcoin deposit and withdrawal
- $10 minimum deposit
- Wide range of cryptocurrencies
19
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
20
Up to 100%
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- No Minimum Deposit
- 100% Welcome Bonus
- Low Spreads
21
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
22
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
23
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
24
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70%-85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Now that you know the top forex brokers, you are probably curious how we came up with this list. Let’s go through a few points quickly. What is an online broker? Why do we think these brokers are safe? What are the most important factors when selecting the best online brokers?
What is an online forex broker?
Thirty years ago, if you wanted to trade forex, you had to pick up the phone and call your broker, who executed the transaction in return for a commission. Brokers back then were very much like the characters in the movie Wolf of Wall Street. They were constantly monitoring stock prices and asset movements while holding the phone and shouting. The Internet changed all that. Nowadays, if you want to trade currencies in real-time, you open an online account, deposit money, and create an order on the brokers’ online platform.
These platforms are online forex brokers. Forex brokers help you buy and sell currencies, as well as securities like stocks and ETFs in the form of a CFD. After setting up your order, the forex broker executes it immediately. The entire process happens online.
How did ReviewBrokers pick the best forex brokers?
At ReviewBrokers, we test online forex brokers based on more than 300 criteria, with real accounts and real money. We don’t want to overwhelm you, so we will list only the five top criteria.
5 most important criteria for the best online forex brokers in 2021:
- Fees – The trading fees of a typical US equity trade can be 50 times higher at one online broker compared to another. It’s definitely worth checking these fees.
- Account opening – Some online brokers require a minimum deposit to start investing while others don’t ask for a fixed first-time deposit. Check these requirements at the best online brokers.
- Deposit and withdrawal – At some online brokers, funding and withdrawing funds can take 5 times longer and be much more expensive than at others.
- Trading platform – A user-friendly and well-equipped trading platform can significantly increase your trading comfort.
- Markets and products – Want to invest in Amazon or trade Bitcoin? They might not be available. Check the product lineup before opening an account.
First, make sure your broker is properly regulated. The safety of your deposit is always the top priority. Next, compare the trading platforms, tools, and investment research provided by each broker. Finally, read forex broker reviews to compare pricing and product offerings (e.g., number of forex pairs and CFDs available to trade).
How do I know if my forex broker is regulated?
It is crucial to use a well-known, properly regulated broker to avoid forex scams. To check if your forex broker is regulated, first identify the registration number from the disclosure text at the bottom of the broker’s homepage. Next, look up the firm on the regulator’s website to validate the register number. If the broker is not regulated in your country, do more research. To help traders, we track, rate, and rank forex brokers across over 20 international regulators.
What’s the difference between a dealing-desk and an agency broker?
If a forex broker is operating as a dealer, also known as a dealing desk, they will be on the other side of their client’s trades. If a forex broker is not on the other side of their client’s trades, they will be acting as an agent (agency broker) by routing the trade to another dealer. There are also hybrid desks, which may operate as a dealing desk and agency. Lastly, matched-principals are dealers who immediately hedge their trades to remove any potential conflict of interest.
How do I calculate forex trading costs?
For forex and CFDs trading, the all-in cost to complete (open or close) each trade consists of the spread, plus any round-turn commissions. There may also be overnight financing charges, known as carrying costs, which can be either a net debit (loss) or a net credit (refund). To keep trading costs low, focus on trading the major forex pairs such as the EUR/USD, which offer the most liquidity, and thus the tightest spreads.
Risk and Reward in Forex Trading
Rewards are generated in forex trading when you take a long or short position in a currency pair that subsequently appreciates in value. The risk in doing a forex transaction is when the market doesn’t perform as expected once you have done a forex trade.
Many brokers allow traders to magnify the gains or losses they take on a position via the use of leverage. Leverage is typically expressed as the ratio of the size of a position you can control by placing one unit of base currency on deposit as margin. Hence, a 500:1 leverage ratio would mean that you can control a $500 position with a $1 margin deposit.
Furthermore, most successful traders have a minimum risk/reward ratio for a trade before they will consider taking it, such as 1:2 or 1:3. For example, if you think the chances of a trade making 20 pips is around the same as the chances of it losing 10 pips, then your risk/reward ratio of that trade is 1:2. If that meets your risk/reward ratio criteria, then you might consider that trade worthy of executing.
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