Best Forex Brokers for 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.
The top 5 picks for the best forex brokers in 2021
- Pepperstone is the best forex broker for 2021. Best overall, most trusted broker, and the best trading platform.
- BlackBull Markets takes second place. Low trading fees. Superb desktop trading platform. Great customer support.
- GoMarkets rounds out the top three. Low trading fees.User-friendly mobile trading platform. Great research tools.
- XM at number four. The excellent trading platform across mobile and desktop.
- Etoro at number five. Outstanding research. Great customer service. The best copy trading platform, and most currency pairs.
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.
- No deposit fee
- Great customer service
- Low Forex and equity index CFD fees
- Accounts are commission-free
- Plenty of funding and trading options available
- High leverage
- Copy Trade, Social Trading and Technical Indicators
- Available in various languages
- Mainstay on MT4
$30 Trading Bonus
- No commissions
- Lightning-fast execution
- Beginners education and live analysis
- 15 cryptocurrencies that can be traded 24/7
- Easy-to-use website and mobile app
- Great community for cryptocurrency traders
Up to 100%
- Low Minimum Initial Deposit Requirement
- Cutting edge Trading Platform
- Quick withdrawals
100% Bonus Welcome Deposit Bonus
- Diversified trading products
- High profit margin
- Support staff are available 24/7
100%Bonus Welcome Deposit Bonus
- Low minimum deposit amount
- User friendly mobile app
- Variety of payment methods available
- Easy-to-use platform
- Great account opening
- Quick and helpful customer support
- Variety of account types including Classic, Mini, ECN, and Islamic
- More than 120+ Instruments
- Tight spreads
- Well Regulated
- Low Spreads
- Great Support and Educational materials for new traders
- 24/7 customer support
- The broker is regulated
- Access to good platforms like MT4 and MT5
30% Deposit Bonus
- Alpari is good for beginning traders
- It has very low minimum deposits
- It is regulated by FSA
- Forex fees are low
- Depositing and withdrawing money is free of charge
- Regulated by trustworthy authorities
- It has amazing research tools
- The deposit and withdrawal options are free of charge
- The account opening process is very fast and easy
100% Deposit Bonus
- Great for beginners
- CTrader and MetaTrader platforms are available
- A wide range of payment methods is available
- More than 350 instruments are available
- Well-regulated platform
- Trading with no commissions
- The stock CFD and Forex fees are very low
- Great trading instrument range
- MT4 trading platform available
- More than 14,000 users and traders
- Forex fees are very low
- Opening an account is very easy
- Opening an account is an easy and quick process
- A variety of options for deposits and withdrawals
- The spreads are very competitive
- Low forex fees
- Great variety of currency pairs
- Diverse technical research tools
- The account opening process is fast and easy
- It comes with low Forex fees
- Deposits and withdrawals are very quick
- Fast and straightforward account opening
- Good technical research tools
- High-quality educational content
- Superb account opening process
- Great customer service
- Free deposit and withdrawal
- Great educational content
- User-friendly account opening
- Low forex and CFD fees
- The fees and spreads are well-documented
- It has some powerful third-party add-ons
- The leverage is flexible
- The mobile platform is amazing
- Its ETF and stock trading fees are very low
- There is a large variety of products and markets
- Very fast and easy account opening
- There are over 2,200 asset types that you can trade
- Regulated by five top-tier regulators
- Commissions are covered by FBS
- Offers bonuses to new traders
- A range of account types
- There are no inactivity fees or deposit fees charged
- The research support is amazing
- The trading platform is outstanding
- Lots of deposit and withdrawal options are available
- The regulation is strict
- Investor Compensation Fund
30% Deposit Bonus
- Digital and fast account opening
- Excellent customer service
- Great educational tools
- The educational materials are very useful
- Very low trading fees
- The research and platform are amazing
- Great trading conditions
- Wide range of instrument types
- You have access to leverage up to 500:1
- It has some amazing research tools
- The customer service is outstanding
- ETF and stock fees are very low
- Low-risk trading
- Lots of trading instruments are available
- Opening an account is very easy
- Account opening is very fast
- The fees are low
- Client funds are segregated
- The customer service is amazing
- The ETF and stock selection is very large
- The fees are lower compared to many other brokers
- Low forex fees and no inactivity fee
- No withdrawal and deposit fees
- Fully digital account opening
- Low commissions on CFDs on stocks
- No requirements for minimum deposit
- Interest accrued on the account balance
- Customer friendly design
- Automated trading and PAMM capabilities
- No restrictions on strategies
- Over 150 tradable assets
- Fast trade execution speeds
- Award-Winning MT4 platform can be used on desktop, webtrader version, iOS & Android
- Low fees on Forex
- Account opening is fast and hassle free
- Deposit and withdrawals are free of charge
- The Forex fees are very low
- Client accounts are protected
- Low minimum deposit
- The trading platforms are great
- Opening an account is a very easy and fast process
- You get commission-free real stocks and ETFs
- Great deposit and withdrawal options
- First-class web trading platform
- Excellent educational tools
Up to 30%
- Low forex trading fees
- Fast and easy account opening
- Free deposit and withdrawal
- Extensive range of offerings
- Regulated by FCA (U.K.)
- Industry's best research
- 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
Up to 100%
- Bitcoin deposit and withdrawal
- $10 minimum deposit
- Wide range of cryptocurrencies
Up to 100%
- No Minimum Deposit
- 100% Welcome Bonus
- Low Spreads
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 are the top 10 forex brokers in the world?
Here are the top 10 brokers by forex and CFD trading volume according to data compiled by Finance Magnates during the first quarter of 2021 (data excludes Japan due to the abnormally high trading volumes known to come from Japanese brokers):
Who is the biggest forex broker in the world?
Tokyo-based GMO Click Securities is considered the largest forex broker by trading volume, with over $1 trillion in forex trading volume in the second quarter of 2020 alone, according to data compiled by FinanceMagnates.
For non-Japanese brokers, Sydney-based IC Markets is another high-volume broker with nearly $595 billion in trading volumes during the same 2020 period.
Who the largest forex broker is may vary depending on what time period you measure. But common to the biggest brokers is that they have the most assets under management, the biggest number of clients, and the greatest market capitalization (valuation for public companies).
All are important factors to consider when gauging the size of a forex broker.
Who is the best forex broker?
The winner is Pepperstone!
Regulated and trusted across many jurisdictions, Pepperstone offers traders the ultimate package of excellent trading conditions and research tools, industry-leading education, competitive pricing, and an extensive list of financial instruments. This fantastic all-around experience makes Pepperstone the best overall forex broker in 2021.
Which forex broker has the best platform?
When it comes to propriety platforms, the CMC Market‘s Next Generation platform comes with a massive selection of nearly 10,000 tradeable instruments. It delivers a terrific user experience, advanced tools, comprehensive market research, and an excellent mobile app.
Hands down, the CMC Markets Next Generation trading platform is a market leader that will impress even the pickiest of traders.
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).
Best Forex Trading Platforms
When choosing one of the leading forex brokers that’s right for you, you should also consider the trading platform they offer. Here are some of the very best forex platform choices in the industry, and what they have to offer:
- MT4 – Best client experience
- MT5 – Upgraded platform features and tools
- cTrader – Trusted platform, great for beginners
- TradingView – The best desktop platform for technical analysis
- Zulutrade – Best copy trading platform
- Ninjatrader – Well-rounded platform offering
Metatrader 4 – MT4
All forex brokers in the world offer the MT4 trading platform. It is one of the most common but also most trusted platforms you will find. Also, one of the very first in the industry, that actually enabled retail traders to trade the markets.
What makes this one of the best elections among traders is the fact it is light, efficient, and can run on almost any machine. It is also extremely robust and offers the deepest selection of charts and indicators that you will find anywhere.
Added to that, MT4 allows you to engage in algorithmic trading through their expert advisors’ feature. This means you can follow forex trading signals from the huge support community, implement trading robots, develop your own strategies, and much more.
This depth, combined with a trusted reputation, and ease of use, are just some of the reasons why MT4 is offered by the majority of legitimate trading brokers everywhere.
Metatrader 5 – MT5
When it comes to trading platforms, MT5 is also top of the list with many referring to it as an improved version of MT4. It is actually the upgraded version of MT4 that will slowly replace the MT4.
With MT5, you can expect more pending order types, an increase in the number of charting tools, and more markets to be available. All while keeping most of the same great features, including your ability to follow forex trading signals.
MT5 can typically cater to both the average retail traders and leading forex brokers who offer real stock trading, and other specific types of assets that are not always possible to trade through MT4.
The most successful forex traders though, when trading just forex pairs, typically tend to stick with MT4. Another reason behind this loyalty is that although most online brokers will offer both MT4, and MT5, the latter tends to be incompatible with many of the additional plugins, and features developed by the huge community of support behind MT4.
The next platform you will typically find with a trusted broker is cTrader, which is again a very well-respected choice. It is visually appealing and light yet it still offers much of the same excellent technical capability in charting.
Forex trading brokers with a very fast order execution service tend to provide a cTrader platform option to facilitate this. This is one of the reasons why cTrader is a very popular choice for day trading or if you are a scalper since both can really benefit from the very fast execution speeds.
Just like the MT4, and MT5, cTrader also facilitates you in following forex trading signals with Algo robots if that is something you are interested in doing.
Getting into some of the best forex trading platform choices for most technical traders, we take a look at Tradingview. Tradingview was designed with both advanced and novice traders in mind, as a place with excellent charts and technical analysis support.
You can use this as a standalone trading platform, or it can be directly connected with some of the best-regulated brokers from our listing. These brokers will allow you to directly connect your account to the platform so you can trade directly from the Tradingview website.
With this platform, you can choose to use the free service they offer, or you can add additional services and features for a price that starts from $14.95 per month.
Zulutrade is one of the best third-party services for copy trading, so should be on your radar if you’re interested in forex signals or automated trading strategies.
Most of the best brokers can connect to a ZuluTrade account. Once you have checked that this is possible through the broker’s website, then you can copy some of the best forex traders in the world at the click of a button through their very user-friendly platform.
As a successful trader, you can also be copied, and earn yourself a commission when others copy your trades. This allows you a great degree of flexibility when it comes to trading forex. Using ZuluTrade is very accessible too. You can open your account and connect it with your currency trading broker with just a $100 minimum deposit.
Another popular choice offered by many fx trading brokers is Ninjatrader. Again this is preferred by those who have a strong focus on technical analysis.
When it comes to your online fx broker, some will allow you to connect your account to NinjaTrader so you can trade directly from the platform website. In terms of pricing, you will have access to a free limited trial period. After this time, subscriptions are available for $400.
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.
Which forex broker charges the lowest fees?
When it comes to pricing and trading costs, Pepperstone offers the most competitive all-in cost to trade. Pepperstone offers two accounts, and no question, Pepperstone is best for active and VIP traders, who have access to pricing that competes among the lowest brokers in the industry. Using typical spread data listed by Pepperstone for its Razor account offering of 0.0-0.3 pips for the EURUSD.
Which forex broker offers the most CFDs?
IG offers the most tradeable CFDs in the industry, at a total of 19,537. CFDs, or “contracts for difference,” enable traders to speculate whether the price of a stock, forex pair, market index or commodity will go up or down without taking ownership of the underlying asset.
Which forex broker offers the most currency pairs?
While offering more than 9,000 CFDs, Saxo Bank offers the most tradeable currency pairs, at a total of 170. The only downside to Saxo Bank is the broker’s high minimum deposit requirement.
Which forex broker has the best customer service?
After placing 300 phone calls to assess customer service from locations across the world, Pepperstone offered the best phone service. Connection times were consistently less than one minute and across 13 total calls, Pepperstone received an average Net Promoter Score of 9.0 out of 10.
Which forex broker is best for professionals?
CMC Markets offers active traders liquidity rebates starting at $5 per million when you surpass at least $25 million in notional trading volumes per month, to as much as $10 per million for those that trade over $300 million monthly. This program in the UK is available only to Professional Clients. Using the average spread data of 0.74 pips on the EURUSD for August 2020, the all-in cost on the highest tier would be 0.64 pips and is comparable to similar programs offered by IG (0.59 pips) and Saxo Bank (0.6 pips).
Professional client status: In today’s highly regulated forex world, traders who want to maximize their margin leverage must apply and obtain ESMA’s professional client status with their broker. Traders designated as Professionals in the EU do not receive negative balance protection and other consumer safety mechanisms such as eligibility for compensation schemes in the event of their broker’s insolvency.
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 a 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.
What are the Top Sites to learn Forex Trading?
Choosing a trusted forex broker, and combining your online broker choice with a good trading platform are two great steps toward success. Education and continued development are very important too. Here are some of the very best sites to become a better trader:
This is a very well-known site in the industry particularly when it comes to their forex training section. Even though the best fx brokers will typically have excellent educational resources, Babypips features some very easy-to-follow content and clear examples.
They also feature news updates, a detailed economic calendar, and have an active community forum you can engage with.
When trading online using trusted forex brokers, it is still important to keep updated in the news. Forex Factory is great for this as well as monitoring the overall forex market. They too provide a useful economic calendar and a widely used forum for discussion.
If you want a resource to improve your technical analysis, Forex Live may be the place. They provide a great daily market technical analysis which can add great depth to any offer. They also provide educational content, live charting capabilities, and an in-depth economic calendar which can certainly come in useful.
Another top choice for learning forex is DailyFX. This website offers access to an excellent level of trading education, including a great range of live webinars.
They add to this with an array of trading ideas you can implement with any of the top online broker choices, and include extensive market data and analysis as well as lots of up-to-date news.
All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. Our reviews and overall scores are based on the key areas above, in a combination with our opinion and commentary.
The reviews are shared and discussed with the brokers, but the authors of our website always have the final word. Furthermore, we always strive to keep the information on our website updated and relevant for our readers.
What helps us stand out is that we always test our brokers with an anonymous live account, to ensure we deliver the most accurate information and experience to our readers. Finally, our reviews and evaluation are always independent of any financial compensation we may receive from the brokers.
There is a very high degree of risk involved in trading securities.
With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
All investments involve risks and are not suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment. The past performance of a security or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against the loss, in a down market.
There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. More details here.
Looking for more information on brokers and trading? Have a look at our trading guides:
- Best Forex Brokers for 2021
- Best Binary Options Brokers for 2021
- Best Online Stock Brokers for 2021
- Best Trading Apps for 2021
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