Best Forex Broker Comparison 2021
Find the Best Forex Brokers in 2021. With our deep research, we found the best forex broker like FP Markets, Axiory, IC Markets, FX Pro, XM, and Nord FX based on the lowest spreads, no deposit and withdrawal fees, trading platforms, fast execution, and high-quality customer support. Start your trading now with the best forex broker.
|FP Markets||Axiory||IC Markets||FxPro||XM||NordFX|
Regulations and Licenses
FP Markets: They Have Over 13,000+ Trading Instruments
Welcome to our FP Markets review, where we talk about one of the biggest brokers in the world. Based in Australia and allowing international clients to participate, the broker uses ECN pricing and Direct Market Access to CFDs, to bring in the clientele.
With their selection, it is easy to see why people would prefer to use FP Markets Real Accounts and their efficient methods of trading and blazing fast execution speeds.
FP Markets is the best platform for forex trading when it comes to the variety of what they offer:
- High leverage of up to 500:1
- Near-instant execution
- Hosts popular forex platforms
- Free demo account available
- A variety of CFD instruments
- A variety of CFD instruments
The Range of Markets Offered
FP Markets offers access to over 13,000 trading instruments. Some of the products and markets FP Markets offers to include:
- CFD in Stock
FP Markets allows the trading of shares using MT4/MT5 and IRESS. When using MT4, you will have access to 20 stocks. You will also get ECN prices on these. The fees are in the spreads and eliminate commissions.
IRESS offers more stocks, numbering in the thousands for trading using Direct Market Access and fast executions, with commissions at 0.08% per side.
- Forex Trading and International Futures CFDs
The broker has over 50 currency pairs that include popular options like EUR/USD, AUD/USD, and GBP/USD. It can all be traded using FP Markets’ MT4 and MT5 or any platform available.
FP Markets gives you access to the most popular international exchanges. The exchanges you will access include; CFE, CME, CBT, and NYM. When you are trading these and other CFDs, you will have three account types to choose from. You will also get an FP Markets bonus when you join.
The details for the accounts are:
You will need a minimum opening balance of $1,000. The Brokerage rate is $10 min, then 0.1%, and Financing at FP Markets Base rate of +4.0%.
This account type requires a minimum opening balance- $25,000, and the brokerage rate is $9 min, then 0.09%. Financing for FP Markets Base rate is at +3.5%
Considered the best option in most of our forex broker reviews, it has a minimum opening balance of $50,000 and a brokerage rate of No minutes, then 0.08% and a Financing FP Markets Base rate of + 3.0%
As usual, be careful when dealing with CFDs because of how volatile things can get.
- Index CFDs
The index options you will get here are some of the best among the forex brokers regulated by ASIC. Markets you can trade here include the FTSE 100, Dow Jones, NASDAQ, and the Sydney Futures Exchange.
When you are a trader who wants to use the Index CFDs and open positions on the whole market instead of an individual stock, FP Markets is one of your best forex brokers to consider. In comparison with most forex brokers who focus on just trading, FP Markets’ range of markets and services make it one of the leaders among the many top forex brokers we have in the market today.
Maximum Leverage Offered
Axiory: Start Trading in Just 10 Minutes
Axiory is a regulated broker for Forex and CFD trading, which is regulated by the International Financial Services Commission (IFSC). Multiple leverage options with a tight spread can provide you a unique trading experience. Additionally, Axiory MT4 and cTrader platform also provide an edge for a trader. They have been operating all over the world except the USA and Canada.
Axiory Markets Offerings
A wide range of market offerings makes Axiory special in the forex trading world. The range of the markets includes forex, CFD indices, energies, and metals. When it comes to forex trading, Axiory offers more than 60 currency pairs, which can be traded for 5 days a week for 24 hours a day.
Axiory CFD offerings will let you access most of the major CFD markets. However, you may start CFD trading with a small amount, which is as low as $50.
The need for energy is increasing day by day; as a result, Axiory introduced energy trading a long time ago. It allows a trader to trade energy in terms of financial leverage, so a high investment is not necessary.
Axiory metal trading offers flexible leverage for different metals. For example, the leverage for palladium and platinum is 1:20. On the other hand, the maximum leverage for gold and silver is 1:100.
Axiory Trading Platforms
Usually, most of the broker offers only one trading platform, but Axiory offers two different platform cTrader and MetaTrader 4. However, the purpose of this platform is the same but works differently. Axiory MT4 comes with many unique features, which helps to trade safely. MT4 support customizable trading indicators along with 50+ built-in indicators.
Furthermore, Axiory MT4 is useable on any device such as phone and desktop. However, if you don’t want to download any software or apps, you can use it through a web browser, and you can access all the features.
cTrader is not old enough like the MT4, but they are keeping with the trend via utilizing the technologies when needed. cTrader provides a user-friendly platform along with modern features, which ultimately helps to manage the risk and effective trading. Additionally, an automatic trading feature from cTrader will do your job with the help of 60+ native indicators.
Axiory Trading Tools
A mix of modern trading tools will help a trader to keep up with the pace. The best thing about Axiory is the MyAxiory tool, which gives you the easy management feature of the brokerage account. It is made for retails clients to provide an extraordinary user experience. While you are on MyAxiory, you can add or withdraw money, open another account, and change the leverage. Moreover, with this tool, you can transfer funds to your other account.
Another tricky tool you will get is the Axiory calculator. With this tool, you can easily calculate the margin amount you need to keep a position open. They have a page containing the tools, and you just need to fill out your trading data or numbers.
Next comes the Axio autochartist, which is an MT4 plugin to locate the ongoing trend patterns as well as monitor the markets. Besides, you can analyze the market technically and customize the autochartist tool according to your needs. To determine the trends, Axiory offers another tool called strike indicator. It works automatically as per your inputs, and show you the uptrend or downtrend through blue and red color respectively.
Axiory Account Types
Axiory offers three types of account nano, standard, and max. The features of these accounts are almost the same except the leverage, spreads, and minimum deposits. However, you don’t need to open any live account if you just want to check the broker initially. They offer demo account for the traders who want to check out the brokerage features only.
Moreover, they also offer an Islamic account for Muslims, which is a swap-free account. But the Islamic account imposes charges for trading instead of swap fee or interest.
Axiory Education Feature
Axiory offers video tutorials and an ebook via the trading academy, which is a step-by-step guideline to teach about trading. Any account holder can access the trading academy for free. However, it doesn’t come with the demo account.
Is Axiory Broker Safe?
Axiory is a regulated broker, and it measures safety. Besides, they are transparent about all the offerings and don’t charge any hidden fees. As per the regulation notice, Axiory keeps the client's fund separate in segregated bank accounts. Additionally, the customer compensation fund ensures safety strongly.
Considering the given facts, we have mentioned above, Axiory is a safe broker. Furthermore, they use a fast and encrypted server, which definitely is an advantage for the trader as the data remain safe and secure.
IC Markets: True ECN Broker| The Lowest EUR/USD Spreads
IC Markets Brokers have a raw Spread account that is known as the True ECN Broker. The costs are meager. The EUR/USD spreads start from 0.0 pips. With $3.50 commission per lot and no deposit/withdrawal/inactivity fees, this account is one of the most coveted by brokers in the market.
IC Markets webtrader allows you to trade without downloading the app, on a browser. You can start with the IC Markets demo account to test things out. However, when you look at the rates for IC Markets, you find that they are higher than most of the competitors.
You will get several cost benefits when you trade with IC Markets MT4. They include:
- Low commissions
- Very minimal additional trading costs
- ECN broker spreads
ECN Pricing - IC Markets
A quick look at the three forex accounts offered by IC Markets with cTrader and true ECN (known as Raw Spread), you find that they have the lowest spreads. About 62% of the time, IC Markets reviews had 0.0 pips on the EUR/USD raw spread trading account.
With the IC Markets spreads like this, we consider this an ECN account with STP. A look at ECN brokers tells you that they connect you as the client directly to the liquidity pools where you automatically can find the best spreads possible that are not manipulated by the middle men.
ICMarkets MT4 can be used to access the liquidity pools and be able to deal directly with the people who provide liquidity. ICMarkets does not have a dealing desk in this respect and that means they do not requote prices to you.
You will have the opportunity to buy or sell at the exact prices that the liquidity providers give.
An Analysis of Fees
An analysis of other fees for the CFD broker reveals the following things about IC Markets;
With ICMarkets, you will not have to pay additional charges to make deposits. You can pay using the following methods:
- Wire transfer
International transfers have a fee of AUD 20, charged and not IC Markets. Depending on the method you use, the deposit may take time to reflect or be instant. The ic markets minimum deposit amount is $200.
2. Withdrawal Fees
Just like deposits, there are no withdrawal fees except for international transfer that will have the AUD 20 charges.
3. Inactivity Fees
IC Markets does not have a penalty for inactivity when an account is not used for a continuous period.
4. Rollover Fees
These fees are standard and are charged by all CFD brokers. They apply when a position is kept open for the next trading day. The costs change regularly. On Wednesday nights, the charge to hold a pair triples.
IC Markets MAM
Aside from great features like ICMarkets MT4, there are many other things that this company offers the users. You will be able to get access to something that they call MAM (Multi Account Manager.) As a trader, you will be able to get all the flexible allocation methods and real-time reports of the performance and commissions you may have to pay.
The interface provided by IC Markets here is amazing. You will be able to connect directly with the ICMarkets MT4 server. With this kind of access, you will be able to access the Expert Advisors and increase the functionality of ICMarkets MT4.
IC Markets’ cTrader
Using this cTrader, you will be able to access 60 pairs, including gold and silver. As an active trader using IC Markets’ cTrader, you will be able to utilize the prices that come from multiple B all over the world.
Day traders and scalpers will have a much easier time using the ECN platform provided by IC Markets broker.
Not only will you have access to all these pairs, you can also trade in commodities that include Brent crude and WTI oil CFDs and even natural gas. The world truly opens up when you decide to go with IC Markets as your primary broker.
With just a minimum deposit of $200, you can open ICMarkets MT4 and true ECN accounts. With cTrader, you will be required to have a minimum of $1,000. It is all worth it though. Check our what they have to offer and find your niche in the world.
Trading Platforms + Tools
FxPro: Best For Brokers Who Want Many Choices in Trading CFD and Forex Markets
When it comes to reputation and trustworthiness, FxPro scores quite high in the UK. It scores higher than IC Markets review. The company was founded in 2006 in the U.K. and has executed more than 250,000,000 orders. In 2017, they were voted the most trusted forex brand in the U.K.
At the moment, they operate in 173 countries and have more than 870,000 client accounts and €100 million of Tier 1 capital.
Some of their unique features include an algorithmic trading center that works well with cTrader. With this, you can create your trading strategies and custom indicators. They also have a virtual private server (VPS), that allows the clients to upload and run MT4 Expert Advisors and algorithm robots 24/7 without having to keep the trading terminal active.
In comparison, ICMarkets MT4 is all you get when using ICMarkets.
As for the choices you get when you use their services, you will find that they offer;
- Over 70 C pairs
- More than 150 unique equity shares
- Futures (an unusual move for a forex broker company)
- Stock indices
They will give you all this and also offer you both CFD and spread betting. With spread betting, you can get tax advantages as a U.K. citizen. In our ICMarkets review we found their spreads to be comparable to ECN.
Not only do they have all these great options, but their customer service is also excellent. The support is multi-lingual, available 24.5. The live phone support system works well with a toll-free number in the U.K., France, UAE, Germany, and Russia.
Because of the range of forex pairs and the opportunity to trade equity indices, commodities, and futures, FxPro is head and shoulders above IC Markets, in this respect.
XM: Low Trading Fees, Average Non-Trading Fees, Low CFD Fees
If you are looking for a combination of low trading fees and a MetaTrader platform, you will love XM. In our XM review, we look into the way that they provide their service and whether or not the claim of low trading fees and low CFD fees is all they say it is.
Of all CFD providers who have a high percentage of clients that lose money when trading CFDs, the number goes above 70%. In our forex broker reviews, we find that at XM, only about 69.10% of the traders who use the broker, lose money. It may seem like one percentage might not make a difference, but you’d be surprised.
When compared to the other brokers on this list, the XM fees ensure that the broker can compete with other brokers on their level. It is also very good for them that they are regulated by more than just one body.
From your Forex Education, you will remember that regulation is an excellent sign.
Some of the regulators of XM include; Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), International Services Commission, and the FCA in the UK.
The XM Account Types Differences
Depending on the things you want a company you work with to have, there is something for everyone here, and you will only have to look at what they offer and then pick what works for you and scale your way up from there. Our forex reviews will show you the way.
The XM trading fees are more favorable because of the way that the accounts are priced and arranged. XM provides three accounts that include:
- The Standard account
- The micro account
- The XM zero account
The standard and micro-accounts have higher spreads. However, the zero accounts have lower spreads, but with a commission. It is all about which one of these works best for you.
The Fees Charged at XM
The fees charged by XM are only marginally lower. The forex fees are average when compared to most brokers on their level. However, margins count for a lot when you are a forex trader.
XM charges real stock fees that are dependent on the conditions of the stock market in real-time. As a trader, you will have to look into that to see if it works for you.
The XM Minimum deposit is one of the lowest in the world at a mere $5. Where most brokers have MetaTrader 4 alone, XM has both MT4 and MT5.
When you use this broker, you will not be charged any deposit or withdrawal fees. The exception is when you want to do international bank transfers for amounts below $200.
Markets and Instruments
Nord FX - Wide Range of Trading Instruments
NordFx has been in operation since 2008 and now has a head office in Mauritius. They are a global brokerage firm in the forex space with great reviews from clients. In this NordFx review, we will break down all the essential things you should know about this broker.
NordFx offers you the opportunity to trade forex with three main accounts and a stocks account. The current NordFx minimum deposit is only $10. To understand what they offer and how comprehensive it may be, you should look through the NordFx demo account.
We think that they're an excellent choice for both beginners and experienced traders.
Is NordFx Safe?
When looking at our NordFx review's safety, we checked out what kind of investor protections they have in place. NordFx regulation is overseen by the Vanuatu Financial Services Commission, the Cyprus Securities and Exchange Commission, and the Markets in Financial Instruments Directive.
Traders using this broker will be able to enjoy the protections provided under the laws of the regulatory bodies. NordFx review research shows that they do not have any investor protection funds. However, they have segregated accounts for client funds.
NordFx Account Types and Platforms
There are three main NordFx account types to choose from. They include:
The Fix account with this, you need a NordFx minimum deposit of $10. The spread is two pips with a leverage of up to 1:1000 and a quote precision of up to 4 digits. You do not need to pay commissions when using this account.
The Pro Account
The NordFx minimum deposit on this one is $250 with a spread that starts from 0.9 pips and a leverage of 1:1000. The quote precision is five digits with no commissions charged.
The Zero Account
The NordFx minimum deposit on this one is quite higher than the others, at $500. The spread starts from 0.0 pips, and the leverage is the same as the other two, with a quote precision of 5 digits and a commission of 0,0035% per trade, per side.
NOTE: There is a stocks account offered by NordFx as well. The credit leverage on it is 1:5 with a commission of 0.2% round turn. There are about 68 stock CFDs for you to trade.
There is only one platform on NordFx. As one of the most well-recognized platforms with the most users globally, most traders likely know how to use it. NordFx MT4 does not have the plugins that make the platform so great.
However, the essential tools you get with MT4 in its most basic form are more than enough for the average trader. You can get the NordFx MT4 MultiTerminal for when you have several accounts to manage simultaneously.
NordFx Asset Classes
It is worth noting that NordFx makes cryptocurrencies their priority in financial instruments available for clients to trade. Even with the most basic account, traders have access to major currency pairs, indices, metals, and crypto.
The better the account you have, the more financial instruments you are offered.
The NordFx Trading Experience
In researching this NordFx review, we looked at what clients say and how the company has come to be the international broker it is. First, they have a good track record of offering forex services to traders who want to enter the market. They have done this well for 12 years.
They are appropriately regulated and offer clients three main accounts with both commissions and no commissions, depending on the one you pick. Their customer support is responsive and knowledgeable to help traders solve problems.
We think that traders will get out of this broker if they are looking for a simple way to trade without extra bells and whistles.
How We Made Our Comparisons
We created a list by looking at all the suitable broker that we could find with credible credentials and good records. To create this table took several months, several experts, and a mountain of data. By comparing the online brokers regulated by ASIC, FCA, CySEC, and other regulatory bodies.
With comparisons, we were able to tell what each one of them had to offer. We could also know what the edge was, for all of them. We looked at the fees like rollover rates, CFDs fees, and other essential things, including commissions.
Our mission here was to make a comparison of some of the top brokers who are suitable for all kinds of traders (beginners, intermediate and experts alike).
We focused on the following main points to make sure that the comparison was as fair and accurate it could be:
- Instruments available
- Trading platforms
- Tools that enhance the trading experience
With only a few weeks to look through, we eliminated the ones that had glaring problems like not being regulated by ASIC. After that, it was easy to know what to focus on and what to leave out. In the mid-level range of brokers, these are the ones that stand out in almost all the essential aspects.
To get an accurate picture of the customer support, we not only looked at the review of traders who use the platforms, but we also looked at data provided by the following regulatory bodies just to be sure:
- Australian Securities And Investment Commission (Australia)
- Conduct Authority (U.K.)
- Sector Conduct Authority (South Africa)
- CySEC (Cyprus)
All the information provided here is accurate at the time of compiling this comparison table and review.