Best Forex Broker Comparison 2020
Find the Best Forex Brokers in 2020. With our deep research we found best forex broker like IC Markets, AxiTrader, Dukascopy and more based on lowest spreads, no deposit and withdrawal fees, trading platforms ,fast execution and high quality customer support. Start your trading now with best forex broker.
Regulations and Licenses
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 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.
Markets and Instruments
AxiTrader: The Best MetaTrader 4 Forex Broker
AxiTrader stands out among the crowd for having the best MetaTrader 4 Forex platform in the world compared to IC Markets. They will also mention the following points as being the reason for their excellent reviews among customers:
- Low spreads that start from 0.0 pips
- Robust leverage of up to 400:1
- A wide range of forex markets
- Enhanced features in MetaTrader 4 platform
- Award-winning customer service
AxiTrader is an ECN broker with similarities to ICMarkets, meaning that they do not use s trading desk, giving individuals the chance to trade with global liquidity pools directly. From a system like this, we get faster execution speed and low spreads.
Of the many things AxiTrader has to offer, they have two account options for you:
- The MT4 Standard account
- The MT4 pro account
In comparison with IC Markets, AxiTrader shows that they have excellent spreads and fees. Their numbers are comparable to what you would find at Pepperstone and IC Markets, among others.
One of their other primary core points comes from MT4 NextGen which comes with features like:
- Correlation calendar
- Automated trade journal
- Mini manager Forex news
- Alarm management
- Sessions map
- A new terminal window
- Sentiment indicator
These features will allow anyone using AxiTrader to access so much more while also enjoying the most trusted forex broker in Australia and their award-winning customer support services. In comparison with ICMarkets MT4, they seem to have streamlined the platform for their own good.
As for leverage, AxiTrader is surpassed only by a handful of companies like Pepperstone, IC Markets, ThinkForex, and CMC. Even for a beginner and an intermediate trader, leverage of 1:400 should be enough. This broker is great if you are looking for an MT4 forex broker.
Maximum Leverage Offered
Dukascopy: Background & Automated Trading using Java Programming
Dukascopy manages to offer so much while still struggling with high fees and limited flexibility, when compared to what we showed in the IC Markets review. They have been in business since 2004. That is a long, illustrious career that shows that they are as legitimate as a broker can be. The SwissB and MIFID regulate them.
Their inventory includes the following items; CFD, indices, commodities, and stock trading. Among the things Dukascopy is most proud of, you will find:
- Great prices with no manipulation
- Lighting fast executions
- Assurance of security of funds
If you are looking for reliability and consistency, this is the broker to use.
When you sign up with Dukascopy, they promise you equal liquidity and quotes for all. All kinds of trading are allowed (scalping too, something that ICMarkets does not allow). Dukascopy has different trading commissions that are dependent on the account size and monthly traded volume.
All your deposits are protected by the Swiss government (for the amount of $100,000 per client).
One other feature of Dukascopy that stands out is its JForex platform, which IC Markets review does not have. You can use it for automated and manual trading. It is also great if you want to develop and test trading strategies based on JAVA programming.
Pepperstone: One of The Fastest Growing Forex Brokers
When Pepperstone first started, it drew many customers for some simple but effective reasons. They managed to offer in one fell swoop, what so many people have been looking for and failing to find in places like ICMarkets review. Some of the best things that they provided include;
- Excellent forex trading platforms
- Reliable customer support
- Account options that have low fees
Based on awards alone, Pepperstone quickly seems to have dominated 2019 without a doubt. They had the lowest spreads and commissions of any platforms we looked at, including IC Markets. They do not have risk management tools, and that might not be an environment you want to be in when you are a beginner.
It is an excellent platform if you are intermediate or an expert in terms of trading. Pepperstone is one of the few broker companies that use cTrader. It gives you the unique opportunity to use enhanced options for modification and access advanced order placing options. Just like IC Markets webtrader, they too have one you can use.
Pepperstone execution speeds have been at the center of their fantastic reviews. They owe all this to the following resources; Fast global trading servers, an optic fiber network from Sydney to Wall Street (reduced latency by up to 10X), and smart trader tools but only on MetaTrader.
Pepperstone is using price improvement technology, and that is driving down their prices. Price improvement technology is a method that works in markets that are volatile when massive price movements happen.
The trader makes a CFD or forex trade through MT4 or cTrader, and it is executed by finding the best price and filling in the trade at an improved level. The price improvement is something that ICMarkets MT4 does not seem to have.
Admiral Markets: Known For Having a Wide Range of Trading Instruments
Founded back in 2001, Admiral Markets has grown to become a multi-asset broker with several varieties of markets available to clients. It is one of the longest-lasting forex brokers in the world, longer than IC Markets, and has a global presence spanning ten offices around the globe.
They are regulated by most of the top brokers, including; CySEC, FCA, ASIC, EFSA, and MiFID, among others where IC Markets review shows they are regulated by fewer bodies.
As of 2020, they have:
- 55 different C trading pairs
- They trade CFDs for essential 16 commodities that include oil, silver, and gold,
- They allow clients to trade in 6 major stock market indices only with CFDs
- They enable customers to trade for 32 CC, excluding the actual underlying asset
- You can trade in 379 ETFs with no underlying purchases enabled
- They offer what is an alternative for bong trading that includes the Bind and U.S. 10-year T-Note
- They have a selection of over 3,390 stocks
As you can see, they include just about everything available so that you, as a client, can have all the choices you can handle. They have several exclusive features that include:
If you want to trade and invest in the stock market using Admiral Markets, you can use their tool called Admiral.Invest, which will give you the offer for the trading EFTs and stock shares from 15 of the global stock exchanges. The data you use for this comes to you in real-time.
Admiral Markets has a unique way that incentivizes the customers. They use this program they call Pro.Cashback. It allows them to reward you the more you trade. It works like a loyalty program of sorts that will let you use more of the platform to get bonuses. The program is only available to professional clients.
3. Volatility Protection
In addition to everything else, Admiral Markets will also give you protection from volatility using one of their special tools. With it, you can set several critical features like limit maximum price slippage on the market and stop orders, limit losses, and entirely avoid losses on the order that are pending.
You can use this to avoid all the unnecessary trading losses that a lot of people have to go through.
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)
- Swiss Market Supervisory Authority (Switzerland) in the case of Dukascopy
- CySEC (Cyprus)
All the information provided here is accurate at the time of compiling this comparison table and review.