Top Forex Broker Comparison 2020
TopFXBrokersReview.com compares top forex brokers like FP Markets, IC Markets, XM, FxPro, HotForex and Nord FX based on the lowest spreads, no deposit and withdrawal fees, trading platforms and fast execution. On top of that a wide range of pairs and strong customer support.
|FP Markets||IC Markets||XM||FxPro||HotForex||Nord FX|
Regulations and Licenses
FP Markets: Has the Largest Range of Trading Instruments (13,000+)
FP Markets is one of the largest brokers in the world. The broker is based in Australia and allows international clients to participate in the forex market. Among what they offer, you will find both ECN Pricing and Direct Market Access with CFDs. With such a selection, it is easy for FP Markets to give you an efficient way of trading with almost instant execution and incredibly thin margins.
Is FP Markets safe? Do they Deserve Your Trust?
That is what we are going to find out. Buckle in, because we are about to get into details and make sure we give you a vivid picture of FP Markets.
FP Markets is the best overall when it comes to range of variety in services and markets offered.
- A high leverage of up to 500:1
- Near instant execution
- Hosts popular forex platforms
- Free demo account available
- A variety of CFD instruments
- Low deposit minimum
- Withdrawals and deposits are easy
- Reliable and multi-lingual customer service
- Islamic Account: Yes
- No Inactivity Fess: Yes
- Guaranteed Stop Loss Order: Yes - Only by CySEC
That is most of what FP markets is all about in summary. To get a clearer picture, we have to look at some of the things that make FP markets a strong broker.
What Makes FP Markets One of The Best?
In our FP Markets review, we do not feel like we will have given you much without explaining the things about this company that makes it one of the best.
The Range of Markets Offered
In this section, we are going to look at the Australian broker’s offer in both CFDs and Forex trading. Our FP Markets review found that the broker offers access to over 13,000 trading instruments. Some of the products and markets FP Markets offers include:
- Shares CFD
Also known as Equities, FP Markets allows the trading of shares using MT4/Mt5 and IRESS. If you use MT4 and MT5, you can have your pick from 20 stocks. The shares you get use ECN pricing. The fees are incorporated into the spread, eliminating commissions.
IRESS is not like MetaTrader because they offer thousands of different stocks for trade through DMA (Direct Market Access) execution. The commissions costs are usually at 0.08% per side.
- Forex Trading
There are over 50 pairs included in this, with the most popular options like EUR/USD, AUD/USD and GBP/USD. Can all be traded using FP Markets as the broker.
- International Futures CFDs
With FP Markets, you will have access to thee 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. The best one is premier but they all have requirements we will list here;
- Minimum opening balance- $1,000
- Brokerage rate- $10 min, then 0.1%
- Financing- FP Markets Base rate +4.0%
- Minimum opening balance- $25,000
- Brokerage rate- $9 min, then 0.09%
- Financing- FP Markets Base rate +3.5%
- Minimum opening balance- $50,000
- Brokerage rate- No min, then 0.08%
- Financing- FP Markets Base rate + 3.0%
As usual, be careful when dealing with CFDs.
- Index CFDs
In our FP Markets Review, we found that 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, NASAQ and the Sydney Futures Exchange.
As a trader, you will have the chance to use the Index CFDs and open positions on the entire market instead of focusing on individual stocks. Compared to most forex brokers who focus on just the trading, FP Markets offers you a wide range of markets and services, making it the category leader among many of the top forex brokers.
Trading Platforms + Tools
IC Markets: Best EUR/USD Spreads
Offered among the best features, is a raw spread account that is based on the True ECN Broker, our IC Markets review shows. The fees for the service are much lower than most. With spreads for the EUR/USD pair starting at 0.0 pips, you can see why people prefer it.
The commission per lot is $3.50, and there are no deposit, inactivity, or withdrawal fees. With offers like these, IC Markets takes the position of one of the best forex broker in the world. There are several cost benefits you will get when using IC Markets.
They include; low commissions, minimal additional trading costs, and ECN broker spreads.
When we look through the account types offered by IC Markets, they have the lowest spreads. They are also provided with cTrader and true ECN, which they call Raw Spread. IC Markets has a 0.0 pip spread on the EUR/USD account. The IC Markets leverage allows you to exercise more flexibility in your trading.
It is the reason why we consider spreads like these, the accurate indication of an ECN account with STP. The IC Markets demo account will help you acclimate to the broker.
In our comparison, we looked through the fees to see if they reflected the way traders regard IC Markets, and they break down like this.
1. Deposit Fees
IC Markets real accounts provide a myriad of ways that you can use to deposit money into your account. They include the following easy and convenient methods; Skrill, Bpay, FasaPay, PayPal, Skrill, and Bank/Wire transfer.
If you do international transfers, you will be charged money by your local bank, but there is no charge made by IC Markets to move the funds from your account into your bank. It all depends on which method you use. However, the deposit could take time to reflect, or it could arrive instantly.
2. Withdrawal and Inactivity Fees
When it comes to withdrawals, they do not have fees. Just like deposits, it is free to withdraw your money from IC Markets. This is standard practice everywhere. However, withdrawals to your local bank could cost you some. But this is a fee from the bank and not IC Markets.
As for inactivity, you won't be charged anything continuous periods of no use. Some other brokers charge a fee, but that does not happen at IC Markets, as our forex reviews show.
3. Rollover Fees
Rollover fees are standard and charged by all brokers dealing with CFDs. They apply when a position is kept open and then shifted to the next trading day. These fees change now and then. Wednesday nights, they will charge you to hold a currency pair triples.
Markets and Instruments
XM: Low Trading Fees, Average Non-Trading Fees, Low CFD Fees
XM is one of the broker companies we recommend for forex and CFD traders who like MetaTrader platforms and want low trading fees. Unlike most CFD providers who have high percentages of people who lose money when trading CFDs, only 69.10% of traders using XM lose money when trading CFDs.
In addition to the low trading fees, XM is a safe broker because they are regulated by:
- Cyprus Securities and Exchange Commission (CySEC)
- Australian Securities and Investments Commission (ASIC)
- International Services Commission
- FCA in the UK
The fees for XM vary depending on what you are looking at, but we will go through the main points we think are important here;
Trading fees at XM are low. They have three account types at different prices. The Standard and the Mirco accounts charge higher spreads, but the XM Zero account has lower spreads with a commission.
As for CFDs, the fees are generally low. Usually, they are the same as competitors and, in some cases, more moderate. Their forex fees are average when compared to most of the broker companies on their level. They have real stock fees that are dependent on the stock market.
In addition to all this, they have a low minimum deposit of $5. Where most of the brokers you use have MetaTrader 4 only, HotForex has both MetaTrader 4 and MetaTrader 5.
There are no deposit or withdrawal fees when it comes to XM. The only exception is when you are withdrawing via bank wire transfer for amounts below $200.
FxPro: Best For Brokers Who Want in Trading CFD and Forex Markets
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'll create your trading strategies and custom indicators. They even have a virtual private server (VPS) that permits the clients to upload and run MT4 Expert Advisors and algorithm robots 24/7 without having to stay the trading terminal active.
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 provide you with all this and also offer you both CFD and spread betting. With spread betting, you'll get tax advantages as a U.K. citizen. Not only do they need of these great options, but their customer service is additionally excellent. The support is multi-lingual, available 24.5. The live phone network works well with a toll-free number within 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.
Hot Forex: One of The Most Regulated, Transparent and Secure Broker
Claiming to have over 1.5 million live trading accounts and more than 200 employees over the world, HotForex is one of the biggest and most famous brokers. They provide services to trades in about 27 languages.
HotForex is regulated in six different countries, secures funds appropriately, and has some top-notch customer service. The regulators include:
- Financial Conduct Authority (United Kingdom)
- Dubai Financial Services Authority
- Financial Sector Conduct Authority (South Africa)
- Financial Services Authority (Seychelles)
- Cyprus Securities and Exchange Commission (CySEC)
- Vincent & the Grenadines regulatory authority
They have spreads as low as 0.1 pips without commission and 0.0 pips with the commission. They allow hedging and scalping and a transparent rollover policy that allows favorable swap rates to be credited into your account.
It is easy to note that the broker bases its corporate offices in places that are known and popular tax havens. This seeming lack of oversight in some areas might be an issue if you are from the US or Australia, especially noting that the broker is not regulated by the CFTC and isn’t a member of the NFA.
Other than that, HotForex does everything above board and is heavily regulated to ensure the security of your funds.
HotFroex fees are generated from the spreads and commissions. With HotForex, the spreads can be as low as 0.1 on some premium accounts, with the average starting pip at 1.0. They usually charge commissions on their 0 spread accounts and on indices too at the rate of $1 per lot. As for CFDs on stocks, they charge 0.10% of the trade value as commission.
It doesn’t stop there; they reimburse traders for any deposit fees charged by their payment provider (this included bank transfers too.)
Nord FX: Known For Having a Wide Range of Trading Instruments
NordFx is a forex broker that was founded back in 2008. They hold a license with the Vanuatu Financial Services Commission in Vanuatu. Our NordFx review will get into the details of what they can offer you.
The NordFx account types include Fix, Pro, and Zero. Traders on NordFx use MetaTrader for Windows, Mac, iOS, and Android. The leverage is very high and can go up to 1:1000.
As always, we let people know that trading with very high leverage is not very advisable. The broker also offers some research tools you can use to make sure that you have accurate trades. There is a learning center if you need to gain some knowledge.
NordFx Regulation and Investor Safety
NordFx is owned by the NFX Capital International group of companies. The Vanuatu Financial Services Commission licenses them. NordFx does not have much investor protection, but they say on their website that the client funds are placed in segregated accounts.
NordFx Tradable Instruments
Traders have access to 60 instruments that cover over 30 forex pairs, over 11 cryptos, over five indices, metals, and stocks. The costs of trading with NordFx, vary and depend on the account type and markets you chose.
On the Fix Account, the spread for EUR/USD is 2 pips without any commission. The same pair on the Pro Account is 1.2 pips with no commission. On the Zero Account, it is 0.3 pips with a commission.
NordFx Unique Features
The NordFx bonus that this broker offers included additional trading features like VPS services and uninterrupted trading, because of the service.
Users can also get signals, to help them learn how the expert's trade, so they can improve their strategies. The signals services will allow you to copy what the best traders are doing and give you access to custom programming and indicators.
If you're interest to know how to use signals, you can find instructions on the NordFx website.
NordFx also offers investment funds to traders so that they can have access to professional asset management services. Currently, NordFx provides traders with access to 3 different investment funds called:
- Pro-Industry Fund
- Pro-Tech Fund
- Pro-Expert Fund
With all these opportunities, the traders can do way more with their money than if they try trading without expert help.
NordFx Trading Platforms
On NordFx, you will only get MetaTrader 4. They do not have any third-party plugins for traders to use. That means you can’t get the full potential and features that one would get with better plugins. In the most basic form, NordFx MT4 is not as good as it can be.
NordFx Commissions and Spreads
Trading costs on NordFx vary depending on the account type you open and the market you trade. Some of the accounts are commission-free, and others are commission-based. Details of each can be found on the NordFx website.
The reason why NordFx can compete is that they outsource their liquidity needs to third-party providers. They can then keep the costs low because of the substantial amount of trading volume provided.
On many trades you will do on NordFx, commissions do not apply. You also need to aware that there is a withdrawal fee charged. The amounts all depend on the methods you use to withdraw. The details are available on the official NordFx website.
The NordFx minimum deposit is only $10, allowing any trader to get an account.
NordFx is a basic broker with the bare minimums and adequate financial instruments. There may be more serious brokers in the market and an abundance of tools you can use elsewhere. However, if you are looking for a broker with a decent offering, opportunities to trade in investment funds, and other options, NordFx may be the broker you might consider.
How We Compiled The 2020 Best Forex Broker List
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. We created a list by looking at all the suitable broker that we could find with credible credentials and good records.
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 brokers in Australia that 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 (UK)
- Sector Conduct Authority (South Africa)
- CySEC (Cyprus)
All the information provided here is accurate at the time of compiling this comparison table and review.