Top Forex Broker Comparison 2020
TopFXBrokersReview.com compares top forex brokers like FP Markets, AxiTrader, Dukascopy, Hot Forex, Pepperstone based on 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.
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
- 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
AxiTrader: The Best MetaTrader 4 Forex Broker
There is a lot to say about AxiTrader, but they are known for being the best MetaTrader 4 forex broker in the world for the following five reasons:
- Enhanced features in MetaTrader 4 platform
- Award-winning customer service
- Low spreads that start from 0.0 pips
- A robust leverage of up to 400:1
- A wide range of forex markets
AxiTrader is an ECN broker, 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 the other Australian Brokers, 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;
- Forex news
- Sessions map
- A new terminal window
- Sentiment indicator
- Correlation calendar
- Automated trade journal
- Mini manager
- Alarm management
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.
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.
Markets and Instruments
Dukascopy: Prestigious History & Automated Trading using Java Programming
There is a lot to unpack when it comes to Dukascopy. 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 Swiss Bank and MIFID regulate them.
Among their provisions, they have CFD, indices, commodities, and stock trading. Among the things Dukascopy is most proud of, you will find;
- No price manipulation
- Swift executions
- 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). 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. 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.
Hot Forex: One of The Most Regulated, Transparent and Secure
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:
- Conduct Authority (United Kingdom)
- Dubai Services Authority
- Sector Conduct Authority (South Africa)
- 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.)
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.
Pepperstone: One of The Fastest Growing Forex Brokers
The unprecedented growth of Pepperstone is attributed to a few crucial but straightforward moves on the part of this influential broker;
- Good forex trading platforms
- Good customer support
- Low fee account options
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. 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. They have a web trader you do not need to download.
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)
- 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.
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)
- 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.