Top Forex Broker Comparison 2020
TopFXBrokersReview.com compares top forex brokers like FP Markets, IC Markets, XM, AxiTrader, FxPro, Admiral Markets 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||AxiTrader||FxPro||Admiral|
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.
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.
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.
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.
- 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 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.