Compare Forex Brokers Platform 2023
Top Forex Brokers Review compare forex brokers like FP Markets, FxPro, IC Markets, FBS, XM and BlackBull Markets based on the broker spread comparison, deposit and withdrawal fees, trading platforms, and fast execution. On top of that forex platform comparison with wide range of trading pairs and strong customer support.
| FP Markets | FxPro | IC Markets | FBS | XM | BlackBull Markets |
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Best Online CFD Forex Brokers Platform Comparison 2023
Find the best CFD Forex Broker & Start trading Now!
Compare Forex Brokers: Regulations and Licenses
Brokerage
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 which makes FP Markets one of the best forex brokers on our forex platform comparison.
Are FP Markets Safe? Do they Deserve Your Trust?
In our broker spread comparison we are going to find out about FP Markets lowest offer spread accounts and weather FP Markets is trusted or not. FP Markets is the best overall when it comes to the range of variety in services and markets offered.
- 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 best forex broker on our compare forex brokers list.
What Makes FP Markets One of The Best?
On our FP Markets forex broker compare, we will provide you of the reason what’s makes FP Markets one of the best forex brokers on our forex platform comparison.
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 forex broker comparison found that the broker offers access to over 13,000 trading instruments. Some of the products and markets FP Markets offers to 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 commission costs are usually at 0.08% per side.
- Forex Trading
There are over 70+ Forex pairs included, with the most popular options like EUR/USD, AUD/USD, and GBP/USD including all cross pairs can be traded using FP Markets platforms.
- International Futures CFDs
With FP Markets, you will have 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. The best one is premier but they all have requirements we will list here:
STANDARD
- Minimum opening balance- $1,000
- Brokerage rate- $10 min, then 0.1%
- Financing- FP Markets Base rate +4.0%
PLATINUM
- Minimum opening balance- $25,000
- Brokerage rate- $9 min, then 0.09%
- Financing- FP Markets Base rate +3.5%
PREMIER
- 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 compare forex brokers we found that with FP Markets index options you will get some of the best forex brokers regulated by ASIC. Markets you can trade here include the FTSE 100, Dow Jones, NASAQ and the Sydney Futures Exchange, and cryptocurrency like Bitcoin (BTC).
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. On our compare forex brokers those traders who focus on trading, CFDs, Index and cryptocurrency, FP Markets offers a wide range of markets and services, making it the industry leader among many of the top forex brokers.
Compare Forex Brokers: Trading Platforms + Tools
FxPro: Trade Like a Pro on CFDs and Forex Markets
FxPro 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 this moment, they operate in 173 countries and have more than 870,000 client accounts and €100 million of Tier 1 capital which makes FxPro one of the leading forex broker on our forex platform comparison list.
Some of FxPro’s unique features include an algorithmic trading center that works well with MT4/MT5. 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 pairs
- More than 150 unique equity shares
- Futures (an unusual move for a forex broker company)
- Stock indices
- Commodities
They will provide you with all this and also offer you both CFD and spread. With spread, 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.
Markets and Instruments
Spreads
IC Markets: Best EUR/USD Spreads
Our IC Markets review shows, they offer best features among the brokers based on True ECN. 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 brokers 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.
Deposit Fees
IC Markets real accounts provide different 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.
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.
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.
Platform
FBS: Top Broker with Millions of Active Users
FBS provides its service to more than 2.3 million active traders worldwide. With approval from the Cyprus Securities and Exchange Commission, they have earned the trust of numerous traders and partners.
FBS has attracted the attention of numerous investors by providing many different tools to trade various instruments through an account. For instance, a single FBS account will allow you to trade metals, forex, cryptos, energies, stocks, and forex exotics.
FBS gives you the opportunity to trade gold, silver, 28 forex pairs, Brent Crude Oil, 11 top indices, Natural GAS, 9 exotic pairs, WTI Crude Oil, 100+ crypto assets, and stocks.
You will have the option to choose from six different trading accounts. The account types are cent, micro, standard, zero spread, ECN, and Crypto accounts. With these accounts, you can access different features at different rates for multiple levels of traders.
Some of the advantages of the several accounts are a minimum deposit of $1, pretty low commission, up to 3,000 leverage, lots size is 0.01 to 500, and more.
FBS Trading Platforms
FBS possesses MetaTrader 4 and MetaTrader 5 as its interface for managing traders. In addition to that interface, the brokerage provides its own specific mobile app called FBS Trader.
FBS Broker offers apps for iOS and Android devices. With this system, you can access everything you need for trading, including the MetaTrader 4 and MetaTrader 5.
Additionally, the FBS application gives you access to 24/7 customer service. In addition to that, you simply won’t have to go to your bank or credit card apps to the bank, as you may deposit directly from the FBS application making use of your own bank or credit card details. Besides, you will additionally have a variety of banking choices likewise. The FBS Trader app will enable you to explore and scrutinize more than 170 assets.
With the FBS MetaTrader 4 and MetaTrader 5 trading platforms, you have access to the forex market as well as all other forms of financial trading. In addition, you can benefit from rapid order execution speeds. In addition to that, the MT4 and MT5 platforms offer different technical indicators and charts for the evaluation of markets and making good trading decisions.
Whether a novice or an experienced investor, FBS has something for everyone. And the straightforward trading platforms make trading easy to decide.
Research Tools
Trading Instruments
FBS offers certain exchange instruments, including but not limited to forex, CFDs, Indices, forex exotic, stocks, and cryptocurrencies. Have a look at more details about the trading instruments available at FBS.
- Forex: You can get to exchange 28 foreign exchange pairs with as little as 0.0 spreads.
- Metals: It is also possible to purchase gold and silver from the metal instruments category through FBS. This will allow you to profit from the diversification of your portfolio.
- Indices: The FBS platform gives you access to 11 indices. You will be able to trade from NASDAQ100, AU200, Dow Jones, DE30, FTSE100, and more. You’ll be able to start out with as little as 100 lots.
- Energies: Natural GAS, Brent Crude Oil, and WTI Crude Oil are the FBS’ energy instruments.
- Exotic: FBS gets you to access to 9 exotic forex pairs, which you can trade 100,000 per lot.
- Stocks: FBS lets you trade from top stocks worldwide.
- Crypto: You can use trader crypto too. You will get access to 100+ crypto assets at 1:5 leverage. Using the crypto account, you can trade coin-fiat, coins, coin-coin, and coin-metals. Hence, you are getting diversified pairs for cryptos.
You must open an FBS trading account for trading to get access to all these instruments. And the company offers various accounts to satisfy differing investor requirements. The account options you will get are cent account, micro account, standard account, zero spread, ECN account, and crypto account. Based on your experience and financial investment, you can choose from any of these accounts.
You can open a demo account before registering for the real account, as each FBS account has something to offer. The demo account will give you the chance to try out the platform and receive a feel for what it is like to work with FBS.
So, set your requirements and preference and choose the account that can meet your needs. In addition to that, you can also have the opportunity to switch between the accounts whenever you want. Hence, you can control it according to your requirements.
Forex & CFD Trading on Stocks, Indices, Oil, Gold by XM
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 comparison with the other brokers on the list shows that XM can compete because they offer more in terms of regulation and favorable fees.
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.
BlackBull Markets -Trading Fees, Low CFD Fees
BlackBull Markets was established in 2014 with the aim of offering the best trading experience to forex traders around the world. And it seems they have been on the right path as the broker now has a presence in more than 180 countries. It is regulated by Financial Services Authority in Seychelles (FSA), while BlackBull also has an office in Auckland, New Zealand (Head Office), and the UK.
BlackBull Markets give access to 26,000+ tradable instruments to its traders using a single account. Depending on your trading experience and investment, you can open three different accounts, Standard, Prime, and Institutional, with BlackBull Markets. Using these accounts, you can trade Silver, Gold, Natural Gas, Crude Oil, Shares, Indices, and CFDs.
Instruments
The broker gives access to different major and minor forex pairs such as EUR/USD, GBP/USD, USD, JPY, USD/CAD, AUD/USD, NZD/USD, and USD/CHF. When it comes to CFDs, BlackBull gives access to US, Australian, Hong Kong, and European shares and global indices. Using these markets, you will be able to trade 2000 popular stocks such as Tesla, Facebook, Amazon, and more.
Additionally, you can trade Crude Oil, Gold, and Silver, Cash Crops such as Soybeans, sugar, and Natural Gas.
BlackBull Markets offers MetaTrader 4 and MetaTrader 5 platforms to all clients.
Account Types
BalckBull Markets offers three account types, and you can choose them according to your investment, experience, and trading requirements.
Standard Account: This account is perfect for new traders as it has the lowest minimum deposits among other accounts. That being said, you can start the account with a $0 minimum deposit. The spread starts from 0.8 with a minimum trading lot size of 0.01. You will get up to 1:500 leverage access with this account. However, it is a no-commission account.
Prime Account: You will find this account useful if you have some sort of forex trading experience. However, you will need a minimum $2000 deposit to start the trading. The Prime account’s spread starts from 0.1, and the minimum trading lot size is 0.01. But, this account charges some commission, which is $6 per trading lot. The maximum leverage remains the same as the Standard account.
Institutional Account: It is for institutional traders who have a large investment and to make a huge return on investment. The institutional account gives the maximum benefits to its users. For example, you will have 0.0 spreads, 0.01 lot size, 1:500 leverage, $3 commission per lot, and more. Nevertheless, the minimum deposit is higher at $20,000.
With the institutional account, you can set up a custom EQUINIX server, while Standard and Prime accounts use the NY4 server.
Other Features
BlackBull Markets also offers some additional features that help any trader to increase their profit or learning opportunities. They offer virtual private servers along with other tools such as API trading, Autochartist, ZuluTrade, and more. Also, you will get access to Educational Hub, which will give you every single detail about forex, shares, and cryptocurrencies.
Maximum Leverage Offered
Best Online CFD Forex Brokers Platform Comparison 2023
Find the best CFD Forex Broker & Start trading Now!
How We Compiled the Forex Platform Comparison 2023
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 compare forex brokers 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 forex broker compare was as fair and accurate it could be:
- Regulation
- Instruments available
- Trading platforms
- Leverage
- Tools that enhance the trading experience
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 forex platform comparison table and review.
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Best Forex Brokers By Countries - 2023
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