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Forex Broker Comparison 2021

Whether you are a new or old player in the forex trading industry, without forex comparison, you will face a problem choosing the right platform or the broker. But the real challenge is the way to conduct forex trading comparison. However, there are numerous criteria to compare the forex easily. But that is time-consuming as there are hundreds of best forex brokers. Hence, you can compare the best of the best based on some selective criteria, and you will find the output in no time. It is wise to compare the best forex brokers. That is why our expert team crated top forex brokers comparison list to guide you choose the right forex broker.

To make your job easier, we have sorted out the criteria for forex comparison and come up with a detailed example through some of the top forex brokers comparison. Nevertheless, the comparison items and details we are going to explain in this article will also work as a benchmark for forex broker reviews.

Read on to know every single detail to compare the best forex brokers.

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What should you Compare the Best Forex Brokers?

The forex comparison tactics depend on the individuals as everyone has their own process. However, the basics terms remain the same. Hence, we have looked at the important terms you should not miss while going for a forex trading comparison.

What are those? Find them below.

Overall Rating

You will need to create the rating sheet to compare the best forex brokers at a glance. The overall rating may include commissions & fees, platform & tools, investment offerings, mobile trading features, research, education and more. You may also add as many comparison tools as you want.

Brokerage Credibility

How credible is the broker? For that, the previous history needs to be looked at in the first place. If the broker is new, you have to check out the people who are behind the broker. By looking at the founders of the management, you can get an idea about the credibility.

Licenses and Regulations

Verification of the licenses and regulations is a must while compare the best forex brokers. However, it is evident that without the license and regulation, a broker cannot be considered as a best. But still, you should cross-check the regulations and licenses to comply with the forex trading platform comparison process.

Forex Spread Comparison

Spreads are one of the most important parts of the forex broker. As per the theory, the spread is the price difference between the bid and ask. Normally it is a way to make some money for the brokers. Hence, the spread varies from broker to broker. So, compare broker spreads is something you should not miss. FYI, if the spread is higher, the broker tends to offer less profit. As a result, you may need to avoid the high spreads.

Fees

Fees are another way for the broker to make money. Compare the best forex brokers, you might come across different kinds of fees. Sometimes, those can be logical and sometimes illogical. Some may impose high fees, and some may charge less. Like the forex brokers comparison spreads, comparing the fees are also necessary.

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Forex Trading Platform Comparison

Platforms work as an important part of increasing the trading profit. So, looking at the variations in the platforms as well as the reliability is necessary. However, if you research and observe the forex trading platform comparison, you will find that only a few platforms are leading the industry. Our forex trading platform comparison will provide you all the necessary guideline to choose the right platform.

Trading Instruments

Forex trading comes with several instruments such as forwards, swaps, futures, spots and more. Forex comparison on that also needed.

Range of the Markets

When you compare the best forex brokers, you will find that almost all the brokers offer a range of markets. Nevertheless, you can choose the market according to your strategy. So, keep the market list in your forex trading comparison to pick the right broker.

Forex Trading Account Comparison

The forex account types depending on the broker. Hence, you might not get the same account types of multiple brokers. That is why forex trading account comparison is necessary. It can get you the idea of the account types you are going to avail for a particular broker. You can even make the managed forex accounts comparison with the standard account to know more about the account types offered by the broker.

Leverage

Leverage is usually allowing the traders to borrow money from the brokers if the trading condition is favorable. However, the leverage varies from country to country. Through the comparison, you will know the amount of money you can borrow.

Markets and Instruments

Comparing the offered markets and the relevant instruments is highly essential as these can give you the proper idea about the brokers.

Risk Management

There is no doubt that forex trading is risky. Hence, the brokers usually offer risk management tools to minimize the potential risks as well as the loss. So, the forex comparison based on risk management will get you an idea of the reliability of a broker.

Research Tool

Multiple research tool helps the trader to understand the market properly. So, comparing the different research tools will certainly help you to pick the best one to serve your purpose.

Now that you know all the necessary criteria, you can proceed in detail with each of the criteria and more.

Overall Rating

For an effective forex comparison at a glance, looking at the overall rating will help you to choose a forex broker easily. But, finding an unbiased forex rating online is a complicated task, as many of the paid online sources may put wrong ratings to misguide the traders and direct them to their intended broker.

But it is a highly time-consuming process. With that in mind, we have researched online and offline from multiple authentic sources. And finally, come out with the overall rating based on multiple criteria. However, ratings are given based on multiple elements such as founded time, tools, forex trading platform comparison, customer support and more.

Rating is a great tool to measure a broker's reputation as well as resemble trustworthiness. The overall rating is not constant, and it may change depending on the market. Since traders emphasize rating and the number of clients, the brokers sometimes offer incentives to the users. As a result, they become reputed in the industry and rating goes up.

Despite all those facts about rating, we have brought to the table the overall rating comparison. We have searched them inline and also talked with the real-time user.

Hence, our rating methodology has a minimum error, perhaps no error at all. You may also verify it with the other websites.

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Regulations

Regulation is one of the first criteria you will need to check for forex comparison. All the brokers need to follow the regulation of their respective locations. It is a kind of law everyone needs to follow. You will find requirements, restrictions, guidelines under regulations. Moreover, regulations also ensure that the enforced laws are properly obeyed by the financial institution.

Nevertheless, it works on protecting the trader's fund. But sadly, no centralized regulation is available. Instead, each country offers its own regulations. So, you may need to hunt for the broker's origin or the location first. It is a very time-consuming process.

Usually, the regulations or the proper authority audits the broker to check out if they violate any rules. That's how each of the brokers we have picked is safe.

Nevertheless, the risk factor for the unregulated forex scam brokers is higher, and you have zero chance to get your money back if you get scammed. Moreover, unregulated forex brokers are illegal. And, trading through an unregulated broker is illegal.

However, forex regulatory authorities all over the world are getting stronger gradually. Among the numerous regulatory authorities, the USA has the strictest regulations in the world. Moreover, the forex brokers also with liquidity providers and different financial companies. As a result, it becomes evident regulated brokers are secured for the liquid money. Hence, you will never get scammed by that kind of broker.

Let's see the table.

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Licenses

Usually, forex trading gives you a regular trading opportunity. Due to that, money launders and scammers are always attracted to this lucrative market. As a result, each forex trading is closely observed by the regulators, and they enforce the brokers to get licensed with the local regulatory authorities.

Since there is no centralized authority, licensing with the local authority is mandatory. In most cases, brokers need to take a license from one authority, while some countries or areas require licensing from more than one authority.

So, having a license from a proper authority ensures the traders' or the investor's safety.

However, sometimes brokers pick multiple licensing authorities and register with them. They do it because they want it to operate in different countries as well as gain more credibility. Usually, the license is the legal document that gives the forex broker a legal status. However, all the licenses do not contain the same weight.

There are the five most important regulators of the world nigh now. Getting a license from one of them surely increases the demand of the broker and becomes more credible to conduct the forex activities.

The authorities are Cyprus Securities and Exchange Commission. Those authorities are,

So, we have observed all the licenses the brokers we are working on can be the next choices by all.

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Investments

Investing in forex is highly risky and competitive as well. All the business requires proper knowledge before operating and forex is not an exception. Therefore, investing forex with no knowledge or even a little knowledge is riskier.

Traders usually need to create their own strategy to receive the ultimate return out of their investment. Regardless of your trading period, short or long term, without a proper strategy and plan, you cannot expect a return.

However, you will get to know the investment policies, which include carrying trading, fundamental trading, and day trading. Furthermore, a trader will have the option to make investments via copy trading as well. Other investment policy includes options, funds and futures. The good thing is that an investor can get the opportunity to sell or even buy the currency directly.

On the other hand, some of the top forex brokers may not offer all the investment tools. But you will get the opportunity to use the top investment tools and compare the best forex brokers according to your needs.

As we have mentioned earlier that investing in forex is a complicated thing to do. Therefore, the investors need to hold their patience, at the same time, work on the learning process.

Therefore, investment tools are needed for any kind of investment decision. Nevertheless, you cannot for the forex trading comparison for the investment tools one by one. Hence, we have picked the top investment tools, including the CFDs. The total number of offered CFDs usually helps CFD broker comparison.

The following table displays the different investment tool comparisons, and you will find it easier to make your decision through CFD comparison and other tools.

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Trading Cost

Trading costs incur from trading depend on the broker. Nevertheless, the trading cost is the expenses a broker requires to continue their business. And they take the trading cost from the users. Trading cost is a combination of fixed and variable costs. The costs incurred against each trading must be paid by the traders.

Forex trading comparison finds out that each trading requires a particular cost, which needs to be paid to the broker. Sometimes, it is also known as commissions too. Although the trading cost might be very low initially, it may increase as per the trading volume or amount. However, many traders tend to overlook the small cost and eventually face problems earning long-term profit. So, you should not deny the forex broker commission comparison as it can help you calculate your profitability.

It has been seen that newbies cannot make a profit initially due to the lack of knowledge on trading costs. Therefore, a trader can get knowledge from the forex comparison table. Sometimes, some additional costs may also add to the trading cost. In addition to that, you may also face some sort of hidden fees such as inactivity fees, monthly fees, margin cost, quarterly fees and more. So, having proper knowledge of a different kind of trading cost will help you choose the best forex broker according to your requirement.

The following table will surely provide you some idea about the cost via the EUR USD spread comparison.

compare the best forex brokers

Funding

Easy funding method is what you need to consider while choosing the broker based on forex comparison. Normally forex brokers come with numerous deposits or funding options. But, instant funding via the credit card is the top way to deposit investments in your forex investment.

Moreover, other funding methods such as bank transfer, check, PayPal and digital payment systems are also popular. Normally, traders can easily add money by logging into the trading account and deposit as per convenience.

In addition to that, the trader can also transfer money from their bank account without logging into the trading account with the broker. But the bank may charge some fees for the wire transfer, and this method may need few days to have the funds available.

Funding through the personal check is another option, but the processing time is way longer than any other method. So, considering all the deposit options, credit cards and digital payment systems are the quickest and best options for funding activity.

Aside from the funding, the traders should also be alert about the transaction security. You should check if the broker has a highly encrypted server while transaction activity is done. Otherwise, a data breach might happen, and your data may leak.

So, we have prioritized both funding and security while making the following forex trading comparison. Besides, we also considered the broker's transaction methods.

Check out the following top forex brokers comparison to know the funding details.

compare the best forex brokers

Regardless of your experience level, the right forex trading platform can boost your trading performance. Nevertheless, the forex trading platform comparison shows us that there are several trading platforms available in the market.

Usually, most of the brokers stick to one platform, while some brokers may offer multiple platforms. In the case of multiple brokers, you can choose the broker according to your wish. When you are ready to pick the desired platform, you may look at the features, functionality, layout and more.

However, understanding a platform initially is not an easy task if you look for the CFD platforms comparison or even the forex trading platform comparison, you should spend time understanding them. Nevertheless, it needs time to get acquainted with the forex platforms. You will know the platform by using it gradually.

Our researchers for forex trading comparison suggested understanding the platform, and you may use the demo account for that. Furthermore, knowing the trading process is also necessary. The trading processes have become easier as the platforms are accessible via smartphones or tablets. Moreover, platforms are available on different operating systems too. Besides, the web platform also relieves you from downloading the platform on your computer.

Nowadays, forex brokers use third-party platforms such as MetaTrader 4 and MetaTrader 5, which are solely made for the forex and another trading.

Our forex trading platform comparison will help you to know the platforms offered by the top brokers.

Forex Trading Platform Comparison

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Forex Trading Comparison: Tools

Whether you are a newbie or an experienced trader, trading forex is quite difficult. That is why forex trading tools come in handy for all. Tools are kind of a helping hand for the traders. Nonetheless, tools can help to determine entry and exit points which eventually work on reducing potential loss.

There are free and paid trading tools available. But the paid tools are more effective than the free tools. Ultimately tools vary on the individual broker and platforms. However, the broker's individual platform may have a limited tool, while the third-party platform such as MetaTrader 4 comes with hundreds of tools. Moreover, the tools coming with MT4 can be customized easily and are newbie-friendly. However, technical indicators and trading automation are the most common tools you will find for free with MT4. You will also have the option to add paid indicators with more advanced options.

But the tools with advanced options are mainly used for advance level traders. Besides, tools should not be considered as all in all. A combination of your trading strategy and tool can get you the ultimate result. So, you need to know the ways to integrate the tools with your strategy and plan. While most of the tools work according to the trader's instruction, some trading tools can also work on their own.

However, we have researched extensively to make the following forex comparison table. These are the top tools you can make yourself familiar with them.

Forex Trading Tools

Top Forex Brokers Comparison: Mobile Trading

With the advancement of technology, the smartphone becomes a norm in our daily life. Nowadays, we have apps for almost everything, and forex trading did not fall behind. Traditionally forex trading was done by computers. But nowadays, we have apps to conduct forex trading with our fingertips, and it is named mobile trading.

With the smartphone apps, anyone can now initiate a trade, get news, forex education, etc., from anywhere in the world within seconds. Brokers and platforms offer their apps for both iOS and Android phones. Most importantly, mobile trading is available via browsers too. If anyone cannot install the app, they can log in to their trading account through the mobile web browser. To conduct interruption-free mobile trading, you must need a stable internet connection. However, with mobile trading, you don't need to be worried about the technical indicators as these are also available on mobile.

Furthermore, mobile trading has become so developed that it offers advanced risk management as well as the features like web trading. Besides, traders can get the order notification too.

As per the forex comparison features, trading via computer gives you a more detailed view than mobile trading. But mobile trading is useful if you are on vacation or not in front of your computer. Further, mobile trading can provide you access to the available trading tools in your account.

The only drawback is, usually, the platforms or brokers don't have apps for the windows phones. But you can still trade via browser in your windows phone.

Forex trading platform comparison identifies some important aspects of mobile trading. You will find them in the following table.

compare the best forex brokers

Research

To have a profitable trading outcome, research is the most important element in forex. So, if you intend to invest in a currency, make sure you researched it in the first place. Nevertheless, you will not get depth analysis of a currency or the pair without proper research.

That being said, how would you conduct the research?

You have to have research skills with the help of a broker or platform. Usually, brokers offer news, tools, economic calendar, webinars, etc., to help the research process.

We have identified and completed a forex trading comparison on different research tools for the listed brokers in the following table.

Research

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Major Forex Pairs

The Forex industry contains more than 70 currency pairs for trading. But, very few brokers offer all the currency pairs to the trader. Forex comparison shows that most brokers provide only the major currency pairs. It is because major pairs have the highest daily trading volume. However, there are only four currency pairs which are major. Major pairs include EUR/USD, GBP/USD, USD/JPY and USD/CHF.

These major pairs are also deliverable and fall under the g10 currency group. But EUR/USD is the top tier currency among the four major pairs. That is why EUR USD spread comparison has a great value.

Moreover, the major currencies have a worldwide economic value which is good enough to drive the global market. However, forex trading comparison experts advise beginners to start their trading career with major pairs, and they slowly try other pairs depending on the comfortability.

As the major pairs are traded all the time, you don't need to worry about liquidity. At the same time, you can try the minors too.

Our top forex brokers comparison list shows that the broker we have picked offers all the major currencies as well as some minors too. So, you can easily try both major and minor pairs.

Major Forex Pairs

CFD Comparison

Contract for difference (CFD) allows the trader to speculate on the price movement of derivatives and securities such as indices, forex, shares, commodities, gold, etc. It is mainly making the price bet for the future price of some market instrument. If a trader predicts that an instrument will go up after a certain time, he will buy that and make some money from the future price rise. For example, if the XAUUSD spread comparison indicates that the gold price will go in the upcoming months, a trader can buy gold now and sell it when the price goes up.

Nowadays almost all the top forex brokers offer CFDs. Hence you don't need to compare CFD brokers separately. Let's see the CFD broker comparison in terms of CFD instruments.

CFD Comparison

Forex Comparison: Speed

Don't want to lose the assured profit?

Then you will need to execute the speed of your broker. The quick execution speed lets the trader order accurately. Furthermore, lightning-speed trading indicates a transparent ordering process. So, make sure you know the server speed of your intended broker.

Execution speed in forex is categorized as dealing desk and non-dealing desk as they have the particular trading condition and spreads.

A fast execution speed ensures the exact signals without any sort of slippage. If the slippage is tiny, it ensures that the market price and requested price difference are tiny.

However, if the server speed is slow, you will not get the price you have requested. It is because the price in forex changes every second, perhaps in milliseconds.

Another good thing about fast speed is that it works with less rejection. If the trader sets a limit for the amount of slippage, and if it exceeds the amount, the orders are rejected. Therefore, the slow speed will stop the order from execution. On the other hand, the fastest server will let the order execute at the price you specified.

That being said, make sure you know the server speed of your intended broker. However, speed also depends on the trading platform too. Find out the forex comparison based on trading speed below.

Forex Comparison Speed

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Forex Comparison: Education

When compare the best forex brokers, see which broker has the best forex education platforms. Nowadays, brokers offer different educational features to educate the traders. Usually, many brokers offer a trading session for all regardless of the experience. Moreover, new traders can also learn forex from scratch. Other education feature includes news, ebooks, trading calendar and more.

As a trader, you must know the terms used in forex trading. You will surely get to learn them in forex education features.

However, there is a good possibility that the training materials vary on the brokers. Each broker has its own training material, which they regularly update so that traders know the new stuff timely.

So, while making the forex trading comparison check the brokers whether they have forex education features or not, most importantly, if you are a beginner, you must need an education tool and feature to upgrade your experience and trading knowledge.

So, our top forex brokers comparison looked for the available educational features for the six brokers we have picked.

Forex Comparison Education

Forex Rebate Comparison

Forex rebates work on providing extra cash from the trading. In simple words, it is a cashback program that is provided by the broker. Usually, brokers offer a cash rebate to the traders for each trade a trader makes.

Forex rebate is a way to inspire the trader and make the trade run their account continuously. Rebates come in many types, such as cashback, spread and commission reduction, credit to the broker account and more.

Following is the forex rebate comparison of the 6 top brokers we are discussing in this article.

Forex Rebate Comparison

MetaTrader 4 and 5 Comparison

MetaTrader 4 and MetaTrader 5 are the two revolutionary platforms used by most forex brokers. Although the features of these two platforms are almost the same, some brokers still offer both platforms to the traders.

While MT4 is best for forex trading, MT5 is good for CFD trading. Following is the MetaTrader 4 and 5 comparison of the top 6 brokers.

MetaTrader 4 and 5 Comparison

So, among the six brokers, who do you think yields you more benefits?

After looking at all the forex comparison, you can see that FP Markets is clearly ahead of the other five brokers. What makes FP Market a winner? Let's see.

  • Overall, FP Markets has a good rating.
  • FP Markets is regulated by the tip tier countries.
  • CFD comparison shows that it has more instruments than all.
  • Cover all types of deposit and withdrawal methods.

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Forex Comparison by Countries

If you wish to trade in your local area or a specific country, you may need to make the forex trading comparison based on a specific country. So, you check out the forex comparison from the popular countries.

Compare Forex Brokers Australia

Recently Australia has become a new home for forex. Therefore, the demand for forex brokers Australia comparison has increased as more people are looking to invest more in forex. To find the ultimate broker to start forex, Aussies can compare the best forex brokers in Australia. You can check the criteria we have mentioned in this article for forex comparison in Australia.

Compare Forex brokers UK

After the Brexit event and some changes in UK regulations, forex brokers are already moving to other parts of Europe. To compare the UK brokers, you can check the regulations, licenses, forex trading platform comparison, customer care, and more.

US Forex Brokers Comparison

The US enforces strict forex regulation. There are not a lot of retail brokers in the USA. So, you may not need to compare the brokers. As per the strict regulatory body, all the brokers are supposed to offer almost the same services.

Conclusion

It is really tough to select the best forex broker who can fulfill all your requirements. Hence, traders get confused after doing research by themselves. So, wouldn't it be great if you find the readymade forex comparison. 

With that in mind, we presented top forex brokers comparison based on the six-forex broker. Hopefully, this article served your purpose.

These six brokers are one of the top forex brokers in the world. Though the FP Markets turned out to be the winner, you can try other brokers too.

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