Best Forex Broker Comparison 2023
Online broker comparison is a great way to find the right broker for your online forex trading. We have spent over 250 hours to compare among the top brokers and pick the best forex broker. However, we have compared all top brokers based on multiple criteria and selects the 6 brokers from the hundreds.
Our forex brokers comparison finds six brokers based on trading platforms, no deposit and withdrawal fees, fast execution, high-quality customer support, and lowest spreads. The brokers are FXPro, IC Markets, FBS, XM, HF Markets and Axi.
We will guide you to the online broker comparison through the rest of this article.
Regulations and Licenses
FxPro: One of the Best Brokers for CFD Trading and Forex
Making forex brokers comparison in terms of clients’ number, FoPro would be in the top 5s with their 1,300,000 in over 173 countries all over the world. However, they don’t come to this place overnight; it took them 14 years to reach here since their inauguration in 2006.
Is FxPro Trustworthy?
We have found from multiple online broker comparison that, from the beginning, FxPro has been providing unambiguous service to the trader. Over the years, they have earned 4 industry regulations, which include FCA, CySEC, SCB, and FSCA.
FxPro has some unique features, and the algorithmic trading feature is one of them which works with cTrader. Through algo trading, you can easily make your moves as per your created trading strategy. Besides, the support with the VPS lets you trade 24/7 with effortless high-speed operation.
FxPro Tools, Education, and News
FxPro is the best forex broker for providing different trading tools, news, analysis, and education to make the trading comfortable for all.
From the FxPro Review, found that the education tools offer two levels in interactive cards, which provide the learning opportunity via video tutorials, webinars, events, fundamental analysis, technical analysis, etc.
Eventually, the forex broker compare, finds out that FxPro News & Analysis tool is really helpful for both new trader and expert trader. This powerful, informative support includes economic calendar, market holidays, earning calendar, and technical analysis from trading central.
Furthermore, the dedicated trading tools also give the competitive edge, such as trader’s dashboard, FxPro calculators, direct app, VPS, etc., tools are effective for successful trading.
Maximum Leverage Offered
IC Markets: Leading Forex CFD Provider and Best ECN Broker
While we did the complete forex broker compare, it came to our eyes that IC Markets is the best forex broker for its raw spread account. This makes them known as true ECN brokers.
IC Markets offer the initial spreads from 0.0 pips, no fees for deposits, withdrawals, and inactivity. Instead, they charge a $3.50 commission per lot.
IC Markets Online Platform
IC Markets totally operates online via a browser and mobile app. IC Markets review gave a list of the platforms they use for trading activity. However, they prioritize the IC Markets web trader, allowing trading from any browser via PC or Phone. Apart from this, they also provide apps for mobile for iPhones and Androids, including iPad and tablets.
All these opportunities are offered through the IC Markets MT4 platforms, while they also provide MT5. However, if you compare forex brokers, you will get that IC Markets offer traders too, and few more top online brokers offer this.
The benefits you will get from IC Markets are minimal trading cost, low commissions, and ECN brokers spread.
IC Markets Fees
Unlike other forex brokers, IC Markets is not loaded with fees. Instead, they are grabbing clients by offering the lowest possible fees for all. Let’s make the IC Markets online broker comparison in terms of fees.
IC Markets do not impose any fees for deposits. However, there are fees for international transfer, and it is not charged by the IC Markets. The deposit methods you may use are Cards, Neteller, PayPal, Skrill, UnionPay, Wire Transfer, Bpay, FasaPay, Broker to Broker, Internet Banking, and more.
The minimum deposit is $200 to start the trading.
IC Markets forex brokers comparison with deposit fees shows that there are no withdrawal fees either. Like international deposits, international withdrawals also charge fees.
A lot of the brokers charge inactivity fees. On the other hand, there are no inactivity fees for the IC Markets.
It is common by all brokers, which incurs when a trader keeps the position open for the following trading day. However, the rollover costs are not fixed and change regularly.
FBS: Highest Leverage Forex Broker with Quick Withdrawal Feature
FBS is one of the trustworthy brokers as they have a regulatory license from CySEC. As a result, more than 2.3 million forex traders trusted and opened an account with them. It comes with several convenient forex trading tools along with multiple tradable assets.
Crypto, forex, metal, stocks, energies, and forex exotics are the tradable assets offered by FBS. The good thing is that you can trade these from a single account. So, you don’t need to take any hassle to open multiple accounts for different assets.
With a single account, you can trade 28 forex currency pairs, 9 exotic pairs, 11 indices, and more than 100 crypto CFDs. Additionally, you have the opportunity to trade silver, gold, natural gas, Brent crude oil, WTI crude oil, and more with a single FBS account.
When it comes to account type, FBS offers you six different options. The FBS account types include cent, micro, standard, zero spread, ECN, and Crypto. All these accounts have some similar features and some unique features. For instance, you can deposit as low as $1 while you will also get the benefits of low commission. For the leverage benefit, you can apply up to 1:3000 leverage based on the account and trading type. Lot sizes are also different depending on the account. The lot size starts from 0.01 and goes up to 500.
With an FBS account, you can access both MetaTrader 4 and MetaTrader 5 platforms. In addition to that, you may also download the FBS Trader app on your phone to use it on the go. You can download the app for your iOS or Android phones or tablets. You can access MT4 and MT5 right from the FBS Trader app. And you can access 24/7 customer service from the app too.
You can access all the offered assets through the FBS app with inclusive access to MT4 and MT5. Nevertheless, you will get high-speed trade execution service through the FBS app. When it comes to technical indicators, the FBS platform offers plenty of them for your convenience.
Trading Assets Offered by FBS
Forex is the main trading asset for FBS. Therefore, they emphasize it and offer 28 forex currency pair for trading. The best thing is that you can trade them at 0.0 spreads. Besides FX, you can also trade silver and goods to expand your investment portfolio with FBS.
Further, you can take advantage of index trading too. FBS provide 11 indices including NASDAQ100, AU200, Dow Jones, DE30, FTSE100, and more. With these indices, you can start trading as low as 100 lots.
In addition to indices, metals, and forex, there are also energy trading options available. You have the opportunity to trade WTI crude oil, natural gas, and Brent crude oil.
FBS also offer 9 exotic forex pair for their traders, along with crypto and stock trading. When it comes to cryptocurrencies, you have the option to trade over 100 crypto assets with leverage features of up to 1:500. These crypto assets encompass a variety of pairings, including crypto-to-crypto, crypto-to-fiat, crypto-to-metals, and individual cryptocurrencies. This allows you to effectively diversify your crypto pairs and explore various trading opportunities.
But you need to open an account first to trade all these. So, ensure that you pick the right account type for your trading.
Moreover, you have the option to open a demo account prior to opening a real account with actual funds. This allows you to familiarize yourself with the FBS platform beforehand. If you are content with the demo account and its features, you can proceed to open a real account and begin trading.
Trading Platforms + Tools
Deposit and Withdrawal
In this digital age, there is no need to physically visit a bank to deposit funds into your FBS account. With the FBS app, you can effortlessly add money from your bank account or credit card. Furthermore, you have the convenience of choosing from multiple banks for your transactions. Once the deposit is made, you gain access to trade over 170 different assets.
XM: 16 Trading Platforms with Low Trading Fees and Low CFD Fees
We did compare forex brokers from all over the world, and among all, XM has the largest area coverage as they have traders from 196 countries. Despite being founded in 2009, in just 13 years, he has grown to a large. Following are the highlights of their operation till 2020 via XM Review.
- More than 3,500,000 clients from 196 countries.
- They have 450 experts with a long-year experience to provide uninterrupted service.
- More than 25 payment methods from trusted payment services.
- 16 trading platforms.
- Support in 30+ languages.
Online Broker Comparison for the XM Account Types
XM offers 4 multiple accounts for the trader depending on the lot size, investments, minimum deposits, etc. All the trading accounts provide exceptional trading conditions with unlimited access to MT4/MT5 and expert advisors. Let’s see the XM accounts forex brokers comparison
- Micro Accounts: It is the beginners’ level account where a trader can start with as low as a $5 deposit with 100 lots per ticket.
- Standard Accounts: Like the previous one, it also needs the $5 opening balance. However, the restriction is 50 lots per ticket while the contract size is bigger than the micro account.
- XM Ultra-Low Account: Here come the increased minimum deposits, which is $50 with a lower spread than the other two accounts.
- Shares Account: This account needs $10,000 minimum deposits, and contract size is measured as 1 share. Besides, the swap-free Islamic account is included with this account.
The Fees Charged at XM
For our research purpose, we have completed a forex broker comparison with a top broker and found that XM is a marginal lower broker.
However, depending on the real-time stock market, stock fees varied.
As a well-established broker, XM doesn’t charge for local deposits or withdrawals. But any international transfer below $200 is subject to charge.
HFM: Free Negative Balance Protection with Maximum Security
Through different online broker comparison, we came to know that HFM is an award-winning forex broker for retail and institutional brokers. From the HFM review, having been in the business for more than ten years, they have more than 2,500,000 live accounts opened.
Is HFM Safe to Trade?
HFM contains the cross-border license that operates in the EEA zone throughout the European Union. Besides, the list of compare forex brokers mentioned that HFM is regulated via CySEC. However, it is one of the safest regulatory bodies in the world and widely recognized by all the countries in Europe. Besides, CySEC also audits the financial matter of the broker in a timely manner, which enhances the safety of the trader’s fund.
Additionally, HFM has earned regulatory status from other countries too, such as the UK, South Africa, Seychelles, and Dubai.
HFM offers some attractive spread opportunities while staying at the tight spread. Besides, online broker comparison suggests that HFM provides 0 pip some accounts. However, there might be some additional non-trading fees you may want to check before opening accounts.
But, one thing we can confirm that there are no charges for local deposits and withdrawals. Charges are applicable for international transfer whether it is incoming and outgoing from the account.
Markets and Instruments
Like all the best forex broker, HFM is a multi-trading platform, which provides services via MetaTrader 4 and 5 platforms. MetaTrader platform is a criterion to compare forex brokers, as it is one of the well-recognized third-party platforms. So, whoever uses the HFM, undoubtedly provides the best trading service.
Axi: Tier 1 Regulations with High-Speed Execution
Axi is a renowned broker that operates globally, serving over 60,000 traders across 100+ countries since 2007. Their partnership agreement with the esteemed Manchester City football team has further elevated their reputation and popularity in the market.
However, the primary factor behind their popularity stems from their customer-centric growth approach, driven by advanced trading technologies. Axi caters to a wide range of traders, including retail and corporate clients. Moreover, they extend their services to banks and financial organizations as well.
Axi has a regulatory license from FCA and ASIC. And these regulators fall under the average to no risk category. Hence, your funds and investments are safe with Axi. However, that doesn’t guarantee you a profitable trade. You are responsible for your trading activities. But they will help you to earn maximum profit using Axi platforms.
Axi Trading Platforms
Axi offers its extraordinary service through the MetaTrader 4 platform. But their MetaTrader 4 is not like other brokers’ MT4. You can customize the Axi MT4. For example, you can add Axi autochartist to the platform and analyze different currency pairs in your own strategy.
Further, Axi MT4 is accessible from any device and anywhere in the world. But a fast internet connection is necessary to get the best service from Axi. And it is applicable to any forex trading platform.
Axi offers additional features such as social trading, copy trading, and more. One of the standout features of the Axi trading platform is the inclusion of 51 built-in indicators and 31 drawing tools, which greatly simplify market analysis. Furthermore, the platform provides a convenient click trading feature for the seamless execution of trades.
Types of Axi Accounts
Axi offers two types of accounts, Pro and Standard. Although both accounts offer similar features, there is a distinction between the spread and commission. The Pro account boasts a spread of 0.0 pips, whereas the standard account has a spread of 1.0 pips. However, the Pro account incurs a commission of $7, whereas the standard account does not require any commission.
But the minimum deposit is the same for both accounts. That being said, you can start with any amount of investment with these accounts. Further, the maximum leverage is the same for both account types, and it is 1:400.
Axi prides itself on its award-winning customer support, ensuring that traders receive exceptional assistance. They provide support via phone calls, live chat, and email 24 hours a day, 5 days a week. Additionally, traders have the benefit of having a dedicated personal manager who can assist them with any trading or account management queries they may have.
For those boarding on a forex trading journey, Axi provides educational resources to facilitate learning from scratch. Through video tutorials, eBooks, and more, you can gain comprehensive knowledge about forex trading. This means that anyone, regardless of their experience, can join Axi and begin trading promptly.
How we Made this Online Broker Comparison?
To make this online broker comparison, we looked for different aspects of a broker. Before all started, we listed the best forex brokers. Then, we verified the regulatory status of our selected brokers. Whenever we found positive status about regulations, we moved farther. Otherwise, we removed them from the forex brokers comparison list.
So, we have selected only regulated brokers as they are risk-free and safe. Besides, they are accountable to the regulatory bodies, which ensures the safety of your funds. After we look at the stuff that will benefit the trader, such as leverage, spreads, instruments, transaction methods, customer care service, minimum deposits, etc., based on these factors, we compared forex brokers and selected the above mentioned 6 forex brokers.