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 FP Markets, IC Markets, FXPro, XM, Hot Forex, and Axi.
We will guide you to the online broker comparison through the rest of this article.
Regulations and Licenses
FP Markets: Raw Spreads and CFD provide more than 13,000 Trading Instruments
FP Markets comes first in our forex broker comparison as they are one of the top forex brokers in the universe. However, they operate in Australia mainly, but they operate in over 80 countries too. FP Markets offer direct market access as well as ECN price at the same time.
Is FP Markets a Safe Forex Broker?
Here come our first criteria to compare forex brokers; we are talking about the regulations, which is a standard to measure whether a broker is safe or not. So, what we have found from the FP Markets regulations?
FP Markets earns the regulatory status from-
- Cyprus Securities and Exchange Commission (CySEC)
- And the Australian Securities and Investments Commission (ASIC)
Among these two regulations, forex broker compares identify that ASIC is a top tier regulator, and CySEC is a highly strict regulator in the European Union. As a result, both of them ensure all the safety for the traders. Besides, the FP Markets review shows that they have been in the business for the last 15 years with a good reputation.
Range of the Services by FP Markets
FP Markets is considered one of the best forex brokers among all the available brokers when it comes to the range of offerings. The variety of services they offer-
- Multigrade platform
- A vast range of CFD instruments
- Virtual demo account
- 500:1 leverage
- Lowest minimum deposit
- Islamic account
- Zero inactivity fees
- Stop-loss order by CySEC
- Customer support in a different language
Why is FP Market considered as one of the Best Forex Broker?
To answer this, we want to mention a few facts. First of all, it has no bad reviews since it started the operation in 2005. Secondly, with the fastest possible execution features, provide a competitive price. Finally, top tradeable CFDs via FP markets with the trading tools always provide the opportunity to make profits.
The Range of Markets Offered
While going through the FP Markets review, we found that they offer a 13,000+ instrument, which is accessible via the MetaTrader and IRESS platform. Let’s dive into the range of the markets.
Forex TradingFP markets forex trading supports more than 50 currency pairs, including the majors EUR/USD, GBP/USD, AUD/USD, and more.
Besides the forex, FP Markets also offer stocks via MT4, MT5 platform, and IRESS platform. However, MT4/MT5 will provide 20 shares to choose from. On the other hand, IRESS is based in Australia and offers thousands of stocks.
As per the online broker comparison, for share trading, FP Markets eliminate the commissions and earns money from spreads.
With the FP Markets index CFDs, you will get all the world’s top indices, including AUS200, NASDAQ 100, S&P 500, EUREX, and much more.
The trading index will surely diversify your portfolio at large.
FP Markets Commodities offer silver, gold, and oil, while the ASIC provides access to the variety of asset classes that can be accessed from the same platform. Additionally, top-notch trading and risk management tools also ease commodities trading.
Trading metals are less risky than forex trading. However, with the forex trading platform, you can trade your desired metals too.
Maximum Leverage Offered
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.
Trading Platforms + Tools
FXChoice: Broker With 50+ Instruments
FXChoice is a popular forex broker that offers a variety of trading instruments and advanced charting capabilities. It provides a wide range of customizable trading services and platforms, including mobile trading apps for both iPhone and Android devices. In addition to that, you will also get a wide range of analytical tools and support for various languages.
Regulated by IFSC
The International Financial Services Commission (IFSC) is the regulatory body for forex trading in Belize. It was formed in 1999 to regulate the financial market in Belize City. The authority regulates brokerages and provides consumer protection measures.
With different brokers, there are many forex account types to pick from, while each has their own advantages and disadvantages. But, FXChoice offers two accounts, Classic and Pro.
A classic forex account is an excellent way to start your forex trading career. These accounts offer low-risk trading opportunities and also offer bonus programs, and other benefits that can make trading more profitable. Overall, the classic account is good for beginner traders.
On the other hand, the Pro account is for more advanced traders. It’s designed to provide you with a variety of trading opportunities, allowing you to find the best possible combination of risk and reward for your trading style.
Although the goal for both accounts is similar, which is making profit, but there are some differences too. For example, there is a difference in spreads. The spread for the pro account is 0.0, while the spread in the classic account starts from 0.5 pips.
Other differences contain commissions and lot size.
Nevertheless, you should know the similarities too. The minimum deposit is $100 for both account types and offers access to 50+ market instruments. The maximum leverage is also the same for both accounts, which is 1:200. Both accounts will give you access to MT4 and MT5 trading platforms. And finally, both accounts are NDD and Market Maker.
However, if you are a new trader, you might be confused about which broker will be good for you. Thankfully, FXChoice allows you to open multiple live accounts. As a result, you can test each account type before you stick to one account.
FXChoice offers access to a wide range of markets, including 36 currency pairs, 6 indexes, 3 Crypto CFDs, two commodities, and 55 share CFDs.
Benefits of FXChoice
FXChoice offers different technology-enabled tools for the traders, which include copy trading, Expert Advisors, MQL5 Signals, Auto Trading and VPS.
FXChoice integrated the ZuluCopy Trading platform for their traders. Using this can copy other people’s live forex trades as a model to try to make your own profitable trades. The goal is to find patterns in the other trader’s actions and use that information to make your own trades. However, some people think that copy trading is risky because it’s easy to get drawn into the momentum of the market and not be able to pull out when things go wrong.
FXChoice’s MQL5 signals help traders to pull profitable trading.
The VPS service by FXChoice is a virtual private server. It is a high-performance computing platform that enables organizations to launch their own hosted applications and services. Hence, traders can use this to have an uninterrupted service. Forex trading is a highly speculative investment and has a high risk. One way to reduce this risk is to use a VPS to run your forex trading software. A VPS provides you with the ability to isolate your forex trading account from the rest of your online business, which can help protect you from unexpected losses.
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.
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.
HotForex: Free Negative Balance Protection with Maximum Security
Through different online broker comparison, we came to know that HotForex is an award-winning forex broker for retail and institutional brokers. From the HotForex review, having been in the business for more than ten years, they have more than 2,500,000 live accounts opened.
Is HotForex Safe to Trade?
HotForex contains the cross-border license that operates in the EEA zone throughout the European Union. Besides, the list of compare forex brokers mentioned that HotForex 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, HotForex has earned regulatory status from other countries too, such as the UK, South Africa, Seychelles, and Dubai.
HotForex offers some attractive spread opportunities while staying at the tight spread. Besides, online broker comparison suggests that HotForex 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, HotForex 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 HotForex, undoubtedly provides the best trading service.
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.