Forex trading costs are not easy to break down. Both brokers boast robust mobile offerings that will impress the vast majority of fx traders.
Why traders choose FOREX.com
TD Ameritrade offers a choice of high-quality trade platforms and advanced tools. TD Ameritrade is hard to beat with its much-loved thinkorswim trading platform, which allows users to trade not just currency, but also a range of other investment products. The platform is professional-level, with advanced technical analysis capabilities and the ability to create custom forex pairs, and TD Ameritrade has an equally robust mobile app, Mobile Trader.
In addition to all the other positives that made it one of our best overall picks, Forex. In addition to offering MetaTrader 4, the broker also offers its flagship platform FOREXTrader, which is available in browser, desktop and mobile versions.
The costs associated with forex trading can be hard to suss out, as we noted earlier. Low-volume traders can often save money with a broker that marks up its spreads but charges no commissions, as long as those markups are competitive.
OandA publishes both live and historical spreads on its website, and came out the clear winner in our analysis for the lowest spreads on major pairs. High-volume traders may benefit from a commission-only broker. NerdWallet adheres to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from partners. We adhere to strict standards of editorial integrity.
Some of the products we feature are from our partners. See our Ally Invest review. See our TD Ameritrade review. This did not happen to us. We were never this naive. We were always smart forex traders…. From the overused sarcasm, we think you get the picture. Remember how your mother used to tell you as a kid that too much of anything is never good?
Instead, you must learn to balance the use of all of them. It is only then that you can really get the most out of your trading. The remaining years of Middle School and High School are devoted to studying more technical analysis tools. Available order types and other unique tools and features are also items to keep in mind. Fortunately, nearly every forex broker supports opening a demo account and testing out the experience in a simulated trading environment.
Read our full-length reviews to learn more about these industry-leading brokers, compare them side by side , then open test accounts to finalize your selection. Foreign exchange markets are open 24 hours a day, five days a week, which means investors can constantly scan international markets for opportunities to invest.
Having access to multiple asset classes from within a single platform is important to many investors, as financial markets, including forex and even cryptocurrencies, are highly interconnected.
The ability to react quickly to geopolitical and economic news events in real time is key. In the early s, a fine line used to exist: However, today trading platforms are no longer just for trading forex, stocks, or futures; instead, multi-asset offerings are now industry standards among all the largest online brokers. That said, the range of products and markets you can trade still varies considerably across firms.
IG placed first with 15, tradeable instruments available including 95 forex pairs and boasts the most regulatory licenses among all brokers, including from top-tier jurisdictions such as the US, UK, and Switzerland, among others.
IG placed first with 15, tradeable instruments available including 95 forex pairs and boasts the most regulatory licenses, including from top-tier jurisdictions such as the US, UK, and Switzerland, among others. Saxo Bank held second with 9, CFDs available and currency pairs, including off-exchange forex options trading supported on key major pairs and crosses. Interactive Brokers took third place with a wide range of top-tier regulatory licenses.
Interactive Brokers provides traders access to 6, CFDs up from 4, , 85 forex pairs, global exchange-traded products, US-traded Bitcoin futures, and much more.
Swissquote bank followed with top-tier licenses, and although the broker only lists 38 CFDs alongside 78 forex pairs, in a separate trading platform, which requires a different account, it offers nearly two million tradeable products. Almost every forex broker aims to provide its clients with research content and tools to find and analyze investment opportunities. At the same time, we are living in the digital information age where traders can get lost in the sea of forex news headlines, making it hard to get the information they need unless brokers provide the right structure for forex research.
Beyond news headlines and an economic calendar, leading forex brokers usually integrate in-house research for fundamental news and technical analysis, then couple it with outsourced research content. Firms that take it a step further may even create their own TV channel, for example, to stream video updates instead of providing basic daily or weekly video updates.
Furthermore, daily or weekly market recaps, live trading rooms, and integrated pattern- recognition tools for news events and charts, as well as screeners, heat maps, and sentiment indicators are increasingly integrated as research tools available within trading platforms.
Saxo Bank deserves its top spot for research in , as it delivers on all fronts for forex research from both its website and within its trading platforms. For conducting forex research in , Saxo Bank held its first place position as the best broker in this category. While many brokers struggle to organize research for their customers, Saxo Bank does a fantastic job centralizing the research it provides across its platform suite, within its recently redesigned website, and on its Trading Floor offering.
Saxo Bank incorporates a social network where traders share commentary about markets on Trading Floor and provides access to in-house and outsourced research reports, including pattern-recognition tools.
IG took second place for research, with a broad range of tools available through its web platform. The broker offers its own streaming video, IG TV, along with a vast array of daily blog updates and detailed posts from a team of global analysts. In third place is Dukascopy Bank which also held its position year-over-year. No broker puts out more content than Dukascopy thanks to its in-house, out-sourced, and community-sourced research and news content.
The Swiss bank and brokerage incorporates an extensive amount of research-related content within its website and trading platforms, along with a fully staffed professional TV studio that powers Dukascopy TV.
To round out its offering, Dukascopy provides many social elements within its community to engage traders with important market content and related analysis tools, as well as even competition incentives beyond the typical deposit bonus.
While nearly all forex brokers have offered mobile apps for years, the competition continues to increase as clients demand many of the same features in mobile that are normally found on desktop and web platforms.
The global use of mobile devices to access online services, ranging from email to social network sites such as Facebook, Twitter, and LinkedIn, has continued to grow exponentially in recent years. To determine the best forex brokers for mobile trading in we focused on identifying mobile experiences that were bug-free, cleanly designed, and provided a wide range of features.
First place goes to Dukascopy Bank, whose SWFX Trader app comes with more research and pattern recognition tools than any other broker we reviewed. The app also includes an impressive array of charting capabilities, complex order types, and other advanced features such as depth of book, all packed into a clean user design. SaxoTrader GO is highly responsive and provides traders a unified experience with its web-based platform, offering unique features such as syncing trend lines, indicators, and watch lists.
Advanced order visualizations, syncing watch lists, and charts that support over indicators are just a sampling of the functionality available to clients. Meanwhile, IG took fourth place for its mobile app which integrates pattern recognition and comes with robust charting that stays neatly organized even when loaded with numerous concurrent indicators. CMC Markets followed in fifth place as its mobile app offers unique features such as the ability to subscribe to future news events.
Charting in the app comes packed with technical indicators and drawing tools available in landscape mode. Both brokers boast robust mobile offerings that will impress the vast majority of fx traders. When using a forex broker, a single customer service experience is not enough to assess the all-round quality and scope of service. Instead, multiple phone calls, emails, and live chat interactions should be conducted to determine an overall rating of customer service.