Forex trading is not a child’s play. Confidence, strategy, and in-depth knowledge of charts are among the few qualities a trader needs to have. However, even more, important is your broker. A good forex broker will offer you more than just trading access. Premium quality forex brokers grant you access to trading tools, multi-level charts, and many other tools. These features are crucial to knowing volatile currencies.
Factors such as speed, affordability, accessibility, real-time data, trading tools, etc., are some of the features we weighed when ranking various trading platforms. For example, the most promising brokers have configurable dashboards that allow you to track currencies of interest.
Ranking Factors of a Trading Platform:
What defines the quality of a forex broker? We studied an array of factors before finalizing the ranking of each platform. The most salient features include:
● Operating model
● Fees for Spreads
● Charting tools
● Customer services
● Analysis options
The Best Forex Brokers:
The brokers which ranked highest as per our analysis are:
This platform is ideal for both new and expert traders. You can pick from a variety of options available. FOREX was founded in 2001. Currently, this platform has almost 140,000 active users.
● It has up to 70 technical indicators.
● Users can choose from up to 80 currency pairs.
● It has 9 cryptocurrencies.
● It has both the MetaTrader platform and its web-based platform.
● It has up to 50 drawing tools.
Benefits of using FOREX:
● It has four tier-one jurisdictions, which makes it very safe to run.
● It has a large variety of assets.
● Its premium quality services have won it many accolades.
● It has advanced trading platforms for e.g. MetaTrader 4 an MetaTrader 5.
Limitations of using FOREX:
● Uncompetitive customer support.
● It inflicts higher-cost services.
● It imposes agency execution.
This platform boasts low fees. It is ideal for traders from the US. IG was founded when Forex trading was still a new thing. It is currently leading the forex brokerage league. IG Group offers an array of services that traders all around the world can avail. IG expanded to the US in February 2019. CFTC (commodity futures trading commissions) and NFA (national futures association) regulate IG Group in the US.
● It offers up to 80 currency pairs.
● It has low spreads.
● It offers over 100 indicators by a platform called ProRealTime.
● It has a trio of trading platforms to choose from, i.e., a web app, mobile app, and MT4.
● It has an economic calendar.
Benefits of using IG Group:
● It has an advanced web trading platform.
● It supports over 16,000 markets.
● It offers lower spreads for popular currency pairs.
● It is safe and stable to use.
● It is ideal for both new and skillful traders.
Downsides of using IG Group:
● It demands a steep inactivity fee after the first two years of use.
● Traders from the US can only trade forex.
● It has no social trading platform.
Interactive Brokers was founded in 1978. It is one of the best trading platforms globally. Interactive brokers currently boast $8 billion in equity revenue. Moreover, it has six tier-one jurisdictions, which makes it one of the safest trading platforms. Although you may have heard about its poor customer service, the state has improved a lot since.
● It offers over 100 currency pairs.
● Its pricing value is based on the prices of 17 global banks.
● It provides up to 7400 CFDs.
● It supports advanced charting.
● It offers up to 20 different order types.
● It has a powerful trading platform called The WorkStation.
Benefits of using Interactive Brokers:
● It is a very advanced trading platform.
● It is safe to operate and highly regulated.
● It offers competitive commissions.
● It is available in the US.
● It has advanced research tools and services.
● It allows large and diverse investments.
● It has a superior educational program.
Drawbacks of using Interactive Brokers:
● It is not the best choice for low-volume traders.
● Its trading platform is very complex to operate.
● It charges monthly fees up to $10.
● Some of its research tools are not available for free users.
The Final Word
Forex is a decentralized market. No one has any privilege over the other. Thus, your retail broker will be your only facilitator. As a result, different factors lend an edge to various platforms. Therefore, deciding the best one depends upon your requirements. In addition, some platforms may be suitable for some traders. For example, beginners might find FOREX.com more accessible than interactive brokers, which is ideal for high-volume and expert traders.
Hence, it would be best to take your time analyzing the various features of each trading platform. Trade execution, integrity, and credibility vary for each platform. Foreign exchange also requires that you must be absolute about your tactics. Know your trading style before you pick any forex trading platform.