Trillions of dollars are moving around the world 24*7, rendering the foreign exchange markets the most active in the world. As brokers consistently let traders borrow significantly to support their speculations, fortunes can either be earned or lost pretty quickly.
If you want to get in on the action, you have to get a broker who deals in currencies, as many of the top names in stock trading simply do not provide this service. Because the markets are so diverse, you also might have to examine a forex broker before getting in the field with it.
Below is a list of the top 10 forex brokers, including a few that enable users to trade cryptocurrencies.
Forex.com focuses on currency trading, commodities, and futures trading and has a slew of appealing features. Investors can choose between spread and commission pricing, or the broker’s STP Pro pricing, which uses prices from worldwide banks with no extra markup. Forex.com also provides traders with access to more than 80 currency pairings.
TD Ameritrade provides a wide selection of tradable items, including currencies. Traders may utilize the broker’s well-rated thinkorswim trading platform to begin their trade. The broker utilizes spread pricing and provides leverage of 50:1.
Ally Invest is best recognized as a low-cost stockbroker and also popularly known for giving out good price choices on an options trade. Ally Invest is an excellent alternative for new traders as it provides more than 80 currency pairings and simple charting software, including a mobile app. Ally Investment also lets you open a demo account worth $50,000 to learn about currency trading even if you don’t intend to trade.
Robinhood does not provide traditional currency trading, however, it does bring its sleek, user-friendly design to the crypto realm. Clients can trade a variety of cryptocurrencies here, along with some of the most recognized ones such as Ethereum, Bitcoin, and others along with a total of 7 other types of cryptocurrencies. Traders will also be able to obtain quotations for ten additional digital currencies.
IG is a highly specialist forex broker that accepts American investors. It is a powerful broker with numerous tools, including a demo account, which can assist inexperienced traders. The broker also provides a mobile app, a web interface, as well as access to ProRealTime and the MetaTrader4 platforms.
AvaTrade- Broker With Support for MT4 and MT5
AvaTrade is a recognized global brand primarily known for providing traders with a wide range of trading platform alternatives. AvaTrade is regulated in three tier-1 and three tier-2 jurisdictions, making it a reliable (low-risk) forex and CFDs broker. A $100 deposit is all that is required to open an account in AvaTrade.
Libertex- FX Broker with Zero Spreads
Libertex offers flat commissions for all transactions instead of variable spreads, making it easy to determine how much trading would cost you. Furthermore, Libertex provides two strong trading platforms, the proprietary Libertex platform and MetaTrader 4, as well as a broad selection of assets.
FOREX.com caters to all sorts of traders, but its emphasis on rapid, dependable execution makes it a suitable choice for the high-volume trader who can earn rebates that reduce their trading expenses. Aside from forex, this platform provides indices, commodities, bonds, individual stocks, ETFs, gold & silver, and futures to cater to all sorts of traders.
Vantage FX is among the top brokers for ECN accounts and requires a $500 minimum deposit to open an account. By creating an ECN broker account using Vantage FX, traders would be able to trade forex at 0 pips. This MT5 broker provides a plethora of FX markets, as well as shares CFDs, energies, and precious metals. Apart from these, Vantage FX also provides leverage of up to 1:500.
FXTM is a well-known forex broker that enables traders to exchange currencies at a reasonable cost. FXTM also provides a variety of account types to trade with. FXTM also provides complete MT4 support as well as six currency indices to trade.
Make sure to test each broker’s demo platform before investing any money in the market to avoid losing money. Choosing a well-regulated broker will let you save an ample amount of time and, more importantly, will give your risk capital the best chance of being safe.