Everyone wants to have a suitable income and a luxurious lifestyle. Some people are working, while others are trying to earn some more money while betting. For that purpose, nowadays, the best solution for having an increased profit is to become the best forex trader on the market.
In this economic world, forex trading can be pretty exciting and challenging for millions of people globally. With this exclusive piece of the financial puzzle, you can have a chance to enter the world of trades, learn about many business features and tools, and have a fantastic journey while making the best of profits.
Whether you are a newbie or a veteran in the world of trades, it is all the same to us. We are entirely focused and dedicated to giving you information about the forex trading alternatives and how these forex brokers work.
Our most outstanding achievement was to provide you with the most secure and reliable forex brokers on the market, giving you a diverse range of opportunities for trading with financial instruments.
Your job is to take a profound look at this article and make the best choice for improving your financial future. So, stay focused and keep reading.
2021’s Best Forex Trading Platforms in the Market:
- AvaTrade – Overall Best Forex Trader for Forex Investment
- XTB Online Trading – Top Brokers for Forex Trading
- FXTM – Trusted for Trading Forex Online in the Forex Market
- IG – Best Forex Trading Brokerage Accounts for Beginners
- Vantage FX – Leading Forex Trading Platform for Forex Exchange
Here are the detailed reviews of our top picks:
#1. AvaTrade – Overall Best Forex Trader for Forex Investment
Want to be a part of the trading world? If you are interested in having the best trading experience, we can say you are on the right page. This is one of the most reputable trading platforms that adheres to integrity, transparency, honesty, and fair trading. We are talking about AvaTrade, one of the most used trading platforms across the globe. Since 2006, AvaTrade has expanded globally on the market with more than two million trades in a month.
This trading company broker is regulated by the Central Bank and is headquartered in Dublin, Ireland. Although AvaTrade has the central spot in Ireland, this brand is also widespread in Australia, Chile, China, Poland, Japan, Italy, Mexico, and Mongolia.
AvaTrade appears to be one of the most secure forex brokers in the industry, with a wide range of assets, leading platforms, and generous trading terms and conditions. This trading company is committed to empowering people to trade and invest confidently in a reliable and innovative environment, supported by the best personal service.
AvaTrade as an Irish broker, is on the top of the industry’s forex interactive brokers, and excels at copy trading through software such as Zulu Trade, DupliTrade, and MQL5. This platform lets you choose an experienced forex trader and follow their trading movements for a low monthly fee. You will find diverse alternatives for trading like cryptocurrencies, CFD, forex, commodities trading, and many other available options on this trading platform.
The good thing about AvaTrade is that you can trade from safe platforms, such as Web Trading, AvaTradeGo, AvaOptions, Metatrader 4 and 5, AvaSocial, Automatic, Mobile, and Mac Trading.
Another thing to appreciate about this broker is the available information related to trading on their official website. As a newbie in the world of trades, AvaTrade will be the best opportunity for you to start a safe journey into this world. This trading platform also offers SSL encryption for all of its users to protect their data and prevent fraud. AvaTrade appears to be the cheapest platform for forex trading because it provides all of its clients with $0 commission, low spreads, and an account minimum deposit of only $100.
When it comes to forex trading, a crucial thing every company needs is customer support. The customer care team at AvaTrade is available in more than 14 languages by sending an email, calling them on mobile, and contacting them through live chat.
The professional team of AvaTrade is always available and dedicated to giving you the correct answer to all of your questions and critically following and resolving all of your concerns related to forex trading.
- One of the most reputable forex brokers in the trading world
- More than 14 years of experience in this field
- $0 commission and low spreads
- Account minimum deposit of only $10
- Customer support available in multiple languages
- Copy trading option available
- Customer service is polite and available 24 hours per day
- Interactive brokers
- Available only for forex, CFSs, commodities, and crypto trading
AvaTrade is a perfect place where your dreams can come true, and you can have a better financial income in the future. According to clients’ testimonials, we can assure you this reputable broker offers the best services and support from their professional team. People seem to be very pleased with the trading opportunities, the safety and privacy, and the courteous customer service, which is also multilingual.
#2. XTB Online Trading – Top Brokers for Forex Trading
XTB Online Trading has been the best choice for a forex broker in the last few years. This trading platform will give its best to meet all of your trading needs and keep your data secure.
XTB is Poland’s first foreign exchange brokerage platform under the regulation of the Polish authorities. XTB Online Trading is an excellent opportunity if you want to become the best forex trader, providing access to trading with commodities, cryptocurrencies, shares, indices, and metals. XTB appears to be a veteran in forex trading, as the broker is regulated in the United Kingdom and registered by the Financial Conduct Authority.
XTB is a well-known and highly-rated trading platform accessible to more than 1,500 markets globally. This trading platform is an excellent solution for all veterans and newbies in the trading world, offering multiple opportunities for trading guides on their official website.
You can access this trading platform from any browser such as Chrome, Firefox, Safari, or Internet Explorer. XTB has a straightforward user interface, offering you the standard MetaTrader4 platform.
XTB Online Trading provides forex traders with its proper xStation5 trading application, which offers a free demo, including up to four weeks of risk-free trading on a virtual fund. You can also trade with ETF CFDs and Stock CFDs on this platform, in addition to commodities, forex, and crypto trading.
XTB Online Trading platform is recognized as one of the best forex brokers for low trading costs, zero commissions, and plenty of trading alternatives with the highest level of safety on clients’ data.
The customer support is one of the most significant features this trading platform offers. They are available 24/7 by email, phone, or live chat. They are also available in multiple languages and will give you the most relevant information for all of your questions and concerns.
Rest assured, the dedicated team of XTB Online Trading will be your best companion for you to have an incredible trading experience with the highest profits.
- Offers access to over 1,500 financial instruments
- User-friendly interface
- Regulated by the Financial Conduct Authority
- One of the best forex trading platforms with the lowest prices
- Available in several countries across the globe
- Wide range of trading opportunities offered
- Customer service is available 24 hours a day by live chat, email, and phone
- High fees for CFD trading
According to online testimonials and reviews, we can say XTB is a reputable place for trading and will give you only the best results.
People are satisfied with the low commission and trading fees and highly recommend it to others in this financial world. They are also very pleased with the easy interface and dedicated team, which will offer you the best customer support, who can answer all of your questions related to trading.
#3. FXTM – Trusted for Trading Forex Online in the Forex Market
If you are a person who wants to earn the title of the best forex trader on the market while increasing a good trading profit, then you are on the right track. Established in 2011, FXTM appears to be a global leader in online trading, which will give the opportunities of financial markets to international audiences.
FXTM has a global regulation and segregated funds protection. They are regulated in multiple jurisdictions, and across all of these services, they offer complete segregation to the clients.
This trading platform is headquartered in Cyprus and primarily regulated by the Cyprus Securities and Exchange Commission. It is a fantastic trading alternative to increase your profit and pay the lowest price for fees or interest rates. It is crucial to know that FXTM accepts forex traders from almost every country except Korea, Puerto Rico, Brazil, and Hong Kong.
FXTM is a recognized platform for offering diverse trading alternatives like commodities, spot metals, CFD stocks, FX indices, currency pairs, indices, and stock baskets. This reputable broker does not have its proper original platform but still offers trading on the most powerful MetaTrader4 and MetaTrader5 platforms. These trading platforms provide clients with a host of features, clear fee reports, order confirmation, and price alerts.
Another important reason for choosing this reliable broker is that it provides all clients with the best fees for forex trading on the financial market. You can trade with four base currencies like EUR, GBP, USD, and NGN. It is also crucial to know that this reputable trading company does not charge deposit fees, and the inactivity fee is only five dollars a month. Additionally, this trading platform’s deposit and withdrawal options are fast and easy, with the highest protection of your funds and data.
We also appreciate this company because it has additional information for trading on the official website. This feature is quite suitable for all beginners in the trading world and those who want to upgrade their knowledge in trading.
We have chosen this trading platform for you because it offers the most significant advantages in the financial world. One of those benefits is the customer service for all clients globally. FXTM provides clients with fantastic terms and conditions for using its customer service.
Their team is completely dedicated to answering all of your questions and resolving your concerns about trading with different financial instruments. The good thing is that FXTM offers multilingual customer support by email address.
- Regulated by several authorities across the globe
- Offers a fast account opening and the lowest fees
- Fast and easy withdrawal and deposit options
- Wide range of financial instruments provided
- Available on platforms, mobile applications, and desktops
- Offers free educational courses and guides for upgrading trading skills
- Interactive brokers
- May find higher fees for CFD trading
Following the online feedback and reviews, we can conclude FXTM is a recognizable brand for online trading in the forex industry. People are satisfied with the options for profitable trading and competitive fees of a wide range of instruments.
According to their testimonials, withdrawals come in time, and the customer support is quick and responsive. FXTM appears to be one of the most reliable broker companies where you can earn a high income while trading a wide range of financial instruments.
#4. IG – Best Forex Trading Brokerage Accounts for Beginners
We want to announce another one on our recommendation list, which is a perfect online American trading platform with more than 239,000 clients worldwide. IG appears to be an award-winning online forex broker with high-quality FX services to all clients globally.
The IG group was established in 1974 and, since then, has enabled all clients to trade the global currency markets via spot forex trading with leverage and low trading fees. This reputable broker gives you access to opportunities in raising and falling global markets. As a leading forex broker, IG offers an intuitive trading platform and a suitable mobile app that gives you an approach to a wide range of currency pairs.
The IG group provides all traders with award-winning service and an easy way to trade on several financial instruments. With this reliable broker, you can have a straightforward account opening and start with your trades only after a few minutes. With this reputable forex brand, you can have access to the best forex spreads across America.
This online trading platform is a perfect opportunity for you, whether you are a beginner or a veteran in financial markets. This trading company is suitable for all forex newbies and experienced traders across the space. Also, you will find additional information and guidance for all traders and have the safest experience with high profit in the forex world.
IG is a reliable trading platform that offers accessible and easy account opening. You only will be required to fill in a simple form, then you will get quick verification, fund your account, and start trading. Clients can even experience the free demo account version as a bonus before activating a live account.
The global users of this platform can leverage the forex and CFD trades, while all U.S. clients can access the foreign exchange market. An essential thing you should know is that IG boasts an impressive catalog of financial offerings, providing clients with more than 80 currencies available for trading. You can trade with major, minor, exotic, regional, and emerging-market forex currency pairs on the IG forex platform.
Additionally, the account minimum spread for the major currency pairs on IG begins at an appealing rate over 0.8 pips, but the typical one is from 0.9 to 5.4 pips. Other forex brokers cannot compete with IG and its competitive fees, low account minimum, and easy access to all U.S. forex traders.
The team of IG forex group is very courteous and dedicated to all of its clients across the trading world. If you become a member of this forex trading group, you can contact their customer support by email or phone and get quick and reliable answers. Their team is available every business day from 8 am to 10 pm for any questions and concerns.
- Award-winning trading platform
- Build up your trading skills
- Offers the lowest spreads on the financial market
- Fast and easy account opening
- Free demo account version available
- Suitable platform for all beginners and trading professionals
- Available and polite customer service by mail and phone.
- Limited product portfolio
Clients who already traded on this platform were surprised by the low commission fees, easy start with trading, and the customer support team, which always aspired to professionalism and a quick response. According to testimonials, the IG forex trading platform is a top recommendation for you to become a successful forex trader with high profits.
#5. Vantage FX – Leading Forex Trading Platform for Forex Exchange
Last, we have the Vantage FX forex trading platform, which is a leading forex regulated broker. This company is one of the most reliable forex brokers, providing active traders with access to the global forex market.
With Vantage FX, you will have super-fast and significant trading experience across various instruments. On this reputable platform, you will have the opportunity to trade forex with more than 300 instruments, such as FX currency pairs, commodities, indicators, and trading CFDs. Since 2009, Vantage FX has been committed to delivering an exceptional trading environment to its clients and to adhering to global financial regulations.
This platform fully complies with the strict regulations set by the jurisdictions in which it is regulated. Vantage FX is entirely committed to fair trading, transparency, high profits, low trading costs, and providing forex traders with an incredible trading experience.
With Vantage FX, you will be offered easy account opening and fast withdrawal and deposit options. So, you can have access to trading in only a few steps. First, you should register and choose the type of account you desire. Then, you can fund your account, and start trading on a large number of CFD instruments.
Vantage FX provides all clients with MetaTrader4, MetaTrader5, multiple social trading platforms, and a mobile app. This reputable platform sets itself apart from other forex online brokers by offering a wide range of compatible tools from third-party providers, such as the Trading Central. Besides these crucial features, Vantage FX holds a Pro Trader library with more than 130 educational videos for all beginners.
This Australia-based broker’s trading platform is one of the best companies for getting the most out of the initial deposit. When opening an account, you can have a 50% deposit bonus, and if you want to claim it, you should deposit $200 to $500 in ten business days. And guess what? You can convert your bonus into real money in the process of trading and have no deposit fees or trading costs.
Customer support is another significant advantage this broker offers, and overall, Vantage FX is offering the best conditions for you as a trader. With everyone engaged with honesty, dedication, availability, and transparency, the team of Vantage FX appears to give the best support for all forex traders globally.
- Low trading fees
- 50% bonus when opening an account
- Regulated and trustworthy place for trading
- Option to convert bonuses into real money for trading
- Offers an educational field with videos for all beginners
- Professional customer support by email and phone
- Protection only for U.K. forex traders
You cannot always find positive feedback about forex platforms over the internet, as not all forex traders are satisfied with each broker they find. At this point, you cannot imagine how many positive testimonials we have seen over this reputable trading platform.
When reading the online feedback from clients globally, we have concluded Vantage FX is one of the best forex platforms with a diverse range of financial instruments, terms, and conditions that are suitable for every individual interested in entering the forex world.
Essential Tips for Becoming a Successful Trader
Everyone wants to have a safe and profitable journey when entering the world of forex trading, and everyone interested in increasing their income and having extra money on the side wants to have a good experience and make the highest profits. For that purpose, if you decide to enter the forex world and become a trader, you should follow some crucial tips and be aware of several factors.
- Know the Market
You cannot avoid the importance of educating yourself before you decide to become a forex trader. It would help if you research the forex market to know the advantages and disadvantages of trading from the whole process. It is crucial always to understand what the market offers and how fast the changes are made.
We recommend you take your precious time studying the currency pairs and what exactly affects them before putting your capital at risk. That could be an investment in yourself, and in that way, you can save a lot of money.
- Make a Proper Plan and Stick to It
It is essential to know that having a proper trading plan is a step forward to becoming a successful forex trader in the future. This plan should include your profit goals, risk tolerance, evaluation criteria, and methodology. Once you have this plan in place, ensure each trade you are about to make falls within your plan’s parameters. Remember this — you are always rational before making a forex trade and always irrational after placing the trade.
It is always crucial to put your plan into practice in real market conditions. So, try the demo account versions on one of our top five recommendations, and you will see how the trading goes without placing real capital.
- Forecast the Market Conditions
Some of the fundamental forex traders prefer to trade forex according to news and other financial or political data. Technical forex traders are the ones who enter the trading world by selecting technical analysis tools to forecast market movements. No matter your type, it is essential to use the tools at your disposal and find potential trading alternatives on the financial market.
- Manage Your Money Capital
Money management is the most significant element of the forex trader’s general profitability. The desire to make urgent cash will lead to significant financial instability and a high risk of losing a tremendous amount of money.
Before placing a trade, we suggest you know how much money you are prepared to lose. If you are ready to lose $100, you should aim to earn at least $300 profit. According to a 50/50 success rate, you will be making an overall profit. For every possible risk, you should tend to make at least double that on the profit side. Your discipline is significant when things are going well, as well as when they are moving badly.
- Know When to Stop
If you are a person who starts to lose amounts of money constantly, then maybe you should take a break or a monthly float. Take your time to relax from the process and clear your head. You can always continue with trading after having a clear mind and following the market changes.
How to Choose the Best Forex Alternative for Beginners?
Entering the trading world could be essential for becoming the best forex trader in your financial future. Each forex beginner should know some crucial criteria for having the best trading experience and the most significant profit.
- Educational Resources
If you are a forex newbie, we suggest choosing one of our reliable online forex brokers, which offer diverse information for beginners in this field. Every reputable trading company should have a particular information area related to the forex world, making the beginners earn some experience and become successful forex traders one day.
- Access to Demo Account for Practice
Before you even think of starting the forex trades, you should always beware of choosing a reliable broker who will allow you to practice with a demo account. These accounts are essential to all beginners who must first practice before placing the real capital at risk. When you choose the right trading platform, you must always be conscious of the demo account and the alternative to test-drive a forex brokers’ platform before trading for real.
The reviews and feedback from other forex traders may be the most significant factor a first-timer should consider before choosing a broker company. People are usually honest in providing the most reliable information over broker alternatives, and giving their feedback will provide you with an approach to a particular broker platform that is good or bad for you.
It would be the best solution for having a good trading experience if you always seek the best platforms, which are the highest ranked and the most reviewed over the internet.
How to Choose the Best Forex Alternative for Professionals?
For professional forex traders, trading needs differ from those of beginner forex traders. Generally, professional forex traders should look after several critical factors:
- Comprehensive Tools
As a professional forex trader, you should choose a broker offering you an alternative to implementing a trading strategy. This feature means you should ask for various tools like an economic calendar, complex live charts, and a commodity futures trading commission calendar.
- Low Spreads
If you trade forex a lot, you should ensure that a particular broker you choose will not get all of the money from your pocket. You are the person who must select a reliable and reputed broker with the lowest fees and commission rates on the market. It is also essential to check the spreads before making a trading choice. It would be best to consider choosing a broker with the account minimum costs and spreads in the financial market when forex trading.
FAQs: Forex Trading
Q1. What are the benefits of forex trading?
Foreign exchange or currency trading is a global market that is incredibly liquid. Forex trading has several unique advantages for every person who decides to enter this world. In this market, you can trade 24 hours a day, 5 days a week, have low transaction fees, use leverage, and buy and sell currencies from rising and falling prices.
Although the forex world is suitable and recommended for every individual, it is also crucial to know that you may earn a good profit and improve your financial future despite the exciting business opportunities.
Q2. What is a forex commission?
All of the investors who trade forex with several financial instruments use a broker who acts as an intermediate or an agent. That broker takes the order to an exchange and executes it per the clients’ instructions. The broker company is paid a commodity futures trading commission when the client buys and sells the particular instruments for providing that service.
Q3. How does forex trading work?
Forex trading can be fast, easy, and exciting for millions of people across the globe. It works in a way that you are required to first open an account, fund your account, and start with the trading process. Before starting with this enjoyable way of improving your financial future, you should always be well-informed in order to have the highest profits.
Q4. Is forex trading legal?
Of course, it is. Forex trading is legal and legit in almost every country. However, you can still find restrictions from several of them, like Bosnia Herzegovina, France, North Korea, Malaysia, Israel, Belgium, or all of those jurisdictions with strict Sharia laws like Pakistan.
Q5. Which forex currency pairs can I trade?
On the financial market, there are more than 80 currency pairs to trade. However, if you are a beginner in forex trading, stick with the most used, which include EUR/USD, GBP/USD, USD/JPY, USD/CHF, and AUD/USD. These currency pairs offer the lowest spreads and are a perfect opportunity to start your trading career.
Q6. Who can trade on forex markets?
The answer here is anyone. You can start with forex trading as long as you have access to a forex broker. Forex Interactive Brokers are those who give you an approach to the global markets while also providing you with the required software, chart tools, and other essential services. Of course, we can say that all of this comes with a fee, which is always manageable. When you register with a broker, you can start trading in every country in the world where forex is legal.
Q7. Which is the best forex broker for me?
In the financial market, nowadays, you can find tremendously different brokerage companies.
Today, we can claim that finding a trustworthy company for giving you the best forex broker alternatives is not an easy job. For that purpose, we have provided you with the best recommendations that were critically selected by rigorous criteria.
Our top five broker alternatives were determined by reputation, reviews, lowest spreads and fees on the market, and the latest advanced technology for trading online. If you choose one of the top recommendations above, you can be sure you will have the safest experience in the trading space with the highest profit possible.
Q8. Is forex trading worth it?
Forex trading is really worth it. This process can be very productive for someone who has a good trading strategy and a risk management scheme. Forex trading is entirely worth it for someone dedicated to learning and becoming the best forex broker in the financial market.
Q9. What are the disadvantages of forex trading?
Like any other financial field, forex trading can have disadvantages, too. The small markets can significantly impact forex trading, the exchange rates can be very volatile, the currency markets are tough to predict, and trading can sometimes affect results. You can also sometimes have forex provider risks, forex scams, fraud, etc.
Q10. Is forex trading a good investment?
The forex market is an excellent opportunity to start investing in something that may increase your income and improve your financial future. It is easy, accessible, flexible, and massive as a marketplace. By trading forex, there are great alternatives for education, profit, and long-term investment potential. If you have no idea what field to start investing in, forex trading is always a perfect idea.
Conclusion – Best Forex Brokers
For all forex traders, it is significant to know the factors, risks, and benefits of the whole process, along with the best forex broker alternatives on the market.
This informative article has concluded the broker companies you should consider, the benefits of forex trading, and everything you should know about this challenging process. So, after reading this educational article, you should be able to make a well-informed decision that may just lead you to high profits.