Fortunly's Guide
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The Best Forex Brokers and Platforms of 2022

Written By
G. Dautovic
Updated
September 07,2022
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

Trading on the foreign exchange (Forex) has become quite popular in recent years. There are many reasons for this soaring popularity, including advancements in internet technology, which have made forex trading more accessible.

But first things first - to be successful in this business, you need to choose a reliable online platform. Unsurprisingly, some of the finest forex trading platforms were developed by the most successful brokers in the industry. Read on to find out more.

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Best for: cryptocurrency trading

eToro

eToro Logo
OVERVIEW

eToro has been around for 15 years, offering a straightforward and fun forex trading platform for both experienced traders and beginners. Thanks to its copy trading option, which allows traders to watch and copy positions of skilled investors, this currency trading broker is especially popular among beginners. Read Review

  • Easy-to-use platform
  • Top-notch security protocols
  • Regulated by FCA and CySec
Learn More
On eToro Website
Minimum deposit
$10 (UK & US)
Currency pairs
47
Years in business
15
Mobile app
Yes
Best for: charting tools

CMC Markets

CMC Markets Logo
OVERVIEW

CMC Markets has been one of the leading brokers for over 30 years. It provides fast and reliable trading platforms that are highly customizable and coupled with some of the most competitive fees. The Financial Conduct Authority regulates CMC, ensuring that consumers are protected. Read Review

  • Great charting tools
  • Many currency pairs
  • One-click trading
Learn More
On CMC Markets Website
Risk Warning: 78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider
Minimum deposit
$0
Currency pairs
330+
Years in business
33
Mobile app
Yes
Best for: automated trading

AvaTrade

AvaTrade Logo
OVERVIEW

AvaTrade is a trusted platform with over 300,000 customers worldwide, providing service across six continents. Its trading volume amounts to two million trades per month, and the platform caters to traders of all experience levels. According to the client reviews on TrustPilot, AvaTrade provides excellent customer service and support for beginners, with a 4.8 score. Read Review

  • Excellent automated trading
  • Industry-average spreads
  • Responsive customer support
Learn More
On AvaTrade Website
Minimum deposit
$100
Currency pairs
65
Years in business
16
Mobile app
Yes
Best for: educational tools

IG

IG Logo
OVERVIEW

IG was founded in 1974, but it wasn’t until 2019 that it started offering forex services to US customers. Its impressive volume of currency traders creates excellent opportunities for large profits. IG stands out from other top brokers thanks to its proprietary feature-filled platform. Read Review

  • 17,000 different markets
  • Exceptional educational tools
  • 0.014 seconds average execution speed
Learn More
On IG Website
Minimum deposit
$250
Currency pairs
80+
Years in business
48
Mobile app
Yes
Best for: no-commission trading

TD Ameritrade

TD Ameritrade Logo
OVERVIEW

TD Ameritrade has been around for several decades, during which time its services have been continually improving. Its thinkorswim platform is an excellent choice for all US traders thanks to its many tools for trading and research. Read Review

  • No commission
  • paperMoney practice tool
  • Award-winning customer service
Learn More
On TD Ameritrade Website
Minimum deposit
$0
Currency pairs
70+
Years in business
47
Mobile app
Yes
Best for: beginners

Ally Invest

Ally Invest Logo
OVERVIEW

Ally Invest is widely considered as a great platform for beginners. Ally Financial, a reputable bank holding company, acquired TradeKing in 2016 and rebranded it as Ally Invest. Aside from having a trustworthy parent company, Ally Invest guarantees safety thanks to oversight from several financial authorities. Read Review

  • Easy-to-use platform
  • Very customizable interface
  • Great search functions
Learn More
On Ally Invest Website
Minimum deposit
$50
Currency pairs
80+
Years in business
6
Mobile app
Yes
Best for: low-fee trading

Forex.com

Forex.com Logo
OVERVIEW

If you’re looking for an online trading company suitable for experienced brokers, this is a great option. The Forex.com platform puts you in the driver’s seat with one-click trading and fully customizable layouts. The pricing is transparent and highly competitive, while flexible account types accommodate different trading styles. Read Review

  • Low fees
  • Navigable interface
  • A wide range of educational tools
Learn More
On Forex.com Website
Minimum deposit
$100
Currency pairs
80+
Years in business
23
Mobile app
Yes
Best for: backtesting options

Interactive Brokers

Interactive Brokers Logo
OVERVIEW

Another great platform for forex trading is Interactive Brokers. It’s a very popular option for advanced investors and can also be useful to those who trade occasionally. The functionality of the platform is fantastic, but its backtesting options are where it truly shines. Read Review

  • 135 markets available
  • Excellent customer support
  • $0 deposit
Learn More
On Interactive Brokers Website
Minimum deposit
$0
Currency pairs
100+
Years in business
44
Mobile app
Yes
Best for: low-amount trading

Oanda

Oanda Logo
OVERVIEW

Oanda is widely regarded as one of the best US forex brokers. Over the past two and a half decades, the company has developed a superb platform for forex trading. Its currency converter allows you to see the exchange rates for more than 38,000 currency pairs over the last 25 years. Read Review

  • Low fees
  • Easy to set up
  • Reliable platform
Learn More
On Oanda Website
Minimum deposit
$0
Currency pairs
68
Years in business
26
Mobile app
Yes
Evaluation Criteria

How We Examine The Best Forex Trading Brokers

Our researchers have thoroughly analyzed myriads of trading platforms. The ones on our list are picked for their overall quality, which is a level above what you’d find with the competition. Before we dive into detailed examinations, we want to explain our selection criteria. This section will help you choose the optimal forex trading platform for yourself. 

Reliability

Foreign currency trading is fast-paced, so you need a reliable platform. You don't want it crashing or freezing when you’re about to make a move. This is especially important for those who wish to make frequent high-risk trades.

Ease of Use

It’s always great to have plenty of features at your disposal, but that shouldn’t come at the cost of efficiency. Making or closing trades should be as simple as possible because that’s the primary role of the forex trading platform. Furthermore, no one enjoys being confused, so the best interfaces have additional tools and charting options clearly displayed. 

We suggest looking for very customizable platforms. Setting it up just the way you want will help you feel at ease and in control. 

Fees

Every platform has costs and charges that you have to take into consideration before committing. Our list only includes platforms that don’t come with unreasonable fees. 

Analysis Tools and Charting

Trading FX takes a lot of practice, and even the most sophisticated forex brokers, dealers, and traders need to conduct a thorough analysis of their work on a regular basis and, if needed, adjust their strategy. Good analysis tools are vital for this aspect of forex trading. Some of these include moving averages, trend indicators, indicators of volume, and many other useful instruments. 

Charting capabilities are closely related to analysis tools since many traders prefer to have their research results displayed visually. With certain platforms, you’re allowed to create customized charts, as well as add drawings and labels. Some trading platforms even enable you to place trades directly from the chart within the dashboard. 

Automation

Automated trading features enable traders to set up triggers that buy or sell currencies when the appropriate conditions are met. These are quite handy because they allow you to maintain a presence on the FX market even when you aren’t in a position to do so in person. 

The orders you configure can be market, stop, stop-limit, trailing stop, trailing stop-limit, market-if-touched, and limit-if touched. As you can see from any trading platform comparison, all the vendors differ when it comes to the number of automation options. 

New traders should avoid overreliance on software to perform trades for them. As convenient as automated trading systems are, these can’t measure up to the expertise of professionals. Although automation eliminates human error that usually stems from emotional decision-making, other glitches like internet or hardware malfunctions can still occur.

Testing

Some forex platforms have a backtesting feature. You can use it to try out trading strategies you’ve developed by applying them to past market conditions. Once you’ve done that, you can identify defects in your strategies and optimize them accordingly. However, a backtested strategy isn't foolproof, as backtesting is based on the hypothesis that a successful tactic from previous situations will work in the future.

Customer Support

Last but not least, we compiled our forex trading list by assessing the customer support provided by the brokers. A lot of traders will immediately disqualify a platform if they aren’t satisfied with the customer care team. It’s easy to see why – it can get extremely frustrating when you’re unable to resolve a problem and the people who are supposed to assist you can’t be reached or aren’t all that knowledgeable about the issue. 

Quick Breakdown

Best Forex Trading Platform - Our Top Picks

  • eToro - Best for cryptocurrency trading
  • CMC Markets - Great charting tools
  • AvaTrade - Best for automated trading

  • IG Group - 17,000 different markets
  • TD Ameritrade - Best for no-commission trading
  • Ally Invest - Best for beginners
  • Forex.com -  Best for low-fee trading
  • Interactive Brokers - Best backtesting options
  • OANDA.com - Best for low-amount trading

Best Forex Trading Platforms: Detailed Reviews

eToro Review

Minimum deposit:

With a very low minimum deposit of $50, even small-volume traders can join the platform.

Currency pairs:

While 47 currency pairs could be considered low, the crypto-friendliness of the platform offsets this.

Years in business:

eToro was launched in 2007, and has since only risen in popularity.

Mobile app:

Yes

pros thumb up Pros
  • A large community of traders
  • Easy-to-use platform
  • Backtesting options
  • Great for crypto trading
pros thumb up Cons
  • High forex and CFD fees
  • $25 minimum for buying currency

eToro started out by offering a wide range of innovative investment and trading tools, which fueled its rapid growth and attracted millions of users. Today it’s an all-in-one platform for both financial asset trading and social trading. Thanks to the social trading option, eToro is an excellent choice for newbies. As of February 2017, in addition to fiat currencies, you can also trade cryptocurrencies. 

Reliability 

eToro has a community of millions of traders in more than 140 countries, which underscores the platform’s worldwide popularity. Although it doesn’t use popular software products like MT4, eToro provides a good forex trading environment. Online reviews point to the platform’s overall reliability, but there are a few complaints about occasional technical errors. 

Ease of Use

eToro’s trading platform has a modern, appealing interface with all features clearly displayed. Unlike some top forex brokerage firms, eToro is a great option for those who are new to forex trading. You can find everything you need with ease, and the platform is available in several languages, including English, French, German, Finnish, and Polish. One-click trading is available, but options for customizing the platform are limited, especially when you compare it to other names on our list. 

Fees

eToro’s fees are higher than what you’ll find with much of the competition. The spread for major currency pairs like EUR/USD, USD/JPY, and GBP/USD ranges between one and two pips. The deposit minimum is $50, but bear in mind that the platform also charges a $5 withdrawal fee. The inactivity fee is $10 per month if you don’t trade for an entire year.

Analysis Tools and Charting

Unlike other forex traders from our list, eToro offers limited options for chart customization. Nevertheless, the indicators and tools are perfectly sufficient for successful trading. There’s the Ichimoku cloud chart, Fibonacci technique, and many other useful tools.   

Automation

eToro’s unique CopyTrader feature allows you to copy all of the trades made by top eToro traders. All you have to do is choose the trader you want to copy and the amount you wish to invest, and the rest of the process is automated. 

Testing

Before you start trading, you can backtest your strategies with eToro. This enables you to explore areas where you can improve and guarantees better performance.  

Customer Support 

In addition to the excellent education center, eToro allows you to send trouble tickets to its agents. The forex trading platform reviews your requests quickly. For eToro traders, there’s also live chat support.

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CMC Markets Review

Minimum deposit:

CMC Markets has no minimum deposit, which is a god-send for small-amount traders.

Currency pairs:

With over 330 currency pairs, CMC Markets stands head and shoulders above its competitors.

Years in business:

This trading platform launched back in 1989. Its 30-year long experience is a testament to its trustworthiness and popularity.

Mobile app:

Yes

pros thumb up Pros
  • No minimum deposit
  • Highest number of currency pairs
  • Low fees
  • 115+ technical indicators and drawing tools
pros thumb up Cons
  • Does not accept US traders
  • High CFD spreads

With CMC Markets you can use MetaTrader 4 or its own Next Generation platform. Our review is focused on CMC’s product as its unique features and tools place it among the top forex trading software on the market. It’s a platform that has won numerous awards.

Reliability

During our review process, we didn’t encounter a single glitch or lag. Our experience with Next Generation mirrors many positive online reviews.

Ease of Use

When you first open CMC’s platform, you might get the impression that it’s far too complicated. That first impression will soon fade. The neat layout and the intuitiveness of the interface make it easy to master. This is one of the easiest forex trading platforms to use thanks to its high customizability and the detailed platform guide available on the website.

Fees

CMC’s forex fees are on the low side. The average spread for major currency pairs is between 0.7 and 1.1 pips. There’s no deposit minimum, which is great for traders who wish to operate with small amounts. The only fee you should look out for is the inactivity fee of around $15/month that’s charged if you fail to use your account for 12 months.

Analysis Tools and Charting

CMC’s New Generation platform is great for those who wish to perform top-notch examinations of the FX market. It offers more than 115 technical indicators and drawing tools, not to mention the exceptional live news feed and valuable insights written by CMC’s market experts. 

All of the technical indicators and charts are customizable. And as great as that is, we were even more impressed by the possibility of trading directly from the charts.

Automation

The Next Generation platform doesn’t feature automated trading capabilities. You can place a Guaranteed Stop-Loss Order. There’s a GSLO premium, which is refunded when the GSLO is not triggered.

Testing

CMC’s forex platform has a backtesting tool that shows how well previous patterns fared on the market during a certain time period. Unfortunately, we weren’t able to find a function that lets you input your own strategies.

Customer Support

If for some reason you aren’t able to find a piece of information on the CMC Markets website, which is filled with educational content, you can count on its superb customer support team. CMC’s customer support representatives can be contacted by phone or email 24/7.

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AvaTrade

Minimum deposit:

With a $100 minimum deposit, AvaTrade is among the affordable trading platforms, suitable for both experienced users and beginners.

Currency pairs:

AvaTrade supports nine major currency pairs, and many other minor and exotic pairs - 65 in total.

Years in business:

AvaTrade has been in operation for 16 years.

Mobile app:

Yes

pros thumb up Pros
  • Wide range of currency pairs
  • Multiple trading markets
  • Reliable trading
  • Streamlined website
pros thumb up Cons
  • High minimum deposit
  • Unavailable for US clients

AvaTrade is a trusted global broker, offering a secure and regulated trading environment. AvaTrade has been committed to providing its clients with the best possible trading experience for 16 years, and its top-notch forex trading programs are in line with this goal. Whether you are a beginner or a veteran, AvaTrade has something to offer.

Reliability

AvaTrade is a top choice for security and peace of mind when selecting a Forex broker. The company is regulated in seven jurisdictions across six continents, providing clients with added protection and confidence. AvaTrade also offers some of the most competitive trading conditions in the industry, making it an excellent choice for all types of traders. Although it is available across most of the globe, AvaTrade doesn’t provide its services to US customers. 

Ease of Use

AvaTrade is great for those looking for an easy-to-use online broker. The platform is user-friendly and offers various features and tools to help you trade effectively.

Fees

To open an account at this forex trading broker and start trading, you’ll need to deposit at least $100. AvaTrade follows the industry standards for the minimum spreads for major currency pairs: The minimums for the nine major currency pairs range from 0.9 (EUR/USD) to 1.8 (EUR/JPY).

As for the rest of the fees, AvaTrade charges a $50 fee after three months of inactivity, and a $100 administration fee if you are inactive for one year.

Analysis Tools and Charting

AvaTrade offers a variety of powerful and user-friendly tools. According to reviews from forex brokers, AvaTrade’s built-in charting tools that allow you to customize and save your favorite charts are top-notch trading aids.

Automation

One of the best things about AvaTrade is its focus on automated trading. The platform offers multiple features for hands-off trading, including the ability to backtest your strategies, set up trade alerts, and even trade directly from your charts. It also allows you to copy trade strategies from more experienced brokers.

Testing

AvaTrade offers a demo account to test and build your trading skills. You don’t need to deposit any money to create a demo account with AvaTrade and start forex trading online.

Customer Service

Having knowledgeable and fast customer service is one of the most important things for many brokers, especially new ones. Luckily, AvaTrade has an award-winning support team of experienced agents who will help you solve any problem you might have while trading forex. AvaTrade agents are available via live chat, web form, and phone.

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IG Group Review

Minimum deposit:

IG Group has a somewhat high minimum deposit of $250.

Currency pairs:

With 80+ currency pairs, IG Group falls in the middle tier. For most traders, this will be more than enough.

Years in business:

IG Group is one of the longest-standing forex trading platforms, with 47 years of operation.

Mobile app:

Yes

pros thumb up Pros
  • Independently verified security
  • One of the oldest platforms
  • User friendly
  • Great customer support
pros thumb up Cons
  • High CFD fees
  • Lack of account protection and stop losses for US traders

IG is widely regarded as one of the top 10 forex brokers in the world. One of the main reasons for this is that it’s regulated by several top-tier bodies. Aside from the third-party MetaTrader 4 and ProRealTime software, IG also provides its proprietary FX trading platform. In our review, we examined IG’s own trading platform.

Reliability

IG’s platform is largely stable. There were a few issues regarding client positions not appearing on its platform in May 2020, but these were quickly resolved. This should in no way discourage you from using it – such troubling occurrences are very rare, and we don’t expect them in the future.

Ease of Use

As you’d expect from a top trading platform like the one IG has developed, flexibility is one of its strong suits. You can easily move elements around to give it the look that suits you best. Many customers find it to be the most user-friendly trading platform they’ve ever laid their hands on.

Fees

The minimum spread for major currency pairs provided by IG is usually around 0.8, but it can go as low as 0.6 and as high as 2.5 pips. This is a reasonable offer, especially if you stick to the most popular major currency pairs such as EUR/USD, GBP/USD, and USD/JPY. This also makes IG one of the best forex brokers in the USA. 

If you don’t use your account for 24 months, you’ll be charged $18/month. There is a minimum deposit of $250 in order to start trading with IG’s platform.

Analysis Tools and Charting

You won’t find as many charting and analysis tools on IG’s platform as you would on CMC, but rest assured that no crucial tool is missing.

Automation

ProRealTime is integrated with IG’s trading platform and enables you to create triggers that when activated place trades on your behalf. This system also allows you to make simultaneous trades yourself. 

Testing

Although IG is among the top 10 brokerage firms, it has failed to add a backtesting feature to its proprietary platform. This testing tool is only available via ProRealTime.

Customer Support

IG’s customer support is available around the clock from Monday to Friday. You can use phone, email, or Twitter to inquire about IG’s services. You’ll be happy to know that we were very pleased with how responsive and patient the representatives were.

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TD Ameritrade Review

Minimum deposit:

With no minimum deposit, TD Ameritrade is a great choice for traders of all stripes.

Currency pairs:

This trading platform supports 70+ currency pairs. One could find platforms with more, but most traders will find this sufficient.

Years in business:

This platform was founded 47 years ago, which should dissuade any doubts about its safety and trustworthiness.

Mobile app:

Yes

pros thumb up Pros
  • Hundreds of technical indicators
  • Autotrade service
  • Backtesting tool
  • Robust thinkorswim platform
pros thumb up Cons
  • Lack of fractional shares
  • Occasional downtimes

If you’re browsing through lists of top forex brokers and looking for one that focuses solely on perfecting its own platform, then TD Ameritrade is a great option. Its flagship product is the thinkorswim desktop-based trading platform that’s also available for the web. Our review focuses on these two versions.

Reliability

In our experience, the platforms are highly reliable; there were no mishaps during our tests. However, we did encounter a few customer reviews that mentioned occasional freezing, so that’s something to look out for. 

Ease of Use

The thinkorswim desktop currency trading platform appears intimidating at first glance, and it does have a slightly steeper learning curve than similar products. But considering the many powerful tools it possesses, taking a bit longer to master it is well worth it. On the other hand, the web version is very clear, and you won’t encounter any obstacles while using it. 

The web platform’s downside is that it isn’t customizable and contains considerably fewer features when compared to its desktop counterpart.

Fees

Some consider thinkorswim to be the finest free trading platform, which is true to some extent. It is terrific, and there are no inactivity fees or minimum deposit. However, there’s nothing free in this world. Although the costs of trades are low, fees do exist and are reflected in the forex spread.

Analysis Tools and Charting

Analysis tools are where TD Ameritrade’s desktop platform truly shines. There are more than 400 technical indicators, and tweaking charts is extremely simple. The number of indicators on the web platform is less impressive – you’ll only find 11 of them. 

Automation

Once you open a TD Ameritrade account for FX trading, login and you’ll be able to upgrade and get the Autotrade service provided by TD Ameritrader’s affiliate TradeWise Advisors. Autotrade collects trade recommendations from newsletter providers and enters them into your account. Of course, you have to enable automated trade executions first. Note that the TradeWise subscription is free the first two months, and after that you’ll be charged $20/month per trading strategy.

Testing

Another superb feature at TD Ameritrade is the OnDemand backtesting tool. You can develop strategies or simply practice forex trading by using it – all of your commands will be applied to historical data.

Customer Service

You can call, message, tweet, or text TD Ameritrade's customer service team. The friendly and helpful representatives are available 24/7.

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Ally Invest Review

Minimum deposit:

With a very low minimum deposit of $50, Ally Invest has a very low bar of entrance.

Currency pairs:

80+ currency pairs should satisfy most traders.

Years in business:

Ally Invest is a fairly new platform, with only 6 years of experience.

Mobile app:

Yes

pros thumb up Pros
  • Reliable
  • Automated trading strategies
  • Affordable
  • Glitch-free site
pros thumb up Cons
  • Slow customer support
  • No branches

Ally Invest provides a separate forex trading platform that’s not integrated with its other products. Aside from the Ally Invest Forex platform that we’re reviewing, MetaTrader 4 is also available to Ally Invest’s customers.

Reliability 

It’s no wonder that Ally Invest Forex is frequently placed among the top 10 forex trading platforms. It almost never crashes, and it’s free of any glitches. This is a highly valued attribute in any trading platform.

Ease of Use

The platform’s design may not be as visually appealing as some of the other options we’ve reviewed, but it’s well-organized and you can customize it. It’s suitable for both experienced traders and beginners.

Fees

There is a $50 minimum deposit and Ally Invest Forex does take the spread. But other than that, trading currencies with Ally is very budget-friendly. You won’t be charged a commission on forex trades, nor will you need to pay inactivity or account closure fees.

Analysis Tools and Charting 

Your Ally forex trading account will also give you access to strong FX market analysis tools. Although there are only 80 technical indicators, you won’t be disappointed with anyone of them. The charting tools aren’t as noteworthy as those of its competitors, but these are still useful and user-friendly.

Automation

Perhaps the most appealing asset offered by the Ally Invest Forex platform is that it lets you create automated trading strategies. You can adapt them however you like.

Testing 

After you’ve developed your strategies, you can backtest them within Ally’s platform. Whether you’re a top forex broker or someone who’s new to the field of currency trading, you’ll appreciate the usefulness of the automation and backtesting features.

Customer Service

Ally’s customer support may not have the fastest response times, but the team is available from 10 a.m. ET on Sunday to 5 p.m. ET on Friday. You can use phone, email, or live chat to get in touch with a representative.

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Forex.com Review

Minimum deposit:

WhileForex.com does have a minimum deposit, it’s still a fairly low minimum amount - $100.

Currency pairs:

80+ different currency pairs are available on Forex.com.

Years in business:

Forex.com is an extremely popular and trusted trading platform, turning 23 this year.

Mobile app:

Yes

pros thumb up Pros
  • Fully customizable layouts
  • Backtesting tools
  • One-click trading
  • Various pricing accounts
pros thumb up Cons
  • Lack of account protection for US clients
  • Site stability could be better

Forex.com was founded in 2001. It’s part of the StoneX Group, one of the largest financial services organizations that adheres to the highest standards of corporate governance. The site enables you to trade currencies using the MT4 broker and gives you more control over the process with its Advanced Trading Platform.

Reliability

Forex.com’s platforms are largely stable. After creating an account, we tested platforms from both mobile and desktop devices. There were no hiccups and everything worked perfectly. Forex has native mobile apps for iOS and Android devices, so you’ll have constant access to the trading market. 

Ease of Use

The forex trading website allows you to trade with more than 80 currencies. The interface is easy to navigate. To find the currency pairs you want to trade, just type the names into the search bar. The interface transparently displays bid and ask prices.  

Fees

Depending on your needs, you can choose between three accounts with various fees: Standard, Commission, and Direct Market Access. The EUR/USD spread with the Commission account can be as low as 0.2, but there is a $5 fee per 100,000 units traded. With the Standard account, the EUR/USD spread is usually 1.0. The STP Pro tailors to high-volume traders and offers more advanced tools, including an order book that keeps you updated on buy and sell orders.  

Analysis Tools and Charting

Like other top-rated forex brokers from our list, Forex.com enables you to customize your charts in order to improve your trade analytics. This trading platform prides itself on providing more than 80 indicators that you can add to your chart. 

Automation

Forex.com allows you to automate your trading and get access to more than 80 trading markets.

Testing

Before you start using the MetaTrader broker and trading on the Forex platforms, you can make risk-free investments and check out market conditions with the forex simulator. This will help you educate yourself about the market and explore trading strategies that increase your chances of success. 

Customer Support

A reliable trading platform for forex must provide knowledgeable customer support 24/7. Forex.com comes pretty close to offering this level of assistance. Support agents are available from 10 a.m. on Sunday to 5 p.m. ET on Friday. The fastest way to get in touch with the support team is via the live chat option.

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Interactive Brokers Review

Minimum deposit:

Interactive Brokers has no minimum deposit in place - you’re free to trade with any amount.

Currency pairs:

Interactive Brokers has over 100 currency pairs.

Years in business:

44

Mobile app:

Yes

pros thumb up Pros
  • Powerful backtesting options
  • Great for advanced traders
  • Powerful mobile app
  • Customizable workstation
pros thumb up Cons
  • Convoluted interface
  • Steep fees for small/inactive accounts

Interactive Brokers is part of the Interactive Brokers Group, which was founded in 1977. During the past few decades, the company has become one of the most popular trading platforms for both regular and seasonal traders. It’s one of the leading forex trading companies when it comes to the number of marketplaces where you can trade. It enables forex trading across 33 countries and 135 market destinations worldwide.

Reliability 

Perhaps unsurprisingly, Interactive Brokers has been crowned with numerous awards over the years, cementing its status as a top online broker. The company’s own software, IB Trader Workstation, functions flawlessly and allows users to trade forex, stocks, and bonds from a single account. 

Ease of Use

Although the platform comes with lots of functionalities and its interface is visually appealing, it might be too complicated for less-experienced traders. You can customize the workstation to fit your unique needs. The mobile app also comes with advanced features and tools. 

Fees

The fact that this is widely regarded as the best FX broker platform for advanced traders doesn’t mean that occasional traders can’t use it. There are two plans to choose from: the Lite option is a good fit for beginners, while the Pro plan is tailored to regular traders. There is no minimum deposit fee, regardless of what option you choose. However, if you go with the Pro plan, watch out for inactivity fees. For major currency pairs, the spread is between 0.08 to 0.20 pips.

Analysis Tools and Charting

The Interactive Brokers platform includes advanced tools for forex market analysis. You also have the option to create multiple charts within a single window. The charts can then be arranged using auto-display features.  

Automation

Unlike many other forex trade companies, Interactive Brokers doesn’t have its own platform with automation functionalities. Instead, you can subscribe to Capitalise.ai, a platform that provides you with tools that can help you automate your daily trading strategies. 

Testing

Interactive Brokers also has impressive backtesting features. Once you create the strategies, you can test them and make any adjustments you wish. The platform automatically saves all the changes you make.

Customer Support

Interactive Brokers’ clients are incredibly satisfied with the company’s customer support. Whether you need basic information about the platform or you want to learn more about its capabilities, the agents provide quick and accurate answers. According to numerous forex platforms reviews, traders appreciate the many channels through which they can contact agents, which includes live chat, phone, and email.

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OANDA.com Review

Minimum deposit:

OANDA.com does not impose any minimum deposit requirements. Deposit any amount and start trading immediately.

Currency pairs:

The fact that OANDA.com offers 68 currency pairs places it among the top forex trading platforms currently available.

Years in business:

25 years of operation is no small feat for a trading platform, as only the best ones manage to stay running for so long.

Mobile app:

Yes

pros thumb up Pros
  • Great mobile app
  • Advanced backtesting tools
  • The site contains lots of guides and articles
  • 68 trading pairs
pros thumb up Cons
  • Many additional fees

Founded in 1997 by Michael Stumm and Richard Olsen, OANDA is a Delaware-based company that provides a secure and fast platform for forex trading.

The platform is regulated by the National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC) in the US, proving its reliability as a forex exchange market.

Reliability 

We didn’t encounter any problems when evaluating the platform. However, some online reviews paint an unflattering picture of the site when it comes to customer service and trading with a small account. 

Ease of Use

OANDA has a user-friendly platform with a well-organized interface. Aside from OANDA’s own platform, you can also use MT4 desktop, web and mobile, fxTrade Mobile, and TradingView. Using your OANDA live or demo account, you can trade on these platforms with your existing login credentials.

Setting up an account is a breeze, regardless of the operating system you use. 

Fees

OANDA is among a small group of online forex brokers that have competitive forex fees. For major currency pairs, like EUR/USD and USD/JPY, the average spread can be as low as one pip. You can also create an account without depositing any money.

When it comes to depositing methods, you can use a debit card (Visa or Mastercard), Automated Clearing House (ACH) deposits, or bank transfers. The available base currencies include USD, EUR, HKD, SGD, CAD, AUD, JPY, CHF, and GBP, and there are no minimums for deposits or withdrawals.

Analysis Tools and Charting

Another great thing about OANDA is that it offers many tools for customizing your charts. There are 32 indicators that you can add, as well as drawing tools and nine chart types to choose from. 

Automation

You can automate your trading experience and develop trading strategies by becoming part of OANDA’s API program. To do so, you need to have an account and request the API token. 

Testing

OANDA might not be one of the best forex brokers for beginners, especially when it comes to backtesting. To test your trading strategies, you need to learn how to use the robust OANDA Algo Lab. This feature enables you to backtest, code, and employ your own automated forex trading strategy. 

Customer Support

Thanks to its powerful platforms, low trading fees, and lots of tools for customizing your charts, OANDA is ideal for experienced traders. Its most significant imperfection concerns customer service. 

Unlike other top US forex brokers, OANDA doesn’t have 24-hour customer support. On the other hand, it does have a toll free support number for US customers and a live chat feature available in English, Spanish, and Mandarin. In addition, you can email the website’s support at [email protected]

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Fortunly’s Guide to Finding the Best Broker for Forex

Over the course of several decades, forex trading has become very popular. Today it’s somewhat fashionable to have an understanding of the basic concepts related to forex market trading.

Until the advent of the internet and the abrupt development of the IT industry that now provides the necessary support for foreign exchange trading, currency trading was reserved for large players – banks and powerful financial institutions that conducted currency trading through electronic platforms created for this purpose. 

Basic Concepts

To begin trading forex, you first have to know what that actually means. Forex is short for foreign exchange and involves the trading of one currency for another.

As any experienced top forex broker will tell you, foreign exchange trading is actually trading in currency pairs (simultaneously buying one currency and selling another) with the aim of making a profit based on the difference in price, i.e. the exchange rate difference. This process is far from random – it’s a well-designed trading strategy that, among other things, implies efficient FX risk management. 

FX risk management involves a series of actions by which the trader seeks to reduce to a minimum any exposure to foreign exchange risk - the risk of loss due to sudden exchange rate fluctuations.

A currency trader should know that higher risk could translate into more profits or lead to significant losses. Effective management of foreign exchange risk, as well as risk in general, requires setting stop-loss orders and emotional discipline, which means that trading must be based on verified facts and exact calculations. The idea is to avoid getting carried away by sudden jumps or drops in certain prices and by prospects of unexpected earnings.

So, what are some short and long positions you can take on currency trading platforms?

When a trader takes a short position, he expects the value of the currency that he is trading with to depreciate. Taking a short position means selling a currency that’s expected to depreciate in value with the intention of buying it back in the future, but at a lower price.

The trader takes a long position when he expects the price of a certain currency to appreciate. In other words, traders buy that currency with the intention of selling it in the future, but at a higher price.

In order to be the greatest broker you can be, you should also know that forex trading takes place on the so-called OTC (over-the-counter) foreign exchange market which means that it’s decentralized. It doesn't have a specific physical location – it represents a global network of all interested participants. The OTC FX market works 24 hours a day, and the prices of currency pairs constantly fluctuate due to continuous trading and offerings.

The forex spread represents the difference between the buying and selling FX rate of a certain currency pair. The forex spread varies during the day because the prices of currencies depend on their supply and demand. The leading forex trading platforms have news feeds because a currency’s supply and demand is influenced by a number of factors, such as the monetary policies of central banks of the currency being traded and geopolitical developments.

It’s important to note that some currency pairs, such as emerging market ones, have a wider spread when compared to those of major currency pairs. Under normal circumstances, higher trade volumes tend to lead to lower spreads.

The Most Traded Currency Pairs

You can trade in any currency pair, but the safest options are those that are traded the most. Odds are that the prices of those currencies are checked and reliable. The most traded currency pairs are those in which the USD (as the world’s former spare currency) is one of the two currencies.

According to some estimates, about 75% of forex trading is realized in those currency pairs. If we add the GBP/JPY pair, we get a list of 8 major currency pairs. Currency pairs that don’t include the USD are called crosses.

How to Start Trading Forex

The best way to start is to choose a few leading forex brokers, such as CMC market or IG Group, and learn as much as possible about currency trading from the information available on their sites. Most Forex brokers offer demo versions of their trading platforms, which is a very good way to try your hand at trading currencies without the risk of losing money.

If you’re still unsure about how to invest in foreign currencies, even with all the excitement involved, you can always entrust this job to those who have extensive knowledge in the field. Check out a top forex brokers list on any reputable website and hire a forex broker who will invest in foreign currencies on your behalf.

Frequently Asked Questions

What is forex trading?

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Forex trading is the buying and selling of currencies. You make a profit when the currency you are buying strengthens or when the one you are selling weakens. For example, if you expect the price of USD/GBP to go down, you sell your dollars. If there is any upward movement in the value of the currency, you can buy your dollars back for less money than before.

Which trading software is good for beginners?

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Ally Invest’s platforms have a neat design that makes them easy to master. In fact, many of their users have never used another trading platform. IG Group’s platforms are another great choice. Not only are these platforms user-friendly, but they also include superb education tools.

Which forex trading platform offers the best service?

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It’s hard to name just one, but we can recommend CMC’s Next Generation. There are no glitches, and it has a wide assortment of functionalities.

How to trade foreign currency?

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You can start trading currencies yourself or by hiring a broker. If you choose to do it alone, you’ll need a good platform. You can check out our list of suggestions for some of the best options on the market. Those who are unfamiliar with foreign exchange trading should do a little bit of research before trying it. You can visit any credible broker website since they usually post very informative content.