The forex market is worth trillions and it accessible to anyone. Because forex operates 24/7, it is a dream for part-time traders looking to make a quick profit in their spare time. With leverage, a small deposit lets you trade large amounts of currency.
Modern forex trading platforms are easy and safe to use. Many brokers offer mini accounts where all you need is $25 to get started. You can also open a demo account for free. This lets you practice your skills without risking your hard-earned money.
In this article, we are going to look at the pros and cons of seven of the top forex trading brokers in 2018. Read our analysis below. Use it to help you make an informed choice when choosing the right brokerage platform for your needs.
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FxPro
FxPro is an industry leading forex broker. The platform has won more than 55 awards in the last 15 years. It caters for beginners and more experienced traders alike. You can trade CFDs on many popular indices. These include FX pairs, shares, futures, and precious metals.
Pros
- Demo account
- Leverages from 1:1 to 1:500
- Commission-free trading
- Unique trading tools, such as FxPro Quant and FxPro Vault
- Supports 19 languages
Cons
- No bonuses or promotions
- The account confirmation process is complicated
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easyMarkets
easyMarkets is a rebranded version of easy-forex.com. After operating as a traditional forex broker for 16 years, the platform decided to expand its offerings to include CFDs and indices and commodities. easyMarkets is one of the more innovative forex trading platforms. It is popular with many experienced forex traders. The easyMarkets forex trading platform has features you won’t find anywhere else.
Pros
- Available on a variety of platforms
- Excellent customer services available 24/5
- Free signals and alerts
- Free demo and Islamic accounts
- Negative balance protection
- dealCancellation – a handy feature that lets you cancel a trade up to the expiration time, thus saving your invested amount
- Freeze Rate – a unique tool that lets you freeze the price you see – this gives you a few extra seconds to perform a trade
Cons
- Not available to US customers
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Pepperstone
Pepperstone is a global forex brokerage. It offers financial services to clients all over the world. Its product is forex, but it also covers CFDs in indices, energy, precious metals, and more. Pepperstone participates in the Equinox Financial eXchange, which gives it access to low-latency networks and VPS hosting options.
Pros
- More than 70 currency pairs available, including a crypto section
- A wide range of accounts available, including an entry-level account and Islamic account
- 11 trading platforms offered, including MT4 and MT5
- Regulated in Australia and the UK
Cons
- User feedback is not always great
- Limited research resources available
- Fees are variable and depend on the trading account you use
- No proprietary trading platform offered
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IG Markets
IG was established in 1974 and the parent company is listed on the London Stock Exchange. Customers from many different countries can use IG Markets, including the UK, USA, EU, Singapore, and UAE. European clients are eligible for FCS protection up to £50,000. The IG platform is suitable for all levels of trading experience.
Pros
- The IG platform on desktop and mobile is easy to use
- Customer service is good
- There are plenty of research resources available
Cons
- The trading fees are higher than many other forex platforms
- There is no negative balance protection
- The portfolio is limited
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Oanda
Oanda is a well-known forex trading platform, established in 1996. It was one of the first forex trading platforms to cater to the general public. Oanda is well regulated in six different countries, including Australia, Singapore, the UK, and Japan. It does cater for US customers, but they only have access to forex trading. Oanda supports mobile trading.
Pros
- It is very easy to open an account
- FX fees are competitive
- There is no minimum balance for trading account holders
- There are plenty of powerful analytical tools at your disposal
- More than 60 currency pairs available
Cons
- Customer service is not great
- It can be expensive to withdraw money from a trading account
- Oanda charges an inactivity fee if you don’t use your trading account regularly
- The Oanda portfolio is limited to forex and CFDs, so you can’t branch out into other indices
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ETX Capital
ETX Capital launched in 2002. It has suffered from a lot of negative feedback and reviews over the years, but many of the early issues, such as problems with funds withdrawal, have been resolved. ETX Capital is regulated within the European Economic Area (EEA). Customers from the US, Canada, Singapore can’t use ETX Capital. The platform offers low spreads and leverage if required.
Pros
- More than 50 FX pairs available
- All major credit cards accepted apart from American Express
- Leverage starts from 1:30
- Traders can download MT4 for free. It comes with a huge range of technical indicators
- Demo account available
Cons
- Inactivity fees charged in dormant accounts
- Not much research resources available
- ETX Capital’s proprietary Trader Pro platform is not as well developed as platforms provided by other forex brokers
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Plus500
Plus500 is an online forex broker established in 2008. It was publicly listed on the London Stock Exchange in 2013 and in 2018, entered the FTSE 250 index. Plus500 is regulated in the UK, Australia, and Cyprus. It offers a good range of trading products, including forex pairs, CFDs, commodities, indices, and ETFs. Customers can choose from several platforms, including mobile, desktop, and web-based.
Pros
- Plenty of chart indicators available when you use the web-based platform
- A publicly listed company
- Good range of products, including crypto CFDs
Cons
- Very little research content available
- Customer service mediocre, with no telephone support available
- Very few advanced tools for more experienced traders
- Poor customer reviews online
Editor’s Pick
Our expert review team have weighed up the pros and cons for each of the forex trading brokers listed above. We have taken into account ease of use, trading tools, customer support, and the products on offer, and we rate easyMarkets as our Top Pick.
After testing every broker, easyMarkets was our preferred broker due to its high performance across a majority of areas. Its easy to use trading platform and excellent customer support make easyMarkets ideal for beginners, while its advanced, exclusive risk management tools and wide range of trading products mean that experienced traders will feel equally at home here.
And don’t just take our word for it; easyMarkets also has a top rating on Trustpilot. This is based on real user reviews (unlike most paid-for reviews on forex affiliate sites), and shows how well easyMarkets treats its customers, big or small. It also provides a demo account, so you can try before you open a real money account. So, if you’re looking to open a forex trading account, we recommend you check out the easyMarkets trading platform first.
Disclaimer: This content does not necessarily represent the views of IWB.