Foreign exchange or FX is an exciting and fast-paced marketplace. Here money is made and lost in the blink of an eye. If you plan on getting involved in this world of trading and investing you will want to work with one of the top Forex brokers. You may be asking why. This is because the best of Forex brokers will offer you a combination of competitive pricing, hi-tech trading tools, a safe trading environment, and a fast and reliable trade order execution.
Now, it is not an easy task for an average trader to figure out which one is the best Forex broker to work with especially with so many options available in the market which can be quite overwhelming. Therefore, here is a quick glance at the top 5 best Forex brokers in the year 2020.
1. XTB online trading
XTB online trading is an award-winning CFD platform that supports Forex, commodities, stock CFDs, ETF CFDs, indices, and cryptocurrencies. It was formed in 2002 as Poland’s first leveraged foreign exchange brokerage house. XTB online trading is ideal for traders that wish to reduce their cost whether it is the inherent cost of placing a trade or not having to be weighed down with extra costs such as wire fees. This broker offers maximum leverage of 500:1 for non-UK accounts and for UK accounts it goes up to 30:1 leverage. Unfortunately, this firm does not accept US traders. XTB online trading supports 48 currency pairs with low-cost spreads for Forex.
- Account minimum: $0
- Fees: Spread costs, inactivity fees, commissions, overnight financing costs
Pepperstone started out in 2010 and has grown to become a top tier player in the online brokerage landscape. It is an Australian-based brokerage firm that is building a highly competitive and full-featured trading portal designed to focus on Forex, indices, shares, commodities, cryptocurrencies, and metals. This broker is here to offer you uncomplicated access to the market which allows clients to pay attention to complicated tasks of trying to successfully trade the markets. Pepperstone is perfect for traders that desire a manageable range of low-cost offerings, efficient customer support, and several choices of user interfaces and account types. Also, it does not accept US clients.
- Account minimum: 200 units of the base currency
- Fees: spread costs, overnight financing costs
3. London Capital Group (LCG)
London Capital Group or LCG is a UK based Forex broker that came into existence in 1996 and has maintained its place in the highly competitive online brokerage space. The firm’s latest rebranding efforts took place in 2006 with the launch of LCG Trader. This coupled with a functional mobile app and the ubiquitous MT4 platform gives the whole idea of what London Capital Group has to offer online to its clients.
- Account minimum: $0 (Standard), $10,000 (ECN)
- Fees: Spread costs, overnight financing costs
4. CMC Markets
CMC Markets is a well-established, publicly traded, and highly regarded UK-based Forex broker that was founded in the year 1989. This broker is very adaptive to the ever-changing online brokerage landscape and the company has been listed on the London stock exchange under the ticker symbol CMCX. CMC Markets is designed for all types of traders starting from beginner retail traders looking to test the waters of online trading areas of Forex, CFDs and spread betting to the seasoned traders seeking exposure to a broad spectrum of products.
- Account minimum: $0
- Fees: Spread costs, overnight financing costs, inactivity fees, additional charge for guaranteed stops, commissions.
IG came into existence in 1974 as the world’s first spread betting firm and is a part of IG Group Holdings Plc. This brokerage is one of the few ones that does accept US traders since early 2019 when the company re-enters the US market. IG is ideal for any trader who wishes to trade CFDs. What makes this broker ideal to compete in the online Forex broker market are its low spread costs, actionable research, functional user interfaces, and accent on customer service and education.
- Account minimum: $250
- Fees: Spread costs, overnight financing costs, inactivity fees.
The above-mentioned are the top 5 best Forex brokers from the year 2020 that you can explore and opt to work with irrespective of whether you are a novice trader or a seasoned trader. Remember you should always do your personal research before choosing any Forex broker.