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Best Forex Brokers 2020

Best Forex Brokers 2020

November 03, 2020 0 Comments

Best Forex Brokers 2020

After continuous five months of testing 30 brokers, here are the best forex brokers for 2020.

IG - Best Overall

Saxo Bank - Best VIP client experience

IG logo Best Overall - Visit Site

CMC Markets - one of the best web platform, most currency pairs

TD Ameritrade FX - fantastic trading platform, US only

City Index - Excellent all-around offering

XTB - Best customer service, a marvelous platform

FXCM - Well-rounded offering

FOREX.com - Great platforms and pricing

 

Regulated and reliable globally, IG provides traders a substantial list of tradeable products, excellent trading and other research tools, industry-main education, and competitive rates. This unique all-around experience makes IG one of the best overall broker in 2020. (76% of retail investor accounts lose money).

Saxo Bank logo Best VIP client experience - Visit Site

 For traders that can give the USD 10,000 minimum deposit (GBP 500 for the UK), Saxo Bank offers aggressive pricing, brilliant trading platforms, fantastic research, reliable customer service, and over 40,000 instruments to trade. (71% of retail investor accounts lose money).

 

CMC Markets logo one of the best web platform, most currency pairs

CMC Markets provides traders a wide range of financial products with amazing pricing and its upcoming Generation trading platform, which is packed with new trading tools and charting, utilizing its offices regulated in major global financial centers. (79% of retail investor accounts lose money).

 

Thanks to its JForex platform suite, Dukascopy offers forex traders industry-main trading tools and market research, including our favorite mobile app for 2020. Drawbacks include unsatisfactory customer service and narrow ranges of tradeable markets.

 

TD Ameritrade logo fantastic trading platform, US only.

With nearly 80 currency pairs to trade along with a plethora of trading tools and research, TD Ameritrade’s thinkorswim platform offers US-based forex traders an excellent winning experience.

 

City Index logo brilliant all-around offering

Beyond its broad range of products, multi-asset traders choose City Index for more competitive spreads, great platform options, premium research tools, and trustworthy customer service. That all done under the backing of GAIN Capital, outstanding retail brokers around the world.

 

Forex.com logo Great pricing and platform

 FOREX.com delivers a brilliant trading experience for forex and CFD traders across the world. With competitive pricing, comprehensive market research, full-feature trading platforms, and a robust mobile app, FOREX.com caters to traders of all significant experience levels. (73% of retail investor accounts lose money).

 

XTB logo Best customer service, a marvelous platform

As a reliable multi-asset broker generated in several main financial centers, XTB offers a well-rounded, competitive offering. Highlights include fantastic customer service and the xStation five trading platform, which provides a great experience. (79% of retail investor accounts lose money)

 

FXCM logo Well-rounded offering

 While its range of tradeable markets is relatively narrow and pricing is just average for regular trading, FXCM caters to increase trader types. High-volume traders and algorithmic traders that powerful trading tools alongside quality market research will find FXCM to be quite fit.

 

Other Forex Brokers

Besides our top nine online brokers for 2020, here are 21 other brokerages: Interactive Brokers, Markets.com, Admiral Markets, Swissquote, Pepperstone, OANDA, Plus500, FxPro, ETX Capital, eToro, LCG, XM Group, HotForex, Darwinex, Tickmill, easyMarkets, Z.com Trade, AvaTrade, HYCM, ADSS, and KVB Kunlun. Here are our high-extent takeaways for each broker.

 

  1. Interactive Brokers (Visit Site), "Professional traders looking for a whole multi-asset broker will find Interactive Brokers provides a comprehensive platform with competitive fees across multiple financial markets."

 

  1. Markets.com, "A very thanks to its web-based MarketsX platform, Markets.com is feasible to use and new trader friendly. Although Markets.com is pricey and a deficit of feature-rich trading tools required to compete with the other best trading platforms."

 

  1. Admiral Markets, "Forex and CFD traders select Admiral Markets for its amazing investor education and up to date MetaTrader features, including the Supreme add-on and market research through Premium Analytics."

 

  1. Swissquote, "For traders who need a multi-asset solution and are ready to pay a premium to have their brokerage account with a Swiss bank, Swissquote is quite worth a consideration. Otherwise, Swissquote’s UK-based provides a better all-around deal."

 

  1. Pepperstone, "Pepperstone provides a small set of tradeable products but offers forex and CFD traders with much competitive pricing, amazing customer service, and one of the largest selections of third-party platforms, including numerous others options for social copy trading."

 

  1. OANDA, "As a reliable global brand, OANDA offers forex and CFD traders a limited offering of FX pairs and CFDs but firmly stands out for its prestige and quality market research."

 

  1. Plus500, "While Plus500 is a quite trusted global brand that gives an easy-to-use platform, the broker with no competitive research, trading tools, and comprehensive educational resources."

 

  1. FxPro (Visit Site), "FxPro competes among the best top MetaTrader brokers, providing the full suite of MT4 and MT5 platforms with several account pricing options. Drawbacks to FxPro include a short-range of tradeable products and quite limited market research."

 

  1. ETX Capital, "Despite a lasting-tenured history in the forex markets and amazing customer service, ETX Capital efforts to keep up with industry leaders when it comes to trading platforms, research, and tools."

 

  1. eToro, "eToro is a victor in 2020 for its easy-to-use copy-trading platform where traders can easily copy the trades of other users across 1,900 instruments, including CFDs on popular cryptocurrencies. The one drawback of eToro is pricing; otherwise, eToro delivers."

 

  1. LCG, "While dropping its publicly-traded status doesn’t help LCG’s reliability, LCG does provide reliable customer service. Service aside, LCG efforts to stand openly when compared to industry leaders."

 

  1. XM Group (Visit Site), "While XM Group offers the complete suite of MetaTrader platforms and over the 1300 tradeable instruments, the broker provides an average experience across the board and efforts to stack up against industry leaders."

 

  1. HotForex, "HotForex is a MetaTrader-only broker providing market-maker execution around a perplexing range of six different account types. Despite a normal enhanced MetaTrader offering, HotForex provides a much-limited selection of tradeable products compared to major multi-asset brokers."

 

2020 Overall Ranking 

Here are the Overall rankings for the 30 online brokers who participated in our 2020 Broker Review, sorted by Overall ranking.

2020 Category Winners

For the ForexBrokers.com 2020 Online Broker, all online broker participants were appraised over 100 variables across seven Core categories. 3,180 data points were obtained in total. Here are the main 2020 Core category winners. Here's how we tested.

 

2020 best online forex brokers overall category winners

Along with Core categories, ForexBrokers.com ranks brokers by the most famous Investor categories. Here are the best 2020 Investor category winners. 

Finally, every year ForexBrokers.com appreciates the brokerages who go above and beyond in the areas worth most to investors. Here are the main 2020 industry award winners.

 

Best Forex Brokers for Low Costs

 CFDs are quite complicated instruments and have a relatively high risk of losing money rapidly due to leverage. 76% of dispense investor accounts drop money when trading CFDs with this provider. It would be best to observe whether you understand how CFDs work and whether you can take the high risk of dropping your money.

Forex trading costs are not simple to break down. Reasons why trading costs can be influenced: bid/ask spreads, can extend across venues, forex spreads may be either fixed or variable (floating). Also, variable spreads may broad or narrow (vary) at several rates across brokers.

 

Moreover, execution policies vary across firms regarding how orders are proceeded (slippage/rejections), even when all are equal. Brokers may be acts as market makers (dealers) to accomplish your trades or acting as agents for implementation (relying on other dealers to do so for them). Forex spreads may also include a round-turn commission. Again, not all brokers deliver their average spread data, and for those who do – not all brokers store their average spread over the same time-frames, making it more challenging to make a perfect comparison.

 

To approach brokers, we observe how much beginners, average traders, and even much-seasoned traders would pay—looking at average spreads for best standard forex contracts (100,000 units) along with mini accounts (10,000 units) and micro accounts (1,000 units), where likely applicable. We then calculate the all-in cost by also adding any round-turn commission that is added to induce spreads.

 

Best Forex Trading Platforms

Forex trading platforms are the latest gateway to investing in international currency markets. Reckless of your trading style or preferred multi-asset instrument, the platform technology you use dramatically affects nearly every side of your trading experience. From approaching research to finding news events, performing technical analysis on charts, and effectively placing trades, using a proper forex trading platform makes a big difference.

 

Forex trading platform technology has continued to develop steadily across devices over the past decade, with a significant shift from desktop to web and then to mobile. From among almost the 30 forex brokers we tested this year, it was pretty clear that the best forex platforms continued to initiate. All in all, the better forex trading platforms offer customers a healthy, feature-rich, seamless experience across all other devices.

 

 

Best Forex Research

Open a FxPro Account!

CFDs are complicated instruments and come forward with a relatively high risk of losing money rapidly due to leverage. Trade Responsibly: 80.59% of dispense investor accounts lose money when trading CFDs with this mention provider. It would be best to observe whether you could afford to take the relatively high risk of losing your money. It would help if you considered whether you get how CFDs work and whether you can afford to take the much-increased risk of dropping your cash.

Using research content and tools to find and observe investment opportunities is most important to trade profitably. Beyond the latest news headlines and an economic calendar, primary forex brokers combine third-party content with in-house research, including fundamental news and technical observation.

 

Along with the trading platform, research tools are directly united. Research tools include regularly or weekly market recaps and observation, live trading rooms, united pattern-recognition tools for news events and charts, screeners, and sentiment indicators.

 

IG Logo

IG took the first position for research, with a wide variety of tools available via its web platform and several in-house analysts and third-party content. Highlights may include its entire streaming video, IG TV, along with a wide array of regular blog updates and detailed posts from reliable team analysts. In addition to this, IG’s DailyFx site continues to be the primary leader for retail traders finding educational and research material.

 

IG Research

Saxo Bank Logo

Saxo Bank came in the second position as one of the brokers for forex research in 2020. While many brokers' efforts to organize research for their working customers, Saxo Bank does a fantastic job centralizing the research across its different platform suite and providing content that is exceptionally pretty rich with insights. For example, with its given podcast series, Saxo Bank collaborates commentary from its top market observer and makes audio recordings available on Spotify, Apple Podcasts, Stitcher, and SoundCloud.

 

Saxo Trader Go Web News

When selecting the best forex broker for its FX research, remember that quality is as important as quantity. The best forex brokers offer a great blend of in-house market observation and tier-1 quality third-party research.

 

Best Forex Trading Apps

While nearly all given forex brokers have offered mobile apps for many years, the difference in quality between a great app and a mediocre app is quite large.

 

To find the best forex brokers for mobile trading in 2020, we focused on analyzing mobile experiences that were bug-free, cleanly designed, and offered a wide range of features. In addition to this, we looked for brokers who have been able to create a flawless experience between their mobile apps and their desktop and best web-based platforms.

 

How do I calculate forex trading costs?

 For forex and CFDs trading, the all-in cost to end up (open or close) each trade consists of the spread, plus any other round-turn commissions. There may also be full night financing charges, known as carrying costs, either a net debit (loss) or a net credit (refund). To keep trading costs relatively low, focus on trading the major forex pairs such as the EUR/USD, which provide the most liquidity and healthy spreads.

 

How important are research and education?

Trading forex is quite risky and not comfortable. Even seasoned forex traders take time to learn new lessons and concepts—the inequality between currency brokers that offer via high-quality education and those who do not are quite significant. Research tools for scanning, finding, and conducting technical and fundamental analysis will vary from one broker to another.

Bottom line: the best thing is to compare your forex broker to make sure you are working with the best overall platform.

 

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