There are over 180 different countries with their individual currencies in the world. And although the US Dollar is the world's reserve currency, international trade is still very dependent on the exchangeability of these different currencies.
In simple terms, for business to be done between China and the US, merchants must be able to exchange the Chinese Renminbi for the US Dollar and vice versa, when necessary. It is for this reason that the forex market has emerged as the biggest market in the world’s financial system with assets of more than $6.6 Trillion being traded daily.
With so much money changing hands every day in the market, there’s so much profit to be made by any trader with the right strategies. But, besides strategy, the trading platform chosen by traders is probably the single biggest factor that contributes to determining their success. So, it’s not enough to simply download MT4, there are quite a number of trading brokers operating on MT4; you’re not just looking for a secure broker, but also one that executes trades as fast as possible, and also provides traders with the right technical tools to assist in their decisions. In this article, we list 5 of the best brokers for trading forex.
Top 5 best forex trading brokers
1# FXTM
FXTM (or ForexTime) is a widely acclaimed forex broker, operating on both MT4 and MT5 platforms. Founded in Cyprus in 2011, it is licensed and regulated by the Cyprus Securities Exchange Commission, the International Financial Services Commission and a host of other relevant regulators across Asia and Europe. Primarily built on Metatrader 4 for forex trading, the broker also enables its users to trade CFDs, stock, and cryptos. Currency trading is built around 3 base currencies - the Euro, the British Pound and the US Dollar.
Accessible worldwide, except in the USA, and a few other countries, FXTM has amassed a 2 million strong clientele. To ensure that every one of their clients gets as satisfied as possible, FXTM allows them to pick between the two types of accounts available - standard and ECN. These accounts come with varying limits, capabilities, and fees. They don’t charge commissions on standard accounts but when they do, it’s only on opening positions. Also, there are absolutely no deposit fees.
2# Plus500
If you’re a fan of football, the name Plus500 probably sounds familiar. You must have seen it front and center on Atletico Madrid shirts in the Spanish La Liga, both companies have had a partnership since 2015. They are also sponsors of BSC Youngboys in Switzerland, Atalanta B.C. in the Italian Serie A, and Legia Warsaw in the Polish league.
Run since 2008, by a publicly-traded FTSE 250 holding company in the UK, Plus 500 is licensed and regulated by the UK Financial Conduct Authority, Cyprus Securities Exchange Commission and even here in Asia, by the Monetary Authority of Singapore. Operating across 50 countries, the broker provides an exciting number of assets and commodities for traders on the platform to trade commission-free, using its proprietary trading software - WebTrader. Trade execution is fast and traders can access leverage of up to 300:1.
They have over 22 million Individual users, who have traded in excess of $800 billion between them.
3# XTB
Affiliated with well-decorated football coach Jose Mourinho, XTB is one of the biggest forex brokers in the world. With offices in over 13 countries, they run a truly global forex trade brokering service based on their web-based flagship software - xStation 5. They also provide access to MetaTrader 4. They are fully licensed by several of the highest-ranking regulatory agencies. These include the Financial Conduct Authority, Poland’s KNF, and the Cyprus Securities Exchange Commission along with many others.
Over more than 15 years in the business, they have amassed a clientele of over 447,000 traders to whom they’ve provided nothing but stellar brokerage services. With one of the best trade execution speeds in the business and multiple educational tools to guide users, they ensure that their clients are best equipped to make the best use of the more than 2,000 instruments listed on their platform.
They’ve won multiple awards over the years, most recently awards for Best Forex Broker for Low Costs and Best NDD Forex Broker by Investopedia and the Online Personal Wealth Awards respectively, in 2021.
4# IG
The oldest Forex brokerage on this list, IG Group, the parent company of IG Forex, was founded in 1974. The company is licensed and regulated by multiple regulators and is even listed on the London Stock Exchange. Over their 48 years of operation, they have built a reputation for extraordinary service and professionalism, in accordance with the FX Global Code of Conduct. As one would expect of a company of this age, they offer an impressive slew of trading platforms for their clients to trade on - from MetaTrader 4 to L2 Dealer, ProRealTime, web platforms and mobile apps.
To their over 313,000 active clients worldwide, they provide 80 currency pairs. A number which, in relation to what is offered by most newer platforms, is truly extraordinary. Spot trading with the broker can be supported with leverage and have low spreads. But, not only that, to help their clients make the most of their capital, they provide risk management methods which include stop-loss and take-profit features. Finally, premium account holders can get personal account managers to guide them as necessary.
5# OctaFX
OctaFX is another globally acclaimed forex broker. In a market where volatility is the order of the day, OctaFX has built its unique selling point around offering low spreads, and this has helped shore up its user base around the world. Like most of the brokers on this list, it supports MT4. But it also supports MT5 and cTrader also.
Closing statement
The forex market is as profitable as it is volatile. Every day, it helps millions around the world to create wealth. However, to get the best of it, one needs to use the right trading platform. So, before picking a trading partner, research their offers and features and ensure that you pick one that’s most aligned to your needs.
If you want an all-around experience - excellent technical assistance, interface, and the best returns, your best bet is MTrading. Founded in 2012, it provides traders with free access to download MT4, where they can access the MT4 Supreme Edition and Multiterminal variants for an essentially enhanced and seamless trading experience. Endorsed by VMT, the speed and quality of execution on trades done on MTrading not only satisfies industry standards but is of the highest standard.