Best Forex Trading Brokers in 2021

How do you find the best online forex broker? Our reviews will not only show you how to find the right forex broker, but also which companies stand out from the crowd and why.

Markets.com Logo

Markets.com

5
Skilling Logo

Skilling

4.6
avatrade logo

Avatrade

4.5
easyMarkets logo

easyMarkets

4.5
Plus500 Logo

Plus500

4.5
Trade.com Logo

Trade.com

4.5
eToro logo

eToro

4.2

Best Broker if You’re New to Forex Trading

Everyone needs a helping hand when they trade forex online for the first time. With one of our top picks, you’ll get more than a helping hand.

eToro

eToro is an online forex broker that actively guides you through the trading process. Through a system known as social trading, you can follow professionals. When you do this, eToro’s copy feature will automatically match your trades with theirs. This means you can make the same moves a pro but at a cost that suits you.

Forex is the biggest trading market in the world. Our team has decades’ worth of experience in this area and know the value of tight spreads, leverages and currency pairs. Below, we shall highlight some of the best Forex Brokers for different types of tradable instruments.

Skilling

As well as a free demo account, Skilling allows you to trade more than 70 currency pairs for real money. Members can use Skilling Trader, the company’s proprietary platform. Alternatively, you can use Skilling cTrader or MetaTrader 4 to execute trades with spreads as low as 0.1 pips.  

Best Broker for Trading Stocks and Forex Trading

With many of the largest companies in the world selling shares on the open market, you need an online broker that gives you easy access to all the top-performing stocks, but also offers currency pairs.

easyMarkets

easyMarkets was founded as a forex trading platform back in 2001, and since than has become one of the most established and experienced trading platforms on the market. Beyond forex they offer more than 200 assets for fixed spread trading, including CFDs and cryptocurrencies.

Best Broker for Cryptocurrency Trading

To be the best cryptocurrency broker online, you need to offer a wide range of tokens and something other exchanges can’t. Our top pick does that.

AvaTrade

AvaTrade is ideal for crypto trading because it covers the major coins, such as Bitcoin, Ripple, Litecoin, NEO, EOS, Stellar Lumens as well as some derived currencies, like Bitcoin Cash and Bitcoin Gold. What’s more, AvaTrade also allows you to trade cryptocurrencies against Fiat currencies (USD, EUR, JPY, etc), unlike a lot of cryptocurrency brokers out there.

Best Broker for Trading CFDs and Forex

CFD trading is all about flexibility and reacting to market movements. As such, you need a broker that provides acute insights and instant trades, but of course also offers forex trading.

Markets.com

Markets.com offers one of the best desktop and trading platforms out there. Trades are fulfilled almost instantly, which means you never miss a good opportunity. Additionally, you can access real-time market data, charts, daily updates and advanced trading strategies.

What do Online Forex Brokers do?

Online brokers are a gateway to the trading world. They’re an intermediary between you and the financial markets. Before the internet, anyone that wanted to trade forex would have to find a broker and phone in their requests. The broker would then use their connections to the financial world and interface with exchanges to make investments on their client’s behalf. 

Online forex brokers do the same thing but in a more efficient way. Instead of speaking to one person over the phone, modern trading technology provides an indirect link between you and the financial markets. We call this an indirect link because you’re not dealing directly with the entity selling the financial instrument. However, you can see what’s available. 

Therefore, it’s almost a direct link. But you need the forex broker, i.e. the online brokerage’s software, to facilitate the transaction. Therefore, the broker is still an intermediary. Even so, everything is more open and direct than it once was. In turn, this means you can access more trading options and pay lower fees. Indeed, because a broker can facilitate thousands of trades per day, rather than a few dozen over the phone, they don’t need to charge as much per transaction to make a profit.

Why Do You Need an Online Forex Broker?

The main reason you need a broker is to access the financial markets. Without someone that’s authorised to buy and sell shares, you can’t execute trades. Another reason online brokers are important is that they provide a one-stop-shop. 

Even though some sites will specialise in one or two instruments, it’s often the case that the best online brokers cover everything from forex to ETFs. Before the internet, brokers didn’t have such a broad remit. This meant you had to shop around to trade different types of instruments. 

The final reason you need an online broker is that trades are carried out on a grand scale (i.e. multi-million dollar deals) and individuals can’t execute trades on the open market. An online broker bridges this gap and makes it possible for individuals with a small amount of capital to make investments. 

Again, this is because internet broker sites can execute thousands of trades per day. This gives them more capital and a better position in the market. Back when brokers worked with individuals over the phone, this wasn’t possible. Therefore, traders needed more money to invest. Today, you can use an online broker site and start trading with a relatively small amount of money.

Why Do You Need an Online Broker?

The main reason you need a broker is to access the financial markets. Without someone that’s authorised to buy and sell shares, you can’t execute trades. Another reason online brokers are important is that they provide a one-stop-shop. 

Even though some sites will specialise in one or two instruments, it’s often the case that the best online brokers cover everything from forex to ETFs. Before the internet, brokers didn’t have such a broad remit. This meant you had to shop around to trade different types of instruments. 

The final reason you need an online broker is that trades are carried out on a grand scale (i.e. multi-million dollar deals) and individuals can’t execute trades on the open market. An online broker bridges this gap and makes it possible for individuals with a small amount of capital to make investments. 

Again, this is because internet broker sites can execute thousands of trades per day. This gives them more capital and a better position in the market. Back when brokers worked with individuals over the phone, this wasn’t possible. Therefore, traders needed more money to invest. Today, you can use an online broker site and start trading with a relatively small amount of money.

How Do We Compare Forex Brokers?

We’re here to help you find the best online forex broker. Our experts have scoured the market and put the leading brands to the test. Here’s a quick insight into how we review the best online forex brokers.

1. We Look at the Investments Possibilities they Offer

To be considered a top broker, we need to see a wide variety of tradable assets, including forex, cryptos, stocks, ETFs, indices and CFDs.

2. We Analyse How High Its Commission and Fees Are

Fees are important. We not only look for low fees but how fees compare across assets to ensure you’re never paying over the odds.

3. We Try Out a Fprex Broker’s Trading Features and Tools

Access to hundreds of instruments is great but you need something to support your trades. Our picks have some of the best trading tools and stats, including advanced charts, daily wires, video tutorials and more.

4. We Check Educational Content Is Accurate

Not all educational content is created equal. We make sure the trading tools are not only high-quality but up-to-date.

5. We Make Sure They Offer Good Customer Support

You should never be alone when it comes to forex trading online. Any quality forex broker must have an accessible support team you can contact via phone, email and/or live chat.

6. We Download and Test their Mobile Trading App

We don’t just read the marketing material. To find out if a mobile trading app really works, we download it and test it for ourselves.

7. We Analyse their License

If an online forex broker isn’t regulated and safe, we won’t recommend it. We check the licencing credentials of every company to ensure it’s legit.

Conclusion

There are plenty of high-quality online forex trading sites out there. However, not all of them will be right for you. We’ve taken the hard work out of finding trusted brokers. Our picks are all legit and each review will show you the areas a platform excels so you can find the perfect broker.

Frequently asked questions

Many of the top brokers make money through spreads, which means the costs are built into the price of each trade.
You can switch online brokers by cashing out of one, creating an account at another and making a deposit. However, our top picks allow you to hold balances at multiple brokers at the same time.
Yes. We only recommend brokers that are licenced, regulated and reputable.