The best information we offer you is found in our in-depth reviews of the best forex broker 2021 we cover. But first, we have a comparison of their best offerings. From one of the most decorated brokers to the one offering 10,000 instruments, we have choices that include some of the top forex brokers in the world. You get to pick what you like, based on what they offer. In this comparison, we look at all the best features a broker should have. In the tables provided, you will see how they stack up against each other when it comes to platforms, investor protections, regulations, platforms offered, trading fees, and tradable instruments available. Find out which one is best suited for your needs and then check out the in-depth review, to get the full picture.
|FP Markets||IC Markets||XM||AxiTrader||FxPro||Admiral|
FP Markets has one of the most diverse markets you will ever see anywhere. With over 10,000 instruments offered across six asset classes, there is something here for everyone. The broker is regulated by Tier-1 agencies that include CySEC and ASIC.
Truly, they are one of the best forex broker companies anywhere.
They have ECN provisions for those clients who want to access the market directly and play in the best liquidity pools. If you like Direct Market Access (DMA) trading, this broker has you covered.
As one of the top forex brokers, they have an excellent customer service team that will take care of all your needs. With an education section that is one of the best in the market, you will find there is nothing they do not offer here.
The only problem you may encounter is in making the decision about which market to get into. With so many markets, you might find it hard to select which ones you might be trading in. However, that should not be a problem because, as a rule of thumb, you should trade in the markets that you understand fully.
Here are some of the best things you will get offered when you are on this broker:
When you want to get signed on to a broker, you need to look at how secure your funds will be. FP Markets is a safe broker because they have access to top-level liquidity pools, are authorized by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC).
They have segregation of client funds and are backed by top tier financial institutions.
As we mentioned earlier, the broker offers a vast tradable catalog that you can peruse to find the one that fits your needs. The more than 10,000 instruments allow any trader who has specialized in any of the markets, to find something that is suitable for them.
When you are trading, you need to find an account that is suited to your needs. That is why they have so many accounts for their clients, over at FP Markets. Beginning with the Standard MT4 and Standard MT5 accounts, any client will find one of them suited to their needs.
You will either get the Standard MT5 or MT4 or the RAW MT4 and MT5. Their platforms are not limited to MetaTrader. They have IRESS accounts, too, classified as Standard, Platinum, and Premier.
You can access everything you need from your desktop, Webtrader, or phone. The features are great, and the executions speed fast.
There is a lot more about FP Markets that clients will like. When comparing them with the other brokers on this list, you will find that they offer features most clients are always looking for.
As you get into it, you should expect to have:
You will find out that there is a lot more you can do when you have these tools at your disposal.
Research is provided by FP Markets on their Traders Hub Blog. They make weekly analysis videos that you can find on their YouTube channel.
There is a lot more in terms of videos here than with most other brokers, except maybe for Admiral Markets.
In terms of education, this broker stands heads and shoulders above their peers because they ensure you are covered. With eBooks, articles, and video tutorials, every base has something.
Overall, we can say that FP Markets experience is excellent. Most of the things you need are all here with great commission-based and commission-free accounts to choose from.
Clocking in with fewer instruments than FP Markets, IC Markets still manages to be among the best forex brokers you will see. With their small offering of less than 236 financial instruments across six asset classes, they may not be a thousand-market force, but what they do offer is presented well.
Presently, they are regulated by ASIC (the Australian Securities and Exchange Commission), CySEC (the Cyprus Securities and Exchange Commission) and FSA (the Seychelles Financial Services Authority.)
With around three core trading accounts, it is clear that IC Markets likes to keep a clean house. New traders in the market will not have too many choices that may confuse them. This broker seems to be the perfect place for a beginner to cut their teeth.
Their spreads start from 0 pips on the RAW Spread accounts with commissions included. For commission-free trading, you will need to get the Standard Account. If you want to learn, they have a demo account.
Let’s look at some of the highlights of IC Markets:
The best things a high-volume trader and scalpers like are fast execution speeds and access to great liquidity pools. IC Markets offers both. You will get your order filled exactly when you make it.
IC markets are designed to be great for both pro traders and beginners.
The Equinix Datacenter in New York houses IC Markets servers. They process more than half a million trades daily, on average. This means that you will be able to get some of the fastest speeds in the market.
If you wish to have access to the kind of liquidity that is only accessible to institutional traders, IC Markets is the place to be. When you have access to this kind of liquidity, you get the best prices available and make trades in volumes that would be unheard of on any other level.
When you are a client of IC Markets, you will be able to rest easy because your funds are in tier 1 banks like National Australia Bank and Westpac Banking Corporation. In addition to that, they are a member of the Australian Financial Complaints Authority.
What this means for a client is that your issues will be dealt with properly. They do not stop here. Their audits are done by external firms that ensure IC Markets comply with every law that governs brokers.
IC Markets is one of the few brokers with cTrader. It is a relatively new platform, but it is one of the best forex trading platforms we have ever seen. It has extra features, a clean and simple interface that lets you access everything and great indicators.
With cTrader, you will be able to take your game to the next level, including the use of Algo-trading. The only thing you can complain about would be that it is not very well known and might not be the same as MetaTrader, which is more popular and accessible.
Would you like to scalp, hedge, and trade with no minimum order distance with a freeze level of zero? Well, IC Markets is the place you want to be. As it stands, their cTrader accounts will provide you with unrestricted trading styles any trader would like to have.
When you are trying to get your game up, you will need to learn from some of the best. That is why IC Markets offers you access to integrate with MyFXbook and ZuluTrade so that you can copy some of your favorite traders and learn how they do this to be as good as they are.
Features like these, are what make IC Markets one of the top forex brokers.
XM is one of the best forex brokers with a presence on almost every continent. They have a global presence because of how accessible their platform is. With a low 5-dollar minimum requirement to get an account, anyone can be a trader on XM, if they have the expertise it takes to make great trades.
With regulations done by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC) and the International Financial Services Commission of Belize (IFSC), you have nothing to worry about when it comes to safety.
The broker has several asset classes that they offer you. The platforms are MT4 and MT5 only, though. Compared with other brokers with the same reach, it feels like they could add some of the best forex trading platforms like cTrader or IRESS. They have the Zero account, which is almost like ECN, for those who like to get no requotes.
In comparison with the other brokers we have reviewed on this list, XM only pales compared to FP Markets. The other brokers have solid offerings on their accounts, but they are not as high as the 1000 markets that XM offers.
The best thing about having such diversity and choices is that you get to have a great experience based on spreading out your capital over several markets.
The best thing about a broker is safety. If you know that your money is safe and that no one is defrauding you, you can trade with peace. That is why XM is such a great place to trade. They have client protections that include negative balance protection, holding client funds in segregated bank accounts, and are a member of the Investor Compensation Fund organization.
This puts them in the unique position of safety that all clients would like. The protections we have mentioned are not the only ones. On the XM website, they mention about 15 different measures in place to make sure that XM is trustworthy, compliant, and safe for clients.
XM offers its clients an app that is developed by the company. The app is an augmentation of the MetaTrader mobile app, which you can get from the Play Store or App Store. The app will help you manage your account, withdrawals, deposits, updates on market analysis and news releases, and FX signals.
The app can also allow you to access MT4 and MT5 directly if you wish to do so. You can use it to trade through MetaTrader as well.
If you are not very familiar with MetaTrader, you will be glad to know that XM has many videos and walkthrough tutorials that will explain which functions do what. You will not have any problem navigating around the platform. Most beginners would benefit from something like this, and the theory part of the education offered on XM.
You will be offered access to some very cool tools when you are on XM. The toolkit contains algorithm-based indicators and other great aids. You can use them on MT4 or MT5. They include; Avramis River Indicator, Avramis Ribbon Indicator, Avramis Ichimoku indicator, Avramis Bollinger Bands Indicator, Avramis ADX, and PSAR indicator.
If you have a live XM account, you will also have the pleasure of accessing their free signals, provided by Avramis Despotis. You can access the signals through your app as well. All these features are here for you to use in making your trades better. It also cements XM’s reputation as one of the top forex brokers.
With servers in New York, AxiTrader’s executions speeds are some of the highest among the brokers we have reviewed. They are regulated by the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Dubai Financial Services Authority (DFSA), certifiably making them one of the best forex brokers in the business.
You do not have to worry about the diversity of markets or accounts as they provide great options with their Standard and Pro accounts.
In general, they have low trading fees, and commissions charged (where applicable) are normal.
There is an issue with regulation you should be aware of, regarding the licensing issues that AxiCorp is facing.
As of July 29th, 2019, the FMA (New Zealand’s Financial Markets Authority), suspended the derivative issuer license for AxiCorp Financial Services Pty LTD. The regulator cited violations of the Financial Markets Conduct Act of 2013 on four counts. In January 2020, ASIC, the Australian regulator, also revoked AxiCorp’s license, citing that the company did not comply with the regulatory demands. Until they meet these demands, their licenses shall remain revoked.
Aside from this, they have great offers for international clients who are not affected by the license issues. AxiTrader still remains one of the top forex brokers in the business.
In case they go insolvent, you should know that clients of AxiTrader can be protected. There is a compensation fund with protection levels of up to €20,000 for every client. Not many brokers have such a plan in place. The fact that they have this shows that their troubles with regulation are only short-lived and will soon be resolved.
When you are on AxiTrader, you will have several account types to choose from. They have accounts for individuals, joint accounts for two or more people, and a corporate account option for legally recognized entities. The accounts are further classified in terms of features. These include Standard, Pro, and Spread betting account.
Although it is only available to clients in the UK, the Spread Betting account is something that you will not see being offered by other brokers on this list because of restrictions in other countries. There is a lot to like about the spread betting account.
Besides allowing you to speculate on several markets by betting on the spreads, you will also not have to pay taxes for your earnings. That alone, makes this one of the best forex trading platforms for UK clients.
When you are a new trader in the market, you need to know that you can learn as you go. This is best done by getting the best education. However, you can augment your education with the use of a copy or social account.
These accounts allow you to examine the trades executed by other traders who re experts in the field. They have better strategies, and you can learn from what they do and be like them. It is an exciting opportunity offered by AxiTrader for its customers.
This enigmatic name refers to the leading analytics platform offered by AxiTrader. It is powered by machine learning and AI to make sure that you can become profitable in the shortest time ever.
It uses your data to identify strengths and weaknesses so that you can course-correct and trade in even better ways. The PsyQuation program is great because when you have a high score on it, you will be picked for a program run by the broker.
This program is great because it gives you additional funding to further your skills and trade proficiency. With such tools, it is easy to see why AxiTrader remains one of the top forex brokers.
FxPro has the highest trust rating of all the brokers we have reviewed. They are a global force to be reckoned with. With the capacity to execute over 250,000 orders in a day at a rate of 7,000 per second, they prove that they have the capability and infrastructure to handle everything. They are one of the most awarded broker companies in the world, and one of the best forex brokers available today. With sponsorships for the McLaren F1 team and Yacht de Monaco, they are a company with prestige written all over them.
They have opened up offices in major cities around the world. They offer both true ECN and dealing desk options. You get to pick what you would like. The variants in terms of trading costs can be commission-based or commission-free. You get to choose what is best for you.
With multiple crows as the best forex broker in the world, FxPro has proven that you can do it all. The best things to enjoy about this company include:
Every major regulatory agency oversees FxPro. It is unheard of for a broker to have licenses almost everywhere, but FxPro has done it. Some of the authorities that oversee FxPro are:
With all these agencies, it is easy to see why they are among the most trusted brokers in the market. You can rest assured that they have a way for anyone in any jurisdiction to trade.
Because bodies with different rules oversee every jurisdiction, it is not hard to see why FxPro would want to cater to everyone. Before you sign up, you need to see which one of the subsidiaries, applies where you live, geographically.
The subsidiaries are:
So, if you are under CySEC, you will be signing up with FxPro Financial Services Ltd and so forth. This makes sure that they can take clients from almost anywhere in the world.
You will be able to trade in just about any market you would like. The stocks, especially, are impressive. They include names like; AT&T, Ab&Fitch, Adidas, BTelecom, Boeing, AirbusGr, Barclays, Bayer, CocaCola, ExxonMobil, Facebook, FedEx, GlaxoSmithK, GoldmSachs, Google, Loreal, Motorola, PUMA, PapaJohns, Peugeot, WellFargo, Renault and many more.
In terms of instruments, you will have over 70 forex pairs to trade, over 20 futures, seven metals, more than 150 stocks, and over 24 spot market indices. Diversification of your capital will not be a problem when you are signed up with FxPro.
When you are on FxPro, you will be able to have access to the FxPro Edge platform. With it, you can participate in the UK’s spread betting markets. The best part of it is that you do not have to pay taxes on your earnings, and the spreads are very competitive. They do not just provide the best forex trading platforms, they also have this unique offering.
FxPro is the best for a reason. They make sure that they have everything covered. From competitive spreads to great platforms (including cTrader), the clients have everything at their disposal.
You will have the FxPro Direct App, which is a great way to access your account from your phone, make changes when you need to, and stay up to date on the news in the market and all events.
FxPro has over 70 awards won in almost every category of forex. The awards are a testament to their position as one of the top forex brokers and how much you will be able to gain from doing business with them.
Admiral Markets has the benefit of being one of the earliest brokers ever to offer retail forex traders access to the market. They have been in operation since 2001. That is a long time to be in the business, and it shows.
You can tell just from the website. As you log in, you can see from the provision of great educational content that they take their role as one of the best forex brokers in the world, very seriously.
Four major authorities regulate them across many countries. The regulatory bodies include the Australian Securities and Investments Commission (ASIC), the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Estonian Financial Supervision Authority (EFSA).
With more than 5000 tradable instruments offered, they cover everything from forex pairs to metals.
These instruments cover all major asset classes and include ECN forex.
When it comes to investor protections, Admiral Markets does not stop at compliance with the bodies that govern them. They go above and beyond to ensure that all of the clients are well taken care of.
These measures are just some of the ones you will find when dealing with Admiral Markets:
When it comes to protecting their clients, Admiral Markets is not rivaled by the other brokers.
There is a lot to like about the markets you will be offered when you are on Admiral Markets. They start with 500 ETFs, 47 forex pairs, 19 indices, 4350 shares, 11 commodities, two bonds, and 32 cryptos.
There is a lot of opportunity for someone with a lot of capital to invest in multiple markets to rely on one market to make returns. With the best forex trading platform, you can join Admiral Markets and make great trades.
Some of the brokers on this list offer just two accounts. That is not a great way to do business. When you are on Admiral Markets, there are options for MT4 and MT5 clients. On MT4, you will have access to Admiral Markets Trade.MT4 and Admiral Markets Zero.MT4.
On MT5, you have three different choices that include trade.MT5, Invest.MT5 and Zero.MT5
With these accounts, you will have all the choices anyone would like to have. That way, you are not limited in what you do or offered too much to handle.
There is always a lot to learn, and staying updated is the best way to meet the challenges that face many traders. That is why so many traders will like the following tools provided by the broker:
When it comes to education, Admiral Markets shines. They have the highest number of articles because they number in the thousands. This is all in a bid to make sure that the traders learn as much as they can, to be dominating traders in the market with great stats. Admiral Markets is one of the top forex brokers in the market because they have everything under one roof.
Our summary of the broker reviews we have is the work of many analysts who look through the information provided, to verify it. We take the time to cross-check everything so that we can deliver useful and great content to you.
Our main areas of focus for these reviews are:
It does not stop there. Our checklist has to look at other smaller details like awards, any discrepancies that exist in the information provided and confirm that what is claimed by the brokers, is true.
As you will come to find out, there is always something new to be learned when you look deeper into the details.
We hope that these reviews will be illuminating and help you make the best decisions about the broker you would like to have in your corner.