Which forex broker is the best?

Online forex brokers provide the best services available in the forex market. Many free services are offered as an incentive to prospective clients. Forex brokers create revenue through the trading volume of their clients. Successful clients continue to trade. It is in the best interest of the forex broker to provide top quality trading services.

Which Forex Broker Provides The Best Services?

Specialized forex services are sometimes provided by third party vendors. Some services, such as trade recommendations, may have to be purchased or rented from trading related retailers. Special charting and backtesting packages are available in different price ranges. Currency related websites often have a watered down version offered for free as an incentive to purchase the full package. Try all the free services before investing capital in a service that may not work for you.

Most brokers offer top-of-the-line analytical software packages. The currency trading industry offers the most advanced services of all financial assets. Forex dealers provide advanced charting packages with all the bells and whistles. Trial or demo accounts are offered by many brokers and some of these free packages can be used indefinitely. Different charting styles and indicator tools vary widely.

Economic announcements and political events should be of paramount importance to the forex trader. International currency news sources are provided by some forex brokers. Access to economic announcement calendars is another feature that a good forex broker might offer. High quality information services are free with some brokers and made available through third party vendors with others. Many of the best services in these areas are offered for free by currency related services.

Some charting software comes with proprietary technical signals provided by the broker. Brokers offer access to special indicators that could enhance the skill of the client. These indicators should be available in the demo account and the trader should examine what the broker has to offer. Some proprietary signals may have to be purchased through online vendors. Paying for too many services can compromise trading profits.

Fundamental reports or trading opinions are sometimes known as trade recommendations. Before using a signal providing service, be sure to check the historical track record. The trading results should be real and not from a backtesting program. Many currency related websites offer exceptionally good opinion related services for free.

Many of the best analytical services available offer software that is able to create and backtest systems. Most of these software packages will need to be purchased and are available in diverse price ranges. Cost is not always a sign of quality and some of the best programs are the least expensive. These kinds of services provide the technical education available to the forex trader. Developing your own trading system will enhance your trading skills.

Top Forex Broker Online Platforms

Here’s our top pick of the best brokers based on fees, usability, and more:

1. FOREX.com
   Best Overall
2. CedarFX
   Best for Low Fees
3. IG Group
   Best Premium Service
4. Interactive Brokers
   Best Investment Selection
5. OANDA
   Best for Veteran Traders
6. TD Ameritrade
   Well-Rounded Platform for US Traders Only
7. Pepperstone
   Best for Tight Spreads
8. eToro
   Best for Copy Trading
9. Saxo Bank
   Best App and Web Platform
10. CMC Markets
    Best Budget Option

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Which forex broker has the best customer service?

After placing 300 phone calls to assess customer service from locations across the UK, XTB offered the best phone service. Connection times were consistently less than one minute and across 13 total calls, XTB received an average Net Promoter Score of 9.0 out of 10.

Methodology: To assess customer service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For the 2021 Review, 300 customer service tests were conducted over eight weeks. Ten unique templates were used with three questions being asked, on average, per call.

Which forex broker is best for professionals?

CMC Markets offers active traders liquidity rebates starting at $5 per million when you surpass at least $25 million in notional trading volumes per month, to as much as $10 per million for those that trade over $300 million monthly. This program in the UK is available only to Professional Clients. Using the average spread data of 0.74 pips on the EUR/USD for August 2020, the all-in cost on the highest tier would be 0.64 pips and is comparable to similar programs offered by IG (0.59 pips) and Saxo Bank (0.6 pips).

Professional client status: In today's highly regulated forex world, traders who want to maximize their margin leverage must apply and obtain ESMA's professional client status with their broker. Traders designated as Professionals in the EU do not receive negative balance protection and other consumer safety mechanisms such as eligibility for compensation schemes in the event of their broker’s insolvency.

Methodology: We broke down each forex broker's active trading program to assess brokers for professional trading, comparing available rebates, tiers, and all-in costs. Alongside pricing, each broker's trading platform was tested for available advanced trading tools frequently used by professionals.

Related: Forex where to start

How do I choose a forex broker?

Here are three of the most important factors to keep in mind when choosing an online broker for forex trading.

1. 1. First, make sure your broker is properly licensed and regulated. The safety of your deposit is always the top priority.
2. 2. Next, compare the account offerings, trading platforms, tools, and investment research provided by each broker.
3. 3. Finally, read detailed forex broker reviews to compare pricing and product offerings (e.g., number of forex pairs and CFDs available to trade) to find what is most important to your forex trading and investment needs.

How do I know if my forex broker is regulated?

It is crucial to use a well-known, properly regulated broker to avoid forex scams. To check if your forex broker is regulated, first identify the register number from the disclosure text at the bottom of the broker's homepage. Next, look up the firm on the regulator's website to validate the register number. If the broker is not regulated in your country, do more research. To help traders, we track, rate, and rank forex brokers across over 20 international regulators.

What's the difference between a dealing-desk and an agency broker?

If a forex broker is operating as a dealer, also known as dealing-desk, they will be on the other side of their client's trades. If a forex broker is not on the other side of their client's trades, they will be acting as an agent (agency broker) by routing the trade on to another dealer.

There are also hybrid-desks, which may operate as a dealing-desk and agency. Lastly, matched-principals are dealers who immediately hedge their trades to remove any potential conflict of interest.

How do I calculate forex trading costs?

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

Who controls forex market:

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