TradingCentral for extra charting and Reuters for news services and market research are also available. If your trading strategy favors scalping, however, NinjaTrader 8 may be the better bet. In addition to depth of market views, the trading platform offers trading directly from charts, one-click trading, simultaneous orders across accounts and cancellation at different prices. NinjaTrader also simplifies order entry with hotkeys and provides a range of order types, such as order-cancels-order OCO.

Used by over , users, this platform empowers you with top-notch charting and analysis. These indicators are supplemented with Market Analyzer, a feature unique to NinjaTrader that identifies opportunities in real-time. The platform does provide all the tools you need to build automations — and unlike MetaTrader 4, does not require EAs. Traders familiar with C can write their own automation script for custom indicators using NinjaScript, while those with less technical savvy have access to a point-and-click, no-code option.

com offers US forex traders a choice of two trading account types: Standard and MetaTrader 4. Both accounts carry no commission costs but also have limited trading platform options.

Specifically, US clients will need to choose between the Forex. com proprietary trading platform, MetaTrader 4 and NinjaTrader. US forex traders will want to consider the costs and fees associated with each account type before proceeding.

Commission and STP Pro accounts carry commission costs for each standard lot of thousand that apply when you open or close a position. That said, commission costs decrease the more you trade, in keeping with an account designed for professional traders.

com trading platforms and trading view. That means no MetaTrader 4 or TradingView. A straightforward trading environment, low commissions and a variety of platforms to suit every trading style make Forex. com a great broker for intermediate and advanced US forex traders looking for powerful analytics at an accessible price point. This uniquely American broker benefits from over 40 years of experience. Today, TD Ameritrade is one of the largest broker-dealer firms in the US, managing over 11 million trading accounts holding more than USD 1 trillion in assets and processing , orders on a daily basis.

Acquired by TD Ameritrade and the Charles Schwab Group in , thinkorswim — and its powerful INVESTools suite of solutions — now come standard with a TD Ameritrade investment account — and only a TD Ameritrade investment account. Similar to MetaTrader 4 with many of the same features, thinkorswim edges out the popular third-party platform with its addition of some attractive features, such as depth of market views.

Because when it comes to home-grown trading and analytics solutions, thinkorswim has the charts, calculators and EAs to support just about any trading strategy. Beginners looking to hone their online trading skills can trade virtually using the paperMoney simulator to practice, while more advanced forex traders using a rolling covered call option strategy can automate the management of covered calls using the Strategy Roller tool.

Meanwhile, algorithmic traders have access to over technical studies on which to base an automated trading strategy via thinkScript. An ideal broker for US-based traders hoping to manage a comprehensive portfolio, TD Ameritrade offers access to a wide range of trading products and markets.

The broker offers a reasonable portfolio of tradable assets, together with standard analysis, charting and market research tools. Interactive Brokers, more often known as IBKR, wins out over other platforms for on-the-go trading with a mobile app designed to make trading from a smartphone or tablet as accessible as a web app or desktop. Though perhaps better known to US-based forex traders for its stock and exchange-traded funds ETFs offerings, the IBKR Mobile platform also allows US clients to trade options, futures and other non-forex products across over financial markets.

Unlike some mobile app editions of popular trading platforms, IBKR Mobile has the handheld user experience built-in from the ground up. Block Trading Desk helps money managers who need to execute large orders at the best prices. Impact Dashboard helps you identify which stocks are best for Environmental, social and governance ESG trading. The interactive Order Entry Wheel uses a similar drag-and-drop interface to allow futures traders to easily open positions for a variety of instruments.

For those concerned about the security risks associated with trading primarily via smartphone or tablet, IBKR mobile provides multiple layers of security, including two-factor identification and Face ID to protect your stored personal data, transaction records and credit card information.

Trader Workstation is Interactive Brokers most powerful trading platform which makes sense since this is the only platform you can download onto your Windows desktop. Research is available in the form of. FXTrader is an order management tool that aggregates quotes from 14 major interbank dealers.

GlobalTrader and Impact allow trading of stocks from 90 markets across the globe using your mobile. It is also suitable for crypto and funds trading. The impact is much the same but has an emphasis on sustainable stocks. IBKR stands out from other online forex brokers in a few ways that may make it more attractive to forex beginners and other, less experienced investors.

Rather than a Standard account, IBKR instead offers retail traders an account known as IBKR Lite, which operates on a commission basis. The broker does, however, have over currency pairs available for cross-pairing, as well as a wide range of bonds, stocks, options and futures. The broker has also invested heavily in developing a sentient data collection tool to monitor top traders on the platform and synthesize their behaviors into a broadly applicable trading strategy.

According to eToro, the highly-specific nature of the data collected allows it to provide beginner and intermediate traders with more accurate, useful sentient data. Being a specialist in social trading, of particular interest is CopyTrader and SmartTrader.

CopyTrader allows you to find, follow and copy other traders in the eToro network. Smart Trader is like copy trading with indices, with this feature trading baskets are created based on popular themes.

More experienced traders may find the platform lacking, however. In addition to the limited range of products eToro offers US account holders — only cryptocurrency, ETFs and stocks — the trading platform also lacks a desktop format or third-party integrations for more powerful platforms.

US clients of eToro accustomed to using MetaTrader 4 or MetaTrader 5 will be disappointed, in particular. Stocks and ETFs however are commission free. An excellent option for US forex traders new to day trading or specifically interested in crypto, eToro may disappoint more experienced traders or those hoping to build a diverse portfolio.

NADEX is the first financial services platform of its kind to be licensed by the Commodities Futures Trading Commission and the National Futures Association, making it the safest way for US-based forex traders to explore options contracts.

NADEX account holders can trade options and knockouts on either a mobile or desktop platforms for enhanced freedom and flexibility. Regardless of how and where they choose to trade, traders have access to identical features and tools,. US-based traders can open three different types of options contracts with NADEX: knockouts, call spreads, and binary options.

Pricing for the underlying instruments is based on COMEX and NYMEX futures. In the case of a binary option expiration where the trader is out of the money, NADEX charges no fee. Positions are capped for each of the three contract types: 2, for binary options, for call spreads and for knockouts. Traders interested in exploring options and other derivatives can trade with confidence on NADEX, secure in the knowledge that this broker carries the necessary licenses from US regulators.

Of all the US forex brokers we profiled, Trading. Like other newer brokers, Trading. A swipe and tap interface makes configuring your trading environment and opening positions less cumbersome than on other applications. Likewise, Trading. com has made a simple but key innovation: charts in landscape mode. Flipping the phone to landscape mode instantly enlarges charts, which makes tap-to-trade even faster.

The platform has the capacity for charts with time frames, as well as 80 technical analysis tools. Users have access to a curated marketplace of custom-built and off-the-shelf trading robots, but can also code their own expert advisors specifically for use on the platform.

Note, however, that trading bots and EAs written for use with MT4 will not transfer to MT5 due to a difference in the programming language. com offers US-based forex traders just one account type: the T1.

While the broker does not charge a commission on trades, it does act as a market-maker. Spreads are slightly wider as a result and start at 0. Leverage for major pairs tops out at for major pairs and for minor pairs in accordance with CFTC and NFA limits. The broker offers an excellent selection of forex pairs; 71 in total, including all major currency pairs, minor currency pairs and exotics. com makes opening an account simple and speedy for a hassle-free experience. An excellent option for US forex traders looking for low trading costs, tights and a powerful platform to support technical trading strategies.

Here are the top 10 brokers by forex and CFD trading volume according to data compiled by Finance Magnates during the third quarter of data excludes Japan due to the abnormally high trading volumes known to come from Japanese brokers :. CMC Market's Next Generation platform comes with a massive selection of nearly 10, tradeable instruments.

It delivers a terrific user experience, as well as advanced tools, comprehensive market research, and an excellent mobile app. Hands down, the CMC Markets Next Generation trading platform is a market leader that will impress even the pickiest of traders.

The new Dynamic Trading tool allows you to place multiple trades simultaneously, which was a nice innovation by CMC Markets this year. If you're a fan of mobile platforms — or trading forex on the go — see our picks for best forex trading apps here. What do you value most in a forex broker? Maybe you want to trade forex on the go.

You might be looking for the most cost-effective forex brokers. Or maybe you are a beginner forex trader who is just getting started. With a wide range of forex brokers comes a wide variety of features and specialties. IG offers the most tradeable CFDs in the industry, 19, CFDs, or "contracts for difference," enable traders to speculate whether the price of a stock, forex pair, market index, or commodity will go up or down without taking ownership of the underlying asset.

Alongside nearly 10, CFDs, CMC Markets offers the most tradeable currency pairs, with pairs that can be quoted both ways i. As a highly-trusted and regulated global brand, Interactive Brokers IBKR provides everything professional traders might need, from advanced trading tools and platform features to competitive pricing across a wide variety of markets, as well as connectivity to over global exchanges.

In addition to competitive spreads and low commission-based pricing for forex, Interactive Brokers provides more third-party research than any other broker. Interactive Brokers continues to innovate its platform offering, such as with its new Impact app for environmental, social, and governance ESG investing, alongside the related Impact dashboard available in its Trader Workstation TWS desktop and WebTrader platforms.

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 a broker's insolvency.

To determine the best forex brokers for professional traders, we broke down each broker's active trading program, and compared all available rebates, tiers, and all-in costs. Trading platforms were then tested for the quality and availability of advanced trading tools frequently used by professionals.

Here are three of the most important factors to keep in mind when choosing an online broker for forex trading. Not sure how to go about choosing a forex broker?

Check out our Forex Broker Compare Tool to compare dozens of the biggest forex brokers in the industry and analyze their top tools and features. Our Compare Tool is fed by data gathered by our expert researchers for our forex broker reviews , so you can feel confident you have the most up-to-date information at your fingertips. To see an intuitive, comprehensive list of highly regarded regulatory agencies, check out our Trust Score page.

Also, be sure to check out our in-depth reviews of forex brokers — we detail the regulatory status of each individual forex broker across the international forex landscape.

Here are the Overall rankings for the 39 online brokers who participated in our Annual Review, sorted by Overall ranking. Was this helpful? Yes or No. At ForexBrokers. com, our evaluations of online brokers and their products and services are based on our collected quantitative data as well as the qualitative observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the online forex brokerage industry, and we evaluate dozens of international regulator agencies click here to learn about how we calculate Trust Score.

We test all available trading platforms for each broker — whether they are proprietary or come from third-party providers — and evaluate them based on a host of data-driven variables. All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running macOS Ultimately, our rigorous data validation process yields an error rate of less than.

For a full explanation and accounting of our research and testing process, please click here to learn more about how we test. There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.

Read more on forex trading risks. Steven Hatzakis is the Global Director of Research for ForexBrokers. Steven previously served as an Editor for Finance Magnates, where he authored over 1, published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U. as a Commodity Trading Advisor CTA.

Blain Reinkensmeyer has 20 years of trading experience with over 2, trades placed during that time. He heads research for all U. com and is respected by executives as the leading expert covering the online broker industry. John Bringans is the Senior Editor of ForexBrokers. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets.

Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers. They have intuitive user-interfaces along with a vast array of built-in trading tools for conducting in-depth market analysis. Just like with other brokers who provide these platforms, you can further improve their possibilities with plenty of innovative add-ons available.

IC Markets implements over 50 liquidity providers LPs which allows traders of all levels to trade on institutional grade liquidity with no dealing desk interference from a diverse range of large LPs such as investment banks, hedge funds and dark pools venues. The broker has a great selection of additional trading tools such as trading signals, economic calendars, market analysis, price alerts, technical indicators, market data, free VPS and more. They also offer a range of educational materials including trading guides and video tutorials for traders of all experience levels.

I think IC Markets are one of the best brokers for anyone who is looking to day trade and use scalping systems. This is because I find them to have some of the lowest overall costs when you consider the spreads and commission fees. The powerful technology that they implement within their platforms mean that you can get your trades executed at the prices you expect.

XM Group are easily one of our top choices when it comes to the best trading platform. They offer traders across the globe a large range of trading instruments including Forex, Commodities , Cryptocurrency, Stocks , Shares, Indices, Metals, Energies and CFDs.

Whatever your interests, there is something for everyone to trade and build a diversified portfolio. There is a platform to suit all types of trading strategy and traders of all experience levels. The platforms are versatile as they can be used on desktop, web and mobile devices iOS and Android. This means you can seamlessly access your account when and where you need to. These tools can help to quickly and easily perform technical analysis across multiple markets to identify possible trading opportunities and assist with making informed decisions.

The broker has won multiple awards for their trading services which is a testament to the quality that they deliver with very competitive pricing. The platforms have a no-requote policy, tight spreads, fast execution speeds and reasonable commission fees. They have a good selection of powerful trading platforms and robust trading tools for comprehensive market analysis. JFD Brokers let you trade on a great selection of flexible and powerful trading platforms.

You can opt to trade on the popular MetaTrader 4 MT4 and MetaTrader 5 MT5 platforms. They also offer the intuitive third-party Guidants platform which is equipped with an abundance of custom add-ons and indicators. All of these platforms can give you comprehensive market access via user-friendly interfaces.

NinjaTrader Group, LLC together with its subsidiaries provides award winning trading software and brokerage services to active traders. They are an industry leading trading platform and futures broker with all of the resources you need to trade multiple financial instruments with relative ease.

The platform is always free to use for advanced charting, backtesting and trade simulation. In addition to their fantastic proprietary platform, NinjaTrader supports both Continuum powered by CQG and Rithmic for live futures trading.

Zacks Trade is a USA broker offering day traders a selection of powerful platforms, comprehensive tools and market insights to ensure a professional trading experience in a retail environment. I was impressed with the robustness of each trading platform. Not only are they easy to use, they are also fully loaded with all of the tools and features you need for conducting professional market research. You can seamlessly switch between the platforms and customise the interfaces to be as simplistic or complex as you need them to be.

Lightspeed offers active and professional traders highly accurate market data, complex order management, fast executions, and over routing destinations for trading stocks, ETFs, futures and options. They have a great selection of powerful and intuitive trading platforms for you to choose from. The robust trading software is highly customisable, allowing you to see key information in real time with low latency. There are five primary trading platforms to choose, each platform coming with its own unique benefits.

All of the platforms enable you to trade options and equities with user-friendly navigation and plenty of tools. Whether you are an active or professional trader, institution or hedge fund, you can opt for the platform that is most suited to your needs and try them out on demo to begin with if need be. When it comes to trading platforms, it is hard to beat AMP Futures.

There are platforms suitable for beginners and platforms for professional traders who run demanding strategies and need access to the best tools and connectivity in the market. Here you will find our best trading platforms, based on thousands of hours of extensive research, testing and analysis across hundreds of brokers.

Upon conclusion of each of our broker reviews , we have assigned each trading platform with a rating. Some of the most important factors that contribute towards a good platform for trading and investing online have been considered including the features and functionality.

We have carefully examined things such as the financial instruments, tools, fees, usability, education, versatility, funding options, regulation, customer service and more. Each of our chosen trading and investing platforms have undergone and passed our stringent broker reviews with flying colours, based on what we consider to be amongst the most important considerations when choosing a platform for trading online.

These platforms are well-established within the online brokerage industry, providing top trading conditions to traders and investors of all experience levels.

Having the best platforms according to our findings listed in one place, can help you save time when looking for the best trading platform for your own individual needs.

Richard Montana Richard has many years of experience in broker research, testing, analysis and reviews. He knows what to look for through years of trading himself with different brokers and listening to the feedback of others. For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker.

This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.

Forex brokers should offer everything traders need to ensure excellent and secure trading. However, there are often reports about potential fraud related to forex broker behavior. Therefore it is crucial to check in detail what forex broker to choose.

In addition, traders want to save money by using a forex broker with low commissions to maximize profit. Also, the security of funds has a high priority, so the location of the money is something to consider. Finally, details about regulation and fraud prevention are two key aspects that help forex traders to make well-informed decisions by choosing the best forex broker and trading platform.

Leading regulators are the CFTC USA , CySEC Cyprus , FCA Great Brian , and BaFin Germany. See Also: Best Forex Trading Courses. A forex broker mediates between the investor and the interbank market for currencies. In addition, a forex broker typically borrows money from the forex trader to enable him to trade with high leverage.

There are two main brokerage types across the forex brokerage business:. An ECN broker gives the client direct access to the currency market via the electronic communications networks, the so-called ECNs.

An ECN broker has no dealing desk NDD , which means that the ECN broker does not work with market makers. The client order who uses an ECN broker gets directly routed to the inter-banking system via various liquidity providers like banks. The benefit of this model is that the client sees and gets real market prices without any conflict of interest between the bank and the trader. The ECN broker charges a commission to refinance their business. The market maker broker is a bit different.

A market maker forex broker hast collects the client orders in a central place within the brokerage and matches the client orders among themselves. The broker can, but not necessarily does, secure client transactions on the real market. It is difficult for a trader to evaluate if the current bid ask spread is fair relative to the overall market. Another potential problem is that the market maker based forex broker increases the bid-ask spread to refinance the business activities. At the same time, the trader does not pay a commission per trade, but in many cases, the bid-ask spread uplift is more expensive relative to the commissions per trade.

Forex broker demo accounts are available with nearly every forex broker. Investors can open a free forex demo account with nearly any forex broker to practice trading with virtual money. This way, it is easy to test forex trading platforms, forex broker service and trading strategies without putting real money at risk.

Still, even though a demo account has so many benefits, investors often decide to directly start trading with real money since the entry barrier is that low in forex trading. Therefore, even if it is that tempting to open a forex broker account directly, it should really be considered to not trade with real money until money is made using a forex paper trading account. Laws are different from country to country, but no matter what, it is crucial that the forex broker of choice is well-regulated by one of the leading authorities.

Here is a list of regulatory authorities:. There are several traditional stock brokerage firms that now offer forex trading, but the forex broker market is largely dominated by online brokers that specialize in providing forex trading platforms.

Forex brokers vary widely in terms of trading costs, foreign exchange buy and sell bid-ask spreads, the amount of leverage offered, required minimum deposits, trading platforms, currency pairs, and whether they are regulated or unregulated. Opening an account with a forex broker is pretty much like opening an account with any other financial services or retail trading firm.

You simply have to create an account, provide your personal details — name, address, phone number, etc. With most brokers, you will also have to download their trading platform software to begin trading. For instance, if you have limited trading capital, then you may want a broker that offers very high leverage.

A list of the top forex brokers, well-established and highly popular, often includes the following firms: Oanda, IG, Forex. com, eToro, and TDAmeritrade. Among the firms most frequently recommended as best for beginner forex traders are IG and AvaTrade. Both of these brokers offer extensive forex trading educational resources on their website and have easy-to-use trading platforms. They are also recognized for providing excellent customer support and customer service.

Forex trading in the United States is strictly regulated by both the Commodity Futures Trading Commission CFTC and the National Futures Association NFA.

The top forex brokerage firms that operate in the US include IG, TD Ameritrade, Forex. com, and Interactive Brokers. Forex traders in Australia have a number of well-established and respected brokers to choose from. For traders who use a scalping trading strategy — opening and closing trades within a very short time frame — the best forex broker is one that offers a reliable trading platform and rapid trade execution.

Low transaction costs are also important. Some of the best forex brokers for scalping are Pepperstone, Capital. com, and VantageFX. Strictly speaking, you can trade forex markets without using a broker. However, most forex traders are willing to pay broker trading costs in order to have two main forex trading advantages: leverage and access to an easy to use trading platform. Trading forex without a broker is possible by buying and selling a currency in a bank or exchange office.

However, the fees are hefty relative to the brokerage commissions. It is possible to do currency trading either offline or through an online banking application. While you gain the advantage of not having to pay broker trading fees, there is a significant disadvantage to doing forex trading without a broker: no leverage.

Being able to trade with high leverage is one of the primary appeals of forex trading. The appropriate regulatory authority assigns every licensed or regulated forex broker an ID number they operate under and is required to display it on their website. Leverage is one of the main attractions of forex trading.

Trading with leverage also known as trading on margin means that you can control a high-value investment with only a minimal margin deposit. Thus, forex traders have the potential to make a lot of money using just a small amount of investment capital. The bid and ask spreads offered in forex trading vary widely between different brokers and different currency pairs. They may also fluctuate at the same broker, as many forex brokers offer variable trading spreads.

To find the current lowest spread forex brokers, check forex information websites such as dailyforex. Because the foreign exchange market is an over-the-counter OTC decentralized market, it is less regulated than other financial trading markets. Withdrawing money from a forex broker is usually like withdrawing money from any other financial trading firm. You simply put in a withdrawal request, specifying the amount and the means of withdrawal e.

You usually have to verify your identity prior to making a withdrawal. A white label firm operates essentially like an affiliate or franchise company. The biggest forex brokers worldwide, measured in terms of the total value of their average daily trading volume, are IC Markets and Forex. The next largest forex brokers — XM Group and Saxo Bank — have about the same amount of average trading volume.

Many forex brokers do not accept US clients because they do not want to be forced to operate according to US regulatory authority guidelines. Among the most popular brokers for US clients are IG, TDAmeritrade, and Forex. The two main ways that forex brokers make money are either by charging commission fees per trade or by taking part of the bid-ask spread.

Different brokers may use one or both of those methods to generate revenue. Typically, ECN brokers are more inclined to charge commissions, while market maker brokers usually make their money through larger bid and ask spreads.

How many forex traders are there in the world? The best forex trading platform, and the one most widely used, is the MetaTrader platform — either the MT4 or MT5 version as lined out in our MetaTrader review. Dozens of the major forex brokers pay large license fees to make the MetaTrader software available to their clients.

MetaTrader is considered to be an easier to master online trading platform than CTrader or NinjaTrader. About the author : Alexander is the founder of daytradingz.

com and has 20 years of experience in the financial markets. He aims to make trading and investing easy to understand for everybody, and has been quoted on Benzinga, Business Insider and GOBankingRates. Best Forex Brokers and Trading Platforms Forex brokers should offer everything traders need to ensure excellent and secure trading. See Also: Best Forex Trading Courses Table of Contents.

Some forex trading platforms charge a commission on every buy and sell order that you place. eToro, for example, allows you to trade many emerging currencies against the likes of the US dollar and Euro. It is also suitable for crypto and funds trading. In other words, every time your chosen investor places a forex trade, the exact position will be mirrored in your own account. On the contrary, this hugely popular forex trading platform gives you access to over 80 currency pairs. An excellent option for US forex traders looking for low trading costs, tights and a powerful platform to support technical trading strategies. Pricing for the underlying instruments is based on COMEX and NYMEX futures.

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