The Best Forex Trading Platform and Brokers You Need to Know in 2021

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Overview — Founded in 1989, CMC Markets is our overall best platform for Forex trading in 2021, and for good reason too! 

Namely, CMC Markets has been at the forefront of Forex trading (for both beginners and advanced traders) for many years due to its appealing offer — it contains a large repository of knowledge when it comes to Forex trading and CFDs.

Regulation — CMC Markets is one of the world’s top Forex trading platforms; it’s listed on the London Stock Exchange and is regulated by the Financial Conduct Authority (FCA) — one of the main regulatory agencies on the planet, acclaimed for its strict and fair market practices applied to businesses and individuals alike. 

Nevertheless, it can’t accept US clients seeing how it’s regulated primarily for the UK market; there’s no US-specific regulation, as of yet. Despite this, due to its excellent features, it still deserves the number one spot on our list.

Costs — CMC Markets is probably the most popular Forex trading platform thanks to its low spread offering, which can go as low as 0.7 points for AUD and USD pairs. This is subject to change, however, as the spreads aren’t fixed. Still, seeing how most brands charge this way, you won’t find a better offer.

Also, to our delight, CMC Markets doesn’t require any minimum deposit. Yet, those with a much higher balance may get access to more perks. 

Lastly, there’s an inactivity fee for accounts that haven’t been active for a year, including some small CFD market data fees, and that’s it.

Pros:

• World-renowned platform
• Competitive pricing with low commissions
• Diverse offer

Cons:

• Can’t accept US clients
• It doesn’t have automated trading capabilities

Overview — Interactive Brokers Groups, Inc., or simply IBKR, is one of the leading US Forex brokers with substantial industry experience spanning over 42 years. 

Founded in 1977 by Thomas Peterffy — who bought a seat on the American Stock Exchange and started trading as an individual — it now holds equity capital of approximately $8.5 billion.

As such, IBKR has offices in some 14 countries and operates in 135 different markets. Even so, it’s headquartered in Connecticut, USA, making it the best Forex broker for US clients.

Regulation — IBKR is listed both on the US Securities and Exchange Commission, as well as the Commodity Futures Trading Commission; two highly-acclaimed regulatory agencies within the US. 

It’s also a member of the NYSE, the FINRA, and the SIPC, including a number of local memberships from other countries; such as India, for instance. 

In fact, it’s generally regarded as the best Forex trading platform in India — it’s part of the National Stock Exchange of India, Ltd. (NSE), the Bombay Stock Exchange (BSE), and the Securities and Exchange Board of India (SEBI).

Costs — There’s no minimum deposit, maintenance fee, or minimum balance requirement to use this platform as an IKBR Lite member. The same goes for IBKR Pro, except for the maintenance fee, which is $10.00/month. 

Also, seeing how there are no commissions for US residents, IBKR is indeed one of the best Forex brokers for US clients.

However, there’s a catch — it focuses primarily on active traders.

Meaning, IBKR Pro users with a balance under $2,000.00 have to meet the minimum trade commission of $20.00, and for those with a balance under $100,000.00 — $10.00. Otherwise, IBKR will charge an inactivity fee that is equal to the disparity between the trade value and balance. 

Conversely, it’s a completely free Forex trading platform for all IBKR Lite members.

Pros:

• Extensive industry experience
• Low trading costs
• Market data is available 24/7
• Safe and regulated

Cons:

• Not for small or inactive traders
• Challenging platform structure

Overview — Pepperstone is included in our top Forex brokers list for more reasons than one. Also, despite not being as old as IBKR or CMC Markets — it was founded relatively recently in 2010 — it’s no less credible than the two. 

Namely, it all started when a group of experienced Australian traders set out to create a faster and more affordable Forex trading environment. Today, Pepperstone is renowned for its low fees and advanced trading tech; their numerous awards prove just that. 

In addition, this easy-to-use trading platform offers a plethora of learning material, making it the best Forex broker for beginners. 

And let’s not forget that Pepperstone’s CEO, Owen Kerr, was the man who unraveled the most infamous insider trading incident in history — the Lucas Kamay case. 

Regulation — Pepperstone is licensed and regulated by the Australian Securities and Investments Commission (ASIC) in Australia, the Financial Conduct Authority (FCA) in the UK, and the Dubai Financial Services Authority (DFSA) in the UAE. 

That said, the only reason it’s not one of the best Forex trading platforms in the USA is the fact that it can’t accept US clients due to regulatory restrictions.

Costs — As previously mentioned, Pepperstone has one of the most budget-friendly Forex trading platforms around. 

For instance, the average spread for the EUR/USD pair on their Razor account is merely 0.16 pips with a 0 minimum spread. For GBP/USD, it’s only 0.40 pips. And, according to many Forex trading platform reviews, the fees are quite reasonable; and the same goes for all its currency pairs.

Lastly, there is a $3.75 commission as well, so keep that in mind, too. 

Pros:

• Fairly low Forex spreads
• Wide range of learning materials available
• Multiple awards
• Secure and regulated

Cons:

• Can’t accept US clients
• It doesn’t offer protection for negative balances

Overview — In 1974, Stuart Wheeler founded what has become the world’s leading CFD provider — IG. At the moment, IG has over 239,000 clients worldwide and spans over 17,000 markets. 

Moreover, it has sales offices in seventeen countries across five continents, including the US, making it one of the few reliable Forex brokers for US residents.

Nevertheless, CFD trading is somewhat complex, and as such is not suited for beginners (there’s a lot more risk involved, aka more chance to lose your money if you’re inexperienced). 

Luckily, IG deals with Forex trading, too, as well as other markets, including cryptocurrencies, commodities, shares, and more.

Regulation — IG International Limited is licensed and registered by the Bermuda Monetary Authority. It’s also regulated by several other regulating bodies, including the Financial Conduct Authority (FCA) in the UK; the National Futures Association (NFA) in the US; the Federal Financial Supervisory Authority (BaFin) in Germany. 

Costs — Like all the best Forex trading platform providers, IG earns from spreads on every non-share CFD. 

Not to worry, though, as it offers reasonable spreads; namely, a 0.6 pip minimum for AUD/USD and EUR/USD pairs. Additionally, there’s a minimum deposit requirement if you want to open an account with them.

Pros:

• Highly reputable brand
• Regulated by many regulating bodies worldwide
• Low Forex spreads
• Advanced and user-friendly platforms

Cons:

• CFD fees are relatively high
• US clients can only trade Forex

Overview — London Capital Group (LCG) is proud of its two decades worth of industry experience, keeping up with the ever-changing landscape of the Forex trading industry. As such, it has been at the forefront of the industry since its founding back in 1996, bagging awards left and right.

However, things weren’t always going according to plan. In 2016, it went through a rough patch, losing a huge chunk of its capital and struggled to increase profit. 

Still, LCG came back with a real vengeance after rebranding and continued where they left off as the best broker for Forex trading — or at the very least one of the bests. Now, the brand utilizes only the most advanced tech, making trades simple and hassle-free, even for beginners.

Regulation — As the name suggests, London Capital Group was founded in London and is, therefore, licensed and regulated by the FCA — UK’s highest financial authority. 

Likewise, LCG Cyprus is regulated by the Cyprus Securities and Exchange Commission (CySEC). Sadly, we can’t place it on the list of top US Forex brokers since it can’t operate in the US, as well as a few other countries including Canada, Australia, Singapore, Belgium, and New Zealand.

Costs — There’s no minimum deposit requirement to open an account with LCG. Yet, like most Forex trading platforms, the costs are charged by the spread, with a 0.8 pip minimum for the EUR/GBP pair. 

Hence, if you’re an LCG trader, you’ll get charged extra, usually 3 pips for Guaranteed Stop Losses (GSLO). 

Even so, LCG is the best broker for Forex trading when it comes to spreads and margins. 

And although there are no minimum deposit requirements, it pays to put in a reasonable amount when opening an account due to the hefty bonus — 10% of your initial deposit; the maximum bonus amount is a whopping €10,000. 

Pros:

• Has relatively low spreads and margins
• Advanced platform
• Has guaranteed stop-loss
• No requirement to own foreign currency

Cons:

• Can’t accept clients from a few countries
• Trading on MT4 is a bit pricey

Overview — eToro is the most popular brand among our top Forex brokers list in terms of ads. Namely, you see it absolutely everywhere — on Facebook, YouTube, Twitter; just about any online ad out there. Better yet, the renowned American actor, Alec Baldwin, is the face of the brand. 

Founded in 2007, eToro is a pioneer in copy trading. In 2016, it introduced CopyPortfolios, where traders can find experienced traders, learn their secrets, and even get in touch with them!

Overall, this feature made eToro the best Forex broker in 2020, according to many. Best of all, you don’t even have to come up with your own strategy. Simply click “copy,” and they will monitor the market for you.

Regulation — eToro Europe Ltd. is regulated by CySEC, eToro UK Limited is regulated by the FCA, and eToro AUS Capital Pty Ltd. is regulated by ASIC. eToro is also the best US Forex trading platform for cryptocurrency trading since it introduced them to the US market in 2018.

eToro also complies with the European Securities and Markets Authority (ESMA); in other words, less risk of a bank default. Still, it can happen seeing how clients can hold funds in banks outside the EU. Even so, it has default protection of up to $20,000.00.

Costs — Opening an account with eToro doesn’t come with any minimum deposit requirements, except for the US where a minimum deposit of $50.00 is necessary. 

Like most Forex trading platforms, it earns from spreads — the difference between the bid and the offer price. At first glance, eToro’s spreads appear to be a lot higher than that of other top Forex trading platforms, with a  0.75% minimum for bitcoins, for instance. 

However, this is mainly because they charge a spread only once, unlike other platforms that charge it twice — once you buy an asset and when you sell it. Plus, they have zero commissions and no hidden fees.

Pros:

• High-tech platform
• Diverse offers
• Focuses on copy trading
• Accepts US clients

Cons:

• Not recommended for beginners

Overview — Founded in 2002 as X-trade by Jakub Zabłocki, XTB is the best broker for Forex on the Polish market to this day. And since its merger with XTB in 2004, it has become one of the most sought-after Forex trading platforms on the planet. 

XTB has over 13 strategically located offices, including in the UK, Poland, Germany, France, and Chile. 

In addition, they use the so-called “xStation 5”, as well as the downloadable MT4 and mobile app. And if you need any assistance, you can always create a free demo account first to test things out.

Regulation — According to our own Forex trading platforms review, XTB is one of the safest trading companies that’s fully regulated by numerous authorities in many a country. 

For instance, XTB International Limited is licensed and regulated by the International Financial Services Commission in Belize. Other authorizations include Komisja Nadzoru Finansowego (KNF) in Poland, the FCA in the United Kingdom, and Comisión Nacional del Mercado de Valores in Spain. 

However, since it’s not licensed to operate in the US, it can’t accept US clients.

Costs — XTB is the best Forex trading platform when it comes to costs. For one, it doesn’t have any minimum deposit requirements. Yet, what sets it apart from other trading platforms are the low spreads. 

Namely, the standard account has a minimum spread of only 0.5 pips, whereas the Islamic account type has 0.7 pips; the latter also has a $10.00 commission.

Even so, it offers the best value for money. After all, money makes the world go round, right?

Pros:

• Lowest spreads in the industry
• Regulated by several high-ranking authorities
• Easy-to-use and downloadable platforms
• Excellent customer service

Cons:

• Can’t accept US clients
• Guaranteed stop-loss isn’t available

Overview — Founded back in 2001, FOREX.com hails as one of the best US Forex brokers for 20 years straight. Moreover, it’s part of the StoneX group — a Fortune 100 company with nearly 100 years of experience with a proven track record.

It’s also worth mentioning that FOREX.com is a trading name of Gain Global Markets Inc., which prides itself on its fast transactions and flawless execution.

Yet, one of FOREX.com’s best features is its mobile app, with advanced risk management tools, advanced TradingView charting, and more, making it the best Forex trading app for active traders. 

Regulation — FOREX.com is completely safe and is fully regulated by several regulating bodies. And seeing how it operates under the Gain Global Markets Inc. name, it’s primary registration and regulation is with the Cayman Islands Monetary Authority (CIMA).

Other notable regulators include the FCA in the UK, the FSA in Japan, the Investment Industry Regulatory Organization of Canada (IIROC), and the ASIC (Australia).

Last but not least, seeing how it’s the best Forex broker in the USA, it should come as no surprise that it’s regulated by the Commodity Futures Trading Commission (CFTC). Moreover, it’s a member of the National Futures Association (NFA), as well.

Costs — It will cost you $50.00 to open an account with FOREX.com. Still, if you aren’t exactly sure, there’s the free demo account. 

Moreover, like many Forex trading platforms, FOREX.com makes most of its revenue from spreads, which is a bit higher than the others — a minimum of 1.4 pips for the EUR/USD pair. 

Based on our Forex trading platform reviews, FOREX.com has the most straightforward pricing and plan scheme. Both the Standard and Commission accounts have a recommended balance of $1,000.00, and the Direct Market Access (DMA) account is best for traders with higher volumes (recommended balance — $25,000.00).

Pros:

• Excellent mobile app features
• Highly reputable
• Multiple awards
• Straightforward plans

Cons:

• There are delays with customer assistance
• Limited indicators on xStation 5

Overview — Forex Capital Markets, or FXCM for short, is the best online Forex trading platform with over two decades of industry experience. Founded in 1999, FXCM has been providing global traders access to the most liquid and innovative of all platforms with advanced tools and superb trading educators. 

In 2015, it officially came under the wings of Leucadia Investments, a part of the merchant banking arm of Jefferies Financial Group. 

FXCM made it on our list of top 10 Forex trading platforms for many reasons. Yet, one thing is certain — its unrivaled reputation.  Namely, the brand has a proven track record and awards to match. Likewise, it holds offices in many global cities, such as London, Athens, Paris, Hong Kong, Johannesburg, Berlin, Milan, Toronto, Tel Aviv, and Berlin.

Regulation — FXCM is regulated by numerous reputable regulatory bodies — as all top 10 Forex brokers in the world should be. For instance, Forex Capital Markets Limited (FXCM LTD) is regulated by the FCA in the UK; FXCM South Africa (PTY) Limited is regulated by the Financial Sector Conduct Authority (FSCA); FXCM Australia Pty. Limited is regulated by the ASIC, and the list goes on. 

Costs — As is the general rule of thumb, FXCM charges its trading fees via spreads, regardless of the type of account you have. Sadly, its minimum spread is somewhat higher than the average spread on our list, sitting at 0.8 pips for the USD/JPY pair. 

There’s also an inactivity fee of $50.00 for accounts that haven’t been active for over a year. Moreover, to open an account, you have to make a minimum deposit of $300.00. 

Nevertheless, there’s a free demo account as well, so you can try that first and then go from there.

Pros:

• Wide range of high-tech platforms
• Easy to use 
• Highly reputable brand
• Comprehensive educational material

Cons:

• Higher spreads than the others
• Can’t accept clients from the US, Ukraine, Russia, Turkey

Overview — Like FOREX.com, City Index is yet another name under the StoneX umbrella — a leading global independent financial services provider. However, City Index is much older, as it was established in the UK way back in 1983; that’s a massive 37 years of industry experience. 

This alone makes it worthy of a spot on our best Forex trading platform list. 

In addition, City Index has a hold over 12,000 markets, including Forex, indices, shares, commodities, and major metals — such as gold, silver, platinum, and copper.

Furthermore, City Index has state-of-the-art research and learning facilities that make it an exceptional platform for learning how to trade. We were surprised when we saw how robust its training materials are; it even has a dedicated page specifically for training. 

As a result, it’s one of the best Forex trading platforms for beginners who want to learn more about Forex trading. 

Regulation — City Index is regulated by many top-tier authorities, with UK’s FCA being the primary one. 

To our delight, it’s also regulated by the ASIC and the Monetary Authority of Singapore (MAS). And since its parent company is StoneX Group Inc., it’s also listed on the NASDAQ, with regulatory excess of $198 million. 

Based on our extensive Forex trading platform review of City Index, it’s one of the safest and highly-regulated Forex trading platforms in the industry today.

Costs — City Index bagged the Best Spread Betting Provider 2019 Shares Awards with ease. Namely, its minimum spread is as low as 0.5 points — one of the lowest among all Forex trading platforms. 

Also, despite the high recommended minimum initial deposit of £100.00 ($409.47) — the higher the balance, the better the margin — there’s actually no required amount to open an account. 

A recent Forex trading platforms comparison indicates a slightly higher inactivity fee of $12.00 for accounts that were inactive for over a year.

Pros:

• Comprehensive service
• Massive industry experience
• Safe and fully regulated
• Exceptional tools and platforms

Cons:

• Desktop platform is a bit confusing
• Margin discounts are only applicable to professional accounts

With so many Forex trading platforms out there, finding the right one can be extremely time-consuming; if you don’t know what to look out for, that is.

Luckily for you, we went above and beyond to create this compact guide to help you on your quest. 

You can find all the info you need below!

Security 

Before you go on to invest your hard-earned money into Forex trading, the first thing you should look out for is — security. You certainly don’t want to release thousands of dollars to a company claiming they are the best platform for Forex trading when they’re not. 

Though, worry not, checking whether a brand is legitimate or not is relatively simple; just take a good look at their licenses. After all, every legit Forex trading platform should have at least one of them. 

Here’s a list of the most common and most credible regulatory agencies on the globe: 

• The National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC)for the US
• The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) for the UK
• The Investment Information Regulatory Organization of Canada (IIROC) for Canada
• The Swiss Federal Banking Commission (SFBC) for Switzerland
• Australian Securities and Investment Commission (ASIC) for Australia
• Autorité des Marchés Financiers (AMF) for France
• Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN) for Germany

Costs

Of course, we can’t talk about finances without mentioning the costs. Namely, finding a free Forex trading platform sounds great but is often considered too risky. 

Hence, if you’re on a tight budget or you’re a beginner at investing, you can always go for a platform that has a small minimum deposit requirement, or none at all. Though, keep in mind that the higher the deposit, the higher the balance.

Also, most platforms earn from spreads and commissions. Naturally, you would want to find the best online Forex trading platform that’s affordable and offers the cheapest rates. However, there are those who may prefer a more credible broker than the one with the lowest offer. 

In the end, it all comes down to your personal preferences; what do you value more — security or better rates?

Ease of Use

Most of the Forex trading happens on the broker’s online platform — hence why you should look for one that’s responsive and easy to use. Also, check whether it has any training and learning materials available, as well. 

It’s also worth going for a provider that offers user-friendly charting and technical tools.

Customer Service 

Nobody is born learned, hence you’re bound to get into a few bumps along the road. This is where exceptional customer service comes into play. 

Namely, the best Forex trading platform should provide its users with some quality customer service, seeing how the entire process can be difficult for newcomers; be it by phone, email, or live chat. The last one is always a great option to have.

Payment Methods 

Finally, consider what payment methods are agreeable for you. After all, every transaction you make will be done online, including funding and withdrawals; so, the more the better!

When it comes to Forex, the best broker out there will provide you with plenty of payment options, including direct wire transfer, PayPal, Skrill, Payoneer, Netteler, as well as trusted card brands such as Mastercard and Visa. 

Getting into the Forex trading game is relatively easy when you know how. Most people are frightened by the fact that you have to invest hundreds if not thousands of dollars. Yet, when you find the best Forex trading platform for your specific needs, the risk of getting scammed or robbed is almost non-existent.

Hence, we hope our reviews and guide helped you find the right one and that you’re now ready to start your Forex journey, at last!