Forex brokers are used when you are trading foreign currencies. They can also be called currency trading brokers. Also, it is one of the simplest ways to begin trading in the business markets. However, the method of trading forex is easy.
You must buy and sell everything in foreign currencies, whether the money is in EUR (Euro) or USD (U.S dollar). First, you have to open an account and then start funding it. After that, the broker’s trading platform comes in handy to buy and sell the currency using the margin.
The foreign exchange markets are open daily for 24 hours, five days a week. Some of the best forex brokers in the world are mentioned below, with the best services and benefits compared to traditional brokers. Before Start You Should Know What Is Forex Trading And How Does It Work?
1. Plus 500
Plus 500 is a trading company that was established in 2008. This trading platform is controlled and supported by the UK financial conduct authority.
It is available in over 50 countries and contains multiple worldwide regulations, including ASIC, ISA, MSA, and CySEC. Moreover, it is also a part of Plus500 Ltd, a trading company mentioned in the London stock exchange market. However, it proved one of the best forex brokers for beginners.
Pros
- In the control of the UKfinancial conduct authority.
- Multiple regulations around the world.
- As a trading platform, it is simple to use.
- Customer support is required 24/7.
- No commission in trading.
- More than 2,500 CFDs are traded.
Cons
- No knowledge of the market.
- Lack of trading experience or information.
- There is no need for a phone.
2. CMC markets
CMC markets come under the heading of the best forex brokers, which came into being in 1989. It is highly regarded and recognized by UK traders that have adapted to the online brokerage landscape. However, it doesn’t allow U.S traders to perform their trading through it.
However, the company is under the control of the London Stock Exchange. Its primary purpose is to emphasize customer service and education. The CMC markets are open for every trader, whether CFDs, novice retail traders or experienced veterans.
Pros
- Supported by the United Kingdom.
- Focus on education.
- Give priority to customer service.
- Open to widespread traders.
- Protect the client’s accounts.
- It provides an extensive range of offerings.
Cons
- It doesn’t allow U.S clients to opt for trading.
- There is no automated trading system.
- No back-testing system.
3. London Capital Group (LCG)
London Capital Group is one of the best forex brokers for beginners, offering many assets and a fantastic trading experience. Also, the firm is not very expensive and has a reasonable fee structure within the industry. It has also been ranked in the top 10 for customer service.
These features and benefits help LCG become the best forex broker for beginners. It provides a massive selection of CFDs and does not allow U.S. traders.
Pros
- Helps in the protection of client accounts.
- Supports customer service.
- Trading incentives are also available.
- Top of the list for good service provision.
- It provides a large number of assets.
- Excellent trading experience.
Cons
- It doesn’t allow U.S clients.
- The maintenance of the website is not up to standard.
- It is challenging to keep pace with it.
4. Swissquote
Swissquote Bank Ltd. provides the whole package of trading platforms with demarcated forex or CFDs. The Swissquote bank promotes the Swiss-based trading of the company. It is also an online forex broker and CFD. Its operations are primarily based in Switzerland.
The operations began in 1996. It provides fantastic customer service, and customer support is also widespread. The person who has invested here is also aided by protecting their accounts.
Pros
- Good customer support
- The protection of the customer’s account is substantial.
- A huge asset base
- It is a regulated entity.
- It offers a complete trading package.
Cons
- Low deposit amounts are higher.
- Many countries are prevented from opening trading accounts as they are excluded.
5. Exness
Among the best brokers, Exness is another broker that was founded in 2008. It is regulated by the financial sector conduct authority (FSCA) in South Africa.
However, it offers clients multiple options for trading on 200+ financial CFD instruments, including energy, metals, shares, forex, and cryptocurrencies. However, on this trading platform, there is no commission required. Moreover, other platforms are available, such as MetaTrader 4 and MetaTrader 5.
Pros
- It trades more than 200 financial CFD instruments.
- No commission is required.
- There are MT4 and MT5 platforms available.
- Under the supervision of FSCA in South Africa,
- Fee deposits and withdrawals are free of cost.
Cons
- It is not available everywhere but in specific regions.
6. Pepperstone
Pepperstone has the best trading experience. It creates a challenging trading portal that focuses entirely on shares, metals, indices, cryptocurrencies, forex, etc. It offers easy access to the market and helps the client focus on complex tasks if they are willing to trade the market successfully.
It is best suited for those traders who want excellent customer support, new account types, several choices in the user interface, and low-cost offerings.
Pros
- It offers more excellent protection to UK clients who have opened their accounts.
- According to FCA regulations,
- Help clients concentrate on complex tasks.
- Low-cost offerings
- The best forex broker
- with excellent trading experience.
Cons
- Clients in the United Kingdom and the European Union are not well protected.
- The website is not maintained according to the standards required.
- It doesn’t permit U.S clients to open accounts or start funding.
- No guarantee is provided to the customer.
Conclusion
All of these forex brokers are considered the best forex brokers in the world. They have gained widespread popularity as people have started investing, opening their accounts, and doing a lot of funding.
Your forex broker will be the first step regarding the trading partner, so you have to choose them wisely and carefully. However, a demo account also gives an idea of the whole platform and prevents multiple errors.