Best Forex Broker 2023 – Choose the Best Forex Broker Today

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The foreign exchange marketplace is the most popular trading scene in the world. As such – the internet is overwhelmed with forex brokers. This means that when you want to trade currencies, you need to ensure that you do so via a reliable source.

Fancy trading currencies but struggling to find the best forex broker for the job? Read on.

Today we review 5 of the best forex brokers in the space right now. We also divulge a list of key considerations when comparing potential forex brokers yourself.

 

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In a Hurry? Open an Account With a Forex Broker in 4 Steps

You will see below a simple run-through of how you can sign up with the best forex broker – right now.

• Step 1: Research the best forex brokers and sign up with one that meets your needs. Joining Capital.com takes less than 10 minutes and the platform is commission-free.
• Step 2: Fill in the sign-up form including your name, password, and such. Next, upload some proof of ID.
• Step 3: Add some funds to your trading account and find a forex market you want to trade.
• Step 4: Place a trading order based on your prediction of the market sentiment on the pair

That’s it! For those who still need to choose a provider, you will see reviews of the 5 best forex brokers in the sections below.

Best Forex Brokers 2023: Reviewed

When we are searching for the best forex brokers of 2023 – we think about a multitude of different aspects. For instance, as well as dozens of supported forex pairs, ideally you need to find the platform easy to get around and one won’t charge you the earth in fees.

For anyone who has zero experience in trading, we divulge key considerations after the following reviews. This will prove valuable when you are on your own journey to find the best forex broker.

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Key Considerations When Comparing the Best Forex Brokers

In this section of our guide, we are going to discuss the key considerations to make when choosing the best forex broker for you. This will ensure that you select the very best provider for you and your financial goals.

Regulatory Status

We touched on KYC in the above forex broker reviews. This stands for Know Your Customer and is a rule that all regulated platforms must follow. This is precisely the reason you will be asked to send a photo ID and prove your address when signing up – it’s a form of fraud prevention.

The most commonly seen regulatory bodies governing the best forex brokers are ASIC, FCA, MiFID, and FSCA. As well as KYC, all regulated brokers must submit audits and segregate your capital from its own.

Each jurisdiction will have different rules and stipulations. However, such organizations only provide legitimate and compliant brokers with a license. As such, look for the stamp of approval whenever you are doing your research for the best forex broker – before signing up.

Supported Forex Markets

There are hundreds if not thousands of forex brokers in operation. However, you may be surprised to learn that some trading platforms only offer a limited selection of currency markets – usually the most popular to trade.

The reality of currency trading is that major, minor and exotic pairs offer a different trading experience. This is largely due to the varying volatility, liquidity, and short-term price spikes.

As such, it’s wise to make sure the forex broker you sign up with has access to a plethora of markets. Each of the platforms we reviewed today can offer you a wide choice of currency pairs – with either zero, or low commission fees.

Forex Trading Fees

This brings us to forex trading fees. Although obvious, the best forex brokers offer low trading costs!

See below some common forex broker fees, so that you know what to look out for:

• Tight Spreads? Paying the spread is all part of forex trading. With that said, the ‘fee’ payable can vary by some distance. The best forex broker will be able to offer you tight spreads across most currency pairs. For those unaware – the spread is the gap between the buy andsell price and is shown in ‘pips’.
• Variable or Fixed Commission? Be mindful, some platforms charge a commission on every trade. Whilst some stipulate a fixed fee (e.g. $3), others charge a variable percentage. For instance, if the broker charges 4%, a $1,000 market order is going to cost you $40 – a fee you will pay again depending on the value of your trade when closing it. AvaTrade is regulated and a 100% commission-free forex broker.
• Are deposit Fees Liable? It’s good to have a clear understanding of any fees expected of you – which includes fees for funding your account. This isn’t a charge every forex broker asks for. We found that some charge on deposits over or under a specific amount, and others for a particular payment type (such as credit card). eToro will simply charge non-US clients 0.5% for exchanging their native currency.

As you can see, the fee and commission structure is definitely something you will need to investigate in your search for the best forex broker.

Broker Platform Ease of Use

Forex traders are dipping in and out of the currency markets all the time. For instance, if you’re a scalper you will be opening and closing a high volume of positions throughout the day to make gains from price fluctuations.

As such, ease of use is an important consideration when looking for the best forex broker. If you need to get in there quick to place an order and the forex broker has a platform that you can’t use or find clunky – you may miss the opportunity. This guide found that the easiest to navigate for newbies are Capital.com and eToro.

Trading Attributes and Features

Another key consideration for finding the best forex broker is trading attributes and features. This might include anything from educational material and webinars – to forex EAs and copy trading.

Copy Trading

Starting with one of the most popular trading features – Copy Trading. As we touched on in our eToro review, this enables you to mirror the trades of someone with years of experience in currency trading.

You are able to choose a trader to invest in based on their risk score and past performance, as well as favored asset class – like forex. In fact, you can filter the results down by many different aspects and timeframes. At eToro, you have hundreds of thousands of traders to choose from – so you’re sure to find one that meets your financial goals.

You can choose to copy all open trades or only ongoing positions. There is even the option to ‘Pause Copy’, which you can utilize to stop copying them temporarily without losing all of the existing positions.

Here’s an example of how the Copy Trading feature works at eToro:

• After scrutinizing a plethora of Copy Traders, you invest $1,000 in BobFX123
• BobFX123 believes the euro will depreciate against the Japanese yen so allocates 2% of their equity on a EUR/JPY sell order
• As such, your profile shows that you are short on EUR/JPY with $20 (2% of $1,000)
• Next, the Copy Trader cashes out with a 16% profit
• As such, you have made 16% too – in proportion to your investment.
• On your $20 trade, this works out at a profit of $3.20

It’s important to remember that although this doesn’t sound like much – this is a completely passive way to trade currencies and any gains are good for your trading balance. eToro will let you trade up to 100 Copy Traders at once!

Demo Account

Otherwise called a forex simulator, demo accounts enable us to practice strategy ideas and try new currency markets. For beginners – this is a valuable way to learn how to trade, by getting out there and placing orders in real market conditions.

Demo accounts come pre-loaded with thousands of dollars worth of paper trading funds. We sometimes refer to this as ‘virtual equity’ and it means you can access the markets in a completely risk-free manner – on a separate account from your real capital. The best forex brokers will provide you with a free demo upon signing up.

 

If you’ve ever thought about trying forex signals before, this is a superb way to take these so-called trading tips for a test drive. Here at Learn 2 Trade, we offer both a free and VIP service. Each trading signal includes the forex pair to trade, whether to go long or short, the suggested stop-loss and take-profit values, and a risk-reward ratio.

Our team of professional currency traders performs advanced technical analysis and sends this information to our Telegram group. You can then head over to your forex broker of choice and enter the aforementioned information. You can use your virtual equity to test us out and can easily switch to your real account if you see fit.

Third-Party Compatibility

If you are keen to try forex EAs (Expert Advisors), you will need to first make sure the forex broker in question supports the respective software file. Some don’t allow ‘robots’ at all. Others do, but it must be done via a third-party trading platform like MT4 or MT5.

This guide found that the best forex brokers for automated trading via MT4 are AvaTrade, Capital.com, and LonghornFX. All of which offer tight spreads on most currency markets.

Sign up With the Best Forex Broker Today

Not only have we reviewed the 5 best forex brokers of 2023, but we have also divulged key considerations you can look out for whilst you make your mind up.

For this step-by-step walkthrough, we have chosen to use Capital.com The forex broker has a wide variety of minor, major and exotic markets to choose from – plus, it takes less than 10 minutes to sign up.

Step 1: Join the Best Forex Broker Now

On the Capital.com platform, you will see a ‘Create account’ button – click that to reveal the order box you see below.

This is a case of entering basic information about your identity. As you can see, this includes your name and email address. After that, you’ll need to provide your home address and date of birth.

Step 2: Send a Copy of Your ID

Next, you will receive a welcome email with a link to your Capital.com trading account. Another requirement, as per regulations, is to complete the next step of your profile by uploading a government-issued photo ID.

This can be a driving license or passport. Then, you can prove your address by sending a recently dated utility bill or bank statement. You may leave this step until later if you wish, only you cannot withdraw funds in the meantime.

Step 3: Make a Deposit

If you want to trade the live currency markets right away, you will need to make a deposit.

Capital.com accepts lots of different payment types covering bank transfers, e-wallets, and credit/debit cards. When you have entered the amount and chosen a method, you can click ‘Deposit’.

Step 4: Find a Forex Market

Now that your forex broker account is set up, you can find a forex market to trade. Here we are looking for the Australian dollar against the Japanese yen.

As you can see, we have used the search box. You can also click ‘Trade Markets’ followed by ‘Currencies’. This will bring up all available pairs. When you have made your decision, you can click ‘Trade’.

Step 5: Place an Order With Your Forex Broker

Next, you can place the order on your chosen currency market. Here we are looking to go short with a $500 sell order on AUD/JPY.

Once you have entered and checked every element, you can click ‘Open Trade’. This will instruct Capital.com to execute the position.

Best Forex Broker 2023: The Results

The foreign currency markets run 24 hours a day, 5 days a week – offering low margins and massive trading volumes. With this in mind, it’s important to choose the best forex broker suitable for your goals – offering a range of markets, and low trading fees.

We whittled our findings down to 5 of the best forex brokers and reviewed each of them. We also covered some of the most important metrics to look out for when researching a broker yourself. This should include regulation, supported markets, payments, fees, and more.

 

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FAQs

What is the most reliable forex broker?

The most reliable forex broker is one that is regulated by a tier-one body - such as the FCA or SEC. This means the platform must follow a wide set of rules to keep a license to operate. This offers you a safe environment to trade currencies in. One of the most reliable platforms in the online space is AvaTrade - which is watched over by no less than 6 regulatory bodies!

What is the best forex broker for low fees?

This guide found that Avatrade and Capital.com are the best forex brokers for low fees. Both are 100% commission-free and offer competitive spreads across major, minor, and exotic markets.

What is the best forex broker for newbies?

The best forex broker for newbies is between Capital.com and eToro. Both are regulated by reputable bodies, have plenty of currency markets with tight spreads, and will not charge you any commission. Furthermore, you will be given a free demo account so that you can trade forex without risking any money.

Can I get rich trading via a forex broker?

It is possible to make money trading via a forex broker, especially one with competitive fees. It's best to take some time to grasp the complexities of the currency markets and learn to use technical indicators and read charts. You may also want to earn whilst you learn and try forex signals - offering you insight into which markets/orders may be profitable.

Can I try the best forex brokers for free?

Yes, you can try the best forex brokers for free. It's important to make sure the platform can offer you a demo account. For instance, at eToro, you will be automatically given a virtual portfolio with $100 in paper money to play with. You can switch between demo and real accounts at any time you like. Other top-rated brokers with this facility are Avatrade, Capital.com and LonghornFX