Features like 1-click trading and trading from the chart enabled me to be nimble in volatile markets and enter orders fast. In my experience, trader sentiment gives you powerful insight into the psychology of a market, so I found this built-in tool especially helpful. On top of this, professional traders can access the MT4 with a multi-account manager (MAM) account to trade investors’ capital through sub-accounts. This is a great piece of technology to seamlessly manage the funds of your clients. Another solution, is the FP Markets copy trading and social trading products that allow you to replicate the trades of experienced traders or to provide your trades to be copied. After comparing FP Markets’ platforms with competitors, I found that the broker provides an excellent offering for professional traders.
Best Forex Broker with MT5: Tickmill
EToro is now one of the largest forex brokers in the online space – with more than 17 million clients on its books. The main attraction with eToro is that the platform is extremely easy to use. These are the most in-demand pairs as they carry the largest trading volume and liquidity. By choose a forex trading platform that is regulated by one or more of the above bodies – you can rest assured that the provider is safe. Traders use a variety of techniques and strategies to try to profit from forex trading, including technical analysis, fundamental analysis, and algorithmic trading.
- Another is that there are a variety of brokers, many of them unregulated or regulated in countries outside of the U.S.
- All UK Forex brokers will keep your funds safe through security methods like encryption and segregation of your funds from the broker’s own capital.
- This range of platforms means Pepperstone has the best platform options for to suit your trading style.
- I was impressed to learn that BlackBull has some of the fastest execution speeds out there.
TradingView also comes with excellent backtesting features so you can validate your trading strategies before putting them into practice. Backtesting tools I like include Bar Replay so you can test against historical performance and Strategy Tester which allows you to use Pine Script to create custom tests. The team of forex and CFD analysts and editors at FXEmpire is composed of trading industry professionals and seasoned financial journalists. Our experts have been published on leading financial websites such as Investopedia and Forbes. Michael is a full-time senior editor of investing and trading products for Investopedia. He has 20+ years of mutual fund, macro market research, institutional trading desk, and trading education experience.
It’s responsible for issuing licenses, conducting audits, and enforcing compliance. While all brokers in the US provide access to the spot forex market, some may also have a selection of additional products to complement your trading strategy. Charles Schwab’s range of more than 60,000 markets is the largest I found in the US.
How Do The Best Forex Brokers Compare?
IC Markets is one of the forex trading broker that has the Lowest Spread Forex Brokers offering a Standard account spread average of 0.62 pips on EUR/USD and a RAW account average of 0.02 pips on EUR/USD. IC markets consistently rate in the top 3 when it comes to lowest spreads on offer. I found AvaTrade a standout choice for those interested in social trading, mainly with MT4 and MT5 platforms. Their collaboration with third-party services ZuluTrade and DupliTrade, along with their proprietary AvaSocial platform, offers successful traders a robust selection of Best forex trading platform social and copy trading options.
What Is The Regulation For Forex Brokers In The US?
This combination of ease of use and powerful tools makes it an excellent choice for traders who want to take their trading to the next level without incurring high costs. In terms of technical data, the best forex trading platforms offer advanced chart reading tools. This should include customizable screens, technical indicators, and chart drawing capabilities. In addition to competitive spreads and zero commission, tastyfx offers its own proprietary trading platform. Plus500 is an Australian company founded in 2008, with main offices located in Sydney. For the Australian market, Plus500 is licensed to offer CFDs through ASIC (AFSL #417727), and through the FMA (FSP #486026), for licensed CFDs in New Zealand.
Saxo: Best for Range of Offerings
Once you have chosen your trader to copy, the CopyTrader platform will automatically open and close trades at the same time your trader does. Making it an attractive option if you are new to trading, or don’t want to learn to trade but want the exposure to leveraged products like forex. Pepperstone is the best MT4 forex brokers, providing additional tools, like Capitalise.ai, which allows you to build your own automated strategies without code. When testing Pepperstone for its spreads, I was impressed with the average spread on its RAW accounts. The broker averaged 0.19 pips for EUR/USD, and the commission is only £4.50 per lot round-trade, making it one of the cheapest in the UK. Below is the full list of FMA regulated forex brokers and the popularity of these brokers based on UK Google monthly searches.
Remember that many academic studies show that diversification of assets (trading a wide range of assets) is a key factor in the success of trading styles and strategies. Pepperstone ranks among the best Forex brokers offering Capitalise AI, enabling algorithmic trading in a code-free environment. It also upgrades MT4 with the 28-plugin Smart Trader Tools package and Autochartist. The well-balanced asset selection of 1,500+ assets includes Forex, Forex indices, and cryptocurrencies. Commission-based fees start with raw spreads from 0.0 pips for a commission of $7.00 per 1.0 lot.
Our writers have been published on leading financial websites such as Investopedia and Forbes. During our live test, I found that Tickmill offers an excellent and diverse range of research tools. One of my favourite research tools from Tickmill is its Market Sentiment dashboard which provides multi-asset news and sentiment visualization on more than 80,000 instruments. You can view the sentiment of an instrument on a daily or hourly basis and adjust the confidence levels on predicted sentiment levels. The broker also provides numerous third-party tools such as Capitalize.ai and Autochartist, and custom indicators and Expert Advisors for MetaTrader 4 and 5.
Saxo stands out for its wide-range of investable assets, including access to stocks, bonds, mutual funds, forex, cryptocurrencies, commodities, and options. Traders can express their forex trades using either spot contracts, options, swaps, CFDs, or forwards. While Saxo does offer the ability to trade cryptocurrency, this can only be done using derivative products. Although there is an added fee for this feature, traders can set up guaranteed stop-loss orders, ensuring they exit positions at predetermined levels, regardless of market volatility. The platform also provides negative balance protection, ensuring that clients can’t lose more than their initial investment—an essential feature for those dealing with leveraged instruments.
- However, the trader buys and sells the actual currency in spot forex trading.
- The platform also provides negative balance protection, ensuring that clients can’t lose more than their initial investment—an essential feature for those dealing with leveraged instruments.
- The broker is suited for both new and experienced traders because of its well-designed platforms, vast educational content, fast executions, zero commissions, low spreads, and great customer service.
With almost 30 years of industry experience, it is evident that OANDA’s services are robust. During my broker review, I found OANDA was the most regulated forex broker, with 10 licenses across multiple jurisdictions. Although only the CFTC/NFA license will protect you in the U.S., it’s still good to see regulation from other Tier-1 regulators like ASIC (Australia) or the FCA (UK). Our analyst, Ross Collins, also tested the broker’s execution speeds against other U.S. brokers. OANDA was the fastest thanks to its Market Maker model, clocking in at 84 ms for market orders and 86 ms for limit orders.
With the fixed commission, you won’t have to worry about trading around volatile times or price spikes, as you’ll be paying the same commission. Another set of features I enjoyed are High-Low and Pivot indicators which automate drawing key support and resistance levels daily. This will save you a lot of time when you day trade breakouts on your trading strategies. I found that the broker enhances MT4’s functionality with Smart Trader Tools, with 28 free Expert Advisors and indicators.
Additionally, I explored the range of educational and research tools offered, as well as the variety of account types suitable for both beginners and professionals. The most popular third-party tools right now are Autochartist, Trading Central, and customized MetaTrader 4 and MetaTrader 5 broker plugins. Each of them has its own unique set of features and can enhance your forex trading experience.
Why Is MetaTrader 4 The Most Popular Trading Software?
Based on my tests, OANDA offers the lowest spreads for forex brokers in the US. In our independent analysis, OANDA averaged 1.12 pips across the major currency pairs for its Standard account, beating the industry average by around 26%. Founded in 1996, Swissquote is based in Switzerland and authorized in multiple jurisdictions worldwide.
