Best Forex Broker Comparison 2023
Forex trading is one of the best options to invest your money in the long run, which also needs the best forex broker to start with. Here we will provide you an forex broker comparison among FXPro, IC Markets, FBS, XM, HF Markets and Axi so that you can select the right broker according to your need. Our criteria to compare the brokers are trading platforms, no deposit and withdrawal fees, fast execution, and high-quality customer support lowest spreads. Let’s find out the forex brokers comparison and choose one.
|FxPro||IC Markets||FBS||XM||HF Markets||Axi|
Regulations and Licenses
FxPro: Multiple Platforms option with Tight Spread and No Commission
Our research on compare forex brokers finds out that FXPro is a top-level no dealing desk forex broker, which offers Metal, Energies, Forex, Cash Indices, Cash Equities, CFDs, and ETFs. They have been in operation for more than 15 years and are regulated by FSCS (UK), FCA (UK), and CySec (Cyprus).
Features of FxPro
- Their advanced execution model offers 260+ instruments in 6 different asset classes, including Forex, Futures, Indices, Shares, Metals, and Energies.
- A vast range of forex trading platforms and tools to provide you a top-notch trading opportunity.
- Provide deep liquidity and serve the best available ask and bid prices all the time.
- The execution speed is ultra-fast that can be done under 11.06 milliseconds. They have a record of filling 199,397 in a single day.
- Provide full transparent and ethical service in online trading.
- Multiple payment options such as E-wallets, Cards, Wire Transfer.
By making the online broker comparison, we have found that FcPro offers a wider range of platforms than other best forex brokers. The platforms include FXPro Trading Platform, MetaTrader 4, MetaTrader 5, and cTrader.
FxPro Trading Platform
FxPro has its own trading platform, which gets you the opportunity to manage the funds conveniently from the FxPro app without installing other third-party applications. FxPro review shows that they provide competitive spreads at zero commission rate with ultra-fast execution speed.
Maximum Leverage Offered
FxPro MetaTrader 4 & 5
MetaTrader 4 is another revolutionary platform, and online broker comparison shows that almost all the forex brokers. On the other hand, MT5 is just the upgraded version of MT4. You can use either one and can get the most the same benefits. Both of these platforms were created to provide an efficient and smooth trading experience with the feature of
- Three charting types
- 50 technical indicators
- 9-time frames
- Customizable interface
- Arability of micro-lots
- Mobile and web trading
It has a mobile and web trading platform that provides full market depth and execution, spreads starting from 0 pips and stops/limit levels without any restriction. Forex broker compare supply the idea that cTrader is not a very common platform like the MT4.
Trading Platforms + Tools
FxPro Spreads and Commission Structure
FxPro offers endless trading opportunities for its brokers without charging any commissions. However, they also offer tight spreads. Additionally, you will also get the spread betting to get the tax advantages if you are British.
Forex brokers comparison also ensures that FxPro spreads are comparable to ECN.
IC Markets: The Best ECN Broker with the Lowest EUR/USD Spreads
IC Markets forex broker operates in Australia mainly. However, the online broker comparison indicates that it has several branches. Besides, 3 different authorities regulate them, which include the Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), and the Seychelles Financial Supervisory Authority (FSA). In terms of safety, these three regulatory bodies indicate IC Markets as the best forex broker. However, if you go through the features, you might get convinced to trade with them.
Features of IC Markets
Fast Execution: They use the fastest server like the NY4 (New York Stock Exchange) and LD5 (London Stock Exchange) data center to serve the speedy trading.
Technology Driven: They have partnered with some of the best trading technology providers to offer the cutting edge too to the user, such as ladder trading, Depth of Market (DoM), customize the ordering template, spread monitoring, and more.
Low Spreads: IC markets always seek the best technology to provide the lowest possible spreads to its traders.
Advanced Trading Platforms: IC Markets offer 3 best trading platforms to its users, which includes cTrader, MetaTrader 4, and MetaTrader 5.
Transparent: They are transparent about their policies and transactions without having any hidden charges.
Customer Support: While we make the forex brokers comparison with other brokers, IC Markets is best about the timing as they offer 24/7 customer support, while others provide 24/5.
IC Markets ECN Pricing
It offers variable spreads as well as tight spreads throughout the three forex trading platforms. Besides, IC Markets online broker comparison shows that it has a connection with more than 25 various liquidity providers, ensuring that the spreads remain tight during the weekdays. The spreads are as low as 0.0 pips. Additionally, they do not have a dealing desk, and requote price is not needed.
Breakdown of Fees in IC Markets
The minimum deposit is $200, and there is no fess for the deposit. So, you can deposit any amount without paying any fees. Furthermore, they support many ways to deposit, such as Skrill, Bpay, Cards, and wire transfer. However, international transfer fees are applicable, and forex broker comparison indicates that it is more or less common for all brokers.
There are no withdrawal fees either for the local trader, but international withdrawal fees varied per the size of the transaction.
In the case of rollover fees, it is standard like all the CFD brokers. However, there are no inactivity fees; you are not bound to keep on the transaction. Our IC Markets review will definitely enlighten you in detail.
FBS: Comes with Quick Withdrawal and Highest Leverage on The Market
FBS is regulated by the Cyprus Securities and Exchange Commission (CySEC), which helped more than 2.3 million traders to trust FBS. The broker offers numerous forex trading tools with plenty of instruments. For example, you can trade crypto, forex, metal, stocks, energies, and forex exotics from a single account. Hence, you don’t need to open separate accounts for each trading instrument.
Further, FBS offers you 28 forex pairs, 11 indices, 9 exotic forex pairs, and more than 100 crypto CFDs. In addition to that, you can also trade silver, gold, natural gas, Brent crude oil, WTI crude oil, and more.
Another great thing about FBS is that you choose your account types from six options. For example, you can open cent, micro, standard, zero spread, ECN, and Crypto accounts. These accounts come with their own benefits. For example, your deposit would be as low as $1, along with a low commission. Also, some accounts will give you up to 1:3000 leverage. You can trade on different lot sizes from 0.01 to 500.
Trading Platforms by FBS
FBS offers MetaTrader 4 and MetaTrader 5 as their platform. Also, you have the opportunity to download their very own mobile app named FBS Trader. You can download that on your Android and iOS devices, such as iPhone, iPad, and more. Although the app is made by FBS, you will get all the MT4 or MT5 platforms to feature right from your phone. Furthermore, the FBS app gives you 24/7 customer service.
With the MT4 and MT5 from FBS, you can trade different assets. The platform will give you lightening fast trading execution speed with its high-speed server. Lastly, the FBS trading platform also offers numerous technical indicators to make your trading life easier.
Deposit and Withdrawal
As we are living in the internet era, you don’t need to go to the bank to deposit in your FBS account. You can simply add money from your bank account or credit card through the FBS app. On top of that, you will also have options to choose from multiple banks. After the deposit, you can trade 170+ assets.
FBS Trading Instruments
As we have mentioned earlier, FBS offers different trading instruments. Let’s see what you can trade with the FBS broker.
As forex is the main trading instrument, they offer 28 FX currency pairs, and you get them at 0.0 spreads. To diversify your trading portfolio, you can even trade metals such as silver and gold.
If you want to pause forex trading for a while, you can try indices trading with FBS. They offer 11 top indices from around the world. You will certainly get access to NASDAQ100, AU200, Dow Jones, DE30, FTSE100, and more. And you can start indices trading starting from 100 lots.
Apart from indices, metal, and forex, energy trading options are also there. You can trade WTI crude oil, natural gas, and Brent crude oil.
Additionally, you will get access to the trading opportunity for 9 exotic forex pairs too. Further, stock and crypto trading options are there too. For the crypto, you can trade from 100+ crypto assets with 1:500 leverage features. Crypto assets include coin-coin, coins-fiat, coin-metals, and coins. So, you won’t lack behind in diversifying your crypto pairs.
However, to get all these features, you must need an active FBS trading account. So, make sure you choose the desired account, as they have multiple account types.
Nevertheless, you can also open a demo account before opening a real account with real money. So, you can check out the FBS platform beforehand. And if you are satisfied with the demo account, you can go for a real account.
XM: Low CFD Fees, Low Trading Fees, and Average Non-Trading Fees
Our online broker comparison shows that XM is one of the best forex brokers, which provides you the ultimate combination of low trading fees while using the MetaTrader platform. In the XM review, we have described how they have been providing these combinations throughout their different account types.
Features of XM
- 1000+ trading instruments with as low as 0.6 spreads.
- 888:1 leverage.
- Up to $500 bonus.
- Personal account manager for all users.
- Get free access to research on the forex market, daily webinars, and video tutorials.
- Daily forex trading signals, technical analysis, and market outlook.
While comparing forex brokers from a different region, we have found that XM broker has the regulation from different tiers of regulatory bodies, such as Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), International Services Commission, and the FCA in the UK.
XM Account Types
Depending on your investment and company types XM offers four levels of accounts, Micro, Ultra Low, Standard, and Zero Account.
- Micro Account: In this account, you can start trading by depositing $5, and the base currencies are EUR, USD, CHF, GBP, JPY, AUD, SGD, and ZAR.
- Ultra-Low Account: For ultra-low accounts, you may use USD, GBP, EUR, AUD, SGD, and ZAR as base currencies. However, these account types do not apply to all the entities of a group.
- Standard: A standard can be started with a $5 deposit with the lot size of 100,000 units of a base currency.
- Zero Account: Only three base currencies EUR, USD, and JPY are allowed to be traded in the zero accounts. However, the minimum deposit is $10USD.
Additionally, you can open a demo account too before starting the live trading. A client can have 200/ open/pending positions simultaneously.
The Fees at XM
While going through the online broker comparison, we found that XM offers a relatively lower charge. However, stock fees depend on the real-time situation of the market.
If we make the forex brokers comparison in terms of minimum deposit, the XM offers the lowest minimum deposit.
Another good thing about XM is they do not charge for deposits or withdrawals. But charges are applicable for the international bank transfer if the amount is less than $200.
HF Markets: One of the Transparent and Secured Brokers
With the multiple forex brokers comparison, HFM is the highly regulated forex broker, that has more than 1.5 million trading accounts from the trader all over the world. Additionally, according to the forex broker compare, they are one of the most regulated brokers as they are regulated by 6 different countries including-
- Cyprus Securities and Exchange Commission (CySEC)
- Financial Conduct Authority (United Kingdom)
- Financial Sector Conduct Authority (South Africa)
- Financial Services Authority (Seychelles)
- Vincent & the Grenadines regulatory authority
- Dubai Financial Services Authority
Features of HFM
- Offer 1:1000 leverage on 6 different accounts.
- As low as 0.0 spreads and zero deposit fees.
- Segregated accounts with major banks.
- Negative balance protection with market-leading insurance.
- 18 trading tools on 12 trading platforms.
- 15 different funding methods to trade 1,000+ products.
HFM Fees and Commissions
Multiple online broker comparison gave us the idea that all the forex brokers generate income from spreads and commissions, and so do the HFM. However, the spreads can be as low as 0.0 on premium accounts. HFM offers five different accounts, in which four of them are spread based, and one is based on commission.
HFM zero account provides 0.1 pips on EUR/USD, which may incur a commission of 0.6 pip per trade. But, the trading cost in zero accounts is lower.
Markets and Instruments
Apart from the demo account, we have found from the HFM review that they offer 6 other live accounts to start real forex trading. The accounts are-
- Micro: Minimum deposit $5, max leverage 1:1000 and 150 maximum open orders.
- Premium: $100 to start out, 1:500 maximum leverage, and 300 open orders at a time.
- Zero Spread: $200 minimum deposit, Maximum leverage 1:500, and 500 open orders.
- Auto: min deposit $200, 1:500 max leverage, simultaneous open orders limit is 300 and other features.
- PAMM (Premium): Min deposit $250, Max leverage 1:300, and Max Simultaneous Open Orders: 500.
- HFCopy: It is for copy trading. The minimum deposit for the strategy provider is $500, while it is $100 for the followers.
Axi: Free Deposit and Withdrawal, Fast Execution with Competitive Spread
Axi is a globally recognized broker operating in 100+ countries to 60,000+ traders since 2007. With an official trading partner agreement with the Manchester City football team, Axi has gained more popularity.
But, the main reason for their popularity is their customer-centric growth approach through advanced trading technologies. Axi has diverse traders, from retail to corporate clients. Also, they offer services to banks and financial organizations.
When it comes to risk, Axi is an average risk broker. The broker is regulated by FCA in UK and ASIC in Australia. These are Tier 1 regulators, meaning that Axi is a trustworthy forex broker, and you can certainly trade with them without any sort of hesitation.
MetaTrader 4 is Axi’s prime trading platform. However, you will get some customized services through Axi’s MetaTrader 4 platform. For instance, you will get access to Axi autochartist, which is an analytical service for all Axi live account holders.
Furthermore, you can easily access MT4 from Axi from any device and anywhere in the world. But, you need to ensure that you are connected to a fast internet service to get uninterrupted service.
Other features include social trading, copy trading, and more. The best thing about the Axi trading platform is that you will get 51 built-in indicators alongside 31 drawing tools. These can make the market analysis a piece of cake. It also comes with a click trading feature.
Axi Account Types
Axi offers two types of accounts, Pro and Standard. While both accounts come with almost the same features, the spread and commission are different. For instance, the Pro account gives 0.0 pips for spreads. On the other hand, the standard account comes with 1.0 pips. However, you have to give commissions for a Pro account, which is $7. However, the standard doesn’t impose any commission.
But, for either of the account types, there are no minimum deposit requirements. You can get a maximum of 1:400 leverage for both account types.
Axi has award-winning customer support for its trader. Nevertheless, you can get support through phone calls, live chat, and email 24/5. Also, traders will have their very own personal manager for any kind of help regarding trading or account management.
If you are just starting a forex trading career, Axi offers education features for you. As a result, you can learn forex from scratch through video tutorials, eBooks, and more.
So, anyone can join Axi and start trading instantly, regardless of their experience.
Facts We have Checked to Make this Comparison
While making the online broker comparison, we have followed some steps. We compare forex brokers in such a way so that you can take the decision by looking at the table without going through the theoretical description. We researched the best forex brokers, which are always safe. And, we have found the 6 brokers we have mentioned above.
The steps we have followed-
- The first thing we checked is their regulation. If regulated, check with the regulatory bodies, verify with the license number. We did not include any unregulated forex broker.
- Next, we have verified the regulatory status; we went through the available instruments they offer and how the instruments are beneficial for the traders.
- After that, we looked at the offered platforms as platforms are the ultimate tool to get you a cutting-edge trading experience.
- Leverage is also important to earn profit from forex trading. So, we made a table to compare forex brokers according to the leverage ranges.
- Finally, compared the tools each broker offers to boost the trading experience.
However, we also did a trial and error method to eliminate the less performing ones to keep the best broker. As a result, end up with these six forex brokers comparison.