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 FP Markets, FXPro, FXChoice, IC Markets, XM and HF Markets 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.
|FP Markets||FxPro||FXChoice||IC Markets||XM||HF Markets|
Regulations and Licenses
FP Markets: Consists of 13000+ Trading Instruments
What is FP Markets?
First Prudential Markets, widely known as “FP Markets,” is an Australian CFD and Forex broker that was established in 2005. Besides, it also runs in 80+ countries and has a vast number of traders worldwide.
Is FP Markets Regulated?
Yes, FP Markets got the regulatory status from the Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC).
Core Features of FP Markets
From different online broker comparison, we have found that FP Markets offer a comprehensive feature that makes them the best forex broker. Following are core features, which can boost your trading capability.
- Virtual demo account to check out the features.
- Offer high leverage, which is up to 500:1.
- Variety of trading platforms.
- Charting features to analyze the market as well as your activity.
- Research and Education service via Traders hub.
- Fastest customer service.
Range of Markets
A single FP Markets account will give you access to different markets, including Forex, Shares, Metals, Commodities, Indices.
Forex is the biggest, volatile, and most liquid exchange market in the world as per forex broker compare. Trading Forex with FP markets will get you the following benefits.
- Give you access to the 60+ top currency pairs.
- You can trade 24 hours a week for 5 days.
- The spreads start from 0.0 pips.
- Get you the high-speed execution via Equinix servers.
- Enter and exit the trader anytime you want on 24/5.
- No dealing desk and no price manipulation problem. Besides, no hassle of requotes.
- Take any trading positions short or long.
- Take the benefits of 500:1 leverage.
FP Markets provide a competitive trading environment by offering 10,000 share CFDs, indices from Australia and International across 4 continents. However, you will get access to stocks of the world’s top companies, such as Apple, Google, Amazon, etc.
To trade the share CFDs, you can choose any platform from IRESS and MT4 & MT5. However, MetaTrader will provide 54 shares of CFD from all over the world, while IRESS will provide 10,000 shares.
The online broker comparison let us know about the best thing of trading metals with FP Markets is that it permits you to trade on the spot price, including Silver or Gold, and you can trade as currency pairs such as Australian Dollar or US Dollar.
Benefits you will from FP Markets metals trading-
- Help you to trade in any direction and position.
- They will get you to hedge risk through the high-value assets.
- Maximize the benefits with low-cost trading and low margin while having fast execution.
- Use of a powerful trading platform.
FP Markets commodities offer a variety of products via real-time technology and competitive commodity prices. Besides, they will also be fed you with swift execution speeds with deep liquidity, tight spreads, and low slippage.
Using the FP Markets platform, you can trade Top CFD indices such as AUS200, NASDAQ 100, EUREX, S&P 500, and more. Additionally, you can speculate the underlying index without having physical ownership.
Maximum Leverage Offered
They separate the traders as per the location. For example, for the Australian trader, FP Markets offer Standard, Platinum, and Premier accounts.
- A standard account requires a $1,000 minimum deposit with a $10 minimum brokerage rate.
- To trader in the Platinum account, the minimum deposit is $25,000
- The Premier minimum opening balance is $50,000.
International users can open Standard and Raw accounts with a $100 minimum deposit.
You can know more about this broker from our FP Markets review.
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.
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.
FXChoice: Get Bonus on Your Deposits
FXChoice is a global forex broker that started its journey in 2010. The best thing about this broker is that it provides access to different trading markets while commissions are low and spreads are flexible. However, it is only regulated by FSC Belize, which is a tier 3 regulatory body. But you will certainly get all the benefits like a top-notch broker. FXChoice will allow you to trade indices, forex, cryptos, commodities, and CFDs.
What are The Account Types in FXChoice?
Classic and Pro, you will get to use these two account types. Although both account types are similar, there is a slight difference in the pricing mechanism.
The classic account is great for beginners, while the Pro account is more appropriate for advanced traders. On top of that, you can open more than five live accounts with FXChoice. Hence, you can check out both account types and stick to the one you need. So, you will have enough chance to pick your account type as per your requirements.
As we have mentioned, there are some similarities between the two accounts. The similarities you will get are a minimum $100 deposit, access to more than 50 instruments, 1:200 maximum leverage, access to MetaTrader 4 & MetaTrader 5 platform, NDD, and market maker.
However, there are some differences too. The classic account’s minimum order starts from 0.5 pips, and the minimum lot for the Pro account is 0.01 lots. While the Pro account’s spread starts from 0.0 pips, the classic account’s spreads start from 0.5 pips. When it comes to commission, the classic account is a zero-commission account, and the pro account charges $3.5 per side of $100,000.
FXChoice provides access to 5 different market instruments, including crypto, FX, commodities, index, and share CFDs. Let’s have a look into the market instruments in detail.
Forex: You will get to trade the top 36 currency pairs in both Classic and Pro accounts. Additionally, you will surely get access to all the major pairs, while minor pairs will also be taken into consideration.
Indices: FXChoice offers the top 6 indices. You can trade DE30INDEX, JAPANINDEX, US30INDEX, US500INDEX, USTECHINDEX, and UK100INDEX.
Crypto CFDs: FXChoice provides the top three crypto CFDs, which include Litecoin, Bitcoin, and Ethereum. All these crypto CFDs can be traded with US dollars.
Commodities: While many commodities are available in the trading world, FXChoice offers only energy and metal. So, you can trade gold and crude oil as commodities.
Shares: FXChoice trading account allow the traders to trade around 55 share CFDs. However, you don’t need to deposit a huge amount to trade these shares. You start share trading as low as a $100 minimum deposit.
FXChoice Platform Services
FXChoice introduces different trading services for their uses, which include Expert Advisors (EAs), MQL5 signals, ZuluTrade CopyTrading, Myfxbook’s AutoTrade, and VPS.
MQL5 Signals: You don’t need to become an expert to use the MQL5 signals. You can use them even if you have little experience with trading. Another benefit is that they are easy to use and understand.
ZuluTrade CopyTrading: Copy trading occurs when a trader takes the same position as another trader but with the intention of making money by differentiating their positions over time. And ZuluTrader’s copy trading feature easily helps traders to copy the industry leaders.
VPS: In today’s forex market, where fast responses are a must, VPS technology is essential for forex traders. With the ability to instantly switch between multiple accounts, VPS allows traders to keep more tabs on their positions, making faster decisions and increasing their chances of profitable trades. Hence, FXChoice’s VPS will help the trader to execute a trade promptly.
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.
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.
HotForex: One of the Transparent and Secured Brokers
With the multiple forex brokers comparison, HotForex 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 HotForex
- 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.
HotForex 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 HotForex. However, the spreads can be as low as 0.0 on premium accounts. HotForex offers five different accounts, in which four of them are spread based, and one is based on commission.
HotForex 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 HotForex 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.
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.