Best Online Broker Comparison 2021
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 online broker comparison among FP Markets, IC Markets, FXPro, XM, Hot Forex, 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.
|FP Markets||IC Markets||FxPro||XM||HotForex||Axi|
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.
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.
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.
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.
Axi: Award-Winning Service with Fast & Secure Payments
Axi is an Australian CFD and Forex trading broker for retail and professional traders that provides a wide range of markets through multiple account types. FCA regulates axi in the UK and ASIC in Australia. However, they started operations in 2007 in Australia and then expanded to London and China in 2012 and 2015.
Axi Trading Platform
Axi got its license from MetaQuotes to use MetaTrader 4, and it is the primary trading platform they provide to the clients. Besides, MT4 has different versions for computer, android, and iOS.
Additionally, the Axi broker will allow its traders to use MT4 NextGen, which complements MT4 for additional functionality. Via the Axi MT4, traders can also get different trading signals and use the multi-manager account.
Axi Account Types
Axi offers two types of live accounts along with an Axi demo account. However, the demo account holder will get all the benefits like a live account.
The live accounts are-
- Standard account: It is a no commission account but offers high spreads.
- Pro account: It offers commissions along with raw spreads.
According to the experts, the pro account will get you the most favorable conditions. Moreover, whether you are signed up for a pro or standard account, you will be treated the same.
Axi also provides an Islamic trading account, which is an interest-free and swap-free account.
Axi Spreads and Leverage
Axi offers different spreads, which depends on the account types. For example, the pro account offers a high spread, and the standard account has wider spreads.
On the other hand, Axi leverage depends your account holder’s location as different regulatory bodies impose different rules according to the location. For example, European traders have to stick with fixed leverage; on the other hand, traders from other countries or areas will have the option to change the leverage.
Axi gives access to multiple markets to diversify the portfolio from a single account. The offered markets include Crypto, Forex, CFD, Silver, Gold, Commodities, Oil, and Indices.
Axi Deposit and Withdrawals
Axi deposit methods include Credit/ Debit cards, wire transfers, and e-wallets, while the withdrawal methods are limited to bank transfers and e-wallets only. However, there are no additional charges for deposits and withdrawals.
Axi offers the learn to trade feature, which is an education platform for the traders. They provide the learn to trader feature through video tutorials, eBooks, tips, and different tools.
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.
Top Rated Online Best Forex Brokers 2021