If you click on or buy something via a link on this page, we may earn a commission. Please refresh your browser and try again. The Best Forex Trading The sheer size of the forex, or foreign forex trading, market dominates all others — even the stock market.
Every payment that crosses currencies contributes to its fluctuations and momentum. And without a centralized marketplace, forex activity buzzes practically without cease, with traders waking up and doing business everywhere, in every time zone. How We Chose the Best Forex Trading Brokers Enduring features We gathered a list of 65 forex trading brokers and narrowed it down to the best five by analyzing research features, customizability options, and trading platforms. Flexible and interactive tech All good forex brokers update account information in real time, display balances, and provide history reports and statements. But exceptional brokers offer trading technology that boasts a broader spectrum of features, from alerts to automated trading, cooperatively helping you execute strategic trades. Specifically, we prioritized forex brokers with trading tech that offers customizable interfaces and interactive charts.
Mobile capabilities We also wanted technology that’s not desktop-bound. As mobile trading continues to grow, the best brokerages make high-performance, on-the-go research and trading tools as powerful as traditional platforms. We prioritized brokers staying ahead of the curve with dedicated, well-functioning apps that are compatible with a variety of devices. Resources Forex brokers provide clients with resources to understand market activity and make fast, informed choices.
Exceptional brokers also include access to historical data, so traders can back-test strategies before allocating real money. Major Currency Pairs Major Currency — currencies from the world’s most developed economies including Europe, Japan, Canada, and Australia — represent the most heavily traded and liquid currency markets for any forex trader. A major currency pair is created when one of these currencies is traded against the U. Cross Currency Pairs Cross Currency Pairs signifies secondary currencies traded against each other and not against the U. Most reputable brokers offer this category of trades, and it’s especially important for a forex trading account denominated in a currency other than the U. A full-service brokerage for savvy investors — trade forex alongside other investment products all from the same account.
Why we chose it High number of currency pairs Thinkorswim is the best option for U. Thinkorswim sits among the top forex brokers in terms of tradable currency pairs. Customizable and automated Thinkorswims’ robust platform puts every imaginable forex trading tool at your fingertips. One synchronized account Part of vast online brokerage TD Ameritrade, thinkorswim enables you to trade forex, stocks, futures, and options all from one account. Save time and keep abreast of your diverse portfolio without the hassle of switching between windows and platforms. Even better, these combined tools are available through just about any device. Check out Ally Trading if you’re a forex novice.
Smart tools for sophisticated trades, without classing out investors new to forex. Why we chose it Accessible minimums Ally Invest makes it easy to get started trading forex on a budget, with low minimums and tight spreads. Ally is our top pick for the best Cheap Online Stock Trading, with a rock-bottom fee structure that helps you funnel more money into your account and less into the brokerage’s coffers. User-friendly platform One of the best parts about Ally’s trading platform: the intuitiveness of its layout and functions. The smart and streamlined trading interface makes it quick and easy to watch trends and make trades.
New investors should be able to get familiar with the lay of the land fairly quickly by navigating from the trading panel. The panel also includes shortcuts: Buy and sell with one click. Growing company Recently, Ally has gobbled up a couple of other key brokerages offering forex: Tradeking and MB Trading. Not a big point of consideration when you’re just looking at company offerings, but it’s a notable factor when looking at financial solidity across the board. Points to consider Lacks educational resources While Ally’s price points are ideal for new traders, the educational resources are somewhat sparse. The site can walk you through the basics, but you’ll need to look elsewhere for courses, videos, and tutorials.
Separate accounts You’re also not able to access other investment products within the same account. Unlike thinkorswim, you’ll have to open up and individually access other accounts if you’re interested in trading stocks, options, or futures in addition to forex. Why we chose it Elite trading tech High-end trading tools and perks that will be attractive to adroit traders, like a non-dealing desk environment. The advanced platform also allows you to customize and quickly execute orders, moving between analysis to trading without navigating windows. Points to consider Not ideal for beginners ATC provides backtest trading software to run simulations and testrun strategy, but goes light on other beginner-friendly features.
Once again, look to Ally Invest for an easier entrance to forex. Not as transparent as some, but chock-full of helpful tools to test, strategize, and perform trades. Why we chose it Compatible with all skill levels OANDA serves the forex trading needs of the inexperienced and the experts alike, with a range of user-friendly and robust platforms, desktop and web-based. Both options translate to mobile apps so you’re never far from your investments. Backtest capabilities Another major bonus with OANDA’s powerful tech: access to historical exchange rate data. Backtest strategies before you trade in one of the largest currency databases across the globe. You can also subscribe to the data feed for even deeper analysis.