Best Forex Trading Platforms

Trading forex as a side job is one way to earn a bit of extra cash. Imagine if you trade this asset as a full-time job. A lot of news articles or reports on the internet feature investors who gained millions of dollars trading forex. It is no surprise that a lot of people want to start investing their capital in this asset class.

Learning how to trade forex takes time and patience. But choosing the right forex trading platform requires more attention to detail. There are so many options out there. Some of these options turn out to be scams or illegitimate brokers. This is why you need to make a list of potential brokers and do extensive research on them.

Luckily, we have created that list for you. Below is a list of the best forex trading platforms in 2021. Key details and information are provided in each of the platform’s sections.

Best Forex Brokers

• eToro
• FOREX.com
• City Index
• XTB
• TD Ameritrade FX
• Interactive Brokers
• IG
• CMC Markets
• Capital.com
• BDSwiss
• FXCM

#1: eToro

In the trading world, eToro is known by almost everyone. This does not come as a surprise because, since its inception in 2007, eToro has been providing high-quality services to its clients, and its social copy trading feature has proven to be useful to both newbie and professional traders.

This broker is regulated by FCA or the Financial Conduct Authority, the ESMA or the European Securities and Markets Authority, and CySEC or the Cyprus Securities Exchange Commission. This is to ensure that the services this company provides are safe, legitimate, and can be trusted.

eToro also goes the extra mile to protect its client’s funds. All the cash you deposit will be safely kept in a separate account. This is to ensure that your funds won’t be affected in case the company goes bankrupt. Your log-in credentials and personal information are also safe from hackers because eToro implements the highest standards when it comes to protecting its Client’s information.

When trading forex with this broker, you have the option to invest in any of the 49 available forex pairs on its trading platform. Some of the currency pairs available are GBP/AUD, GBP/NZD, GBP/CHF, USD/SEK, CAD/CHF, USD/PLN, USD/CZK, USD/RON, and many more. A complete list can be found on eToro’s trading platform.

eToro’s cutting-edge trading platform was launched in 2010. It has continuously grown and improved throughout the years and is now known as eToro CopyTrader. This proprietary trading platform provides ease of use and high-end trading tools such as a Tipranks research tab, one-click trading, and many more.

Traders can also take advantage of the free demo account provided by this broker. This allows you to train risk-free to better prepare yourself for live trading. Its social trading feature also connects you to other traders that can give you a second opinion or teach you a few tricks when trading forex.

The platform can be accessed through your desktop or mobile device’s browser. A mobile application is also available for free. This can be downloaded from the Google Play Store for Android devices and Apple App Store for iOS.

You can easily create an account by linking your Facebook, Google, or Apple account. Alternatively, you can sign up with your email address. After creating an account, you can access your virtual portfolio or demo account. But before you get to trade live, a minimum deposit of $50 is required. Depending on your account type, the minimum deposit can range between $50 and $1,000.

There are multiple ways to add funds to your account. You can use Neteller, PayPal, iDEAL, Skrill, Rapid Transfer, or Sofort. You can also add funds via online banking or bank transfer. Simply click on “deposit funds” to add cash to your account directly from the trading platform.

eToro’s help desk is available 24/5 via the trading platform. The website, as well as the trading platform, supports English, Spanish, Italian, German, Russian, Chinese, French, Arabic, Polish, Dutch, Swedish, Portuguese, Czech, Danish, Vietnamese, and many more.

This broker accepts clients from a wide range of countries, including the United States, Australia, Kuwait, Qatar, Italy, United Arab Emirates, Norway, Germany, and many more. However, eToro does not cater to traders from Thailand, Macao, Madagascar, South Africa, New Zealand, Saudi Arabia, India, Hong Kong, Singapore, Japan, Canada, Turkey, and Iran.

#2: Forex.com

As the company’s name suggests, Forex.com is known for its forex trading platform. This company is proud of the extensive global reach that it has built since 2001. It has collected multiple forex-related awards, such as Best US Broker in 2019 and 2020.

Forex.com is licensed to operate in multiple countries. It is monitored by eight well known regulatory bodies: the Financial Conduct Authority, the Financial Services Agency, the Securities and Futures Commission, the Investment Industry Regulatory Organisation of Canada, the National Futures Association, the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Cayman Islands Monetary Authority.

For the peace of mind of its clients, Forex.com stores its funds in a separate account. This broker adheres to the strict guidelines implemented by the Risk Committee of GAIN Capital Holdings, Inc.

With more than 80 currency pairs to trade, Forex.com gives you a wide range of options from major, minor, and exotic pairs. Examples of the offered currency pairs are NZD/USD, USD/JPY, USD/CHF, SGD/HKD, NOK/SEK, XAU/USD, ZAR/JPY, and many more.

Forex.com has its own trading platforms, advanced trading platform, and web trading platform. The advanced trading platform is ideal for professional clients. It comes equipped with advanced charting features, integrated trading strategies, and advanced analytics tools.

The web trading platform, on the other hand, offers a simple interface that is great for beginners. You can customize the layout, and it features risk management options. With over 70 technical indicators and 50+ drawing tools, this platform offers everything a beginner needs to start their trading career.

If the idea of sitting in front of a computer all day long is not in the cards for you, Forex.com also has a mobile trading app. The application has more than ten chart types to choose from and over 60 drawing tools and technical indicators. You can also easily execute your trades with the one-swipe trading feature.

These first two platforms require no download and can be accessed through your web browser. However, the mobile application can be downloaded for free from the Apple App Store and Google Play Store.

To create an account, you will be required to fill out the registration form that will ask for your country of residence, complete name, date of birth, email address, and phone number. Some personal information as well as details on your trading experience is required as well.

If you feel the need to practice or familiarize yourself with the trading platform before anything else, you can use the free demo account feature. You will be given a virtual fund of $50,000, so you can test the capabilities of the platform with zero risks.

Once you are ready to start trading with real cash, you can deposit funds to your account via wire transfer, Klarna, MasterCard and Visa, PayPal, Neteller, Skrill, SafetyPay, Przelewy, iBank&BankLink, and iDEAL. Forex.com requires its clients to deposit at least $100 before they can start trading live.

To ensure their clients get seamless service, Forex.com has a dedicated customer support system that is available 24/6. You can contact them through Facebook, Twitter, or the live chat box found on the lower right corner of the homepage. The website also features a help desk section that contains frequently asked questions. Several languages are supported by the website, including English, Arabic, Russian, Polish, Lithuanian, German, and Spanish.

Traders from numerous countries are accepted by this broker. But clients from Germany, Ireland, Portugal, Italy, Switzerland, Sweden, Spain, Norway, Netherlands, Mauritania, Iran, Iraq, Lebanon, Code d’Ivoire, Congo, Nigeria, Pakistan, New Zealand, Iceland, Israel, Hong Kong, France, Ghana, and Belgium are not eligible to trade using this broker.

#3: CityIndex

This UK-based company was created in 1983, which gives it more than 30 years of experience in the trading scene. With the number of years it has been operating, it now has an extensive global reach with offices in the United Kingdom, Australia, Singapore, and the Middle East.

CityIndex is regulated by the ASIC or the Australian Securities and Investments Commission and the FCA or the Financial Conduct Authority. The website is SSL certified to help protect the Client’s personal information as well as bank and log-in credentials.

This forex broker offers 84 currency pairs which include the seven major currency pairs and both minor and exotic pairs as well. You can check out a complete list of the available forex pairs on the website and platform.

With its award-winning proprietary platform, CityIndex offers fast and reliable execution speeds for its clients. The forex trading platform features a customizable workspace, advanced charts, and custom indicators. The web-based platform also has various trading tools like an economic calendar, market analysis, and more than 65 technical indicators.

If you prefer trading on a mobile device or tablet, CityIndex’s trading platform comes in the form of a mobile application. The mobile trading app supports one-swipe trading, so you can easily execute trades on your device. All the technical indicators, tools, and features offered on the web-based platform can also be utilized when using the mobile trading app.

The web-based platform and mobile application are completely free and can be downloaded directly from the website or the Apple App Store, or Google Play Store. Alternatively, you can opt to trade using the MetaTrader 4 platform, which also comes with helpful tools for beginners and professionals alike.

To start trading with CityIndex, you first need to create an account. Fill out the forms presented to you by the website. The forms will ask for personal details, your address, and information about yourself. You will also be required to send in a valid ID to verify your account.

If you’re ready to start trading live, you can move on to the next step, which is to deposit funds into your account. The minimum amount required is $100, and you can deposit via BPAY, Giropay, MasterCard, PayID, MoneyGram, credit card, and wire transfer.

This broker’s customer support service is available 24/5 and can be contacted through email or phone. This feature supports Chinese, Arabic, Polish, German, Spanish, and English. You can also check out CityIndex’s FAQ or Help and Support page to get answers to general questions.

The only downside to this broker is it only accepts traders from Australia and the United Kingdom.

#4: XTB

XTB is the world’s leading forex broker. Established in 2004, it has continuously grown and now has upwards of 400,000 customers from more than ten countries, including the United Kingdom, Poland, Germany, France, and Chile.

The company’s core value is to consistently provide the best trading experience to its customers. To support its core value, this broker is under the supervision of well-known regulatory bodies. The companies responsible for regulating XTB are the IFSC or the International Financial Service Commission, CySEC or the Cyprus Securities and Exchange Commission, KNF or Komisja Nadzoru Finansowego, and FCA or the Financial Conduct Authority.

As an added layer of security, XTB provides free insurance to all its clients. The insurance given to clients come from one of the world’s largest insurance provider, Lloyd’s of London. This provides coverage of up to a million worth of your region’s currency. 

All in all, XTB offers 57 currency pairs. Included in the list are AUD/NZD, CHF/HUF, CHF/JPY, EUR/NOK, EUR/JPY, NZD/JPY, GBP/ZAR, and many more. Micro lot trading is also available for this asset class which allows the trading of assets in lower volumes that are smaller than one standard lot.

All these and other asset classes provided by this broker can be traded using its award-winning proprietary trading platform known as the xStation 5. It earned its award because of its special software that allows you to execute trades accurately and promptly. 

Traders using this platform can easily access professional analytical tools as well as advanced trading tools to assist them when setting up and executing trades. The web-based platform is compatible with Firefox, Opera, Chrome, and Safari. 

The mobile application, on the other hand, has all the tools and features provided on the web-based platform, but it comes in a more compact and mobile-friendly interface. The application is compatible with both Android and iOS devices and can be downloaded for free. 

Clients also have the option to test the platform without risking their hard-earned money. Using XTB’s free demo account, you can access all the features of the trading platform and can even practice trading with live market conditions. The demo account is free for 30 days.

The account creation process won’t take more than five minutes. Just simply follow the steps provided on the website and provide all the details required. XTB implements the KYC or the Know Your Customer due process. This means you will need to provide a valid ID, and they will need to verify it for your safety.

Once you finish verifying your account, you will be prompted to deposit funds to your account. You can do this using various methods such as PayPal, Skrill, and bank transfer. XTB does not charge any deposit fees, and there is no minimum amount required. 

XTB’s dedicated customer support service can be contacted through email, phone, or live chat. They are available 24/5 and supports numerous languages, including German, English, French, Vietnamese, Polish, Spanish, Chinese, and many more. Additionally, upon signing up, the broker will automatically assign an account manager to you to assist you.

When it comes to the accepted clients, XTB does not cater to traders from the United States, Romania, Iraq, Iran, Cuba, Kenya, Syria, Uganda, Ethiopia, India, Pakistan, Bosnia and Herzegovina, Israel, Singapore, Mauritius, Turkey, Slovakia, Japan, Australia, and Canada.

#5: TD Ameritrade

TD Ameritrade is one of the oldest brokerage companies on our list. Since 1975, it has consistently improved and grown to be one of the best forex brokers in the world. With the experience of more than 40 years on the market, this company surely knows what they’re doing. It is no surprise that to date, it has more than seven million clients with more than 650,000 trades executed per day.

This brokerage company is regulated by FINRA or the Financial Industry Regulatory Authority. All accounts are protected by the FDIC or the Federal Deposit Insurance Corporation and the SIPC or Securities Investor Protection Corporation.

With TD Ameritrade, clients can choose to invest in any of the 70+ currency pairs offered by this broker. The currencies available are ZAR, USD, TRY, SGD, SEK, PLN, NZD, NOK, MXN, JPY, ILS, HUF, HKD, GBP, EUR, DKK, CZK, CHF, CAD, and AUD. All these are paired with one another to form the 70+ currency pairs available on the platform.

When it comes to trading platforms, you can choose to trade on either the web platform or the thinkorswim software created by TD Ameritrade.

The web platform has all the necessary tools required by both beginner and professional traders. An education center is available where you can get exclusive lessons about trading. An economic calendar, multiple watch lists, and planning tools are also present to further assist you when executing trades.

The thinkorswim platform, on the other hand, features multiple earning analysis tools, backtesting, and a customizable interface. You also gain access to both corporate and economic calendars to stay updated when it comes to market news.

All these platforms are available as desktop and mobile applications. Alternatively, you can easily access these through any web browser on your phone, tablet, or desktop. They are all free to download from app stores or the website.

There are multiple account types available, but the standard individual account is your best choice. It is fairly easy to create your own account, and it won’t take much of your time. Fill out all the forms on the website and follow the steps provided to you. It will ask for your contact, personal, and financial information as well as a valid ID like a passport or foreign tax ID. You will also need your ITIN or Social Security Number to further validate your account.

As soon as you finish validating your account, you can start trading. However, you will need to add funds to your account first. There is no minimum amount required by TD Ameritrade, but when depositing money to your account, $50 is the minimum electronic funding amount.

If you feel like you’re not quite ready to trade with actual cash, you can utilize TD Ameritrade’s free demo account known as PaperMoney. This comes with simulated funds so you can practice and test out the platform without risking your hard-earned capital.

If you’re having trouble finding your way around the platform, or you simply have a question, you can contact the company’s customer service advisors via the live chat system found on both the website and trading platforms. Keep in mind, however, that TD Ameritrade only accepts clients located in the United States.

#6: Interactive Brokers

If you know a thing or two about trading, you might have heard of Interactive Brokers. After all, this company is one of the most famous brokerage companies out there. The company was founded in 1977 by Thomas Pterffy and had since been growing and continuously improving to provide the best trading service to its clients.

The company has won multiple prestigious awards almost yearly. Some of the awards it has won are Best Online Broker in 2021, #1 for Professionals, Best for Margin Trading, Best for Active Trading, and many more. It also boasts of a global presence, having companies located around the globe.

Considering how large this brokerage company is, it’s only natural for it to branch out into different companies. All these companies are regulated by the US Securities and Exchange Commission, the Financial Conduct Authority, the Commission de Surveillance du Secteur Financier, the Central Bank of Ireland, the Central Bank of Hungary, the Australian Securities and Investments Commission, the Hong Kong Securities and Futures Commission, the Kanto Local Finance Bureau, and the Monetary Authority of Singapore.

Interactive Brokers is also a member of the Investment Industry Regulatory Organization of Canada, the Luxembourg Investor Compensation Scheme, the New York Stock Exchange, the Financial Industry Regulatory Authority, and the Securities Investor Protection Corporation.

Interactive Brokers, or IBKR, offer more than a hundred currency pairs. The 23 currencies available and paired with one another are KRW, ZAR, TRY, SGD, SEK, RUB, PLN, NZD, NOK, MXN, JPY, ILS, HUF, HKD, GBP, EUR, DKK, CZK, CNH, CHF, CAD, AUD, and USD.

You can choose to trade these on the Client Portal or the Trader Workstation. The Client Portal has a simple interface that features various trading tools, a quick trade option, advanced charting, and multiple relevant articles about the market.

The Trader Workstation is a desktop application that can be directly downloaded from the website. It offers real-time monitoring, risk management tools, and many more. It also has a paper trading feature that functions as a free demo account. This acts as training grounds for beginners who want to expand their knowledge. It also comes in handy for professionals because they can test different strategies on the demo account without risking actual money.

If you prefer trading on your smartphone or tablet, Interactive Brokers has an app that has all its services. You can easily trade on the go using the various tools and features offered on the application. This can be downloaded for free from the Apple App Store and Google Play Store.

The account creation process is fairly simple. You will need to input your email address, username, and password. The form will also ask you to choose your country of residence from the drop-down box. Once you finish filling out the form, hit “create account” and the company will send you a verification email. Follow the steps provided in the email to verify your account and complete your application.

Interactive Brokers does not require a minimum deposit. However, some accounts require different amounts as a minimum deposit. Check out the website to get more information on this. Information on each account type can also be found on the website.

Various payment methods are supported by Interactive Brokers. The methods depend on your country of residence and your chosen currency. Make sure to check out the “fund your account” tab and input the necessary details so the website could display the available payment methods.

If you’re still having trouble, you can send them a message through the live chat window on the website. You can also reach out via email and phone. The website and platforms support English, German, Spanish, Italian, Russian, French, and Chinese. This specific broker only accepts traders from the United Kingdom, the United States, and Canada.

#7: IG

IG is a United Kingdom-based brokerage company created in 1974. This makes it the oldest company on the list alongside TD Ameritrade. It serves upwards of 300,000 clients from around the globe. It is regulated in the United Kingdom, EU, New Zealand, Australia, the United Arab Emirates, South Africa, Japan, Singapore, and the United States.

The companies responsible for regulating this broker are the Financial Conduct Authority and the Federal Financial Supervisory Authority. This broker is also a part of the list of the London Stock Exchange. For maximum protection, client funds are stored in a segregated account to ensure that your money is 100% safe in the unlikely event that the company closes down or goes bankrupt.

IG offers over 200 currency pairs for its clients to trade or invests in. included in the 200+ currency pairs are the seven major forex pairs and various minor and exotic pairs. Some examples are AUD/USD, EUR/JPY, USD/CHF, EUR/USD, GBP/USD, and many more.

IG’s proprietary trading platform has won multiple awards throughout the years. It has won Best Finance App and Best Multi-Platform Provider in 2020 and Best Trading App in 2019. The platform has an average execution speed of 0.014 with a monthly trading volume of 7 million.

Its user-friendly interface makes it great for newbie traders. It provides multiple analysis and charting tools, news articles from reputable sources, and a fully customizable workspace. You can choose between dark or light mode and even remove or add columns.

Auto-trading is also available. You can easily set this up on the platform by selecting your asset to be traded when to execute the trade, when it expires, and when the platform should automatically close it. You can also enable alerts to help keep you updated on the movement of the market.

This award-winning platform also comes in the form of a mobile application that can be downloaded from the Google Play Store for Android devices. It offers all the services provided on the desktop version, but its interface is better suited for mobile devices.

To start trading, fill up the registration form found on the website. You will need to provide your country of residence, complete name, email address, username, and desired password. Contact information, finances, and a brief summary of your trading experience will also be required. Keep in mind that it may take up to three business days to verify your account.

Once you finish creating and verifying your account, the next thing you should do is add funds to your wallet. The minimum deposit required is $300, and you can add this amount or more using PayPal or your debit or credit card.

If you’re experiencing difficulty in any form while using the platform or browsing the website, you can click on the “help” tab to get answers to your questions. Email, live chat, and phone support are also available to those who have to time-sensitive problems. They are available 24/7. You can also visit the IG community forums to chat with other users regarding their experience using the platform. You can also a second opinion here or advice from other traders.

You can open an IG account if you are from Australia, China, Germany, Hong Kong, India, Ireland, Japan, Malaysia, Netherlands, Singapore, South Africa, the United Arab Emirates, the United Kingdom, and the United States.

#8: CMC Markets

CMC Markets was established in 1989 by Peter Cruddas. However, this broker only launched its own real-time forex trading platform in 1996. Its main office can be found in London, and it boasts of having more than 85,000 clients from all over the world.

The company is fully regulated by the Financial Conduct Authority or FCA, the ASIC or Australian Securities and Investments Commission, the Investment Industry Regulatory Organization of Canada or IIROC, and the Monetary Authority of Singapore, or MAS. Additionally, CMC Markets is listed on the London Stock Exchange to further solidify its reputability.

CMC Markets offers the most currency pairs with a whopping list of upwards of 330. The seven major currency pairs can be found here. As for minor and exotic pairs, examples of these are AUD/JPY, CHF/JPY, GBP/CHF, EUR/TRY, USD/MXN, USD/NOK, EUR/TRY, and many more are available.

Using CMC Market’s trading platform, you can accurately and efficiently set up and execute your trades. You can use a wide range of drawing and analysis tools as well as fully customize your interface for a seamless trading experience. It also has more than a hundred indicators as well as over 60 chart patterns.

Another important feature is pattern recognition. It looks for profitable opportunities and presents them to the traders. This will help give you an insight into which assets to invest in and give you ideas for new strategies.

The mobile version of this trading app is also helpful to clients who prefer to trade on the go. It features mobile-friendly charting, more than 40 technical indicators, and multiple trades and signals tools. The interface is similar to the desktop version but is more mobile-friendly.

To create an account, all you need is your email address. You will then have instant access to the free demo account provided by CMC Markets. Here, you can try out the platform and its various features as well as train risk-free with a virtual fund of £10,000 on simulated live market conditions. 

Once you are ready to start trading live, you will need to add funds to your account. CMC Markets does not have a minimum deposit requirement. You can add funds using any of the major debit or credit cards. Additionally, CMC Markets supports ten different currency forms.

CMC Markets is also well known for its dedicated customer support system. The customer support representatives are knowledgeable and prompt to answer. The live chat feature is available 24/7 via the website, and it supports English, Norwegian, Swedish, Polish, Italian, Spanish, French, and German. You can also contact them via phone, and you can rest assured that your call will be answered in under one minute.

Although CMC Market boasts of a global presence, its services are only available to traders from Canada, France, Italy, Spain, Germany, Denmark, Sweden, Norway, Poland, and the United Kingdom.

#9: Capital.com

Capital.com is a fintech company located in Belarus, the United Kingdom, and Cyprus. It was established in 2016 and serves over 700,000 clients from more than 50 countries worldwide. The company has collected upwards of 20 awards throughout the years, including Best Forex Trading App in 2020, Best Trading Platform in 2017, Most Transparent Brokerage Service Provider in 2020, and many more.

It is fully regulated by the FCA or Financial Conduct Authority, the ASIC or Australian Securities and Investments Commission, and CySEC or the Cyprus Securities and Exchange Commission. This company is dedicated to keeping its client’s funds and information safe. The funds are stored in a segregated account to protect the clients in case the company goes bankrupt. Capital.com adheres to the rules and guidelines set by the PCI Data Security Standards to ensure that your personal data is safe.

This broker has 68 forex pairs to offer to its customers. Among the 68 available currency pairs are EUR/GBP, GBP/JPY, NZD/USD, USD/CHF, USD/CAD, PLN/JPY, USD/SEK, PLN/RUB, and many more.

Capital.com has established its own award-winning trading platform. As the website says, the company is dedicated to providing the ultimate trading experience to all its clients. The 70+ technical analysis tools come in handy, as well as the multiple drawing tools. These can help scour the market for more profitable opportunities.

The platform also features various financial articles to give you the latest news on the market. Clients can customize their own watchlist to keep a close watch on prospective assets that they would want to invest in. Also, you can choose between multiple chart layouts, so the interface better suits you.

This cutting-edge trading platform can also be used on any mobile device. Its mobile app version is easy to use and has all the features available on the web version of the platform. This is free to download from the Apple App Store, Google Play Store, or directly from the website.

To get started, simply create an account using your email address. Alternatively, you can link your Facebook, Apple, or Google account to make the sign-up process easier. The next step is adding funds to your account.

The minimum deposit required by Capital.com is $20. This catches the eyes of so many newbie traders who are looking to test the waters before fully investing their time and hard-earned cash in this profession. You can add funds through ApplePay, Trustly, QIWI, Multibanko, Webmoney, 2c2p, AstropayTEF, and Przelewy24.

If you want to test out the platform first, you can do so by using the free demo account. You get access to this as soon as you successfully create an account.

Getting assistance won’t be a problem with Capital.com’s dedicated support system. The website and platform have a built-in live chat feature where you can get in touch with knowledgeable customer support representatives. You can also send them a message through Facebook Messenger or simply give them a call.

Keep in mind, however, that Capital.com is only available to select countries. These countries are the United Arab Emirates, the United Kingdom, Thailand, Switzerland, Spain, Slovakia, Sweden, Sierra Leone, Romania, Qatar, Portugal, Pakistan, the Philippines, Norway, Netherlands, Oman, Mali, Mexico, Monaco, Kuwait, Lithuania, Liechtenstein, Latvia, Italy, Indonesia, Ireland, Iceland, Gibraltar, Greece, Georgia, Germany, Finland, Estonia, the Czech Republic, Cyprus, Croatia, Chile, Bahrain, Bulgaria, Austria, Argentina, and Armenia.

#10: BDSwiss

The last broker on our list is BDSwiss. This company was founded in 2012 in Zurich. To date, it has upwards of 16,000 clients with a monthly forex trade volume of €20 billion. Although this broker is based in Switzerland, it has more than ten offices located around the world. This broker has a huge collection of awards, including Best Trading App, Best Trade Execution, Best Forex Research, and Education Provider, and Best Trading Conditions.

BDSwiss is regulated by the Cyprus Securities and Exchange Commission, the Financial Services Commission, and the Financial Services Authority. It is also registered with the NFA or National Futures Association and the BaFin.

With over 51 currency pairs to trade, BDSwiss gives its clients the option to trade any of the major, minor, and exotic pairs available on its trading platform. Examples of the available forex pairs are AUD/CHF, CAD/CHF, CAD/JPY, EUR/JPY, EUR/MXN, EUR/HUF, and many more. 

BDSwiss’ award-winning trading platform is known as BDSwiss WebTrader. It has a user-friendly interface, which makes it great for beginners. However, despite its simple look, it has tons of professional trading tools, top-notch indicators and analysis, high execution speeds, and an exclusive tool that analyzes trends on the market for you.

The web-based platform comes in 20 languages, including English, Indonesian, Turkish, Russian, Portuguese, Romanian, Hindi, Filipino, Thai, Malay, Arabic, and many more. This ensures ease of use for clients no matter where they are located.

BDSwiss’ own trading platform is also available as a mobile app for clients who prefer to trade on the go. It has the same features as the web platform, but the interface is designed to be compatible with any mobile device. This is free to download from the website, Google Play Store, and Apple App Store.

You can start trading with BDSwiss as soon as you finish creating your account. The form will ask for your full name, birth date, email address, the country you reside in, and phone number. Filling out the form won’t take a minute, and the verification process is fairly straightforward.

Before you can access the live trading feature, you will be asked to deposit at least $100. You can do so using various payment methods such as Maestro, Sofort, E-Payment Standard, GiroPay, MasterCard, Visa, iDeal, Neteller, Skrill, bank wire transfer, and online banking. 

If you run into any problems, you can contact BDSwiss’ customer support representatives through email or live chat. You can easily get assistance in English, Russian, Romanian, Turkish, Chinese, Indonesian, Hindi, Vietnamese, Filipino, Thai, Arabic, Malay, Danish, Polish, Korean, Norwegian, French, Italian, German, Czech, and Spanish. 

BDSwiss accepts clients from the Philippines, Norway, Sweden, Saudi Arabia, Hong Kong, Thailand, Australia, and other countries. However, the company does not offer its services to traders from the United Kingdom, South Africa, India, Congo, Cyprus, the United States, and Belgium.

#11: FXCM

FXCM is the top online foreign exchange, trading broker. It was established in 1999 and its main office is stationed in London. It also has offices located in the EU, Australia, Hong Kong, South Africa, Canada, and Israel and has more than 100,000 customers from all over the world.

This company is regulated in multiple counties by the Financial Conduct Authority, the Cyprus Securities and Exchange Commission, the Australian Securities and Investments Commission, the Financial Sector Conduct Authority, and the Investment Industry Regulatory Organization. 

The available currencies that are paired with one another are AUD, CAD, CHF, CNH, EUR, GBP, JPY, MXN, NOK, NZD, SEK, TRY, USD, and ZAR. All in all, there are only ten currency pairs available on FXCM’s trading platform.

FXCM’s proprietary trading platform, also known as Trading Station, is available for Mac, iOS, and Android devices. It features an economic calendar, trading analytics, advanced charting tools, and articles from trustworthy sources. The mobile version also has these features. The only difference is it is more integrated and programmed to run smoothly on a mobile device. 

You can also utilize the automatic trading feature to eliminate human error. You can set up trades based on your preferences, and the bot will take care of the rest. Backtesting is also supported so you can continuously improve or change your trading strategy.

The additional educational feature also proves to be useful to not only newbie traders but well-seasoned traders as well. These educational materials are free and can be accessed by anyone through the website. 

You can easily create an account in under a minute. All you need is your country of residence and email address. Keep in mind that FXCM will send you instructions on how to complete your account, and they may even contact you for verification. 

To start trading live, you need to add funds to your account. The minimum deposit required is £300, and you can add this amount using your debit or credit card. Alternatively, you can make use of the free practice account before you deposit funds into your account.

With the practice account, you will gain access to the trading platform along with all its features except the live trading option. You can trade under live market conditions using £50,000 in virtual funds. This helps you get used to the platform, devise new strategies, or broaden your knowledge before you start investing your hard-earned cash in this profession.

Suppose you encounter difficulties or problems, FXCM has a dedicated support system that is available 24/5. You can contact them via email, phone, or live chat on Twitter, WhatsApp, or Facebook. You can call them from multiple countries, including Argentina, Germany, Iceland, Bermuda, Canada, Finland, Denmark, Greece, Hungary, and many more.

FXCM is available worldwide except Ukraine, Iceland, the United States, the United Arab Emirates, Trinidad and Tobago, Turkey, Thailand, Singapore, Saudi Arabia, the Russian Federation, Qatar, the Philippines, Pakistan, Norway, New Zealand, Mexico, Malaysia, Kenya, Japan, Israel, Iran, India, Hong Kong, Greece, Egypt, Costa Rica, Colombia, Switzerland, Canada, Brazil, Belgium, Saint Barthelemy, Bahrain, and Argentina.

Tips and tricks when trading forex

 When trading forex, it is really important to take risks into account. Not only are you trading with really high leverage and margin, but you also have overnight risk and monetary policy risk to take note of. 

From when you start trading, you need to set some rules and realistic expectations for both your profit and the capital you’re willing to risk. These rules will not only help you earn more, but they will also make you lose less. Some of these rules that are followed by expert traders are listed down below.

The best traders only trade a few forex assets. Ideally, they would choose something that is liquid, such as EUR/USD or USD/JPY, which are the two most traded forex assets. 

They could also choose to participate in the movement of an asset that has high volatility, such as those that have incoming monetary policy changes, or important financial data such as unemployment rates or rate hikes. Generally, it is best to only choose their options from the major currencies to minimize spread costs and minimize loss for slippage.

Some of the traders that have appeared in interviews and books note that there are only some parts of the day that they prefer trading despite the forex market operating 24/7. This is because the presence of volatility or the lack of it fits their trading profile. 

Some specifically note that they only trade the currency’s pair when that certain currency’s local market is open. As an example, the Great British Pound is most active when the London market is operating while the US Dollar experiences more volatility when the NYSE, Dow Jones, and Nasdaq have turned on their systems.

A good chunk of forex traders also avoid trading when there is market-moving news such as speeches by important figures in the financial world such as Jerome Powell of the Federal Reserve. Although this provides really good volatility for the market, sometimes it becomes too volatile to the point that the market cannot decide a single direction. Instead of having a risk-less trade based on your prior research, you might hit your stop-loss points first before experiencing a profit.

Traders of all kinds advocate proper risk management and portfolio management. All traders should adhere to these two risk management strategies as these would ensure the survivability of your capital and portfolio.

Aside from diversification, forex traders are known to only risk a fraction of their portfolio. At most, each losing trade should only take away one or two percent from your total portfolio value. This Value at Risk, or VAR, is a method that ensures you would have enough capital on your next trade to easily gain back what you lost.

As mentioned, it is important not to allow a lot of cash, but it is also important to not be overleveraged. Despite only risking a total of 1% of your portfolio, if you use too much leverage, you will have a really tight stop loss point. This would make your hit rate go down and would probably make your total profitability go down. To remedy this problem, it is recommended to try leverage that is not too high so that you could have more success on your trades despite incurring more risk.

It is a rule of thumb to take profits once in a while. Reasons such as your asset hitting a resistance or a target price hitting your target point are good times to pull out some of your cash. Taking profits has benefits as well. Some of these benefits include having a positive effect on your trading psychology and exposing your portfolio to less risk.

Experiencing trading slumps is a normal occurrence, even for the best of traders. These slumps can be caused by the market itself or perhaps because of poor trading decisions. During these times, it’s important to take a break and step away from the market. Sometimes, the market environment is not trader-friendly and could cause more losses.

It is important to never force trades as well. Just because you found a good chart setup doesn’t mean you should enter the trade immediately. It is better to follow your trading rules for better consistency. Learn to set your ego aside and only trade the best ideas you can find,

Do not be impatient if you only gain a percentage per day. Your motto should be “Big gains, small gains, and small losses only.” Never let your small loss turn into a big one.

To be consistent with a high success rate, you must prepare your trades beforehand. Having realistic expectations for both profit and loss will prepare you if your monitored asset goes the way you want it. Some traders claim that it takes them a few minutes to a few hours to anticipate a trade that would happen later in the day.

Generally, knowing what kind of trader you are will allow you to set goals in your trading career. Your strategies must be in place, and you must trust in the strategy you made for yourself. Deviating from this by trying out new ideas never ends well if you use real capital as a practice tool.

Even if you score big on trade, always keep in mind that sometimes the market is lucky. If you choose to believe that your next trade will be the same, you might deviate from your set plans.

It is okay to move to another broker. Having more options allows you to weigh which broker would provide more profitability in terms of spreads and commissions. Some brokers even give out bonuses once a target trading volume has been reached by your account. Having a bigger account also gives you access to VIP perks to some brokerage companies.

Most brokers, even forex brokers, offer multiple assets that you can trade. It is okay to experience trading in other classes because you might find more success there. However, it is important to keep in mind that trading both asset classes requires different rules and strategies.

Likewise, trading derivatives is a totally different ball game. Having a good understanding of forex will undoubtedly allow you to better trade its derivatives because derivatives follow the direction of the price of the underlying asset, but forex contracts have different terms and conditions. Diving deep into derivatives without knowing their purpose and possible risk will definitely hurt your portfolio. 

As a trader, your charts are your lifeline and your trusted assistant. These charts, which reflect real-time data, should be customizable to a certain degree. Aside from being able to add indicators, you should also be able to add annotations and drawings to help you trade. There are multiple charting applications on the internet that can be both free or paid.

In one way or another, the richest millionaires have been traders for a fraction of their life. These millionaires have been advocating on reading books to gain additional insights on both the market and life as a whole. Taking inspiration and ideas from these books is not a bad idea as well.

Trading personalities such as George Soros, Paul Tudor Jones, and James Simmons have openly shared the strategies that have made them rich over the years. Following their strategies and trading mentality could help you in your trading journey.

Likewise, it is never a bad idea to get yourself a mentor, even if you’ve been trading for a while. Having someone with more experience tell you better ideas and concepts would definitely improve your performance. They could even directly guide you as you’re trading so that you know how to perform like them exactly.

Tons of trading communities have also popped up in the investment world. These communities could act as a support system when experiencing a slump, or you could even exchange trading opportunities with one another. Having other people to interact with helps if you find trading a tasking and boring thing to do.

Overall, all the tips given above provide an edge that you can use one way or another to bring your trading skills to the next level. Each piece of information could have a positive impact on your portfolio. Thus, it is likewise important to journal all your experiences, including the losses you incurred, so that you can review your past positions and see if you can improve them in the future.

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