Overview
The forex market is the largest and most liquid financial market in the world that offers retail forex trades a plethora of trading opportunities. To harness these opportunities, forex traders must employ the services of a forex broker, which could be a tedious task because of the sheer amount of forex brokers available.
To make it easier for forex traders, we have compiled a list of the 5 best forex brokers for 2021, offering some of the best trading conditions and innovative trading solutions.
HotForex
HotForex is a well-regulated broker and a recommended choice because of its low and competitive trading and non-trading fees. HotForex offers its traders guaranteed client funds, a choice in trading accounts, and the use of powerful trading platforms.
HotForex is an ideal option for both novice traders and professional investors, offering dedicated customer service, and a low minimum deposit requirement, which means that forex traders can open a retail investment account with small amounts of capital.
HotForex offers a variety of financial instruments spread across forex, including major pairs, minor pairs, and exotics, commodities, indices, stocks, and several others. Details of HotForex and Services
| PROS | CONS |
| Well-regulated | US clients are not accepted |
| Tight and competitive spreads on EUR/USD | |
| Low minimum deposit | |
| Variety of currency markets and CFD trading |
FXTM
Established in 2011, FXTM is a popular and well-regulated broker that offers a wide range of tradable financial instruments spread across several asset classes. FXTM also offers convenient funding options and dedicated customer support.
FXTM offers competitive trading conditions and also offers a range of educational tools and several useful advanced trading tools including technical analysis, fundamental analysis, economic calendars, and several others.
| PROS | CONS |
| Well-regulated | Inactivity fee charged |
| Competitive spreads | |
| Negative balance protection on retail accounts | |
| Advanced trading tools |
XM Group
XM is one of the best online brokers in the industry that offers traders a vast amount of trading options. Apart from demo accounts, XM is known to offer a variety of real money accounts with competitive trading conditions.
XM may not offer a proprietary platform but offers the use of the powerful MetaTrader trading platforms. XM has a low minimum deposit requirement, a wide range of complex instruments, and caters for traders of all trading experience. In addition to this, XM supports the use of a variety of trading strategies including heading and scalping.
| PROS | CONS |
| Well-regulated by several market regulators | Fixed spreads not offered |
| Negative balance protection offered | Inactivity fees charged |
| Secure payment methods | US clients not accepted |
| Well-suited for beginner traders | |
| Offers sophisticated tools for advanced traders |
AvaTrade
AvaTrade is one of the most popular online brokers in the industry that offers a multi-asset platform, a wide range of tradable instruments, and some of the best trading conditions in the industry.
AvaTrade offers retail traders and professionals with dynamic account options and beginner traders can make use of extensive educational sources. When trading CFDs or forex, traders can use several desktop and mobile trading platforms.
| PROS | CONS |
| Well-regulation | No US clients |
| Multiple awards won | |
| Tight spreads | |
| Powerful and flexible trading platforms | |
| Social trading supported |
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Exness
Exness is another popular option for retail traders, providing them with superior trading solutions and flexible trading platforms. Exness is known for its trading conditions, low minimum deposit and instant withdrawal methods.
| PROS | CONS |
| Well-regulated | Limited stock CFDs |
| Competitive spreads | No US clients |
| Multi-currency accounts | |
| No withdrawal fees or deposit fees | |
| More than 100 currency pairs offered |
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