Top 7 Best Forex Brokers in the World 2020 Update

Top 7 Best Forex Brokers in the World 2020 Update.

Are you looking for the best broker for all your trade for 2020? Or are you looking for a broker with the right currency pair rate speculation? Then you are in the right place. Our team has helped you find the best FOREX brokers in 2020; we did all this research for you. We checked and compared fees, currency pairs, charting tools, platforms, and practically everything for your convenience.

Top 7 Best Forex Brokers in the World 2020 Update

For most of you who don’t know, the FOREX market is the largest and most liquidated globally, representing every currency exchange, with trading conduct 24 hours a day and five days every week. To trade in the FOREX market, you will need an online broker. A trusted FOREX broker is crucial in the FOREX market for success in international currency exchange.

As a currency trader or investor, the need for having specific needs that you will prefer to see in your broker platforms is the kind of tool or research requirement that might meet your spec. But first, you need to understand your investment style, which will help you choose the best FOREX broker for yourself.

Best FOREX Brokers for 2020

Going through the long list of Forex brokers available and picking out the best is too much work for an average trader. After testing up to 30 brokers for various focuses and specialties, our team of professionals has made a list of the best brokers you can always trust for all your trade.

1. IG

1. IG

Regulated and trusted across the globe, IG offers traders the ultimate package of excellent trading and research tools, industry-leading education, competitive pricing, and an extensive list of tradeable products. This fantastic all-round experience makes IG the best overall broker in 2020 among others Forex brokers.

It supports mobile trading both on the Android App and Apple ios App. Minimum Initial Deposit: £250.00.

Regulations Comparison

Feature IG
Year Founded 1974
Publicly Traded (Listed) Yes
Bank Yes
Tier-1 Licenses 6
Tier-2 Licenses 3
Tier-3 Licenses 1
Trust Score 99

Offering of Investments

Feature IG
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 104
CFDs – Total Offered 19537
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Platforms & Tools

Feature IG
Virtual Trading (Demo) Yes
Proprietary Platform Yes
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) No
cTrader No
Charting – Indicators / Studies (Total) 30
Charting – Drawing Tools (Total) 20
Charting – Trade From Chart Yes
Watchlists – Total Fields 14
Order Type – Trailing Stop Yes

2. Saxo Bank

2. Saxo Bank

For traders that can afford the USD 10,000 minimum deposit (GBP 500 for the UK), Saxo Bank offers competitive pricing, excellent trading platforms, brilliant research, reliable customer service, and over 40,000 instruments to trade.

Regulations Comparison

Feature Saxo Bank
Year Founded 1992
Publicly Traded (Listed) No
Bank Yes
Tier-1 Licenses 6
Tier-2 Licenses 1
Tier-3 Licenses 0
Trust Score 99

Offering of Investments

Feature Saxo Bank
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 170
CFDs – Total Offered 9000
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD No

Platforms and Tools

Feature Saxo Bank
Virtual Trading (Demo) Yes
Proprietary Platform Yes
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) No
cTrader No
Charting – Indicators / Studies (Total) 58
Charting – Drawing Tools (Total) 19
Charting – Trade From Chart Yes
Watchlists – Total Fields 58
Order Type – Trailing Stop Yes

3. CMC Markets

3. CMC Markets

CMC Markets is a globally trusted broker that delivers a terrific offering for traders thanks to excellent pricing, nearly 10,000 tradeable instruments, and the Next Generation trading platform, which comes packed with quality research, innovative trading tools, and powerful charting. Also with $0.00 initial deposit.

Regulations Comparison

Feature CMC Markets
Year Founded 1989
Publicly Traded (Listed) Yes
Bank No
Tier-1 Licenses 4
Tier-2 Licenses 2
Tier-3 Licenses 0
Trust Score 99

Offering of Investments

Feature CMC Markets
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 158
CFDs – Total Offered 9852
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Platforms & Tools

Feature CMC Markets
Virtual Trading (Demo) Yes
Proprietary Platform Yes
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) No
cTrader No
Charting – Indicators / Studies (Total) 86
Charting – Drawing Tools (Total) 40
Charting – Trade From Chart Yes
Watchlists – Total Fields 9
Order Type – Trailing Stop Yes

4. Dukascopy

4. Dukascopy

Thanks to its JForex platform suite, Dukascopy provides forex traders industry-leading trading tools and market research, including our favorite mobile App for 2020. Drawbacks include unreliable customer service and a narrow offering of tradeable markets. Minimum Initial Deposit: $10.00

Regulations Comparison

Feature Dukascopy
Year Founded 2004
Publicly Traded (Listed) No
Bank Yes
Tier-1 Licenses 2
Tier-2 Licenses 0
Tier-3 Licenses 0
Trust Score 90

Offering of Investments

Feature Dukascopy
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 60
CFDs – Total Offered 593
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual Yes
Cryptocurrency traded as CFD Yes

Platforms & Tools

Overall, it’s clear that Dukascopy understands trading technology and provides traders the tools they need to succeed. Dukascopy’s flagship platform is JForex 3, a desktop and web-based platform that supports both Windows and Mac. While some forex traders may prefer MetaTrader 4 to a proprietary platform built in house, JForex 3 stands on its own, finishing Best in Class for 2020.

5. TD Ameritrade Forex

5. TD Ameritrade Forex

With over 70 currency pairs to trade alongside a plethora of tools, research, and education, TD Ameritrade’s think or swim platform provides US-based forex traders the ultimate trading technology experience. Minimum Initial Deposit: $0.00

Regulations Comparison

Feature TD Ameritrade
Year Founded 1955
Publicly Traded (Listed) Yes
Bank Yes
Tier-1 Licenses 5
Tier-2 Licenses 0
Tier-3 Licenses 0
Trust Score 98

Offering Comparison

Feature TD Ameritrade
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 73
CFDs – Total Offered 0
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD No

Platforms & Tools

The TD Ameritrade forex trading experience’s backbone is the desktop-based trading platform thinkorswim, also available on the web. The desktop version of the thinkorswim platform takes time to learn; however, the tools’ lineup is well worth the investment.

6. City Index

6. City Index

Backed by GAIN Capital, City Index is a trusted brand that traders choose for its advanced trading platforms, excellent mobile App, diverse market research, education, and extensive market range. Minimum Initial Deposit: £50.00

Regulations Comparison

Feature City Index
Year Founded 1983
Publicly Traded (Listed) Yes
Bank No
Tier-1 Licenses 3
Tier-2 Licenses 0
Tier-3 Licenses 1
Trust Score 93

Offering Comparison

Feature City Index
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 65
CFDs – Total Offered 4500
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Platforms and Tools

Feature City Index
Virtual Trading (Demo) Yes
Proprietary Platform Yes
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) No
cTrader No
Charting – Indicators / Studies (Total) 139
Charting – Drawing Tools (Total) 25
Charting – Trade From Chart Yes
Watchlists – Total Fields 18
Order Type – Trailing Stop Yes

7. FOREX.com

7. FOREX.com

While not a discount broker, FOREX.com is a trusted brand that delivers an excellent trading experience for forex and CFDs traders worldwide. Minimum Initial Deposit: $100.00

Regulations Comparison

Feature FOREX.com
Year Founded 1999
Publicly Traded (Listed) Yes
Bank No
Tier-1 Licenses 4
Tier-2 Licenses 0
Tier-3 Licenses 1
Trust Score 93

Offering Comparison

Feature FOREX.com
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 91
CFDs – Total Offered 4500
Social Trading / Copy-Trading No
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Platforms & Tools

FOREX.com provides forex traders everything they need, and more, to trade effectively. Between the broker’s flagship Advanced Trading desktop and Web Trading platform, alongside the full MetaTrader suite, MetaTrader 4 (MT4) and MetaTrader 5 (MT5), there are plenty of options available.

What’s your take on this? We believe this article was helpful, if yes, don’t hesitate to share this information with your friends on Facebook, Twitter, WhatsApp, and all social media platforms.

YLS Team.

Leave a Reply