Best 6 Forex Brokers in the Trading Industry 2024

By far, the global foreign exchange (FX) market is the world’s largest and most actively traded financial market. Beginners and experienced traders alike search for numerous essential qualities and benefits while looking for the “best” forex broker.

The overall trading experience, the breadth and depth of product offerings (currencies, CFDs, indexes, commodities, spread betting, cryptocurrencies, and so on), fees (including spreads and commissions), trading platform(s) (web-based, downloadable software, mobile, charting, and third-party platforms), customer support, trading education, and research, and trustworthiness are among the most important of these.

We selected the best forex brokers in all of these categories and more by intensive study and rigorous adherence to our comprehensive approach, resulting in our top rankings below.

As TelegramFxCopier, our goal has always been to help individuals in making the best decisions possible about how, when, and where they trade and invest. Given recent market volatility and changes in the online forex brokerage business, we are more dedicated than ever to providing our readers with unbiased and professional assessments of the best trading platforms for traders of all levels, in all markets.

Best 6 Forex Brokers in Trading Industry 2024

One thing to keep in mind is that while these picks of choice have been carefully chosen, it would be harmless if you conducted more studies to uncover even more top Forex brokers in the Trading industry.

Best Forex Broker N°1: CMC Markets

Founded in 1989, CMC Markets (CMC) is a renowned and publicly listed UK-based forex broker that has successfully navigated the dynamic landscape of online brokerage. CMCX is the ticker symbol for the corporation on the London Stock Exchange (LSE). CMC, like many other forex brokers, does not let traders from the United States.

CMC Markets caters to a wide range of traders, from the inexperienced retail trader trying to dip their toes into the online trading arenas of forex, CFDs, and spread betting to the seasoned veteran looking for exposure to a diverse range of products. The firm’s costs are competitive in the industry, and it consistently scores high on our rankings. Investopedia awarded the firm the titles of Best Overall Forex Broker and Best Forex Broker for Range of Offerings in 2020.

Pros:

A wide range of services is available.

The Financial Conduct Authority (FCA) is in charge of regulating the industry (U.K.)

Education and customer service are prioritized.

The research facilities are among the best in the business.

Provides account security for clients.

Cons:

Clients from the United States are not accepted.

Differences between MT4 and Next Generation

Certain indexes have wide CFD spreads.

There are no back-testing or automated trading options available.

Best Forex Broker N°2: London Capital Group (LCG)

LondSince its establishment in 1996, London Capital Group (LCG) has remained competitive in the rapidly evolving internet brokerage industry. In 2016, the company introduced LCG Trader as part of its latest rebranding initiative. LCG’s online services include the widely used MT4 platform (available for download) and a comprehensive mobile application, making it a complete offering for users. LCG offers a diverse range of CFDs and spread betting instruments over a wide range of asset classes. Like the majority of the companies on this list, LCG does not welcome US traders.

Among the best forex brokers in the United Kingdom, LCG offers a diverse selection of asset classes and a smooth trading experience. The company’s costs are competitive in the sector, and customer service is high on our list.LCG’s good characteristics and its focus on functional simplicity make it ideal for beginner traders.

In 2020, Investopedia named this broker the Best Forex Broker for Beginners, in addition to receiving great overall ratings. Whether you’re a novice or not, it’s hard to find a better option than LCG when you’re starting out.

Pros:

Customer service is emphasized.

The Financial Conduct Authority (FCA) is in charge of regulating the industry (U.K.)

Provides account security for clients.

There are account and trade bonuses available.

Cons:

Website maintenance is inadequate.

Clients from the United States are not accepted.

LCG Trader vs. MT4: What’s the Difference?

There are no back-testing or automated trading options available.

Best Forex Broker N°3: Saxo Capital Markets

The Saxo Bank Group (Saxo Bank), based in Denmark, is a “leading Fintech expert focused on multi-asset trading and investing and offering ‘Banking-as-a-Service’ to wholesale clients,”. In 1998, this best Forex broker took advantage of late-nineties technical breakthroughs by developing one of the first online trading platforms. Saxo Bank’s subsidiary Saxo Capital Markets U.K. Ltd (SCML) has been operating in the United Kingdom since 2006, and it, like many other forex brokers, does not let US traders.

The advanced trader should use Saxo Capital Markets. It caters to sophisticated active traders, investors, professionals, and institutions with a wide range of brokerage services. Smaller accounts face a range of unique challenges, including higher account minimums, a variety of fees, and fewer customer service alternatives.

Tiered accounts reduce trading expenses and provide additional benefits as equity rises, but most retail traders will struggle to reach the top customer levels. In 2020, the firm was named the Best Forex Broker for Advanced Traders by Investopedia.

Pros:

A wide range of services is available.

The Financial Conduct Authority (FCA) is in charge of regulating the industry (U.K.)

The top research in the industry

Excellent user interface

Provides account security for clients.

Cons:

Customer service is undervalued.

Instrument fee arrangements that are perplexing

No clients from the United States.

MT4 isn’t available.

Best Forex Broker N°4: XTB Online Trading

X-Trade began as Poland’s first leveraged foreign exchange brokerage company in 2002, but in 2004 it changed its name to X-Trade Brokers to conform with new Polish legislation. It later changed its name to XTB Online Trading (XTB) in 2009 and went public in 2016, trading under the ticker code XTB on the Warsaw Stock Exchange. The company does not accept traders from the United States.

XTB is a good option for traders who want to cut their costs as much as possible, whether it’s the cost of placing a trade (bid/ask spread) or not having to pay extra fees like wire fees. Non-U.K. accounts can get up to 500:1 leverage, whereas U.K. accounts can acquire up to 30:1 leverage. The company prioritizes customer service and provides pertinent instructional materials and research resources that would be beneficial to a new trader. Investopedia named them Best Forex Broker for Low Costs in 2020.

Pros:

FX spreads that are the smallest

The Financial Conduct Authority (FCA) is in charge of regulating the industry (U.K.)

Provides account security for clients.

Excellent customer service provided.

Cons:

Clients from the United States are not accepted.

The expenses of non-FX spreads are considerable.

There is no assurance of a stop loss.

There are no back-testing or automated trading options available.

Best Forex Broker N°5: IG

IG Group (IG) are publicly listed (LSE: IGG) as conglomerate that “empowers knowledgeable, decisive, and adventurous people to exploit opportunities in financial markets.” Started in 1974 by Stuart Wheeler, it’s “…the world’s first spread betting enterprise.” IG, unlike the majority of the brokers on our list, accepts US forex traders and has done so since early 2019, when the business re-entered the US market.

IG is for anyone who wants to trade CFDs globally. It’s for clients who desire to trade the foreign currency markets in the United States. That’s all there is to it. To do this, IG has opted to follow the age-old adage, “go big or go home,” because, well, it can.

This broker is competitive in the online forex broker industry due to its low spread costs, emphasis on client service and education, actionable research, and practical user interfaces. Investopedia named them Best Forex Broker for US Traders in 2020.

Pros:

A wide range of services is available.

Accepts customers from the United States

The FCA (United Kingdom) and the CFTC (U.S.) are the regulatory bodies that govern IG Brokers

They prioritize Education and Research.

They protect client accounts of the United Kingdom and the EU customers.

Cons:

U.S. client accounts are not guaranteed

Stop losses are not guaranteed for U.S. clients

No copy trading or back-testing integration on the IG platform

High share-CFD fees

Best Forex Broker N°6: Pepperstone

Australia-based Pepperstone Group has risen to the top of the online brokerage sector since its founding in 2010. This is because of its highly competitive and full-featured trading site that concentrates on forex, stocks, indices, metals, commodities, and even cryptocurrencies.

They provide simple market access, allowing clients to concentrate on the more difficult process of profitably trading the markets. Pepperstone is great for traders looking for a manageable selection of low-cost options, a variety of user interfaces and account kinds, and quick customer service. Investopedia named Pepperstone the Best Forex Broker for Trading Experience in 2020, which took these factors into account.

Pros:

Low FX spreads

Regulated by FCA (U.K.)

Offers protection for U.K. client accounts

Range of platform offerings

Cons:

Website upkeep is inadequate.

Clients from the United States are not accepted.

Non-UK/EU clients have limited account protection.

There is no assurance of a stop loss.

The forex brokers discussed in the article are some of the best Forex brokers in the trading industry in 2022. Therefore, it wouldn’t hurt to do some further research on other best Forex brokers. If you are pursuing a strategy that uses copy trading, we have a tool that will help you take your copy trading journey to the next level. TelegramFxCopier is an AI-powered software that employs clever algorithms to automatically copy Forex signals from any Telegram channel to MT4/5 in less than 0.01 nanoseconds. With TelegramFxCopier’s features, you can enjoy your precious tile while our Telegram trade copier is doing the heavy lifting for you.

Good Luck.