Another highlight is Pepperstone’s active trader program, which rewards high-volume traders with rebates and other benefits, further reducing trading costs. The broker also supports social trading through partnerships with platforms like Myfxbook and Pelican, enabling users to follow and replicate the strategies of successful traders. AvaTrade also integrates with Trading Central, providing valuable market insights and technical analysis, which are essential for making informed trading decisions. This starts at a very competitive 0.7 pips on EUR/USD and USD/JPY, and more on other pairs. Outside of the forex department, CMC Markets also supports CFDs in the form of stocks, indices, cryptocurrencies, commodities, and Treasuries.
This is better than the industry average of 1.0 pips for a commission-free trading account. During our live fee test, I found the spread for EUR/USD during the London and New York sessions averaged 1.11 pips, which is around the industry average of 1.0 pips for a commission-free trading account. It is authorized and regulated by ASIC and the CIMA and offers trading on 200+ CFDs on a wide range of platforms that can be connected to top copy trading services. There are more than 50 drawing tools and 100 indicators to choose from with a range of different chart types to trade from making it a great option for beginner traders.
AvaTrade is founded in Dublin, Ireland, in 2006 offering multiple social trading platforms, including ZuluTrade, DupliTrade, and AvaSocial. Personally, I wanted to try ZuluTrade because it allows finding and mirror other traders, copying their profitable (and losing) trades. For those prioritizing TradingView integration and practice opportunities, BlackBull Markets stands out as a top choice. This New Zealand-based broker offers 110+ indicators and drawing tools on TradingView, and comes with one of the best forex demo accounts I’ve used.
What Is The Difference Between MetaTrader and TradingView?
A trusted global brand, OANDA is one of the few forex brokers that can accept U.S. residents. It stands out for its reputation and quality market research (OANDA was Best in Class for Research in the ForexBrokers.com 2025 Annual Awards). Its regulatory track record is strong, and its support for third-party features bolsters its overall offering. In this sense, FXCM is a great option to consider – as the forex trading platform requires a minimum deposit of just $50. If you are just started out as an online forex trader, it’s best to choose a platform that can help you improve your knowledge of the industry. For example, eToro offers everything from forex trading guides and videos to weekly webinars.
Forex.com – Best Forex Trading Platform for US Residents
I found these lessons were packed with information, and complete with excellent images to support each topic. However, I wish they provided videos for each lesson, as this can help improve knowledge retention in my opinion. Our broker reviews are reader supported and we may receive payment when you click on a partner site. This includes an IF-DONE order type, which is a two-step order where the second step can’t be executed until the first step is completed.
– Top Raw Spread Account
The minimum deposit refers to the amount of money that’s required to open an account with a given broker. A minimum deposit can vary between $0 or $1000 (or more), depending on the broker. You will need enough in your account to meet margin requirements when opening a position even if the broker has no deposit requirement. Which forex broker you ultimately choose is always personal based on your unique trading style and preferences.
While testing the broker’s range of trading platforms, I found their OANDA Trade web platform is an excellent option if you’re a beginner. The platform has TradingView’s charting, so you get the best technical indicators like RSI or Bollinger Bands along with decent beginner-friendly tools like stop-loss and take-profit. With the IC Markets cTrader platform, you can access spreads from 0.0 pips and pay a commission of $3.00 per lot, per side which is much better than the industry average of $3.50 per lot, per side. They maintain a trading platform that monitors price data for currency pairs across the network of institutional forex participants and exchanges and allows users to trade these pairs.
- To find the best brokers for day trading forex we identified those that deliver in critical areas, unpacked below.
- Interactive Brokers applies a minimum trading commission of $2.00, so you’ll pay this even if you are trading in micro lots.
- These three countries account for 50% of the world’s total forex trading volume.
- In these roles, Andy has seen cryptocurrency develop from an experimental dark-web technology into an accepted part of the global financial system.
The platform supports a wide variety of tradable currencies, with pairs including the likes of USD, CAD, GBP, HKD, NZD, JPY, NOK, and more. At the other end of the scale, professional forex traders might opt for the STP Pro account. This allows you to trade from just 0.1 pips and a commission of $60 per $1 million traded. Crucially, we like the fact that Forex.com allows you to choose a pricing structure that meets Best forex trading platform your trading profile.
- Their straightforward account structure and quickly calculable trading costs make them a solid choice for beginners.
- Indeed, IBKR has rolled out an impressive suite of trading tools for US account holders.
- EToro serves as an attractive platform for US trading enthusiasts just venturing into day trading or those with a crypto inclination.
This allowed us to paint a complete picture of the costs you can expect when day trading currencies. We evaluated both the minimum spreads on key currency pairs, notably the EUR/USD, GBP/USD and EUR/GBP, but also average spreads. Pepperstone is ideal for both beginner and advanced traders seeking reliable, commission-based trading with robust tools and education.
Order Execution
All in all, these bodies have strict expectations on the best forex brokers that they regulate – all of which center on fairness, transparency, and investor protection. Moreover, successful forex traders must possess discipline, patience, and emotional control. They need to be able to make sound trading decisions based on analysis and strategy rather than emotions such as fear or greed.
In some ways, spread with eToro cna be considered cheap since you do not need to pay extra for follow and copy other traders which most such tools do require. In addition to having the fastest execution speeds we’ve tested, BlackBull Markets also provides a solid range of trading platforms and a huge range of 26,000+ physical shares to trade. Where we found Eightcap stands out when testing its platforms is in the trading tools it offer.
Justin has published over 100 finance articles from Forbes, Kiplinger to Finance Magnates. He has a Masters and Commerce degree and has an active role in the fintech community. Trading with an offshore broker comes with increased risk, as the CFTC protections do not apply.
The broker provides an impressive array of proprietary and third-party trading platforms, available plugins, advanced charting tools, algorithmic trading options, direct market access, and more. Its strong regulatory framework and wide range of customer service options further solidify its position as a top choice for seasoned forex traders. Having the right software for forex trading is critical in getting the best trading experience. I compared the best forex trading platforms and the forex brokers offering the software based on features, 2025 brokerage and execution speeds. Many Forex brokers offer trading tools to improve the trading experience, including advanced charting software, customised technical indicators, economic calendars, and entry and exit signal generators. Also, many trading platforms, such as MetaTrader 4 and 5, offer automated trading, custom indicators, and social / copy trading elements.
Furthermore, the platform impresses with its rapid execution and advanced charting capabilities, allowing us to monitor up to 100 charts concurrently across 21 timeframes with 80 technical analysis instruments. In addition to major currency pairs such as AUD/USD, NZD/USD, and USD/SGD, the broker offers a range of exotic options, with a special emphasis on Asian and Scandinavian currencies. Regulated forex brokers will list who they’re regulated by, their license number, and the company name on the bottom of their homepage in the disclaimer section or footer. Licensed Forex brokers are legally obliged to disclose regulation details on their websites. Some forex brokers are Market Maker, while others are ECN (electronic communication network) brokers. Which brokerage model you choose, depends on your trading style and level of experience.
FOREX.com is at the top of this list due to its MetaTrader platforms, education, tools and more. European regulators like the Cyprus Securities and Exchange Commission (CySEC) may have higher minimum requirements. Still, due to EU-wide regulations, a license to operate in one jurisdiction allows a broker to operate anywhere within the bloc. While there are many no-minimum deposit accounts available that require no deposit to start trading, we recommend that you start trading with $100, especially if you’re a beginner trader who lacks experience. The position limits initiate at 100 for knockouts, journeying to 25 for Call Spreads, and hitting a peak of 2,500 for Binary options. However, for traders like us who’ve got an appetite for a richer instrument palette, Nadex might appear a tad restrictive.