As the largest financial market in the world – larger even than the stock market – Forex offers the potential for fast and high returns. Traditionally, retail trading of forex was very low, with the sector dominated by financial institutions. However, with the advent of specialist forex trading platforms, this has started to change
There are a number of ways you can trade Forex online.
Forex trading offers multiple ways to trade online:
- Forex CFD Trading: You exchange the difference in the price of the asset with the broker, allowing you to control a larger position with less capital. However, leverage amplifies both profits and losses.
- Spread betting Forex: Traders bet on the direction of the currency movement, and the profit or loss is proportional to the bet size and currency movement. It is considered gambling in the UK, and profits are tax-free.
- Forex Options Trading: Traders buy and sell options contracts based on the underlying value of currency pairs. Forex options provide the right but not the obligation to buy or sell currency at a specific price and time.
We’ll cover all of these in our reviews of the top Forex brokers and platforms. We also focus on platform security and regulation, user experience, educational resources, and, of course, cost and charges.
Our goal is to give you the information you need to find the platform that will help you succeed in your investment goals based on clear, impartial information.
FOREX trading is popular due to its potential for high returns. However, it is essential to note that FOREX trading is also associated with high risks. Due to the volatile nature of the currency markets, you might experience significant losses if you do not have a solid understanding of the market, a solid trading plan, and risk management strategies.
The 7 Best Forex Brokers in 2023: Our Verdict
eToro: Best Overall Forex Platform for Beginners, Best for Copytrading
What’s Great with eToro
- User-Friendly Platform
- Copy Trading
- Wide selection of investments
- Easy Account Opening
What You Should be Aware Of
- Pricier than the Competition
- Can only trade in USD so FX fees apply
- Customer Support could be Improved
| Currency Pairs | Crypto CFDs | Index CFDs | Share CFDs | Minimum Deposit | Demo Account | Max Leverage |
|---|---|---|---|---|---|---|
| 49 | 46 | 13 | 2 000 | £200 | £100 000 | 30:1 (Major Pairs) 20:1 (Minor Pairs) |
Founded in 2007, eToro stands out as the best option for beginners looking to venture into the FOREX market. They offer forex derivatives known as Contracts for Difference (CFDs).
When initiating a forex transaction on eToro, you are effectively engaging in a CFD agreement with eToro, where the gain or loss on the trade is determined by the variance between the opening and closing prices of the CFD contract.
Intuitive and easy to navigate with a user-friendly platform, eToro is designed to cater to traders of all skill levels and its user-friendly interface makes it particularly suitable for beginners.
eToro’s FOREX Trading Instruments
eToro provides a wide range of to its users. You can trade major currency pairs like EUR/USD, USD/JPY, GBP/USD, and USD/CHF and minor currency pairs like AUD/CAD, EUR/GBP, and GBP/JPY.
Exotic currency pairs like USD/ZAR, USD/TRY, and EUR/HUF are also available.
It’s important to note that eToro offers leveraged trading options, which means you can trade with larger positions than the funds in your account. However, keep in mind that trading with leverage comes with increased risk, and it’s essential to understand the potential risks before engaging in it.
eToro Copy Trading and Community
The sense of community is at the core of eToro’s philosophy.
Copy trading makes FOREX trading accessible to a broader audience of traders who may not have the time or knowledge to analyse the markets and make their own trades. With , you can choose a successful trader to follow and let the platform automatically replicate their trades in real-time.
As a social trading platform, eToro will help you browse through the profiles of other traders, view their trading history, and follow those you believe have a successful trading strategy.
This will enable you to communicate with other traders, share insights, and learn from each other’s experiences.
eToro Educational Resources
eToro is known for its user-friendly interface and innovative approach to social trading, but it also offers a wealth of educational resources for traders of all levels. The is a comprehensive online learning centre that aims to help you improve your trading skills and make more informed investment decisions.
Here are some of the available resources:
Videos – The eToro Academy offers a collection of videos covering various trading topics, from the basics of forex trading to more advanced strategies and analysis techniques. These videos are short and easy to understand, making them a great resource for traders just starting.
eCourses – eToro produces a series of eCourses that give a more comprehensive learning experience. These courses are designed to take traders through a step-by-step learning process, covering everything from the basics to more advanced trading strategies.
Webinars and Trading Guides- The eToro Academy regularly hosts webinars and publishes trading guides covering various trading topics. Hosted and written by experts, these provide valuable insights into the markets and trading strategies and techniques.
eToro FOREX Fees and Commissions
eToro charges a single, . The fee is built into the spread, which is the difference between a currency pair’s buy and sell prices. The spread is variable and can change depending on market conditions. Still, eToro provides its clients with competitive spreads, which are typically lower than those offered by other brokers. eToro’s spreads start from as low as 0.7 pips on the EUR/USD currency pair.
In addition to the spread, eToro charges overnight and weekend fees for positions held overnight or over the weekend. These fees are known as swap fees or rollover fees and are calculated based on the interest rate differential between the two currencies in the currency pair. The swap fees can be positive or negative, depending on whether the client is buying or selling the currency pair.
eToro also charges withdrawal and inactivity fees. Withdrawal fees vary depending on the payment method and the currency used. For example, a wire transfer withdrawal can cost up to $5, while a withdrawal using PayPal is free.
Inactivity fees are charged to clients who have not logged into their accounts for 12 months or longer. The fee is £10 per month and is deducted from the client’s account balance.
Investing Disclaimer
76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Your capital is at risk. Other fees apply. For more information, visit etoro.com/trading/fees
Pepperstone, Best Forex Broker for Low Spreads
What’s great With Pepperstone
- Competitive Spreads
- Free Deposit and Withdrawal
- Quick and Easy Account Opening
What You Should be Aware Of
- Mostly CFDs
- Limited Educational Resources Compared to the Competition
| Currency Pairs | Crypto CFDs | Index CFDs | Share CFDs | Minimum Deposit | Demo Account | Max Leverage |
|---|---|---|---|---|---|---|
| 62 | 12 | 14 | 300 | £0 | £50 000 | 30:1 (Major Pairs) 20:1 (Minor Pairs) |
Pepperstone is a well-established FOREX broker with a global presence and an excellent reputation. When you trade the FX markets with Pepperstone, you trade using CFDs or Spread Betting
The broker offers a range of trading platforms, including MetaTrader 4 and 5, cTrader, and a proprietary platform called Pepperstone MT4.
One of the standout features of Pepperstone is its low fees, with tight spreads and no commission charged on standard account trades. The broker also offers a range of account types to suit traders of different experience levels, including a demo account for beginners to practice trading.
Pepperstone’s Account Types
Pepperstone offers two primary account types: the Standard Account and the Razor Account.
Both the Standard and Razor accounts offer a high level of flexibility, allowing traders to choose the account type that best suits their trading strategy and style.
Pepperstone also provides a free demo account for traders who want to test their strategies and familiarise themselves with the platform before committing to a live trading account.
Pepperstone’s FOREX Trading Instruments
Pepperstone provides a vast selection of trading instruments for traders to choose from, including currency pairs, commodities, indices, and cryptocurrencies.
If you’re primarily interested in Forex trading, Pepperstone has you covered with over 60 currency pairs to choose from. These pairs include majors such as EUR/USD, USD/JPY, GBP/USD, and USD/CHF, as well as minors like EUR/GBP and AUD/NZD. Pepperstone offers options like USD/NOK and USD/SEK for those interested in more exotic pairs.
Pepperstone’s Forex trading instruments are available on both the MetaTrader 4 and MetaTrader 5 platforms.
Pepperstone Smart Trading Tools
Pepperstone offers an impressive range of tools to help you improve your trading experience, including the Smart Trader Tools suite. This suite is a collection of expert trading tools that can help you streamline your trading process.
Some of the features of the Smart Trader Tools suite include:
Trade Terminal – allows you to manage multiple orders and positions simultaneously, with the ability to set custom stop loss and take profit levels.
Correlation Matrix visually represents currency correlations, allowing you to identify potential trading opportunities and manage risk more effectively.
Alarm Manager – enables you to set customisable audio and visual alerts for important market events, such as price movements or economic news releases.
Market Manager – provides real-time market data and news updates, helping you stay up-to-date on market conditions.
Session Map – displays the major trading sessions and their corresponding time zones, helping you identify the best times to trade based on your preferred time zone.
Pepperstone’s Competitive Forex Spreads
Pepperstone is known for providing competitive spreads to its clients, making it an attractive option for novice and experienced traders.
Pepperstone offers variable spreads, meaning the spread can fluctuate depending on market conditions. This allows you to take advantage of low spreads during times of high liquidity, which can help to reduce trading costs and increase profits.
The average spread for the EUR/USD pair is typically around 0.16 pips, which is extremely competitive compared to other brokers in the industry.
Other major currency pairs, such as GBP/USD and USD/JPY, also have low average spreads, with typical spreads of 0.38 and 0.31 pips, respectively.
In addition to low spreads, Pepperstone offers various account types to suit different trading styles and needs. The Razor account is particularly popular among traders, as it offers raw spreads with no markup and a commission of just £2.25 per side per standard lot.
This can be particularly beneficial if you trade frequently or use scalping strategies.
Pepperstone’s Educational Resources
Pepperstone’s Learn to Trade section contains various resources catering to traders of different levels of experience. These resources include:
Trading Guides – Pepperstone offers a range of trading guides that cover various topics such as forex trading, CFD trading, technical analysis, and more. These guides are designed to help you understand the basics of trading and more advanced trading concepts.
Webinars – Pepperstone also offers live and recorded webinars hosted by industry experts. These webinars cover a variety of topics, such as market analysis, trading strategies, risk management, and more. You can attend these webinars to learn from experienced professionals and ask questions.
Video Tutorials – Pepperstone’s video tutorials cover a wide range of topics, from learning how to use the trading platform to more advanced technical analysis and trading strategies. These tutorials are easy to follow and can be accessed on-demand, allowing you to learn at your own pace.
Trading Glossary – This comprehensive trading glossary defines various trading terms and concepts. It may be useful if you are new to trading or need to refresh your knowledge of trading terminology.
Demo Account – Pepperstone’s demo account is available for 30 days and provides a simulated trading environment that closely resembles real trading conditions. You can access all of the features of the platform, including real-time market data, charting tools, and a wide range of trading instruments.
Trading with virtual funds will enable you to test different trading strategies and techniques without risking real money.
Spread Bets and CFDs Disclaimer
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80.9% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
IG, Best Forex Broker for Products and Research
| Currency Pairs | Crypto CFDs | Index CFDs | Share CFDs | Minimum Deposit | Demo Account | Max Leverage |
|---|---|---|---|---|---|---|
| 80+ | 15 | ✖ | 13 000 | £0 | £10 000 | 30:1 (Major Pairs) 20:1 (Minor Pairs) |
Established in 1974, IG has built a reputation as one of the most trusted and reliable forex brokers in the United Kingdom. With over four decades of experience in the financial industry, IG has gained the trust and loyalty of countless traders and investors.
IG’s Range of FOREX Products
IG offers a wide range of forex products and services, catering to the needs of both novice and experienced traders. Here are some of the notable offerings:
Forex trading – IG allows traders to access over 80 currency pairs with competitive spreads, low margins, and flexible trading hours. The platform offers access to advanced trading tools and charting software, making it an ideal option for serious traders.
Forex options – IG provides access to forex options, enabling you to hedge your positions or speculate on the direction of currency pairs. Forex options are a versatile trading instrument that can help manage risk.
Forex CFDs – CFDs allow you to speculate on the price movements of currency pairs without owning the underlying assets. With CFD trading, you can go long or short on currency pairs, making it an attractive option fif you are looking to profit from market fluctuations.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Forex DMA – Direct Market Access (DMA) trading, giving traders access to the interbank forex market. DMA allows traders to view the order book and execute trades directly with liquidity providers, resulting in faster execution times and tighter spreads.
For traders looking for guidance, IG offers forex signals, providing insights on potential trading opportunities based on technical analysis. These signals can help traders make informed decisions, especially when combined with their research and analysis.
IG’s Robust Educational Resources
IG offers a wide range of educational resources for traders of all levels. These resources are designed to help traders improve their trading skills and make better-informed trading decisions. Some of the educational resources offered by IG include:
Trading webinars – IG offers a series of live and recorded webinars covering a range of topics such as market analysis, trading strategies, and risk management. These webinars are hosted by experienced traders and market analysts who share their insights and expertise with the trading community.
Trading guides – IG’s trading guides are a valuable resource for traders looking to improve their knowledge of the financial markets. These guides are available in PDF format and cover a wide range of topics, including technical analysis, fundamental analysis, and trading psychology.
Technical analysis guides display an overview of various technical indicators, chart patterns, and other tools used by traders to analyse market trends and make trading decisions. These guides cover a range of topics, from simple chart patterns like support and resistance levels to more complex indicators like moving averages and oscillators. The guides also provide practical advice on how to use these tools to develop trading strategies and identify trading opportunities.
Fundamental analysis guides cover the key economic indicators and events that can impact financial markets, as well as the strategies used by traders to analyse this data. This will help you understand of how economic events like interest rate decisions, GDP reports, and employment data can impact currency exchange rates, stock prices, and commodity prices. The guides also provide practical advice on how to use this information to make trading decisions and manage risk.
Trading psychology guides give you insights into the emotional and psychological aspects of trading. These guides cover topics like managing emotions, maintaining discipline, and developing a trading plan. The guides provide practical advice on managing the psychological challenges of trading and maintaining a positive mindset.
What’s Great With IG
- Efficient Trading Platform
- Wide Range of FOREX Products and Services
- Great Amount of Research and Educational Resources
What You Should be Aware Of
- Fees on the High Side
- No Two-Factor Authentication
- Customer Support could be Improved
XTB, Best Forex Trading App
| Currency Pairs | Crypto CFDs | Index CFDs | Share CFDs | Minimum Deposit | Demo Account | Max Leverage |
|---|---|---|---|---|---|---|
| 57 | 5 | 36 | 1 800 | £1 | £100 000 | 30:1 (Major Pairs) 20:1 (Minor Pairs) |
With over 20 years of experience in the industry, XTB has built a reputation for providing top-notch trading services, innovative technology, and excellent customer support.
The broker offers a comprehensive range of trading options to cater to the needs of traders with different levels of experience and risk appetite. Whether you are a beginner or an advanced trader, you can find a trading option that suits your needs on the XTB platform.
With XTB, you can access over 50 currency pairs, including majors, minors, and exotic pairs. XTB offers tight spreads, low commissions, and fast execution speeds, making it an ideal platform for forex traders.
XTB’s Account Types
The broker offers two primary account types for its clients: Standard Account and Pro Account.
| Standard Account | Pro Account |
|---|---|
| The Standard Account is designed for both novice and experienced traders who prefer to trade with fixed spreads. This account type offers a user-friendly trading experience without the need for commissions. | The Pro Account is geared towards professional and experienced traders who are seeking tighter spreads and faster execution. This account type operates on a commission-based structure, providing greater flexibility and control over trading costs. |
| – Fixed spreads from 0.9 pips – No commissions on trades – A minimum deposit of $250 – Access to XTB’s award-winning xStation platform and MT4 – Fast order execution and negative balance protection | – Maximum Leverage of 200:1 on Currency Pairs and Indices – Maximum Leverage of 5:1 on Cryptos |
| Open a Standard Account | Open a Pro Account |
XTB’s Trading Platform: xStation
xStation is one of the most advanced and user-friendly trading platforms available on the market. As a leading provider of financial trading services, XTB offers its clients access to over 1,500 financial instruments, including forex, commodities, indices, shares, and ETFs.
xStation is web-based, meaning you can access it from your desktop, laptop, tablet, or mobile device. It has been designed to provide a seamless and efficient trading experience, with an intuitive interface that is easy to use and customisable to suit your trading needs.
One of the key features of xStation is its powerful charting capabilities. The platform provides access to advanced charting tools and technical indicators, allowing you to analyse market trends and identify potential trading opportunities. In addition, xStation allows you to view multiple charts simultaneously, making it easy to keep track of multiple assets at once.
Another feature that sets xStation apart is its advanced trading functionality. The platform includes a range of order types, including market orders, limit orders, and stop-loss orders, as well as advanced order types, such as trailing stops and one-cancels-the-other (OCO) orders.
XTB has also integrated several risk management tools into xStation, including negative balance protection and margin alerts. This helps you manage their risk and avoid potential losses, ensuring that their trading experience is profitable and secure.
XTB’s Outstanding Customer Service
One key factor that sets XTB apart from other Forex brokers is its dedication to customer support. XTB understands that Forex trading can be complex and challenging, and they strive to make the process as smooth and straightforward as possible for their clients.
Their customer support team is available 24/5 to assist clients with any questions or concerns, whether related to trading, account management, or technical issues.
Personal Account Manager – XTB assigns a personal account manager to each client, a dedicated point of contact for any issues or questions. This ensures that clients always have someone they can turn to for assistance and that their concerns are addressed promptly and efficiently.
Multilingual Support – XTB understands that their clients come from all over the world and may speak different languages. To cater to their client’s needs, XTB provides support in multiple languages, including English, Spanish, German, French, Italian, Portuguese, and Polish.
XTB’s Demo Account
XTB’s demo account is a virtual trading account that allows you to practice trading strategies and test your trading skills in a simulated trading environment. It is an excellent tool if you are new to the financial markets or want to test your strategies before investing real money.
XTB’s demo account is completely free and provides access to all of the features of its live trading platform. The demo account offers a risk-free environment where you can experiment with different trading strategies, explore the platform’s tools and features, and get familiar with the market’s dynamics.
What differentiates the XTB demo account from the competition is that its virtual balance of £100,000 can be replenished as many times as necessary, giving you unlimited access to the platform.
Moreover, XTB’s demo account offers real-time trading conditions that simulate the actual market conditions. This allows you to experience real market fluctuations and practice trading in a more realistic environment.
The demo account is its compatibility with both desktop and mobile devices, meaning you can access it from anywhere and at any time and practice trading on the go.
XTB’s Educational Resources
As a trader, having access to educational resources is invaluable to your overall success. Learning and adapting to new strategies, market conditions, and trading tools is essential. XTB’s comprehensive education section covers a wide range of topics and learning formats, ensuring that traders of all experience levels have the tools they need to excel.
Trading Academy – XTB’s Trading Academy is a treasure trove of learning materials designed to suit traders at various stages of their journey. The academy is divided into four distinct sections: Basic, Intermediate, Expert, and Premium. Each section is tailored to a specific skill level, ensuring that everyone from beginners to seasoned traders can benefit from these resources.
The Basic section covers fundamental concepts, such as market types and analysis techniques, while the Intermediate and Expert sections delve into more advanced topics like risk management and trading strategies.
The Premium section is reserved for XTB’s most dedicated clients and offers exclusive content, including advanced webinars and personalised coaching sessions.
Webinars – Webinars are an excellent way to learn from industry experts in real-time. XTB offers a robust schedule of live webinars covering various topics, including market updates, technical analysis, fundamental analysis, and trading psychology.
These webinars are hosted by experienced XTB analysts and are designed to help traders stay informed about current market trends and hone their trading skills.
Video Tutorials – For those who prefer a visual approach to learning, XTB offers an extensive library of video tutorials. These tutorials cover a wide array of topics, from platform walkthroughs and trading tools to in-depth explanations of various trading strategies and concepts.
The video tutorials are organised by subject matter, making finding the content that best suits your needs easy.
Market News and Analysis – Any trader must keep up-to-date with market news and analysis. XTB provides traders with regular market updates, expert analysis, and insightful articles through its News and Analysis section. This resource helps you stay informed about the latest market developments and provides valuable context for your trading decisions. The content is written by XTB’s in-house team of market analysts, ensuring that you receive reliable and up-to-date information.
What’s Great With XTB
- User-Friendly Platform
- Easy Account Opening
- Outstanding Customer Support
What You Should be Aware Of
- Inactivity Fee
- No Two-Factor Authentication
Plus500, Best Forex Broker for Advanced Traders
| Currency Pairs | Crypto CFDs | Indices CFDs | Share CFDs | Minimum Deposit | Demo Account | Max Leverage |
|---|---|---|---|---|---|---|
| 71 | 15 | 30 | 1 100 | £100 | £40 000 | 30:1 (Major Pairs) 20:1 (Minor Pairs) |
Founded in 2008, Plus500 is a well-established broker with a robust trading infrastructure. The broker offers various financial instruments, including CFDs on forex. While the broker is suitable for all levels of traders, we would recommend it for advanced traders.
Advanced traders require a trading platform with sophisticated tools and features to execute their strategies effectively. Plus500 offers such a platform with a user-friendly interface that enables traders to easily analyse market data, execute trades, and manage their portfolios.
Plus500 also offers an extensive range of technical analysis tools, including advanced charting capabilities, indicators, and drawing tools, enabling advanced traders to conduct thorough market analysis and make informed trading decisions.
Plus500 Account Types
When choosing a trading platform, knowing the account types available to cater to your specific trading needs is essential.
| CFD Account | Invest Account | Professional Account | Islamic Account |
|---|---|---|---|
| This is the standard account type offered by Plus500. This account allows traders to trade a wide range of financial instruments, including stocks, forex, commodities, and cryptocurrencies. Trading in the CFD account is done using leverage, meaning traders can open larger positions with less capital. However, it’s important to note that leverage also amplifies both profits and losses. | The Invest account is a new addition to Plus500’s account types, offering commission-free investing in select stocks and ETFs. Unlike the CFD account, trading in the Invest account is done without leverage, meaning traders can only trade with the funds they have in their account. This account is designed for longer-term investors who want to buy and hold positions in their preferred assets. | The Professional account is available to experienced traders who meet certain criteria, such as having a significant trading history or sufficient trading knowledge. This account type offers increased leverage and other benefits, such as access to a dedicated account manager. However, it’s important to note that trading with a professional account carries higher risks, as it is designed for experienced and knowledgeable traders. | The Islamic account is designed for traders who follow Islamic principles and is compliant with Sharia law. This account type offers no interest on overnight positions and no hidden charges or fees. It’s important to note that the Islamic account is only available to traders who can provide proof of their Islamic faith. |
| Open a CFD Account | Open an Invest Account | Open a Professional Account | Open an islamic Account |
Plus500 FOREX Instruments
One of the key aspects that sets Plus500 apart from other trading platforms is its extensive range of FOREX instruments. Catering to novice and experienced traders, Plus500 allows users to easily trade in the world’s most popular currency pairs. This section of our Plus500 review will delve into the FOREX instruments available on the platform, providing you with an overview of what you can expect when trading with Plus500.
Wide Range of Currency Pairs – As a leading online trading platform, Plus500 offers an impressive range of currency pairs for traders to choose from. You can find more than 70 currency pairs on their Instruments page, including majors, minors, and exotics. This diverse selection enables traders to gain exposure to various global markets and capitalize on different trading opportunities.
Competitive Spreads – Plus500 prides itself on offering competitive spreads, ensuring that traders can access tight pricing when trading currency pairs. The platform’s transparent pricing structure allows users to see the exact spread for each instrument, empowering traders to make well-informed decisions.
Leverage Trading – To enhance the trading experience and maximize potential returns, Plus500 provides leverage trading for FOREX instruments. This feature allows traders to control larger positions with a smaller initial deposit, giving them more trading power. However, it’s essential to
Plus500 Analytic Tools
One key feature that sets Plus500 apart from other trading platforms is its powerful analytic tools, which provide traders with the information they need to make informed trading decisions.
The analytic tools offered by Plus500 are designed to help you identify trends, evaluate market sentiment, and predict future price movements. These tools include a comprehensive charting package, technical analysis tools, and real-time market news and data.
Charting Package – The charting package is one of the most popular analytic tools offered by Plus500. It allows you to visualise price movements and identify trends over time using various chart types, including line charts, candlestick charts, and bar charts. You can customise your charts with various indicators and drawing tools, creating a personalised trading environment that meets your needs.
Finally, Plus500 provides traders with real-time market news and data, which can help them stay up-to-date on the latest market developments and make informed trading decisions.
Real-Time Quotes
Plus500 offers real-time quotes for various financial instruments, which is helpful for several reasons:
Making Informed Decisions – First and foremost, real-time quotes enable traders to make decisions based on the most up-to-date information available. By knowing the current market price of a particular instrument, you can make more accurate predictions about future price movements and adjust your trading strategies accordingly.
Reacting Quickly – Real-time quotes also allow you to react rapidly to market changes. If a sudden news event causes a particular stock to rise or fall in value, you can quickly enter or exit positions to take advantage of the price movement.
Managing Risk – By constantly monitoring the market and keeping a close eye on the current price of your positions, you can quickly identify potential losses and take steps to minimise your risk exposure.
Plus500 Educational Resources
Plus500 includes a range of educational resources such as video tutorials, e-books, courses, and webinars. These resources cover a variety of topics, including trading strategies, market analysis, risk management, and more. Each resource is designed to help you better understand the financial markets and how to navigate them successfully.
One of the standout features of the Plus500 Trading Academy is the variety of video tutorials available. These videos cover a range of topics, from basic concepts like reading charts and understanding trading terminology, to more advanced strategies like trend analysis and technical indicators. These videos are presented in a clear and concise manner, making them accessible to traders of all levels.
In addition to video tutorials, the Trading Academy also publishes a range of e-books and courses. These resources provide more in-depth information on specific topics, allowing traders to better understand the financial markets and trading strategies. The courses are self-paced, allowing users to learn at their own pace and on their own schedule.
Plus500 Trading Academy also offers regular webinars covering a range of topics such as market analysis, trading strategies, and risk management. They provide an excellent opportunity to learn from experienced professionals and ask questions in real-time.
What’s Great With Plus500
- Tight Spreads
- Advanced Analytic Tools
- Real-Time Quotes
What You Should be Aware Of
- Limited Educational Resources
- Reporter Withdrawal Issues
CMC Markets: Best Forex Broker for Currency Pairs and Low Fees
| Currency Pairs | Crypto CFDs | Indices CFDs | Share CFDs | Minimum Deposit | Demo Account | Max Leverage |
|---|---|---|---|---|---|---|
| 330+ | 19+ | 46+ | 9 000+ | £0 | £10 000 | 30:1 (Major Pairs) 20:1 (Minor Pairs) |
Founded in 1989, CMC Markets is a leading global provider of online trading and investment services, offering a wide range of financial products including currency pairs.
CMC Markets provides investors with the flexibility and convenience to trade on over 330 currency pairs, including major, minor, and exotic pairs.
Whether you’re a beginner or an experienced trader, CMC Markets offers a comprehensive suite of tools and resources to help you make informed trading decisions and navigate the fast-paced world of currency trading.
CMC Markets Account Types
If you’re considering trading with CMC Markets, it’s important to understand the different account types available to you.
| Standard Account | Corporate Account | Professional Account | Affiliate Account |
|---|---|---|---|
| This the default account type for CMC Markets customers. This account type provides access to a wide range of markets, including forex, commodities, indices, and shares. You can trade using CFDs (contracts for difference) and spread bets, with no trading commission charges. Instead, CMC Markets makes money through its bid-ask spreads. The minimum deposit required for a Standard account is £0. | This account is designed for businesses looking to trade. This account type offers a dedicated account manager, customized pricing, and access to CMC Markets’ liquidity solutions. The minimum deposit for a Corporate account is £10,000. | This account offers tighter spreads, a higher leverage limit, and access to exclusive events and content. To qualify for a Professional account, you must meet at least two of the following criteria: – Have a portfolio of €500,000 or more – Have made an average of 10 trades per quarter over the past four quarters – Have worked in the financial sector for at least one year in a professional position | With an Affiliate account, you earn a commission for every new client you refer. Commission rates vary depending on the products the client trades and their location. |
| Open an Account | Learn more | Learn more | Learn more |
CMC Markets also offers a ‘Demo’ account, which is a great way to try out the platform without risking any real money. The Demo account gives you access to all the features of a Standard account, but with virtual funds instead of real money.
CMC Currency Pairs
CMC Markets offers one of the industry’s widest ranges of currency pairs, with more than 330 combinations possible. With CMC Markets, you can trade major currency pairs such as EUR/USD, GBP/USD, USD/JPY, and USD/CHF, as well as minor currency pairs such as AUD/CAD, EUR/NZD, and GBP/NZD.
In addition to these traditional currency pairs, CMC Markets offers exotic currency pairs such as USD/SGD, EUR/CZK, and AUD/HKD. These pairs involve currencies from emerging markets and can offer high volatility, which means potential for greater returns, but also carry higher risks due to their lower liquidity and greater spreads.
CMC Markets Forex Trading Instruments
MC Markets offers over 180 forex pairs to trade, covering both major and minor currencies and exotic currency pairs. This means you’ll have access to a wide range of trading opportunities, and you can trade the currency pairs that best suit your trading strategy.
One of the standout features of CMC Markets’ forex trading instruments is the competitive pricing. CMC Markets offers tight spreads on forex pairs, which means that you can potentially save money on your trades.CMC Markets also has transparent pricing, with no hidden fees or charges.
Another benefit of trading forex on CMC Markets is the platform’s advanced trading tools. The platform offers a range of technical analysis tools, including charting and indicators, which can help you to make informed trading decisions. CMC Markets also offers a range of risk management tools, including stop-loss orders, which can help to minimize your potential losses.
CMC Markets Trading Tools
One of the standout features of CMC Markets is the range of trading tools that are available to its clients. These tools can help you make more informed decisions and improve your trading strategies.
Next Generation Platform – CMC Markets’ Next Generation platform is a powerful trading platform that offers a range of features for traders of all experience levels. It includes a customisable interface, advanced charting tools, and a wide range of order types.
Charting Tools – The platform offers a comprehensive suite of charting tools that allow traders to analyse price movements and identify trends. These tools include technical indicators, drawing tools, and chart patterns.
Price Projection Tools – CMC Markets also provides traders with price projection tools, which allow them to estimate potential price targets for a given asset based on historical data and technical analysis.
Trading Signals – The platform offers trading signals that can help traders identify potential opportunities in the market. These signals are generated by the platform’s algorithms and can be customised based on the trader’s preferences.
Market Analysis – CMC Markets provides traders with a wide range of market analysis tools, including daily market reports, economic calendars, and news feeds. These tools can help traders stay informed about market developments and make more informed trading decisions.
CMC Markets Educational Resources
CMC Markets does more than just facilitate trades. The broker also provides a wealth of educational resources to help traders of all levels improve their skills and stay up-to-date with the latest market trends.
At CMC Markets, education is a top priority. The company recognises that the financial markets can be complex and overwhelming, particularly for those who are new to trading. As such, they offer a range of educational resources to help traders confidently navigate the markets.
One of the most popular educational resources offered by CMC Markets is their online learning platform, Learn. This platform is designed to provide traders with a comprehensive education in all aspects of trading. It covers everything from the basics of trading to more advanced strategies and techniques.
Learn offers a range of courses, webinars, and articles that are accessible to traders of all levels. The courses cover topics such as technical analysis, fundamental analysis, risk management, and trading psychology. Traders can work through the courses at their own pace and can even earn a certificate upon completion.
In addition to the online courses, Learn also offers a wide range of webinars that are designed to provide traders with up-to-date market insights.
For those who prefer to learn through reading, Learn also offers a vast library of articles that cover a wide range of trading topics. The articles cover everything basic trading concepts and advanced trading strategies.
In addition to Learn, CMC Markets also offers a range of other educational resources. These include a trading glossary, which provides definitions for common trading terms, and a range of trading guides covering specific markets and trading instruments.
What’s Great With CMC
- Great Amount of Currency pairs
- Low FOREX Fees
- Customisable Trading Platform
What You Should be Aware Of
- High CFD Fees
Pros and Cons of FOREX Trading
What’s Great With FOREX Trading
- Potential for higher returns than other investment opportunities.
- The forex market is open 24 hours a day, 5 days a week. This means that you can trade at any time
- High liquidity in the market makes it easy to buy and sell currencies quickly and at a fair price.
- Forex trading allows you to use leverage
- No central exchange allows for greater flexibility and faster execution of trades
What You Should Be Aware Of
- The volatile nature of the FOREX market means that traders can experience significant losses.
- The FOREX market is complex and requires significant knowledge and experience to navigate effectively.
- Many FOREX traders use leverage to increase their potential profits, increasing their potential losses.
Forex Trading FAQs
What is FOREX Trading?
FOREX trading refers to the buying and selling of currencies in order to profit from the fluctuations in their exchange rates.
What is a FOREX broker?
A FOREX broker is a financial firm that provides traders with access to the foreign exchange market.
They act as intermediaries between the trader and the market, allowing traders to buy and sell currencies and providing them with various tools and resources to assist with trading.
What makes a good FOREX broker?
A good FOREX broker should offer competitive spreads, low fees, a wide range of currency pairs to trade, and a reliable trading platform.
They should also be regulated by a reputable regulatory body and have a good reputation among traders.
What factors should I consider when choosing a FOREX broker?
When choosing a Forex broker, it is important to consider factors such as regulation, trading platforms, fees and spreads, customer support, educational resources, and the range of markets and products offered.
Can I trade FOREX in the UK?
Yes, FOREX trading is legal in the UK and is regulated by the Financial Conduct Authority (FCA). Traders can trade Forex through a reputable Forex broker that is authorised and regulated by the FCA.
Is FOREX trading risky?
Yes, FOREX trading can be risky, as with any form of investment. It is important for traders to have a solid understanding of the markets and to practice risk management strategies in order to minimise potential losses.
Do I need a lot of money to start trading FOREX?
No, some brokers don’t even require a minimum deposit. However, it is important to have realistic expectations and to practice responsible risk management, as Forex trading can be volatile and unpredictable.
