Interactive Brokers: Best Online Trading with Low Fee Structure
All the active Forex traders or those who are considering international trading are familiar with IB or Interactive Brokers Forex broker. IB has an amazing platform that offers its traders a complete solution for all of their trading needs. IB has opened up world markets to facilitate seamless exchange and security packages. According to Review 2018, Interactive Brokers are one of the top brokers in the world and are available across seven facilities- North America, Europe, India, Asia, and Australia.
Interactive Brokers Forex broker is the online broker which offers you a wide product range at low fee structure. The asset class and region offerings are superior to that of the other brokerages. The simpler trading platform is the best for a beginner level trader, but it also has options appealing to the advanced traders. The benchmark rate plus 1.5%draw the prospective traders with an opportunity to generate more revenue. The platform, with its easy calculation, helps the investor to analyse the blended rates and make investments accordingly. Though seemingly simple and easily navigable, this platform holds the highest and best security pathway.
Top 3 Forex Broker Comparison
Barron's – Best Online Broker 2018 rated IB as #1. Top Online Broker1 award was bestowed on Interactive Brokers for the eighth consecutive year. These are but a few of the numerous awards won by Interactive Brokers Forex in the recent past.
Pepperstone: Trusted Forex Broker
Pepperstone is a fairly new brokerage which was established in 2010 by a team comprising of skilled veteran forex managers. With their years of experience in the forex industry, they helped Pepperstone to develop exponentially and the result is that today it is one of the largest CFD and the most trustworthy online broker across the globe. Pepperstone is headquartered at Melbourne, Australia and has offices located in Shanghai, Dallas, Bangkok, and London.
Pepperstone is monitored by the Financial Conduct Authority, UK, and ASIC. The ASIC supervises Pepperstone Group Limited and the brokerage holds a legal Australian Financial Services License. Pepperstone Forex offers more than 70 currency pairs including major currencies like the EUR/USD and GBP/USD. The spreads can go as low as 0.0 pips, minors as well as exotics. Maximum leverage of Pepperstone hits an impressive Forex mark of 1:500. Top platforms like MT Mobile, MetaTrader 4, MetaTrader 5, and WebTrader are on the offer which means that the clients can trade on the platform of their choice.
In addition to active trader offerings, Pepperstone also provides the brokers and advanced traders with its highly competitive Razor accounts. The different platforms from Spotware Systems and MetaQuotes Software Corp offer the traders support in unique algorithmic trading.
Taking into consideration the minimum deposit of $200 and the wide array of account types and platforms offered, Pepperstone went on to become one of the best brokers online.
Oanda: Friendly and the most respected
According to the trading and forex industry trends, Oanda is seen as the most respected forex brokerage firm. From the time of its establishment in the year 1996, in Toronto, Canada, it has expanded to various countries and has its offices in Japan, UK, Singapore, Australia,and the USA.
Oanda, as a global Forex trading firm, has its office administration overseen by the world’s biggest regulatory authorities like US CFTC and five additional authorities. In the UK, the FCA provides Oanda with accounts protection. This means that Oanda account holders are provided with default protection of up to 50,000 GBP. The firm’s adherence to the regulatory inspections and supervision in the present date helped to gain the respect of its investors and placed it among the top brokers of the world. Oanda offers exotic currency pairs and as many as 60 major and minor currency pairs to choose from and also precious metals' CFDs, bonds, and commodities.
Coming from the fee perspective,Oanda Forex broker firm is the best broker 2018 that provides price-sensitive FX traders with attractive offers. Oanda offers its amateur users the demo account to practice trading, in addition to the standard account for active traders. Active and experienced Forex traders looking for consistent profits can also use the user-friendly and easy learning trading platform.
TD Ameritrade: Pioneer in trading platforms
In 2009, top US finance company, TD Ameritrade acquired ‘Thinkorswim’, an innovative trading platform that offered forex and stocks trading. It was one of the hugest investment brokerage firms in America and had $774 billion in resources under its administration. Since the acquisition, the compelling trading platform kept on developing under the brand TD Ameritrade.
The TD Ameritrade Forex Broker Services help its Forex trades to reach to the top by offering features such as innovative tools and knowledgeable services. The most important of these solutions isthe access to supreme technology that investors require. Thinkorswim is their personalised software which offers the users of TD Ameritrade with required trading tools and also provides educational services.
The online investors can access the global forex-broker charting packages, equities, options and major currency market using this platform. In this one integrated platform, users can access uncut breaking news from CNBC International in real-time, currency trading maps and global news squawks. TD Ameritrade has become one of the top brokers in the world and is established as a financially reliable and secure company by ensuring to give the customers what they deserve.
The major aspect of TD Ameritrade that elevated its status to one of the best brokers online is that it provides its clients with around $2 million for cash protection and $149.5 million worth of security protection. Moreover, the company has no subscription or platform fees other than the already added commissions and financing charges.
FXCM: Trading for beginners
Forex Capital Market (FXCM) is the best option for users who are just beginning Forex trading. FXCM offers forex and CFD trading with easy account opening, funding, and withdrawal processes. But it is not behind in catering for active Forex and CFD traders who seek an extensive range of trade-automation tools as FXCM offers an expansive suite of platforms and trading solutions.
This online broker is recommended for beginners with the commission-free mini accounts offering wider spreads and access to only 21 currency pairs. High volume traders can avail of the varied product range in its Standard account and Active Trader accounts which offer competitive commission rates and access to 39 currency pairs.
FXCM is a Leucadia company based in London and since its establishment in 1999, ithas gained a name for its own in retail forex markets. FXCM has spread out to multiple international offices. It is licensed in many regulatory hubs over the world in other jurisdictions, such as entities in Australia, the UK, and some indirect affiliate offices in Japan, South Africa, and Canada.
A pioneer in developing online forex offerings for retail traders, FXCM has made a mark as the best broker 2018 by providing traders with several platforms for algorithmic trading. Comprehensive options are offered to traders so they can connect using its public API.
Is regulatory compliance the most important while selecting a Forex Broker?
While searching for the best broker 2018, the most important thing to check is regulatory compliance. Just researching on a professional looking website does not guarantee that the broker you found online is properly regulated.
Accounts should be opened only with companies regulated by competent authorities in order to preserve the client’s best interests, the safety of particular deposits and the integrity of the broker.
Many Forex Brokers aim to acquire the license under FCA, one of the oldest and most respected regulators around the globe. For all the Forex Brokers located in the United Kingdom, the Financial Conduct Authority (FCA) is the regulator. Though the FCA is regulated by EU, it is more stringent than the remaining of its EU counterparts. FCA is highly active and in many known cases, a few Forex Brokers received big penalties for price manipulations.
For Forex Brokers that are FCA regulated, in case of bankruptcy, Financial Services Commission plan offers a cover to all of their retail clients to the maximum amount of £30,000. It can only go up to 90% for £20,000 next and in any situation, it cannot go beyond the £50,000, but this amount is significantly higher than other EU competent authorities.
How to select the best broker 2018: Additional criteria to consider
Minimum initial deposit
The minimum amount of the initial deposit is the first criterion to check on this list. Most forex accounts can be opened with a very small funding, some of them accepting as low as $50. But the buying power which the trader is offered is much greater than the minimum initial deposit he had to pay. This leverage offered by forex trading is one of the reasons that help the new traders and investors arrive at their choice.
Easy to use trading platform
Thebrokers’ trading platform has to be stable and user-friendly so that even a novice is able to use without any hindrance. As most of the trading happens through the online trading platform, users prefer the one that is easy to use.
Currency pairs access
In online global trading, the investor looks for a trading firm that gives him access to as many currency pairs as he can get. But, even if a broker offers a huge selection of forex pairs, they must offer the currency pair the trader wants.
24-hour customer service
Online trading happens around the clock globally. Forex trading broker has to offer customer support which is available all 24 hours.
The whole reason behind brokers holding your funds is to facilitate trading and to provide ease of access. There is no reason for you to wait before you can make withdrawals.
Conclusion: The forex broker comparison
To be successful in international currency markets, it is important to start trading with the right forex broker. Your role as a currency investor might require you to get your hands on a specific platform, tool, or research. Your needs should be met by whichever forex broker you choose. Arriving at your decision needs a thorough understanding of your investment style. Also, it is very important to consider the security aspects of the platform since there will be monetary transactions involved. Also, your bank accounts and identification documents are linked with these websites. So make sure, you thoroughly consider the security features offered by the broker before you choose one.
The foreign exchange market is the world's largest financial market, accounting for more than $4 trillion everyday in average traded value. There are many brokerages burgeoning everyday and to add to your confusion, the fact is that there is no central marketplace for the forex market. Choosing the right forex broker can be unnerving as you don’t know which of the overwhelming number of magazine and internet advertisements to trust. This is why we have put up the above helpful guide for you and narrowed down the best players available in the forex brokerage niche. For starters, you can try the demo accounts offered by these platforms and see which you are most comfortable with.