The mission of forex-review.com is to provide traders with high-quality insights, help to make their decisions weighted and confident, and improve profitability in such a competitive field - currency trading. The financial market is not a warm bath for its participants. Understanding the difficulty of trading forex, we are encouraged to provide the community with top-notch unbiased reviews and analysis. As the result, our team presents this top of best forex brokers for 2021.
What is the best forex broker in 2021?
IG tops our list for the best broker in the year 2021 as it has a massive catalog of more than 17,000 markets to trade on. Not only that, but the company also leaves its competitors in the dust as it was founded in early 1974, which makes it more than trustworthy. Let us dive into some keen details and prospects of IG.
Even if the broker has a long history of being reputable in the financial industry, we still should not ignore the importance of regulation by top tier authorities. IG comes under the strict supervision of the Financial Conduct Authority (FCA) in the UK and undertakes Internal Capital Adequacy Assessment Process (ICAAP).
Trading fees can be anything when you trade, including paying for spreads, platform, inactivity, deposit, withdrawal, etc. The costs of trading with IG are super competitive, having a spread of only 0.4 pips on major forex pairs. Executing your positions on significant indices such as Germany 20 and FTSE 100 will cost you only 0.7 points. There are no deposit and withdrawal fees charged by the company. You can fund your account via credit/debit card and cashout using the same or to your bank or PayPal.
Opening one’s account at IG is digital and hassle-free. However, the broker may require up to 3 business days to verify and allow you to start trading after that.
Every broker must provide an intuitive trading platform that addresses all the needs of a trader. IG has played its role in this regard as they have their own IG web trader and mobile app that has tons of trading tools developed for you to get an edge in the markets. Other than their own software, the company also has support for the all famous MetaTrader 4/5.
With more than 239,000 clients worldwide, IG has over 17,000 instruments for its clients to trade on. These include indices, forex, commodities, cryptocurrencies, shares, bonds, rates, and options.
Research and Education
The company provides useful ideas and news on trading that are beneficial for market research. It also has a dedicated Learn to Trade section, which is essential for any beginner trader looking to sharpen their technical and fundamental skills. IG has information on risk management, trading tools, financial ideas, strategies, and a glossary of trading terms.
If you are a client at the brokerage, then expert help is offered 24 hours from Monday to Friday. For non-customers, you can contact them via email or call them from 8 a.m. Saturday to 10 p.m. Friday (UK time).
The most crucial broker features to rate in our reviews
Forex brokers allow you to trade currencies at the comfort of your home. There are many exchanges in the market, offering thousands of instruments, leverage, multiple account types, education, and customer service to have an excellent trading experience. Regulation and fees are debated heavily while choosing the best forex broker. The brokerages differ in the range of services they offer, which is why you should always pay special attention to each of the parameters below.
Even if the broker has a long history of being reputable in the financial industry, we still should not ignore the importance of regulation by top tier authorities. An exchange must come under the strict supervision of at least one of this organizations: NFA, CFTC, FCA, PRA, ASIC, CySEC, SFBC, BaFIN, AMF, IIROC.
We took into account the costs that occurred with every broker and handpicked the best ones for you. No/low fees on deposit and withdrawals, along with low spread and commissions, are the criteria for us to put a company on our list.
Account types and opening
Some brokers have only one kind of account for all traders. However, others provide certain types that vary based on spreads, commissions, execution speeds, minimum deposits, etc. While choosing out the best broker, we consider the ones that have excellent services amongst all. The account opening process is also looked upon, which should be digital and free of any barriers/hiccups.
Deposit and Withdrawal
A keen look is placed upon the brokers who offer the best deposit and withdrawal methods. A wire or bank transfer along with the ability to fund your account through a credit/debit card may not be enough. Utmost preference is paid on companies that have various types of cash in and out.
Trading Instruments and Markets
Forex, stock, cryptocurrencies, commodities, and options are a few of the hottest markets traded in the financial industry. Most brokers try to cover the maximum number of instruments offered for trading as it makes it stand out amongst others.
Trading Platforms and Tools
MetaTrader 4 and 5 are the most widely used software in the forex niche that comes with tons of trading tools. Other than these, some brokers also have their own platforms that can be selected. The more, the merrier is the case here, but using lots of tools on your charts may complicate your trading, so beware.
From opening your account to making trades and withdrawing, everything should be smooth with the best customer experience. The website must be informative through useful content placed under categorized headings that make it user friendly. The reviews on noted websites like trust pilot and forex peace army are considered while taking brokers on our list.
A broker that has a comprehensive research section including trading analysis, quality news flow with podcasts, market, and technical summaries ranks better in our diary. Top experts in the niche should provide such facilities.
The education section is crucial for all beginners or amateurs and even pros to sharpen their trading skills. The 90 percent losing rate in forex can be cut down only if enough knowledge is available on essential components like risk management, psychology, strategy, etc.
Considering the fact that the worth of brokers is in millions of dollars, they should have 24/7 customer service available to all. Nevertheless, some firms are only keen on 24/5 support with limited options, such as email or phone, and no live chat on board. We certainly choose the best exchange for you that has excellent customer service.
Safety and Security
If you feel like your broker is going out to eliminate your stop losses, you are free to complain. But this may not be enough as some companies won’t pay heed to your problem, in which case you can file a claim with the regulatory authority. Brokerages must come under the supervision of these authorities to be your choice in trading.