The Best Forex Trading Platform – To help you find the best discount forex broker, we’ve gone ahead and done the research for you. First, we looked at 104 quality online brokers we cover, then checked and compared their forex fees and a selection of currency pairs. It is also important to provide an excellent trading platform as well as cheap deposit and withdrawal options. We dug deep so you don’t have to. Let’s see the winners.
What is a good discount forex broker? Definitely cheap fees. We checked both commercial and non-commercial fees. The broker must also offer a wide variety of currency pairs. We test brokers based on about 500 criteria with real accounts and real money.
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If you are a beginner, be careful about forex trading. Forex products are complex and very risky, so they are not suitable for everyone. You can easily lose all the money you have invested. If you don’t know how forex trading works, start reading our forex education articles.
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Not sure which broker to choose? Check out our broker finder for a tailored recommendation. Want more details? Compare brokers with this detailed comparison chart.
Fusion Markets is an Australian discount forex broker established in 2010. It is regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).
Disclaimer: CFDs are complex instruments and have a high risk of losing money quickly due to leverage. 74-89% of retail investment accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
To get a clear idea about Forex fees, we have calculated a reference forex fee for the main currency pairs. This basic metric includes commissions, spreads and financing costs for all brokers.
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#1 Fusion Markets Desktop Trading Platform 3.4 In design and functionality, Fusion Markets’ MetaTrader 4 desktop platform is almost identical to the online trading platform. The main difference is that you can set up price alerts here.
Fusion Markets is an excellent forex broker with very low trading and non-trading fees. Opening an account is quick and easy, and customer service provides quick and relevant responses.
Conversely, Fusion Markets has limited educational tools. The product portfolio is mostly limited to forex and some CFDs. Finally, there is no investor protection.
Axi is regulated by many financial authorities around the world, such as the Financial Conduct Authority of the UK (FCA), the Australian Securities and Investments Commission (ASIC) and the Dubai Financial Services Authority (DFSA). Being regulated by several major authorities bodes well for Axi’s safety.
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Disclaimer: CFDs are complex instruments and have a high risk of losing money quickly due to leverage. 73.9% of trading investment accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
#2 Axi Desktop Trading Platform 3.4 In design and functionality, Axi’s MetaTrader 4 desktop platform is almost identical to the online trading platform. One major difference is that you can set price signals on it.
Additionally, foreign exchange fees are low and deposits and withdrawals are free. Opening an account is easy and completely digital with no minimum deposit, which is also great.
The Axi has some drawbacks, however. Its product range is limited to forex CFDs, and its research tools lack recommendations and fundamental data. Also, customer support is only available 24/5.
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Saxo Bank, a Danish investment bank founded in 1992, provides online trading and investment services. The company is regulated by a number of global financial authorities, including the Financial Services Agency (FSA) of Denmark and the Financial Conduct Authority (FCA) of the UK.
Saxo Bank is a global service provider and as such operates a number of separate legal entities in different regions of the world. The services offered by different organizations may vary slightly, especially regarding fees and product portfolios. In this review we tested Saxo Markets UK.
CHIEF: Recent Account Opening Issues – Saxo Bank appears to be late in sending you the critical URL required to open your account. For more information, see problems opening a Saxo Bank account in the Opening Account chapter of the review. Don’t want to wait to open an account? Check out some alternatives to Saxo Bank.
#3 Saxo Bank Desktop Trading Platform 5.0 Saxo Bank’s desktop trading platform is one of the best on the market. It is well designed, easy to use and offers a lot of customization.
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It offers a user-friendly and well-designed trading platform backed by extensive research. The product portfolio covers all assets and multiple international markets.
However, it has some disadvantages. Fees on bonds, options and futures are high. There is also a higher minimum deposit for some countries. Finally, there is no live chat or 24/7 customer support.
Overall, Saxo Bank is one of the best online brokers out there. By opening an account, you will receive a broad, well-developed service that is constantly adapted to the needs of customers.
City Index is a global CFD and FX broker founded in 1983. City Index is a trademark of StoneX Financial Ltd., whose parent company StoneX Group Inc. is listed on the NASDAQ Stock Exchange. The company is regulated by major financial authorities such as the Financial Conduct Authority (FCA) of Great Britain, the Australian Securities and Investments Commission (ASIC) and the Monetary Authority of Singapore (MAS).
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City Index is considered safe because it has many years of experience, it is regulated by high-level financial authorities and its parent company is listed on the stock exchange.
Disclaimer: CFDs are complex instruments and have a high risk of losing money quickly due to leverage. 74% of trading investment accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
#4 City Index Desktop Trading Platform 3.0 City Index’s desktop platform has the same functionality as the web trading platform, but lags behind in user-friendliness.
However, it has some disadvantages. The product portfolio is limited, stock CFD fees are quite high and the desktop platform lags behind its competitors.
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Since there is no minimum balance required, no withdrawal fee, and the inactivity fee only starts after one year, please try City Index.
Founded in 1999, Questrade is one of Canada’s leading brokerage firms. It is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF).
#5 Questrade Desktop Trading Platform 4.3 IQ Edge is Questrade’s most advanced trading platform. It is user friendly and highly customizable with a wide variety of order types. However, there is no indictment report.
Questrade is one of Canada’s fastest growing online brokers. Its stock and ETF fees are low, research tools are advanced, and customer service is excellent.
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Questrade also has some disadvantages. While the account opening process is quick and easy for Canadians, it is slow and time-consuming if you are not Canadian. You may pay high withdrawal fees if you are not a Canadian citizen and only USD and CAD are available as base account currencies.
The most important factors to consider when choosing the best discount brokers are forex trading fees. In addition to trading fees, you should also look at withdrawal fees and the number of currency pairs available. Check if the broker provides excellent desktop and mobile platforms as well as advanced charting tools.
Fees, fees, fees. We bet this is always on your mind when you are looking for the best discount broker. It can be complicated. Let’s see how we did it.
It’s not easy to compare forex broker fees, but we’re here to help. Forex brokers may charge commissions, spreads and financing fees.
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When you trade forex with leverage and hold your position overnight, a fee is charged. This fee is called the financial rate. Funding costs change daily and can be a significant amount if you hold your positions for a longer period of time.
To make your life easier, we’ve calculated what your total payout would be if you took a $20,000 position, held it for a week, and then closed it. We used 30:1 leverage, the maximum leverage available for major currency pairs at most brokers.
Fusion Markets is our winner, Best Discount Forex Broker 2022. Low trading and non-trading fees. Quick and easy account opening. Great customer service.
All these brokers are considered excellent options. But be careful because FX can be risky. If you know enough and are ready to go, pick your winner and take the next step in your business journey. Let us know what you think in the comments section.
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The author of this article, Christian, has 15 years of proprietary trading experience, primarily in the FX interbank market as an FX risk manager. He has a Masters in International Business from Middlesex University. He is also interested in real estate investing and dividend growth. Its purpose is to help people find the best investment provider.
Krisztián has 15 years of proprietary trading experience, mainly in the interbank foreign exchange market such as forex
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