27🏅Best Online Forex Brokers – ( Reviewed ) 2020

27 Best Online Forex Brokers

27 Best Online Forex Brokers

According to research in South Africa, choosing an online broker is one of the most important decisions you will make as an investor. There are tons of great online brokers out there but just because they are good doesn’t necessarily mean they are good for you.

There are many brokers to choose from, with each offer something a little bit different.

For new investors you will want an emphasis on educational resources (including webinars, video tutorials and in-person seminars) and on-call chat or phone support.

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For more experienced traders you may prioritize low or no commissions and robust mobile trading platforms.

Regardless of your priorities for finding a great online broker, you will definitely find what you are looking for in our comprehensive list.

Please note that they are not listed in any order.  This is not a ranking system but rather a comprehensive list of great online forex brokers.

avatrade

AvaTrade

AvaTrade is one of the largest online brokerages in the world.

The company has won numerous awards for “Best Customer Support”, “Best Alert System”, “Best Financial Derivative Trading Provider”, and “Best Forex Broker Year”.

Avarice is regulated in 6 jurisdictions overall, and within the EU they must remain compliant with ESMA regulations and therefore your demo account will depend on your region.

Overall Pros and Cons

Pros Cons
Easy and Fast account opening Only CFDs, Forex and Crypto offered
Free deposit and withdrawal options Poor phone support
No withdrawals fees Inactivity fee

 

Alpari Review

Alpari

Alpari Financial Services Ltd (Alpari) offers a variety of account types and is one of the world’s leading independent Forex brokers that provides online trading services on the international currency market

They are also known to have a great customer support team.

Overall Pros and Cons

Pros Cons
Low minimum deposit Limited educational resources
Best Broker for copy trading accounts Lack of resource tools
Diverse selection of tradeable assets High fees
Demo accounts and social trading available for the beginner trader Withdrawal fees
Good support in over 30 languages  

 

FXTM Review

FXTM

FXTM is a broker that focuses on educating new traders with fantastic educational resources a great deal of training material to help new traders get started and gain confidence and skill levels as traders.

Additionally, known for strong customer support it is one of the few brokers with 24/7 support.

Overall Pros and Cons

Pros Cons
Great customer Service Inactivity and withdrawal fees
Strong Educational tools for the beginner trader High CFD fees
Fast account opening Limited product range.

 

FP Markets Review 

 

FP Markets

FP Markets is known for great pricing as well as their excellent client support over multiple languages.

They have even been awarded “The Highest Overall Client Satisfaction Award” by Investment Trends 2016 Australia CFD Report. 

 

Overall Pros and Cons

Pros Cons
Great Educational tools Limited portfolio
Great Customer Service Web Platform needs to be updated a bit
Large Product offering High fee for international bank withdrawal
Easy and quick account opening  

 

GO Markets Review

GO Markets

GO Markets is an incredibly strong Forex and CFD broker for traders and can be a attractive for both beginner or experienced traders alike.

They offer a huge amount of educational tools and have a good customer service team to support as well.

Overall Pros and Cons

Pros Cons
Low minimum deposit Only two account types
Very fast execution of trades  
Good trading analysis tools on offer  
Demo option available  
Low Forex fees  

 

XM.com Review

XM

XM Group is one of the most experienced and knowledgeable brokers in the global financial market.

XM Group is an especially good broker for beginners with vast quantities of educational material, market analysis, webinars and seminars held around the world

 

Overall Pros and Cons

Pros Cons
Great Educational tools Limited product portfolio
Easy and fast account opening Inactivity fee after 90 days
No withdrawal fees Only average Forex fees
Low minimum deposit  

 

HotForex Review

Hot Forex

HotForex has been around for a while but is only relatively recently been growing in popularity in the trading community mainly due to its excellent customer service platform.  This revamped attention to customer service has garnered HotForex quite a few awards from several recognized institutions from Europe, Asia, Africa, and the Middle East

HotForex offers more than 45 top currency pairs from all around the world with an excellently competitive HotForex spread starting at 0 pips.

You can also enjoy risk free trading in over 70 CFD trading options available across the board in stocks, indices, commodities, cryptos, futures, and bonds, when you join with a HotForex demo trading account to help you learn your trading craft and gain confidence before trading Forex for real.

 

Overall Pros and Cons

Pros Cons
No fees for deposits or withdrawals Commissions high on Zero account
Spreads are low on EURUSD and average on other pairs Limited range of instruments
Low deposit requirement for new traders with Micro accounts Account opening not the easiest
Lots of premium trader tools available  

IC Markets Review

IC Markets

IC Markets offers services and features designed for both beginner and experienced traders.

The company, however, seems to prioritize high volume traders processing over 500,000 trades per day.

They have wide range of products on a solid platform.

They also offer an impressive amount of educational tools and resources backed with good 24/7 support.

Overall Pros and ConsAnother important feature of Forex trading through IC Markets is that your account can be linked up with Zulutrade if you are interested in getting involved with Copytrading.

Overall Pros and Cons

Pros Cons
Low Forex fees No negative balance protection
Easy and fast account opening Only Forex, crypto and CFD trading
Free deposit and withdrawal  
Low minimum deposit  

OANDA Review

Oanda

Oanda has reputation for being a trustworthy exchange and a very trusted retail Forex platform.

Oanda offers a great and easy-to-use web trading platform, and a quick and user-friendly account opening process with no minimum deposit

 

Overall Pros and Cons

Pros Cons
Low fees High bank withdrawal fee
Easy and digital account opening Poor customer service
Easy to use web trading platform Limited offering of only Forex and CFDs
Low minimum deposit ID verification issues can delay account opening
   

Pepperstone Review

Pepperstone

Pepperstone provide one of the largest selections of third-party platforms, including numerous options for social copy trading although its offering is a small set of tradeable products.

This combined with competitive pricing and excellent customer service make for a winning combination.

Pepperstone lacks a proprietary platform of their own but it does offer a great variety of third-party platforms to choose from.

 

Overall Pros and Cons

Pros Cons
Free withdrawals and deposits Limited product portfolio of CFD, Forex an Crypto
Great customer service No Research or technical analysis data
Low minimum deposit  
Low Forex fees  
No Minimum deposit  

Forex.com

Forex.com

FOREX.com is a one-stop-shop for Forex traders especially if you are based in the U.S. Forex.com offers a large range of tradable currencies an impressive trading platform, The platform also has an extensive education center that provides free, informative Forex trading courses at multiple skill levels

Their emphasis is on the educational aspect of trading. Their team of experienced traders is constantly updating their Forex education library, treating traders to market forecast and hosting regular ‘strategy reorganization’ webinars.

Forex.com’s platform is easy to use and offers well displayed and easily customizable charts and layouts.

 

Overall Pros and Cons

Pros Cons
Low Forex fees Limited product portfolio
Great variety of currency pairs Non user friendly trading platform
Lots of educational and research tools Inactivity fee
Low minimum deposit Slow account verification

AxiTrader Review

AxiTrader

AxiTrader definitely has some positive attributes:  low trading fees, no inactivity fee and no fees for deposits and withdrawals. Opening an account is also fast, easy, and fully digital.

On the down side, Axitrader only offers a small range of products, which are Forex and some CFDs. Customer support is also not multi-channel and not known to be great since it is only available only through email, 24/5, with long response times

Overall Pros and Cons

Pros Cons
Dedicate support team over multiple channels Short demo time doesn’t allow time to master trading
Great educational tools Limited currency pairs

FxPro Review

FxPro

FXPro is another of the most well-known brokers in the Forex trading market. They offer 4 account types: the FXPro MT4, MT5, cTrader, and Edge accounts.

FxPro is a broker that has won awards on quite a few areas of their business

 

Overall Pros and Cons

Pros Cons
Great customer service Temperamental website
Quick transactions  Minimum transaction size
Access to multiple trading platforms  

easyMarkets Review

EasyMarkets

Easy Markets lives up to its name as it is a very beginner-friendly Forex broker.

They have a very comprehensive offering of educational and training resources with a very good support structure on many fronts to back that up. They can be contacted on multiple channels such as on WhatsApp, website, phone, and social media.

 

Overall Pros and Cons

Pros Cons
Excellent customer support Deal cancellations not available on the MT4 platform
Real scenarios to trade in  

FXCM Review South Africa

FXCM

FXCM focuses on beginner traders who really want to gain a solid foundation of knowledge of the financial markets. There is a host of trading tools and Forex education that FXCM offers to help with this process.

FXCM’s commitment to offering fantastic Forex training and education make them a solid choice for any trader.

 

Overall Pros and Cons

Pros Cons
Good and technical research tools Limited product portfolio
Great educational content No website trading platform
Low minimum deposit Poor mobile platform
Good support team  

 

GKFX Prime Review South Africa 

GKFX

GKFX is a broker that offers a lot of tools enough information to keep traders well informed.

Primarily for the experienced trader, GKFX gives a host of research tools and a solid platform in which to trade.

 

Overall Pros and Cons

Pros Cons
Great customer support Limited trading platforms
Comprehensive market analysis No social trading

XTB Review

XTB

XTB is a broker known for its outstanding customer service.

XTB has its own acclaimed proprietary trading platform which delivers a great trading experience.

These factors combined with the fact that they are highly regulated in several major financial centers, XTB is a solid choice as an online trading broker.

 

Overall Pros and Cons

Pros Cons
Award winning platform which is very user friendly Limited product portfolio
Free and fast deposit and withdrawal No website trading platform
Training Academy Poor support
Low trading fees  
No withdrawal fees  

TD Ameritrade Review

TD Ameritrade

TD Ameritrade is a top American focused brokerage.

They have a wide range of account and investment options and competitive fees.

They also give a good amount of investor resources to back their offerings of stocks, bonds, and other investments.

 

Overall Pros and Cons

Pros Cons
Excellent desktop trading platform Can only trade in US markets
No minimum deposit Slow and not fully digital account opening
Great customer support No credit/debit cards and electronic wallets for money transfer
Lots of educational resources High fund fees
Low Forex fees  

 

Darwinex Review

Darwinex

Darwinex is unique amongst brokers and even other copy trader brokers with their invention of a “Darwin”. DARWINS are tied to traders and their strategies and start with a value of 100 and this value changes based on the performance of the underlying strategy of the trader. As an investor, you buy or sell these DARWINS in the same way as you would buy or sell stocks and shares.

In this way Darwinex provides Forex traders with a unique social copy trading community that enables investors to buy and sell trader-developed strategies. These traders and their strategies that are copied can then earn performance fees.

 

Overall Pros and Cons

Pros Cons
Demo option available You have to choose to be either and investor or a trader
Three currencies available for you account Minimum deposit is not very low
Low Spreads Account opening not the easiest
Trading costs can be on the high side Have to pay a 20 % performance fee to your Darwin trader
Social trading and fees are paid on execution of your “Darwin” trades  

Trading 212 Review

Trading 212

Trading 212 is an online broker aiming to make the world of trading securities and Forex more accessible due to easy to use and well-designed web and mobile trading platforms.

Trading 212’s platform is optimized for the mobile user and is very simple to navigate around, yet offers a powerful range of features

 

Overall Pros and Cons

Pros Cons
No minimum deposit Limited product portfolio
Great user friendly platform Basic research tools
Quick and easy account opening No live chat for support
Large product portfolio Sometimes problems with verification
No Inactivity fee  

Swissquote Review

Swissquote

Swissquote makes its mark by being the broker that goes above and beyond in quality.

If you are someone who requires a multi-asset solution and are willing to pay a premium to have their brokerage account held with a Swiss bank, Swissquote is worth a consideration

 

Overall Pros and Cons

Pros Cons
No inactivity fee High trading fees
Access to many markets Not all research tools are free
Great market research tools Confusing platform
Flexible trading platforms Forex accounts have a high minimum
Low Forex fees  

 

Dukascopy Review South Africa

Dukascopy

Dukascopy Bank is an excellent choice for highly experienced traders since it provides Forex traders industry-leading trading tools and market research.

It also has one of the favorite mobile apps for 2020.

Drawbacks include poor customer service and a narrow offering of tradeable markets.

 

Overall Pros and Cons

Pros Cons
Multiple currency accounts High commissions
Expert news and analysis Withdrawal fees
Great market research tools Minimum deposit is high
Flexible trading platforms High fees
Geared towards high volume traders Inactivity fee

Saxo Bank Review

Saxo Bank

Saxo Bank is a trusted name with a strong banking background and is regulated by top-tier financial authorities.

Saxo Bank also has its own proprietary trading platforms SaxoTraderGO (web) and SaxoTraderPRO (desktop) which have both industry benchmarks.

Saxo Bank provides a complete package worth being a customer for, under a global brand that traders can trust for those traders that can afford the high minimum deposit,

 

Overall Pros and Cons

Pros Cons
Great Proprietary trading Platform High minimum deposit
Outstanding Research Poor support with no 24/7 availability or live chat
No withdrawals fees Inactivity fee
Low Forex fees  
No withdrawal fees  

 

Interactive Brokers Review

Interactive Brokers

Interactive Brokers was founded in 1978 and is one of the biggest US-based discount brokers.

Recommended for traders looking for low fees and a professional trading environment.

 

Overall Pros and Cons

Pros Cons
Large range of products Platform is complex and confusing
Outstanding Research tools Complicated account opening
  High Inactivity fee

 

Tastyworks Review

Tasty Works

Tastyworks is a young, up-and-coming US broker focusing on options trading but does offer other products which includes Forex trading.

Tastyworks has made a name for itself primarily by offering the lowest out-of-pocket costs. Customers pay no commission to trade U.S. equities online, and there is no per-leg fee for options trades. They also have a unique fee structure for options trades.

The people behind Tastyworks are the same experts who built Thinkorswim, now operated by TD Ameritrade.

In terms of Forex they are average.

 

Overall Pros and Cons

Pros Cons
Great trading platform No demo account
Outstanding Research tools Deposit and withdrawal options limited
High quality educational resources  
Low trading fees  

 

ThinkForex Review

 

ThinkForex

You can open a free account with ThinkForex which they call ThinkMarkets – on both their platforms on which you can trade over 35 of the most popular currency pairs.

The ThinkForex demo accounts also gives you very advanced trading and analytical tools.

Overall Pros and Cons

Pros Cons
Easy and fast account opening Not great on Forex training and education for beginner traders
Good customer support on multiple channels  

 

ThinkorSwim Review

ThinkorSwim

ThinkorSwim is part of the TD Ameritrade group of companies and is a very comprehensive platform with access to over 300 analytical tools.

They also offer an amazing amount of resources and educational tools for training and Forex trading.  You get unlimited access to these tools and resources in a demo account that you can interact with for 60 days.

Most importantly, the data on the demo trading environment gives you a very real experience to practice on, according to research in South Africa

Overall Pros and Cons

Pros Cons
Huge stock of tools  
Great educational resource  
Fast trading execution  

Good customer support

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📢 XM$30🔥Claim Bonus Here
📢 Markets.com10% Bonus Deposit🔥Claim Bonus Here
📢 ForexTime$10🔥Claim Bonus
📢 OctaFX$8🔥Claim Bonus

 

 

Which online brokers is the best for beginners?

See the comprehensive list of 27 best online brokers of SAShares on our website providing info that can guide you as a beginner.

https://www.sashares.co.za/best-online-forex-brokers/

What is an online broker?

In short – an intermediary between the buyer and seller of financial instrument(s).

Are online brokers considered safe?

In general it is safe to trade forex online and online brokers are doing everything within
their power to minimize threats. You should also implement your own security
measures.

How do online brokers work?

By buying and selling stocks through an exchange on which they charge commission. They
can be found on the trading floor or making trades electronically or by phone.

Is online trading legit?

Yes. 

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