Trading in the foreign exchange market can be a challenging and daunting task, especially for beginners. With so many options to choose from, it can be difficult to determine which forex broker is the right fit for you. That’s why we’ve done the research for you and compiled a list of the top 3 forex brokers of 2023. These brokers have been carefully selected based on their trading platforms, customer service, trading conditions, and overall user experience. Whether you’re a seasoned trader or just starting out, these brokers have something to offer everyone. So, without further ado, let’s dive into the 3 best forex brokers to trade with of 2023.
Best 3 Forex Brokers Highlights
| FXCM | CMC Markets | Oanda | |
| Products Offered | CFDs (forex, indices, commodities, cryptos, and shares) | CFDs (forex, indices, commodities, shares, ETFs, bonds, crypto – except for UK clients) | Forex & CFD |
| Demo account provided | YES | YES | YES |
| Country of regulation | UK, Australia, South Africa, and Cyprus | UK, Australia, Canada, New Zealand, Singapore, Germany | US, UK, Australia, Singapore, Canada, Malta, Japan, British Virgin Islands |
| Inactivity fee charged | YES | YES | YES |
| Withdrawal fee amount | $0 | $0 | $0 |
| Minimum deposit | $50 | $0 | $0 |
| Deposit with a bank card | YES | YES | YES |
| Trading Fee | LOW | Average | LOW |
FXCM
FXCM, or Forex Capital Markets, is a popular and well-established online forex broker that caters to traders of all levels of experience. The company was founded in 1999 and is headquartered in New York City. One of the great things about FXCM is its commitment to education and training. They offer a wide range of resources, including free webinars, video tutorials, and a comprehensive trading guide. FXCM provides foreign exchange (FX) and contract for difference (CFD) trading services. FXCM is a subsidiary of Leucadia Company. FXCM Pro offers retail brokers, smaller hedge funds, and emerging market banks access to wholesale execution and liquidity, and also provides high- and medium-frequency funds access to prime brokerage services through FXCM Prime.
Trading Platforms
In terms of trading platforms, FXCM offers the popular and user-friendly MetaTrader 4 platform, as well as its own proprietary platform, called Trading Station. Both platforms are available for desktop, web, and mobile use. Moreover, you can also connect your account to the famous web trading platform Tradingview. Additionally, FXCM offers a wide range of trading instruments, including currency pairs, indices, commodities, and more.
Spread & Deposit
One of the standout features of FXCM is their low minimum deposit requirement of just $50. This makes it an accessible option for traders who are just starting out. They also offer competitive spreads and fast execution speeds, which are important for traders who want to take advantage of short-term market movements.
Regulated
FXCM, or Forex Capital Markets, is regulated by several financial bodies depending on the region where the company operates
- Australian Securities and Investments Commission (Australia)
- Financial Conduct Authority (UK)
- Paris Trade and Companies Register (France)
- Financial Sector Conduct Authority (South Africa)
You can visit their REGULATION page for more detail.
Overall, FXCM is a solid choice for anyone looking for a reputable and user-friendly forex broker. With a commitment to education and a wide range of trading tools and platforms, FXCM can help traders of all levels achieve success in the fast-paced world of forex trading.
CMC Markets
CMC Markets is a well-known and reputable online forex and CFD (contract for difference) broker. The company was founded in 1989 and is headquartered in London, England. They offer a wide range of trading instruments, including currency pairs, indices, commodities, and more. CMC Markets is also committed to education and offers a range of resources such as webinars, video tutorials, and market analysis to help traders improve their skills. They also offer a free demo account, which allows traders to test out the platform and their strategies before committing real money.
Trading Platforms
One of the standout features of CMC Markets is their proprietary trading platform, called Next Generation. This platform is known for its user-friendly interface and advanced features such as charting tools and customizable layouts. The platform is available for desktop, web, and mobile use. Additionally, they also offer the MetaTrader 4 platform, which is popular among traders.
Spread & Deposit
In terms of account types, CMC Markets offers a range of options to suit different trading styles and levels of experience. They also have no minimum deposit requirements. They provide a competitive spread and commission on trades. You can check their spread here.
Regulated
CMC Markets is regulated by several financial bodies depending on the region where the company operates
- Australian Securities and Investment Commission (Australia)
- Investment Industry Regulatory Organization of Canada (Canada)
- Financial Markets Authority (New Zealand)
- Financial Conduct Authority (UK)
- Monetary Authority of Singapore (Singapore)
Overall, CMC Markets is a reliable choice for anyone looking for a reputable and user-friendly forex and CFD broker. With a proprietary trading platform and a wide range of educational resources, CMC Markets can help traders achieve success in the fast-paced world of online trading.
Oanda
Onada Forex is a user-friendly online forex broker that offers a wide range of trading options for individuals and institutions. With Onada, you can trade currencies, commodities, and indices with ease and flexibility. The platform is intuitive and easy to navigate, making it perfect for both novice and experienced traders. Additionally, Onada provides a range of educational resources and tools, including market analysis, webinars, and eBooks, to help you make informed trading decisions.
Trading Platforms
Onada Forex offers a range of trading platforms to suit the needs of different types of traders. Their primary platform is the Onada WebTrader, which is a browser-based platform that can be accessed from any device with an internet connection. This platform is user-friendly and easy to navigate, making it perfect for both novice and experienced traders.
Onada also offers the popular MetaTrader 4 (MT4) platform, which is widely used in the forex industry. This platform offers advanced technical analysis tools and a wide range of custom indicators and expert advisors (EAs) to help you make informed trading decisions.
In addition to these platforms, Onada also offers mobile trading apps for iOS and Android devices. These apps provide a convenient way to stay connected to the markets while on the go, and they offer most of the features and tools available on the web-based platform.
Spread & Deposit
One of the key features of Onada is its competitive pricing, which includes tight spreads and low commission fees. This means that you can trade with confidence, knowing that you’re getting the best possible prices. Onada also offers a range of account options, including a free demo account, so you can try out the platform before committing to a live account. And, with 24/5 customer support, you can rest assured that you’ll have the support you need whenever you need it. It has no minimum deposit conditions.
Regulated
Onada is regulated by several financial bodies depending on the region where the company operates
- U.S. Commodity Futures Trading Commission (US)
- Investment Industry Regulatory Organization of Canada (Canada)
- Financial Conduct Authority (UK)
- Monetary Authority of Singapore (Singapore)
- Australian Securities and Investment Commission (Australia)
You can visit their REGULATION page for more detail.
Overall, Onada Forex is a great choice for anyone looking for a user-friendly and reliable online forex broker. With its competitive pricing, wide range of trading options and comprehensive educational resources, it’s the perfect platform to help you succeed in the world of forex trading.
