At least half of the emails I receive from subscribers and other traders ask 'what Forex broker do you recommend?', so I thought it would be wise to write a post to answer this question. Though I have not traded with every broker available, I have used a good number of Forex brokers since I started trading and I still hold accounts with several of these brokers. My experiences have mainly been good and most brokers do have some positives and advantages over other brokers but I have had a few negative experiences too. Welcome to my most recommended Forex brokers list...
I have since updated this list. My current broker is Darwinex. They are by far the best retail Forex broker I have had an account with. They offer a STP service. I no longer recommend Oanda.
#1 - IG
IG are my favourite. Here are my reasons why, in no particular order; IG have competitive low spreads, they offer tight guaranteed stop losses, a fast and bug free trading platform, they are highly regulated, based in the UK, offer a wide range of financial instruments, spread betting is available as well as CFD trading, market orders are rarely triggered due to increased spreads and I have never had any issues with withdrawals or transferring any trading funds.
What could they do better? Their charts are slow and not very volatile. I have always used a separate charting package when trading with IG. I would also like to see spread betting from as little as 50p per point (they currently offer £1 min per point), this is not a problem for me now but could have been if I was a new trader. They also charge for depositing funds by credit card and don't offer New York Close Charts.
I love Oanda. Here are my reasons why, in no particular order; competitive low spreads, very fast execution, Oanda are highly regulated and internationally recognised, they offer a wide range of financial instruments, no minimum position size (from as little as 1 unit!), their charts are the most versatile and user friendly, Oanda offer compensation for negative account balances (this promise was kept even during the SNB CHF incident), they now offer spread betting as well as CFD trading, New York close charts are available and I have found that they are the most transparent broker that I have ever traded with. Their customer service has always been the best, some brokers have terrible customer service!
What could they do better? Oanda's downfall is that their variable spreads sky rocket at news events and low volatility trading hours, too many are stopped out due to high spreads rather than price! I would also like to see guaranteed stop losses available.
Click here to open an unlimited demo account with Oanda.
#3 - Other Forex brokers worth mentioning...
One of the best brokers was GFT, I adored their Dealbook 360 platform! Unfortunately they merged with City Index and closed their GFT accounts, a bit disappointing. Some other brokers that I use that are worth a mention are AvaTrade, AxiTrader and ETX Capital. If you would like further details on these brokers, please check out my Forex Broker Reviews. You may also find my FCA Regulated Brokers list and my New York Close Brokers list. I have also included some of my Forex broker review videos below...