However, unlike other trading platforms, SoFi doesn’t automate or track your investment losses for tax season. Although XTB charges a $10 monthly fee after one year of inactivity has elapsed, they offer fee-free bank wire payouts and a $0 minimum deposit requirement to start trading. Exotic forex pairs are highly volatile, which is highly conducive for skillful forex traders that wish to scalp small profits. The specific deposit and withdrawal methods supported will depend on the forex broker you open an account with.

Most commission-based brokers do have a spread too, which is variable – but target 0 pip spread. The best way to maintain a consistent fee is by using commission-based brokers, where your fee per lot is set. This is due to the nature of variable spreads and price feed changes happening in real-time. You should double-check the spreads with your broker because some offer more expensive spreads on the MT4 platform. They provide access to a range of trading products, including spot and derivatives contracts. IG is a leading provider of global multi-asset trading technology to professional investment funds, banks and asset managers. provides a wide range of assets, including options, bonds, and futures, for those looking to trade in these products.

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Because they list 100% commission-free stocks and ETFs, you’ll get to keep every penny of the profits you earn. Additionally, lists a $0 account minimum, so you won’t have to deposit anything if you decide this platform isn’t the right fit. You can now proceed to add some money to your newly created forex trading account. If you want to benefit from an instant deposit, opt for a debit/credit card, Paypal, Skrill, or Neteller.

  • The group enables you to trade on more than 7000 instruments across nine asset classes.
  • This means finding a broker that is licensed, regulated and has sufficient financial backing and assets to cover your trading losses.
  • Her work has appeared on numerous news and finance websites including GOBankingRates, Yahoo! Finance, MSN, USA Today, CNBC,, and more.
  • This covers everything from the Mexican peso and South African rand to the Turkish lira and Polish zloty.
  • They offer 1$1 fractional share investing, minimal crypto commission – and much more.

They also list minimal fees, low account funding limits, automated trading strategies, competitive pricing, and thousands of currency markets to browse through. So long as you start currency trading with a reputable Forex broker, you won’t have to roleplay as one of Jordan Belfort’s victims. While it’s always possible to lose money when trading, the best Forex brokers offer a degree of protection against losing money rapidly.

Do Not Open An Account For Their Education

Each broker offers a fixed number of currency pairs, and some offer more than others. If you want the flexibility to trade a lot of different currencies, look for the broker that offers the most currency pairs.

Its Trading Academy is comprehensive, clear and concise, and structured like a course. It also offers one-on-one mentoring, dedicated account management, and 24/7 customer service allowing a smooth onboarding experience for beginner traders. A well-regulated market maker, XM offers trading on multiple assets, including Forex, stocks, commodities, equities, precious metals, energies, and shares. Traders can choose between four live accounts on both the MT4 and MT5 platforms.

How To Get Started With Forex Trading

At the same time, Libertex is also considered one of the best STP brokers and provides access to institutional-rate spreads and increased liquidity. This MT4 broker is heavily regulated and requires a minimum deposit of just $100 to get started. In some selected countries, this broker accepts Western Union and MoneyGram as a deposit method. The first thing to check when reviewing a forex broker is that they are regulated by a reliable financial authority. Then, check their execution and slippage so that trading does not turn into a nightmare.

Can Retail Investor Accounts Lose Money?

You can analyze each one of them and then choose one that suits the most to your requirements. It is one of those things that you hope you never need; but when you do need it, it must be easily available, fast, and genuinely helpful. The best customer support will be available 24 hours a day (Monday-Sunday) via live chat, telephone, messaging services and email.

Admiral Markets is a well-established broker in the UK with over 20 years of experience in providing the highest quality trading services for retail and professional traders. There are a number of factors that traders need to consider when choosing a broker, including execution speeds, fees, platform choice and account funding methods. Also, you can look for brokers that offer fixed spreads during major trading hours , which means every trade will have the same “cost” which could be say 0.5 pips. You should also consider the level of emphasis on customer support by a forex broker. Forex trading occurs throughout the day and therefore, customer support should also be available 24/7.