2019 is slowly coming to a close, and before we know it, a New Year will have already begun. This is also the time when award committees begin to review their respective sectors of influence to designate the leaders of the pack, so to speak. It is also a time when independent companies conduct non-biased reviews to produce ranking schedules that highlight market leaders with brief narratives touting their differences.
One of the first such ranking reviews of global brokers was recently conducted by The Tokenist, a media platform for providing relevant, high quality, and differentiated information for the security token industry.
Tim Fries, co-founder of the Tokenist, notes that:
We’ve tested the top 38 forex broker platforms in the US and around the world, and put together this short list of our most-recommended brokers.
Fries and his group settled on their “Best 7 Forex Brokers for 2020”. The firms listed are all large enterprises with primary offices in London, New York, Toronto, or Copenhagen. For safety and soundness, you can do no better, but if you prefer a smaller, more responsive broker, then you would have to look beyond this list. For anyone that pursues forex trading, trust is the big issue. Major regulatory compliance is another. Due diligence can then focus on currency pairs offered, trading platforms, technical tools, fees, spreads, and customer service.
Fries concludes his preface with:
Based on low costs, trading tools, currency evaluation, and real-time data, we chose the following as the best forex trading platforms:
- IG Group: The top ranking for Best Overall Forex Broker goes to the London-based IG Group. Trust is the name of the game for this broker, which has been on everyone’s top list forever. Its asset listing is its big calling card, offering trading in forex, cryptocurrency exchanges, individual equities, all stock sectors, bonds, commodities, and even interest rates, and it is the leader in CFDs.
- CMC Markets: CMC is another of the large, publicly traded companies in London that excels at forex trading. It caters to all levels of traders and provides a more enhanced educational environment than does its rival, IG. Beginners will find a home with this broker. Of the brokers rated, it is considered the low-cost option.
- OANDA: The “tagline” attached to this broker’s review is “Best for Seasoned Active Traders”. OANDA has been around since the early days of retail forex trading in the nineties and has been regarded as an innovator from those times forward. Its technology is top of the line, as is its customer service. No minimums are required, and there is full transparency with regards to fees.
- London Capital Group: The strength of this broker resides in its broad asset listings and that it has chosen to charge no commissions. Its mobile and web access tools are considered exceptional, as are the technical tools provided on its feature-rich platform. LCG also gets a plus for its customer service unit, as well.
- Saxo Bank: Before you think about this Copenhagen-based broker, you must accept that a $10,000 minimum deposit is required to trade with them. Therefore, it is apparent that Saxo Bank is after the more serious traders in the market. Once under the tent, you will have access to over 40,000 tradable assets, low spreads, and no commissions, unless you elect high-volume pricing. Their proprietary trading platforms are feature-rich and state-of-the-art.
- TD Ameritrade: TD makes the list as the only broker that allows U.S. forex traders only. It distinguishes itself by offering 80 currency pairs, supplemented by top-of-the-line tools, research, and streaming data on its platforms. Its platform also has 382 technical indicators, the most of any broker, and it also provides 80 trading strategies that will send a signal alert when a particular condition is detected. Charles Schwab recently proposed a merger with TD, but its acquisition is subject to government approval.
- Forex.com: Forex.com is owned by GAIN Capital in New York, but it operates in four tier-1 jurisdictions. It is known for low costs and its broad selection of asset choices. It has earned numerous awards for its mobile trading offering, for its educational materials, and for its low cost structures. Both new and veteran traders speak highly of this forex broker.