Online Broker Comparison 2023
Online broker comparison is highly essential to sort out the best forex broker. Forex brokers comparison will definitely save the tens of hours of research. With that in mind, we did your comparison part based on some significant criteria, which are mandatory to compare forex brokers and judge them.
Rest of this article, you will see the comparison table based on the criteria. Without further ado, let's jump into the comparison.
| FP Markets | IC Markets | FxPro | XM | HotForex | Axi |
|---|---|---|---|---|---|
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Regulations and Licenses
Brokerage
FP Markets: 19 Major Indices, 60+ Currency Pairs, 10,000+ Trading Instruments
Here we will go through the brief FP Markets review that is needed for online broker comparison.
According to the Trustpilot website, FP Markets has a 4.9 rating out of 5, which signifies an excellent broker. FP Markets started their brokerage firm in 2005 under the parent company First Prudential Markets, by offering more than 10,000 financial instruments.
FP Markets Regulations
Through forex brokers comparison, we get to know that FP Markets got the regulatory status from Cyprus Securities and Exchange Commission (CySEC) as well as the Australian Securities and Investments Commission (ASIC). Between these two ASIC is the top-tier regulator, which ensures the ultimate safety. On the other hand, CySEC is a top regulatory body in Europe.
Range of the Market Offerings
FP Markets will get you access to the 6 different markets of trading. But, if you compare forex brokers, you will see that, like other brokers, FP Markets don't need to open a separate account for each market.
Forex
In accordance with the forex broker compare, forex is the biggest trading market in the world. Forex is traded as pairs, which are called currency pairs. FP Markets offer more than 60 pairs, which you can trade round the clock for five days. Moreover, the spreads start from 0.0 pips.
Metals
Trading metals is less risky as it is identified by the Online broker comparison. FP Markets metals provide a trading opportunity on the spot price, which includes Silver, Gold, and more instruments. Furthermore, you can access the market with low margins and low trading costs.
Shares
Although FP Markets is based in Australia, it also offers service to other parts of the world and brings out the international shares from four continents of the world such as Amazon, Apple, Google, etc.
You can use any platform offered by FP markets to trade shares. However, Meta Traders are used by international traders, while IRESS is for Australian traders.
Indices
Instead of investing in different shares individually, index trading is the best option to put money on the world's top indices such as NASDAQ 100, EUREX, S&P 500, AUS200, and more. However, you will get access to all of these indices.
Commodities
While we research for the forex broker compare, we have found that FP Markets commodities use the real-time technology for trading that provide a competitive price. Additionally, a quick execution feature will also provide cutting-edge trading.
FP Markets Accounts
They offer varieties of accounts depending on the territory. For the international trader, account types are raw and standard, while for Australian trader types are Standard, Platinum, and Primer. Although the accounts are different, you will get the maximum benefits depending on your investments.
IC Markets: 232 Tradable Instruments, Micro Lot Trading, Execution in 40 Milliseconds
As per the IC Markets review data, they have over 100,000 traders worldwide. However, the trust score in Trustpilot is 4.7, which is way above the average brokers. However, the regulatory bodies also provide their trustworthiness.
Maximum Leverage Offered
IC Markets Regulations
For many years, they are in the brokerage industry that let them get the regulatory membership from three regulators.
- Securities and Investments Commission (ASIC)
- Seychelles Financial Supervisory Authority (FSA)
- Cyprus Securities and Exchange Commission (CySEC)
However, these three regulatory bodies are strong, that some may consider IC Markets as the best forex broker.
IC Markets Offerings
The specialty of IC Markets is the fastest server. To make the order fast, IC Markets use a server like the New York Stock Exchange's data center. Besides, they always adopt new technology as soon as possible to provide a tech-based top-notch service. As a result, IC Markets has been partnered with ladder trading and Depth of Market companies to enhance the service. Online broker comparison supports that the fastest server always provides low spread and IC Markets offer the lowest possible spreads.
Additionally, they provide the service via different advanced trading platforms such as cTrader, MetaTrader 4&5. Also, IC Markets provide transparent service and do not hide any fees.
Customer Support
While you do the forex broker compare by measuring the customer support, it will be visible that most of the brokers offer 24/5 customer service. But IC Markets is different, and they offer 24/7 service.
IC Markets Fees
Compare forex brokers gave the outcome that none of the best fore broker charge for the local deposits, however, charges for the international transfer.
On the other hand, unlike other brokers, there is now a withdrawal fee for the local transfer. But there are fees for international transfer. The fees may vary on the amount of the transaction. Deposits and withdrawals can be made via Bank wire, cards, skrill, etc.
Spreads
FxPro: 70+ Forex Pairs, 260+ instruments, Tight Spreads, and No Commission
FxPro is no dealing desk broker, which is in operation for 15 years. During these years, they have got the regulatory status from FCA (UK), FSCS (UK), and CySEC (Cyprus). Online broker comparison suggests that FxPro has an advanced execution model that allows access to 260+ instruments, including energies, cash indices, shares, metals, CFDs, etc.
Additionally, they provide the service with different platforms in accordance with customers' choices. FxPro also offers deep liquidity and allows the best bid and ask prices.
Platforms
If you ask why FxPro is best? We would say, because of the platform varieties, which give them opportunities to check each platform and go for the one that works for you.
Forex brokers comparison indicates that most of the brokers use third party platforms such as MetaTrader 4 and MetaTrader 5. However, FxPro also uses these, but those third-party platforms were not so popular when FxPro started the operations. As a result, FxPro started its new platform, named FxPro Trading Platform, which has its own app to conveniently manage the funds. We get to know from the FxPro review that this platform offers ultra-fast execution with zero commission rate.
If a trader wants, he/ she is open to choosing other available platforms, such as MT4, MT5, and cTrader. The benefits you will get from MetaTrader are different charting types, 9-time frames, 50 technical indicators, customizable interface, etc.
Additionally, compare forex brokers gave us the idea that cTrader can also get you some excellent benefits. Some significant features of cTrader are 0 pips spreads, supports stop/limit level without additional restriction.
Platform
Commission and Fees
Forex broker compares let us know that FxPro doesn't charge any commission, but they provide tight spreads.
Trading Platforms + Tools
XM: 16 Platforms, 1000+ instruments, 55+ Currency Pairs
When you talk about low trading fees with MetaTrader platforms, XM is the best forex broker, which combined these two. Although the following part will provide a brief description of XM, you can learn more in detail in our XM review.
Our Takes on XM
Like the FxPro, it is another broker that offers a different combination of platforms. For XM, the total number of platform offerings is 16. Additionally, with these platforms, you will be able to trade 1000+ instruments with 0.6 spreads. Another good thing we have found about XM from online broker comparison is that they offer up to $500, which is rare in other brokers. The technical analysis alongside the trading signals also helps to create trading strategies and apply them accordingly.
XM Regulations
XM is a member of four different regulatory authorities,
- Australian Securities and Investments Commission (ASIC)
- International Services Commission
- Cyprus Securities and Exchange Commission (CySEC)
- FCA in the UK
Account is XM
XM forex brokers comparison informs us that they offer four different types of accounts, such as micro, ultra-low, standard, and share accounts.
Micro account is the beginners level account that can be started by depositing $5, which includes major and minor currencies such as USD, GBP, EUR, AUD, JPY, ZAR, and SGD.
The next level account is the Standard account, and it also offers a $5 initial deposit. However, you will not get huge benefits from spreads as it offers as low as 1 pip.
As per the forex broker comparison, the minimum deposit in an Ultra-Low account is $50. Besides, you will get the advantages of low spreads of 0.6 pips.
A share account is especially for the share CFDs, in which you will get the swipe free Islamic account added. However, a minimum deposit of $10,000 is needed to start with a share account.
Moreover, you can check all these accounts via a demo account before going for real trading.
Research Tools
XM Fees and Charges
The fees at XM are relatively lower when we compare forex brokers. But the stock fees may vary on the real situation of the trading market.
XM doesn't impose any charges for deposits and withdrawals, but you must have to pay changes for international transfer.
HotForex: 0.0 Spreads, 1000+ Tradable Products, 15+ Funding Methods
Multiple online broker comparison supports the authenticity of HotForex as the best forex broker as they have 1.5+ million trading accounts worldwide and in the business for over 10 years.
HotForex Regulations
Forex broker compare finds that HotForex has membership from 6 regulatory authorities which include,
- Financial Services Authority (Seychelles)
- Financial Conduct Authority (United Kingdom)
- Cyprus Securities and Exchange Commission (CySEC)
- Vincent & the Grenadines regulatory authority
- Financial Sector Conduct Authority (South Africa)
- Dubai Financial Services Authority
Account Types
From the HotForex review, we have found that HotForex always tries to grab all types of traders, from beginners to experts. As a result, they bring out 6 different accounts, through which they offer 1:1000 leverage with 0.0 spreads. The first account is a micro account, which is mainly for the newbies and offers $5 minimum deposits.
The upgrade from micro is a premium account that offers 1:500 leverage with a minimum deposit of $100.
Next comes the zero spread, which was introduced to provide low-cost trading solutions, and obviously, the spread is zero while the minimum deposit is $200.
The auto account provides the opportunity for the traders to subscribe to trading signals for free and paid. So that novice and advanced traders can take the trading decision in accordance with the signals. However, the minimum deposits are $200.
PAMM manager accounts with HotForex will allow trade via the managers if you don't have time or are afraid of taking a risk or even new.
Fees or HotForex
HotForex has a mixed commission and fees structure, which is calculated in terms of spreads. The spreads can be started at 0.0. All of the HotForex accounts except one run on spreads. However, the zero accounts may charge commissions beside the spreads.
Markets and Instruments
Axi: 24/5 Award-Winning Service with 100% Commitment
Axi is a global trading company for forex and CFDs, which has been providing service to more than 100 countries and trusted by 60,000+ traders. Since the beginning of 2007, Axi has been providing competitive service and became one of the top forex trading brokers.
However, they gained the pace through a customer-centric approach, innovative and advanced trading technologies. They provide service to retail and corporate clients alongside the bank and financial organizations.
Should you Trust Axi?
Axi is categorized as an average risk broker, but they comply with the regulation of tier-1 regulators such as ASIC and FCA. However, the membership from Tier-1 authorities indicates a broker as trustworthy. So, you can trust Axi and trader with them without any doubt.
Trading Platform
Axi only offers MetaTrader 4 as its platform. However, Axi MT4 offers some additional customized service, which is different than other brokers. For example, the Axi autochartist feature it provides analytical service for all live account holder.
Additionally, Axi MT4 can be accessed from any device from anywhere with the help of a steady internet connection.
Furthermore, it also offers copy trading and social trading too. Its 51 built-in indicators with 31 drawing tools make the market analysis easy. Finally, the clicks trading will definitively make you fall for Axi.
Axi Account Types
Standard and Pro are the two types of accounts you can register with Axi. However, both accounts provide almost the same service except for the commissions and spreads. For example, spreads start from 0.0 pips in the pro account while it is 1.0 pips in the standard account. Pro account charges a commission of $7 round trip while the standard account doesn’t charge any commission.
The best thing about Axi accounts is, they don’t require to deposit any minimum amount.
The maximum leverage amount is 1:400 for both accounts.
Customer Support
Axi offers award-winning customer support, which is available via live chat, phone call, and emails 24 hours a day, 5 days a week. Additionally, each trader will get their personal manager, with whom they can talk directly.
Forex Education
Are you a new trader? Or need to learn more stuff about trading? Axi education tool is there for you, which you provide you, eBooks, video tutorials, and more.
So, anyone can join Axi and start trading instantly regardless of their experience.
Risk Management
How we Made this Online Broker Comparison?
This online broker comparison followed some steps and strategies we have decided before starting forex brokers comparison.
First of all, we did extensive research to find out all the available best forex brokers, obviously the regulated ones.
Next, we compared each of the brokers against some parameters such as spreads, offerings, instruments, customer services availability, methods for profit maximization, ease of the funding methods, and much more.
You have already seen the comparison tables throughout the articles, which would surely help you to choose the desired broker.