Trillions of USD are moving around the world 24 hours a day, five days a week, making the forex exchange (also known as foreign or fx) markets the most active in the world. Because brokers routinely allow traders to borrow heavily to finance their speculations, fortunes can be won and lost quickly.
If you want to take part in this market, you will need a broker who deals in money, and many of the big names in stock trading don’t provide this service. Because the markets are so different, you will need to evaluate trading brokers in South Africa using different criteria than a stockbroker.
Here are the top online brokers for forex trading in 2021
TD Ameritrade provides a wide range of tradable products, including currency. Currency traders can use the broker’s highly regarded think or swim trading platform, as well as a couple of mobile apps, to trade.
The broker employs spread pricing and provides leverage of 50:1, which is the legal maximum permitted in the United States. It provides over 70 currency pairs, giving you many options. TD Ameritrade also permits clients to trade bitcoin futures, though you must first obtain approval to do so, and pricing is based on the broker’s futures scheme.
Forex.com specializes in money trading (though it also trades metals and futures) and has many appealing features. Clients can choose between spread or commission pricing or the broker’s STP pro pricing, using prices from worldwide banks and others with no extra addition.
Forex.com also allows traders access to more than 80 plus currency pairs, and the broker asserts to be the number one forex broker in the United States in terms of assets held with the broker.
Ally Invest is a low-cost stock broker (with particularly low prices on options trades), but currency trading adds depth to its offerings. Ally is a good choice for new traders because it offers more than 80 currency pairs and simple charting software, including a mobile app.
Ally also allows you to open a $50,000 practice account to learn about currency trading even if you don’t intend to trade. Given the difficulty of forex trading, that is an excellent resource for beginners to use.
IG is a more specialized forex broker that accepts American investors. It is a powerful broker that still provides a web platform, a mobile app, and access to the MetaTrader4 and Pro Real-Time platforms.
IG offers spreads as low as 0.8 pips (one-tenth of a point) and claims to offer up to 20% lower pricing on the euro-dollar pair than the top two US brokers. The broker also gives a wide range of charting capabilities across all platforms.
Foreign exchange (forex) markets are the world’s most active. You will need a forex broker who deals in currency to participate in this market. Here are the top online forex brokers in 2021, ranked by ease of use and value for money. Forex brokers provide access to over 80 currency pairs and simple charting software.
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