Hot picks for Best Forex Brokers in 2023

Do you intend to make a prediction about the future value of the Euro (EUR) relative to the US Dollar (USD)? To achieve this, you would invest in foreign currency by trading (or placing a spread bet on) the EUR/USD currency pair. The forex market, which trades all major international currencies and is open 24 hours a day, seven days a week, is the biggest and most liquid market in the world.

You need a reliable online broker to trade FX. A key component of success on the global currency markets is trading with a reputable forex broker. You might have certain criteria for the platform, trading tools, or research requirements you need as a contract for difference (CFD) trader or FX investor. 

The best forex broker for you can be chosen if you are more aware of your needs and investment style.

Each year, the ForexBrokers.com team tests the top foreign exchange companies for five months before compiling a list of the top forex brokers for trading forex and CFDs. Following are their conclusions for 2023.

Winner: IG

Globally regulated and well-trusted, IG provides traders with the full complement of superior trading and research tools, industry-leading education, thorough market analysis, and a wide range of tradable products. IG will be the best broker overall in 2023 thanks to this outstanding overall experience.

IG, which was established in 1974, is a reputable broker (low-risk) for trading forex and CFDs because it is publicly traded (LON: IGG) and regulated in six tier-1 jurisdictions. For the 2023 Annual Awards, ForexBrokers.com recognized IG as the best reliable forex and CFDs broker after taking all relevant countries into account.

IG excels for its active trader pricing offered through its Forex Direct accounts and exploits its size to offer traders uniform pricing across the board, regardless of the commodity you trade.

Only 76 tradeable products are offered by IG, despite the fact that it also provides MetaTrader and premium MT4 add-ons from FX Blue. There is little doubt that IG’s main platform, which provides a wide variety of tradable markets, is the superior option.

Runner-Up: Saxo Bank

Saxo Bank provides reasonable pricing, good trading platforms, outstanding research, dependable customer support, and more than 60,000 trading products for investors that can afford the high $2,000 minimum deposit (GBP 500 for the U.K.).

Saxo Bank, established in 1992, is a safe (low-risk) broker for trading FX and CFDs since it has numerous regulated institutions under its control and is authorized in six tier-1 jurisdictions.

Saxo Bank offers traders great pricing all around. Saxo Bank’s Platinum and VIP accounts, which call for balances of $200,000 and $1 million, respectively, offer competitive pricing for active traders (and those with large account balances).

Customer service at Saxo Bank is outstanding throughout. Saxo Bank’s SaxoTraderGo platform, which offers traders access to 60,000 tradable assets, is excellent and has all the tools they need to navigate the market.

Podium finisher: Interactive Brokers

A well-known multi-asset broker with a wide selection of tradeable international markets is Interactive Brokers. Together with a cutting-edge, institutional-grade trading platform suite, it offers low pricing, top-notch research, and education.

Interactive Brokers was established in 1977 and is accredited in six Tier-1 jurisdictions and publicly traded (NASDAQ: IBKR). With USD 10.01 billion in equity capital and USD 373.8 billion in ending client equity, Interactive Brokers is well-capitalized.

By combining prices from 17 of the biggest interbank FX dealers worldwide, Interactive Brokers provides competitive pricing. Interactive Brokers does not mark up spreads; instead, it charges a commission each trade that varies from $16 to $40 per million round turns ($8 to $20 per side).

For its trading platforms, Interactive Brokers stands out. These include the company’s Trader Workstation (TWS) desktop software and IBKR Mobile mobile trading app, both of which give users access to cutting-edge trading tools and the world’s financial markets (including forex and CFDs).

___