Best forex broker 2023

Last updated: 28.02.2023
Christian Kuehn
Author:
Christian Kuehn
Adviser
CFD & Trading
Experience
> 20 years

If you’re looking for the best forex broker 2023, then you’ve come to the right place. Our latest coverage of online forex brokers look at which broker manages to offer the best online trading experience.

You’ll find that you have access to a wide selection of forex pairs on a platform which can be accessed via the web or from your mobile device. A high-functioning platform with competitive fees and responsive trading tools and features are the hallmark of any top forex broker. Read on to find out which broker is best for forex trading.

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  • What is forex trading?
  • Forex brokers online
  • Factors that make the best forex broker
  • Recommendation of the best forex broker
  • Best forex broker for beginners
  • Frequently asked questions
  • Conclusion

What is forex trading?

Forex, also known as foreign exchange, is one of the most, if not the most, liquid asset markets in the world. With globalisation growing exponentially, currency exchange continues to be in high demand. Much of foreign exchange takes place for practical purposes. However, online forex trading is undertaken with the main goal of making a profit. As such, you’ll find that there are a wide number of online trading platforms which enable you to buy and sell forex. For the most part, forex CFDs are the order of the day – meaning you speculate on price movements of two currencies paired against one another.

In forex markets across the world, you’ll find that there are always two currencies ‘paired’ together. Forex pairs are subdivided into three major categories; major currency pairs, minor currency pairs, and exotic currency pairs. When engaging in forex trading, you’ll be eager to use the top forex broker as this facilitates a seamless online trading experience.

As we’ve alluded to, there are plenty of platforms that enable you to trade forex online. You can take a look at our eToro review for one such platform. When it comes to using a forex broker that you can trust, there should be several elements in place which ensure a safe and reliable online trading experience. These characteristics are the pillars of any platform that is serious about providing an environment which facilitates proper trading services. You will happen to find that our trading platform ticks all the boxes. Below is a quick outline of these non-negotiable elements.

nextmarkets best CFD broker

Forex brokers online

First off, it is important that you make use of a platform which is licensed and regulated to provide online trading services to the general public. Without the necessary financial trading license, you cannot be sure that the online broker in question is accredited to manage your financial funds and offer any type of trading service in line with regulatory laws. nextmarkets is licensed by the Malta Financial Services Authority. Furthermore, we are licensed to provide forex trading services, amongst others, across Europe all the while operating within the regulatory guidelines set forth by the Malta Financial Services Authority.

Secondly, it is paramount that you make use of a platform which has implemented the necessary security measures. These measures are put in place to protect customers’ personal details and financial funds. We have comprehensive investor insurance and hold all funds deposited by clients in either the Deutsche Handelsbank or Barclays Bank plc. Thus, all customer funds are kept separate from our assets at Nexmarkets. Our trading platform – be it web or mobile – also has the latest security which encrypts all information and data and provides constant oversight throughout our trading platform.

Factors that make the best forex broker

There are certain factors which contribute to the best online forex broker. Below, we have outlined these deciding factors which boost the overall trading experience and make for the best forex broker online.

Responsiveness

When trading in the forex market, there is a very important aspect that is overlooked by many traders. The term, known as ‘slippage’, refers to the difference between the price of an order at execution and the initial price displayed. Thus, slippage, refers to the immediate “slip” of the price at the point of execution. This difference between the expected price of the trade and the actual price received is indicative of a volatile trading environment and one that cannot be avoided. These differences are, on many occasions, negligible. However, there are instances where the “slippage” of the price will be noticeable. Although negative slippage is a function of stop-loss orders, trading with the best forex broker means you can also experience positive slippage by way of your take-profit order.

Responsive platforms that react as quickly as possible to changes in market prices tend to take the next possible value on any order. As such, you’ll find that it is possible to gain additional pips on forex trades.

User-friendly interface

There are a variety of good forex brokers that have a user-friendly platform. However, the best forex broker will have managed to provide an innovative interface which is easy to navigate and use. The nextmarkets mobile app has gone a step above and enables you to enjoy a seamless online trading experience. You’ll be able to make use of trading features and charting tools that enrich your trading strategy. The trading platform also allows you to execute trades within a couple of clicks. There’s no need to miss out on fast-moving trades due to an inefficient layout and interface.

Tools available for trading analysis

Any online forex trading platform worth its weight in gold will have a variety of online tools that enable you to analyse potential trades. Without these tools, you’ll find that you might be trading in the dark. Analysing market conditions, previous trends, and such is imperative to successful online trading activities. We provide you with the necessary trading tools which allow you to maintain long-term profits. Without the right tools, it is extremely difficult analysing forex markets. Find out how our platform compares to the latest Trading 212 review and Plus500 review.

Recommendation of the best forex broker

When it comes to the best forex broker, our recommendation is that our platform continues to excel in all focal areas that ensure a reliable and invigorating forex trading experience. Our trading platforms are slick and easy to use. We provide you with a range of forex pairs that enable you to take advantage of the forex market. We have also incorporated a demo account for forex trading which allows you to find your feet without having to engage in real money trades. This is one of the best ways in which to familiarise yourself with our platform and how it functions. You’ll be able to try out all the innovative trading tools and execute forex trades until you have the confidence to do so using live markets and actual fiat currency. Use this broker to trade EUR/USD, trade GBP/USD, or trade USD/JPY.

Best forex broker for beginners

We’ve outlined why nextmarkets is the best forex broker from a general perspective. However, if you are a newcomer to online trading, you’ll be eager to saddle up with an online trading platform that is all-inclusive. What we mean by this is that there are certain online trading features that should be in place for newcomers. These features will enable you to gain a foothold in the online trading sphere and instill a sense of confidence in your own ability to trade online. We’ve gone to great lengths to integrate these features and additional services so as to appeal to online traders without any previous experience.

Educational resources

The best forex broker for beginners will provide sufficient resources which enable you to find your feet and improve your overall knowledge of how to trade online. You should also find that there is a  comprehensive FAQ section on any platform. This will allow you familiarise yourself with the layout of the platform and become acquainted with any trading terms that might prove elusive. Any online trading platform looking to be the best forex broker for beginners must have this type of overview in place. nextmarkets provides you with a comprehensive package which includes a steady stream of useful resources that you can use to read up about online trading from a general perspective to specific forex trading on our site.

Competitive pricing

If you are a newcomer to online trading and are hoping to start out small, then it’s important to find an online broker with competitive fees. Low fees across the board will allow you to open an account without having to fork out a small fortune. Plus, you’ll be keen to find commission-free trading options as well as reasonable account fees.

Our fee structure is set up in a way that appeals to all types of online traders. We wish to provide you with a platform that has extremely competitive fees – or non-existent fees for a variety of services. As such, we do not charge a fee for opening an account. Plus, you’ll find that there are no deposit fees and we do not require a minimum investment amount. You’ll also find that there are negative interest rates and you’ll have access to commission-free shares. To find out more about our comprehensive fee structure, including forex trading fees, head on over to our official platform.

nextmarkets best CFD broker

Frequently asked questions

What are the forex trading hours?

In theory, you can trade forex 24 hours a day as different exchanges are open at different times relative to your local time zone. However, when it comes to trading forex using our platform, you’ll be able to engage in online forex trading for up to 9 or 10 hours a day.

Can I trade forex over the weekend?

No, online forex markets are not open over the weekend. Thus, you won’t be able to conduct forex trades over the weekend. You can still log onto your account and analyse trades that you have executed. Plus, having the weekends free will provide you with the time needed to tweak your forex trading strategy. You can also analyse market news and assess past trends. All of which will contribute to more informed trading.

How do I download the mobile app for forex trading?

You can download the mobile app by visiting the relevant app store. If you use iOS, then you’ll need to download the app from the Apple Store. If you use an Android operating system, then you need to use the Play Store. Once you have searched for the app and downloaded it, you’ll be able to create an account via the app or login using your account details.

Conclusion

In conclusion, we hope that you have found out more about the factors that contribute to making a good forex platform the best. Always remember that there are certain elements – valid trading license and platform security – that should be mandatory features of any online trading platform worth trusting. In addition, it is important to find out which forex brokers have incorporated additional factors that elevate the forex trading experience. Has done exceptionally well in creating a platform which is highly-responsive and streamlined. The mobile trading app continues to receive high praise and is beyond reproach.

As such, we hope that you find your way to the platform so that you can start trading forex CFDs within a controlled, yet free, online environment. If you are looking for an alternative platform to the largest online brokers, then take a look at our Robinhood alternative or TD Ameritrade alternative.

Forex broker FAQ

🔮What is the best forex broker?

When it comes to the best forex broker, you’ll find that there are a number of online brokers who offer excellent platforms with comprehensive forex trading services. As such, you might find it slightly difficult to pinpoint the best forex broker. However, there is one online broker platform that has managed to create a conducive online trading environment that is head and shoulders above the rest. Take a look at our coverage of the best forex broker to find out more.

🔖How do I sign up to the best forex broker?

Signing up to any online broker is rather simple. With seamless  online registration processes, there’s no need to spend hours trying to open an account. You’ll be able to do so within a couple of minutes. The best forex broker will streamline the entire process and have you up and running in no time. This will allow you to start trading forex before you know it! Take a look at our our coverage of the top forex broker to find out how you can sign up.

📲Does the best forex broker have a mobile trading app?

Online broker platforms have pushed to create mobile apps which mirror the desktop version of the  site. These apps appeal to a wider demographic and provide ease of access for all traders. The best forex broker certainly has an innovative mobile trading app. To find out more about this app and how you can go about downloading it, take a look at our coverage of the top forex broker.

💱How many forex pairs can I trade using the top forex broker?

Online trading platforms, depending on the scope of the underlying trading products on offer, will usually enable you to trade dozens of different forex pairs. These include major, minor, and exotic forex pairs. You’ll have access to a wide selection of forex pairs – allowing you to take advantage of different market opportunities. Head on over to our latest coverage to find out more about the availability of forex pairs.

💸How much money do I need to trade forex online?

There are certain online platforms that require you to make a minimum deposit in order to find your trading account and fully-activate it. However, other trading platforms will allow you to open a valid account without having to pay a fee or make a deposit up-front. However, if you wish to start trading forex, you’ll need to make a real money deposit into your account. Take a look at our comprehensive overview of the best forex broker to find out more.

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