Best Brokers for Forex Day Trading of 2024

The broker is available 24/7, which is a notable advantage compared to the 24/5 support offered by many competitors. Below is my view on the tools that I think elevate the trading experience. What you can do, though, is easily view live chart data alongside corresponding analysis and events all on the same page, which I thought was highly intuitive. I also like that clicking on each chart opens scammed by limefx it up in full-screen landscape mode, so you can pinch and zoom for a greater level of detail. I’m particularly impressed by the quality of research tools in the app. As you can see from the below screenshots from my account, the ‘Discover’ tab contains 24/7 news updates from reputable sources, as well as an economic calendar, live webinars, technical analysis, a newsletter and live TV.

Fees & Costs

Based on our research on the regulatory status of over 60 brokers, we’ve found that eToro holds 3 global Tier-1 licenses, while Vantage holds 2. Vantage offers 55+ currency pairs – above the industry average, so experienced traders can explore plenty of opportunities. Vantage’s deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. Retail forex brokers are financial institutions that act as an intermediary between individual trader clients and the foreign exchange market. These FX platforms have an online presence in the form of an official website and they target smaller traders who wish to operate in currency trading on a margin basis. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.

Can I trust Vantage?

In addition to competitive spreads and low commission-based pricing for forex, Interactive Brokers provides more third-party research than any other broker. OANDA offers forex trading across 68 currency pairs, including all the major and minor pairs, ensuring that you have the important options at your disposal. Clients will have a choice of the brokers’ own trading platforms in web and mobile versions or can turn to the popular MetaTrader 4 platform.

Access 40+ Forex Pairs

After opening a few positions in both MetaTrader platforms, I’ve found that one of the main differences between the two is how many order types you can execute. Both MT4 and MT5 facilitate the four key types of order (market order, pending order, stop loss, and take profit). These are instructions to your brokerage for when to open and close orders. For newcomers, the design may feel a little dated compared to some alternatives, but in my experience, the look and feel of the platform is easy to get used to. I was pleased to find no deposit or withdrawal charges, keeping costs down.

Best forex brokers in May 2024

1. The higher leverage offered allows you to build a stronger portfolio much faster, and you’ll find that the platform works best for intraday, mid-day and small-volume traders.
2. Look for brokers with a strong financial background and a solid track record in the industry.
3. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
4. It’s important to make sure that your forex broker is well-trusted and properly regulated in order to avoid forex scams.
5. In terms of the look and feel, I personally find trading on this software a more enjoyable experience than MT4 and MT5.

Look for reviews and testimonials from other traders to gain insights into the broker’s reputation and user experience. Check if the broker has any regulatory actions or legal issues against them. If you choose a forex broker that uses automation, you can try trading bots. These bots are AI-enabled programs that use prevailing information to trade on your behalf, and each bot uses a specific trading plan that is designed to help increase your earnings. You must do your research, set a budget and monitor your account for the best results.

Tools & Features

With its competitive commission rates and low average spreads, IBKR is a formidable broker in the forex market, or any other global market from within the same account, making it my number one choice in 2024 for day trading. For more information, take a look at my full Interactive Brokers review. Based on our thorough, data-driven testing of each broker’s commissions and fees, we found that Vantage offers better pricing overall for traders. I recommend the Raw ECN or Pro ECN accounts, as these offer ultra-tight spreads.

I can deposit using bank wire transfers, credit/debit cards and e-wallets such as Skrill, Neteller and AstroPay. As you can see from my comparison table below, Vantage stands up well against top competitors when it comes to available payment methods. Traders enjoy social and copy trading at Vantage with the MetaTrader packages, DupliTrade, ZuluTrade and Myfxbook. ZuluTrade is one of the best social trading communities, using a sophisticated algorithm to rank top signal providers.

Considering the quality and depth of research that is made available by the best forex brokers such as IG, Saxo, and CMC Markets, there remains considerable room for Vantage to improve in this category. Vantage offers its own proprietary trading app, alongside the standard MetaTrader suite of mobile apps. Vantage has built a decent foundation for a new mobile trading application with its Vantage App. However, I am not a fan of the ads, and it is still a long way off from competing with the best mobile apps in the industry.

In terms of the look and feel, I personally find trading on this software a more enjoyable experience than MT4 and MT5. The default dark mode workspace is easier on the eye, especially when layering https://limefx.biz/ color-coded indicators and graphical objects. Vantage has an 80% margin call and an automatic stop-out will be triggered when your account reaches less than 50% of the required margin.

Based on our research on the regulatory status of over 60 brokers, we’ve found that Both LimeFx and Vantage hold 2 global Tier-1 licenses. Forex.com also gives traders access to more than 80 currency pairs, and its success with clients has the broker declaring that it’s the No. 1 forex broker in the U.S., in terms of assets held with the broker. You’ll get access to the broker’s own trading platform in web and mobile versions, or use MetaTrader platforms if you prefer. Interactive Brokers is well known for its low costs and powerful trading platforms preferred by active and professional traders.

Yes, Vantage offers a decent mobile app which offers access to account management features and trading tools whilst on the move. The application allows you to place trades, follow market news and create watchlists, but I learned that it isn’t the best for serious charting and technical analysis. A reliable and user-friendly trading platform is essential for your trading experience.

At Vantage, we fully understand the importance of keeping FX trading costs to a minimum so you can maximize your total Forex trading profit. When you learn and master a consistently profitable forex trading strategy, the potential is limitless. As money management and discipline in executing your trading strategy is key, Vantage has structured our website to contain a plethora of content under both the News and Education menu tabs. Go through them at your own leisure and see what the world of forex trading can offer you.

Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content. Check out my forex market hours guide for a deeper dive into this topic. In all cases, your strategy must factor in the trade size which will determine the pip value and is relevant for your stop-loss or limit order levels, if entered, and the general risk/reward ratio.

To open a trading account with eToro, you’ll need to make an initial minimum deposit of $10-$10,000. With one simple MetaTrader 4 login, you will be able to access your MT4 trading account anywhere, anytime. Of course, leverage means you can also profit at the same speed, which — combined with liquidity — is what attracts investors to currency trading.