The 3 best Forex brokers for January 2024
You should start the year with successful trades. If you are thinking about switching brokers or are just starting your journey as a trader, choose one of these brokers. In this article you will find our top 3 best brokers in 2024 that offer a wide range of assets, a good selection of platforms and free demo accounts.
1. XTB - if you are looking for leverage
This broker offers one of the most comfortable demo accounts. You get to trade with a leverage of 1:500, which means you will get $500 for every $1 on the bet.
The broker offers live trading as well, but before that you can get a free demo account with virtual money. You will have a total of 100,000 dollars in such funds. Among other things, the demo account uses real market data, so trading is closer to reality.
One of the disadvantages is that the demo account will only be available for 4 weeks. But you will have 48 currency pairs at your disposal. These are all major and minor pairs, as well as some exotic ones. All supported pairs can be traded with 0% commission. In addition, XTB offers spreads from 1.3 pips on EUR/USD and GBP/USD.
If you open a demo account with XTB, you have the option to choose between two trading platforms. xStation 5 is the more popular one, and it is available for download on Windows and Mac. If you don't want to install anything, use a browser.
XTB is also one of the best MT4 brokers. When you sign up with XTB, you will get login credentials for the demo version, which can be linked to MT4.
Once you familiarize yourself and decide to participate in Forex trading with real funds, you can upgrade to a live account.
There is no mandatory minimum deposit and you can fund your account using a debit/credit card or e-wallet. Rest assured, your capital is safe as XTB is regulated by the FCA and CySEC.
2. Plus500 - futures with low commissions
It is very safe to trade here. The platform is used by about 25 million users from all over the world. Unfortunately, there is no support for MT4 and MT5, but there is a separate platform Web Trader. The platform works through a browser and is available without downloading.
Once registered, you will have access to 13 futures, including Micro AUD/USD and Micro GBP/USD. In addition, you will have exotic pairs at your disposal. In total, the broker has almost 3000 CFD instruments and 2700 real stocks. You can trade them on Plus500 CFD and Plus500Invest platforms. The minus is that the broker does not accept traders from the US.
By using different assets from the same platform, you can diversify your portfolio. With Plus500, you have access to cryptocurrencies, agriculture, metals, Forex, interest rates, energy, and stock indices.
Don't worry if you are only familiar with MetaTrader platforms. This platform is very easy to use too. You choose a futures asset and negotiate to buy or sell a financial asset. It can be a commodity, currency or index at a fixed price and at a certain time in the future. In other words, two parties enter into an agreement in which one of them buys the underlying futures asset and the other sells it later at a certain price and time in the future, regardless of the market price at that time.
3. AvaTrade - trading major pairs from 0.9 pips
AvaTrade also offers one of the best demo accounts in the Forex market. Signing up will take you no more than five minutes, and once completed, you'll receive a $100,000 demo account. Alas, the demo account with this broker is only available for free for 21 days, but you can extend it at any time through the control panel.
You can also try different demo trading platforms to see which interface suits you best. You can use MT4 and MT5 or try the broker's own platform and app. For traders who want to trade options, there is a whole trading package and an AvaOptions app available.
In terms of markets, AvaTrade supports 53 Forex pairs. There are no trading commissions and major currencies are traded from 0.9 pips. AvaTrade also supports leveraged bonds, commodities, indices, ETFs and stocks. If you want to trade on margin, AvaTrade offers leverage up to 1:400. Real money trading accounts require a minimum deposit of $100. There are no deposit or withdrawal fees.