1. XM

XM is a popular and widely-respected online forex broker that came into existence in 2009. The broker is regulated globally by IFSC, ASIC, and the CySEC. With XM, the account opening is fast and user-friendly. The availability of a demo account and various educational tools and resources like webinars, articles, etc make it easier and hassle-free for even novice traders to get on with trading activities. The customer support features of XM are impressive as well for they can be reached via email, phone, and live chat.

Pros

• Free VPS
• Easy and fast account opening
• Low stock CFD and withdrawal fees
• Excellent educational tools
• Low minimum deposit
• Several account base currencies
• Good customizability
• Quick order confirmation
• User-friendly platform
• Price alerts
• Fast response time

Cons

• No 24/7 support

2. HotForex

A part of HF Markets Group, HotForex is a multi-national online forex broker that has been in existence since 2010. The company has more than 200 employees on its rolls serving more than 1,500,000 clients worldwide. XM is regulated by different agencies in different countries. However, its priority has always been in providing excellent customer service. Those who are registered with HotForex can choose from 150 assets to trade with.

Pros

• Low trading costs
• Low minimum deposit
• Incredible education service
• Proprietary copy trading platform
• Free deposit and withdrawal
• Lowest spread with low commission
• Reliable fund protection
• Well-regulated broker

Cons

• Clients from certain countries are not accepted
• Lack of social trading capability

3. Exness

Exness was established in 2008 and offers services across a wide range of asset classes, like forex, metals, stocks, indices, energies, crypto, etc. It is regulated by FSA, CySEC, and FCA. Clients of Exness get access to different trading platforms, like MetaTrader 5 and MetaTrader 4 for iOS, Android, Linux, Mac, and Windows devices. Besides these, Exness also has the Exness Web Terminal to enable clients to go about trading in a hassle-free and secure way.

Pros

• Wide choice of trading accounts
• 107 currency pairs
• Tight spreads
• Regulated by both FCA and CySEC
• Low commissions
• A variety of educational tools and resources
• Availability of customer support services in multiple languages
• Research tools like Market Analysis Calendar, VPS Hosting, WebTV, etc.
• Safe trading environment
• Provision for MT4, MT5, and WebTerminal

Cons

• Narrow choice of markets
• Multi-currency accounts not available

4. OctaFX

Launched in 2011, OctaFX has had a wonderful journey so far. The company has received several awards for its incredible online trading platforms and services. OctaFX has its registered office in St. Vincent and the Grenadines and is regulated by CySEC. Currently, it accepts clients from more than 185 countries, allowing them to enjoy excellent spreads and easy accessibility to a variety of trading tools and resources. Its three dynamic trading platforms – MetaTrader 5, MetaTrader 4, and cTrader provide clients with lots of features to make them the most of opportunities that come their way in the online forex world.

Pros

• Low minimum deposit
• Competitive spreads
• MT4, MT5, and cTrader platforms
• Fast market execution
• Availability of copy trading
• Quick and friendly customer support
• Negative balance protection
• No deposit and withdrawal fee
• Enough research and training tools
• Safe trading practices

Cons

• Limited trading instruments
• The withdrawal process is slow