Looking for the best prime brokers with high levels of trust? Many brokers claim to be the best, but on closer examination, you discover gaps in the quality of their services.
Below are some of the most well-regulated and customer-centric platforms that are great for beginners and seasoned experts too!
Forex Prime Brokers for 2021
1. FBS Broker
Over 16 million Traders have used FBS Broker for a shot at the financial markets. The company claims to issue over $500 million in profits to customers annually. FBS Broker further states that about half of their traders multiply their deposits up to 8 to 10 times.
We cannot confirm this claim’s validity. But if it were true, it’s an above-average success rate. Asian customers love the platform, and in fact, it won the Best Broker Asia 2020 —Capital Finance International Awards.
|Trading accounts||Cent, Micro, Standard, Zero-spread, ECN,|
|Lowest deposit||$1 Cent, $5 Micro, $100 Standard, $500 Zero-spread, $1000 ECN|
|Platforms||MetaTrader apps for iOS, Android, Windows, macOS, & Web|
|Social trading||Through the FBS CopyTrade app|
|Leverage||1:3000 Maximum leverage on Standard & Micro Accounts|
|Regulators||CYSEC (Cyprus), IFSC|
Top reasons to choose FBS Broker
- Lowest trading costs
- Up to five different retail trading accounts — each with unique features & costs
- High leverage of 1:3000
Limitations of FBS Broker
- High minimum deposit restrictions on top-tier accounts
As a reliable market leader, eToro has operated since 2007. It’s a top-rated platform suited for beginners. Most like it because it offers the best social trading programs.
|Trading accounts||Standard & Professional Accounts, No ECN accounts|
|Lowest deposit||$200 first-time, $50 on-going|
|Platforms||Proprietary trading tools|
|Social trading||Copy-trading & Copy Portfolios|
|Trading Robots/Expert Advisors||Not Available|
|Leverage||Maximum leverage 1:30 for major pairs as per ESMA restrictions.|
|Regulators||CySEC (Cyprus), FCA (UK)|
- Advanced social trading features
- Easy-to-use platform with over 2,000 markets
- Accepts US clients on limited markets
Limitations of eToro
- Higher trading fees than most
- Does not provide MetaTrader 4 or 5
- High initial deposit with few account options
3. XM Broker
Started in 2009, XM Broker meets all the checks of the top prime brokers. About four different organizations oversee the broker’s activities. Traders also enjoy strong protections for their funds, including the use of segregated accounts with reputable companies.
XM has received many awards for offering outstanding services. In 2020 alone, the platform took home two awards for the best customer service and the Best FX Service Provider, City of Wealth Management Awards.
Many prime brokers on this list offer CFD trading alone. XM offers real stock investing, but the initial deposit is quite high at $10,000.
|Trading accounts||Shares, Micro, Standard, XM Ultra-Low Account (Combines Standard & Micro lot sizes)|
|Minimum deposits||$5 Standard, $50 Ultra Low, & $10,000 Shares|
|Platforms||MetaTrader 4 & 5, XM web trader|
|Trading Robots/Expert Advisors||Allowed|
|Social trading||Through Mirror Trader|
|Leverage||Max of 1:888|
|Regulators||ASIC (Australia) CySEC (Cyprus), IFSC, DFSA|
XM Broker Strengths
- Supports many base account currency options (including JPY, AUD, ZAR, RUB, PLN, HUF)
- Permits hedging & suitable for forex scalping
- Over 100 shares for investment
- Renowned education articles & trading tools
Limitations of XM Broker
- About 78.04% of retail investor accounts lose money, a significantly higher proportion.
- Limited account types. However, traders can customize the lot sizes.
AvaTrade offers an intuitive platform with a well-laid out website that’s a breeze to use. With six different regulators, it may feel like it’s more regulated than other forex prime brokers on this list.
AvaTrade Website showing AvaTradeGo
AvaTrade invested heavily in its proprietary technologies and tools. The AvaTradeGo app is user-friendly and fully-featured.
Risk management is on another level. Traders may purchase the AvaRisk Coverage. When it’s in effect, the trader essentially gets their money back on any losses. It’s a tool that’s hard to come by even on other renowned platforms. There are plenty of account extras, including free use of Trading Central, a renowned provider of technical signals since 1999.
|Trading accounts||Standard & Professional|
|Lowest deposit||$100 *varies on the base account currency|
|Platforms||AvaTrade Go, WebTrader, MetaTrader 4 &5|
|Trading Robots/Expert Advisors||Allowed|
|Social trading||Via the AvaSocial app|
|Leverage||Max 1:400 on Forex Pairs|
|Regulators||ASIC, Financial Services Agency, Financial futures Association of Japan, Central Bank of Ireland, BVI financial services commission, FSCA, ADGM, FRSA|
- AvaProtect — a revolutionary risk-management tool
- Multiple trading technologies
- Helpful and highly responsive support team
- Strongly regulated
Limitations of AvaTrade
- Lots of restrictions to qualify for the professional trading account
- High inactivity fee of $100 following 12 consecutive months of no-use
- Limited account types (no ECN accounts)
Since 2001, Forex.com has connected retail traders to global markets. The broker prioritizes fast and quality execution with an actual scorecard that traders can review.
It’s part of the StoneX Group Inc, a publicly-traded company listed on NASDAQ, meaning that it adheres to stringent financial practices.
There’s a lot to love about Forex.com, including the advanced proprietary trading tools. Traders will not experience a shortage of essential features found in MetaTrader.
|Trading accounts||Standard, Commission, & Direct Market Access|
|Platforms||Metatrader 4 & 5, Proprietary web, mobile, and desktop platform|
|Trading Robots/Expert Advisors||Via MetaTrader — with Free EAs from FX Blue|
|Social trading||Not directly supported|
|Leverage||Up to 1:50 on FX major pairs|
|Regulators||Cayman Islands Monetary Authority|
- Over 4,000 trading markets featuring thousands of stocks
- Monthly rebates and benefits for active traders, including pro guidance from personal market strategists
- High standards of security and stability
- Timely trade news and comprehensive research
Limitations of Forex.com
- The risk-free demo account is restricted to 30 days
- Lacks negative balance protection — Losses may be greater than the account balance in periods of extreme volatility