Best Forex Brokers According to Reddit Users
Reddit is one of the best sites for discussing common interests and interactions with anonymous strangers from all over the world. Reddit offers a huge platform with 52 million active daily users all expressing their thoughts on one subject or the other. As such, it is a great resource to curate people’s opinions from various parts of the world.
In this research piece, we are going to use Reddit as a resource to find out what people’s opinions are on the best brokers in the market. Essentially, we are going to provide our belief of what are the best forex brokers according to Reddit. We are going to specifically focus on the popularity of the broker on Reddit, the trading conditions offered by the broker, and the regulations of the broker.
FP Markets is one of the most famous brokers in the world today. It makes sense that it is talked about a lot on Reddit. This broker is constantly mentioned on different subreddits consisting of all kinds of traders. The positive reviews and testimonies on Reddit about this broker far outweigh the negative reviews. As such, we can consider this broker as one of the best brokers according to Reddit. Moreover, the reputation of FP Markets is boosted by its impressive regulatory status. Notably, FP Markets is regulated by CySEC in Cyprus and the ASIC in Australia, two of the best regulators in the market.
On another note, FP Markets offers two accounts to choose from; the Standard account and the Raw account. The Standard account offers traders spreads starting from 1.0 pips and no commissions when trading. On the other hand, the Raw account comes with spreads starting from 0.0 pips and a commission of $3 per side per lot.
FP Markets’ variety of trading instruments across various markets include CFDs on forex, shares, bonds, metals, indices, ETFs, and commodities. This deep collection of instruments makes FP Markets estimable in the trading market. Further, these instruments are available for trading on its advanced trading platforms including WebTrader, MetaTrader4 and MetaTrader 5.
Finally, FP Market offers ECN pricing that is directly from liquidity providers. FP Market understands that today's traders value deep liquidity, the highest level of price transparency, and ultra-fast execution to ensure minimal slippage.
73.85% of retail CFD accounts lose money
With over 30 million users eToro has a huge platform making it one of the biggest brokers on the planet. On Reddit, it has managed to have over 25k members on its subreddit. Here, people can express their concerns and experiences with the broker. Additionally, eToro is heavily discussed in other subreddits. It has also been reviewed by several users on the platform. Largely, the reviews and discussions about this broker are positive in nature with a few complaints. Nonetheless, the positive reviews far outweigh the negative reviews. Furthermore, eToro addresses most of the issues presented in an attempt to find a resolution.
eToro has its own platform (eToro platform) which is suitable for both experienced and novice traders. This proprietary platform provided by the company is customisable and features charting tools and other trading tools. CopyTrader which comes with the eToro platform assists inexperienced traders in copying trade moves from the top-performing investors on the platform.
eToro’s regulatory status is another factor making it one of the best brokers on Reddit. The company is regulated by the FCA in the UK, the CySEC in Cyprus and the ASIC in Australia. Notably, clients can trade CFDs on forex, crypto, stocks, commodities and ETFs. They can also trade real stocks and cryptocurrencies.
Finally, eToro has no hidden fee and zero commission when trading stocks. On the fees page, clients can find the charges that apply to trading the different assets on this broker site. Forex trading on the eToro platform comes with some of the tightest spreads in the market starting from 1.0 pips or major currency pairs.
76% of retail investor accounts lose money when trading CFDs with this provider.
Exness does not run a subreddit page for clients to interact with each other and the company. However, it is a broker that is talked about a lot in other subreddits. Most people seem impressed by the trading conditions that Exness offers. For starters, Exness offers spreads which can go as low as 0.3 pips on the standard account. Exness is one of the brokers that provide a cent account which also has spreads as low as 0.3 pips and allows clients to trade micro lots.
Some of the trading platforms offered by Exness include Meta Trader 4, MetaTrader 5, Exness Terminal, and Exness Trade App. This gives clients the freedom to choose a platform that best suits their needs while investing.
Clients can also choose a variety of instruments to invest in. These include trading instruments from 6 main global markets: forex, metals, cryptocurrencies, energies, stocks, and indices. On top of that instant deposits and withdrawals are available to traders.
Finally, the regulatory status of Exness. The broker operates under the supervision of several organizations including the CySEC, the FCA, the FSCA, and the FSC. This regulatory status and its longevity in the market help improve its reputation on Reddit.
Remember that forex and CFDs available at Exness are leveraged products and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
With over 40 million members and a wide variety of trading instruments, IQ Option offers the ultimate online trading experience to help clients optimize their investment portfolios. Clients have access to over 250 different assets to invest in. These include CFDs on forex, cryptocurrencies, commodities, stocks, indices, and ETFs. We can come to understand why IQ Option is recognized as one of the best brokers on Reddit.
Besides, IQ Option offers reasonable pricing when trading. The spreads on major currency pairs can go as low as 1.0 pips which is industry standard and manageable by most traders. The trading platform available for use here is the in-house-built IQ Option platform. It is available on pc, web, and as a mobile application.
With regulations from a well-respected organization, the CySEC, we can say that IQ Option values the interest of its clientele. CySEC operates from Cyprus and is one of the best financial regulators in the market. This is very attractive to clients and it's one of the major requirements when choosing a legitimate broker to invest with.
AvaTrade is one of the best brokers on Reddit with trading platforms that include MetaTrader 4, MetaTrader 5 and AvaTradeGO. These platforms offer a flexible and fast trading environment to clients for seamless trading. In addition, they are easy to use and have modern designs, making them suitable for beginners and advanced traders.
AvaTrade has regulations from credible organizations that include the CySEC in Cyprus, the Central Bank of Ireland, the ASIC in Australia, and the IIROC in Canada. Note that all the renowned brokers in the market are regulated by reputable organisations to safeguard the traders.
Further, clients on AvaTrade can speculate on a variety of assets that include CFDs on forex, cryptocurrencies, stocks, commodities, indices, bonds, ETFs, and others. A variety of trading markets allows clients to expand their horizon when trading, spread the risk when trading and generally helps clients to have a rewarding trading experience.
AvaTrade offers fairly low spreads that can go as low as 0.9 pips for major currency pairs. Moreover, AvaTrade collaborated with the award-winning Trading Central which offers market insights and intelligence that help clients to make confident, credible decisions based on actionable and straightforward trading plans created by expert analysts.
76% of retail CFD accounts lose money
When it comes to trading instruments, Forex.com does not disappoint. Clients from most regions can trade CFDs on forex, indices, shares, commodities, and cryptocurrencies, among others. In comparison, clients from the US can only trade forex, gold and silver, and futures and futures options assets on Forex.com.
Further, Forex.com is diverse with platforms such as Forex.com Trader, WebTrader, MetaTrader 4, and MetaTrader 5. When Clients are able to receive the best platforms in the market, they thoroughly enjoy the services offered by a broker.
Moreover, Forex.com offers great pricing when trading. There are three main trading accounts with different spreads. The spreads on this broker site can fall as low as 1.0 pips for major currency pairs on the standard account.
The Commission account and the Direct Market Access (DMA) account both charge a commission. The commission account features spreads starting from 0.2 pips and charges a commission of $5 per 100k traded. The DMA account charges different commissions depending on the trading volume of a client. For example, a trader with a trading volume of $0M – $100M per month would pay a commission of $60 per $1 million traded.
Onto the regulation, Forex.com’s activities are supervised by the FCA, the ASIC, the IIROC, the CYSEC, the CFTC and the NFA. This is evidence that suggests that Forex.com is committed to following the law.
81% of retail investor accounts lose money when trading CFDs with this provider.
IC Markets is one of the biggest brokers by trading volume on the planet. This shows that the company has a lot of people putting in a lot of cash to trade different markets. Understandably, it is highly recommended on different subreddit threads. For the most part, people seem to enjoy the diversity offered by the platform and the trading conditions it provides.
On this broker site, clients can trade over 2,200 instruments from a variety of global markets. These markets include forex, commodities, indices, futures, stocks, and metals. The spreads for trading forex on this broker site are reasonable and manageable with major currency pairs having spreads that start from as low as 0.6 pips on the standard account. Clients also have a variety of trading platforms to choose from. The trading platforms available to clients include MT4, MT5, and cTrader.
This broker also features a number of trading tools to assist clients in the decision-making process. For starters, it has partnered with Trading Central to bring its clients News live from the New York Stock Exchange, effectively making it one of the best ECN brokers for News Trading.
In terms of regulations, this broker has authorization and regulations from two of the best regulators in the market today. These include the CySEC in Cyprus and the ASIC in Australia. We always insist that investors should only invest with brokers with regulations from reputable organisations.
Interactive Brokers is one of the oldest brokers in existence today. On Reddit, there is a huge unofficial subreddit with over 29,000 members dedicated to discussing all things Interactive Brokers. This subreddit describes Interactive Brokers as the largest electronic trading platform in the US by the number of daily average revenue trades.
With this broker, clients can invest in the stocks, options, futures, currencies, cryptocurrencies, US Spot Gold, bonds, ETFs, and funds markets. All this is possible from a single platform. This allows clients to diversify their investments as they please. The Interactive Brokers trading platform is available on a variety of devices. It is available on the web, mobile, and desktop.
Interestingly, Interactive Brokers primarily charges a commission for trading. The commission depends on the market instrument a client is investing in and can range from $16 to $40 per million traded. Finally, let’s look at this company’s top-tier regulations in different jurisdictions. The company has regulations from the FCA, the SEC, the CFTC, the ASIC, and the Monetary Authority of Singapore.
IG is another popular broker we can consider one of the best forex brokers on Reddit. This broker has a lot of traffic and recommendations among participants on different subreddits related to trading. There are a couple of features that IG offers that make it very popular. For starters, the company avails a huge collection of market instruments. There are over 18,000 market instruments that include CFDs on forex, indices, commodities, shares, cryptocurrencies, and more.
Additionally, IG is regulated in a variety of jurisdictions. These include the FCA in the UK, the ASIC in Australia, the BaFin in Germany, and the FSCA in South Africa. While regulations alone are not enough, it is always a good sign when a broker holds licenses in different countries. Further, IG provides its clients with several trading platforms to pick from. These include MetaTrader 4, ProRealTime, L2 Dealer, and the ProgressiveWebApp. The spreads on IG are not exorbitant and most traders will afford to trade on this platform. The average spreads on IG can fall as low as 0.6 pips for some major currency pairs.
Final Thoughts on The Best Forex Brokers According to Reddit
As we have seen, Reddit has a huge user base all expressing their opinions on different topics. The number of traders discussing the merits and demerits of different brokers is huge and cannot be underestimated. While this can be a great resource, it introduces a lot of noise as some people promote scam brokers with nothing good to offer. It is very important to focus on brokers that have regulations from reputable organizations when selecting a broker from Reddit.
Our criteria when selecting brokers for this list included checking for top-tier regulations, checking whether the company has a good reputation among Reddit users, and checking whether a broker offers great trading conditions. You can also tailor your criteria to fit your trading needs when selecting a broker to invest with.