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.

Pepperstone

Pepperstone comes up regularly in forex and CFD trading subreddits, where traders often mention its pricing, execution and choice of platforms. Most of the discussion around the broker is positive, and its strong regulatory profile is one of the reasons it is so often recommended on Reddit. Pepperstone offers over 1,350 CFDs on forex, indices, commodities, cryptocurrencies, currency indices, ETFs and shares.

Pepperstone offers two main account types. The Standard Account has spreads from 1.0 pips on major forex pairs with no commission, while the Razor Account provides raw spreads from 0.0 pips on major forex pairs and charges a commission that depends on the platform. On MetaTrader 4, MetaTrader 5, TradingView and the Pepperstone platform, the commission is $3.50 per side per lot for USD accounts, and cTrader users pay $3.00 per side per lot.

Clients can choose between MetaTrader 4, MetaTrader 5, cTrader, TradingView and the Pepperstone trading platform. Pepperstone is licensed by several regulators, including the FCA (UK), ASIC (Australia), CySEC (Cyprus), BaFin (Germany), the CMA (Kenya), the DFSA (UAE) and the SCB (Bahamas). The entity you register with depends on where you live.

74.1% of retail CFD accounts lose money

XTB

XTB is another broker that is widely discussed on Reddit, especially in subreddits focused on European trading and investing. Redditors often point to its xStation platform and its transparency as reasons they trust the broker. XTB was founded in 2004 and is listed on the Warsaw Stock Exchange, so it has to publish audited financial reports, which is not something many brokers can say.

XTB offers over 10,000 instruments, including CFDs on forex, indices, commodities, stocks, ETFs and cryptocurrencies, as well as real stocks and ETFs. Spreads on the standard account start from 0.8 pips on major forex pairs, with no commission on forex trades. All trading is done through xStation, XTB’s own platform, which is available on web, desktop and mobile.

In terms of regulation, XTB holds licences from the FCA (UK), the KNF (Poland), CySEC (Cyprus), the FSC (Belize) and the DFSA (UAE). If you decide to open an account, you can also use the XTB partner code XTBWELCOME at registration.

69-79% of retail investor accounts lose money when trading CFDs with this provider.

IC Markets

IC Markets, which now also trades as IC, is one of the biggest forex brokers in the world by trading volume, with monthly volumes that have surpassed USD 1 trillion. Understandably, it is highly recommended on different subreddit threads, especially by scalpers, algorithmic traders and other active traders. For the most part, people seem to enjoy its raw pricing, fast execution and choice of platforms.

On this broker site, clients can trade over 2,200 instruments across forex, indices, metals, energies, commodities, stocks, bonds, cryptocurrencies and futures. IC Markets offers three main accounts. The Standard account has spreads from 0.8 pips on major forex pairs with no commission. The Raw Spread account has spreads from 0.0 pips on major forex pairs with a commission of $3.50 per side per lot on MetaTrader, and the Raw Spread cTrader account charges $3 per side per lot on cTrader and TradingView.

Clients can choose between MetaTrader 4, MetaTrader 5, cTrader and TradingView. Raw pricing and fast execution also make it one of the best ECN brokers for News Trading.

In terms of regulations, IC Markets is regulated by ASIC (Australia), CySEC (Cyprus), the FSA (Seychelles), the SCB (Bahamas) and the CMA (Kenya). The entity you register with depends on where you live. We always insist that investors should only invest with brokers with regulations from reputable organisations.

72.31% of retail CFD accounts lose money

Exness

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 major forex pairs 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 on major forex pairs 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 FSCA, the CMA and the FSC, among others. This regulatory status and its longevity in the market help improve its reputation on Reddit.

Your capital is at risk. Leveraged products may not be suitable for everyone.

FP Markets

FP Markets is a very popular choice among traders 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 on major forex pairs and no commissions when trading. On the other hand, the Raw account comes with spreads starting from 0.0 pips on major forex pairs 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.

74.73% of retail CFD accounts lose money

AvaTrade

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 both new 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 on major forex 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.

Interactive Brokers

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

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 on some major forex 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.