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If you're too busy to read the entire article and want a quick answer, the best Forex broker is IUX.
Why? Here are its key advantages:
- Is legit in your country ( identified as United States )
- Has a good user satisfaction score 4.3 out of 5
In this day and age, it is important to be smart with money. If you have extra money, investing it is always a good idea. This allows it to grow and even double in value, rather than gathering dust somewhere in your bank account. International brokers can help in this matter – they open access to a wide range of assets and markets around the world, and also increase your capital.
Choosing the right broker requires careful consideration and responsibility. This article highlights reputable brokers that offer excellent trading conditions for international markets. These brokers are known for transparent commission structures, user-friendly platforms, and reliable customer support. Explore their features to select the best partner for trading in global markets.
Best international brokers
An international broker’s reach is determined by its access to specific markets, which can be critical to your investment goals. If you plan to trade, pay attention to the broker’s regulation.
| FCA UK | Yes | No | No | No | No |
|---|---|---|---|---|---|
| CySec | No | No | No | Yes | No |
| ASIC | Yes | No | No | Yes | No |
| BaFin | No | No | No | No | No |
| FSCA | Yes | Yes | Yes | No | Yes |
The first step in choosing a broker should be to determine the priority market – international or local. This choice will help narrow down the range of suitable platforms and find the best partner for your needs.
International brokers – comparison table
Let’s compare our handpicked brokers based on the types of products they offer, fees, deposit and withdrawal methods, and overall user friendliness. This will give you a better idea of which one is best for you.
Compare products
Learn what assets are available to trade on each platform. Each broker also has specific products they specialize in, so let’s take a look together at how they stack up against each other.
| Currency pairs | 34 | 85 | 85 | 84 | 70 |
|---|---|---|---|---|---|
| Options | — | — | — | — | — |
| Futures | — | — | — | — | — |
| ETFs | — | 0 | 0 | — | — |
| Commodities | 6 | 9 | 9 | 26 | 11 |
| Crypto | 16 | 0 | 0 | 12 | 16 |
| Stocks | 55 | 141 | 141 | 5500 | 576 |
| Bonds | — | 0 | 0 | — | — |
Stocks, ETFs, and options are perhaps the assets that are most commonly traded and easiest to understand. More people have a deeper knowledge of market trends and thus, can predict outcomes more accurately. Forex, сrypto, and CFDs – to name a few – are quite volatile. They may bring larger returns, but also pose a substantial amount of risk. It takes a real expert to analyze them properly.
For beginners, we would recommend focusing on the first set of products, at least to accumulate enough experience. It is only then that you can move on to more challenging endeavors.
Deposits and withdrawals
Ease of moving money, especially to maintain flexibility. So having a platform with multiple options will be convenient not only for the user but also for tracking transactions. Once again, here is a head-to-head comparison of each of the top 5 international brokers.
Accrual and commission method of the best brokers
| Bank Transfer | No | Yes | Yes | No | Yes |
|---|---|---|---|---|---|
| Bank Wire | No | Yes | Yes | Yes | No |
| Neteller | Yes | Yes | Yes | No | No |
| Skrill | Yes | Yes | Yes | No | No |
| PayPal | Yes | No | No | Yes | No |
| BTC | Yes | No | No | No | No |
| Deposit fee | 0 | 0 | 0 | 0 | 0 |
| Withdrawal fee | 0 | 0 | 0 | 0 | 0 |
Bank transfers or transactions made through an official bank account are the most common way to withdraw and deposit funds – and it’s no surprise. Since we’re dealing with money, security is a top priority. Of all the options, this is by far the safest for doing business.
If you don’t want to pay a fee, use the platform’s ACH option instead. The trade-off, I suppose, is that they’re the only ones to offer a cryptocurrency payout option. This includes Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple.
Trading platforms
It is no longer enough to have a web app. Having a mobile and desktop program will allow users to access your platform from different gadgets, even simultaneously or on the go. You will be surprised how many traders multitask, and this certainly helps them.
A clean and neat layout is also important, especially for beginners. This plays a key role in encouraging people to continue using it for a longer period of time. Otherwise, if everything is too complicated, they will simply give up completely.
Accrual and commission method of the best brokers
| MT4 | Yes | Yes | Yes | No | No |
|---|---|---|---|---|---|
| MT5 | Yes | Yes | No | No | No |
| cTrader | No | Yes | Yes | No | No |
| WebTrader | No | No | No | No | No |
| Mobile trading | Yes | Yes | Yes | Yes | Yes |
Every international brokerage firm we looked at is present in the top three places, that is, desktop, mobile, and web apps. Only Degiro is missing one, but they make up for it by really improving the other two platforms they use.
How to choose an international broker
Selecting the right international broker is crucial for successful global trading. Here’s a guide to help you make an informed decision:
- Regulatory compliance and security. Ensure the broker is regulated by respected financial authorities, such as the U.S. Securities and Exchange Commission (SEC), the Financial Conduct Authority (FCA) in the UK, or the Australian Securities and Investments Commission (ASIC). Regulation offers added security and ensures adherence to industry standards.
- Market access. Choose a broker that provides access to the international markets you wish to trade in. For example, Interactive Brokers gives access to over 150 global markets, enabling trading across various countries and currencies.
- Fees and commissions. Compare fees across different brokers, including trading commissions, currency conversion costs, and any account maintenance charges. Some brokers, like Fidelity, may offer commission-free trades for U.S. stocks but charge fees for international transactions.
- Trading platforms and tools. Evaluate the trading platform for ease of use, reliability, and the availability of advanced trading tools. Platforms such as Charles Schwab’s StreetSmart Edge offer features that cater to both beginners and experienced traders.
- Customer support. Responsive and knowledgeable customer service is crucial when dealing with international markets. Some brokers, such as Charles Schwab, provide dedicated international trading support to ensure assistance when needed.
- Account types and minimums. Check the types of accounts offered and their minimum deposit requirements. Some brokers have no minimum deposit, making them more accessible to a wide range of investors.
- Research and educational resources. Access to quality research and educational materials can enhance trading decisions. Brokers like Fidelity offer extensive resources to keep investors informed and well-prepared.
- Currency support. If you plan to trade in various currencies, make sure the broker supports different currencies and provides competitive conversion rates. Interactive Brokers, for instance, supports multi-currency trading, making international transactions easier.
How to open an international brokerage account
The process for opening an account with an international broker may vary depending on the company and your country. Follow these steps:
- Choosing a broker. Research several brokers and compare their fees, available instruments, and regulatory compliance. Check their reputation.
- Proof of identity and address. Provide copies of documents: passport, ID, proof of address (such as a utility bill), and, if applicable, a tax identification number.
- Completing an application. Provide personal and financial information, including employment status, income, and investment objectives.
- Compliance. Check if there are any permits or other mandatory procedures required to transfer funds abroad.
- Add funds. Transfer the minimum required amount via a bank account, e-wallet, or card. Make sure the broker supports the required currency and convenient deposit and withdrawal methods.
- Starting trading. Once your account is funded, access the platform, review its functionality and fees before making trades.
Pros and cons of working with international brokers
Working with international brokers can have a number of advantages and disadvantages. Here are some key points to consider:
Pros
Access to global markets. The ability to invest in a wide range of assets and regions.
A wide range of products. Stocks, bonds, ETFs, mutual funds and commodities.
Analysis and support. Information and research on international markets.
Currency diversification. Manage currency risks and take advantage of exchange rate fluctuations.
High profit potential. Emerging markets and growing industries provide additional opportunities.
Cons
Regulation. Complexities due to differences in laws and regulations.
Currency risk. Exchange rate fluctuations can reduce returns or increase losses.
Costs. Commissions, currency conversion fees and international transfers.
Language barriers. Difficulty communicating with brokers or support.
Geopolitical and economic risks. Political instability and economic crises can negatively affect investments.
Opt for brokers that offer multi-currency accounts or competitive conversion rates to minimize expenses
Methodology for compiling our ratings of Forex brokers
Infobrokers applies a rigorous methodology to evaluate brokers using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.
Key aspects of the assessment include:
- Regulation and safety. Brokers are evaluated based on the level/reputation of licenses and regulations they operate under.
- User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.
- Trading instruments. Brokers are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
- Fees and commissions. All trading fees and commissions are analyzed comprehensively to determine overall costs for clients.
- Trading platforms. Brokers are assessed based on the variety, quality, and features of platforms offered to clients.
- Other factors like brand popularity, client support, and educational resources are also evaluated.
Find out more about the unique broker assessment methodology developed by Infobrokers specialists.
Conclusion
Choosing an international broker gives you access to global markets and expands your investment opportunities. However, when doing so, consider factors such as fees, regulatory legislation, currency risks, and the quality of support. The brokers presented in this article offer different conditions suitable for both experienced traders and novice investors. Conduct a thorough analysis of your goals and needs to choose a platform that suits your trading style. Testing the platform and familiarizing yourself with its functionality will help you avoid potential problems in the future. By investing through a reliable broker, you will be able to effectively manage your portfolio on an international level.
