Best FOREX.com Alternatives

FOREX.com is one of the most popular brokerage solutions for foreign exchange currency transactions (Forex). However, it’s not the only option. 

It’s always wise to compare different brokerage platforms so you can find the one that best suits your investing style, goals and needs. Here are five of the best FOREX.com alternatives that you should consider. 

Quick Look: Best FOREX.com Alternatives 

• Best for Lower Costs: Trading.com
• Best for Professional Traders: Interactive Brokers
• Best for Simple, User-Friendly Interface: tastyfx
• Best for Global Reach: Saxo
• Best for Reliable Execution: OANDA

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Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% to 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account

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Best FOREX.com Alternatives

Here are the five platforms we picked as top FOREX.com alternatives: 

1. Best for Lower Costs: Trading.com

Trading.com is one of the most popular forex platforms in the United States. The brokerage is known for its competitive pricing and lower transaction fees. Trading.com also offers tight spreads and no commission options on many trades. It’s simplified the forex trading process, making the asset market more accessible to entry-level traders. 

Why We Love It: There is a lot to love about Trading.com, including its tight spreads. You’ll find spreads as low as 0.2 pips, which makes forex transactions more affordable for cost-conscious individuals. 

Another consideration when dealing with forex is commission. You can perform most trades with zero commission, reducing the expenses of participating in the foreign exchange market. 

One of the top attributes of Trading.com is its user-friendly interface. You can easily navigate the platform and quickly explore its many tools and features. It’s a great platform to consider if you are relatively new to foreign exchange trading. 

2. Best for Professional Traders: Interactive Brokers

Interactive Brokers (IBKR) is among the most respected names in the trading world. It’s an excellent alternative to FOREX.com for professional traders. You’ll gain access to many advanced tools and a wide range of asset classes. The only downside is that the learning curve can be steep for more casual traders. 

Why We Love It: Interactive Brokers offers one of the most comprehensive sets of tools for professionals. You can access advanced order types or conduct custom market analyses to explore specific assets. Use these capabilities to inform your trading decisions with timely market data. 

While Interactive Brokers has a somewhat complex fee structure, the costs tend to be lower when engaging in high-volume trades. Consider how active you intend to be in the forex market and thoroughly review the broker’s fee schedule to see whether it fits your investment goals well. 

IBKR has a broad selection of commodities and assets. You can trade stocks, futures, options and more – all from a single platform. 

3. Best for Simple, User-Friendly Interface: tastyfx

Are you interested in a streamlined trading experience and a simple platform? Look no further than tastyfx. The broker makes forex trading accessible to almost anyone and has an easy-to-learn interface. You can create an account and start executing transactions in no time. 

Why We Love It: Many forex brokers require you to deposit a minimum amount of funds and always maintain that threshold in your account. Tastyfx allows you to open an account without a minimum balance requirement.

You’ll also gain access to the broker’s huge library of educational resources. Use these tools to learn more about foreign exchange transactions so you can make informed investment decisions. 

Tastyfx is one of the most popular brokerages compatible with MetaTrader 4 (MT4). By integrating your tastyfx account with MT4, you can unlock even more great trading tools and dive deep into the forex market. 

4. Best for Global Reach: Saxo

Saxo is ideal if you are interested in trading in multiple markets beyond Forex. The broker gives access to global markets and hundreds of assets. Saxo’s sophisticated platform caters to experienced traders with advanced charting tools. 

Why We Love It: Saxo offers access to forex, stocks, bonds, commodities and more, allowing traders to diversify across global markets. The broker offers a variety of tools and applications designed to help you execute high-volume deals. 

Saxo also provides detailed research and analysis functionality. However, familiarizing yourself with these tools and their capabilities could take some time. Keep that in mind if you are a more casual trader. 

5. Best for Reliable Execution: OANDA

OANDA offers an easy-to-use platform with low spreads and no commission on many trades. It’s a great alternative to FOREX.com if you want a reliable and cost-effective broker. 

Why We Love It: OANDA provides fast and reliable execution on trades. If you are interested in day trading, you need a nimble platform such as OANDA. Like the other brokers on the list, OANDA is regulated by U.S. authorities, meaning it's available to American traders. 

You get a mix of advanced tools and user-friendly features when you use OANDA. It can be a good fit for newer traders and those who would like to find a broker they can stick with long-term. 

FOREX.com Overview

FOREX.com is a popular online trading platform that allows you to buy, sell or trade a wide range of commodities and currency pairs. FOREX.com trading tools make executing transactions quick and easy. The broker also integrates with advanced solutions like MetaTrader 4 and 5. 

Here’s a closer look at some of the key features of FOREX.com:

Should You Use a FOREX.com Broker Alternative? 

There are several variables to consider when choosing a broker. First and foremost, identify what commodities you want to deal with. Next, consider your short- and long-term investing goals so you can find a broker you can stay with for the foreseeable future.

After you’ve identified brokers that offer the assets you are interested in, consider what platforms they integrate with (e.g., MT4). You should also pay attention to fees and the particular types of trading strategies each broker is best suited for. 

FOREX.com can be a great fit if you want a well-rounded broker that gives access to dozens of currency pairs. If low fees and a user-friendly interface are your priorities, consider tastyfx, Trading.com or OANDA. Options like Saxo and Interactive Brokers might be better suited for more advanced strategies.

No matter which broker you choose, evaluate your goals and preferences. Your chosen platform needs to be capable of supporting your success in the forex market. 

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