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Best forex broker for day trading in 2021

Forex is the most popular and volatile market in the world. Many traders dedicate their careers to foreign exchange. If you want to be part of this financial world, it is important to choose the best forex broker for day trading in 2021. 

In this article, you will be able to find a list of the best forex brokers for day trading. It will include information about their important features, advantages, disadvantages, and how they work. We will also cover trading platforms, customer support, and regulations. 

We invite you to take a look and become a part of the average daily $5 million trading volume of forex. 

Our list of the best forex broker for day trading

With an unbiased opinion, we have made a list of the best forex brokers for day trading in 2021. You will find them below. They have been chosen according to our rigorous expert research to help you with your decision.

1
Min. Deposit
$10
Exclusive promotion
Our score
10
Leverage
500:1
New accounts
Spreads
0.7
PIPs
Regulations
Forex Pairs
55+
No Fee
Start Trading
Pros:
0% Commission Account
Low Spreads
Eco-Account Option
Payment Methods
Bitcoin, Credit Card, Debit Card
Full regulations list:
Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary seek independent advice.
2
Min. Deposit
$10
Exclusive promotion
Our score
9.3
Leverage
500:1
New accounts
Spreads
0.8
PIPs
Regulations
Forex Pairs
55+
No Fee
Start Trading
Pros:
55+ currency pairs available
Trade on a trusted platform
24/7 support via live chats, email or phone call
Payment Methods
Credit Card, Debit Card, Visa, Bitcoin
Full regulations list:
LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.
3
Min. Deposit
$200
Exclusive promotion
Our score
8.7
Leverage
500:1
New accounts
Spreads
0.5
PIPs
Regulations
FSPR, FMA New Zealand
Forex Pairs
27+
No Fee
Start Trading
Pros:
BlackBull Markets’ unique feature lies in its stated goal of delivering an “institutional” trading experience to retail clients
No-Dealing Desk Broker (NDD), with Straight Through Processing (STP) all done on a true ECN
State of the art Equinix servers, based in New York (NY4), London (LD5) and Tokyo (TY3)
Payment Methods
Mastercard, Visa, Bank Transfer, Neteller, Skrill, UnionPay, FasaPay
Full regulations list:
FSPR, FMA New Zealand
4
Min. Deposit
$200
Exclusive promotion
Our score
8.5
Leverage
30:1
New accounts
Spreads
1
PIPs
Regulations
CySEC, FCA
Forex Pairs
No Fee
Start Trading
Pros:
Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader
eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets
Largest number of currency pairs to trade
Payment Methods
Wire Transfer, Bank Transfer
Full regulations list:
CySEC, FCA
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
5
Min. Deposit
$10
Exclusive promotion
Our score
7.9
Leverage
500:1
New accounts
Spreads
0.7
PIPs
Regulations
Forex Pairs
55+
No Fee
Start Trading
Pros:
Can fund with BTC
64 global companies including Netflix and Amazon
Free deposits and withdrawals
Payment Methods
Credit Card, Debit Card, Bitcoin, Wire Transfer
Full regulations list:
EagleFX offers leveraged trading on a range of assets within its platform. CFD and Spot Forex trading do carry a degree of risk which may result in you losing more than your initial investment. Please ensure you fully understand the risks involved with leveraged trading and ensure this is not detrimental to your personal or institution's financial well being.

What are the best forex brokers for day trading?

Once you choose your forex broker, you will have access to the major, minor, or exotic currency pairs they offer. Forex is also known as FX or foreign exchange and it is the exchange of currencies against each other. For example, USD/EUR is a major pair, where the dollar and euro are traded against one another. 

If you are a day trader, you will place trades throughout the day and close them before the market closes. Day traders do not keep open positions overnight. This strategy will allow you to keep your costs low since there will be no overnight fees or swaps. 

How does a forex broker for day trading work?

A forex broker for day trading will offer you different currency pairs and grant access to the market through a platform. Platforms vary according to their interface, user-friendliness, trading tools, and more. 

Forex brokers usually have spreads which is the difference between the ask and bid price. This difference is bigger in exotic pairs because they are less liquid. However, some brokers promise 0 pip spreads and earn through other fees and commissions. 

The broker you choose must be regulated. Through regulations, you will be keeping your money safe since it will be ensured by a set of rules appointed by the financial authorities. It is important to make sure the regulator accepts citizens of your country as clients. 

Key features to look for in a forex broker for day trading

Brokers differentiate themselves from one another depending on their features. This includes the securities you will have access to. If it is forex, how many pairs can I trade and how will depend on many things. One of these is the trading platform. 

A trading platform can be accessed via a web browser or an application downloaded to your mobile phone or tablet to trade on the go. Trading from your smartphone might not allow you to have all the charts you need since smartphones have smaller screens compared to laptops and PCs. However, it could be useful to have an app if you need to open or close a trade immediately. 

Payment details are another essential factor. You must see if their fees, payment methods, and waiting times suit your needs. Some usual payment methods are bank cards, electronic wallets, checks, and bank wire transfers. Sometimes fees depend on the method used or the amount that you will deposit or withdraw. Other brokers have fixed fees or deposit and withdrawal minimums. 

Pros & cons of using a forex broker for day trading

Pros

You will not pay overnight fees.
You can trade during the market hours.
Day traders can have great financial benefits.
You can use technical indicators to help you.
There are many effective trading strategies.

Cons

There is always risk involved in trading.
If you don’t trade overnight, you might miss an opportunity.
The market might not always go the direction you expect.

How to choose the best forex broker for day trading for me?

When choosing the best forex broker for day trading it is a good idea to make a checklist. This way you can see what important aspects you should look for in a broker. Do they offer your favorite features? Do you like their customer support?

Platforms like ours can help you through the process since we review brokers according to their specific features and the services they provide for day traders. Our thorough investigation allows us to make on-point comparisons. However, only you understand your goals and needs, so make sure you have enough information before making a choice. 

How to safely use a broker to make money trading online?

If you want to use a broker safely to keep your money away from harm while trading online, you must know the market hours and not miss the point when your working day is over. That way you will not keep positions open overnight. This is one of the many ways to protect your funds. To be successful in the market it is fundamental to keep your capital safe. You must always stay alert to breaking news and market movements. Keep researching and educating yourself to react with knowledge in stressful situations.

Conclusion

Day trading is one of the many strategies used to maximize gains in the financial market. With this, you can take advantage of the liquidity of forex by opening and closing trades during the day. You can have profit without having to pay overnight fees. 

Finding the best broker for trading in 2021 will take some work. However, platforms that offer trustworthy reviews can help you make a well-rounded choice. 

Frequently Asked Questions

  1. If you see a forex broker that is not regulated, then it is not legit. Regulations will protect you and your funds from excessive risk or illegal practices.

  2. Each platform has its own features. See what you need to trade comfortably. Maybe you need to customize your interface, specific tools, or an app.

  3. It will depend on the broker. Some forex brokers offer access to other securities like ETFs, stocks, bonds, cryptocurrencies, and more.

  4. You will only have to add basic personal information, and maybe answer some questions related to finance. Most brokers verify accounts, and the waiting time might vary from 1 to 3 days.