Online forex trading has grown in popularity with personal investors over the last few years. The growth has led to a big increase in the number of brokers available to traders, but choosing one doesn't always come down to simply cost.
Like forex, trading CFDs involves using leverage (which we'll return to below) and gives the trader the ability to place trades on such things as commodities and stock indexes.
For more advanced traders, IG offers the ability to automate trading strategies via an API, and in addition, traders can trade through 3rd-party trading platforms such as MetaTrader 4.
Like IG, Saxo is a broker that has been around since the 1970s with a trusted and recognizable brand. It offers three accounts, each one with a minimum account balance: Classic $2,000, Platinum $200,000 and VIP $1,000,000.
Forex.com is one of the two CFD and forex brokers owned by Gain Capital (the other way being City Index). Like Saxo, Forex.com is well known for providing forex traders with a great customer experience.