Best New Forex Broker

Best New Forex Brokers To Trade With in 2020

Providing online forex trading services is an extremely competitive business. Forex brokers all compete for the same customers.  The best new forex brokers face an especially difficult task. How can they build trust among trading customers when they are competing against forex brokers that have been in business for several decades.

We present the most promising new brokers that have set up their online brokerage over the past two decades. These forex brokers have steadily built a strong reputation with their trading customers and we expect them to continue to grow as we enter a new decade moving into 2020.

Broker Overall rating Min deposit Fee Rating Customer service quality
4/5
no minumum
5/5
4/5
4.4/5
100
4/5
4/5
4.6/5
250
4/5
4/5
3.9/5
$100
4/5
4/5
73% of retail CFD accounts lose money

With a regulatory environment favourable towards such online brokerages setting up, several online brokerages have set Australia as their headquarters.

Other brokers that are headquartered overseas have been able to establish operations in Australia by complying with the regulations set forth by the Australian Securities and Investment Commission (ASIC). We review the most popular forex brokers in Australia and assess the upsides and downsides of each.

Skilling is our Best New Forex Broker Pick of 2019

Skilling receives our best new forex broker pick of 2019 given that it is the most recently founded on our list of new brokers. Founded only in 2016, Skilling is about to surpass the three-year mark.

Founded in Cyprus, the services provisioned by Skilling are regulated by the CySEC. Skilling is a forex broker we will be keeping our eye on. Although its services are still limited compared to other online brokers, it has rapidly built its customer base over the past three years and has expanded its trading markets to include equities, forex, commodities, indices, and even Bitcoin.

Skilling is particularly suitable for new traders. Given that Skilling is still in its early years of operations, users will find strong customer support when setting up and will also find competitive fees and a wide variety of trading products.

Pro's and Con's

Broker Pro's Con's
  • Caters for niche needs such as Islamic accounts or the option to fund the account with bitcoin.
  • Six instruments are available to trade within the cryptocurrency market class
  • Insurance can be purchased for further coverage in the event of business bankruptcy
  • Wide variety of tools and educational resources available to traders
  • The broker does not have many instruments within asset classes such as equities, indices, and commodities as other online brokerages.
  • The broker does not have the decades of operating experience which some competitor online brokers do have
  • Accounts are restricted in the United States
  • Customer support is only available six days/week
  • Offers high leverage trading. Clients in the EU can use up to 30x leverage, outside of the EU can use 400x leverage
  • Clients that upgrades to a VIP account will have access to a personal adviser; help with market information and insight
  • ‘Risk-free’ trading option that allows traders to cancel their trade within an hour of making it
  • Doesn’t offer its demo account for more than 8 days, far less than many other platforms
  • Fee structure isn’t straightforward and changes based on product being traded
  • FCA Regulated. Quick account opening process with easy funding methods
  • Extensive education section combined with user videos
  • Offers MT4 and proprietary X-Station with options for Expert Advisor
  • Focused around CFD and Forex
  • Maximum leverage is not the highest available
  • Despite the limited operating history of the company, its services have been quickly expanding to new jurisdictions within the EU.
  • Users can set up a standard account with a small starting balance
  • 10 cryptocurrency markets are accessible to users
  • New broker only founded in 2016
  • Only market orders can be executed
  • Services are only available in a limited number of areas
73% of retail CFD accounts lose money

No Need to Think Twice About ThinkMarkets

ThinkMarkets is another promising forex broker set up over the past decade. Founded in 2010, ThinkMarkets provides its trading customers with access to the foreign exchange markets, shares, precious metals, indices, commodities, and cryptocurrencies. Cryptocurrencies available to trade include Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, and Dash. The broker is regulated by the FCA, FSCA, and ASIC. Traders using ThinkMarkets have coverage of up to £85,000 in the event that online broker goes bankrupt. Traders have the option to purchase insurance which covers losses up to £1 million.

ThinkMarkets has managed to craft several competitive advantages over other online forex brokers. ThinkMarkets is a particularly good choice for forex traders with niche needs. For example, ThinkMarkets is one of the few forex brokers which allows its traders to set up an Islamic account and will also allow users to fund their accounts with Bitcoin.

ThinkMarkets also provides access to a wide variety of markets. Traders can access these markets through several different trading platforms. Traders can use the MetaTrader 4 platform or ThinkMarket’s own proprietary trading platform called Trade Inceptor.

Choosing the More Established easyMarkets

Publicly Listed XTB is the Safest Choice Among New Online Brokers

X-Traders Brokers (XTB) is the online broker on this list with the longest history of operation. It also happens to be the only forex broker on this list which is publicly listed on a stock exchange. Founded in Poland in 2002, XTB currently trades on the Warsaw Stock Exchange. Being a publicly-traded company brings advantages and disadvantages. While XTB may not be able to swiftly change it’s business strategy as quickly as a smaller broker such as Skilling, XTB does benefit from both the funding and the reputation that comes with being a publicly listed company. Publicly-listed companies are also required to comply with stringent financial reporting requirements meaning that users get the benefits of knowing that the companies get strict oversight from auditors and regulators.

Regulated by the FCA, XTB caters for both institutional and retail investors. A wide variety of users will find their trading needs met with XTB. The broker provides access to several markets and also provides a versatile set of trading platforms for their users. Users can access the markets on mobile, desktop, and tablet. In terms of software, traders choose between the widely used MetaTrader 4 platform or XTB’s proprietary software xStation 5.

Break the Markets With The Best New Brokers

Outperforming the market is a task which only the best traders have managed to accomplish. Choosing the right forex broker when attempting to accomplish this task is a necessity. Forex brokers that provide the right tools at the right fees are fundamental when it comes to taking on the market.

Choosing an online broker which has been established relatively recently comes with a certain degree of risk. However, there can also be certain advantages such as better customer support, more trading products, and better fees. Skilling, ThinkMarkets, easyMarkets, and XTB turned out to be the most promising among the new forex brokers our team reviewed. Skilling is relatively new but shows great promise for growth moving into 2020. Skilling traders may be able to avail from innovative trading products and platforms as the broker expands. The safest choice on the list is certainly XTB which caters for a wide variety of traders including both retail and institutions. Traders choosing XTB will benefit from the regulatory oversight which publicly listed companies are subject to and will also get all the features of a well-established online broker.

For those with niche needs, ThinkMarkets is a strong consideration. In addition to offering access to a wide variety of markets, users will find that they have options available to them that are typically impossible with other brokers. Online brokers supporting Islamic Accounts are hard to find and those with Bitcoin funding options are even rarer. ThinkMarkets allow s their traders to do both of these. easyMarket is another strong choice with a reputable history of operation making it a viable option for online  day trading forex traders.