The hardest choice for novice forex traders is to decide which forex broker to pick to start their trading career. For that reason, here we will tell you the pros and cons of the two most prominent names in the forex trading world so that you can easily decide which one is the best for your trading needs.
1. Established in 1974, IG Group is considered to be the oldest and experienced broker in the online trading field.
2. This broker has multiple regulations from top-tier authorities including FCA, AISC, and JFSA.
3. Client’s capital is kept in segregated accounts at regulated banks.
4. Offers multiple trading instruments including forex, CFDs, and shares.
5. Quality education and learning material are offered for skill development such as tutorials, webinars, blogs, and news updates.
6. Apart from MT4, they also offer their flagship web platform with advanced features including the mobile application.
1. Established in 2012, Graphene FX is relatively new but has very quickly earned a reputable place for itself in the market.
2. This broker is still considered a legitimate and trusted name in the industry with its so far one regulation with FSA.
3. Client’s capital is secured and offers balance protection.
4. Graphene FX has excellent customer service available 24/7.
5. Educational material is of good quality and caters to all levels of traders such as daily blogs, news updates, and video content.
6. In terms of charges it does better with no withdrawal or inactivity fees, no commissions, the minimum deposit is $100, spreads starting from 0.1 pips for standard account type, and Islamic account availability to reach a wider audience.
7. Offers classic MT4 platform which is available for mobile, desktop, and even tablets supporting both Android and iOS devices.
1) One of the major drawbacks, although there are no withdrawal fees, charges are higher at IG markets with the minimum deposit being $300, commissions on forex, CFDs, and shares, minimum spreads from 0.6 pips, and inactivity fee applicable after 2 years with no availability of Islamic account.
2) Customer service is not available from 10 pm Friday to 8 am Saturday.
1) Graphene has relatively fewer regulations and experience as compared to others in the market.
2) Also offers all major classes of trading instruments including forex, stocks, indices, cryptocurrencies, and commodities.
3) Does not have a flagship platform yet.
In the end, it really depends on the type of trader one is, the forex broker should match the needs and style of your trading. For beginners, it is advised that starting with Graphene FX will be more beneficial because of their low cost as one might not have that much capital to invest at first.