Top Forex Brokers for 2023

An ideal forex broker should be regulated, reputable, and offer the best possible trading conditions suited for your trading needs. For instance, if you’re a scalper or day trader, you may favor brokers with low spreads and speedy trade execution. We have tested and researched the best forex trading brokers to help you make informed decisions, regardless of your style. Based on our evaluations, we’ve selected winners for each category in our best forex brokers list below:

  • XM XM Best broker overall
  • XTB
    XTB
    Best CFD forex broker
  • PrimeBit
    PrimeBit
    Best forex brokers for beginners
  • Pepperstone
    Pepperstone
    Best forex broker for professionals
  • Eightcap
    Eightcap
    Best customer suppоrt
  • AvaTrade AvaTrade Best research and education
  • Forex.com
    Forex.com
    Best forex broker for US traders
  • eToro eToro Best copy trading software
  • FBS
    FBS
    Best high leverage forex broker
  • FXTM
    FXTM
    Best forex broker for Bitcoin trading

Selecting the Best Online Forex Broker for You

Before choosing a broker, go through your options and consider the minimum deposit, leverage, tradable assets, and trading platform each broker offers.

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Broker Rating Min Deposit Leverage Platform Licensed Assets Mobile Actions
XM
US
XM
1
100% Excellent
$5
1000:1
MT4
MT5
FCA
CySEC
ASIC
  • stocks
  • currencies
Yes Open an Account XM Review
XTB
US
XTB
2
99% Excellent
$0
30:1 – 500:1
MT4
FCA
KNF
CySEC
CNMV
IFSC
DFSA
  • forex
  • commodities
  • crypto
  • stocks
  • ETFs
Yes Open an Account Coming Soon
PrimeBit
US
PrimeBit
3
98% Excellent
$0
1:200
MT5
None
  • crypto
  • stocks
  • indices
Yes Open an Account Coming Soon
Pepperstone
US
Pepperstone
4
97% Excellent
$200
400:1
MT4
MT5
TradingView
FCA
DFSA
ASIC
  • forex
  • indices
  • crypto
  • shares
  • indices
  • commodities
Yes Open an Account Coming Soon
Eightcap
US
Eightcap
5
96% Excellent
$100
500:1
MT4
MT5
ASIC
  • forex
  • crypto
  • stocks
  • commodities
  • indices
Yes Open an Account Coming Soon
AvaTrade
US
AvaTrade
6
90% Excellent
$100
400:1
MT4
MT5
ASIC
CBI
FSCA
FSA
FFAJ
  • stocks
  • indices
  • commodities
  • crypto
  • currencies
Yes Open an Account AvaTrade Review
Forex.com
US
Forex.com
7
81% Excellent
$100
1:50
FCA
FSA
CFTC
IIROC
CIMA
  • stocks
  • currencies
Yes Open an Account Coming Soon
eToro
US
eToro
8
91% Excellent
$200
1:30
eToro Trading app
Web platform
FCA
CySEC
ASIC
MiFID
  • stocks
  • indices
  • ETFs
  • forex
  • commodities
  • crypto
Yes Open an Account eToro Review
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
FBS
US
FBS
9
84% Excellent
$1
1:3000
CySEC
MiFID
  • stocks
  • currencies
Yes Open an Account Coming Soon
FXTM
US
FXTM
10
84% Excellent
$10
1:30
FCA
CySEC
FSCA
  • stocks
  • currencies
Yes Open an Account Coming Soon
*18+ T&Cs apply to each offer. Click "Open an Account" for more information.
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Forex Trading by Categories

Now that you know the types of forex brokers available, we’ll take a closer look at different categories and show you the uniqueness of each platform, based on different criteria. While many brokers offer similar services, our forex brokers reviews show that some of them are outstanding. This makes them suitable for a specific group of traders, and we’ll show you which forex broker stands out in each category below.

Best Overall Broker - Most Trusted

When it comes to forex trading, the importance of finding a trustworthy broker cannot be overstated. After all, your broker will be handling your money, so you need to ensure that they are reliable and will not disappear with your funds.

There are a few things you can look for when trying to find a trustworthy forex broker. First of all, make sure that the broker is regulated by a reputable authority such as the Financial Conduct Authority (FCA) in the UK or the Commodity Futures Trading Commission (CFTC) in the US. These organizations set strict standards that brokers must adhere to, so you can be sure that your broker is following best practices if they are regulated by one of these bodies. The best regulated forex brokers are often regarded as reliable platforms since they follow set standards.

Also, make sure to read online reviews of the broker before opening an account. Reviews from other users help you to gauge the level of the broker’s competence.

Finally, take a look at the broker’s website and see how well it is designed and maintained. A regularly updated, professional-looking website is a good sign that the broker is committed to providing a high-quality service. The best brokers for forex trading often have professional websites that are easy to navigate and understand. The website should also contain verified contact details of the brokerage platform.

XM is the most trusted online forex trading broker. It has been in business for several years and currently serves over 5 million clients. They are regulated by multiple financial authorities, including the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the Financial Services Commission of Belize (FSC). They have a good reputation among traders, with many positive reviews online. Their contact details are easy to find and they offer a great trading experience. With that said, let’s take a look at the best CFD broker.

1
XM
Rating: 100%
Regulations: 95%
Spreads and fees: 89%
Trading Platforms: 91%
XM Review

Best CFD Forex Brokers

A contract for difference (CFD) is an agreement between 2 parties to exchange the difference in the value of a financial instrument between the time the contract is opened and when it is closed. So, if the market moves in your favor, you will make a profit; if it moves against you, you will incur a loss.

Before choosing a CFD broker, the first thing you need to consider is the regulatory environment in which the broker operates. This is important because it will determine the safety of your investment and the level of customer protection that you are entitled to.

The second factor to consider is the fees charged by the broker. Some brokers charge a commission on each trade, while others may charge a flat fee. It is important to compare the fees charged by different brokers before deciding which one to use.

The final factor to consider is the range of assets offered by the broker. Some brokers only offer a limited range of assets, while others offer a much more comprehensive range. It is essential to choose a broker that provides the types of assets that you are interested in investing in.

AvaTrade is the best CFD broker because of its:

  1. Wide range of markets : AvaTrade offers a wide range of markets, including forex, indices, commodities, and metals. This gives traders an excellent opportunity to trade various assets and find the ones that best suit their investment goals.
  2. Competitive spreads: AvaTrade offers some of the most competitive spreads in the industry. This makes it an ideal choice for traders who are looking to minimize their trading costs.
  3. Powerful trading platforms: AvaTrade provides its clients with powerful trading platforms that offer a variety of features and tools. This allows traders to customize their trading experience according to their individual needs and preferences.
1
XTB
Rating: 99%
Regulations: 99%
Spreads and fees: 99%
Trading Platforms: 99%
Coming Soon

Best Forex Brokers for Beginners

When looking for a forex broker, there are many factors to consider. However, if you’re a beginner, there are some extra things you’ll want to keep in mind.

Firstly, you’ll want to choose a broker with a platform that’s easy to use and navigate. If you’re new to trading, a complicated platform can be confusing and overwhelming. Look for a platform with simple charts and clear order entry fields.

Also, some brokers require high minimum deposits, which can be difficult for beginners who may not have a lot of money to invest. Choose a broker with low minimum deposit requirements so you can start trading with a smaller account.

In addition, beginner-friendly platforms offer forex trading education and demo accounts. A demo account allows you to practice trading with virtual money before risking your own capital. This is a great way to learn the ropes and test out different strategies without any risk.

The best forex broker for beginners is IG. This forex broker is suitable for beginners for a number of reasons. First, it has very low minimum deposit requirements, and this makes it easy for anyone to start trading forex, even if they don’t have a lot of money to invest.

Another reason why IG is suitable for beginners is that it offers a free demo account. The platform remains one of the best brokers for forex trading and provides free demo accounts for you to practice with. Once you feel comfortable with how the platform works, you can then start trading with real money.

1
PrimeBit
Rating: 98%
Regulations: 93%
Spreads and fees: 94%
Trading Platforms: 95%
Coming Soon

Best Forex Brokers for Professionals

Professional forex trading is a type of trading that involves the speculation of currencies to make profits. It is typically done by individuals who have expertise in the field, as well as access to capital and other resources.

There are a number of ways to approach professional forex trading. Some traders may choose to specialize in a particular currency pair, while others may take a more diversified approach. Professional forex traders typically utilize analytical tools and strategies to make informed decisions about their trades.

The best broker for professional traders is OctaFX. OctaFX is a good choice for professional forex trading for a few reasons. As one of the best forex trading brokers, the platform offers low spreads starting at 0.0 pips, saving traders a significant amount of money in fees over time. The platform also offers a wide variety of sophisticated tools and features that can help professional traders become more successful in the forex market.

1
Pepperstone
Rating: 97%
Regulations: 97%
Spreads and fees: 0%
Trading Platforms: 98%
Coming Soon

Best Customer Support Forex Broker

Customer support is important in a forex broker because it provides a way for customers to get help with their account, trading platform, or other questions they may have. A good customer support team can differentiate between a successful and an unsuccessful trade. In addition, customer support can help resolve problems that may arise during trading.

It is important to choose a forex broker that offers good customer support. A good customer support team should be knowledgeable and helpful and able to answer questions quickly and efficiently. In addition, the customer support team should be available 24 hours a day, 7 days a week.

Customer support is an important part of choosing a forex broker. It is important to choose a broker that offers good customer service so that you can get the help you need when you need it.

The broker with the best customer support is FXTM.

Since its inception, FXTM has strived to deliver the best possible customer support and service to its clients. The company has a strong focus on providing excellent customer service to help clients achieve their financial goals. One of the reasons why FXTM has the best customer support is because the company has a dedicated team of customer service representatives who are always ready to assist clients with any inquiries or problems they may have. The company offers 24/5 customer support in multiple languages and is dedicated to providing its clients with the best possible trading experience.

1
Eightcap
Rating: 96%
Regulations: 96%
Spreads and fees: 95%
Trading Platforms: 96%
Coming Soon

Best Research and Education Forex Brokers

When you are looking for a forex broker, it is essential to consider both the research and the education that they can offer you. A good broker will be able to provide you with the resources and knowledge you need to make informed decisions about your trades. They should also be able to keep you up to date on the latest developments in the market so that you can adjust your strategy accordingly.

Research entails evaluating news updates and other economic data that might impact your trading decisions. For instance, if you’re planning on trading EUR/USD, you’ll want to pay attention to any updates regarding the European Union or the United States. By keeping up with the latest news, you can make sure that your trades are based on accurate information.

Education is essential for forex traders of all levels of experience. Newcomers need to learn about the basics of forex trading, such as how to read currency quotes and place orders. More experienced traders can benefit from advanced education, which can help them hone their skills and strategies. A good broker will offer a variety of educational resources, including articles, videos, webinars, and more.

When it comes to research and education services, there is no doubt that Oanda is one of the best online forex brokers in the business.

Oanda has a wide range of research and education resources for its clients. These resources include market analysis, news updates, and a comprehensive education center.

One thing that sets Oanda apart from other brokers is its commitment to providing high-quality research and education services. Oanda’s analysts are always working to provide the latest market insights and analysis. This ensures that their clients have the most up-to-date information available.

1
AvaTrade
Rating: 90%
Regulations: 100%
Spreads and fees: 97%
Trading Platforms: 91%
AvaTrade Review

Best Forex Brokers for US Traders

US forex brokers are regulated by the National Futures Association (NFA), which is the main regulatory body for the futures and options industry in the United States. The NFA has a set of stringent rules and regulations that all US forex brokers must adhere to. These rules and regulations are designed to protect the investor from fraud and to ensure that only legitimate and trustworthy brokers are allowed to operate in the United States.

The most important rules that the NFA imposes on US forex brokers are the following:

  • All US forex brokers must be registered with the NFA.
  • All US forex brokers must maintain segregated accounts for their clients’ funds.
  • All US forex brokers must have a minimum capital requirement of $20 million.
  • All US forex brokers must comply with the NFA’s "know your customer" rules.

These are just some of the most important rules that the NFA imposes on US forex brokers.

The best broker for US residents is FOREX.com.

There are a number of reasons why Forex.com is considered to be the best US broker. First and foremost, the company is regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). This means that it adheres to strict financial standards and provides its clients with a high level of protection.

Unlike other brokers that may be located offshore, Forex.com is subject to the same regulatory requirements as US-based brokers. This provides peace of mind for traders who may be concerned about the safety of their funds.

1
Forex.com
Rating: 81%
Regulations: 0%
Spreads and fees: 0%
Trading Platforms: 0%
Coming Soon

Best FX Brokers with Copy Trading Software

Copy trading is a type of trading that allows you to copy the trades of other traders. This means that you can trade without having to do your own research or make your own decisions. All you need to do is find a trader that you want to copy, and then your broker will automatically execute their trades on your behalf.

When choosing a broker for copy trading, there are a few things you need to take into account. Firstly, make sure that the broker is regulated by a reputable body such as the Financial Conduct Authority (FCA) in the UK or the Commodity Futures Trading Commission (CFTC) in the US. This will ensure that your broker is safe and trustworthy.

Secondly, check that the broker is compatible with the copy trading platform that you want to use. Not all brokers will work with all platforms, so this is an important consideration.

Then, consider the speed of execution. When you are copy trading, you need to be sure that your broker can execute trades quickly and efficiently. Otherwise, you could miss out on profits or end up making losses.

Finally, consider the spread. This is the difference between the bid and the ask price of a currency pair, and it can eat into your profits if it is too high. Check the spread offered by your broker before you start copy trading. Spread influences profitability, so it’s essential to keep it as low as possible.

The best broker for copy trading is FXCM.

When it comes to copy trading, there are a few key factors that make FXCM the best broker out there. First and foremost, FXCM has years of experience in the industry and has been able to perfect its platform and services. Secondly, FXCM provides its clients with access to some of the most experienced and successful traders in the world. This allows clients to learn from the best and improve their own trading skills. Finally, FXCM offers highly competitive rates, making it one of the most affordable brokers for copy trading.

1
eToro
Rating: 91%
Regulations: 92%
Spreads and fees: 91%
Trading Platforms: 90%
eToro Review
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

Best High Leverage Forex Brokers

Leverage refers to the ability to control a large amount of money in the forex market with a relatively small amount of capital. This is done by borrowing money from a broker and using it to trade currency pairs. High leverage is significant because it allows traders to make big profits even with small investments.

High leverage is not suitable for all traders and should only be used by those with a good understanding of the risks involved.

The best high leverage forex broker is FBS.

There are many reasons why FBS is the best high-leverage forex broker. First, FBS offers extremely tight spreads from 0.1 pips on major currency pairs. This is possible because it doesn’t charge commission on forex trading. FBS offers various account types and investment products to suit your needs. Whether you’re a beginner or an experienced trader, FBS has an account type that’s right for you. The leverage ranges from 1:50 to 1:3000, making it highly competitive and one of the highest in the industry.

1
FBS
Rating: 84%
Regulations: 0%
Spreads and fees: 0%
Trading Platforms: 0%
Coming Soon

Best Forex Brokers for Bitcoin Trading

Bitcoin trading is the process of buying and selling bitcoins on a cryptocurrency exchange. Cryptocurrency exchanges are online platforms where you can buy, sell or trade cryptocurrencies for other digital assets or fiat currencies. Bitcoin trading requires a level of understanding of the market and the platform you’re using to trade.

When choosing a broker for bitcoin trading, there are a few things to consider:

  • The fees charged: Different brokers charge different fees for their services. Be sure to compare the fees charged by various brokers before deciding. Fees include swaps and commissions.
  • The payment methods accepted: Some brokers only accept bank wire transfers, while others also accept credit cards and cryptocurrency deposits. Choose a broker that accepts the payment method you’re comfortable using.
  • The platform offered: Some brokers offer their own proprietary trading platforms, while others use third-party platforms like MetaTrader 4 or cTrader. Make sure the platform provided by the broker suits your needs.
  • The level of security offered: Crypto assets are stored in digital wallets. Make sure the broker you choose has a secure wallet system in place.

The best platform for trading bitcoins is eToro.

eToro is the best broker for bitcoin trading because its many features make it easy and convenient to trade bitcoins. These features include its user-friendly platform, low fees, and advanced tools. Additionally, eToro is one of the few brokers that allow you to trade bitcoins with leverage, which can help you increase your profits.

1
FXTM
Rating: 84%
Regulations: 0%
Spreads and fees: 0%
Trading Platforms: 0%
Coming Soon

Make your choice by asset types

Since brokers offer different assets, the quality of services they offer can vary depending on the type of asset you're trading. Here is a description of the top 3 brokers based on the assets they offer.

XM.COM - For the Traders

XM offers a wide range of trading instruments, quality customer service and an in-dept educational platform.

Top 3 Brokers with EUR/USD
XM
XM
  • Low withdrawal fees
Rating:100%
AvaTrade
AvaTrade
  • Highly regulated by three tier-1 institutions
Rating:90%
OANDA
OANDA
  • Been in business since 1996
Rating:90%
XM.COM - For the Traders

XM offers a wide range of trading instruments, quality customer service and an in-dept educational platform.

Top 3 Brokers with EUR/USD
XM
XM
  • Low withdrawal fees
Rating:100%
OANDA
OANDA
  • Been in business since 1996
Rating:90%
AvaTrade
AvaTrade
  • Highly regulated by three tier-1 institutions
Rating:90%
OANDA | fxTrade Mobile: Placing a trade
OANDA's easy to use mobile platform allows you to trade on the go from everywhere around the world. You also have the opportunity to constantly improve your trading skills with Oanda's Classroom where you get access to premium webinars and various educational resources.
Top 3 Brokers with EUR/USD
OANDA
OANDA
  • Been in business since 1996
Rating:90%
XM
XM
  • Low withdrawal fees
Rating:100%
AvaTrade
AvaTrade
  • Highly regulated by three tier-1 institutions
Rating:90%
XM.COM - For the Traders

XM offers a wide range of trading instruments, quality customer service and an in-dept educational platform.

Top 3 Brokers with EUR/USD
XM
XM
  • Low withdrawal fees
Rating:100%
XM
XM
  • Low withdrawal fees
Rating:100%
AvaTrade
AvaTrade
  • Highly regulated by three tier-1 institutions
Rating:90%
AvaTradeGO | How to Start Trading?

AvaTrade offers secure and intuitive platforms, comprehensive technical and fundamental market analysis of market and much more.

Top 3 Brokers with EUR/USD
AvaTrade
AvaTrade
  • Highly regulated by three tier-1 institutions
Rating:90%
XM
XM
  • Low withdrawal fees
Rating:100%
OANDA
OANDA
  • Been in business since 1996
Rating:90%

Forex Trading Academy

If you want to learn more about the financial markets, then our Forex Brokers Academy has got you covered. We provide comprehensive education regardless of your level of experience.

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FAQ

How Long Does It Take to Learn Forex?

This is a difficult question to answer as it depends on your level of experience and knowledge. If you are new to the world of forex trading, it may take some time to learn the ropes.

However, if you have some experience in other financial markets, you may be able to pick up forex trading more quickly. Ultimately, it will take as long as it takes for you to feel comfortable with the market and your trading strategies.

Which Forex Broker Is the Best?

Again, this is a difficult question to answer definitively. There are many reputable forex brokers out there, and it really depends on your individual needs and preferences.

Some things you may want to consider when choosing a broker include the size of their spreads, the quality of their customer service, and the fees they charge.

Is Forex a Gamble?

No, forex trading is not a gamble. While there is always some element of risk involved in any financial transaction, forex trading can be very lucrative and rewarding if done correctly.

Is Forex Trading a Career?

Yes, forex trading can be a career. Many people around the world make a living by buying and selling currencies on the forex market.

However, it is essential to note that success in forex trading requires hard work, dedication, and discipline.

Can I Learn Forex by Myself?

Yes, you can learn forex by yourself. There are several resources available online and in books that can teach you about the basics of forex trading.

However, it is always advisable to consult a professional before making any significant decisions in the market.

Can a Forex Broker Steal Your Money?

No, a forex broker cannot steal your money as long as it is regulated. However, it is essential to be aware of the risks involved in any financial transaction and to choose a reputable and trustworthy broker.

Does Forex Trading Get Taxed?

In most cases, yes, forex trading is subject to taxation. However, there may be exceptions depending on your country of residence and the regulations.

It is always advisable to consult with a tax professional before making any decisions about your taxes.

How Do Brokers Make Money?

Brokers make money by charging fees for their services, such as commissions or spreads. They may also make money from interest on margin accounts or by selling products and services to their clients.

How Much Do I Need to Start Forex Trading?

This depends on a number of factors, such as the broker you choose and the type of account you open. Most brokers require a minimum deposit to open an account, and some may also charge additional fees for certain services.