Top Forex Brokers List - 2023 FX Brokerage Categories
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: Best broker overall
- AvaTrade: Best CFD forex broker
- IG: Best forex brokers for beginners
- OctaFX: Best forex broker for professionals
- FXTM: Best customer suppоrt
- Oanda: Best research and education
- FOREX.com: Best forex broker for US traders
- FXCM: Best copy trading software
- FBS: Best high leverage forex broker
- eToro: 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.
Broker Rating | Min Deposit | Leverage | Platform | Licensed | Assets | Mobile | Actions |
---|---|---|---|---|---|---|---|
1
|
$5
|
1000:1 |
MT4
MT5
Platform for trading Forex, analysing financialmarkets and using expert advisors.
|
FCA
ASIC
CySEC
|
|
Yes | Open an Account XM Review |
2
|
$100
|
400:1 |
MT4
MT5
AvaTradeGo
AvaOptions
Platform for trading Forex, analysing financialmarkets and using expert advisors.
|
CBI
ASIC
FSCA
FSA
FFAJ
|
|
Yes | Open an Account AvaTrade Review |
3
|
$50
|
1:30 |
eToro
Platform for trading Forex, analysing financialmarkets and using expert advisors.
|
CySEC
MiFID
FCA
ASIC
|
|
Yes | Open an Account Coming Soon |
4
|
$300
|
1:200 |
MT4
PRT
L2 Dealer
Platform for trading Forex, analysing financialmarkets and using expert advisors.
|
FCA
FSCS
ASIC
|
|
Yes | Open an Account Coming Soon |
5
|
$25
|
1:500 |
MT4
MT5
Platform for trading Forex, analysing financialmarkets and using expert advisors.
|
CySEC
MiFID
ESMA
|
|
Yes | Open an Account Coming Soon |
6
|
$10
|
1:30 |
MT4
MT5
FXTM Trader
Platform for trading Forex, analysing financialmarkets and using expert advisors.
|
CySEC
FSCA
FCA
|
|
Yes | Open an Account Coming Soon |
7
|
$0
|
1:50 |
MT4
MT5
OANDA Trade
TradingView
Platform for trading Forex, analysing financialmarkets and using expert advisors.
|
CFTC
ASIC
IIROC
FCA
MAS
|
|
Yes | Open an Account OANDA Review |
8
|
$100
|
1:50 |
MT4
MT5
Platform for trading Forex, analysing financialmarkets and using expert advisors.
|
CIMA
FCA
FSA
CFTC
IIROC
|
|
Yes | Open an Account Coming Soon |
9
|
$50
|
1:30 |
MT4
Trading Station
NinjaTrader
Platform for trading Forex, analysing financialmarkets and using expert advisors.
|
ASIC
FCA
FSCA
|
|
Yes | Open an Account Coming Soon |
10
|
$1
|
1:3000 |
MT4
MT5
Platform for trading Forex, analysing financialmarkets and using expert advisors.
|
CySEC
MiFID
|
|
Yes | Open an Account Coming Soon |
11
|
$1
|
1:1000 |
MT4
MT5
Platform for trading Forex, analysing financialmarkets and using expert advisors.
|
FSC
CySEC
|
|
Yes | Open an Account Coming Soon |
12
|
$500
|
1:200 |
MT4
Platform for trading Forex, analysing financialmarkets and using expert advisors.
|
GFSC
FCA
|
|
Yes | Open an Account Coming Soon |
Inside Forex Broker Reviews
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.
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:
- 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.
- 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.
- 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.
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.
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.
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.
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.
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.
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.
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.
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.
Other Good Forex Brokers – Honorable Mentions
The following brokers didn’t make the list of top brokers in the above categories. However, they possess unique and notable features worth mentioning.
- InstaForex: InstaForex is a trusted broker with a good range of instruments and great technology for forex trading. The platform is easy to use and suitable for new and professional traders.
- IQ Option: With over 40 million users, IQ Option is a regulated and widely used trading platform. The broker offers many tradable instruments with low spreads and commissions.
- Admiral Markets: Admiral Markets allows users to trade forex stocks and indices of all kinds. It’s a regulated platform with excellent customer support and a positive reputation.
- InterTrader: InterTrader is a UK-regulated broker that allows users to trade CFDs by utilizing the favorable trading conditions provided. The broker offers custom services for professional and beginner traders.
- Markets.com: This online trading platform allows users to trade CFDs, stocks, and forex. Markets.com is regulated in 2 tier-1 jurisdictions, making it a safe broker.
Best FX Brokers 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.
Forex Brokers Academy
If you want to learn more about the financial markets, then our Forex Brokers Academy has got you covered. We provide a comprehensive education regardless of your level of experience.
Newcomer
As a newcomer, you will learn all you need to know before trading financial instruments. This covers basic terminologies and understanding of foundational concepts in trading.
Rookie
The rookie level provides more insight into financial market analysis. This covers technical, fundamental, and sentiment analysis tools and methodologies.
Intermediate
This level of education is targeted at traders who understand how to analyze the markets and are able to trade independently.
Expert
Here, we expose you to expert-level knowledge by providing more details and insight into the popular trading concepts. This includes teachings on intermarket analysis, exchange-traded funds, etcetera.
Trading Professional
The trading professional produces experts who have superior insight into several aspects of trading. The professional trader is profitable and has mastered the art of profiting from financial assets.
FAQ
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.
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.
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.
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.
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.
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.
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.
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.
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.