The Best Forex Brokers
When deciding on which broker to use trading forex on there are several things to look for. Some of the most important things are probably the things new forex traders think of last. These are things such as safety nets in the case of insolvency or severe market crises. When considering a broker, it’s important to consider the local regulations based on the broker’s regulatory jurisdiction. And lastly, consider spreads, fees, support and usability. We recommend all the forex brokers on this alphabetically sorted list. Here are the the best forex brokers in our opinion:
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Admiral Markets
Admiral Markets is a forex and CFD broker that was founded in 2001 and is headquartered in Tallinn, Estonia. Admiral Markets offers three account types: the Admiral.Markets account, the Admiral.Prime account, and the Admiral.MT5 account. For the Admiral.Markets account, the typical spread on EUR/USD is around 0.5 pips. Their Prime account, the typical spread on EUR/USD is around 0.1 pips and the Admiral.MT5 account, the typical spread on EUR/USD is around 0.5 pips.
Highlights of Admiral Markets
- Trading Platforms: Admiral Markets offers a range of trading platforms, including the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, as well as its proprietary platform, the Admiral Markets WebTrader. These platforms offer a range of advanced trading tools, including charting, technical analysis, and risk management tools.
- Range of Markets: Admiral Markets offers access to over 8,000 financial instruments, including forex, stocks, indices, commodities, and cryptocurrencies. This allows traders to diversify their portfolio and potentially find more trading opportunities.
- Admiral Markets offers competitive forex pair spreads. This is especially true for its raw-spread account. The company also offers volume-based discounts, which can help traders to further reduce their trading costs.
- Regulation and Security: The UK Financial Conduct Authority (FCA) regulates Admiral Markets, along with the Australian Securities and Investments Commission (ASIC). The company also offers strong security measures to protect client funds and personal information.
- Education and Research: Admiral Markets provides webinars and trading guides. Other educational resources are also available. The company also provides market analysis and research tools to help traders make informed trading decisions.
Overall, Admiral Markets is a reputable online broker that offers a range of trading services and features. Its range of markets, competitive spreads and commissions, and user-friendly platform are some of the key strengths of the company.
AvaTrade
AvaTrade is an online forex and CFD broker that was established in 2006. On their Standard account, the average spread on EUR/USD is around 0.9 pips. On their Pro account, which offers raw spreads with no markups, the average spread on EUR/USD is around 0.3 pips.
Highlights of AvaTrade
- Trading Platforms: AvaTrade offers platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5). AvaOptions and proprietary AvaTradeGO are also available. These platforms offer a range of trading tools, including charting, technical analysis, and risk management tools.
- Range of Markets: AvaTrade offers a range of financial instruments, including forex, stocks, indices, commodities, and cryptocurrencies. The company offers access to more than 1,000 instruments, allowing traders to diversify their portfolios and potentially find more trading opportunities.
- Competitive Spreads and Commissions: AvaTrade offers competitive spreads on its forex pairs, with the average spread on EUR/USD starting from 0.9 pips. The company also offers a range of account types, including Standard, Islamic, and a professional account for high-volume traders.
- Regulation and Security: The Central Bank of Ireland regulates AvaTrade. Additionally, oversight is provided by the Australian Securities and Investments Commission (ASIC) and Japan’s Financial Services Commission (FSC). The company also offers strong security measures to protect client funds and personal information.
- Education and Research: AvaTrade offers webinars and video tutorials for traders. Trading guides and other educational materials are also provided. The company also provides market analysis and research tools to help traders make informed trading decisions.
Overall, AvaTrade is a reputable online broker that offers a range of trading services and features. Its range of markets, competitive spreads, and strong regulation and security measures make it a popular choice among forex traders.
City Index
City Index is a UK-based online broker that was founded in 1983. The average spread on EUR/USD at City Index starts from 0.5 pips.
Highlights of City Index
- Trading Platforms: City Index offers AT Pro, a proprietary platform. The web-based Advantage Web and mobile City Index App are also available. These platforms allow traders to access a range of financial instruments, including forex, indices, stocks, and commodities.
- Range of Markets: City Index offers access to over 12,000 markets, allowing traders to diversify their portfolios and potentially find more trading opportunities.
- Competitive Spreads and Commissions: City Index offers competitive spreads on its forex pairs, with the average spread on EUR/USD starting from 0.5 pips. The company charges a commission on trades, with the minimum commission starting from £1.
- City Index is regulated by the FCA in the UK and ASIC, ensuring compliance and security. The company also offers strong security measures to protect client funds and personal information.
- Education and Research: City Index offers a range of educational resources for traders, including webinars, video tutorials, trading guides, and other educational materials. The company also provides market analysis and research tools to help traders make informed trading decisions.
Overall, City Index is a reputable online broker that offers a range of trading services and features. Its range of trading platforms, markets, and competitive spreads make it an attractive option for traders of all levels.
CMC Markets
CMC Markets is a global financial services provider that offers online trading services in forex, stocks, commodities, indices, and more. The average spread for EUR/USD on CMC Markets’ standard account is typically around 0.7 pips, while the average spread on the raw-spread account is typically around 0.3 pips.
Highlights of CMC Markets
- Trading Platforms: CMC Markets offers its proprietary trading platform, Next Generation, which is available in desktop, web, and mobile versions. The platform offers a range of advanced trading tools, including charting, technical analysis, and risk management tools.
- Range of Markets: CMC Markets offers access to over 10,000 financial instruments, including more than 330 forex pairs. This allows traders to diversify their portfolio and potentially find more trading opportunities.
- Competitive Spreads: CMC Markets offers competitive spreads on its forex pairs, which can help traders to minimize their trading costs. The company also offers commission-free trading on most of its forex pairs.
- Regulation and Security: CMC Markets is regulated by several reputable regulatory bodies, including the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) in Australia, and the Monetary Authority of Singapore (MAS). The company also offers strong security measures to protect client funds and personal information.
- Education and Research: CMC Markets offers a range of educational resources for traders, including webinars, trading guides, and other educational materials. The company also provides market analysis and research tools to help traders make informed trading decisions.
Overall, CMC Markets is a well-established and reputable forex broker that offers a range of trading services and features. Its range of markets, competitive spreads, and user-friendly platform are some of the key strengths of the company. However, as with any forex broker, it’s important to consider other factors such as fees, trading conditions, and customer support when choosing a broker.
eToro
eToro is the go to platform not just for Forex Traders but traders of all kinds. One of the reasons are eToros relatively low spreads and the opportunity they give traders to copy-trade. At eToro you can copy-trade a successful forex trader to gain real life experience following that traders trades. You can also trade yourself with spreads as low as 0.001 (one pip) on instruments such as EUR/USD. See more at etoro.com.
Strengths: Possible to copy-trade.
Details: eToro is a social trading and multi-asset brokerage company that offers a platform for individuals to invest in a variety of financial markets including forex, stocks, commodities, cryptocurrencies, and more. It allows traders to buy and sell assets, as well as copy the trades of other successful traders on the platform. eToro provides traders with access to various research tools, market analysis, and educational resources. The platform has a user-friendly interface and is accessible on desktop and mobile devices. eToro is regulated by financial authorities such as the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC).
FP Markets
FP Markets is an Australian online forex and CFD broker that was founded in 2005. The company is regulated by the Australian Securities and Investments Commission (ASIC) and offers a range of trading instruments, including forex, stocks, indices, commodities, and cryptocurrencies. However, you do not have to be Austrailian to trade forex via FP Markets. The typical minimum spread on EUR/USD for FP Markets’ Raw Account type is 0.0 pips, with a commission charge of AUD$3.5 per side per lot. The typical minimum spread on EUR/USD for FP Markets’ Standard Account type is 1.0 pips.
Strenghts: Range of trading instruments, competitive trading conditions, choice of trading platforms, regulatory oversight, customer service, and commitment to education and research.
Highlights of FP Markets
- Trading platforms: FP Markets offers a choice of trading platforms, including MetaTrader 4, MetaTrader 5, and IRESS. These platforms are popular among traders for their advanced charting capabilities, customizable interface, and user-friendly design.
- Range of trading instruments: FP Markets provides a wide range of trading instruments, including over 60 currency pairs, as well as stocks, indices, commodities, and cryptocurrencies. This enables traders to access a diverse range of markets and instruments to trade.
- Customer support: FP Markets provides 24/5 customer support via phone, email, and live chat. The company has won awards for its customer service, which is known for its promptness and professionalism.
- Education and research: FP Markets offers a variety of educational resources and research tools to help traders improve their skills and knowledge, including webinars, e-books, market analysis, and trading tools such as the Trading Central plugin.
- Security and regulation: FP Markets is regulated by ASIC, which is known for its strict regulatory standards. The company also takes security seriously, with measures in place to protect customer data and funds, such as two-factor authentication and segregated client accounts.
Overall, FP Markets is a well-regarded online forex and CFD broker that offers a range of trading instruments, competitive pricing, and strong regulatory oversight.
FXTM
FXTM (ForexTime) is an online forex and CFD broker founded in 2011. The company is based in Cyprus and is regulated by several financial authorities, including the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA) in the UK. FXTM offers a range of trading instruments, including forex, stocks, commodities, and cryptocurrencies, with several account types to choose from, including Standard, Cent, ECN, and FXTM Pro. The lowest spreads on EUR/USD for FXTM’s Standard account type were typically 1.3 pips, while for the ECN account type, spreads could go as low as 0.0 pips with a commission charge of $4 per lot round turn.
Strengths: Commitment to education, range of trading instruments, competitive trading conditions, customer service, and regulatory oversight.
Highlights of FXTM
- Trading platforms: FXTM provides a choice of trading platforms, including MetaTrader 4 and MetaTrader 5, which are popular among traders for their ease of use and advanced charting capabilities.
- Education and research: FXTM offers a range of educational resources and research tools to help traders improve their skills and knowledge, including webinars, e-books, and market analysis.
- Customer support: FXTM provides 24/5 customer support via phone, email, and live chat.
- Security: FXTM takes security seriously, with measures in place to protect customer data and funds, including SSL encryption, two-factor authentication, and segregated client accounts.
- Regulation: FXTM is regulated by several financial authorities, which helps to ensure that the broker operates in a transparent and fair manner.
Overall, FXTM is a well-regarded online forex and CFD broker with a range of trading instruments, competitive pricing, and strong regulatory oversight.
Forex.com
Trade forex with Forex.com’s trading platform paying zero commission and spreads from 0.0001 (one pip). Precious metals can be traded with spreads from 0.04. You can create an account or an demo account at https://www.forex.com/.
Strengths: Safe and good for most forex traders.
Details: Forex.com is a online broker providing traders access to the foreign exchange (forex) market. It offers a range of products including currency pairs, commodities, indices, and stocks. Forex.com offers a platform for buying and selling financial instruments. They provide educational resources, research tools, and customer support. Forex.com is regulated by the Financial Conduct Authority (FCA). It’s also overseen by the US National Futures Association (NFA).
IC Markets
An interesting Forex Trading Platform, which is one of the best, when it comes to spreads. EURUSD can be traded with an average spread of 0.0006 (0.6 pips) with a standard account (no commission) and at around 0.0 (0 pips) with a Raw Spread Account. With a Raw Spread Account you’ll have to pay 3.5 USD in commission per lot side (100.000 units) instead though. As for regulation it seems a bit more insecure than average with regulation in Cyprus and Seychelles together with Australia depending on your region. Read more at https://www.icmarkets.com/.
Strengths: One of the lowest spreads, down to 0.0.
Details: IC Markets is an Australian-based online forex and CFD broker. It offers access to the foreign exchange market, as well as a variety of other financial markets including commodities, indices, and cryptocurrencies. The company provides a trading platform that features advanced charting tools, automated trading capabilities, and market analysis. IC Markets aims to provide competitive spreads and fast execution for its clients. The company is regulated by the Australian Securities and Investments Commission (ASIC) and is compliant with international financial regulations. It offers customer support in multiple languages and serves clients from around the world.
IG
IG is a UK-based financial services company that offers online trading services for forex, stocks, commodities, and other financial instruments. Founded in 1974, the company has grown into a leading online trading provider. It operates in over 16 countries. The average spread for EUR/USD on IG’s standard account is typically around 0.6 pips, while the average spread on the raw-spread account is typically around 0.2 pips.
Highlights of IG
- Range of Markets: IG offers access to a wide range of financial instruments, including forex, stocks, commodities, and indices. The company offers more than 80 currency pairs, which makes it one of the most diverse forex brokers in the industry.
- Low Spreads: IG offers competitive spreads on its forex pairs, which helps traders to minimize their trading costs. The company also offers commission-free trading on most of its forex pairs.
- User-Friendly Platform: IG provides traders with a user-friendly trading platform that is easy to navigate and customize. The platform offers a range of advanced trading tools, including charting, technical analysis, and risk management tools.
- Regulation and Security: IG is regulated by the UK’s Financial Conduct Authority (FCA). It’s also overseen by the Australian Securities and Investments Commission (ASIC). The company also offers strong security measures to protect client funds and personal information.
- Educational Resources: IG offers a range of educational resources for traders, including webinars, trading guides, and other educational materials. This helps traders to improve their trading knowledge and skills, which can improve their trading performance.
Overall, IG is a well-established and reputable broker that offers a range of features and services for forex traders. The company offers wide markets, competitive spreads, and a user-friendly platform. Its strong regulation makes it globally popular among traders.
Interactive Brokers
Interactive Brokers is a US-based online brokerage firm that provides access to a wide range of financial markets, including forex, stocks, futures, options, and more. For the standard account, the typical spread on EUR/USD is around 1.2 pips. For the raw-spread account, the typical spread on EUR/USD is around 0.1 pips. However, it’s important to note that raw-spread accounts have a commission fee of $2 per lot, per side.
Highlights of Interactive Brokers
- Trading Platforms: Interactive Brokers offers Trader Workstation (TWS), its proprietary platform. Mobile and web versions are also available. TWS offers a range of advanced trading tools, including charting, technical analysis, and risk management tools.
- Range of Markets: Interactive Brokers offers access to over 135 markets in 33 countries, including more than 100 forex pairs. This allows traders to diversify their portfolio and potentially find more trading opportunities.
- Competitive Spreads and Commissions: Interactive Brokers provides competitive spreads and commissions. This is particularly notable on its raw-spread account. The company also offers volume-based discounts, which can help traders to further reduce their trading costs.
- Regulation and Security: Interactive Brokers is regulated by the US Securities and Exchange Commission (SEC). It’s also overseen by the UK’s Financial Conduct Authority (FCA). The company also offers strong security measures to protect client funds and personal information.
- Education and Research: Interactive Brokers provides educational resources like webinars, trading guides, and other materials for traders. The company also provides market analysis and research tools to help traders make informed trading decisions.
Overall, Interactive Brokers is a well-established and reputable online broker that offers a range of trading services and features. Its range of markets, competitive spreads and commissions, and user-friendly platform are some of the key strengths of the company.
Oanda
Oanda is one of the older platforms established before 2000. You can trade e.g. EUR/USD and EUR/GBP with spreads starting at 0.00008 (0.8 pips). Oanda offer retail traders margins of fx. 20:1 on gold, 30:1 on EUR/USD and 30:1 on USD/JPY. View all margins and more here.
Strengths: HQ in Asia for forex traders with focus on Asia. Copy-Trading via ZuluTrade is possible.
Details of Oanda
Oanda is a global online forex and CFD (contract for difference) broker that was founded in 1996. It offers access to more than 70 currency pairs, as well as indices, commodities, and bonds. Some key features and benefits of Oanda include:
- Online trading platform: Oanda offers a user-friendly online trading platform with advanced charting and analysis tools.
- Competitive spreads: Oanda offers competitive spreads and low trading costs, making it an attractive option for cost-conscious traders.
- Regulated: Oanda is regulated by several financial authorities, including the Financial Conduct Authority (FCA) in the UK and the Commodity Futures Trading Commission (CFTC) in the US.
- Educational resources: Oanda offers a range of educational resources, including market analysis, webinars, and tutorials.
- Mobile trading: Oanda offers mobile trading apps for iOS and Android devices, allowing traders to manage their accounts and place trades on the go.
Oanda is a popular choice for both beginner and experienced traders, as it offers a user-friendly platform, low trading costs, and a range of educational resources. As with any broker, it’s important to thoroughly research and compare different options before making a decision.
Pepperstone
Pepperstone is an Australian forex and CFD broker that was founded in 2010. Pepperstone offers competitive spreads on forex pairs, which can vary depending on the type of account you choose to trade on. On their Razor account, which is their most popular account type, Pepperstone offers raw spreads with no markups, starting from 0.0 pips for EUR/USD. On their Standard account, the average spreads on EUR/USD start from 1.0 pips.
Highlights of Pepperstone
- Trading Platforms: Pepperstone offers a range of trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), and their own proprietary platform, cTrader. These platforms offer a range of advanced trading tools, including charting, technical analysis, and risk management tools.
- Range of Markets: Pepperstone offers access to a wide range of financial instruments, including forex, stocks, indices, commodities, and cryptocurrencies. This allows traders to diversify their portfolio and potentially find more trading opportunities.
- Competitive Spreads and Commissions: Pepperstone offers competitive spreads and commissions on its forex pairs, particularly on its Razor account, which offers raw spreads with no markup. The company also offers a range of account types, including Standard, Razor, and Swap-Free accounts, to suit different trading styles and preferences.
- Regulation and Security: Reputable regulatory bodies like the Australian Securities and Investments Commission (ASIC) and the UK’s Financial Conduct Authority (FCA) regulate Pepperstone. The company also offers strong security measures to protect client funds and personal information.
- Education and Research: Pepperstone offers a range of educational resources for traders, including webinars, trading guides, and other educational materials. The company also provides market analysis and research tools to help traders make informed trading decisions.
Overall, Pepperstone is a reputable online broker that offers a range of trading services and features. Its range of markets, competitive spreads and commissions, and strong regulation and security measures make it a popular choice among forex traders.
Plus500
Plus500 is a UK-based online broker that was established in 2008. The average spread on EUR/USD at Plus500 is 0.6 pips.
Highlights of Plus500
- Trading Platforms: Plus500 offers a proprietary trading platform that is user-friendly and intuitive, allowing traders to access a range of financial instruments, including forex, stocks, indices, commodities, and cryptocurrencies.
- Range of Markets: Plus500 offers access to more than 2,000 financial instruments across a range of markets, giving traders the ability to diversify their portfolios and potentially find more trading opportunities.
- Competitive Spreads and Commissions: Plus500 offers competitive spreads on its forex pairs, with the average spread on EUR/USD starting from 0.6 pips. The company charges no commission on trades, making it an attractive option for traders who want to keep their trading costs low.
- Regulation and Security: Plus500 is subject to regulation by renowned bodies such as the UK’s Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC).The company also offers strong security measures to protect client funds and personal information.
- Education and Research: Plus500 offers a range of educational resources for traders, including webinars, video tutorials, trading guides, and other educational materials. The company also provides market analysis and research tools to help traders make informed trading decisions.
Overall, Plus500 is a reputable online broker that offers a range of trading services and features. Its proprietary trading platform, range of markets, and competitive spreads make it an attractive option for traders of all levels.
Saxo
Saxo offers two relevant forex trading platforms. SaxoTraderGo for most traders and SaxoTraderPro for professionals. SaxoTraderGo offers access to trading with more than 190 forex crosses, currency options and much more. Saxo offers access to in total more than 60.000 symbols, which is among the most of all. Spreads starting at 0.00005 (0.5 pips) on EURUSD, which is very good compared to others. You can open an account at https://www.home.saxo/.
Strengths: Great trading platform. Low spreads. Great regulation.
Details: SaxoTraderGO is a trading platform offered by Saxo Bank, a Danish investment bank. It is a multi-asset platform that provides online access to global financial markets including forex, stocks, indices, commodities, bonds and more. SaxoTraderGO offers a user-friendly interface and advanced trading tools such as charting, automated trading strategies and risk management. The platform is available on desktop, web and mobile devices and supports multiple languages. It is designed for both retail and professional traders.
Bonus info: Around half of Saxo’s revenue comes from their whitelabel version of SaxoTrader used by many brokers around the world.
Swissquote
Swissquote is a Switzerland-based online broker that offers a range of financial services, including forex and CFD trading, banking, and asset management. The average spread on EUR/USD at Swissquote starts from 0.6 pips.
Highlights of Swissquote
- Trading Platforms: Swissquote offers a range of trading platforms, including the proprietary platform Advanced Trader, the popular platform MetaTrader 4, and a web-based platform. These platforms offer a range of trading tools and features, including advanced charting, market analysis, and a range of order types.
- Range of Markets: Swissquote offers access to a range of financial markets, including forex, stocks, indices, commodities, bonds, and cryptocurrencies. This allows traders to diversify their portfolios and potentially find more trading opportunities.
- Competitive Spreads and Commissions: Swissquote offers competitive spreads on its forex pairs, with the average spread on EUR/USD starting from 0.6 pips. The company also charges a commission on trades, with the minimum commission starting from 3 units of the base currency per side.
- Regulation and Security: Swissquote holds regulation from esteemed bodies like the Swiss Financial Market Supervisory Authority (FINMA) and the UK’s Financial Conduct Authority (FCA). The company also offers strong security measures to protect client funds and personal information.
- Education and Research: Swissquote offers a range of educational resources for traders, including webinars, video tutorials, trading guides, and other educational materials. The company also provides market analysis and research tools to help traders make informed trading decisions.
Overall, Swissquote is a reputable online broker that offers a range of financial services and features. Its range of trading platforms, markets, and competitive spreads make it an attractive option for traders of all levels.
TD Ameritrade
One of the most popular Forex Trading Platforms in the US (only available to US citizens). Part of the Charles Schwab Corporation since 2020. Thus, a very stable company in a very stable country. TD Ameritrade also has a great platform and therefore scores max on 2/3 variables. However, their spreads are some of the highest in average as well. EUR/USD has fx. an average spread of not less than 0.0012 (1.2 pips). Get started at https://www.tdameritrade.com/.
Strengths: Great in terms of regulation, safety and usability.
Details: TD Ameritrade is an online brokerage company based in the United States. It offers a wide range of investment products and services, including stocks, bonds, ETFs, mutual funds, options, forex, and futures. TD Ameritrade provides a user-friendly trading platform, which includes advanced trading tools, market analysis, and research. The company offers educational resources and customer support to assist clients in making informed investment decisions. Regulation and Security: TD Ameritrade is subject to oversight by financial authorities including the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). The company also provides retirement and banking services to its clients.
XTB
XTB is a leading European forex and CFD broker that was founded in 2002. On their Standard account, the average spread on EUR/USD is around 0.9 pips. On their Pro account, which offers raw spreads with no markups, the average spread on EUR/USD is around 0.1 pips.
Highlights of XTB
- Trading Platforms: XTB offers a range of trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), and their own proprietary platform, xStation 5. These platforms offer a range of advanced trading tools, including charting, technical analysis, and risk management tools.
- Range of Markets: XTB offers access to a wide range of financial instruments, including forex, stocks, indices, commodities, and cryptocurrencies. This allows traders to diversify their portfolio and potentially find more trading opportunities.
- Competitive Spreads and Commissions: XTB offers competitive spreads and commissions on its forex pairs, particularly on its Pro account, which offers raw spreads with no markup. The company also offers a range of account types, including Standard and Pro accounts, to suit different trading styles and preferences.
- Regulation and Security: XTB adheres to stringent regulations set by reputable bodies such as the UK’s Financial Conduct Authority (FCA) and the Polish Financial Supervision Authority (KNF). The company also offers strong security measures to protect client funds and personal information.
- Education and Research: XTB offers a range of educational resources for traders, including webinars, trading guides, and other educational materials. The company also provides market analysis and research tools to help traders make informed trading decisions.
Overall, XTB is a reputable online broker that offers a range of trading services and features. Its range of markets, competitive spreads and commissions, and strong regulation and security measures make it a popular choice among forex traders.