Complete List of Best Forex Brokers (2024)

Looking for the best forex brokers in the world depends on the traders’ preferences. Every trader has different choices regarding trading platforms, trading pairs, spot market trading, per-point trading, ease of use requirements, etc.

To know more about the FX brokers we qualified, refer to our reviews of the top Forex brokers in the complete list below. Remember that only FX brokers with FCA regulatory licenses accept traders from the UK.

Best Online Forex Brokers (2024)

So, for trading Forex online, look at the critical factors to compare the world’s best Forex brokers. Also, in-depth broker reviews can be found below the individual reviews of specific trading companies.

Factors to Consider Before Choosing Forex Brokers

Affordable Trading Costs – Look for all the elements that can lower the trading cost to the minimum, e.g., commissions, nightlong charges, inactivity, spreads, withdrawal fees, etc.

Brokers who have high-frequency trading will increase trading costs exponentially. Thus, comparing and noting all the elements that drain your balance is essential.

Suitable Trading Platform – Choosing the right trading platform is entirely your choice. Many trading platform alternatives range from a simple cut-down interface to multiple built-in features, widgets, and tools. Most of the platforms even provide a customizable view.

Many trading platforms offer demo accounts, helping you discover the right platform. You can pick the one that suits your requirements. Find out more about the online forex trading platforms on this site.

Mobile Trading Availability – Brands have made trading convenient for traders. Most trading companies enable trading on mobile phones, tablets, and laptops.

The traders can download the applications on their iOS and Android mobile phones within seconds; before installing, check whether the apps are available in full version with all the critical features. To find out more about the forex trading apps, read this.

Customer Support – One of the most critical factors to look for is the broker’s customer service. The trading platform must allow multilingual customer service. Also, see the contact options on the site, like email, live chat, and telephone support. Do not forget to know about their working hours.

Trading Pairs List – Well, it is essential to determine if the broker is catering to the trading pairs you wish to trade. However, all brokers offer major trading pairs. But if you want to exchange different currency pairs like the Swedish Krone and Thai Bahts, cross-check the list of assets and tradable currencies.

Broker Regulation – Some people do not consider this, but confirming the regulation of brokers is necessary. The European regulating authorities include FCA, SEC, and ASIC.

Regulation policies affect leverage options while trading. Besides regulatory bodies, verify whether the brokers you choose are regulated and under which of the regulating authorities.

Commissions and Spreads – Although the spreads do not entirely cover the trading costs, they have a unique value compared to brokers.

The main reason is the link of each trader with more than one broker. For example, if you are trading four different currency pairs, you will need more than one broker to trade them. One broker can never have the tightest spread for all four currency pairs.

Hence, get multiple accounts to get the most out of trading and avail the best spreads while often minimizing the slippage ‘hiding’ of wider spreads.

Payment Options – The wide range of payment options adds to the comparison factors. Some traders may prefer online payment options like PayPal, Skrill, Neteller, etc. Also, some people prefer debiting and withdrawing from debit and credit cards.

Forex brokers have also started accepting deposits in cryptocurrencies like Bitcoin.

So, what are your preferences, and which FX broker fits them?

Traders Security – User data security is an essential element most brands give attention to. They also have some regulatory demands that separate the funds of clients and companies.

So, while considering the security, read the brand licensing thoroughly. Do not choose an unregulated Foreign exchange trading operator.

Demo Trading Accounts – To avoid risks, most brokers allow costless demo accounts for trading. With these, you can check the platform’s work, run a backtest, and learn about its features.

Hence, do not hurry to select the right broker and create as many demo accounts as you want to. Note that having multiple accounts is not wrong; it is a recommendation.

Types of Accounts – Many accounts are based on costs, reduced spreads, access to Level II data, settlements, different leverages, etc. The wide range includes cash, PAMM, margin, Bronze, Silver, Gold, VIP level accounts, etc.

Therefore, determine your requirements and see if the platform is getting it. Remember that brokers and regulators do not treat professional and retail Forex accounts similarly.

Forex leverage – Leverage is vital in forex traders operating in Europe. Please be informed that the higher the leverage, the more potential profits and losses.

Usually, the brokers under the European regulation authorities cap the forex leverage of assets at 1:30. However, the power of assets like Oil, Gold, and stocks are capped separately.

However, the brokers in Australia allow the traders leverage of 1:500, which makes a big difference to deposits and margins. Also, the brands in Australia allow traders all over the world to trade. Now, the tradespeople must trade within regulatory protection or without it.

Features and Tools – Different trading platforms comprise various tools like charts, futures pricing, bespoke trading robots, etc. Nowadays, most traders prefer brokers that offer level 2 data.

For the best trading experience, you must choose a broker with all the required features.

Background Information – Some people new to forex trading will need guides and tutorials to understand the brand. So, the brokers offer informative guides in PDF files, e-books, webinars, courses, professional advisors, etc.

Before registering, it is necessary to get complete information using these guides. Note that the brands’ focus will be to encourage you to trade frequently in some way or the other!

MetaTrader: MT4 or MT5 – Some traders need to associate with great software packages like Metatrader 4 or 5. However, most brokers allow automated FX trading into related software. Just make sure before relying on these brokers.

Promotions – Previously, the brand offered many bonuses and promotions like free trades, cashback, deposit matches, no deposit bonuses, etc. Ever since the regulations imposed restrictions, brokers have provided almost no advertisements.

Please do not base your forex trading choice on the promotions they give. Only a few brands in the directory offer a few bonuses. Although, read the terms and conditions of the site to avoid over-trading.

Speed of Execution – Usually, the speed rate of execution for trades is comparatively slower on mobile apps than on desktop. However, the brand or application is not responsible for this but does test before making an account.

Scams and Frauds – Well, the reviews on our site have filtered out all the possible cons. However, if you want to choose a broker other than these, look out for the following checks to avoid fraud:

• If you receive cold calls and messages through different mediums, watch out! Because reputable brands will never annoy clients for no reason.
• Observe if the company claims profits that sound too good to be true. Think for a minute that they would advertise and make cold calls if they earned these unrealistic profits.
• They might also ask you to trade using their automated trades to save time and increase the benefits. Do not fall into the trap, and never give anyone else access to your money.

In case of doubts, do not give the trading platform a chance.

Considering all the comparison factors, you can easily select the best forex broker to trade with. First, choose the ones with convincing reviews. Then, create a demo account and finalize the best forex broker.

Although we have listed the best brokers based on our knowledge and ratings, only you can rate your favorite brand five stars!

FxPro

FxPro was launched in 2006 as an online forex brokerage service. Since then, the platform has evolved into a platform that offers a client-centric approach.

Surprisingly, FxPro offers services to retailers and institutions to customers from 170 countries. Also, the broker has approximately 870,000 trading accounts, so FxPro is among the most famous Forex Brokers.

The famous forex broker, FxPro, began operating only as a forex broker and gradually started providing CFDs. The CFDs they offer are on six different asset classes having more than 280 instruments, to which they keep adding more tools from time to time.

Another advantage of FxPro is that its Cryptocurrency offers speculation on the CFDs of well-known cryptos.

Pepperstone

Established in 2010, Pepperstone Group became famous in the Australian brokerage industry after its introduction. The trading portal offered by the company is top-notch, with competitive and modern features that focus on commodities, Forex, and index instruments.

What attracts all types of individuals to the Pepperstone Group is its full-featured platforms on different devices. Also, tight spreads, various account types, and fantastic educational resources are features that make this platform outstanding.

IQ Option

IQ Option is a financial trading site that opened its doors for traders in Cyprus in 2013. The platform lets people trade in multiple financial instruments, for example, stocks, Forex, cryptocurrencies, ETFs, commodities, and binary options.

The trading platform is operated by LTD and regulated by the CySEC (Cyprus Securities and Exchange Commission). IQ Option has made its place among the top-class trading platforms for traders around the globe.

The platform has more than 48,000,000 registered users, and there are over 1,000,000 transactions made each day. Traders from more than 213 countries, including Pakistan, Nigeria, India, Malaysia, Singapore, South Africa, and The Philippines, can trade on IQ Option.

Plus500

Plus500 trading platform, the leading sponsor of Atlético Madrid, was launched in 2008. Plus500 UK Ltd owns the broker’s trading platform and is a subsidiary of Plus500 Ltd.

Plus500 UK Ltd is under the authorization and regulation of the UK Financial Conduct Authority. On the other hand, Plus500 Ltd is among the names listed on the London Stock Exchange.

Plus500 can be accessed from more than fifty countries. Also, the platform is authorized and regulated globally by the Australian Securities and Investments Commission (ASIC), the Monetary Authority of Singapore (MAS), the Cyprus Securities and Exchange Commission (CySEC), the Israel Securities Authority (ISA), and many more.

FXTM

FXTM, or ForexTime, was launched by the famous founder of online broker Alpari, Andrey Dashin, and began offering services in 2012. The firm is a licensed, trusted, and authorized brokerage with a great list of recognitions.

With headquarters in Limassol, Cyprus, FXTM is owned and operated by FT Global Limited. The platforms offer its traders multiple payment methods, PAMM accounts, tradable currency pairs, tight spreads, numerous financial products and derivates, and more.

Also, the minimum deposit required is as low as $10. The company has established itself as a global broking contender in a few years. All thanks to Dashin’s formula of earning success as a broking contender!

Swissquote

Swissquote is a well-known Swiss investment bank introduced in 1996 with two chief trading arms. One is a Swiss unit for trading stocks, funds, options, and futures, while the other is a firm for CFDs and Forex based in the UK.

Swissquote Bank Ltd is based in Switzerland under the country’s financial regulator’s regulation, the Swiss Financial Market Supervisory Authority (FINMA).

Swissquote Ltd, which offers CFDs and Forex, is in the UK and is regulated by the UK’s financial authority, the Financial Conduct Authority (FCA).

Swissquote Bank Ltd has a banking license, which is why it is considered secure. Moreover, the enterprise is listed on the Swiss stock exchange and provides all the financial details now and then. So, the firm has a long track record that makes it trustworthy.

eToro

eToro, previously known as RetailFX, is a veteran Forex broker founded in Israel in 2007. Surprisingly, the brokerage is a name among pioneers of social trading. In 2017, eToro announced the opening of 8,000,000 accounts on its platform.

The company has been making a name ever since with a record of $162 million in funding. Also, they offer Cryptocurrency as a trading option that any Forex brokers rarely do.

The cryptocurrency wallet of eToro came out in 2018. In 2019, eToro followed the acquisitions of Firmo (a Dutch blockchain company) and Delta (a Belgian cryptocurrency portfolio tracker app developer). It is the largest Forex brokerage and social trading platform, with 11,000,000 daily active users from over 140 countries.

IG Markets

According to the figures and revenue (excluding Forex) of 2019, IG is a premier global CFD and spread betting broker. The broker was founded in 1974, and since then, it has been operating outside the UK.

From professional clients to retail traders and institutional firms, more than 178,000 people avail of its services. IG allows its traders to enjoy multiple platforms with more than 17,000 assets in eleven categories.

Also, clients have access to managed accounts. IG, a part of the FTSE250 (which confirms its fiscal stability), is also an FX Global Code of Conduct component.

Hence, it has built an image as a trustworthy brokerage over time. We were surprised to discover in our IG review that this broker is among the few brokers that accept traders from the USA. Additionally, the highly competitive offerings on their platform are delightful.

HYCM

HYCM Capital Markets began operating in 1988 with a UK license. The enterprise is part of the well-known Henyep Group, which provided trading services from 1977 throughout Hong Kong.

The respected group operates worldwide with the main aim of Europe, Asia, and the Middle East. The significant benefits of HYCM include low spreads of 0.2 pips, more than 25,000 orders daily, and an average execution time of 12 milliseconds.

Moreover, the traders get hands-on, highly regulated trading environments with over 300 trading assets in five sectors.

Vantage Markets

Vantage Markets belongs to the Vantage Group of companies, which began functioning in the Forex market in 2009. The target client of the group is retail traders. The clients get over 180 assets with a maximum leverage of 1:500 from the famous MT4 or MT5 trading platforms.

The lowest deposit requirement is $50. Vantage Markets claims to be among the fairest, regulated, and authorized brokerages by the Cayman Islands Monetary Authority (CIMA),  where the traders are offered raw spreads from 0.0 pips. All the accounts are safe with the National Australia Bank.

However, the platform’s research section is not as high, and the educational area is reviewed as a soft spot. You can get MT4 SmartTrader tools to upgrade the MT4 trading platform on Vantage FX. Formally, this brokerage makes an excellent first impression.

OctaFX

OctaFX has been catering to traders from more than a hundred countries since 2011. The firm aims to provide a platform for new Forex traders from developing markets.

OctaFX offers over 1.5 million trading accounts that have executed over 288.0 million trades. The exciting bonuses add to OctaFX’s advantages; for instance, it has paid around 3.0 million in incentives.

Also, the absence of a swap rate on overnight leveraged positions is another enthralling benefit. However, they have a rollover cost every week. Now, the question is if orders are processed in-house in a simulated environment and actual trading occurs.

Having no financial regulator is a drawback, but it explains the absence of swap rates. Moreover, the brokerage has twenty-eight industry awards and has been rated as a TrustPilot. However, clients should not consider these reliable metrics of a trustworthy brokerage.

XM

XM was launched in 2009 and is under the regulation of the International Financial Services Commission of Belize (IFSC), the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC).

There are more than 1,000+ tradable assets on Stocks, Commodities, Forex, Indices, Metals, and Energies globally known as trading platforms MetaTrader 4 and MetaTrader 5. These are available on the Web, PC, iOS, Mac, and Android.

AvaTrade

AvaTrade is a well-known international forex brokerage that was launched in 2006. It is part of the AVA Group of companies, a leading pioneer in online brokerages. The review on our site gives information on deposit methods, trading platforms, mobile apps, and MT4 integration.

You can also compare spreads, trading costs, and leverage. So, trading from Bitcoin to vanilla options, check what trading option Avatrade has for you.

There are four regional offices in Australia, Japan, the British Virgin Islands, and Ireland. As the largest and most respected online broker, AvaTrade has clients from different regions, enabling them to trade trading accounts in various currencies.

The company recently announced an important partnership with the English Premier League Champions Manchester City football team, showcasing brand growth and visibility.

ThinkMarkets

ThinkMarkets TF Global Markets (Aust) Pty Ltd, previously known as ThinkForex, is an international FX trading provider and related financial services. The platform came out in 2010 and has been recognized since then. ThinkForex has headquarters in Australia, Melbourne, and London, UK, and is authorized by the Australian Securities and Investments Commission (ASIC).

In 2014, ThinkForex grabbed attention for its top-notch research and market analysis and research. Furthermore, the firm was awarded the Best New Contributor at Forex Best Awards, hosted by FXStreet in 2014.

Admiral Markets UK

Admiral Markets, an excellent regulated Forex and CFD brokerage, has operated since 2001. Admiral Markets Group AS (Its joint owner) is headquartered in Estonia and has multiple other branches.

The group focuses on retail traders, providing research and educational guides for newbies. The clients of Admiral Markets have a fantastic upgrade to MT4 and MT5 trading platforms.

Additionally, they can make proper cross-asset diversifications via more than 4,000 assets available on the site. The spreads they offer are 0.1 pips in the Zero MT4 account.

Based on recent statistics, around 82% of Admiral’s clients are functioning at a loss. Since its formation, the firm has added to its assets and services. Moreover, it continues to grow globally, implementing its business plan while gradually increasing its market share.

XTB

XTB was launched in 2002 with headquarters in Warsaw, Poland. The group has various entities in various jurisdictions.

Also, the XTB Group is regulated and authorized by the International Financial Services Commission in Belize, the Cyprus Securities and Exchange Commission, the UK Financial Financial Conduct Authority, the Comisión Nacional del Mercado de Valores in Spain, and the Komisja Nadzoru Finansowego in Poland.

There are two trading accounts: Standard, Pro in XTB UK, and Islamic interpretation, having a maximum leverage of 1:500 (Only for those opened with XTB International based in Belize). Clients get more than 1500 CFD tradable instruments.

Forex Trading Regulation Authorities

Your trading relies significantly on the forex regulatory authorities, inside or outside Europe. ESMA (The European Securities and Markets Authority) applies strict guidelines for the forex regulators and owns jurisdiction over all regulators within the EEA. Some of the regulatory authorities include:

• Financial Conduct Authority (FCA)
• Cyprus Securities and Exchange Commission (CySec)
• Swiss Financial Markets Supervisory Authority (FiNMA)
• Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)

Some of the rules ESMA specifies are varying caps or leverage limits on different financial assets. The Forex leverage inside Europe is capped at 1:30, while outside Europe can reach up to 1:500.

European traders can be exempt from the regulatory protections by applying for Professional status. With this, the brokers offer higher leverage levels that benefit the traders.

The significant regulators outside Europe are:

• SEC: (Securities and Exchange Commission) (US)
• ASIC: (Australian Securities and Investments Commission)
• CFTC: (Commodity Futures Trading Commission) (US)
• CSA: (Canadian Securities Administration)

The abovementioned regulators regulate forex brokers in India, Qatar, Hong Kong, etc. Some brands are held worldwide, e.g., one among these is regulated in five continents. Among these, some organizations offer issuing licenses while others have a register of legal firms.

It is to say again that the one that offers the highest leverage to European traders is an ASIC forex broker.

Which Currency Pairs to Trade?

The traders should trade significant and minor currency pairs to make scalping possible and find trades with lower spreads.

Pairs other than these are illiquid with higher spreads. Remember that the chances of losing extensive with exotic pairs are as much as earning big.

You can check the live rates of ForexForex here.

How is FX Trading Done?

In Forex trading, you buy and sell different currencies simultaneously. Hence, the exchange rate in your forex trading account is the buying rate between the two currencies.

To explain, the number of US dollars one British pound you will buy depends on the rate of GBP/USD. If the value of the US dollar is likely to increase compared to the pound, you will want to buy US dollars with the pound. Likewise, if the rates keep growing, you will sell US dollars to earn a profit. The same is the case for Yen, Euros, etc.

Types of Forex Contracts

Below are the types of Forex contracts:

• Spot Forex – It is a traditional contract with immediate settlement and delivery.

• Currency swapping – Here, two traders exchange currencies, i.e., loans and loan payments in other currencies.

• Futures Forex – In this, a date is decided for the settlement and delivery. However, the price of exchange is determined beforehand.

• Options Forex – Here, the trader can exchange the currencies on a specific date at a special rate.

FAQ:

Does the UK regulate Forex Trading?

Forex trading is a common practice in the United Kingdom (UK). The brokers in the UK have to be authorized by the financial regulatory body, the FCA (Financial Conduct Authority), to accept the traders of UK Forex and CFDs as customers. You can visit FCA’s official website for more details: FCA.org.uk.

How do I withdraw money from my Forex account?

First, you must log into the Forex trading platform to withdraw funds. Secondly, click the ‘Add Funds’ option, and lastly, select the option of withdrawing funds. One must withdraw funds from the originating deposit source. Also, excess funds should be withdrawn via bank transfer or wire transfer.

Is Forex trading a pyramid scheme?

No, forex trading is not a pyramid scheme as such. It is a decentralized or over-the-counter (OTC) global market for forex trading. FX trading offers traders enormous benefits and profits along with some risks.

Do forex brokers lose money, too?

So, in the long run, the forex brokers expect you will lose money while trading. It is very safe to assume that forex traders lose 95% of the funds that your forex broker does. So, every new trader belongs to group B, including clients that will lose money.

Is trading forex gambling?

As trading without knowing how to win is gambling, many people consider forex trading as gambling. Like gambling, trading involves as many risks of losing money as making money. The probability of winning and losing is similar.