Best Forex Brokers


Best Forex Brokers

BA in Journalism, PHD in Sociology, MBA in Economics.

September, 2023

Trading Forex (foreign exchange) starts with picking the right broker. But have no fear! has done all the hard work for you, comparing the top brokers for reliability, speed, and fees. Browse our carefully-crafted reviews to find the best Forex broker for your needs.

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Trusted Partner


  • 0% commission on stocks
  • Invest in 3,000+ assets
  • Intuitive social trading platform
  • Own a large variety of cryptocurrencies
  • $100K demo account

Visit site eToro Review 74% of retail CFD accounts lose money.

  • equalizer Traded Assets: 3000+
  • account_balance_wallet Min Deposit: $50
  • phone_iphone Mobile App: Yes
  • Low Forex Fees
  • MetaTrader 4 And 5 Offered
  • Easy, Fast Account Opening
  • Quick Deposits And Withdrawals
  • equalizer Traded Assets: 10,000+ Products
  • account_balance_wallet Min Deposit: A$100
  • phone_iphone Mobile App: Yes

Trusted Partner

  • Wide variety of assets
  • High leverage up to 1000:1 (this leverage is not available to all the entities of the Group)
  • Live chat and other accessible support in over 25 languages
  • No commissions

Visit site XM Group Review 75.33% of retail CFD accounts lose money.

  • equalizer Traded Assets: 1000+
  • account_balance_wallet Min Deposit: $5
  • phone_iphone Mobile App: Yes
  • Many types of tradable instruments
  • High level of security and trust
  • cTrader enables advanced algorithmic trading
  • phone_iphone Mobile App: Yes
  • MetaTrader 4/5 Offered
  • Spreads from 0 pips
  • Leverage Of Up To 1:3000 (up to 1:30 for retail clients and up to 1:30 for professional clients on )
  • equalizer Traded Assets: 165
  • account_balance_wallet Min Deposit: $1
  • phone_iphone Mobile App: Yes
  • Phenomenal Order Execution Speeds
  • Support For All Trading Strategies & Styles
  • Intuitive Trading Platforms With Value-Added Tools
  • equalizer Traded Assets: 230+
  • account_balance_wallet Min Deposit: $200
  • phone_iphone Mobile App: Yes

Cerus Markets

  • Easy deposit and withdrawal process
  • No fees or commissions
  • Offers a proprietary platform
  • equalizer Traded Assets: 200+
  • account_balance_wallet Min Deposit: $50
  • phone_iphone Mobile App: Yes

  • Reliable CFD platform, integrated multi-asset trading including securities, futures, forex, commodities and crypto currencies
  • Focus on financial events to win big, real-time trading tips through notification for valuable trading opportunities.
  • Make it possible for our customers to win BIG easily if they capture the right time to invest.
  • equalizer Traded Assets: 100+
  • account_balance_wallet Min Deposit: $10
  • phone_iphone Mobile App: Yes
  • Trade leveraged products on over 2,100+ instruments
  • Access to custom thematic portfolios
  • Educational resources available for traders of all levels

Visit site Review 58.88% of retail CFD accounts lose money

  • equalizer Traded Assets: 2,100+ CFDs
  • account_balance_wallet Min Deposit: 100$
  • phone_iphone Mobile App: Yes
  • Orbex has many comprehensive research and educational materials
  • Average Execution speed is 0.03 seconds.
  • Scalping and hedging are permitted.
  • equalizer Traded Assets: 300+
  • account_balance_wallet Min Deposit: $100
  • phone_iphone Mobile App: Yes
  • Zero commissions
  • Up to 1:2000 leverage
  • Varied choice of platforms

Visit site Scope Markets Review Trading carries risks

  • equalizer Traded Assets: 600+
  • account_balance_wallet Min Deposit: $50
  • phone_iphone Mobile App: Yes


  • Pick from multiple advanced platforms to trade equities, futures, and options
  • Benefit from low commissions, instant execution and maximum liquidity
  • 24/7 client support
  • equalizer Traded Assets: 30,000+
  • account_balance_wallet Min Deposit: $100
  • phone_iphone Mobile App: Yes
  • Low-cost structure
  • Access to a large selection of forex pairs at reasonable spreads
  • Excellent customer service with 24-hour availability five days a week
  • equalizer Traded Assets: 11
  • account_balance_wallet Min Deposit: $50
  • phone_iphone Mobile App: Yes
  • Secure trading platform with advanced technology and tools
  • Over 1000 CFDs and Forex trading instruments
  • Trade directly from the Neotrades app
  • equalizer Traded Assets: 1000+
  • account_balance_wallet Min Deposit: $50
  • phone_iphone Mobile App: Yes


  • Ultra-low spreads and affordable commissions
  • Excellent liquidity and rapid execution
  • Feature rich value-added tools like Autochartist and trading alerts
  • equalizer Traded Assets: 250+
  • account_balance_wallet Min Deposit: $10
  • phone_iphone Mobile App: Yes
  • BelleoFX has four different account types from which to choose.
  • Execution speeds are as low as 20 milliseconds.
  • Traders can trade on MetaTrader 5.
  • equalizer Traded Assets: 1000+
  • account_balance_wallet Min Deposit: $100
  • phone_iphone Mobile App: No
  • Offers commission-free trading on all assets, including forex and stocks
  • Provides Loyalty Cashback Program rewarding traders based on their traded volume
  • Accepts all trading strategies, including robots and scalping.
  • equalizer Traded Assets: 100+
  • account_balance_wallet Min Deposit: $0
  • phone_iphone Mobile App: No


  • Quick account opening in just 2 minutes
  • Tight spreads and low commissions
  • Fast execution with Accuindex MT4 and MT5 Platforms
  • equalizer Traded Assets: 300+
  • account_balance_wallet Min Deposit: $100
  • phone_iphone Mobile App: Yes


  • Leverage of up to 1:2000
  • 35% welcome bonus on your initial deposit (minimum $500) into your first live account
  • Low spreads and zero commission
  • equalizer Traded Assets: 1000+
  • account_balance_wallet Min Deposit: $100
  • phone_iphone Mobile App: Yes
  • Competitive Spreads and Leverage
  • Wide Range of Tradable Assets
  • Multiple Account Types
  • equalizer Traded Assets: 144+
  • account_balance_wallet Min Deposit: $5
  • phone_iphone Mobile App: Yes
  • Zero Commission Trading
  • 16+ Years of Experience
  • Institutional-Grade Liquidity
  • equalizer Traded Assets: 200+
  • account_balance_wallet Min Deposit: $50
  • phone_iphone Mobile App: No
  • Low Cost Trading Conditions
  • Diverse Account Type Offering
  • Fast Execution
  • equalizer Traded Assets: 827+
  • account_balance_wallet Min Deposit: $50
  • phone_iphone Mobile App: Yes
  • Low-cost trading
  • Transparent commissions.
  • Institutional-grade liquidity for precise execution
  • equalizer Traded Assets: 500+
  • account_balance_wallet Min Deposit: €200 for EU clients, $50 for non EU clients
  • phone_iphone Mobile App: No
  • Regulated by two different bodies
  • Wide range of instruments
  • Spreads begin at 0.0
  • equalizer Traded Assets: 10,000+
  • account_balance_wallet Min Deposit: $0
  • phone_iphone Mobile App: Yes
  • Heavily-Regulated
  • Over 1,000 Assets
  • No Commissions On Many Assets
  • equalizer Traded Assets: 1000
  • account_balance_wallet Min Deposit: €250
  • phone_iphone Mobile App: Yes
  • Excellent in-house education portal and market updates
  • Wide Range of instruments — 1000+ products to trade
  • Up to 1000:1 leverage
  • equalizer Traded Assets: 1000+
  • account_balance_wallet Min Deposit: $50
  • phone_iphone Mobile App: Yes


  • Low minimum deposits
  • A choice of two account jurisdictions
  • No commissions on the standard account
  • account_balance_wallet Min Deposit: $250
  • phone_iphone Mobile App: Yes

Our recommended brokers:


Our Top Picks for Best Forex Broker

Why Did We Pick It?

We have chosen as the best Forex broker due to its comprehensive features, user-friendly interface, and commitment to providing a top-notch trading experience. stands out for several reasons that cater to traders of all levels.

Firstly, it offers an intuitive and well-designed platform that ensures ease of use even for beginners. integrates advanced tools, educational resources, and real-time market insights, empowering traders to make informed decisions.

Secondly, the broker provides access to a wide range of currency pairs, enabling traders to diversify their portfolios and explore various trading strategies. The competitive spreads and leverages offered by contribute to reduced trading costs and enhanced profitability.

Moreover, places a strong emphasis on investor protection by being regulated by reputable financial authorities. This regulatory oversight ensures a transparent and secure trading environment, giving traders peace of mind.

Additionally,’s commitment to education is notable. It offers an array of educational materials, including webinars, tutorials, and market analysis, making it a valuable resource for both novice and experienced traders.

In summary,’s blend of user-friendly platform, diverse trading opportunities, competitive trading conditions, regulatory compliance, and comprehensive educational resources make it a standout choice for traders seeking a reliable and feature-rich Forex trading experience.


Why Did We Pick It?

We have selected Plus500 as the best Forex broker due to its combination of user-friendly trading platforms, competitive pricing, and a strong reputation in the industry.

One of the standout features of Plus500 is its proprietary trading platform, which is intuitive and suitable for traders of all levels. This platform provides access to a wide range of currency pairs, allowing traders to capitalize on various market opportunities.

Additionally, Plus500 offers competitive spreads and does not charge commissions on trades, contributing to cost-effective trading. The broker’s transparent fee structure is particularly attractive for Forex traders.

Furthermore, Plus500 is a regulated broker, adding an extra layer of security and trust for traders. It is authorized and supervised by multiple financial authorities, ensuring that traders’ funds are held in segregated accounts and that the broker adheres to strict regulatory standards.

While Plus500 might not provide advanced trading features like MetaTrader or auto-trading options, its focus on simplicity and ease of use makes it an excellent choice for traders who value a straightforward trading experience.

In conclusion, Plus500’s user-friendly platform, competitive pricing, strong regulatory oversight, and commitment to providing a secure trading environment make it a compelling option for Forex traders looking for a reliable and accessible broker.


Why Did We Pick It?

We have chosen eToro as the best Forex broker due to its unique social trading features, wide range of assets, and user-friendly platform.

eToro stands out for its innovative approach to trading, offering a social trading platform that allows traders to follow and copy the trades of successful investors. This makes it an excellent choice for both beginners looking to learn from experienced traders and seasoned traders seeking to diversify their strategies.

The broker also provides a diverse selection of currency pairs, allowing traders to access numerous Forex markets. This variety increases the potential for finding profitable opportunities.

eToro’s platform is designed with user-friendliness in mind, making it accessible to traders of all experience levels. The platform also supports both manual trading and copy trading, catering to different trading preferences.

Regulated by reputable authorities, eToro ensures the security of traders’ funds and adherence to strict regulatory standards. Additionally, the broker offers educational resources and a community where traders can share insights and knowledge.

In summary, eToro’s innovative social trading features, wide asset range, user-friendly platform, and strong regulatory standing make it a top choice for Forex traders looking for a blend of learning, community engagement, and trading opportunities.

FP Markets

Why Did We Pick It?

We have selected FP Markets as the best Forex broker due to its competitive pricing, diverse range of tradable instruments, and commitment to providing an optimal trading experience.

FP Markets excels in offering tight spreads and low commissions, making it an attractive choice for cost-conscious traders. This broker also provides a choice between ECN and STP execution models, allowing traders to select the option that best suits their trading style.

With a comprehensive array of over 10,000 tradable instruments, FP Markets ensures that traders have access to a wide range of Forex pairs and other assets, enhancing portfolio diversification.

The broker’s MetaTrader platforms (MT4 and MT5) provide advanced trading tools, charting capabilities, and expert advisors, catering to both beginners and experienced traders.

Regulated by reputable authorities, FP Markets ensures a secure and transparent trading environment. The broker’s commitment to customer support is also notable, offering 24/5 multilingual assistance to traders.

In summary, FP Markets’ competitive pricing, extensive range of instruments, advanced trading platforms, and strong regulatory standing make it a top choice for Forex traders seeking a well-rounded and cost-effective trading experience.

XM Group

Why Did We Pick It?

XM Group has earned its position among the best Forex brokers due to its comprehensive trading offerings, user-friendly platforms, and commitment to client satisfaction.

With a range of account types, including Micro, Standard, XM Ultra Low, and Islamic accounts, XM Group caters to traders of all levels. Its MetaTrader platforms (MT4 and MT5) provide a seamless trading experience, offering advanced charting tools, technical analysis, and automated trading capabilities.

XM Group stands out for its competitive spreads and low trading costs, making it an attractive choice for both beginners and experienced traders. The broker also offers a wide selection of tradable instruments, including Forex pairs, commodities, indices, and cryptocurrencies.

Regulated by globally recognized authorities, XM Group prioritizes security and transparency. Moreover, its commitment to exceptional customer service is evident through its 24/5 multilingual support, educational resources, and regular webinars.

Overall, XM Group’s comprehensive offerings, reliable platforms, competitive trading conditions, and strong regulatory presence position it as an ideal Forex broker for traders seeking a well-rounded and client-focused trading experience.


Why Did We Pick It?

FxPro stands out as the best Forex broker for several compelling reasons, making it a top choice for traders seeking a professional and versatile trading experience.

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One of FxPro’s standout features is its wide range of trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. These platforms offer advanced charting tools, technical analysis capabilities, and seamless execution of trades. This flexibility caters to traders of all levels and preferences.

The broker’s competitive spreads and low fees contribute to its appeal, allowing traders to optimize their trading strategies without incurring excessive costs. Furthermore, FxPro offers a diverse range of over 250 instruments, encompassing Forex, indices, commodities, shares, and cryptocurrencies.

Regulated by top-tier authorities, including the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC), FxPro ensures a secure trading environment. Its commitment to client education is evident through its extensive range of educational resources, webinars, and market analysis.

In summary, FxPro’s array of trading platforms, low fees, extensive instrument offering, regulatory compliance, and dedication to trader education make it a standout choice for traders looking for a sophisticated and well-rounded Forex trading experience.

Picking A Forex Broker: What You Need to Know

The foreign exchange market is a favorite among experienced traders. It is a global, decentralized OTC market for trading foreign currencies. This market determines the exchange rates for every currency, and it includes every single aspect of exchanging, buying, and selling currencies, both at determined and current prices. A forex broker is an intermediary. The broker provides traders with a platform for conducting forex trading. Transactions always consist of a pair of two currencies.

Risk of Forex Trading

Forex trading presents lucrative opportunities but also involves inherent risks. The market’s volatility can lead to swift price changes, offering both gains and losses. Leverage can amplify profits but also magnify losses. External factors like geopolitical events impact market movements unpredictably. Unregulated brokers pose risks of fraud and instability. Psychological factors such as emotional trading and poor risk management can lead to losses. Traders should counter these risks with strategies like setting stop-loss orders, diversifying portfolios, and sticking to trading plans. Education, demo practice, and gradual exposure are crucial. While forex trading holds potential, careful consideration and continuous learning are vital for managing and mitigating the associated risks.

What Does a Forex Broker Do?

A forex broker acts as an intermediary, providing traders with platforms to access the forex market. They execute buy and sell orders, offer leverage for larger positions, and manage various types of trading accounts. Brokers offer customer support, educational resources, and risk management tools. They are regulated for security and transparency. Earnings come from spreads and fees. Overall, forex brokers facilitate trading, provide tools and support, execute orders, and ensure adherence to regulations.

Do I Need a Forex Broker?

When asking yourself if you need a forex broker, it’s best to start with another question: “Is trading forex for me?”

Who Is Trading Forex for?

If you’re an experienced trader, you will likely enjoy the fast-paced nature of trading forex. The forex stock market is huge. It is able to offer a lot of liquidity, and, more often than not, investors can more easily exit and enter trades. There are often lower transaction costs that accompany this ease of trading. There is more flexibility in the forex market than in the stock market.

However, the forex market is volatile. When trading anything, there is a risk of loss. Though you don’t need much initial capital to get started (a topic covered below), the inherent risks are greater. It is not a get-rich-quick scheme. Skilled traders make money, but even experienced, skilful traders still go through periods of loss.

Who Needs a Forex Broker?

A specialized forex broker is one that trades solely in forex. If forex is your only field of interest in the trading world, a specialized broker will be a good choice. Non-specialized brokers are brokers that you can also use to invest and trade in the domestic stock market. It is often far more convenient, both technologically and monetarily, to have your money and platforms with the same broker.

Word to the Wise

The Bank for International Settlements’ triennial survey stated that $7.5 trillion in forex trades occured each day in April 2022. Forex trading is a legal endeavor, but that doesn’t mean that every broker follows the letter of the law. When a forex broker is crooked, that can lead you to lose money and even end up in legal trouble. To avoid such serious consequences, you need to know what to look for in a forex broker, such as if the broker is regulated.

What Do I Need To Look For In A Broker?

  • Deposits and Withdrawals: The timing and hassle-free nature of deposits and withdrawals are important facets of a broker. You want your money fast. Forex is a fast-paced trading environment, and you can’t wait around for weeks for a deposit to clear. The more effortless and quick deposits are, the better.
  • Transaction Costs: You could be the most skilled trader in the world, and transaction costs could still put a dent in your wallet and slight your potential. Most of the time you engage in a transaction, a broker will take a commission. Make sure you know the commissions upfront. A broker’s transparency about their fees and commissions says a lot.
  • Platform Technology: Many Forex brokers will offer you a downloadable platform. You can download it onto your Mac or PC, and the platform gives you access to the markets, research and data, and more. The higher-tech the platform, the better. A broker who offers a lot of research, commentary, and data, whether outsourced or self-generated, is a good selection. Brokers also might offer mobile or web trading for interested customers.
  • User Experience: The execution of trades—fast, hassle-free, and transparent—speaks to user experience, as does the quality of the platform. You don’t want to be irritated with the platform every day because it is underperforming.
  • Customer Service: Customer service is also an indicator of quality. Customer service that is responsive and upfront is a sign of a good broker. Good customer service can make all the difference, and it is a big factor in keeping customers loyal.
  • Regulation: Regulation is vital. Regulatory bodies, such as the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA), watch for misconduct among forex brokers. These regulators provide protection to consumers. Each country has its own regulatory bodies; the NFA and CFTC are America’s.

Which Forex Broker Offers the Widest Selection of CFDs?

Several forex brokers offer a wide range of CFDs, but one notable broker known for its extensive CFD offerings is Plus500 . They provide a diverse selection of CFDs, including those on stocks, indices, commodities, cryptocurrencies, and more. This broad range allows traders to access various markets and assets through a single platform, making Plus500 a popular choice for those seeking a comprehensive CFD trading experience. However, it’s essential to conduct thorough research and consider other factors such as fees, platform features, and regulation before choosing a broker that best suits your trading needs.

Which Forex Broker Offers the Widest Selection of Currency Pairs?

The forex broker that offers the most currency pairs can vary, as brokers constantly update and expand their offerings. However, some well-known brokers with a wide range of currency pairs include XM Group , FXPro , and IC Markets . These brokers typically provide access to a substantial number of major, minor, and exotic currency pairs, allowing traders to engage in diverse forex trading strategies and take advantage of various market opportunities. Keep in mind that the number of currency pairs offered by a broker is just one factor to consider when choosing a forex broker. Other crucial aspects include regulatory compliance, trading platform quality, fees, customer support, and overall trading conditions. It’s recommended to thoroughly research and compare brokers to find the one that aligns with your trading goals and preferences.

How Can I Tell if a Forex Broker Is Regulated?

The forex broker should have its regulation listed at the bottom of its website. If it is not located at the bottom, it might be located in one of the company information hyperlinks. Reading reviews of forex brokers can also help you determine whether a company is regulated if you are unable to find the information yourself.

How Much Do I Need in Order to Trade Forex?

While you don’t need a ton of initial capital to start trading forex because of the nature of the market, it is recommended that you open a trading account with at least $2,000 and up that to $5,000 for a decent income stream.Anywhere between those two points is a good place to start.

When it comes to forex brokers, you want to make sure that the broker you’re looking at is transparent and trustworthy. Check out our reviews for more information on the best forex brokers on the market.

How Did We Choose Our Best Forex Brokers?

Our mission is to provide traders with accurate and up-to-date information about brokers. To achieve this, we’ve developed a comprehensive rating system that quantifies each broker’s performance. Our ranking methodology is designed to offer traders valuable insights into broker features, strengths, and potential areas for improvement. We aim to equip traders with the knowledge they need to make informed decisions on their trading journey.

We selected the best brokers through a rigorous evaluation process that considered multiple critical factors. Our approach aimed to provide you with a comprehensive understanding of each broker’s strengths, features, and potential areas for improvement. Here’s an overview of how we chose the best brokers:

  • In-Depth Analysis: Our team of experienced experts delved into each broker’s offerings to assess their compatibility with the MetaTrader 4 (MT4) platform. We evaluated the broker’s MT4 platform for user-friendliness, advanced charting tools, ease of use, and compatibility with various devices.
  • Trust and Safety: Regulatory compliance was a top priority. We ensured that brokers offering MT4 were licensed and regulated by credible authorities. We evaluated the broker’s measures for fraud prevention and client fund security to ensure a secure trading environment.
  • Additional Features: We also ascertained the presence of other supplementary features to support traders, encompassing market variety, account options, fee structures, customer service, trading tools, and more.


Who Is the Biggest Forex Broker in the World?

The biggest forex broker in the world in terms of trading volume and market share is MetaTrader 4 (MT4), a trading platform developed by MetaQuotes Software. It’s important to note that the term “forex broker” typically refers to the companies that provide the trading platforms and services to traders. Some of the well-known forex brokers include IG Group, Saxo Bank, Plus500, and eToro. These brokers offer various trading platforms, educational resources, and support services for traders of all levels.

What Types of Assets Can I Trade?

Forex brokers offer a wide range of assets that you can trade. The types of assets available for trading can include: Forex (Foreign Exchange), Stocks, Indices, Commodities, Cryptocurrencies, Bonds, ETFs, Options and Futures.

Can I Trade Forex Without a Broker?

No, you generally cannot trade forex without a broker. Forex trading involves buying and selling currencies in the foreign exchange market, and this is facilitated through online forex brokers. These brokers act as intermediaries between individual traders and the forex market, providing a platform for you to execute trades.

Is Forex Trading Difficult?

Forex trading can be both challenging and rewarding, and whether it’s considered difficult depends on several factors, including your background, knowledge, approach, and mindset. We encourage you to visit our Academy .

Is Forex Trading Legal in the U.S.?

Yes, forex trading is legal in the United States. However, it is highly regulated by government authorities to ensure transparency, fairness, and investor protection. The Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) are the regulatory bodies responsible for overseeing and regulating forex trading activities in the US.

US residents who wish to engage in forex trading should choose regulated brokers to ensure the safety of their funds and the legitimacy of their trading activities. It’s important to note that the regulations also impose certain restrictions on leverage and trading practices to protect retail traders from excessive risk.

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Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
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Best Forex Brokers for 2023

Steven Hatzakis has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Here’s how we test.

Are you looking to speculate that the Euro (EUR) currency will go up in value against the U.S. Dollar (USD)? To do so, you would trade (or place a spread bet on) the EUR/USD currency pair, which is a forex investment. The forex market is the largest and most liquid market in the world, representing every global currency with trading conducted 24 hours a day, five days a week.

To trade forex, you need a reputable online broker. Trading with a trusted forex broker is a crucial factor for success in international currency markets. As a contract for difference (CFD) trader or forex investor, you may have specific needs related to which platform, trading tools, or research requirements you have. Understanding more about your investment style needs can help determine which forex broker will be best for you.

Each year, our team here at tests the biggest names in foreign exchange and assembles a guide to the best forex brokers for forex and CFDs trading. Here are our findings for 2023.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Forex Brokers for 2023

  • IG — Best overall broker, most trusted
  • Saxo Bank — Best web-based trading platform
  • Interactive Brokers — Great overall, best for professionals
  • CMC Markets — Excellent overall, best platform technology
  • TD Ameritrade — Best desktop platform, U.S. only
  • — Excellent all-round offering
  • City Index — Excellent all-round offering
  • XTB


5.0 Overall

Best overall broker, most trusted

Minimum Deposit £250.00
Trust Score 99
Tradeable Symbols (Total) 19537

IG offers the ultimate comprehensive trading package, featuring excellent trading and research tools, industry-leading education, and an extensive range of tradeable markets. Read full review

  • Outstanding platforms and tools
  • Over 19,000 tradeable instruments
  • Competitive pricing
  • No predefined layouts on the flagship web platform
  • Limited product range on MT4

5.0 Overall

Best web-based trading platform

Minimum Deposit €2,000
Trust Score 99
Tradeable Symbols (Total) 70000

Saxo Bank is an exclusive multi-asset broker with brilliant research and a superb trading platform experience – as well as a stunning selection of over 40,000 securities. Read full review

  • Flagship platform is top of the line
  • Over 40,000 tradeable instruments
  • Excellent customer service
  • High minimum deposit

Interactive Brokers

5.0 Overall

Great overall, best for professionals

Minimum Deposit $0
Trust Score 99
Tradeable Symbols (Total) 8500

Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite. Read full review

  • Robust platform for professional traders
  • Wide range of global markets
  • Thorough research offering
  • Trader Workstation platform is likely too complicated for inexperienced traders

CMC Markets

5.0 Overall

Excellent overall, best platform technology

Minimum Deposit $0
Trust Score 99
Tradeable Symbols (Total) 12074

CMC Markets is well-trusted across the globe, and delivers a terrific trading experience thanks to its excellent pricing and selection of over 12,000 tradeable instruments. Read full review

  • Low trading costs
  • Excellent web and mobile platforms
  • Robust research materials
  • Educational offering could be improved

TD Ameritrade

5.0 Overall

Best desktop platform, U.S. only

Minimum Deposit $0
Trust Score 99
Tradeable Symbols (Total) 0

TD Ameritrade’s thinkorswim platform offers over 70 tradeable currency pairs alongside a plethora of impressive tools, research, and education. For traders in the U.S., TD Ameritrade provides the ultimate trading technology experience. Read full review

  • Outstanding platform in thinkorswim
  • Thorough research offerings
  • Excellent educational materials
  • Does not offer copy trading
  • Forex pricing is slightly higher than industry average

5.0 Overall

Excellent all-round offering

Minimum Deposit $100
Trust Score 99
Tradeable Symbols (Total) 5500 is a trusted brand that delivers an excellent trading experience for forex and CFDs traders across the globe. It offers a wide range of markets and provides an impressive suite of proprietary platforms – alongside limited access to MetaTrader. Read full review

  • Multiple high-quality platforms
  • Excellent market research
  • Wide range of markets
  • Only about 600 instruments are available on the MT5 platform, compared to over 4,500 on non-MetaTrader platforms

5.0 Overall

Excellent all-round offering

Minimum Deposit £100.00
Trust Score 99
Tradeable Symbols (Total) 13500

Backed by StoneX Group, City Index is a trusted brand known for its versatile trading platforms, excellent mobile app, diverse market research, and extensive range of tradeable markets. Read full review

  • Excellent platforms and mobile app
  • Extensive range of markets
  • High-quality market research
  • Pricing is average for the industry
  • Limited product range on MT4


5.0 Overall

Great research and education

Minimum Deposit $0
Trust Score 96
Tradeable Symbols (Total) 6010

As a trusted multi-asset broker, XTB offers outstanding customer service, a wide variety of forex and CFDs, and an excellent overall trading experience. Its xStation 5 trading platform is well-designed and packed with innovative features, and XTB’s offers comprehensive educational content and market research. Read full review

  • xStation 5 platform is an industry standout
  • Robust selection of trading tools
  • Excellent customer service
  • Pricing is just average

500,000+ Forex traders globally

(81% of retail CFD accounts lose money)


4.5 Overall

Best for copy and crypto trading

Minimum Deposit $10-$10,000
Trust Score 90
Tradeable Symbols (Total) 3479

eToro is a winner for its easy-to-use copy-trading platform, where traders can copy the trades of experienced investors – or receive exclusive perks for sharing their own trading strategies. Read full review

  • Large number of investors to copy
  • Extensive range of markets to trade
  • User-friendly platforms and app
  • No automated trading strategies
  • Stops, limits mandatory on trades
  • Research trails competitors

2023 Annual Award Winners — Overall

Results for the Annual Awards are unbiased and determined by our own independent research; Broker Awards are bestowed based on demonstrated excellence in categories considered important to investors, traders, and consumers.

After gathering and validating thousands of data points across 100+ important variables, poring over our collected quantitative data, and factoring in the qualitative observations and qualified opinions of our expert researchers, we are proud to announce the top three forex brokers of 2023:

Winner: IG

IG logo

Regulated and trusted across the globe, IG offers traders the ultimate package of excellent trading and research tools, industry-leading education, comprehensive market research, and an extensive list of tradeable products. This fantastic all-round experience makes IG the best overall broker in 2023.

  • Trust: Founded in 1974, IG is publicly traded (LON: IGG) and regulated in eight Tier-1 jurisdictions, making it a safe broker (low-risk) for forex and CFDs trading. All jurisdictions considered, we ranked IG as the most trusted forex and CFDs broker for our 2023 Annual Awards.
  • Commissions: IG uses its size to provide traders with consistent pricing across the board — regardless of the product you trade — and shines for its active trader pricing available through its Forex Direct accounts.
  • Forex trading platforms: While IG also offers MetaTrader and premium MT4 add-ons from FX Blue, only 76 tradeable instruments are available. There’s no question; IG’s flagship platform is the better choice between the two, and offers an extensive range of tradeable markets.

Runner-Up: Saxo Bank

For traders who can afford the steep $2,000 minimum deposit (GBP 500 for the U.K.), Saxo Bank offers fair pricing, excellent trading platforms, phenomenal research, reliable customer service, and over 60,000 instruments to trade.

  • Trust: Founded in 1992, Saxo Bank operates multiple regulated banks and is licensed in seven Tier-1 jurisdictions, making it a safe broker (low-risk) for trading forex and CFDs.
  • Commissions: Saxo Bank provides traders with excellent all-around pricing. For active traders (and those with large account balances), Saxo Bank offers competitive pricing in its Platinum and VIP accounts, which require a $200,000 and $1 million balance, respectively.
  • Forex trading platforms: The entire Saxo Bank client experience is absolutely brilliant. Alongside access to 60,000 tradeable instruments, Saxo Bank’s flagship SaxoTraderGo platform is terrific, and includes everything traders require to navigate the market. Saxo Bank also offers third-party platforms such as TradingView, the globally popular platform with advanced charting capabilities. Learn more by checking out our TradingView guide.

Podium finisher: Interactive Brokers

Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite.

  • Trust: Founded in 1977, Interactive Brokers is publicly traded (NASDAQ: IBKR) and regulated in nine Tier-1 jurisdictions. Interactive Brokers is well-capitalized with USD 373.8 billion of ending client equity and USD 10.01 billion of equity capital.
  • Commissions: Interactive Brokers offers competitive pricing, aggregating prices from 17 of the world’s largest interbank forex dealers. Instead of marking up spreads, Interactive Brokers charges a commission per trade, which ranges from $16 to $40 per million round turn ($8 to $20 per side).
  • Forex trading platforms:Interactive Brokers stands out for its trading platforms, which include its flagship desktop software – Trader Workstation (TWS) – and mobile trading app – IBKR Mobile – both of which provide access to advanced trading tools and global financial markets (including forex and CFDs).

Best Forex Trading Platforms

We’ve conducted thorough testing of the best trading platforms offered by dozens of the top forex brokers in the industry. Of the 60+ brokers that we’ve evaluated, we’ve selected our top picks for brokers that provide the best trading platform experience and listed them below (click on the broker’s name if you want to read our full-length broker review):

  • Saxo Bank — Best VIP client experience
  • IG — Most trusted, great for beginners
  • CMC Markets — Best platform technology
  • Interactive Brokers — Best for professionals
  • TD Ameritrade FX — Best desktop platform (U.S. only)
  • FXCM — Great for algorithmic traders
  • — Award-winning performance analytics tools

What does a forex broker do?

A forex broker is a company that is licensed (or considered exempt) by a national regulator to grant you — as a retail or professional client — the ability to buy or sell foreign currencies, by way of an online trading platform or over the phone (known in the industry as voice broking). A forex broker may offer you the underlying currency, or a non-deliverable spot contract or derivative such as a contract for difference, or CFD, depending on any relevant country-specific regulatory restrictions. It’s important to only use brokers that are properly regulated to reduce your risk of being scammed.

Do I need a broker for forex?

Yes, to trade forex you’ll need to use a forex broker. You’ll need to open an account and deposit enough collateral (margin) to enable you to place orders with your broker to buy or sell forex.

The forex broker’s job is to execute your orders — either internally by acting as the principal to your trade (market maker execution) or by sending your orders to another market, thus acting as your agent (agency execution).

Your broker should be regulated and properly licensed in your country of residence (or in a major financial center). We’ve included a few important questions that are worth asking to help determine if your forex broker is trustworthy:

  • Does the broker have adequate financial operating capital?
  • How long has the broker been in operation?
  • Does the broker hold proper regulatory licenses in the countries where it operates, and is it in compliance with local laws?

security Find a trustworthy broker:’s proprietary Trust Score ranks forex brokers based on their reliability and overall trust. We evaluate and track dozens international regulatory agencies; click here to learn more about Trust Score.

How much money do you need to start trading forex?

The specific amount of money you’ll need for trading forex will depend on multiple factors, such as your personal financial situation, your trading goals, and your tolerance (or appetite) for risk.

Beginner forex traders might start trading forex with as little as $100, while it’s not uncommon for professional day traders to have six or even seven-figure trading accounts. If you are a beginner, you’ll first need to determine if forex trading is suitable for you. Check out our guide to trading forex for beginners here.

The next step will be deciding on your trading budget. This is especially important given the risks involved in trading forex from a margin account. Forex brokers typically offer a range of contract sizes so you can fine-tune the size of your trade – which will determine how much risk you are taking for a given profit target.

A micro account with a low margin requirement would make it possible to trade forex and test a trading strategy with as little as $100 of risk capital. In this case, your potential risk will be limited – but so will your potential rewards. Trading forex with a small amount of risk capital can let you test a new investment methodology, or allow beginner traders who are new to forex trading to learn by trial and error without “breaking the bank.”

Regardless of your trading budget, you’ll need to choose a dependable method for depositing and withdrawing funds for your live trading account. PayPal has grown in popularity as a way to fund forex trading accounts, due to its extensive international presence and wide range of supported currencies. Head over to our guide to the best PayPal forex brokers to learn more about using PayPal to fund your account, and to see our list of the best forex brokers that accept PayPal.

percent Pro tip:

For most beginners, trading forex with an amount of capital that you can afford to lose can be a great way to learn with less risk, and can be of value if you focus on the percentage returns rather than their dollar value.

Which broker is the best for forex?

IG took first place for our 2023 Annual Awards as the best overall forex broker, with 100 available currency pairs and the ability to trade CFDs and forex options, traders have plenty of choices. IG is the only broker that is regulated in both Switzerland and the U.S., in addition to nearly a dozen global licenses — making IG one of the most trusted brokers.

Who is the biggest forex broker in the world?

IC Markets is the largest forex broker by trading volume, with over $774 billion in forex trading volume in the third quarter of 2021 alone, according to data compiled by Finance Magnates. IC Markets is also well-known as an excellent option for algorithmic traders due to its great pricing and execution. Check out our full-length review of IC Markets, and algo traders (or traders who want to learn about HFT systems) can check out our popular guide to high-frequency trading.

expand What does it mean to be the biggest forex broker?

What can be considered the largest forex broker may vary depending on the time period used to measure size. Important factors to consider when gauging the size of a forex broker are the assets under management, number of clients, and market capitalization (valuation for public companies).

What are the top 10 forex brokers?

Here are the top 10 brokers by forex and CFD trading volume according to data compiled by Finance Magnates during the third quarter of 2021 (data excludes Japan due to the abnormally high trading volumes known to come from Japanese brokers):

Which forex broker has the best trading platform?

CMC Market’s Next Generation platform comes with a massive selection of nearly 10,000 tradeable instruments. It delivers a terrific user experience, as well as advanced tools, comprehensive market research, and an excellent mobile app. Hands down, the CMC Markets Next Generation trading platform is a market leader that will impress even the pickiest of traders. The new Dynamic Trading tool allows you to place multiple trades simultaneously, which was a nice innovation by CMC Markets this year.

CMC Markets Next Generation Platform light theme

smartphone Mobile forex trading

Best forex brokers for different styles of trading

What do you value most in a forex broker? Maybe you want to trade forex on the go. You might be looking for the most cost-effective forex brokers. Or maybe you are a beginner forex trader who is just getting started.

With a wide range of forex brokers comes a wide variety of features and specialties. To help you find the best forex broker for what you’re looking for, we’ve listed our top picks for some of the most sought-after features in the forex industry.

  • menu_book Great for beginners — IG’s vast selection of educational materials (it even has a mobile app dedicated to trader education, called IG Academy) makes it our top choice for beginner traders. Check out our full guide on the best forex brokers for beginners here.
  • smartphone Excellent trading app — Saxo Bank’s SaxoTraderGO mobile app boasts an impressive, intelligent design, paired with an abundance of useful information that makes it easy for traders to make clear-headed decisions, making it our top trading app. Check out our full guide to the best forex trading apps here.
  • groups Social copy trading — Interested in following the trades of expert forex traders? eToro deftly merges self-directed trading and copy trading into a sleek, unified trading experience. Copy traders can read our full social copy trading guide here.
  • euro Low costs — Of Tickmill’s three accounts (Classic, Pro, and VIP), it was the competitive commission-based pricing for professionals available through its VIP and PRO accounts that helped Tickmill finish 1st overall for Commissions and Fees. Take a look at our full guide dedicated to low-cost and zero spread brokers here.
  • app_shortcut MetaTrader — IC Markets’ MetaTrader offering includes an impressive range of third-party research and trading tool plugins, which helped IC Markets earn our pick for the best MetaTrader broker. Read our full MetaTrader guide, and learn more about the newest version of MetaTrader with our guide to the Best MetaTrader 5 Brokers.
  • currency_bitcoin Crypto trading — eToro’s easy-to-use copy trading platform and its large number of available crypto assets made eToro our top pick for both crypto and copy trading for our 2023 Annual Awards. Check out our guide that covers crypto trading and the best bitcoin brokers here.
  • laptop_mac Mac Compatible Brokers — Saxo Bank — Streamlined designs and robust trading tools make Saxo’s desktop platform, SaxoTraderPRO, a winner. Mac users should take a look at our guide to the best forex trading platforms for Mac devices.

Which forex broker offers the most CFDs?

Saxo Bank offers the most tradeable CFDs in the industry, with a staggering 60,000+ tradeable symbols available. CFDs, or «contracts for difference,» enable traders to speculate whether the price of a stock, forex pair, market index, or commodity will go up or down without taking ownership of the underlying asset. If you’d like to learn more about how CFDs work (and to see our picks for the best CFD trading platforms), check out our full-length guide to the Best CFD Brokers and Trading Platforms.

Which forex broker offers the most currency pairs?

Alongside nearly 10,000 CFDs, CMC Markets offers the most tradeable currency pairs, with 158 pairs that can be quoted both ways (i.e. EUR/USD or USD/EUR), which comes to a total of 316 pairs.

Which forex broker is best for professionals?

As a highly-trusted and regulated global brand, Interactive Brokers (IBKR) provides everything professional traders might need, from advanced trading tools and platform features to competitive pricing across a wide variety of markets, as well as connectivity to over 130 global exchanges. In addition to competitive spreads and low commission-based pricing for forex, Interactive Brokers provides more third-party research than any other broker.

Interactive Brokers continues to innovate its platform offering, such as with its new Impact app for environmental, social, and governance (ESG) investing, alongside the related Impact dashboard available in its Trader Workstation (TWS) desktop and WebTrader platforms.

Professional client status: In today’s highly regulated forex world, traders who want to maximize their margin leverage must apply and obtain ESMA’s professional client status with their broker. Traders designated as Professionals in the EU do not receive negative balance protection and other consumer safety mechanisms such as eligibility for compensation schemes in the event of a broker’s insolvency.

To determine the best forex brokers for professional traders, we broke down each broker’s active trading program, and compared all available rebates, tiers, and all-in costs. Trading platforms were then tested for the quality and availability of advanced trading tools frequently used by professionals.

How do I choose a forex broker?

Here are three of the most important factors to keep in mind when choosing an online broker for forex trading.

  1. First, make sure your broker is properly licensed and regulated. The safety of your deposit is always the top priority.
  2. Next, compare the account offerings, trading platforms, tools, and investment research provided by each broker.
  3. Finally, read detailed forex broker reviews to compare pricing and product offerings (e.g., number of forex pairs and CFDs available to trade) to find what is most important to your forex trading and investment needs.

compare_arrows Compare and choose:

Not sure how to go about choosing a forex broker? Check out our Forex Broker Compare Tool to compare dozens of the biggest forex brokers in the industry and analyze their top tools and features. Our Compare Tool is fed by data gathered by our expert researchers for our forex broker reviews, so you can feel confident you have the most up-to-date information at your fingertips.

How do I know if my forex broker is regulated?

It’s important to make sure that your forex broker is well-trusted and properly regulated in order to avoid forex scams. To see an intuitive, comprehensive list of highly regarded regulatory agencies, check out our Trust Score page. Also, be sure to check out our in-depth reviews of forex brokers – we detail the regulatory status of each individual forex broker across the international forex landscape.

We’ve also put together a step-by-step guide to help you determine if your forex broker is well-regulated:

  1. Find its license number: Identify the broker’s registration number from the disclosure text at the bottom of the broker’s homepage.
  2. Confirm the broker’s public profile: Look up the entity name (i.e. the legal company or brand name) on the regulator’s website to validate the registration number.
  3. Confirm regulatory status: We track, rate, and rank forex brokers across over 20 international regulators, and you can find the official websites of the biggest, most important international regulators on our Trust Score page.
  4. Global availability: Confirm that the broker can accept clients in your country of residence. If the broker lacks regulation in your home country, it’s still worth checking to see if they can legally accept clients from your country (for example, if the broker is regulated in an alternate jurisdiction that is deemed acceptable).
  5. Verification: Call the phone number or contact the email address listed on the regulators’ website if you have any doubts as to the legitimacy of a website or brand purporting to be regulated. 2023 Overall Ranking

Now that you’ve seen our picks for the best forex brokers, check out the Overall Rankings. We’ve evaluated over 60 forex brokers, using a testing methodology that’s based on 100+ data-driven variables and thousands of data points. Check out our full-length, in-depth forex broker reviews.

Company Overall Rating Offering of Investments Commissions & Fees Platform & Tools Research Education Mobile Trading Trust Score Visit Site
IG logoIG 99
Saxo Bank 99
Interactive Brokers logoInteractive Brokers 99
CMC Markets logoCMC Markets 99
TD Ameritrade logoTD Ameritrade 99 99
City Index 99
XTB logoXTB 96 Visit Site

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At, our evaluations of online brokers and their products and services are based on our collected quantitative data as well as the qualitative observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the online forex brokerage industry, and we evaluate dozens of international regulator agencies (click here to learn about how we calculate Trust Score).

Our research team, led by Steven Hatazkis, conducts thorough testing on a range of features, including each broker’s individual products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.

We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and an exhaustive list of other important fee-based data points.

Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running macOS 12.5 to test trading on the go.

We also test on mobile devices; for Apple, we test using the iPhone XS running iOS 16, and for Android we use the Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 13.

All content on is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Generative AI tools are not a part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. Read our Generative AI policy to learn more.

Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. For a full explanation and accounting of our research and testing process, please click here to learn more about how we test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.

About the Editorial Team

Steven Hatzakis

Steven Hatzakis is the Global Director of Research for Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

Blain Reinkensmeyer

Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.

John Bringans

John Bringans is the Senior Editor of An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.

Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.



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