Top 10 Best Forex Brokers

The perfect forex broker does not exist. Each broker has features and aspects that may or may not work for you. Find out which one’s your best bet!
Best Forex Broker featured image

The perfect forex broker does not exist. Each broker has features and aspects that may or may not work for you.

Our job is to lay out our top forex brokers that are trusted and reliable. Yours is to find which one’s the best for you. Let’s get down to business!

Quick List: Top 10 Best Forex Brokers

No time to read through everything? Here’s a forex broker list of our top picks for your reference.

  • IC Markets
  • IG
  • CMC Markets
  • Saxo Bank
  • BD Swiss
  • Interactive Brokers
  • e-Toro
  • TD Ameritrade

Thorough Reviews: Choose Your Best Forex Broker

Comparing forex brokers can be intimidating, especially for beginner forex traders. In this section, we’ve dissected each broker based on its features, advantages, and disadvantages.

It’s up to you to see which one best complements your needs.

Forex logo

If you want the safest bet, nothing beats the reliability of It’s already in the name, proving that they’re a regulated broker.

Features and Promises

These are the promises as your trading partner:

  • Market option variety (Trading CFDs, crypto, metals, FX, and shares)
  • Trusted and compliant: Authorized by the Cayman Islands Monetary Authority (CIMA)
  • Reliable algorithm: They can help you with trading opportunities.
  • Experienced traders: 20 years of expertise
  • Competitive spreads record: 0.2 pts on FX
  • Currency pairs: 80 and above
  • Free demo account

Benefits Worth Mentioning

The pros of are:

  • Easy to use trading platform.
  • The leverage is impressive (50:1)
  • Useful for different market types
  • An expert in the field; can provide proper tools, education, and guidance
  • Competitive pricing (spreads and volume)

Drawbacks to Consider

The cons of are:

  • It doesn’t extend to stocks and bonds (and other types of securities not mentioned).
  • The customer service is not the best.
  • Agency trading can be more expensive.
  • Trading CFDs is only available to U.S. residents.

Our Overall Verdict is one of the best forex trading platforms for novice traders and active traders alike. The interface is easy to understand, and even newbies can navigate freely.

You’ll also appreciate if you use the forex trading platform MetaTrader 4 because of the integration. Other than that, multiple trading platforms are also available.

If you’re looking for reliability and security, you can breathe a sigh of relief with this forex broker – no scams and illegal activities.

IC Markets


IC Markets boasts some of the best features as a forex trading broker on the rise. And can you blame them? They’re pretty impressive.

Features and Promises

  • Leverage: 1:500
  • Micro Lot Trading: 0.01
  • Raw Spread Advantage: Trade with spreads from 0.0 pips
  • Execution: Under 40 ms on average
  • Institutional Grade Trading: good liquidity; less slippage
  • Free demo account

Benefits Worth Mentioning

  • It’s considered a proprietary trading platform
  • Free VPS
  • Reaches global markets (stocks, bonds, digital currencies, commodities, etc.)
  • Their customer support is available 24/7
  • Regulated broker
  • A mobile trading platform is available.
  • Has advanced trading tools available

Drawbacks to Consider

  • It may be intimidating for beginners

Our Overall Verdict

We’re sure that you’ve heard many good things about IC Markets. The credentials speak for themselves, regulated by the Cyprus Securities and Exchange Commission.

Although the interface and markets can be overwhelming for beginners, it’s also good for smaller accounts. It’s still a learning curve that can jumpstart your forex trading experience.

IG Markets

IG markets

IG is not an American forex broker, but they’re open to American investors. It’s undeniably one of the advanced trading platforms with impressive features.

Features and Promises

  • Over 16,000 market options
  • Regulated by the Financial Conduct Authority (FCA) in the UK.
  • Low spreads (0.8 pips)
  • Currency pairs: 80 and above

Benefits Worth Mentioning

  • It has a trading platform for both web and mobile
  • The interface is easy to use
  • Provides access to MetaTrader 4 and Pro Real Time
  • Good leverage (maximum is 50:1)

Drawbacks to Consider

  • Although American investors are welcome, you’re limited to forex trading only
  • Not available for Arizona and Ohio traders – as of this writing
  • Customer support isn’t the best
  • Inactivity fees can be expensive

Our Overall Verdict

Many forex traders don’t appreciate the messy interface most trading platforms seem to have. IG Markets is easy to use and can help beginners navigate better.

Its main downside for U.S. traders is that you’re limited to forex only.

But that’s pretty minor since you can explore other financial markets (i.e., trading CFDs, currency trading, etc.) using other platforms anyway.

CMC Markets

cmc logo

CMC Markets got you covered for forex and CFD traders looking for a low-risk broker but still have that real trading experience.

Features and Promises

  • Provides multiple complex instruments (forex, indices, crypto, commodities, shares and ETFs, treasuries)
  • Has a platform for trading CFDs
  • An established industry leader for over three (3) decades
  • Tax-free profits for spread-betting
  • Demo account available

Benefits Worth Mentioning

  • No minimum deposit is required; trading costs are low
  • Suitable for beginner and advanced traders alike
  • Available on desktop, mobile, and tablet
  • Provides education, news, and information
  • Good rewards; competitive pricing

Drawbacks to Consider

  • They can still improve the security features.
  • The U.S. index and CFDs spread are considered high

Our Overall Verdict

CMC Markets is one of the best online forex brokers if your goal is to learn and gain more information, regardless if you’re a newbie or already a professional trader.

We also appreciate that it’s an established forex broker with low risks. Foreign exchange markets can be overwhelming, so starting with a good platform is crucial.

capital logo

If you’re a Trading View user, you’ll find to be the most convenient and practical option. It makes trading easier.

Features and Promises

  • Multiple currency markets available (over 6,100 markets)
  • AI-powered trading platform
  • Advanced trading tools, charts, and indicators
  • Risk management tools available

Benefits Worth Mentioning

  • They offer trading guides for your guidance
  • Good security
  • Zero spread broker
  • Can trade directly using Trading View
  • Has execution for a market maker

Drawbacks to Consider

  • Slower customer support
  • Less trading platform integrations

Our Overall Verdict

Although isn’t as groundbreaking, it’s a decent platform with helpful tradingtools. Whether you trade CFDs, cryptocurrency, or anything in the global currency market, you can do it all here.

Saxo Bank

saxobank logo

We’ll tell you straight up: the minimum deposit is expensive, but it’s worth it. Saxo Bank is for you if you have $10,000 to spare.

Features and Promises

  • Offers self-trading for crypto, forex, CFDs, stocks, commodities, futures, FX options, listed options, ETFs, bonds, and mutual funds.
  • Experts manage portfolios
  • Over 40,000 assets for your trading needs
  • Currency pairs: 182
  • CFDs: 35,000

Benefits Worth Mentioning

  • Customer service is fast and of top-tier quality
  • Low-risk brokerage
  • Tools, analysis, and markets are all top-notch (and a plethora of options!)
  • Multiple online trading platform integrations

Drawbacks to Consider

  • Too much content can also be overwhelming
  • No physical cryptocurrency trading
  • Expensive! The $2,000-$10,000 minimum deposit can be a deal-breaker for many.

Our Overall Verdict

A forex broker that offers endless features and good customer service naturally comes at a high price.

The $10,000 minimum deposit is only for low-level accounts; it goes up to $200,000 to $1,000,000 for the platinum and VIP accounts.

You don’t have to opt for this, especially for beginners. But we included it in the list for your reference. Perhaps you’ll someday become an expert with trading forex and think you’re ready, then go for it!

BD Swiss

bd swiss logo

The platforms above are more forex brokers than CFDs, but BD Swiss is the other way around. But the point is, it offers both!

Features and Promises

  • Award-winning trading broker’s trading platform
  • Low spreads (from 0.0)
  • Fast trade execution
  • 24/5 support (multilingual available)

Benefits Worth Mentioning

  • Low minimum deposit fees are required.
  • Trading costs are low (no markups or hidden charges)
  • Web-trading platforms are good
  • Not bad leverage (1:500)
  • Good liquidity
  • Multiple platforms available
  • Offers exclusive live webinars

Drawbacks to Consider

  • Limited countries availability
  • No execution for a market maker

Our Overall Verdict

BD Swiss is generally a good forex broker. It gives you the real deal at a reasonable cost and has a lot of currency trading options available.

They also offer live webinars inclusive of your registration if you’re looking for education. Beginners might appreciate this feature, which most forex brokers don’t have.

Interactive Brokers

interactive brokers logo

Several forex brokers have limited reach, but Interactive Brokers isn’t one of them. They are one of the leading forex broker options regulated in most parts of the world!

Features and Promises

  • Low costs and financing rates
  • Global access
  • Powerful technology
  • Award-winning forex broker
  • Regulated by the U.S., CFTC; also in NFA, U.K., Australia, Canada.
  • They also have agencies in Japan, HK, India, and Luxembourg.
  • Currency pairs: 100
  • CFDs: 7,400

Benefits Worth Mentioning

  • Gain global access to forex platforms and multiple markets
  • Good algorithm and research technology help with efficient currency trading and forex
  • Highly safe
  • Best for high-volume traders

Drawbacks to Consider

  • Not the best option for low-volume or retail traders or retail investor accounts
  • May charge monthly fees
  • Customer support wasn’t the best (but improving)

Our Overall Verdict

You may have heard about Interactive Brokers when they took the hit regarding their poor customer service. The good news is that they’ve been improving, and it’s now one of the best forex brokers on this list.

Among the top forex brokers, we enjoy the global accessibility of IBKR. Their regulations worldwide make them a secure platform, so you won’t have to worry and enjoy trading.


etoro logo

Here’s one for our non-U.S. forex traders. You may want to consider e-Toro if you’re looking for a social copy trading platform.

Features and Promises

  • Stocks, ETFs, crypto, and CFD trading are available
  • Copytrader – their most famous feature
  • No limits on commission-free trades

Benefits Worth Mentioning

  • Provides educational materials, proving especially useful for beginners
  • Copytrading will help you learn the strategies of expert forex traders and active traders
  • Provides a virtual dummy account
  • Best for crypto
  • Easy to use interface

Drawbacks to Consider

  • U.S. traders can only access cryptocurrencies
  • It does not support MT 4 and MT 5 platforms
  • Research tools are not exceptional (but decent)
  • Low currency pairs
  • Note: retail investor accounts lose money with CFD trading using e-Toro.

Our Overall Verdict

You will undoubtedly enjoy e-Toro if you’re a newbie forex trader. It doesn’t have those complicated interfaces that bombard you with information at once.

It’s one of the best forex brokers for practice and to introduce you to forex markets, and not particularly for making a fortune – although you can, of course.

TD Ameritrade

TD Ameritrade logo

Last but not least, if you’re looking for online forex brokers that cater to U.S. clients only, TD Ameritrade is the choice. Well, it’s already in the name!

Features and Promises

  • Rollover specialist at your service
  • Powerful platforms: web, mobile, desktop
  • Personalized education

Benefits Worth Mentioning

  • Dependable customer support
  • Low cost
  • Good research tools
  • Good leverage (50:1 on significant currencies; 20:1 on minor currencies)
  • Currency pairs: 75
  • Tech Indicators: 382

Drawbacks to Consider

  • Only the U.S. forex traders
  • No copy trading available
  • Not MT compatible

Our Overall Verdict

TD Ameritrade was established way back in 1975; you do the math! It’s one of the established forex trading platforms, proving safe and secured.

Since 2019, they have removed their commissions on ETFs and stocks; all costs are now dependent on spreads. American investors and traders will indeed find this platform efficient and effective.

What to Consider When Choosing Forex Brokers

With so many online brokers available, choosing which ones can help you flourish and avoid losing money rapidly gets intimidating. Here are some considerations to help you.

Security and Reliability

Since we are talking about money, it’s crucial to be cautious of who and what you trust. Always ask, “are these forex brokers reliable?” The foreign exchange market is vast, and unfortunately, scammers are everywhere!

One way to determine security is to check their authenticity. A publicly-traded company must be regulated under authority sectors such as:

  • Commodity Futures Trading Commission (CFTC)
  • Securities and Exchange Commission (SEC)
  • National Futures Association (NFA) in the U.S.
  • Financial Services Authority (FSA) in the U.K.

The safer locations with strict policies when it comes to trading foreign exchange are:

  • United States (U.S.)
  • United Kingdom (U.K.)
  • Singapore
  • Canada
  • Australia
  • Cyprus

While we’re not saying that the lack of regulation automatically equates to fraudulent acts, we’re encouraging you to use licensed online brokers for your security.

This is so that when troubles arise, you’ll have an official authority figure to approach and legally settle matters.

Asset and Currency Pairs Option

An online broker that caters to multiple options is the better choice. A platform where you can trade forex pairs, crypto, and other assets give you an edge as a trader and investor. More currency pairs or forex pairs, the better.

Aim to find an online broker that offers most, if not all, on this list:

  • Cryptocurrency
  • Forex market trading
  • CFDs
  • ETFs
  • Mutual Funds
  • Commodities
  • Stocks
  • Bonds
  • Number of currency pairs

Tools and Complex Instruments

The trading forex market is complicated. It’s an extensive system with millions of traders all over the world.

Even professional traders can’t possibly trade forex effectively alone. You need the help of tools, charts, and research materials to avoid losing money rapidly.

Find an online forex broker that offers advanced tools to help you stop loss, self-trade, and provide better access to multiple devices like mobile.

Educational Materials

Most traders start as beginners. There is no (or very little) formal education about investing and forex trading; it helps if your broker platform offers vital information.

You can consume these materials to understand terms, see the “real deal,” and learn from experienced traders. Do take advantage of the demo accounts they offer for practice.

Fees and Costs

Of course, forex trading isn’t free! There are charges; for many, they start with losses too. A lot of retail investor accounts lose money using specific platforms.

Be aware of the minimum depositscommission feesspread costs, and other monthly charges.

It’s how these brokers make money, so it pays to know everything you need before going all out.

Every trade you make will constitute a price, so always think twice!

Good Customer Support

Customer service is more crucial than we think. It can get frustrating if the site or app crashes at the most vital moments, and your first option is to reach out for support.

A good service entails addressing your concerns as soon as possible, if not immediately. However, don’t expect on-the-dot responses.

As we said, it’s a complex system with millions of users; imagine how many complaints they’re addressing per minute.

Compatibility to Your Needs and Accounts

We mentioned from the start that there’s no perfect broker for everyone. It all depends on your needs, capacities, and circumstances.

For instance, if you’re a retail trader, don’t use brokers that cater to wholesale.

You’ll see many disclaimers like “retail investor accounts lose money using this platform,” we suggest taking those seriously.

Using this example, retail investor accounts lose a lot in a platform with high stakes. No matter how good the credentials and data of a broker are, you should check if it applies to you.

Why People Trade Forex

You’re probably wondering why trading forex is such a big deal. For one, it helps you make good money, although not instantly.

Passive Income

There are traders in the forex market that are not active. They simply want good returns for their money without exerting too much effort.

Passive income is possible, but active traders will undoubtedly get better returns. Either way, it’s an extra means to make money – it’s still a win.

It’s Easy to Get Into

Unlike other investment schemes, starting an account isn’t rocket science. You need a trading platform, which is mostly free, connect it with a broker, and then begin navigating through the sites.

Additionally, you don’t need a hefty capital. Most minimum deposits are low – some are even offered for free.

Forex Trading Advantages

  • Forex is the largest financial market with 24/7 accessibility (on working days)
  • The leverage is high
  • You can expect high liquidity

Forex Trading Disadvantages

  • Relatively fewer assets
  • Not all brokers are regulated
  • Highly volatile

Crash Course: Explaining the Forex Market

Okay, we’ve been mentioning forex so many times in this article. Do we know what it means?

Forex (FX) stands for Foreign Exchange. It’s a process for buying and selling (or trading) global currencies, and it’s technically not owned by anyone.

There’s no big company controlling the rates, and it all depends on the trading activities.

These activities occur on the Forex Market. It’s an intangible marketplace where transactions and exchanges happen.

Why is it so important? Because as a global community, we transact with countries all over the world. We can’t use only one currency to deal internationally, so understanding the rates is crucial when doing business – especially globally.

The thing is, when you exchange currencies, you can either gain or lose. This is where brokers and platforms come in. You can check if your exchange is a fair trade, an extra profit, or if you’re losing money.

If you are an investor, you can conduct these exchanges to gain profit. Some people do this to make money, and they’ve proven to be an excellent way to earn.

Should You Engage in Forex as an Individual?

Yes, forex trading can be a career. Unlike traditional jobs, it involves a lot of sitting in front of your screens – especially if the goal is to profit and make the best deals.

Forex is even more vast than the stock market to set the perspective.

Given this, the ones who make good money are giant corporations such as banks, multinational companies, and big investors.

However, retail investor accounts are now on the rise. You can opt for brokers that cater to individual investors and learn about the technicalities to earn money.

Importance of Having Good Forex Brokers

Having said all that, you know understand why it’s crucial to have a reliable broker.

They’re not simply websites and apps now; they’re more of your partners in the whole trading game.

Their primary role is to help you access the significant markets where you can make the best deals and make the most money.

They act as the “middlemen,” and only reliable brokers can assure that you receive your profit.

Forex 101 for Beginners

The actual trading isn’t the hard part. What’s challenging is settling in the industry, learning the technical terms, the ins and outs, and finding trustworthy brokers.

If you’re someone starting to explore the forex market, here’s a little definition of terms to help you get started.


In easier words, the spread is the profit. It’s the difference between the market price and what you paid for the currency pair, and that’s how brokers gain their income.

That’s why you’ll see “low spreads” or “zero spreads” on the broker’s websites or features, which tells you that you’re paying a reasonable amount for your purchase.


Pip is short for Percentage in Point. It refers to the price moves in exchanges. Although the market prices move consistently, they change in tiny increments, and we call it pips.

If you still don’t get it, it’s a unit of measurement – typically the last decimal in the quotation. So, for example, if you’re quoted with a $0.0001 for a currency pair, the pip here is the 1.

These pips are equivalent to specific values. Knowing the pips and their changes can easily calculate your gains and losses.

Currency Pairs

As the term goes, currency pairs consist of two (2) currencies. For example, USD/EUR is a pair. Since forex is a buy-and-sell system, you’re buying USD to sell your EUR.

Both currencies have values, and it is through this exchange you gain or lose money.

Contract for Differences (CFDs)

You can also trade CFDs. Instead of currencies, you are exchanging price differences.

An asset’s value fluctuates from entering the market to its closure; that difference is your point of interest with CFDs.


Brokers usually give their leverage rate in a ratio form, like 1:50. This means that for every $1 capital, you’ll have $50 to trade with.

It’s like a loan; the broker loaned you $50 for every $1 you paid.

It leverages you and gives you more purchasing power. If you put down the capital of $50, you’ll already have $2,500 for spending.

But as good as it sounds, there are pros and cons to that.

There are considerations such as margins and losses; it’s crucial to learn about the technicalities before going in.

If you gain from this transaction using the leverage, you’re winning. But if not, you probably know the consequences. It’s a huge loss.


Liquidity is the cash conversion. If an asset is “highly liquid,” then it means that you can quickly turn it into cash, and so it’s easier to sell.

Copy Trading

Copy-trading can be beneficial to you, especially if you’re a beginner. It’s essentially a feature that lets you copy the trading strategies of experts, so you’re not starting from scratch.

It helps you track the performance of an investor you want to copy. Some traders share their strategies to see if it’s something you can apply to yourself.

The best people who benefit from copy trading are those who are not actively following the trends 24/7, such as people with 9-5 jobs or those who are only doing it for fun.

Tips for Beginner Forex Traders

  • Choose a beginner-friendly platform with educational resources and good customer support. Having guidance when you’re starting is very helpful.
  • Start with low capital. Don’t go all out on your first trade!
  • Maximize the demo accounts offered by brokers. It lets you experience the trading process without shelling out real money yet.
  • Research, research, and research some more. Equip yourself with knowledge before engaging in this volatile, high-risk market.
  • Explore as much as you can. Don’t limit yourself to one or two trading platforms and partners as you go.

Frequently Asked Questions [FAQs]

Let’s answer some of the most frequently asked questions.

Can a Forex Broker Steal Your Money?

If your forex broker is illegitimate and engages in fraudulent activities, they can steal your money. That’s why it’s crucial to choose a platform that’s regulated.

But don’t worry, because the legal system is on your side. There are protections afforded to investors like you should these unfortunate circumstances arise.

Is Forex Trading Legal?

Forex trading is legal in the U.S., but scammers are also prevalent, so the negative connotation persists. But the exchange itself is perfectly legal.

Can I Trade Without a Broker?

In the U.S., you don’t need a personal broker to trade – though they’ll make it a lot easier for you.

However, you do need a brokerage – which is a physical and over-the-counter service. Though they seem similar, they’re not.

In other countries, you are mandated to have a broker, and individuals are not allowed to make their own transactions.

Can You Get Rich With Forex Trades?

It’s undoubtedly not a shortcut to fortune. While trading can be easy, it’s a complex system that requires practice and expertise.

Suppose you’re an investment company with hedge funds and big budgets and can afford to engage in high-risk financial activities; it’s highly possible and beneficial for your business.

But for retail investors, it can be rather tricky unless you’re fortunate and skilled.

Most retail individuals in this field simply learn, enjoy, and put their spare money to better use rather than depending on it for bread and butter.

Do You Lose Money in Forex Trades?

Well, yes, you can lose money in forex. Not because they intend for you to lose it, but it’s a risk you take in engaging with the market.

Unpreparedness, poor risk management, and lack of strategy are some reasons why traders lose money. That’s why we keep highlighting the importance of preparing and researching.

What Is Meta Trader 4? Is It a Broker?

No, Meta Trader (MT) is not a broker. They are a third-party trading platform that connects you to brokers. MT is one of the most known third-party platforms, explaining why you often come across the name.

It’s where you automate your trading, but you can’t do that without a broker, which is why people connect brokers to such platforms.

Recap: Best Brokers for Forex Traders [TL;DR]

That was a long read, wasn’t it? Here’s a recap to summarize everything.

Our top 10 picks are:

  1. Reliable and Regulated:
  2. Regulated and Good for Retail: IC Markets
  3. Only Forex Trades for U.S. Clients: IG Markets
  4. Low-Risk, Low Cost: CMC Markets
  5. For Trading View Users:
  6. Premium But Worth It: Saxo Bank
  7. CFD-Focused: BD Swiss
  8. Best for Global Markets: Interactive Brokers
  9. Non-U.S. Pick: e-Toro (not for retail investors)
  10. Exclusive to Americans: TD Ameritrade

When Choosing Brokers, Consider These:

  • Security and reliability (make sure they are licensed and regulated by authorities)
  • The number of assets and markets they provide access to
  • Their tools, instruments, and resources
  • The education and guidance they provide
  • Fees and costs
  • Good customer support for your troubles and questions
  • Their compatibility with your circumstances and needs


The forex market can be complicated and intimidating. It’s not something you can quickly enter and succeed at once, but it has many learning curves and opportunities.

Take your time to practice, have fun, and become a millionaire (hopefully).

Good luck, trader!