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Best Forex Brokers
By:
Reviewed By:
Updated: Feb 2, 2023
Foreign exchange is an exciting and fast-paced marketplace where fortunes are made and lost in the blink of an eye. If you want to get involved in foreign exchange trading or investing, also known as the Forex market, you’ll want to work with a top Forex broker.
The best Forex brokers offer a combination of safe trading environment, competitive pricing, high-tech trading tools, and fast and reliable trade order execution. Sorting through the long list of Forex brokers and picking out the best is too much work for the average trader, so we took care of the hard part and whittled down to a list of the top Forex brokers for a variety of focuses and specialties.
The brokers below represent the best forex brokers overall.
Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.
Best FX Brokers for Forex Trading
- Plus500
- FXTM
- XTB
- IC Markets
- FP Markets
- Swissquote
- OctaFX
- RoboMarkets
- ActivTrades
- Tickmill
- FXCC
- How to choose a Forex broker
Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients. You can also visit our Stock Brokers section.
Plus500
Regulated By:
Headquarters:Israel
Foundation Year:2008
Min Deposit:$0
72% of retail CFD accounts lose money.
Demo Account:Open Demo Account
Max Leverage:
Publicly Traded:Yes
Deposit Options:Wire Transfer, Credit Card, PayPal, Skrill, Moneybookers
Withdrawal Options:Wire Transfer, Credit Card, PayPal, Skrill, Moneybookers
Products:Currencies, Commodities, Indices, ETFs, Stocks, Futures, Options, Crypto, Forex (CFD)
Trading Platforms:Plus500
Trading Desk Type:No dealing desk
OS Compatability:Desktop platform (Windows), Desktop platform (Mac), Web platform
Mobile Trading Options:Android, iOS
Plus500 is a publicly traded company that was founded in 2008 and is the main sponsor of football club Atlético Madrid. The Plus500 trading platform is offered by Plus500 UK Ltd which is authorised and regulated by the UK Financial Conduct Authority and is also a subsidiary of Plus500 Ltd which is a publicly-traded company listed on the London Stock Exchange.
The broker’s trading platform is available in more than 50 countries and is authorised and regulated around the world by the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), the Monetary Authority of Singapore (MAS) and the Israel Securities Authority (ISA), among others.
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Watch Our Plus500 Video Review:
FXTM
Regulated By:FCA, FSC, FSAR
Headquarters:Cyprus
Foundation Year:2011
Min Deposit:$10
82% of retail CFD accounts lose money
Demo Account:Open Demo Account
Max Leverage:1:30 (FCA), 1:30 (FSC), 1:50 (FSAR)
Publicly Traded:No
Deposit Options:Wire Transfer, Credit Card, Cryptocurrencies, Skrill, Neteller, QIWI, Webmoney, Maestro
Withdrawal Options:Wire Transfer, Credit Card, Cryptocurrencies, Skrill, Neteller, QIWI, Webmoney, Maestro
Products:Currencies, Commodities, Indices, Stocks, Crypto
Trading Platforms:MT4, MT5
Trading Desk Type:No dealing desk
OS Compatability:Desktop platform (Windows), Desktop platform (Mac), Web platform
Mobile Trading Options:Android, iOS
FXTM, short for ForexTime, is a platform with a primary focus on foreign exchange. That specialization allows it to rise above many others when it comes to Forex focused trading platforms and tools. CFDs are available on 50+ currency pairs including major, minor, and exotic pairs. Leverage is available up to 1000:1.
Spreads are competitive across all platforms with 24-hour trading open 5 days per week. FXTM is based in Cyprus and licensed by the International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission, and other regulators in and out of the EU. A free demo account is available.
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Watch Our FXTM Video Review:
XTB
Regulated By:FCA, CySEC, CNMV in Spain, IFSC, KNF
Headquarters:Poland
Foundation Year:2002
Min Deposit:$0
77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Official Site:xtb.co.uk
Demo Account:Open Demo Account
Max Leverage:1:500 (FCA), 1:500 (CySEC), 1:500 (CNMV in Spain), 1:500 (IFSC), 1:500 (KNF)
Publicly Traded:Yes
Deposit Options:Wire Transfer, Credit Card, PayPal, Skrill, Neteller
Withdrawal Options:Wire Transfer
Products:Currencies, Commodities, Indices, ETFs, Stocks, Bonds, Futures, Options, Crypto
Trading Platforms:MT4, xStation 5
Trading Desk Type:Market Maker, STP
OS Compatability:Desktop platform (Windows), Desktop platform (Mac), Web platform
Mobile Trading Options:Android, iOS
XTB is an award-winning CFD platform that supports Forex, indices, commodities, stock CFDs, ETF CFDs, and cryptocurrencies. For Forex, XTB supports 48 currency pairs with low-cost spreads. Customers of XTB can choose between trading on the xStation 5 or MT4 platforms. For leverage accounts, this brokerage offers leverage of up to 200:1.
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Watch Our XTB Video Review:
IC Markets
Regulated By:VFS, FSA(SC), VFS
Headquarters:Australia
Foundation Year:2007
Min Deposit:$4
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Official Site:www.tyui.com
Demo Account:Open Demo Account
Max Leverage:1:100 (VFS), 1:500 (FSA(SC)), 1:4 (VFS)
Publicly Traded:Yes
Deposit Options:Wire Transfer, Credit Card, PayPal, Skrill, Neteller, Western Union
Withdrawal Options:Wire Transfer, Credit Card, PayPal, Skrill, Neteller, Western Union
Products:Currencies, Commodities, Indices, Stocks, Bonds, Futures, Options, Crypto
Trading Platforms:MT4, MT5, cTrader
Trading Desk Type:ECN, No dealing desk
OS Compatability:Desktop platform (Windows), Desktop platform (Mac), Web platform
Mobile Trading Options:Android, iOS
IC Markets was founded in Sydney, Australia in 2007 and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the Seychelles Financial Services Authority (FSA). According to the broker’s website, they processed $646 billion worth of trading volume in April 2019 alone.
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Watch Our IC Markets Video Review:
FP Markets
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Regulated By:ASIC, CySEC
Headquarters:Australia
Foundation Year:2005
Min Deposit:$100
Your capital is at risk
Official Site:www.fpmarkets.com
Demo Account:Open Demo Account
Max Leverage:1:500 (ASIC), 1:500 (CySEC)
Publicly Traded:No
Deposit Options:Wire Transfer, Credit Card, PayPal, Skrill, Neteller, Webmoney, QIWI, Paytrust88, Ngan Luong, Broker to Broker, FasaPay
Withdrawal Options:Wire Transfer, Credit Card, PayPal, Skrill, Neteller, Broker to Broker, QIWI, FasaPay, Paytrust88, Ngan Luong
Products:Currencies, Commodities, Indices, ETFs, Stocks, Futures, Crypto
Trading Platforms:MT4, MT5, IRESS, WebTrader
Trading Desk Type:DMA, ECN, No dealing desk, STP
OS Compatability:Desktop platform (Windows), Desktop platform (Mac), Web platform
Mobile Trading Options:Android, iOS
This brokerage offers a massive range of tradable assets through Forex, CFD, and share trading accounts. FP Markets supports the MT4, MT5, and IRESS platforms and offers leverage up to 500:1. You can trade 45 currency pairs with competitive spread or commission pricing.
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Watch Our FP Markets Video Review:
Swissquote
Regulated By:FCA, FINMA, SFC, MFSA, CSSF, MAS, DFSA
Headquarters:Switzerland
Foundation Year:1996
Min Deposit:$1000
Trading involves risks. Products and services of Swissquote are only intended for those permitted to receive them under local law.
Demo Account:Open Demo Account
Max Leverage:1:100 (FCA), 1:100 (FINMA), 1:100 (SFC), 1:100 (MFSA), 1:30 (CSSF), 1:100 (MAS), 1:100 (DFSA)
Publicly Traded:Yes
Deposit Options:Wire Transfer, Credit Card, Cryptocurrencies
Withdrawal Options:Wire Transfer
Products:FX Options, Currencies, Commodities, Indices, ETFs, Stocks, Bonds, Futures, Mutual Funds, Options, Crypto
Trading Platforms:MT4, MT5, Advanced Trader
Trading Desk Type:Bank, Dealing Desk, Market Maker, No dealing desk
OS Compatability:Desktop platform (Windows), Desktop platform (Mac), Web platform
Mobile Trading Options:Android, iOS
Swissquote Bank Ltd. is an online forex, CFD and derivatives trading broker that offers what may be called a total trading package that goes beyond forex or CFDs. Swissquote Bank is part of the Swissquote Group Holdings Ltd, and represents the Swiss-based trading division of the company. Swissquote Bank operates from Gland, Switzerland and commenced operations in 1996.
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Watch Our Swissquote Bank Ltd Video Review:
OctaFX
OctaFX is a Forex and CFD trading platform with a focus on low, competitively priced spreads. It supports MT4, MT5, and cTrader trading platforms. cTrader offers the lowest costs, but does require a bit more experience. Novice traders are best starting off at OctaFX using MetaTrader 4, which supports micro accounts.
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Watch Our OctaFX Video Review:
RoboMarkets
Regulated By:CySEC
Headquarters:Cyprus
Foundation Year:2012
Min Deposit:$100
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.52% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Official Site:https://robomarkets.com
Demo Account:Open Demo Account
Max Leverage:1:500 (CySEC)
Publicly Traded:No
Deposit Options:Wire Transfer, Credit Card, PayPal, Skrill, Neteller, Webmoney, Moneybookers
Withdrawal Options:Wire Transfer, Credit Card, PayPal, Skrill, Neteller, Webmoney, Moneybookers
Products:Currencies, Commodities, Indices, ETFs, Stocks
Trading Platforms:MT4, MT5, WebTrader
Trading Desk Type:Dealing Desk, ECN, Market Maker, No dealing desk, STP
OS Compatability:Desktop platform (Windows), Desktop platform (Mac), Web platform
Mobile Trading Options:Android, iOS
RoboForex was founded in 2009 and is an Official Partner of BMW M Motorsport. The broker is authorised and regulated by the International Financial Services Commission of Belize, providing segregated trading accounts with negative balance protection. They are also part of the Financial Commission’s Compensation Fund and provide access to execution quality certificates with Verify My Trade.
The broker provides the ability to trade on eight asset classes covering Forex ECN and CFDs on Stocks, ETFs, Indices, Cryptocurrencies and Commodities. Users can also invest in real stocks of American companies, bringing the total number of tradable assets at more than 12,000.
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Watch Our RoboForex Video Review:
ActivTrades
Regulated By:FCA, SCB
Headquarters:United Kingdom
Foundation Year:2001
Min Deposit:$500
"All financial products traded on margin carry a high degree of risk to your capital. They are not suited to all investors, please ensure that you fully understand the risks involved, and seek independent advice if necessary. ActivTrades Corp is authorised and regulated by The Securities Commission of the Bahamas. ActivTrades Corp is an international business company registered in the Commonwealth of the Bahamas, registration number 199667 B. ActivTrades Corp is a subsidiary of ActivTrades PLC, authorised and regulated by the Financial Conduct Authority, registration number 434413. ActivTrades PLC is a company registered in England & Wales, registration number 05367727"
Official Site:https://www.activtrades.ae/
Demo Account:Open Demo Account
Max Leverage:1:400 (FCA), 1:400 (SCB)
Publicly Traded:No
Deposit Options:Wire Transfer, Credit Card, PayPal, Skrill, Neteller, Sofort
Withdrawal Options:Wire Transfer, Credit Card, PayPal, Skrill, Neteller, Sofort
Products:Currencies, Commodities, Indices, Stocks, Futures
Trading Platforms:MT4, MT5, ActivTrader
Trading Desk Type:ECN, Market Maker, No dealing desk
OS Compatability:Desktop platform (Windows), Desktop platform (Mac), Web platform
Mobile Trading Options:Android, iOS
ActivTrades was founded in 2001 and was recognised by the Sunday Times Fast Track 100 as the 90th fastest growing company in the UK for 2017. The company is regulated by the UK Financial Conduct Authority (FCA), as well as the Securities Commission of the Bahamas and offers CFD and Spread Betting trading accounts with direct execution (non-dealing desk).
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Watch Our ActiveTrades Video Review:
Tickmill
Regulated By:FCA, CySEC, FSCA, FSA(SC), Labuan FSA
Headquarters:United Kingdom
Foundation Year:2014
Min Deposit:$100
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.27% and 73.32% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Official Site:https://tickmill.com/
Demo Account:Open Demo Account
Max Leverage:1:500 (FCA), 1:500 (CySEC), 1:500 (FSCA), 1:500 (FSA(SC)), 1:500 (Labuan FSA)
Publicly Traded:No
Deposit Options:Wire Transfer, Credit Card, PayPal, Skrill, Neteller, Western Union
Withdrawal Options:Wire Transfer, Credit Card, PayPal, Skrill, Neteller, Cash-U, QIWI, Webmoney, Moneybookers
Products:Currencies, Commodities, Indices, Bonds, Futures
Trading Platforms:MT4
Trading Desk Type:No dealing desk
OS Compatability:Desktop platform (Windows), Desktop platform (Mac), Web platform
Mobile Trading Options:Android, iOS
Tickmill was founded in 2014 and is regulated by the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Seychelles Financial Services Authority (FSA).
The broker provides more than 80+ CFD instruments to trade on covering Forex, Indices, Commodities and Bonds through three core trading accounts called the Pro Account, Classic Account and VIP Account. They also offer a demo trading account and Islamic swap-free account.
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Watch Our Tickmill Video Review:
FXCC
Regulated By:CySEC, VFSC
Headquarters:Cyprus
Foundation Year:2010
Min Deposit:$0
Your capital is at risk
Official Site:https://www.fxcc.com/
Demo Account:Open Demo Account
Max Leverage:1:500 (CySEC), 1:500 (VFSC)
Publicly Traded:No
Deposit Options:Wire Transfer, Credit Card, Cryptocurrencies, Skrill, Neteller, Debit Card
Withdrawal Options:Wire Transfer, Credit Card, Cryptocurrencies, Skrill, Neteller, Debit Card
Products:Currencies, Commodities, Indices, Crypto
Trading Platforms:MT4
Trading Desk Type:DMA, ECN, No dealing desk, STP
OS Compatability:Desktop platform (Windows), Desktop platform (Mac)
Mobile Trading Options:Android, iOS
FXCC was founded in 2010 and operates as a joint brand name of FX Central Clearing Ltd which is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) and Central Clearing Ltd which is authorised and regulated by the Vanuatu Financial Services Commission (VFSC).
FXCC offers clients access to trade on more than 100+ financial instruments covering Forex, CFDs for Indices, Metals, Energies and Cryptocurrencies all through the globally popular MetaTrader 4 platform.
Clients are offered a single account type called ECN XL which includes commission-free trading, $50 minimum deposit, up to 1:500 leverage, variable spreads from 0.0, free funding and more. Islamic and demo accounts are also available.
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Watch Our FXCC Video Review:
How to choose a Forex broker
Every trader has different priorities and strategies when it comes to Forex broker, but there are a few common features that every trader wants in a Forex brokerage:
- Regulation and reliability – By dealing with a regulated broker, you can have the assurance that the broker has met the operating standards imposed by the regulatory body.
- Low fees – A low-fee brokerage helps you keep more of your profits for yourself. Different Forex companies charge you through commissions and/or spread markups.
- Great platform and trading tools – When you log in to your account, you should have everything you need to succeed at your fingertips. The best brokerage and forex platforms include a desktop, mobile, and web-based option to manage your account, research and track positions, and enter trades.
- Fast trade execution – When ycou click the buy or sell button, a delay of a few seconds can cost you big. It’s important to work with a platform that offers real-time data and near-instant executions.
FX Empire has years of experiencing researching and reviewing brokerages and other financial companies around the world, and is a leader in reviews in the Forex and CFD (contract for difference) industries.
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About the Author
Eric Rosenbergauthor
Eric Rosenberg is a finance, travel, and technology writer in Ventura, California. He is a former bank manager and corporate finance and accounting professional who left his day job in 2016 to take his online side hustle full-time. He has in-depth experience writing about banking, credit cards, investing, and other financial topics, and is an avid travel hacker.
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