Forex trading (also known as FX or foreign exchange) is the world's largest and most liquid market. The forex market is conducted 24 hours a day, five days a week.
In this guide, I will go over the best forex brokers. Forex brokers are ranked our round-ups on a variety of factors such as fees, security, trading platform, education and research, forex trading tools and charting, and more.
List of the Best Forex Brokers and Trading Platforms 2023
The best forex trading platforms in 2023 are:
- Pepperstone – Best Forex Broker Overall
- AvaTrade – Best Forex Broker for Mobile Trading
- Interactive Brokers – Best Forex Trading Platform for Market Access
- TD Ameritrade – Best Forex Trading Platform for US Traders
- Plus500 – CFD Forex Trading Platform
- FP Markets – Best Forex Broker for Low Spreads
- OANDA – Best Forex Broker for Research Tools
- XTB – Best CFD Forex Trading Platform
- XM – Best Forex Broker for Education
- IC Markets – Best Forex Trading Platform for Raw Spreads
Best App
PFI Rating 4.9
Best Overall
PFI Rating 4.9
Market Access
PFI Rating 4.9
Best Forex Trading Platforms in Detail
PFI Rating: 4.9/5
Pepperstone – Best Forex Trading Platform Overall
Pepperstone is our top pick as the best forex broker. Pepperstone was founded in 2010 and offers CFDs on Forex, Crypto, Shares, Indices, and Cryptocurrencies. Top-tier regulators like ASIC, CySEC, FCA, SCB, DFSA, BaFin, and CMA regulate Peppersotne.
76.6% of retail investor accounts lose money when trading CFDs with this provider
Pepperstone has low forex trading fees. The minimum deposit is $0 through Credit/debit cards, Bank/Wire Transfer, PayPal, Neteller, Skrill, UnionPay, BPay, and PoLi. There is no inactivity fee, but a $5 withdrawal fee is charged. Pepperstone offers two account types: standard and razor. They offer negative balance protection (retail clients only). Their margin close-out levels are:
- 90%: Margin Call Warning
- 50%: Stop out for Retail Clients
- 20%: Stop out for professional clients
PFI Rating: 4.9/5
AvaTrade – Best Forex Broker Trading App
AvaTrade is our top pick as the best forex trading app. AvaTrade was founded in 2006 and is regulated by FCA, ASIC, FSCA, FRSA, Israel Securities Authority, Financial Services Agency, and the Financial Futures Association of Japan.
76% of retail investor accounts lose money when trading CFDs with this provider.
AvaTrade has a minimum deposit of $100 and offers a demo account. After three months, the inactivity is $50/month. Deposit methods include Credit and Debit Cards, Wire Transfers, Neteller, and WebMoney.
They offer Forex, Stocks, Commodities, FXOptions, Cryptocurrencies, Indices, ETFs, and Bonds.
PFI Rating: 4.9/5
Interactive Brokers – Best Forex Broker for Market Access
Interactive Brokers is the best forex trading platform for market access. Interactive Brokers was founded in 1978 and is one of the most reputable brokers on this list.
76% of retail investor accounts lose money when trading CFDs with this provider.
SEC, CFTC, FCA, NFA, MAS, CBI, IIROC, ASIC, and CSSF regulate Interactive Brokers. They offer Stocks, ETFs, Options, Futures, Currencies, Cryptocurrencies, US Spot Gold, Bonds, Mutual Funds, and Hedge Funds. The minimum deposit is $0, with no inactivity fees and 1 free withdrawal per month. IBKR offers a demo account.
Deposit methods are Bank Wire, Credit Cards, ACH, Mail a check, Rollover, Online Bill Pay, Trustee-to-Trustee, and SEP Contribution.
PFI Rating: 4.8/5
TD Ameritrade – U.S. Only Forex Broker
TD Ameritrade is a publicly traded online broker with a long track record and top-tier regulation. The offer over 70 currency pairs with one of the best trading tools in the industry.
TD Ameritrade offers a wide range of markets outside forex, making it a great trading experience overall.
PFI Rating: 4.9/5
FP Markets – Best Low Cost ECN Forex Broker
FP Markets is my top pick as the best forex broker for ECN accounts. ASIC and CySEC regulate FP Markets.
76% of retail investor accounts lose money when trading CFDs with this provider.
The minimum deposit at FP Markets is $100. FP Markets offers trading on Forex, Shares, Metals, Commodities, Indices, Cryptocurrency, Bonds, and ETFs.
Deposit methods are Credit Cards. Debit Cards, Bank Transfer, Ngan Luong, FasaPay, Online Pay, Broker to Broker, Neteller, Skrill, PayTrust, PayPal, Bpay, and Poli.
PFI Rating: 4.8/5
OANDA
OANDA is a great forex broker that was founded in 1996. It is regulated by CFTC, MAS, IIROC, FCA, ASIC, and FSA (Japan).
The minimum deposit at OANDA is $0. OANDA is a forex only broker.
Deposit methods are Debit and Credit Cards, Bank Wire, Check (USD), and ACH.
PFI Rating: 4.8/5
eToro
eToro is the best forex broker for copy trading. eToro was founded in 2007 and is regulated by FCA, CySEC, ASIC, and FSAS. I recommend eToro for beginner to intermediate forex traders. Their copy trading solution is better than Pepperstone and AvaTrade.
77% of retail investor accounts lose money when trading CFDs with this provider.
They offer Stocks, ETFs, Forex, Crypto, Indices, and Commodities. For selected US real stocks, they offer 0% commission.
Deposit methods are PayPal, Skrill, Neteller, Credit Card, Debit Card, Rapid Transfer, iDEAL, Klarna / Sofort Banking, Bank Transfer, Online Banking – Trustly, and POLi.
PFI Rating: 4.8/5
XTB – Great CFD Forex Broker
XTB is a great choice as a solid Forex CFD broker. It was founded in 2002 and regulated by FCA, CySEC, and Financial Services Commission in Belize. The parent company is listed on a stock exchange.
XTB offers Forex, Indices, Commodities, Stock CFDs, ETF CFDs, and Crypto. The minimum deposit is $0. The inactivity fee is $10/month after 12 months.
Deposit methods are Bank Transfers, Credit and Debit Cards, and Skrill.
PFI Rating: 4.8/5
XM
XM is a global CFD and Forex broker that I like for its educational tools. It was founded in 2009 and is regulated by CySEC, ASIC, ESMA, and BaFin.
XM offers Shares, Forex, Commodities, Equity Indices, Precious Metals, Energies, and Stocks. The minimum deposit is $5. The inactivity fee is $15 after 12 months, then $5/month.
Deposit methods are Bank Transfers, Credit and Debit Cards, and Skrill.
PFI Rating: 4.8/5
Dukascopy
Dukascopy Bank SA is a Swiss online bank founded in 2004 and regulated by FINMA.
Dukascopy offers CFDs on Forex, Bonds, Stocks, ETFs, Binaries, and Cryptocurrencies. The minimum recommended deposit is $100. There is no inactivity fee.
Compared to Pepperstone, AvaTrade, or FP Markets, Dukascopy forex trading fees are higher.
PFI Rating: 4.8/5
IC Markets
IC Markets is a great choice as one of the best forex brokers for low spreads. Our analysis found that IC Markets has one of the lowest forex trading fees and commissions.
IC Markets offers Forex, Indices, Commodities, Stocks, Bonds, Futures, and Crypto. The minimum deposit is $200. There is no inactivity fee.
Compared to AvaTrade, eToro, and Dukascopy forex trading fees are low. IC Markets offers MT4, MT5, and cTrader trading platforms.
PFI Rating: 4.8/5
IG
IG has been around since 1974 and is regulated by many top-tier regulators. They offer over 19000 tradeable symbols making it a great choice outside forex.
IG offers CFDs on Forex, Indices, Shares, Cryptocurrencies, Bonds, Options, and Commodities. The minimum deposit is $0 for Bank Transfer and $300 for Card Payment. The inactivity fee is $18/month after 24 months of inactivity.
PFI Rating: 4.8/5
Forex.com
Forex.com is a great forex and CFD broker, founded in 2001. It is a good choice for traders looking for a solid broker with great trading tools.
Forex.com offers Forex, Shares, Commodities, Cryptocurrencies, Gold and Silver, and Indices. The minimum deposit is $100. Unlike Pepperstone or AvaTrade, Forex.com charges withdrawal fee of $25 in the US, and $40 for international withdrawals. The inactivity fee is $15/month after 12 months.
Deposit methods include: Credit Cards, Debit Cards, and Wire Transfer.
Forex.com
As the name would suggest, this is easily one of the best available. Forex.com is best suited for high-volume traders and can be quite a difficult platform for new forex traders to manage. However, the platform offers excellent options for successful strategies.
Forex.com has some of the best currency pairs available. The forex fees are low, and there are plenty of quality technical research tools.
| PROS | CONS |
|---|---|
| Low forex fees | High stock CFD fees |
| Great currency pairs available | A more suitable platform for experienced investors |
| Brilliant technical research tools | |
| A forex-focused platform for dedicated traders |
CMC Markets
CMC Markets is focused on forex and CFD. Investors love this platform for the very low forex fees and free deposit and withdrawal options. The FCA thoroughly regulates CMC Markets.
The desktop platform and mobile app are easy to use, offering a seamless trading experience. You also get loads of helpful tools for enhanced forex trading.
| PROS | CONS |
|---|---|
| Low forex fees | Stock CFD fees |
| User-friendly trading platform | |
| High-quality education and research tools | |
| Great currency pairs available |
FXCM
FXCM is a quality platform for trading in forex, cryptocurrency, and CFDs. FXCM is easy to use, has great trading tools, and offers a particularly good mobile app.
Education and technical research tools rank highly. For forex and cryptocurrency traders, this platform ticks all the right boxes.
| PROS | CONS |
|---|---|
| Great technical research tools | The withdrawal fees are high |
| Easy to use and get started | Beyond CFDs and forex, a limited portfolio |
| Focused on forex trading |
What is Forex Trading?
Forex trading is done through the global foreign exchange market. This is when different types of currencies are bought and sold. Every type of currency listed on the market has a value that is constantly changing. Traders utilize this to buy and sell currencies.
Risks of Forex Trading
As with any type of trading, forex offers plenty of risks. One of the main risk areas is that the market is uncontrollable. Many different factors impact the price of currency pairs. If the markets go against you, it is possible to lose a lot of money.
Of course, significant price drops also mean opportunities for the savvy investor. It is important that forex traders have a deep understanding of the market and are prepared for volatility and the potential to lose money.
How to Pick A Forex Broker?
Regulation
First thing you need to look for is that the company is regulated. Different organizations regulate brokers to ensure safety and security. This makes trading through these platforms secure and transparent. All of the brokers listed above are well-regulated.
Security
Security is important to make sure that all clients are well-protected. This can include things like withdrawal and deposit security, and how it is regulated in your country.
Leverage and Margin
Pay attention to whether the broker offers good leverage and margin options. Leverage is focused on taking on debt while margin debt is used for investing in other financial instruments. If leverage and margin ties into your trading strategy, be sure to check this out.
Order Types
Pay attention to the order types available and how the platform offers these. This includes market orders, stop orders, limit orders, trailing stop, and so on. This can affect your forex trading strategy in a big way.
Fees & Commissions
Fees and commissions can come in various forms. Be sure that the fees are suitable for the style you will be trading in. Otherwise, you can lose a significant amount of your returns to fees.
Different types of fee structures cover spreads, trading fees, non-trading fees, and more. Always be aware of all fees before opening an account with a new broker.
Trade Execution
Trade execution is the actual buying and selling of the currency. The platform needs to be fast and up to date for efficient trade execution.
Account Types
Brokers offer many different account types to suit different types of traders. This should be chosen according to your trading level and requirements. This can include demo accounts, Micro, Mini, VIP, Retail, and professional accounts to name a few.
ECN Brokers
ECN brokers offer platforms electronically connected to the international bank network. Trading through ECN brokers gives you real-time, accurate prices on the currency market.
Your Level Of Experience
Make sure that the trading platform matches your level of experience. Soma platforms are best suited for beginners, while others are more complex to navigate and manage.
Do They Offer Copy Trading
Copy trading is a useful feature for beginners and inexperienced traders This is where you can follow successful Forex traders and automatically copy their moves.
Deposit Methods
Make sure that the broker you choose offers deposit and withdrawal methods that suit you and your bank. Some deposits can be expensive or limited.
Account Minimum
The minimum deposit amount can make a big difference. Some brokers have no account minimum, while others require huge amounts to start trading.
Customer Support
Customer support makes a big difference to the overall user experience of any platform. You want a broker that offers consistent, easy to reach customer support to help with any queries or concerns.
Currency Pairs Available
When trading in forex, you are limited by the currency pairs available. The best will have a wide range of options for more versatile trading strategies.
Research
The best brokers offer various research tools on their platforms to allow for more informed trading. This includes things like market news, economic calendars, and analysis.
Usability
The user-friendliness of a trading platform will include various features. These all work together to provide you with a more informed trading experience. This includes alerts, notifications, price alerts, watch lists, execution speed, and more.
Education
Does the broker have educational tools to help traders? this can include webinars, news, and updated educational content on forex trading.
Best For Beginners
We recommend eToro as the top pick for beginners. This is due to its demo mode, easy trading platform, and copy trading function.
Low Spreads
Looking for a low spread broker? We recommend Pepperstone in this category. They offer the best low spreads for forex traders.
Highest Leverage
FP Markets is your top choice for the highest leverage broker. This versatile forex broker offers great leverage for those wanting to incorporate this while trading.
Best In Australia
While there are plenty of excellent forex brokers in Australia, our top recommendation goes to Pepperstone. This broker is well-regulated and offers a top-quality trading platform.
Best In The UK
We recommend two forex brokers for traders in the UK. These two are eToro and AvaTrade. Both platforms are well regulated in the UK and offer a quality forex trading experience.
Best For US Forex Traders
US forex traders should look towards Interactive Brokers for their best option. This forex trading brokerage offers a safe and well-equipped platform for trading forex in the US.
Best ECN Forex Broker
Finding the best ECN forex broker is essential for real-time live pricing and executions. We recommend FP Markets as the top ECN forex broker out of our reviews.
What is The Rollover Rate?
This is when you hold a currency pair overnight. Rolling over the open position has a cost – the rollover rate.
Types Of Forex Brokers
Forex brokers are not all the same. there are various types of brokers available to suit individual investment strategies. These brokers include ECN brokers, Market makers, Non-Dealing Desk brokers, Direct Market Access brokers, Dealing Desk brokers, and Straight-Through Processing brokers.
Regulators
Various organizations regulate forex brokers. These regulate them in specific countries and worldwide. Some worldwide licenses and authorities include CySec, FCA, ASIC, and the NFA to name the main bodies.
FAQ
What is a lot?
A lot is used to describe 100,000 units of the base currency when making a forex trade.
What is a PIP?
PIP stands for Price Interest Point, which is the price shift in an interest rate.
What is Forex Swap?
A forex swap is when you buy and sell the same amount of a currency with two different value dates.
