Best Forex Broker 2023

In this guide, we will go over the top-rated forex brokers. We base our round-ups on a variety of factors such as fees, security, trading platform, education and research, tools and charting, and more.

Best Forex Trading Platforms 2023

We have put together an extensive list of the absolute best Forex brokers available right now. These trading platforms appeal to all types of traders, with each platform offering its unique advantages. They need to be chosen based on individual trading strategies and requirements. We have outlined the top options below that are suitable for all traders.

eToro

You can't have a list of the best brokers without mentioning eToro. eToro is one of the most popular trading platforms that offer a wide range of investment opportunities. 

Forex traders will enjoy the user-friendly platform and fast-trading capabilities at market prices. eToro has an appealing social trading feature that allows you to follow other top forex traders and automatically copy their moves. This is great for beginners.

PROS	CONS
Diverse range of investment opportunities	Some fees
Copy the trades of top forex traders	Account minimum is a bit higher
0% commission fees on stocks and competitive trading
An easy to use trading platform

Open Free Account

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% 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. Your capital is at risk. Other fees apply. For more information, visit etoro.com/trading/fees. eToro USA LLC does not offer CFDs, only real Crypto assets available.

AvaTrade

Avatrade is a global CFD and forex broker is appealing to new and experienced investors thanks to its low fees and free withdrawals. The platform is really easy to get started on, where opening an account and trading are all done online.

AVATrade is heavily involved in forex trading. If this is your focus, then you will be happy. However, there are not loads of other investment opportunities available. 

PROS	CONS
Easy to start trading on	Inactivity fees
The platform has excellent research tools
Free withdrawals and deposits
Low forex trading fees

Open Free Account

Pepperstone

If you want to focus on low fee forex trading, then you should choose Pepperstone that specialize in this area. Pepperstone is a specialist forex broker online CFD platform. It offers a great array of forex trading options. 

The fast app stays up to date with real-time prices. The trading platform is also very easy to use. Beginners to Pepperstone can make use of the demo mode to get a feel for trading in the forex market without the risk.

PROS	CONS
The platform has VIP access for enhancing trading opportunities	Non-EU users don't get investor protection
Low forex and equity index CFD fees
Daily cash rebates on the active trader program
Specializes in Forex

Open Free Account

Oanda

This private company forex broker offers everything traders need for streamlined, successful, informed forex trading. 

The platform is easy to use and is loaded full of powerful tools and technical indicators.

PROS	CONS
User-friendly platform	Limited customer support
Technical indicators and research tools	Limited portfolio products available beyond forex
A forex-first broker

XTB

This global forex and CFD broker is well-regulated, efficient, and uncomplicated. Anyone wanting to trade forex will find XTB to be one of the best choices. Particularly for UK residents as this is where this broker is based. 

XTB appeals to forex traders due to its low fees and mostly free deposits. The trading platform is fairly limited to forex, so there is not a lot of opportunity for other investments. The platform is also fairly simple, without a great deal of data available. 

PROS	CONS
Easy to use and open an account	Stock CFD trading has higher fees for anyone interested in expanding their portfolio
Low forex fees	Not the best educational data available
Deposits and withdrawals are free
The platform focuses on forex

Open Free Account

XM

XM is one of the best, thanks to its array of helpful features. This global forex broker has generally low fees and excellent educational tools available. There are lots of forex opportunities within the XM trading opportunities.

Beginners will enjoy this platform thanks to the demo mode, and it's an easy account opening process.

PROS	CONS
Easy to get started	The forex fees are a bit higher
Great educational tools and content available	Non-EU clients don't get investor protection
Low CFD fees available
Withdrawal fees are low

Open Free Account

Alpari

Alpari is an international broker that offers a diverse trading platform. This broker appeals to both new and experienced traders. The trading platform offers excellent execution speeds, and the safe broker is completely transparent. The app is easy to use, and opening an account is a straightforward process.

PROS	CONS
A versatile trading platform	Alpari does not accept traders from the US, Japan, Russia, and others
Appeals to all types of traders	The platform has weak research tools
Safe and transparent

Interactive Brokers

Interactive Brokers is one of the best thanks to its commission-free trading options, regulation and trading tools. This is a versatile platform for traders who would like to expand further than just forex. Interactive Brokers has low per-share pricing and low margin rates. The ETF and stock trading platforms are also great for versatile traders.

PROS	CONS
A versatile trading platform with a wide-ranging portfolio	Inactive traders face high fees
Many mutual funds with no transaction fees
Top research tools

Open Free Account

Dukascopy

This Swiss online bank provides mobile trading options for forex traders. Dukascopy clients enjoy low spread and commission forex trading. This is certainly one of the best due to the tools, research opportunities, and competitive rates. 

Dukascopy is better suited for experienced traders. The markets available for trading are not very broad, and the platform can be complex for beginners to grasp.

PROS	CONS
Excellent forex trading spreads	Customer service
Unique tools and research opportunities	Small market offering
Good rates for forex traders

IC Markets

IC Markets has to be a top contender thanks to their low forex trading fees. Withdrawals and deposits are free, and it is very easy to open an account and start trading.

This platform focuses on forex and CFDs which is great for traders interested in this area. If you want a broader portfolio, then IC Markets isn’t your best bet.

PROS	CONS
Low forex fees	Limited product portfolio
Free and easy withdrawals and deposits
Easy to use and open an account
A forex-focused trading platform

Open Free Account

FP Markets

This Australian CFD and FX broker is appealing to all kinds of traders. FP Markets has low spreads and quality educational tools. 

Opening an account is fully digital and straightforward. There is also a helpful demo mode available for any new or uncertain forex traders.

PROS	CONS
Easy Account Opening	Limited asset classes other than forex
Low Forex Spreads
Withdrawals and deposits
Specialized in Forex

Open Free Account

London Capital Group

London Capital Group is one of the biggest brokers in the UK. LCG offers excellent currency pairs and a wide range of asset classes. They offer a seamless experience for any avid forex trader. 

London Capital Group focuses on providing a very simple, straightforward trading platform. This makes it one of the best choices for beginners looking for a smooth introduction to forex trading.

PROS	CONS
Well regulated with good client protection	London Capital Group does not allow US traders
Great options for currency pairs	Experienced traders may prefer more complex tools
Appealing incentives for traders
Excellent customer service

TD Ameritrade

TD Ameritrade is a versatile broker that offers a wide-ranging investment portfolio. It is best suited for long-term investors, although active forex traders can still enjoy all that TD Ameritrade has to offer. 

Beyond forex, you can also trade in common stocks, preferred stocks, futures contracts, exchange-traded funds, options, cryptocurrency, mutual funds, fixed income investments, margin lending, and cash management services. 

PROS	CONS
Some trading fees are low or non-existent	Most accounts are limited to US residents
Customer support is excellent	Not focused on forex trading
No minimum deposit amount

IG

IG is a trading platform that offers a perfect solution for busy forex traders. IG has plenty of helpful tools and educational features for foreign exchange trading. IG offers competitive pricing structures, an excellent desktop platform, and a wide range of investment opportunities for anyone wanting to extend further than just forex. 

PROS	CONS
Many withdrawal and deposit choices	High forex and CFD trading fees
Quality tools for trading and educational content	Slow customer support
Offers a wide-ranging investment portfolio
An easy to use platform

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