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Forex Brokers

in India

Choosing a forex broker is no easy task. It requires time, effort, and careful consideration. Without this, it’s easy to choose the wrong broker, causing problems in the future. However, just one look at the market and it becomes apparent that the choice of forex brokers is vast.  

For that reason, we break down nine of the best forex brokers and assess their pros and cons, features, and regulatory status. It’s important to note that there is no single ‘best’ choice for everyone; all traders have their own specific needs and goals. However, through my aim to compare forex brokers adequately, I believe I have uncovered nine of the top choices on the market today. Let’s begin:

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RoboForex
trusted
RoboForex
  • Free VPS hosting
  • 24/7 instant money withdrawal
  • Specialized trading accounts
  • Withdraw fee1%
  • Deposit fee$0
  • Max Leverage1:2000
Alpari
trusted
Alpari
  • Specialized trading accounts
  • Free VPS hosting
  • 24/7 instant money withdrawal
  • Withdraw fee$0
  • Deposit fee$0
  • Max Leverage1:1000
XM
  • Specialized trading accounts
  • Free VPS hosting
  • 24/7 instant money withdrawal
  • Withdraw fee$0
  • Deposit fee$0
  • Max Leverage1:888
FxGlory
  • 24/7 instant money withdrawal
  • Specialized trading accounts
  • Withdraw fee$0
  • Deposit fee$0
  • Max Leverage1:3000
HYCM
  • 24/7 instant money withdrawal
  • Withdraw feeNo
  • Deposit feeNo
  • Max Leverage1:400
Forex.com
  • Specialized trading accounts
  • 24/7 instant money withdrawal
  • Withdraw fee$0
  • Deposit fee$0
  • Max Leverage1:50
Start trading
73%-77% of retail investor accounts lose money when trading CFDs with this provider.
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NordFX
  • Free VPS hosting
  • Specialized trading accounts
  • 24/7 instant money withdrawal
  • Withdraw fee$0
  • Deposit fee$0
  • Max Leverage1:1000
AXITrader
  • 24/7 instant money withdrawal
  • Free VPS hosting
  • Specialized trading accounts
  • Withdraw feeN/A
  • Deposit feeN/A
  • Max LeverageN/A
ActivTrades
  • Specialized trading accounts
  • Withdraw fee0$
  • Deposit fee0$
  • Max Leverage1:400 (1:30 for EU)
Orbex
  • Specialized trading accounts
  • 24/7 instant money withdrawal
  • Withdraw feeN/A
  • Deposit feeN/A
  • Max LeverageN/A

Table of Contents

TL;DR

  • OANDA: Best for advanced traders with excellent research tools.
  • FOREX.com: Ideal for US traders with competitive pricing.
  • Tastyfx: Great for options traders with user-friendly platforms.
  • FP Markets: Low-cost ECN broker with fast execution.
  • Exness: High leverage and diverse account types.
  • FXTM: Strong educational resources and copy trading.
  • eToro: Popular for social trading and cryptocurrency offerings.
  • Interactive Brokers: Low trading costs and global market access.
  • AvaTrade: User-friendly platforms and solid educational content. 
BrokerBest ForMin. DepositRegulationPlatforms
OANDAAdvanced traders$0FCA, ASIC, MASfxTrade, MT4
FOREX.comUS traders$100NFA, CFTC, FCAProprietary, MT4
TastyfxOptions traders$250NFA, CFTCProprietary
FP MarketsECN trading$50ASIC, CySECMT4, MT5, IRESS
ExnessHigh leverage$1 for Standard accountsCySEC, FCA, FSCAMT4, MT5
FXTMEducation$200CySEC, FCA, FSCAMT4, MT5
eToroSocial trading$50FCA, CySEC, ASICProprietary
Interactive BrokersLow costs$0SEC, FCA, IIROCTWS, IBKR Mobile
AvaTradeUser-friendly$100CBI, ASIC, FSCAMT4, MT5, AvaTradeGO

Criteria Breakdown Summary

To help me review the most popular forex brokers on the market, I put together a set of criteria. This included regulatory compliance, forex trading accounts, tradable assets, ease of use, advanced features, spreads and fees, and leverage. I also assessed customer support, educational resources, research tools, and forex trading platforms. I rated each criteria out of five, giving me a thorough overview of each broker. 

OANDA US

Best Known for Advanced Research Tools

The first of my forex broker reviews was OANDA US. This broker was established in 1996 and has a reputation for reliability. It is a solid choice for traders who prioritize advanced research tools in particular, and is known for its fxTrade platform. 

OANDA offers a range of tradable instruments and it is a good choice for both advanced and beginner traders. For peace of mind, this broker is regulated by the FCA, ASIC, and MAS, making it a solid broker for forex traders.  

OANDA trading platform

OANDA is a well-established forex broker with almost 30 years of experience. Source: Oanda

Features

OANDA offers a small choice of trading platforms, including MetaTrader 4 and its popular proprietary platform, fxTrade. This is available in web, desktop, and mobile formats, along with advanced charting and technical analytical tools. There is a range of tradable instruments available, making it easy to diversify portfolios. Additionally, the MarketPlus blog is useful for staying up-to-date with market changes and insights. 

Pros

  • Excellent market research and analysis tools
  • User-friendly proprietary platform with advanced features
  • Competitive spreads with no minimum deposit requirement
  • Regulated by multiple tier-1 authorities

Cons

  • Limited product range compared to some competitors
  • Higher minimum deposit for some account types
  • No social trading or copy trading features

Criteria Evaluation

  • Regulation: 5/5 
  • Trading Platforms: 4/5
  • Spreads and Fees: 4/5
  • Research and Education: 5/5 
  • Customer Support: 4/5 

Community Reviews and Expert Recommendations

Overall, OANDA has positive feedback from users, particularly for their competitive pricing and their extensive research tools. Many users also mention that the customer support is excellent and response times are fast. However, some users mention that the range of assets could be expanded. 

They are a good enough broker. Been using them since 2023. Nothing too amazing or extra ordinary. Withdrawals sometimes take a while but it’s not something that is to be considered way too bad or slow. Spreads are okay as well. Sometimes the spreads are really bad, other times they are just about okay.” Luna Reagan via Trustpilot 

“My experience with Oanda has been great as I’ve had constant support and been kept up to date plus had help through deals, information and many other things. And the support is great as I know if in future I need help or am struggling I can message or phone and I will be responded to quickly”Cory Czarnobay via Trustpilot 

Industry experts praise OANDA’s advanced features and its reliability. Our OANDA review provides more details. 

Pricing

OANDA offers competitive pricing with spreads starting from 0.6 pips on major currency pairs. There’s no minimum deposit requirement or commission for standard accounts. Active traders can opt for core pricing with raw spreads plus commission.

FOREX.com

Best Known for Competitive Pricing and US Accessibility

FOREX.com is the best forex broker for US clients as it’s one of the few brokers that offers services in the country. Established in 2001, FOREX.com is popular for its range of tradable markets and competitive pricing in particular. Additionally, there is a large range of educational resources aimed toward both advanced and beginner traders. This is a forex broker regulated by the FCA, CFTC, NFA, and other authorities. 

FOREX.com trading interface

FOREX.com is the best forex broker for US clients, with a range of services. Source: Forex.com

Features

FOREX.com has many tools and features for all trading abilities. There are several trading platforms available, including MetaTrader 4 & 5, and their proprietary platform with mobile app. Traders can access accurate market analysis tools, trading signals, and economic calendars. All of this makes it easier to reach solid trading decisions, often on-the-go. Additionally, the Performance Analytics tool allows for development over time. 

Pros

  • Competitive pricing with volume-based discounts
  • Strong regulatory compliance, ideal for US traders
  • Extensive range of educational resources
  • Multiple platform options including proprietary and MT4/MT5

Cons

  • Higher minimum deposit compared to some competitors
  • Limited product range on MT4 platform
  • No social trading features

Criteria Evaluation

  • Regulation: 5/5 
  • Trading Platforms: 4/5 
  • Spreads and Fees: 4/5 
  • Research and Education: 4/5
  • Customer Support: 4/5

Community Reviews and Expert Recommendations

In general users, particularly those in the US, praise FOREX.com. Many traders also mention its strong regulatory compliance and how easy the proprietary platform is to use. Additionally, users appreciate the range of educational resources and find them useful. 

“Great customer service! I really appreciate all the wonderful assistance and support I received from Marcus P. He was kind, patient, answered all my questions, and got me off on the right track. I am looking forward to a long and prosperous relationship here.” Timothy  Walker via Trustpilot 

“I have had a live account with Forex.com for about three months. All is well so far. I’ll be increasing funds after my trading strategy proves successful. Good to know that this broker is regulated in the US. The challenge is making a profitable strategy with the account constraints required under US regulation.” Sid Stanton via Trustpilot 

Industry experts recommend FOREX.com for beginner and advanced traders in the US. They also highlight the range of advanced tools. Read our FOREX.com review for more information. 

Pricing

FOREX.com offers competitive spreads from 0.8 pips on major currency pairs. There’s a minimum deposit requirement of $100 for standard accounts. There is commission-based pricing on the DMA account type for advanced traders. 

Tastyfx (formerly IG US)

Best Known for Options Trading and User-Friendly Platforms

TastyFX was formerly known as IG US and it is a reputable US forex broker with a range of features. This broker is still part of the wider IG Group, and it has a range of user-friendly platforms. There is a strong focus on options trading and it’s a good choice for traders who want to diversify their portfolios. As one of the best forex brokers in the US, I would recommend this broker for beginner and advanced traders. 

Tastyfx trading dashboard

TastyFX is one of the most reputable US forex brokers on the market. Source: TastyFX

Features

TastyFX is full of features that are designed to make the trading experience easier. The proprietary forex trading platform is easy to use and includes advanced trading and analytical tools. A mobile app is also available for on-the-go trading. However, TastyFX does not give access to MetaTrader, which may be a downside for some traders. 

This broker has a range of options and forex pairs. There are many educational resources for learning and development. Overall, TastyFX is one of the strongest regulated forex brokers and ideal for US clients. 

Pros

  • User-friendly platforms suitable for all experience levels
  • Unique combination of forex and options trading
  • Strong regulatory compliance for US traders
  • Competitive pricing with no minimum deposit

Cons

  • Limited product range compared to international brokers
  • No MT4/MT5 platform support
  • Relatively new brand in the US market

Criteria Evaluation

  • Regulation: 5/5 
  • Trading Platforms: 4/5 
  • Spreads and Fees: 4/5
  • Research and Education: 4/5 
  • Customer Support: 4/5 

Community Reviews and Expert Recommendations

TastyFx is relatively new on the US forex market but it still has mostly positive feedback from users so far. Most traders enjoy the site’s ease of use, and the range of educational resources, especially for options. 

“Long time user of the platform. Been using IG for over 10 years now, probably a lot longer, easy platform to navigate and now even better that you can trade US options via the partnership TastyTrade. CS is great when you need help.” Dharms Tailor via Trustpilot 

Industry experts recommend TastyFX for beginner and advanced traders, and mention the overall IG group’s strong reputation. 

Pricing

Tastyfx offers competitive pricing with spreads starting from 0.8 pips on major currency pairs. There is a minimum deposit requirement of $250. This broker has transparent pricing with no hidden fees, and options are competitively priced.

FP Markets

Best Known for Low-Cost ECN Trading

FP Markets is one of the most reputable forex brokers in the USA, having been founded in 2005. It is classified as an ECN broker, and based in Australia. This broker offers a low-cost trading environment with plenty of reliability and access to many markets. There are many advanced trading tools on offer and fast execution speeds. 

As a result, it is one of the best forex brokers for US advanced traders. 

FP Markets trading platform

FP Markets is a quality forex broker with strong regulation. Source: FP Markets

Features

FP Markets has a large range of features that are suitable for different trading abilities. The standout point is advanced risk management tools, including negative balance protection. Strong regulation is also a plus. This broker offers many trading instruments and advanced platforms. Additionally, there is a social trading platform for copy trading. 

Pros

  • Extremely competitive pricing with raw spreads available
  • Fast execution speeds ideal for scalping and high-frequency trading
  • Wide range of tradable instruments across multiple asset classes
  • Advanced platform options including MT4, MT5, and IRESS

Cons

  • Higher minimum deposit for some account types
  • Limited educational resources compared to some competitors
  • Not available to traders in certain countries, including the US

Criteria Evaluation

  • Regulation: 4/5
  • Trading Platforms: 5/5 
  • Spreads and Fees: 5/5 
  • Research and Education: 3/5 
  • Customer Support: 4/5 

Community Reviews and Expert Recommendations

Overall, FP Markets has positive feedback from traders, especially from experienced users, thanks to the low-cost ECN model. Many users also appreciate the fast execution speeds and many tradable assets. 

“Needed some help with setting up my account. The online chat with Eli was fantastic, sorted within minutes. Well impressed with the service.” Nicholas via Trustpilot 

“Very quick to respond in the live chat and give a detailed answer. Highly recommend this broker as I’ve had no problems so far and have been using them for over 6 months.”SP via Trustpilot 

Industry experts recommend FP Markets for intermediate to advanced traders. They feel that beginner traders may find the platform challenging at first. Our FP Markets review provides details. 

Pricing

FP Markets offers highly competitive pricing with raw spreads starting at 0.0 pips on ECN accounts. There is also a commission of $3 per lot round turn. Standard accounts have 1.0 pip spreads with no commission. The minimum deposit starts at $50 for standard accounts.

Exness

Best Known for High Leverage and Diverse Account Types

Exness is a very popular forex broker, famed for its different account types and high leverage, up to 1:2000. This broker was founded in 2008, which hints toward its reliability and quality. Execution speeds are fast and here are several trading platforms supported. 

Overall, Exness is one of the top forex brokers on the market, with excellent regulatory oversight. However, this broker does not provide US forex services. 

Exness is a reputable forex broker with high leverage ratios. Source: Exness

Features

Exness has many features that are useful to both beginner and advanced traders. Trading instruments go beyond forex, with stocks, cryptocurrencies, indices, metals, and energies available. Exness offers a range of trading platforms, including MetaTrader 4 & 5, and several proprietary tools. These include the Analytics Portal and Trade Processor. Additionally, Exness is renowned for its social trading options, giving traders the chance to emulate successful past trades. 

Pros

  • High leverage options for experienced traders
  • Diverse account types to suit different trading styles
  • Fast execution speeds and reliable platforms
  • Low minimum deposit requirements

Cons

  • High leverage can be risky for inexperienced traders
  • Regulatory status varies by region, with some entities less strictly regulated
  • Limited research and educational resources compared to some competitors

Criteria Evaluation

  • Regulation: 3/5
  • Trading Platforms: 4/5 
  • Spreads and Fees: 4/5 
  • Research and Education: 3/5 
  • Customer Support: 4/5 

Community Reviews and Expert Recommendations

Despite Exness’ popularity, it does receive mixed reviews from users. Many traders enjoy the entire trading environment, including the different account types and high leverage. Fast execution speeds are also regularly mentioned, along with the social trading tools. However, some users would prefer more educational resources. 

“Wanted to start Forex trading and was eagerly looking for a nice platform. After an exhaustive search, I chose to go with EXNESS and I am super happy with my decision. It’s not only a smooth platform but also loaded with the most convenient and useful features. Thanks a ton EXNESS for this delightful experience.” Vijay via Trustpilot

“Availability of numerous trading instruments, easy and multiple deposit and withdrawal options. Low spreads and easy to use app. However there are fields that need improvements. Charts are not colorful, Crypto options are limited and need to increase the number of coins. Lot sizes are slightly bigger so not suitable for low budget traders.” Mohammed Taher via Trustpilot 

Industry experts recommend Exness for its copy trading functions but they express caution where high leverage ratios are concerned. Read our Exness review for details. 

Pricing

Exness offers competitive pricing across different account types. Spreads start from 0.3 pips on Standard accounts. Raw Spread accounts have spreads of 0.0 pips and commission of $3.5 per lot. The minimum deposit is as low as $1 on the Standard account.

FXTM

Best Known for Educational Resources and Copy Trading

FXTM is also known as ForexTime and it is a reputable broker in forex circles with a range of features. This forex company is particularly known for its large range of educational resources that cater for all ability types. FXTM also has a copy trading function, which allows users to emulate other traders’ successful trades. 

FXTM educational portal

FXTM, aka ForexTime, is known for its educational focus. Source: FXTM

Features

FXTM has a large number of features that suit both beginner and advanced traders alike. There are many tradable instruments including cryptocurrencies, forex, commodities, and stocks. The mobile app is ideal for on-the-go trading and this broker also offers MetaTrader 4 & 5, along with their associated tools. Moreover, FXTM Trading Signals and Trading Central tools are excellent analytical features. 

However, FXTM stands out with its commitment to trader education, offering a large range of resources for all trading ability levels. 

Pros

  • Excellent educational resources for traders of all levels
  • Innovative copy trading platform with transparent performance tracking
  • Competitive spreads and low minimum deposits
  • Strong regulatory compliance in multiple jurisdictions

Cons

  • Product range more limited compared to some competitors
  • Higher spreads on some account types
  • Not available to traders in certain countries, including the US

Criteria Evaluation

  • Regulation: 4/5
  • Trading Platforms: 4/5 
  • Spreads and Fees: 4/5 
  • Research and Education: 5/5 
  • Customer Support: 4/5 

Community Reviews and Expert Recommendations

Overall, FXTM receives positive feedback from users, particularly for its copy trading and educational focus. Users also appreciate the easy-to-use interface, along with excellent customer support. 

“Very good experience… Customer support is also best as compared to other brokers.. deposit/withdrawals were processed very fast…..My account Manager Mr Robin Saini is very polite and always ready to help regarding any issues.”Amit Kalamkar via Trustpilot

“FXTM is the first and the best broker I’ve ever traded with. Deposit and withdrawals are easy and fast, they also give educational content on technical and fundamental analysis for the week ahead, exchange rate is also relatively favorable, their customer service is also top notch. There has been no issue with them at all since I opened a trading account with them.” Adeola via Trustpilot 

Industry experts recommend FXTM for both beginner and advanced traders, and they also praise the educational offerings. The FXTM Invest copy trading function also receives a notable mention. 

Pricing

FXTM offers competitive pricing with spreads from 0.1 pips on ECN accounts and 1.0 pip on standard accounts. The minimum deposit is $200. Standard accounts are commission-free, while ECN accounts have a commission of $2 per lot per side.

eToro

Best Known for Social Trading and Cryptocurrency Offerings

eToro is a unique fx brokerage firm focused on social trading. It also has a large range of cryptocurrencies to trade with, making it stand out above its competitors. This broker was established in 2007 and it is one of the most reliable and used brokers in the market. The interface is extremely easy to use and there are several of the best forex trading platforms to choose from. 

eToro social trading feed

eToro is a popular forex broker with many tradable instruments. Source: eToro

Features

eToro’s standout feature is its social trading focus, with a very easy-to-use copy trading function. This helps beginner traders to learn and develop, and allows advanced traders to diversify their strategies. Additionally, there are a large number of tradable instruments, including forex, ETFs, cryptocurrencies, and commodities. 

There are several trading platforms to choose from and the proprietary app is ideal for on-the-go trading. Finally, there are many educational resources in the eToro Academy.  

Pros

  • Innovative social and copy trading features
  • User-friendly platform suitable for beginners
  • Wide range of tradable assets, including cryptocurrencies
  • No commission on stock trading (for non-leveraged positions)

Cons

  • Higher spreads compared to some traditional brokers
  • Limited advanced charting capabilities
  • Withdrawal fees and currency conversion charges

Criteria Evaluation

  • Regulation: 4/5
  • Trading Platforms: 4/5 
  • Spreads and Fees: 3/5 
  • Research and Education: 4/5 
  • Customer Support: 3/5

Community Reviews and Expert Recommendations

eToro generally receives mixed feedback from users. Most highlight the social and copy trading functions, and the educational resources available. Traders also enjoy the intuitive interface and range of tradable instruments. However, advanced traders dislike the lack of advanced charting tools and the higher spreads. 

“I am glad I joined this platform and I can already see the benefit. It took time but slow progress was made and all this was possible because of eToro’s easy platform that specifies everything clearly. It makes trading even on a phone so much fun and so clear that I almost stopped using a laptop.”Akbar Bloushi via Trustpilot 

“I have been using eToro both as a broker platform and money app for over 3 years now and can’t find any situation where my needs wouldn’t be met in a fast and professional way. My personal account manager is always very happy to help even with non-standard requests which I value a lot.” Bart Z via Trustpilot 

Industry experts recommend eToro for its copy trading focus, and highlight its range of educational resources. Our eToro review gives more details. 

Pricing

eToro‘s pricing structure is based on spreads, with no commissions charged on most trades. Spreads start from 1 pip for major forex pairs and vary for other assets. Stock and ETF trading is commission-free for non-leveraged positions. The minimum deposit is $50.

Interactive Brokers

Best Known for Low Trading Costs and Global Market Access

Interactive Brokers has a long history, having been founded in 1978. As a result, it is one of the most well-regarded and reliable brokers amongst forex traders. This trader is known for its access to global markets and low trading costs. There are many tradable assets available, along with advanced platforms, and many analytical tools for trading fx.  

Founded in 1978, Interactive Brokers is one of the most reputable forex brokers. Source: Interactive Brokers

Features

Interactive Brokers has a range of features that are particularly useful for advanced traders. A highlight is its advanced platform, called Trader Workstation. This gives access to complex order types, real-time news and data, and advanced charting tools. There are also web and mobile-based platforms. Additionally, this broker has in-depth research tools, including integration with third-party tools. 

Pros

  • Extremely low trading costs, especially for high-volume traders
  • Extensive global market access across multiple asset classes
  • Advanced trading platforms and tools suitable for professionals
  • Strong focus on best execution and price improvement

Cons

  • Complex platform may be overwhelming for beginners
  • Higher account minimums for some features and account types
  • Customer service can be technical and less suited for novices

Criteria Evaluation

  • Regulation: 5/5
  • Trading Platforms: 5/5 
  • Spreads and Fees: 5/5
  • Research and Education: 4/5 
  • Customer Support: 3/5 

Community Reviews and Expert Recommendations

Generally, Interactive Brokers enjoys positive feedback from users, particularly experienced traders. Most enjoy its advanced features, low costs, and global market access. In addition, the range of research tools are also mentioned. However, some users feel the platform is complex, especially for less experienced traders. 

“Interactive Brokers is one of those brokers you go to if you want a stable, trusted broker instead of those flashy new apps. If you are planning on investing for the long-term, or you have a lot of money, I definitely think you are better off with them. My main issue is of course the old and outdated UI, which I definitely agree is an issue. I however think it’s “reassuringly outdated”. I’d much rather have a serious and a bit outdated interface than one of those flashy ones with few options and fancy sprinkle animations when you buy something.” Richard Dubniczky via Trustpilot 

“IBKR competitively provides an excellent broker device. I have kept money with them for over ten years. They offer intuitive service. I would suggest using the web browser on a desktop on complex matters. The application is terrific for quick review. No complaints have ever surfaced with me.” Joe Zao, DDIV via Trustpilot 

Industry experts recommend Interactive Brokers for advanced traders in particular, highlighting their execution quality and speed. Experts believe this broker isn’t the best choice for beginners. 

Pricing

Interactive Brokers offers tiered and fixed pricing structures. This broker requires a $0 minimum deposit for cash accounts, but certain features may require higher balances.

AvaTrade

Best Known for User-Friendly Platforms and Educational Resources

The final option in my reviews of forex brokers was AvaTrade. This is another reputable choice, having been founded in 2006, and is popular with beginner and intermediate traders. AvaTrade has a good blend of advanced and basic features, and there are many educational resources available. 

AvaTrade is a well-established forex broker with many tradable instruments. Source: AvaTrade

Features

AvaTrade has no shortage of features that cater for all trading ability levels. There are many tradable instruments available, including forex, indices, commodities, CFDs on stocks, and cryptocurrencies. MetaTrader 4 & 5 are available, alongside the proprietary platform, AvaTradeGO, which has built-in market analysis. Additionally, there are many advanced features on offer, such as automated trading. The AvaProtect tool is ideal for risk management. 

Pros

  • User-friendly platforms suitable for traders of all levels
  • Extensive educational resources and trading tools
  • Innovative risk management features like AvaProtect
  • Regulated in multiple jurisdictions for enhanced security

Cons

  • Spreads can be wider compared to some ECN brokers
  • Limited range of tradable assets compared to some competitors
  • Inactivity fees may apply after prolonged account dormancy

Criteria Evaluation

  • Regulation: 4/5 
  • Trading Platforms: 4/5 
  • Spreads and Fees: 3/5 
  • Research and Education: 5/5 
  • Customer Support: 4/5 

Community Reviews and Expert Recommendations

Overall, AvaTrade receives positive feedback from users, particularly for its range of trading platforms. Many users enjoy the AvaTradeGO app for on-the-go trading, and its excellent customer support is also mentioned. 

“So far, support has been great. They contact you by phone and email if any issues are encountered and help you resolve it right away.” Marino Diaz via Trustpilot

“AvaTrade company has got all the tools needed for everyone who wants to start trading, providing educational and efficient trading platforms as well as many other helpful services.” Maan Yassin via Trustpilot  

Industry experts recommend AvaTrade for beginner and advanced traders, and highlight its AvaProtect tool. Our AvaTrade review gives more details. 

Pricing

AvaTrade offers competitive spreads from 0.9 pips on major forex pairs. The minimum deposit is $100 for most account types. AvaTrade also offers Islamic swap-free accounts. 

Notable Mentions

The nine forex brokers I have reviewed are suitable for various needs, but the following brokers also deserve a notable mention. 

Errante

Errante is a relatively new broker, but it has become popular due to its diverse assets and competitive prices. It is a good choice for traders who want an alternative to the usual forex brokers.

Tickmill

Tickmill is renowned for its fast execution speeds and low spreads. It is particularly popular for high-frequency traders and scalpers, and offers standard and ECN accounts. 

ActivTrades

ActivTrades offers various trading platforms and competitive pricing. It also has a balance of features that are suitable for both advanced and beginner traders. Read our ActivTrades review for details. 

JustMarkets

My final notable mention is JustMarkets. This broker is popular for its user-friendly platforms and low minimum deposits. It is a good choice for beginners or low capital traders. 

Frequently Asked Questions

What should I look for when choosing a forex broker?

When choosing a forex broker, it’s important to consider regulatory compliance, trading platforms, tradable instruments, trading costs, educational resources, and customer support. Additionally leverage options, account types, and execution speeds are important. 

Choosing a broker with quality regulation is key for extra protection. Our resource on the best FCA regulated forex brokers give some good insights, and our article on the best MT4 forex brokers

How do I know if a forex broker is reliable?

To know if a broker is reliable, it’s important to check its regulatory status and user reviews. Authorities like ASIC, CySEC, FCA, or NFA/CFTC regulate reliable forex brokers. It’s also important to check pricing and terms of service transparency. Also check the longevity of each broker in the forex industry. 

What’s the difference between ECN and market maker brokers?

ECN forex brokers have direct access to the interbank market. They usually offer transparency pricing and use several liquidity providers, charging a commission per trade. These brokers have tighter spreads and fast execution. On the other hand, market brokers create a market for their users, and these charge fix spreads. 

How much money do I need to start forex trading?

Brokers have different minimum deposit amounts. These can be as low as $1 and increase into hundreds of dollars. This ensures that low capital traders can start trading. However, it’s vital to remember that you should only trade with the money you can afford to lose. 

What are the risks of forex trading?

All trading carries certain risks, and forex trading is no different. The main risk is the potential for significant financial loss due to market volatility, currency rate fluctuations, and leverage-induced losses. Careful risk management is key to ensure quality decision-making. 

Final Thoughts

There are many forex brokers on the market and they all have their advantages and disadvantages. There is no perfect choice; every trader has their own specific needs, goals, and risk tolerance level. For that reason, careful assessment of each broker is important to ensure the right decision is made. 

From my reviews of the top nine brokers on the market, it’s clear there are some great choices available. However, regulation and security should always be top of your priority list before making a decision. These are layers of protection that give peace of mind. 

However, successful forex trading is more than simply choosing a good broker. It’s about educating yourself with the knowledge and skills to shift and adapt to changing market conditions. 

Here at TopBrokers, we aim to give you the knowledge you need to be successful in the forex market. We have a range of resources available, including articles on how to read forex charts for beginners, and how to manage forex trading stress.  

Additionally, we offer several comparisons between brokers. These include the best forex brokers for US traders, the best Cyprus forex brokers, and the best Russian forex brokers. In the end, having as much knowledge and information available creates a better chance of successful and enjoyable trades.