Risk Warning: Your capital is at risk. Statistically, only 11-25% of traders gain profit when trading Forex and CFDs. The remaining 74-89% of customers lose their investment. Invest in capital that is willing to expose such risks.

Forex brokers 2024

THE BEST FOREX BROKERS 2024

Foreign exchange, commonly referred to us as Forex, can be as simple as converting one currency to another currency, or as sophisticated as trading currency in the Forex market. The Forex market accounts for over $5 trillion in terms of volume being traded every day, making it the largest and most complex financial market in the world. Since the currency market is a huge and decentralized over-the-counter (OTC) exchange, one has to practice due diligence in comparing Forex brokers to understand the nitty-gritty of currency trading.


FOREX BROKERS LIST

When considering the best broker for Forex, one must understand the currency pair offering, account details (initial deposit, deposits/withdrawals, commissions/spreads, leverage, and margin), customer service, regulatory compliance, and trading platforms. Before selecting the best Forex broker, one should also invest time in reading reviews from that broker’s previous and current clients to have a sense of gauging how they fared when providing Forex services to people. Trading with the right broker is vital for successful currency trading.


For this list of Forex brokers, the team behind TopBrokers.Com spent hours of rigorous data gathering and consolidation to curate the top 10 list of leading brokers. In particular, the multi-functional table below provides a detailed Forex brokers list that can be adjusted to a person’s preference via filters. We've compiled the best forex brokers in world for you to analyze using relevant qualities and characteristics.

  • Key information
  • Trading
  • Payment systems
  • Trading platforms
  • Trading instruments
  • Support
  • Trading accounts
  • Account settings
  • Spreads
  • Promotion
Filter
Company#LogoForex brokerFoundedRegulatedReviewsPayment systemsBroker type(?)Min. DepositMax.
leverage
Live spread
Interval:
Live
spread
EUR/USD
Live spread
Interval:
Live
spread
GBP/USD
Live spread
Interval:
Live
spread
USD/CHF
Live spread
Interval:
Live
spread
USD/CAD
Live spread
Interval:
Live
spread
USD/JPY
Live spread
Interval:
Live
spread
AUD/USD
Live spread
Interval:
Live
spread
NZD/USD
Live spread
Interval:
Live
spread
EUR/AUD
Live spread
Interval:
Live
spread
EUR/CAD
Live spread
Interval:
Live
spread
EUR/CHF
Deposit bonusAccount
1Forex.combest broker200122

Payment systems

ECN, MM
100 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
2OANDA Corporation1996
CFTC, NFA
17

Payment systems

--1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
3TD Ameritrade1975
FINRA, SIPC
2
DMA
2000 $1:50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
4IG1974
ASIC, FCA
8

Payment systems

DMA, MM
-1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
5SAXO199218

Payment systems

ECN, STP
-1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
6ActivTrades2001
FCA, CNMV
177

Payment systems

NDD
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
7Markets.com2006
CySEC
9

Payment systems

NDD
100 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
8Interactive Brokers1977
FCA, CFTC

Regulated

4

Payment systems

MM
10000 $1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
9City Index2001
ASIC, FCA
10

Payment systems

NDD, ECN
250 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
10FxGlory2012-9

Payment systems

NDD, MM
1 $1:3000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
11XM2009
ASIC, FSC Belize
57

Payment systems

MM
5 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
12AXITrader2007
ASIC, FCA
129

Payment systems

NDD
-1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
13FXTM2011
FSC Belize, CySEC
21

Payment systems

NDD, ECN
100 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
14FreshForex2004
KROUFR
78

Payment systems

NDD, MM
-1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A5 000 %

Bonus 101%

15RoboForex2009
FSC Belize
116

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
-1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
16HYCM1977
FCA
185

Payment systems

MM
20 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A10 %
17EXNESS2008
FCA, CySEC
66

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
-1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
18NordFX2008
SEBI, VFSC
11

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
10 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %
19Plus500 CFD Service2008
ASIC, FCA
9

Payment systems

NDD
100 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
20FBS2009
FSC Belize, NAFD
149

Payment systems

ECN, STP
5 $-N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
21FxPro2006
FCA, CySEC

Regulated

254

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
22Swissquote1996
FINMA
25

Payment systems

STP
1000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
23FP Markets2005
ASIC, CySEC
14

Payment systems

DMA
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
24AVATrade2006
ASIC, CBI
14

Payment systems

NDD
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
25IQ Option2013-68

Payment systems

NDD
10 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
26FxGiants2015
FCA
59

Payment systems

ECN, STP

Broker type

  • ECN
  • STP
  • MM
50 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A20 %

Increase your trading opportunities. Get up to a bonus on all deposits up to $ 2000

27Vantage FX2009
ASIC
14

Payment systems

ECN
200 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
28Instaforex2007
RAUFR
79

Payment systems

NDD, ECN
1 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A30 %
29DNA Markets2023
ASIC, FSA
0

Payment systems

MM
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
30Neomarkets2022
FSC
1

Payment systems

ECN, MM
20 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
31FIBO Group1998
FSC, CNMV
44

Payment systems

NDD, MM
300 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
32Alpari1998
FSC Belize, NAFD
22

Payment systems

ECN
100 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %
33FXOpen2005
ASIC, FCA
90

Payment systems

ECN, STP

Broker type

  • ECN
  • STP
  • MM
10 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1 %

Welcome Bonus is credited to the micro account after making the minimum deposit.

34AMarkets2007
FSA
56

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
100 $1:3000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A15 %
35IFC Markets2006
FSC, CySEC
36

Payment systems

STP
1000 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
36IC Markets2007
ASIC
22

Payment systems

NDD, ECN
200 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
37Tickmill2014
FCA, SIBA
2

Payment systems

NDD
25 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
38LiteFinance2005-34

Payment systems

ECN
50 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %

Bonus CRYPTO 100%

39eToro2007
ASIC, CySEC

Regulated

29

Payment systems

NDD, STP
50 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
40ForexMart2015
CySEC
17

Payment systems

ECN
1 $1:5000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A50 %

50% приветственный бонус – это специальное бонусное предложение для всех клиентов компании ФорексМарт. Воспользовавшись данной акцией вы сможете удвоить ваше депозит, выполнив всего два действия. Перв

41Maunto2022-0

Payment systems

NDD
250 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
42IUX2016
FSA, FSCA
7

Payment systems

MM
10 $1:3000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
43AAFX Trading2014
ASIC, FSA
204

Payment systems

NDD, ECN
--N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A30 %

As a warm welcome to our newest traders, we are offering a 30% bonus on top of your initial deposit into your first AAFX live account.

44FXPRIMUS2009
CySEC, VFSC
7

Payment systems

STP
--N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Forex broker NPBFX45Forex broker NPBFXNPBFX1996
FSC Belize
20

Payment systems

NDD, STP
10 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
46ForexChief2014
VFSC
113

Payment systems

ECN, STP
--N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
47BMFN1988
ASIC, FCA
8

Payment systems

NDD, DMA
50 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A20 %

New or existing accounts at BMFN who enroll in the Bonus Program and make a qualifying deposit will receive a deposit bonus up to $10,000!

48Spreadex1999
FCA
0
--1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
49Degiro2008
BaFin
6
NDD
--N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
50TradeEU--0
---N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
51GO Markets2006
ASIC
5

Payment systems

NDD
200 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
52GrandCapital2006-5

Payment systems

STP
10 $1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A40 %

The bonus is charged on any account replenishment without restrictions. The promotion is valid indefinitely.

53Swiss Markets2012
CySEC
4

Payment systems

STP
200 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
54ICE FX2015-6

Payment systems

STP
30 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %

Компенсация издержек при переводе депозита из других компаний (брокеров, фондов и т.д.). Компенсируется до 100% издержек при транзакции депозита.

55Fortrade2013
FCA, FSCS

Regulated

15

Payment systems

-100 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A30 %

Fortrade offers a welcome bonus, amounting to 30% of the first deposit (up to €3000). The deposit must be €100 as a minimum and the bonus expires within 90 days. Bonus monies may be used for tr

56Ayondo2008
FCA, BaFin
6

Payment systems

NDD
100 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
57EasyMarkets2001
ASIC, FSC
4

Payment systems

MM
--N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
58Bacera2009
ASIC
7

Payment systems

MM
500 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
59Orbex2010
CySEC
25

Payment systems

ECN
500 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
60Core Liquidity Markets2012
ASIC, FSA
6

Payment systems

NDD
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
61Fullerton Markets2015
FSP
17

Payment systems

ECN, STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
62CMG2015
ASIC
13

Payment systems

-250 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
63Colmex Pro2010
CySEC
6
NDD, ECN
2000 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
64Alfa-Forex2016
CBR
1

Payment systems

NDD
-1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
65FX Choice2010
FSC Belize
1

Payment systems

NDD
--N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
66BCS Forex2006
CBR
13

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
1 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A50 %

Hurry up to get a bonus! Up to $ 5000 on first deposit!

67GMG Markets2015
FCA
0
NDD, STP
200 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
68HMS Markets1972-0
NDD
1000 $1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
69Infinox Capital2009
FCA
7

Payment systems

ECN, STP
100 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
70iTrader2012
FSC Belize
2
-250 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
71Mex Exchange2012
ASIC
0

Payment systems

NDD, ECN
200 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
72FXPCM2007
FSC, DFSA

Regulated

0

Payment systems

NDD, ECN
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A10 %

To get this bonus, you just need to open a live trading account by registering with the new cabin.

73Rakuten Securities Hong Kong2002
SFC
0
NDD, STP
-1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
74RietumuFX1992
FCMC
8
NDD
1000 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
75TFI Markets1999
CySEC
1
NDD
50 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
76Tradealot2010
FCA
5

Payment systems

STP
2000 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
77FinmaxFX2017
CROFR, VFSC
15

Payment systems

MM
--N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %

Follow the link, register, replenish your trading account at least $ 100.

78Finam Forex1994
CBR
1

Payment systems

NDD, DMA
100 $1:40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
79AMP Global2018
CySEC, CFTC

Regulated

3

Payment systems

STP
100 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
80Ingot Brokers2004
ASIC
5
ECN
100 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
81Alvexo2014
CySEC, SIBA
6

Payment systems

ECN
500 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
82AETOS2007
ASIC
1

Payment systems

NDD
250 $1:200N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
83Woxa2019
FSC
8
MM
-1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
84Arum Capital2017
CySEC
2

Payment systems

ECN, STP
500 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
85ATFX2015
FCA
11

Payment systems

NDD
500 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
86Key to Markets2010
FCA, FSP

Regulated

2

Payment systems

ECN
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
87ATC Brokers2005-1
ECN
2000 $1:100N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
88ACY.com2011
ASIC, VFSC
2
ECN, STP
--N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
89Yadix.com2010
FSC
60

Payment systems

ECN, STP
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A50 %

Get a 50% Cash Bonus up to $10,000 on your first deposit. Cash bonuses are credited to your balance after the requirements are met.

90ModMount2019
SIBA
0

Payment systems

ECN
250 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
91Trading.com2018
FCA
1

Payment systems

ECN
5 $1:30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
92Pepperstone2010
ASIC, FCA
7

Payment systems

NDD, ECN
-1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
93MultiBank Group2005
ASIC
1

Payment systems

ECN
50 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
94FXNovus2020
FSC
0

Payment systems

ECN, STP
250 $1:400N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
95Exnova2021-0
STP
--N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-


Was the information useful for you?
4.82 (22)

WHY YOU NEED A FOREX BROKER

If you're interested in trading forex, you need your top forex broker to facilitate your participation in the foreign exchange market. The Forex dealers act as intermediaries between individual Forex traders like yourself and the vast Forex market, enabling you to buy or sell currencies and participate in currency trading.

Here are the 11 essential steps to get started with forex trading:

1. Have an internet connection and a working PC or laptop.

2. Choose a reliable Forex broker.

3. Educated yourself.

4. Open and fund a trading account.

5. Need a minimum $100 to start.

6. Start with a demo account.

7. Develop your trading strategy and goals.

8. Start trading.

9. Monitor and Analyze Your Trades.

10. Manage Risk.

11. Continue Learning and Evolving.

By following these steps and working with a reputable forex broker, you can begin your forex trading journey and work towards achieving your trading goals.


Pro Tips

If you're new to forex trading, it's important to start with a mindset of simplicity. Many successful beginner traders have found that keeping things uncomplicated is the key to building a solid foundation.

Here are some essential trading tips to keep in mind as you embark on your Forex trading journey:

Tip #1: Develop a trading plan that outlines your goals.

Tip #2: Start with a small position size.

Tip #3: Embrace losses as learning opportunities.

Tip #4: Take time away during losing streaks.

Tip #5: Avoid overloading your analysis with an excessive number of indicators.

Tip #6: Focus on one trade at a time.

Tip #7: You should not risk more than 2% of your trading capital on any given trade.

Tip #8: You don’t need the best Forex trading platforms to be a successful trader.


Best Forex Brokers by Specialty

We understand that every trader has unique needs and preferences because not everyone is looking for the best broker for Forex trading. That's why we've compiled a list of the best forex brokers, categorized by specialty, to cater to the diverse trading styles and requirements of our valued traders.

Whether you're into crypto trading, copy trading, prefer a user-friendly trading app, are a beginner seeking a smooth transition, or have specific platform preferences, we have got you covered.

Here are the most popular styles of trading and their corresponding top-rated broker:

1. Crypto: Oanda

2. Copy Trading: eToro

3. Best Trading App: IG Group

4. Beginner Trading: Forex.com

5. iOS Compatible: Interactive Brokers

6. MetaTrader: FXCM

7. Zero Spread: HYCM


WHAT TO LOOK FOR IN A FOREX BROKERAGE COMPANY

Those considering venturing into the elaborate Forex market may be wondering if currency trading can make a person wealthy. Some experts may say “no”, while others may respond “yes,” but with reservations. Forex trading with a broker requires pouring out money, doing thorough research, being courageous to take risks, and picking the best partner. The Forex market is not the perfect place for would-be billionaires. Just like any other job, becoming a successful Forex trader entails hard work, dedication, discipline, diligence, perseverance, patience, and time management.

Even the most successful investors, like Warren Buffett, Carl Icahn, Benjamin Graham, Peter Lynch, and George Soros have lost large amounts of money and committed trading mistakes at some point in their careers. No investor is spared from investing blunders but everyone can learn more from failures than successes. It is important to reiterate, Forex trading is not the easiest way to amass riches, as one has to be prepared to take the plunge before reaping the fruits of the labor. Success with Forex broker trading will not happen overnight. There are no shortcuts to Forex trading. Not even the heavens can guarantee claims of a get-rich-quick scheme as one would think.


TWO KINDS OF FOREX BROKERS: ECNs & MARKET MAKERS

Electronic Communications Network

Electronic Communications Network (ECNs) is an alternative trading system that digitally links market participants to buy or sell currencies, stocks, and other financial instruments with one another. Today there are many excellent ECN brokers on the Forex market. ECNs flash orders through a consolidated quote system which the public can view. Such entities rule out tapping a third party to facilitate transactions aside from helping investors make immediate and automatic transactions beyond trading hours.

Market Makers

Conversely, Market Makers (MM) display buy and sell rates for a guaranteed number of shares in a move to compete directly for customer order flows. To stay in the game, MM Forex brokers must keep both bids and ask prices within a predetermined spread. Specifically, a market surfaces when the designated market maker sets the bidding price and offers over time, to make sure there are ample buyers and sellers for every market order. Market makers act as catalysts in the secondary market for beefing up liquidity and, subsequently, long-term growth in the currency market.


FOUR SPIN-OFFS OF ECN AND MM

Of course, some may have heard about:

Non-Dealing Desk (NDD)

NDD states that, if no dealing desk system is available, positions are immediately offset and then sent to the interbank. Unlike DDs, NDDs have floating spreads, and liquidity allows providers to set the price. You can find all NDD Forex brokers on TopBrokers.com. In simple terms, NDDs, either an STP or ECN, are a mere bridge between two parties as brokers do not transmit their clients’ orders via DDs.

Direct Market Access (DMA)

DMA is an electronic trading venue that allows investors to utilize financial instruments and order books of an exchange that processes securities transactions regularly. Sell-side entities usually offer this type of market, which requires using intricate technology. Although trades are swiftly made, an intermediary Forex trading brokers company handles the transaction. In the 1990s, brokerage firms shifted to using DMA instead of market-making quotes for trade processing. Review the full list of the best DMA Forex companies to compare them.

Dealing Desk (DD)

DD provides an avenue for easy access to the interbank market, a market for trading foreign currencies. This is a venue for currency dealers at a bank or financial institution to do business. Banks and financial firms also have DDs to facilitate trades in securities and other financial instruments outside the currency market. It is typical to have many DDs across the globe.

Straight-Through Processing (STP)

STP is a process embarked on by financial firms to boost the processing time of any transaction without any human involvement. The use of STP dates back to the early 1990s.


COMPARE FOREX BROKERS BY OFFERINGS AND SERVICES

As mentioned earlier, currency pair offering, account details (initial deposit, ease of deposits/withdrawals, commissions/spreads, leverage, and margin), customer service, regulatory compliance, and trading platforms are some important points to consider when making what is considered one of the most difficult decisions when trading Forex online. That's why these aspects are essential when choosing the best Forex broker.


CURRENCY PAIR OFFERINGS

Forex market participants may select from a wide range of currency pairs. Experts advise traders, especially new ones, to pick and concentrate on certain currency pairs.

The most common currency pairs used by traders are categorized as major pairs. These are the EUR/USD, which is the most famous among traders, GBP/USD, USD/JPY, and USD/CAD. The minor pairs include EUR/AUD, GBP/JPY, EUR/GBP, and CHF/JPY. There’s also what we call the cross currency or exotic pairs which consist of a major currency and a developing country’s currency. A few samples are USD/HKD, EUR/TRY, and the NZD/SGD

Although there are many currency pairs available, starting with one or a few pairs at a time can make trading easier. This allows traders to be more focused on analyzing data for a given pair. You should compare Forex broker listings based on what currency pairings they offer. The more the merrier.


ACCOUNT DETAILS

Account offerings of FX brokers vary depending on:

Initial Deposit

When it began, only big banks, companies, and wealthy investors had access to the FX market. But today, for as low as $50, anyone who aspires to succeed in trading can take part in it. The best brokers for forex offer several types of trading accounts as well. The micro account, which is recommended for newbies, requires a minimum deposit of $50, the standard account’s required initial deposit is $500, and, lastly, the VIP account starts at $10,000.

Deposits/Withdrawals

Forex trading brokers have varying policies for deposits and withdrawals. Of course, any deposit or withdrawal made into an account will require a fee payment. Debit and credit card payments are common, as well as online payment systems such as PayPal, Skrill, and Neteller. Clients may use the same method for both deposits and withdrawals.

Commissions/Spreads

Brokers generate money in the Forex market through commissions and spreads. A commission is a fee levied by a Forex broker, while the difference between the bid and ask price is called the spread. Some Forex brokers insist that they solely rely on spreads to earn profits. Spreads can either be floating or fixed. To lure clients, most of the top brokers for forex claim that their spreads on major pairs are fixed.

Leverage

Leverage allows traders to expand their trading power. In essence, brokers lend a certain amount to bolster their potential gain. It is often dubbed as a two-edged sword, as it can either boost or diminish one’s account. Hence, investors are advised to utilize this investment strategy with vigilance and caution.

Margin

A relatively new concept for Forex investors, a margin account is akin to equity markets. It is a brokerage account wherein the customer borrows money from its broker to continue currency trading. Trade size sets an investor’s margin requirement.


PAYMENT METHODS

In addition to flexible and competitive trading conditions, traders today are after ease and convenience when depositing and withdrawing funds. A good Forex broker provides clients with various payment options, allowing them to choose the one that suits their needs. Debit and credit cards, as well as bank wire options, are just a few of the default payment options used by traders. Again, thanks to technological advancements, several electronic payment systems have emerged. PayPal, Skrill, Neteller, and Webmoney are the most commonly used methods.

When selecting a payment option, consider the commission or fee charged by the mentioned payment systems. It is also vital that the safety and security of funds are taken into consideration. Forex trading brokers, at times, may waive any deposit fee to encourage their clients to cash in more money.


CUSTOMER SERVICE

To establish trust and loyalty, the best Forex brokers have also focused on the importance of having a very good customer service department. Whether handling an inquiry or a complaint, they should be able to provide a quick response and resolve the matter as soon as possible. The majority of the best Forex trading platforms are now stepping up and providing 24-hour customer support.


Knowledgeable

Given the complexity of the currency market, it’s easy to get confused when clients bombard customer service staff with too many questions. To meet the needs of their clients well, and to achieve maximum customer satisfaction, the best Forex brokers meticulously train their customer agents for weeks. This allows the customer service representatives to respond to a client’s inquiry regarding currency trading or a broker’s product or service in a quality and timely manner. The customer service representatives should be very knowledgeable about Forex trading, and the products or services being offered, to successfully deal with problems encountered by a client and suggest possible solutions.


Human Solutions

Aside from remaining composed and organized, the top Forex companies must also be good listeners. Many customer service representatives are merely trained to “go through the script,” and they may forget that they need to truly listen. They should not interrupt the client in the middle of a call. A good rule of conversation is to let the customer do all the talking at first. Then the representative can assume the role of a troubleshooter by asking the right questions about the concern and figuring out how it can be solved.


Accessibility

Brokers should ensure that it is easy for a customer to call (or in some instances, send an email) to a customer service agent, and it should not involve too much time just to get through to an agent. Clients tend to be impatient, especially when they have questions or concerns. The key to shortening and making a customer’s waiting time more bearable for them lies in strengthening the customer support group, responding promptly to queries via email or social media accounts, and attending to their inquiries as soon as possible. It would be a bonus if the Forex broker could provide some sort of entertainment to kill boredom while customers are waiting to be attended to.


REGULATORY COMPLIANCE OF FOREX TRADING BROKERS

The best Forex brokers should be a registered and licensed entity before it begins to operate and advertise its business in a specific area. Governments, through financial regulators, have different sets of rules and regulations, which a licensed or registered entity should comply with. These “watchdogs,” as some would call them, basically supervise and regulate banks, Forex and stocks brokers, financial companies, and investment firms. This oversight is in place to protect the public, and to maintain the financial system’s integrity. Regulators secure the global market by inspecting companies and firms, and probing illicit activities, if any. Forex trading companies indicate on their corporate website which regulator and entity supervise their activities.

Below are some of the most well-known financial regulators:


National Futures Association and Commodity Futures Trading Commission

Established in 1982, the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC) serve as the regulating bodies for Forex brokers that intend to operate in the United States. The NFA is in charge of creating guidelines and programs to protect the public and maintain the US financial system. It also provides education to industry players for they to be more knowledgeable about their duties and all regulations.

The futures and options markets in the U.S. are monitored by CFTC. Formed in 1975, the commission oversees financial firms involved in derivatives markets. Their mission is to maintain transparent, competitive, and financially sound markets to protect the public from fraud and manipulation.


Investment Industry Regulatory Organization of Canada

Established in 2008, the Investment Industry Regulatory Organization of Canada (IIROC) governs all investment dealers and trading activities on the country’s financial marketplaces. Anchored on fairness, integrity, and transparency, this non-profit organization is tasked to enforce guidelines on business conduct among investment dealers in Canada. It is under the umbrella of the Canadian Securities Administrators (CSA).


Financial Conduct Authority

A regulating entity in the United Kingdom, the Financial Conduct Authority (FCA) supervises almost 60,000 financial services firms and institutions in the country. Founded in 2013, this independent regulator is responsible for safeguarding customers, maintaining the market’s stability, and cultivating competition among players, including FX brokers. Check out the best FCA Forex brokers on our website.


Australian Securities and Investments Commission

The mission of the Australian Securities and Investments Commission (ASIC) is to regulate financial firms and organizations in Australia. Created in 1998, the ASIC serves as the corporate, markets, and financial services regulator mandated to enforce laws and beef up a healthy financial system for investors and individuals in Australia.


Financial Market Supervisory Authority

Financial firms and institutions are monitored by FINMA, the Swiss government body. The regulator is tasked to supervise banks, insurance companies, dealers, and exchanges in Switzerland. FINMA was instituted in 2007 by the Federal Act on the Swiss Financial Market Supervisory Authority (FINMASA) which shall guarantee the efficiency of the country’s financial markets for the sake of customers and Forex companies.


Financial Services Agency

Since its inception in 2000, the Financial Services Agency (FSA) has been directed to fortify the integrity of Japan’s financial system through the management of banking, insurance, and securities and exchange. The FSA handles the oversight of private entities, the development of rules and policies, the creation of standards, and compliance with guidelines.


THE REPUTATION OF TOP FOREX TRADING COMPANIES MATTERS

The Forex broker's rating and reputation in the market is the most important thing to take into account. Is that broker reliable or unscrupulous? Is the broker legally operating in a country or merely out to take their clients’ money and run away? Do they have good Forex broker ratings across the board?

Many forum posts, site reviews, articles, or social media accounts may have been written sponsored by a particular broker, which means, that it’s possible, that these comments or reviews are unbiased. As certain brokers may attempt to use these methods to attract more clients into the company or hire marketing people to boost their image to potential customers, you should always do very thorough research.

Here are some warning signs to watch for to avoid using the wrong Forex broker:


RED FLAGS for FOREX DEALERS


Website

If the Forex broker’s website is too flashy and overly persuasive, likely, this entity is not licensed or registered with a financial regulator in their service area. Clients themselves can check the credibility of a broker by visiting the site and noting its affiliation or membership normally found in the “About Us” section.


Trading

Forex trading brokers should always let the client handle their own Forex trading. If the Forex broker determines or limits the amount of money a client can take, this is a red flag that they may not be a reputable or honest broker. What if that client has a margin account and sustained losses because prices went too steep? If the trader has no power over his account, the broker can simply liquidate the position on a margin call at a lower price. This can lead to sudden drops in capital that are out of the trader’s control.


Illegal Actions

Certain acts are illegal in Forex trading, such as sniping and hunting. These acts involve a broker by purchasing or selling close to preset points ahead of time. This illicit activity is difficult to detect, so it is vital to talk to other traders to prevent this from happening. Currently, there is no list containing the names of Forex companies that commit sniping and hunting, so it is another important reason to do careful research.


Criminal

If the Forex company is engaged in other criminal acts, such as corruption, money laundering, or the sale of illegal arms or drugs, this is a broker to avoid. Should a Forex broker be caught by law enforcement, all money invested with that broker could be seized and all investments would be lost.


CUSTOMER RATINGS AND REVIEWS OF FX BROKERS

There has been a growing number of Forex broker ranking and Forex broker listing websites available online. As mentioned earlier, due diligence is essential before beginning any kind of investment. No one has ever wanted to have their hard-earned money disappear. However, sadly, this has been the case in the FX market for quite a while now. The number of Forex companies entering the market is climbing, and many of them are not entirely trustworthy. They hype their products and services through marketing and advertising and wait for their targets to fall into their trap. Those new to the Forex trading market are the usual victims, and this is what TopBrokers.com wants to put a stop to. By providing only top-quality and reliable reviews, TopBrokers.com has become the best go-to place for aspiring traders. The team behind our portal carefully selects the best broker for trading forex to be included on their list.

In addition to providing basic details about account types, trading platforms, payment methods, and regulatory compliance, reviews from seasoned Forex dealers are also available on their website to provide newbies with helpful insights about the essential qualities of a Forex broker. TopBrokers.com assures visitors that each customer review submitted to their website is being checked thoroughly and is subject to administrative approval. You can check all customer reviews of Forex brokers in 2024 on our website. The team is aware that, for a long time, it has been a practice of some companies to hire people to write fake and misleading Forex broker ratings. Users who create spam reviews will receive a warning and possibly be banned from posting to the website.


FOREX BROKER PROMOTIONS

As you shop around for the best Forex brokers, you may want to explore some of the great Forex broker bonuses that are available. From offering no fees for initial deposits or withdrawals, giving traders special bonuses (sometimes up to 30%), offering incentives for being a more active trader, providing free tips with membership, offering additional financial products and services, and more, some Forex companies can offer an advantage. But, be cautious when temptation hits, because you still need to ensure that you are working with a highly reputable and trustworthy Forex broker and not being blinded by certain perks that may be offered. It can be smart to get outside financial advice from a trusted advisor before diving into Forex trading. Make sure that you are properly equipped with knowledge about investing, specifically with Forex, and that you are not jeopardizing your financial health and your personal goals.


FOREX BROKER “UNDERWATER ROCKS”

Unfortunately, any time you invest, success is not guaranteed. You cannot base your expectations of great success on past performance or trends of any currency, advice, or even a broker’s stellar reputation. What you can do is equip yourself and be prepared, and fully understand the benefits and risks of Forex trading. A top Forex broker will help you to avoid many of the potential pitfalls, and this should be evident in any reviews that you find in your research.

There are some major “underwater rocks,” or unexpected problems that can arise when trading Forex online, especially for new traders. New traders need to be especially careful about ensuring their trading is stable, being properly disciplined to closely follow the market, making trades at the right times, and not overly trusting automated systems that may be making your trades - make your trades manually rather than using some of the automated technology until you learn the intricacies that will protect you. You can minimize the risks, or “underwater rocks” by being careful to work with a trusted top Forex brokerage.

Your broker should be helping you to keep your money safe. Trades should be executed promptly and accurately. When you learn more about how brokers keep liquidity high and keep the market active, you will begin to understand the best times for trades, how to watch for widening spread, and how to manage your investment to keep it as stable--and growing--as possible. Your broker should demonstrate that you are valuable as a client and you should feel that you can trust your Forex broker to help you protect and grow your investment.


BE MINDFUL AND ALERT WHEN TRADING CURRENCIES WITH A FOREX BROKER


Check for Legal Issues

Of course, some brokers merely want to gain more profit by employing illegal schemes. But earning more money at the expense of clients is unforgivable. Engaging in any illicit act may put a broker in danger as that perpetrator can face administrative charges or criminal cases or his license may also be revoked by financial regulators. By doing thorough due diligence, a trader can learn to spot and distinguish the differences between respectable and fraudulent brokers. It is important to always find out whether or not any complaints have been filed against the broker. If possible, look into that case and get in touch with the user to verify that complaint.


Read the Fine Print

It is also crucial to read and scrutinize every detail of documents and agreements before signing any contract and opening an account with a Forex trading broker. Contracts are in place to help a potential trader to understand the provisions of the contract and contingencies in case of unfortunate events. the research part.


Start Small

Many Forex experts encourage clients to begin trading currencies with a small capital. When new traders start this way, withdrawing funds from their accounts after at least a month can help determine if it is wise to continue to conduct transactions with the broker. A delay in withdrawal is sometimes the issue. If this issue does ever arise, the best course of action is to first discuss it with the broker. There are times when it may not be the broker’s fault, but instead related to the trader’s chosen withdrawal method. However, if the same problem continues to occur, it may be time to entrust money to another Forex trading service provider. Make sure you understand the market and don’t try to learn everything through trial and error. Have an investment plan, and stick to it. Make sure your expectations are reasonable.


Do Plenty of Research

The currency market is a huge and decentralized exchange as volumes worth more than $5 trillion are being traded regularly, making it the most lucrative financial market in the world. It attracts both good and bad entities. That is why one needs to practice due diligence in choosing the most suitable top Forex brokerage to understand the nitty-gritty of currency trading. Checking the compiled list of TopBrokers.com may aid a little bit in the research part.


A FRIENDLY REMINDER - FOREX TRADING INVOLVES RISKS

The team running TopBrokers.com is reminding everyone that currency trading with a top broker Forex is a highly speculative and complex investment that may not be suitable for everyone. Given its large trading volume, investing any cash may result in either significant gain or substantial loss. Therefore, it is highly advised to have an emergency cushion before investing any amount of money. Never invest more than you can afford to lose. Forex investing is about saving up for rainy days. An individual should not embark on any business venture, or investment, or make long-term financial plans if he or she does not have an emergency fund. Before investing, individuals should set aside a portion of their income, enough to cover daily expenses for three months at the very least, and one year at most, in case of any unforeseen circumstances such as job loss or medical emergency. Again, no emergency fund, and no investment. This is the very step to any investment a client has to make. Think of it as a cushion when a person falls.

We hope this list of Forex brokers helps you decide which one to start your trading journey with. Good luck!


BEST FOREX TRADING PLATFORMS

Forex platforms are where FX traders place trades, and read trading data. Simply put, a trading platform serves as the bridge between traders and the Forex market. The best currency trading platforms should be easy to navigate, can provide details including charts, pricing, and trading analysis, and has an interface where traders can enter orders which will be processed by the Forex broker. Also, the software can usually be installed with various operating systems such as Linux, Mac, and Windows, although some firms offer web-based trading platforms which can be run using Java, a high-level and widely used computer programming language.

Thanks to advancements in technology, and the top brokers for Forex that step up their game, trading platforms have adjusted better to the fast-paced world. These platforms, which are usually offered by Forex brokers for free, serve as an avenue for traders to open, close, and manage positions via an intermediary.

Choosing Between Forex Platforms

An ideal platform must be easy to comprehend, visually appealing, and present numerous tools available to traders. It should also enable investors to place orders with ease, as well as include charting instruments, the latest quotes, and relevant news feeds. Some brokers integrate premium research and even have a “panic” button, in case one has to close all open positions. Lastly, the user must be able to easily configure settings in that platform.

The best brokers for trading forex typically offer free demo accounts before a client opens an account and dives in into the actual currency trading, which allows one to get the feel of using that software before beginning to trade. It is highly advised to do a “dry run” of Forex trading before investing. Practice makes perfect.


MT4 & MT5: POPULAR FOREX PLATFORMS

The most common trading platforms are MetaTrader 4 and 5 (MT4 and MT5, respectively). Introduced in 2005, both are programs developed by MetaQuotes Software for trading currencies via the Internet. In addition, MT4 Forex brokers and MT5 Forex brokers offer more platforms to clients as well. Every platform has its configuration but all of these have nearly the same features such as Forex prices, technical analysis instruments, drawing tools, news feeds, and charts.

Before getting into the currency market, it is important to know if the broker offers the trading platform free of charge, (otherwise, there will be an additional rate for utilizing the program). Learn more about the platform, to understand if it allows chart trading, if the order interface presents options, if data can be easily accessed through the software, if strategy backtesting is permitted, and if it has an API enabling a trader to incorporate more programming or install more software.

Don’t forget to carefully check for news articles or blog posts that cover the best currency trading platforms available in the currency market. This can help you be sure about what is offered and how the broker serves its customers. And, remember to not immediately believe everything you read online, it is important to double-check the accuracy of the information read in these online articles.


FAQs

What Are Forex Brokers?

Forex brokers are financial companies offering international currency trading (Forex) services to private traders all over the world.

Which Forex Company is Best for Forex Trading?

Finding the best Forex trading platforms has never been, is, and will never be an easy feat. Conducting thorough research before picking the right Forex brokerage company is critical. Going through all the brokers in the market can be a daunting task and entrusting currency trading to any entity requires a tremendous amount of trust and confidence.

Which Forex Brokers are Best for Beginners?

If you're new to Forex trading, it's crucial to choose a broker that caters specifically to beginners. The best Forex broker can provide the necessary tools, educational resources, and user-friendly platforms to kickstart your trading journey with confidence.

Here are some top Forex brokers that are highly recommended for beginners:

- eToro: eToro stands out as a user-friendly platform, perfect for beginners looking to dive into the world of Forex trading. With its intuitive interface and social trading features, eToro allows beginners to learn from experienced traders and even replicate their successful trades through their unique "CopyTrading" feature.

- IG: IG is renowned for its comprehensive range of educational materials, making it an ideal choice for beginners. From webinars and seminars to detailed trading guides, free demo accounts, and customizable trading platforms, IG provides a wealth of resources to help beginners understand the intricacies of forex trading.

- Forex.com: Widely trusted and recognized, Forex.com is a beginner-friendly broker that provides a platform tailored to the needs of novice traders. The user-friendly interface and intuitive design make it easy for beginners to navigate and execute trades effectively.

- AvaTrade: AvaTrade is another beginner-friendly broker that is known for its educational materials and user-friendly platforms. They provide comprehensive educational resources, including video tutorials, eBooks, and market analysis, to help beginners grasp the fundamentals of forex trading. AvaTrade's user-friendly platforms offer a seamless trading experience, making it an excellent choice for beginners looking to enter the forex market.

Do Forex Companies Have a Monthly Fee?

There is usually no set monthly fee for Forex.

When it comes to Forex trading, the majority of Forex brokerage trading firms do not impose a fixed monthly fee on their clients, instead, they earn their profits through spreads, which is the difference between the bid and ask prices, which is essentially the cost of executing a trade.

Some brokers may charge additional fees for specific services or transactions like:

- Commissions on particular types of trades.

- Overnight charges (swap rates).

- Deposit or withdrawal fees.

- Inactivity fees.

- Data feed and trading platform fees.

What Are the Disadvantages of a Forex Broker?

While Forex companies provide valuable services and access to the currency markets, it's essential to be aware of certain drawbacks.

Here are some disadvantages to keep in mind:

- Counterparty risk: If the broker becomes insolvent or goes bankrupt, there is a chance that traders may not be able to withdraw their funds.

- Market manipulation: unethical brokers may engage in market manipulation by artificially affecting prices or executing trades in their favor.

- Hidden fees: can include commissions, account maintenance fees, or inactivity fees - read the terms and conditions carefully.

- Lack of regulation: not all brokers are regulated by reputable authorities.

- There are fees associated with nearly every transaction you make on a forex exchange.

- Limited market access: Some Forex brokers may have limitations on the markets or currency pairs they offer for trading.

- Technical issues and platform reliability: Forex brokers rely on trading platforms to execute trades. However, technical issues or platform downtime can occur, which may disrupt trading activities and potentially result in missed opportunities or execution delays.

- Slippage and order execution: During periods of high market volatility or low liquidity, traders may experience slippage, which is the difference between the expected price and the executed price of a trade.

- Education and support: Not all Forex brokers provide comprehensive educational resources or dedicated customer support.

What is the Best Forex Brokers Rating?

List of the most popular brokerage companies, filtered by reputation, customer reviews, trading conditions, and platform functionality.

Is It Safe to Choose an FX broker from the List Above?

All Forex companies, represented on TopBrokers.com have licenses of regulators, including the most authoritative organizations: FCA, ASIC, CySEC. Find the best Forex Broker Listing in our portal.

LATEST FOREX BROKERS REVIEWS

FxPro | Manty Rewe 16 June 2024

Advantages: Support

Disadvantages: -

Comment: For beginners, it's important to have accessible support at any time. FxPro provides access to its support team via live chat, email, and phone, allowing you to receive quick and quality assistance in resolving any questions or issues.

Comment
Add a COMMENT
XM | Tiago Monteiro 15 June 2024

Advantages: - Safe broker, no requotes, no slippage experienced in all my time trading. - Fast, always in-time withdrawals

Disadvantages: - Here its only mt4/mt5, no custom platform for trading that would be easier for new people, and no cTrader for oldies...

Comment: Its a safe broker but they are not too concerned about developing their toolset.

Comment
Add a COMMENT
FxPro | Rebecca Mellaca 15 June 2024

Advantages: Materials

Disadvantages: na

Comment: Access to analytical materials from leading experts helps you make thoughtful and informed trading decisions.

Comment
Add a COMMENT
FxGiants | Daniel Scott 13 June 2024

Advantages: Like other clients of this broker, I'm of course satisfied with trading conditions and that I had chance to choose the most suitable ones. Of course, trading opportunities are also an advantage.

Disadvantages: Non. I can't name anything that I don't like here.

Comment: I opened trading account here because of conditions and trading capabilities of trading platform.
I can trade using algorithms and some custom indicators.
This makes my trading profitable

Comment
Add a COMMENT
FxPro | Lorenzo Ferrari 13 June 2024

Advantages: - The broker has a lot of advantages. I like that the broker is reliable and safe. - There is room for growth as they provide educational materials and a demo account for training. - There are multiple trading platforms and trading accounts available to suit the tastes of different traders.

Disadvantages: I really do not have any bad things to say.

Comment: This is a broker that has all aspects figured out. From the small to the big.

Comment
Add a COMMENT