The forex market, also known as the foreign exchange market, is the largest financial market in the world and with the increasing popularity of forex trading, there has been a rise in the number of broker services available to traders. However, not all brokers are created equal.
A reliable and reputable broker will provide you with a user-friendly trading platform, competitive spreads, fast execution, trustworthiness, transparent fees and a wide range of trading instruments. In this article, we've tested and reviewed the best forex brokers to help you trade forex safely and meet your platform needs.
Quick Look: Best Forex Brokers
- Best for a Simplified Trading Platform: Trading.com
- Best for Excellent Trading Tools: Axi
- Best for Mobile Users: Plus500
- Best for Educational Resources: AvaTrade
- Best for Scalpers and Trader Using Expert Advisors: Pepperstone
- Best for Beginners: Octa
- Best Overall for Dedicated Forex Trader: FOREX.com
- Best for Fast Execution: IG Markets
Fast Facts About The Best Forex Brokers
Reviews of the Best Forex Brokers
These brokers stand out for forex trading due to their regulatory status, transparent fees, low pricing, quality trading platforms, selection of currency pairs and additional features. Here is who made the list:
1. Best for a Simplified Trading Platform: Trading.com
- Best For:Simple and Precise Forex Trading in the U.S.securely through Trading.com's website
Trading.com is becoming the go-to choice if you're seeking a straightforward yet effective trading platform. Tailored for modern traders, it has a user-friendly interface that streamlines trade executions, especially for if you prioritize simplicity over complex features.
Trading.com is a registered Retail Foreign Exchange Dealer (RFED) with the Commodity Futures Trading Commission (CFTC) and a member of the National Futures Association (NFA #0516820), ensuring confidence for traders using the platform.
Why We Love It: Trading.com offers highly competitive spreads, ensuring cost-efficiency. The platform has an attractive design, easy navigation and provides a seamless trading experience. While advanced traders may find the platform's features somewhat limited, they offer a balanced blend of functionality and user-friendliness, making it a compelling option especially for beginners.
- Accepts U.S. traders
- Minimum deposit: $50
- Inactivity fee: $10 per month after 12 months of inactivity
- Currency pairs: 70+
- Trading platforms: MetaTrader 5, Web Trader, Mobile App
- Maximum leverage: 1:50
Pros
- $0 commissions and low spreads
- EUR/USD spread as low as 0.00009
- Monthly paper trading competitions that allow you to win cash prizes
- Welcome bonus
- Low spreads on major pairs and competitive leverage of up to 1:50
Cons
- Lack of advanced trading features
- Only one trading platform — MT5
- No copy or social trading
2. Best for Excellent Trading Tools: Axi
Over-the-counter derivatives are leveraged products that carry a high level of risk to your capital. Trading is not suitable for everyone and may result in you losing substantially more than your initial investment. You do not own, or have any rights to, the underlying assets. You should only trade with money you can afford to lose.
Axi provides access to educational resources, market analysis tools and expert insights. The broker provides great customer support, with a team available 24/5. Axi is regulated by top-tier financial authorities including the UK's Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Dubai Financial Services Authority (DFSA).
Why We Love It: Axi offers forex and CFD trading. They provide competitive spreads, low commissions and offer a secure and reliable trading platform that is user-friendly. Their regulatory status helps ensure your funds are kept secure and deposits and withdrawals are made easy through the platform.
- Does not accept U.S. traders
- Minimum deposit: $0
- Inactivity fee: $10 per month after 12 months of inactivity
- Currency pairs: 40+
- Trading platforms: MT4 and WebTrader
- Maximum leverage: Up to 500:1
Pros
- Copy trading app
- Real/live account funded program
- Good educational material including tutorials and videos
- Advanced analytics driven by AI and ML
- Low forex fees
- No deposit or withdrawal fees
- Demo accounts available
Cons
- 24/5 customer service
- High inactivity fees
3. Best for Mobile Users Trading CFDs: Plus500
Plus500 is a CFD broker founded in 2008 that offers forex trading (and more) for a host of traders, especially if you prefer to trade on mobile. The platform has a wide portfolio of 2800+ CFDs, 2700+ Shares, and a variety of Futures (Crypto, Metals, Agriculture, Forex, Interest Rates, Energy, and Equity Index)
Why We Love It: Plus500 offers a streamlined trading experience that is great for beginners who want a user-friendly platform and may want an expanding selection of educational content. On the flip side there are no stumbling blocks for advanced traders who simply want to sign up and get to work. Plus500 is a also a great option if you are a futures trader and want to trade multiple assets.
- Accepts U.S. traders
- Minimum deposit: $100
- Inactivity fee: $10 or currency equivalent per month after 3 months of inactivity
- Currency pairs: 60+
- Trading platforms: Web Platform
- Maximum leverage: 1:300
Pros
- Web platform and mobile app feature robust charting, providing a consistent experience across devices
- 2,800 tradable symbols that can be traded as CFDs
- No withdrawal fees
- Regulated by the Financial Conduct Authority (FCA) and Cyprus Securities and Exchange Commission (CySEC)
Cons
- Lacks some advanced tools making it less attractive for active traders
- No MT4
- Higher spreads than other industry leaders, EUR/USD spreads start at 1.2
4. Best for Educational Resources: AvaTrade
AvaTrade, one of the most secure brokers in the industry, carries 7 regulations across 6 continents (Europe, Australia, Japan, British Virgin Islands, UAE and South Africa). You’ll be pleasantly surprised by its asset availability, leading platforms and generous trading conditions (you can leverage your positions up to 400:1 depending on your location).
Why We Love It: AvaTrade offers extensive educational resources, winning the Best in Class for Education in 2024. The resources cater to beginners and advanced traders so no matter your experience level is there is more to learn. They also offer an impressive social trading platform and mobile trading app.
- Does not accept U.S. traders
- Minimum deposit: $100
- Inactivity fee: $50 or a currency equivalent per month, after 3 months of inactivity
- Currency pairs: 60+
- Trading platforms: MT4, MT5, WebTrader, ZuluTrade Duplitrade and AvaSocial
- Maximum leverage: 30:1
Pros
- Controlled by regulatory agencies of multiple countries
- Support available in 14 languages and trading platforms can be accessed in 20 languages
- Demo account available
- Variety of trading assets
- Fast and easy account opening
- Best in class winner for educational resources
Cons
- Average trading costs
- High inactivity fees
- Transferring funds may take up to five days; withdrawals could take up to 10 days
5. Best for Scalpers and Trader Using Expert Advisors: Pepperstone
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Pepperstone is a well-established forex broker known for its competitive spreads and reliable trading platform. With a strong regulatory framework and a wide range of trading instruments, Pepperstone offers a comprehensive trading experience. Pepperstone also has a positive reputation in the forex industry among active users of the platform and has been in business since 2010.
Why We Love It: Pepperstone is user-friendly and provides various advanced trading tools like algorithmic trading, Autochartist, API trading and more. Customer support is efficient and responsive and they provide a wide range of educational resources to help you continue to grow your trading skills.
- Not available to U.S. traders
- Minimum deposit: $0
- Inactivity fees: $0
- Currency pairs: 100+
- Trading platforms: MT4, MT5, cTrader, Web Trading Platforms and Mobile App
- Maximum leverage: Max retain 1:400 depending on the jurisdiction, Max Pro 1:500
Pros
- Trade in 61 foreign currencies and more than 60 CFDs
- Generous leverage for forex and cryptocurrencies
- Comprehensive webinar training
- Growing selection of tradable markets
Cons
- Unavailable in the U.S.
- No interactive courses
6. Best for Non US Beginners: Octa
Octa is a multi-platform forex broker that is designed for traders across the globe, offering service for multiple countries. They offer MetaTrader 4, MetaTrader 5 and OctaTrader through desktop, web, Android and iOS versions. The company has facilitated the opening of over 40 million forex trading accounts in more than 180 countries.
Why We Love It: Octa offers negative balance protection and funds security, they have Islamic accounts available among several other account styles. They're a low cost option and provide different pricing structures depending on the account type and have an easy to use trading platform.
- Does not accept U.S. traders
- Minimum deposit: $25
- Inactivity fee: $0
- Currency pairs: 35
- Trading platforms: MT4, MT5 and OctaTrader
- Maximum leverage: Up to 1:500
Pros
- Low minimum deposit
- 35 currency pairs with trading on MetaTrader 4 and 5
- Spreads as low as 0.6 pips
- Arbitrage is prohibited; exceeding 30 requests per minute by an EA on MT4 may result in your bot being banned
- 3 licencies: CySec, MISA and FSCA
Cons
- You may want more assets to invest in
- Limited deposit and withdrawal methods
7. Best Overall for Dedicated Forex Trader: FOREX.com
- Best For:Fast Execution and High-Volume Traders in the U.Ssecurely through Forex.com's website
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% to 77.7% 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.
The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account
FOREX.com is a subsidiary of StoneX (NASDAQ: SNEX) and ranks as the best overall forex broker for U.S. traders. They were founded in 1999, giving them an long standing history of reliability and trust among users.
This broker accepts U.S. clients and is regulated in the U.S. by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). They also have oversight from regulators in 6 major world jurisdictions through its subsidiaries.
Why We Love It: FOREX.com truly caters to forex traders, they offer a wide selection of currency pairs, low account minimums, and a notable trading platform. It's a great option if you are looking for a home base for currency trading. FOREX.com offers extremely customizable charting tools a comprehensive education and research center with free forex trading courses for various skill levels.
- Accepts U.S. traders
- Minimum deposit: $100
- Inactivity fee: $15 or currency equivalent per month after 12 months of inactivity
- Currency pairs: 80+
- Trading platforms: MT4, MT5, Advanced Trading (desktop), Web Trading platforms, TradingView and NinjaTrader
- Maximum leverage: Up to 50:1
Pros
- EUR/USD spread as little as 0.0 and low commissions
- Easy-to-navigate platform
- Cashback bonus
- Extensive educational resources and research tools
- Advanced customizable charting tools
- Regulated in seven Tier-1 jurisdictions, one Tier-2 jurisdiction, and one Tier-4 jurisdiction
Cons
- $15 per month inactivity fee after no trading activity for 12 months
- Average spreads are a bit higher than other low cost brokers
8. Best for Fast Execution: IG Group
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
IG Group was founded in 1974 so they have a long standing record of being a reputable and trustworhty brokers, especially for U.S. based traders. They are regulated by the CFTC and NFA so your protected trading on this platform. IG holds your money in segregated accounts under trustee arrangements for added security. In addition to its proprietary trading platform, IG offers support for 3rd-party forex platforms such as MetaTrader 4 and ProRealTime. It also allows application programming interface (API) trading. IG offers a variety of investment choices for forex trades.
Why We Love It: IG Markets is a top choice for forex traders in the U.S. and has an impressive track record from years of experience. They offer an impressive range of currency pairs, comprehensive trading packages, excellent trading conditions and fast execution (less than 1 second).
- Accepts U.S. traders
- Minimum deposit: $250
- Inactivity fee: $12 per month after 2 years of inactivity
- Currency pairs: 82
- Trading platforms: ProRealTime, MT4 and L2 Dealer
- Maximum leverage: 50:1
Pros
- Highly trusted
- Platform is designed to be user-friendly for beginners
- Mobile and tablet platforms provide the same level of functionality as the desktop version
- Margin rates are easy to understand and affordable
- Regulated by the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC)
Cons
- Customer service options are lacking
- Limited product range on MT4
How to Choose a Forex Broker
Choosing the best forex platform can be challenging if you aren't sure where to start. Here is what to look for in the best brokers for forex.
Research and Understand the Types of Forex Brokers Available
You can choose from various types of brokers, including contract for difference (CFD), market makers, Straight Through Processing (STP) brokers and Electronic Communication Network (ECN) brokers. Each type has advantages and disadvantages, so it's important to know which one suits your trading style and needs.
Regulation and Licensing
It’s important to choose a forex broker that is regulated by a reputable financial authority. Regulatory bodies can include the Financial Conduct Authority (FCA), the U.S. Securities and Exchange Commission (SEC), the Australian Securities and Investments Commission (ASIC), the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA), which provide protection to traders and ensure that brokers adhere to certain standards and guidelines. The regulating agency varies depending on the country you are trading from.
Trading Platform's Offered
A reliable and user-friendly trading platform is essential for your trading experience. Look for a broker that offers a platform with a wide range of tools, indicators and charting capabilities. Does the currency broker offer things like technical analysis, scalping, fundamental analysis, spread betting or other financial instruments? Ensure that the platform is stable and allows for smooth execution of trades.
Trading Costs and Fees
Brokers have varying fee structures, including spreads, commissions, overnight fees, withdrawal fees and account inactivity fees. Compare the costs across brokers to ensure that they align with your trading strategy and budget.
Selection of Tradable Assets
Forex brokers offer trading on a variety of currency pairs, but some may also provide access to other markets such as commodities, indices, cryptocurrency, precious metals and futures contracts. Determine if the broker offers the range of tradable assets you are interested in.
Customer Support
As the forex market operates 24/7, it's essential to choose a broker that provides reliable and responsive customer support. Look for brokers that offer multiple channels of communication, such as live chat, email and telephone support. Test their customer service beforehand to gauge their responsiveness and knowledge.
Research the Broker's Reputation and History
Look for reviews and testimonials from other traders to gain insights into the broker's reputation and user experience. Check if the broker has any regulatory actions or legal issues against them.
Educational and Research Resources Available
A good forex broker should offer educational materials, webinars, tutorials and market analysis to help traders enhance their knowledge and make informed trading decisions. These resources can be valuable, especially for beginners.
Deposit and Withdrawal Process
Check the broker's policies and requirements for depositing and withdrawing funds. Look for brokers that offer convenient and secure methods of payment as well as reasonable withdrawal processing times.
Leverage and Margin Requirements.
Leverage can amplify profits and losses in forex trading, so it's important to understand the broker's leverage offerings and margin requirements. Ensure that the leverage offered aligns with your risk tolerance and trading strategy.
Demo Accounts
Many forex brokers offer demo accounts that allow you to practice trading with virtual funds. Use these demo accounts to test out the broker's platform, features and trading conditions before committing real funds.
Reliability and Stability
Look for brokers with a strong financial background and a solid track record in the industry. A reliable broker should have stable servers, minimal downtime and robust risk management systems in place.
Frequently Asked Questions
Can I trade forex with $10?
Yes, some online forex brokers will accept clients with a very low minimum deposit like $10.
Can I trade forex without a broker?
Yes, you can trade in the over the counter (OTC) forex market with major financial institutions using credit lines if you are a high net worth individual or corporation. If you’re a retail trader with a modest amount of risk capital to use as margin, you’ll need an online forex broker to trade currency pairs through.
Is forex good for beginning investors?
Investors can diversify their portfolios by trading currencies and other forex assets, despite the potential complexity of forex trading. It is recommended to approach trading with caution and to thoroughly research the assets you plan to invest in. Forex trading platforms offer a variety of educational and research resources for you to utilize. Take advantage of these resources to expand your knowledge.
What is the best forex broker in the U.S.?
FOREX.com and IG Group are highly trusted brokers available to U.S. forex traders.
Get a Forex Pro on Your Side
FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets with low pricing and fast, quality execution on every trade.
You can also tap into:
- EUR/USD as low as 0.2 with fixed $5 commissions per 100,000
- Powerful, purpose-built currency trading platforms
- Monthly cash rebates of up to $9 per million dollars traded with FOREX.com’s Active Trader Program
Learn more about FOREX.com’s low pricing and how you can get started trading with FOREX.com.
About Jay and Julie Hawk
Jay and Julie Hawk are the married co-founders of TheFXperts, a provider of financial writing services particularly renowned for its coverage of forex-related topics. With over 40 years of collective trading expertise and more than 15 years of collaborative writing experience, the Hawks specialize in crafting insightful financial content on trading strategies, market analysis and online trading for a broad audience. While their prolific writing career includes seven books and contributions to numerous financial websites and newswires, much of their recent work was published at Benzinga.