Considering a high drop-out rate of 90% in the forex market, one should make sure that their broker is top-notch. Extensive research is necessary before actually putting your cash in, as it can make a huge difference. 

For example, a bad brokerage will always hunt stop loss, making you get out of trades before they even hit an exit point, demoralizing you in the process. This can be super detrimental, especially for novice traders looking to make their way into the markets. 

On the other hand, the right broker is sure to respect your stop loss and take profits, provide good liquidity, be regulated, have excellent customer support, and top-class executions. Always look out for such companies.

After carefully analyzing and doing thorough research while sticking to our strict methodology, we have come up with the best forex brokers in the market that are listed below. Our purpose is to provide everyone with quality insight helping them in their trading decisions and be more profitable in currency trading. The market has not been kind to traders, and given the difficulty of trading forex, we are encouraged to provide you with top-notch unbiased reviews to help in making the right decision.

Top-Rated Forex Brokers To Kickstart Your Trading:

1. eToro

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Over the past couple of years, eToro has been highlighted as one of the best brokers that offer copy trading services. It is one of the pioneers of this niche and social trading for local traders, having its own online and mobile software for the purpose of carrying out your trades. To prove that the broker is genuine and authentic, it comes under various regulators, which consists of the Financial Conduct Authority (FCA), Cyprus Securities Exchange Commission (CySEC), and Australian Securities and Investments Commission (ASIC). 

Opening an account is free of cost with no commissions on management and stock trading. Withdrawals will cost 5 USD and are possible via PayPal, credit card, and bank transfer having a minimum limit of 30 USD.  

Over 2000 assets (stocks, cryptocurrencies, commodities, and currencies) can be traded on their platform. One-click trading, trailing stops, entry/exit, pro charts, offline trading, etc., can all be tested via a 100,000 USD virtual account. 

As eToro has one of the best copy/social trading services, it allows you to filter out the top traders based on various filter options, such as the following:

  • Performance
  • Assets
  • Risk score
  • Country
  • Time period

A minimum of 200 dollars is required in deposit to start mimicking other positions. The education section is not well catered as the brokerage focuses more on copy trading than teaching new traders how to execute trades in the market. Customer service is provided via live chat, email, and tickets.


  • As one of the best online copy and social trading platforms in the market, eToro gives useful insights into top traders’ activities before you invest with them.
  • They take no commission while trading stocks and the whole process is super transparent.
  • The account opening process is fast and efficient, taking only a few minutes.


  • The learning section on the website is not well-developed for novices to learn.
  • Customer support is inferior, and it may take several days for them to reply to you.

2. XM

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XM has been one of the popular brokers utilized mainly due to the variety of available account types, flexible deposit options, consumer-friendly brokerage, and regulation by significant regulators.  The company is kept under check by Cyprus Securities and Exchange Commission (CySEC), International Financial Services Commission (IFSC), Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), and Dubai Financial Services Authority (DFSA).

The trading accounts they provide are: Micro account (Micro lots), Standard account (Standard lots), Ultra-low account (Standard lots with ultra-low spread), Shares account (Share trading).

All of these accounts have negative balance protection with a spread as low as 0.6 pips on ultra-low. Over 1,000 instruments can be traded via XM that incorporates CFDs on Forex, Shares, Indices, Commodities, Metals, and Energies. No fees are charged on deposits with the ability to fund your account with as low as 5 USD and can be done by credit card, bank wire transfer, local bank transfer, etc.

XM web trader and MetaTrader 4/5 are available as trading platforms. The broker also offers tons of educational material on their website, which may be provided in your local language depending on where you live. Personal account managers are dedicated to you that offer support 24/5 and fast response times.


  • The broker keeps its high ratings by being regulated by many noted authorities around the world.
  • Educational material is available in the form of market research, video tutorials, daily forex webinars, daily technical analysis, and much more.
  • You can deposit as little as 5 dollars and use micro lots to minimize your risk as much as possible.
  • A variety of account types are available.


  • For a brokerage firm as competent as XM, customer support should be available 24/7.
  • There is a limited number of trading platforms with only web trader and MT ⅘.


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In just nine years, FXTM rose to one of the top brokers in the forex and made our top list. The broker observes the regulations by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), and the Financial Services Commission of Mauritius (FSC). The fees charged by the brokerage are among the lowest in the industry, with as low as 4 USD per traded lot on Electronic Communication Network (ECN). 

There are different types of trading accounts from standard to ECN that hand out various eye-catching services to match every trader’s needs. Tons of deposit and withdrawal options are available, including local, credit card, and e-wallet. 30 EUR fee is deductible on the bank/wire transfer.

Trading platforms include MT 4/5 and FXTM trader. A new app is also launched to help you trade wherever you are. A wide range of assets (FX, cryptocurrencies, precious metals, and indices) are there to trade. One can also choose to invest money through their investment program or become a strategy manager himself. 

Quality education material is available to provide knowledge on essential topics of trading. 

They offer customer support through live chat in many languages. It is accessible through their website, Telegram, Viber, and Messenger.


  • FXTM accepts clients from most parts of the world, except for a few countries.
  • The account can be opened quite quickly with the brokerage.
  • Multiple account types are provided. These include Electronic Communication Network (ECN) services, one of the fastest and best for scalpers.


  • The number of trading instruments is limited.
  • Best trading privileges are limited to pro accounts.

4. Plus500

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Plus500 makes its way into the markets as a major CFD broker. It allows you to perform executions on shares, indices, forex, and cryptocurrencies. They charge zero fees for many services, including deposits, real-time currency quotes, dynamic charts, live share CFDs prices, opening/closing trades, and withdrawal fees (Maybe charged after exceeding a limited number). 

The minimum deposit to get your hands in forex is 100 USD, which is possible by using many options. With over 2000 instruments and million clients, the company is regulated by the Financial Conduct Authority (FCA) in the UK.

The brokerage has its own web platform with great functions at your fingertips, making you feel in control while trading. Useful materials include an economic calendar, traders guide, risk management, alerts, and market insights. The education is somewhat limited but beneficial and capable of supplying answers to your questions whether you are an amateur or a pro trader. For any questions or inquiries, customer support is provided 24/7 with the ability to contact them via live chat or email. Plus500 provides sponsorship to renowned clubs/companies, including the all-famous football team Real Madrid – that alone is enough to give it a vote of confidence.


  • The company has a great web platform that comes with good benefits such as trading tools, order management, etc.
  • Customer support is available 24/7, which is always an advantage for any brokerage.
  • The broker is listed on the stock exchange, it adheres to the regulations by FCA, and sponsors the all-time famous club Real Madrid. All these details make it more than trustworthy to invest your cash in.


  • The company has trading restrictions on scalping, hedging, and an automated data entry system.

5. XTB

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XTB calls itself a global leader that provides its customers with access to over 1500 financial markets regulated by the International Financial Services Commission (IFSC). Founded in 2002 with its headquarters in Poland, the company provides access to more than 1500 instruments that include forex, indices, commodities, stocks, ETFs, and other cryptocurrencies. 

The spreads on currency pairs are competitive and start with as low as 0.1 pips. Lucrative deposit options are available, including bank transfers, credit cards, PayPal, and e-wallets. Withdrawals of an amount less than 50 USD. The charge for a bank transfer is 30 USD.

The brokerage does not use the traditional MetaTrader platforms but has its own xStation to provide trading services to its users. xStation comes with a good design and easy-to-use interface that hands out market sentiments, several excellent trading tools, customizable charts, etc. The website’s market analysis has subsections coming with news, price tables, market screener and calendar, and reviews by their top analysts. Live webinars and a trading academy cover the education section to teach beginners and amateurs to keep their feet firmly on the ground between bulls and bears. 

They provide customer service over live chat, phone, and email. However, it is not available 24/7.


  • XTB includes cash back rebates in their trading services. They are handed out at the end of each month.
  • Trading academy is superb. It offers educational material based on your skill level. XTB also has live webinars.
  • It requires only a minimum first deposit of 250 USD, and after that, you can make smaller ones if you like.


  • The company does not compensate deposit fees charged for using PayPal and e-wallets.
  • The demo account can be opened; however, it is limited in use.

6. CMC Markets

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A brokerage firm that is licensed by Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in Germany and Financial Conduct Authority (FCA) in the UK and is also listed on the London Stock Exchange (LSE).  

CMC Markets provides you with over 10,000 instruments to trade on, consisting of forex, indices, commodities, shares, cryptocurrencies, and treasuries. You don’t require any deposit to open an account, but funding is only possible through a bank transfer or credit/debit cards. Similarly, withdrawals are available via the routes mentioned above; nonetheless, the company doesn’t charge anything for cash in and out.  

They have their own trading platform, which has tons of tools to benefit one in trading. It comprises various order types (1-click trading, the price ladder, boundary orders, longs and shorts, and guaranteed stops), platform tour videos, technical indicators, drawing tools, module linking, mobile charting, etc. MetaTrader 4 is also available.

CMC Markets have a dedicated section on their website that allows you to view the traders’ sentiments and other valuable stuff such as market calendar, news, and highlights. Customer support is available 24/5 via phone, live chat, and email, having fast response times. The education section is pretty comprehensive and provides great value for any novice making his way into the markets.


  • No minimum deposit is required to create an account with CMC Markets.
  • An excellent education section that includes fundamental analysis, webinars or events, platform guides, videos, and articles.
  • The company also offers MetaTrader 4 support for trading along with its own trading platform.
  • The fees they charge while trading forex with an average EUR/USD spread of 0.7 pips are highly competitive.


  • Limited options are available for funding your account, consisting of the bank transfer and credit/debit card.
  • The risk-free demo is available with only a few services and does not provide a complete overview of the real account.

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With Gain Capital as its parent name, finds its regulation from Cayman Islands Monetary Authority under the Securities Investment Business Law of the Cayman Islands. The broker covers over 4,500 markets. These include forex, indices, commodities, equities, and cryptos. They offer three different accounts that comprise a standard (for MetaTrader 5), commission (Ultralight spreads), and DMA account (for high volume traders having a minimum recommended balance of 25,000 USD). 

The lowest spread that can be seen on EUR/USD pair is 0.2 pips with the commission account, although a 5 USD fee will be charged per traded lot. Wire and bank transfers alongside debit card funding options are available. They require a minimum of 100 USD funding to start trading.

The fee for withdrawals is 25 USD within the USA, yet it increases up to 40 USD for international cashouts. However, no costs exist for extracting over 10,000 USD. has its own platforms for both desktop, mobile, and web that are simple and effective to use. They also offer their services on MetaTrader 4 and have added the support to trade over 500 instruments on the updated MetaTrader 5. 

The market research section covers all the latest trending and hot topics. It is essential to take a peek at it once in a while as fundamentals are a crucial trading component. Trading programs are catered to suit every type of trader no matter beginner, amateur, or advanced. They also have a personality test to determine whether you are a day, scalper, swing, or carry trader. Customer support is provided Sunday to Friday.


  • A wide range of platforms are available to trade on that include their own and MT4/5 software. Analytics tools are also at your disposal.
  • Three different types of accounts are available with Choose the one based on your trading needs.
  • The spreads they offer are highly competitive, with a max of 7 USD per lot, costing you on EUR/USD with a commission account.


  • CFDs are not available for US residents.
  • Customer support is not available 24/7.

8. SaxoBank

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Founded in 1992, SaxoBank is a Danish investment bank that provides a colossal 40,000+ instruments (stocks, forex, futures, CFDs, ETFs, mutual funds, and forex options) for you to trade on. The bank is regulated by the Monetary Authority of Singapore (MAS). A comprehensive chart of fees can be looked at on the website, which shows spreads on forex as low as 0.4 pips. You can fund your SaxoBank account through a bank transfer and credit/debit card, and the minimum required amount is 10,000 USD. Deposit and withdrawals are processed free of charge.

Award-winning platform SaxoTraderGO is the right choice for beginners to trade with the bank, and more professional traders can choose SaxoTraderPro, which has many advanced tools. Access can be made both via desktop and mobile. Third-party tools such as trading view, MT4, multi charts, dynamic trends, etc., are also available. 

The website inspiration section is decorated with stuff beneficial to all traders to move a step upward in their trading. Events, webinars, platform video guides are available alongside in-house strategists, i.e., a team of experts delivering valuable insight to financial markets. 

Customer support is provided via phone and email and is accessible in many languages. An online chatbot can also be used to get answers to your questions.


  • More than 40,000 instruments are available to trade with SaxoBank.
  • They charge no deposit and withdrawal fees.
  • Their pro trading platform is impressive and gives a unique upper hand in trading for senior traders.


  • The minimum amount to start trading with SaxoBank is 10,000 USD.
  • The account verification process is a bit slow.

9. Nadex

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Nadex, previously known as Hedgestreet, is a binary options broker based in the United States. The company follows the regulations by the Commodity Futures Trading Commission (CFTC) and keeps your funds segregated in a separate account for peace of mind. The range of assets offered by the exchange to trade includes forex, commodities, indices, and events. 

Trying a free demo will allow you to assess their instruments and get acquainted with trading binary options. Trading fees that involve entry/exit and trade expiration are as low as 1 USD. Funds can be deposited into your account through a debit card or a wire transfer. Both options require a minimum of 250 USD to start executing trades. Withdrawals through debit cards are free of charge, while wire transfer will cost you 25 USD.

Trades can be placed on Nadex by using their platform. They have a separate section on their website that details the use of their service through their trading software. The education section will set you up with blogs, webinars, and learning to answer most of your basic questions. Online trading boot camps can be a significant factor in accelerating your learning curve. 

If you have any questions regarding their service, you can contact them by phone or email, which offers support from 3:00 PM ET Sunday through 5:00 PM ET Friday.


  • The exchange accepts clients from and follows the regulations of the USA correspondingly.
  • A mobile app called NadexGO is available to trade options on the go.
  • Educational material is comprehensive. Bootcamps are beneficial for novice traders.


  • Super limited funding and withdrawal options that consist of debit card and wire transfer only.
  • Limited FX pairs are offered for trading.

10. TD Ameritrade

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Founded in 1975, TD Ameritrade is one of the oldest brokers on our list, and it is regulated by top-tier authorities, like the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and the Commodity Futures Trading Commission (CFTC). 

A range of instruments the broker offers to its customers comprises stocks, ETFs, mutual funds, futures, forex, and cryptocurrency exchange. Competitive fees are the fees as the company charges no commission on stocks, ETFs options. The prices on forex are average with a 1.2 pip spread on EUR/USD during regular hours. There is no minimum deposit amount, but if you want to try options or margin trading, you have to fund your account with 2,000 USD. There are five ways to put money in your balance, i.e., electronic bank deposit, wire transfer, check, account transfer from another firm, and physical stock certificates. 25 USD withdrawal fee on wire transfers is for the clients outside the US. However, there are no costs for US residents.

The trading platforms for web, desktop, and mobile are well designed and user friendly. They come with lots of tools and options to help you in increasing your gains. Articles, videos, news, in-person events, webcasts, etc., are some of the materials/events that provide educational insight on TD Ameritrade. 

The support team is available 24/7. You can get service via phone, live chat, and email.


  • The broker has been around for 45 years, and it follows the terms set by various top tier regulators that make it safe and trustworthy to invest with.
  • Customer support is provided 24/7, quick, and responsive.
  • No fees are charged for trading on stocks.


  • It does not support e-wallets for funding or withdrawals. Other options are also limited.
  • Beginners may be confused with the trading platforms.

What we check when choosing the best forex brokers

Irrespective of your country of residence or trading background, the Forex market has a wide selection of brokerage companies with customizable platforms to meet your specific needs, whether you are a newbie learning to trade or an expert willing to test your forex robot.

Therefore, let us look at the points to take into account when selecting your broker.


The first characteristic that must be looked into is the regulation of a broker by top tier authorities. These regulators keep the brokers in check and fine or ban them if they believe they have violated any customer’s rights. The brokerage may have to get approval and comply with the financial regulators to operate in certain countries. Top regulators that impose their rules on brokers in the customer’s interests are listed below:

  • United States: National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC)
  • United Kingdom: Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)
  • Australia: Australian Securities and Investment Commission (ASIC)
  • Cyprus: Cyprus Securities and Exchange Commission (CySEC)
  • Switzerland: Swiss Federal Banking Commission (SFBC)
  • Germany: Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN)
  • France: Autorité des Marchés Financiers (AMF)
  • Canada:  Investment Information Regulatory Organization of Canada (IIROC)

Trading Instruments

Some traders perform executions on only one currency pair, while others have a diverse strategy that involves many. Before choosing a broker, it is necessary to look out for the number of forex pairs. Major currency pairs are a must, while most minors and exotic pairs should also be added to maintain the overall number up to 50.


Nowadays, there are many trading platforms available as compared to old times. Brokers have now started to offer their software for the web, desktop, and mobile executions. More means to trade is always a plus, but these should also be user friendly. 

MetaTrader 4/5, cTrader, NinjaTrader, etc., are some of the other software that must be available to as high a degree as possible. Many would prefer to execute their positions with MT4 as it has been around for a long time and lots of traders benefit from it.

Liquidity and Execution

Your broker should have enough liquidity to fill you in the desired position. Some cheap companies don’t allow you to close your orders when you are in a profit-making a claim of bogus low liquidity. Such problems should be reported to regulatory authorities, and one must immediately change his/her broker. The execution speeds need to be fast. Electronic Communication Network (ECN) and no dealing desk brokers offer the best in terms of trade execution speeds.

Deposit and Withdrawal

Both funding and cashing out must be free of cost. Fees may apply during wire transfers. However, they should be kept as low as possible. While choosing a broker, keep an eye out for one that has many options for deposits and withdrawals along with little to no fees. Look out for the minimum amount needed to start trading so that you can test their services before actually going in with the whole lot.


Customer support service should be provided through as many sources as possible. Email, phone, and live chat are standard traditional methods used by various brokerages. However, some also add a twist by providing services via social media apps such as WhatsApp, Telegram, Messenger, etc., which is a plus. Such services must be provided 24/7, considering the fact that these brokers take a lot of funds from your side. It should be quick and efficient.