Best Forex Brokers

Have you read our guides and can’t wait to take your first steps in forex?

To get started, you’ll need to find a good online broker. It’s really important to choose a trustworthy broker if you want to succeed in the international currency markets. Depending on what you need, like specific trading platforms, tools, or research, you’ll want to choose a broker that matches your trading style.

Every year, our team reviews the major players in the forex market and puts together a list of the best brokers for trading forex and CFDs. Here’s what we found for 2024. For example, if you’re someone who likes to have lots of charts and technical tools at your fingertips, you’ll want a broker that offers those features. On the other hand, if you’re new to trading, you might prefer a broker with great educational resources and easy-to-use interfaces.

Interactive Brokers

Interactive Brokers logoInteractive Brokers is a well-regarded broker that allows you to trade a wide variety of global markets. They’re known for their reasonable fees and quality resources for research and learning. They also offer a modern and sophisticated trading platform.

  • Minimum deposit: $0
  • Average Spread EUR/USD – Standard: 0,63

Here’s why people trust them:

  • Interactive Brokers started in 1977 and is listed on the NASDAQ stock exchange under the ticker IBKR. They follow strict regulations in several top-tier countries. With a strong financial base, they have over $373 billion in client assets and $10 billion in their own capital.

When it comes to costs:

  • Interactive Brokers has a straightforward pricing system. They get their prices from 17 major international forex dealers, ensuring competitive rates. Instead of adding extra fees to the spread, they charge a commission for forex trades. This fee ranges from $16 to $40 for every million traded.

On the technology front:

  • Interactive Brokers really shines with its trading platforms, offering tools for both desktop and mobile users. Their main platform, Trader Workstation (TWS), and their mobile app, IBKR Mobile, give traders access to advanced tools and the ability to trade a variety of instruments like forex and CFDs globally.


IG logoIG is recognized worldwide as a leading forex broker, offering an outstanding combination of advanced trading platforms, educational resources, and comprehensive market analysis. It’s this complete package that places IG at the top as the best overall broker in 2024.

  • Minimum deposit: $250
  • Average Spread EUR/USD – Standard: 0,98

When it comes to trust, IG has a solid foundation. Established in 1974 and listed on the London Stock Exchange, it operates under strict regulations in eight major financial areas, making it one of the most reliable brokers for trading forex and CFDs. In our 2024 Annual Awards, IG was named the most trusted broker in its field.

Regarding commissions, IG leverages its large scale to offer uniform pricing on forex trades, no matter what product you choose. It also provides special pricing for active traders through its Forex Direct accounts.

As for trading platforms, IG provides several options including MetaTrader and specialized MT4 enhancements from FX Blue. However, with only 76 instruments available on these platforms, IG’s own trading platform is clearly the superior choice, offering access to a much wider range of markets.


Saxo logoSaxo has made it easier for more people to start trading by dropping the minimum deposit for its basic Classic account to $0. This allows new traders to use Saxo’s top-notch forex platforms, get access to insightful research, and trade from a selection of over 70,000 instruments.

  • Minimum deposit: $0
  • Average Spread EUR/USD – Standard: 1,1

Here’s why you can trust Saxo: Established in 1992, it runs several regulated banks and is licensed in multiple top-tier countries, making it a very reliable and low-risk choice for trading CFDs and forex.

Regarding fees, Saxo offers great value overall. For those who trade a lot or have large sums in their forex accounts, Saxo’s Platinum and VIP accounts provide more competitive terms but require balances of $200,000 and $1 million, respectively.

For trading technology, Saxo shines with its SaxoTraderGo platform, which is fantastic for navigating the markets and comes packed with all the tools a trader needs. Saxo also supports third-party platforms like TradingView, known for its advanced forex charting tools. You can learn more about how to use it by checking out the TradingView guide.

What is a forex broker?

A forex broker is like a middleman who helps you buy and sell different currencies, like dollars or euros. Think of it as a company that lets you trade currencies through a website or even over the phone. They can offer you actual currency trades or deals in financial products that represent currency values, like contracts for difference (CFDs), depending on what the laws in your country allow. It’s crucial to choose a broker that follows the rules set by financial authorities to avoid any scams and protect your money.

How much money do I need to get started in forex?

Well, it really varies depending on a few things like how much money you have to spare, what you hope to achieve, and how comfortable you are with taking risks.

If you’re new to forex trading, you might begin with something as small as $100. On the other hand, experienced day traders often work with much larger sums, ranging from hundreds of thousands to even millions of dollars. As a newbie, your first task is to figure out if forex trading is right for you. You can learn more by reading our beginner’s guide to forex trading.

Once you’ve decided to jump in, the next step is setting up a trading budget. This is crucial because trading on forex involves risks, particularly if you’re using leverage from a margin account. Forex brokers offer various contract sizes, which allows you to adjust your trade size according to the risk you’re willing to take for a potential profit.

For example, with a micro account, you could start trading with just $100. This keeps your risk low, but your potential profits will also be modest. Trading with a small budget is a good way for beginners to experiment and learn through trial and error without risking a lot of money.

It’s also important to think about how you’ll manage the money in your forex account. PayPal, for example, has become a popular choice for funding forex accounts because it’s widely used internationally and supports many currencies. Check out our guide on the best PayPal forex brokers for more information.

Here’s a tip: For most beginners, it’s wise to trade with money you can afford to lose. This approach reduces stress and can be educational, particularly if you focus on learning about percentage returns rather than the dollar amount.

do i need a forex broker?

If you’re interested in trading forex, you’ll need a forex broker to help you get started. Think of a broker like a gateway; they give you access to the forex market. First, you’ll set up an account with them and deposit some money. This money acts as a safety net (known as margin) that allows you to make trades.

A forex broker has a couple of ways to handle your trades. They might complete the trade within their own system, meaning they buy from or sell to you directly (this is called market maker execution). Alternatively, they could act on your behalf and send your orders to different markets to find the best trade (known as agency execution).

It’s important that your broker is reliable and follows the rules, especially in your country or a major financial center. Here are a few key questions to ask when choosing a broker:

  • Do they have enough money to operate smoothly?
  • How long have they been in business?
  • Are they properly licensed and follow the laws in the places they operate?

These questions can help you figure out if your broker is trustworthy and right for your forex trading needs.

Top Forex Trading Platforms

After extensively testing numerous trading platforms from over 60 leading forex brokers, we’ve narrowed down our favorites. Below, you can find a list of the brokers who stood out in offering exceptional trading platform experiences. If you’re interested in a more detailed review of any broker, just click on their name:

  • IG: Highly reliable and user-friendly, making it perfect for beginners.
  • Saxo Bank: Offers the best experience for VIP clients.
  • Interactive Brokers: Ideal for professional traders.
  • TD Ameritrade FX: Offers the best desktop trading platform, but it’s available only in the U.S.
  • CMC Markets: Features top-notch platform technology.
  • Known for its award-winning performance analytics tools.
  • FXCM: Excellent choice for traders using automated trading strategies.

These platforms were chosen because they each offer something unique, from beginner-friendly interfaces to advanced tools for seasoned traders.

Who’s the leader in the forex trading world?

IC Markets takes the crown as the biggest forex broker when it comes to trading volume. They racked up an impressive $774 billion in forex trades just in the third quarter of 2021, as reported by Finance Magnates. IC Markets isn’t just about big numbers; they’re a favorite for automated trading thanks to their sharp pricing and efficient service. Want to know more about them? Take a look at our detailed review of IC Markets. If you’re interested in algo trading, or just curious about high-frequency trading systems, our guide on the topic is a must-read.

What does it mean to be the biggest forex broker?

Being called the biggest forex broker can mean different things, depending on how you measure it. Some might look at how much money is managed, the number of clients they have, or their value on the stock market if they’re a public company. Each of these factors can paint a different picture of a broker’s size.

Who are the leading forex brokers?

Below, you’ll find a list of the top 10 brokers for trading forex and CFDs, based on their trading volume. This list comes from a study done by Finance Magnates for the third quarter of 2021. It’s important to note that brokers from Japan aren’t included because their trading volumes are unusually high.

  1. Exness
  2. IC Markets
  3. IG
  4. Plus500 (offers forex CFDs)
  5. Saxo Bank
  6. CMC Markets
  7. TMGM
  8. FXCM
  9. StoneX (includes and City Index)
  10. Pepperstone

These brokers are some of the most active in the forex and CFD trading world, handling a large volume of trades.

Who’s the top broker for forex trading?

IG snagged the top spot in our 2024 Annual Awards as the best overall forex broker. With a lineup of 100 different currency pairs and options to trade both CFDs and forex options, IG offers traders a lot of variety. They are also exceptionally trustworthy, holding almost a dozen regulatory licenses, including the unique status of being regulated in both Switzerland and the U.S. In short, IG stands out as one of the most reliable brokers out there.

Who offers the best forex trading platform?

CMC Markets stands out with their Next Generation platform. It’s packed with options, offering almost 10,000 different instruments you can trade. The platform is really user-friendly and comes with advanced tools, thorough market research, and an excellent mobile app. It’s truly a top choice that will satisfy even the most demanding traders. Plus, their new Dynamic Trading tool lets you make multiple trades at the same time, which is a clever addition they introduced this year.

Best Forex Brokers for Various Trading Styles

Are you looking for the perfect forex broker that fits your trading style? Whether you’re trading from your phone, on a budget, or just starting out, there’s a wide array of forex brokers with various features and specialties. Here’s a simplified guide to help you find a broker that meets your needs:

For Beginners: IG is fantastic for newcomers to forex trading. It offers plenty of learning materials, including a dedicated mobile app, the IG Academy, that’s packed with educational resources. If you’re just starting, this could be the right choice. Learn more from our detailed guide on the best forex brokers for beginners.

For Mobile Trading: Saxo’s mobile app, SaxoTraderGO, combines a smart design with loads of useful info, making trading decisions simpler and more intuitive. It’s our favorite for trading on the go. You can find more information in our guide to the top forex trading apps.

For Social Copy Trading: Interested in mimicking the moves of expert traders? eToro seamlessly integrates self-directed and copy trading, providing a polished, all-in-one platform for following and copying other traders. Dive into our comprehensive guide on social copy trading to get started.

For Low Costs: Tickmill stands out if you’re looking to save on costs. With three account types—Classic, Pro, and VIP—it offers competitive pricing, especially through its commission-based VIP and Pro accounts. Our full guide on low-cost and zero spread brokers can tell you more.

For Using MetaTrader: IC Markets shines if you’re a MetaTrader fan. It offers MetaTrader with a range of third-party research and trading tool plugins. This makes it our top pick for using MetaTrader platforms. Check out our complete guide on MetaTrader and learn about the latest version with our guide to the best MetaTrader 5 brokers.

For Crypto Trading: eToro is top-notch for trading cryptocurrencies, offering a broad selection of crypto assets. It’s our choice broker for crypto trading in our 2024 Annual Awards. Explore more in our guide covering crypto trading and the best bitcoin brokers.

For Mac Users: Saxo’s desktop platform, SaxoTraderPRO, is ideal for Mac users. It features a streamlined design and powerful trading tools. Take a look at our guide to the best forex trading platforms for Macs to find out more.

Whatever your specific needs, these recommendations should help you find a forex broker that aligns with your trading preferences and goals.

Which forex broker provides the widest range of currency pairs?

CMC Markets stands out for offering the most options for trading currency pairs. They provide 158 different pairs, like EUR/USD and USD/EUR, and you can trade each pair in both directions. This means you have a total of 316 combinations to choose from. Additionally, they also offer nearly 10,000 CFDs, giving you a vast array of trading possibilities.

What’s the best forex broker for professional traders?

Interactive Brokers (IBKR) stands out as a top choice for professionals. It’s well-respected, sticks to regulations, and offers an extensive range of tools and features that cater to the needs of advanced traders. Their prices are competitive, and they connect to over 130 global exchanges, giving traders lots of market access. Interactive Brokers also leads in providing detailed third-party research, helping traders make informed decisions.

They keep improving their platform, too. For example, they recently introduced the Impact app and dashboard through their Trader Workstation (TWS) and WebTrader platforms, which focus on environmental, social, and governance (ESG) investing.

For traders looking to use more leverage, they’ll need to qualify as a Professional client under ESMA regulations. It’s important to note that being classified as a Professional means you won’t have certain safety nets, like negative balance protection or compensation schemes if the broker goes under.

Who has the most options for trading CFDs?

Saxo tops the list with an impressive offering of over 60,000 CFDs. CFDs, short for “contracts for difference,” let traders bet on whether prices for stocks, currency pairs, indexes, or commodities will rise or fall without actually owning the asset. If you’re curious about how CFDs function and want to explore some of the best platforms for trading them, you might want to read our detailed guide on the best CFD brokers and trading platforms.

How can you check if your forex broker is properly regulated?

To ensure your forex broker is legitimate and well-regulated, it’s essential to verify their credentials to protect yourself from potential scams. Here’s a simple guide to help you check if your broker is properly regulated:

  1. Look for the License Number: Start by finding the broker’s registration or license number. This is usually found in the small print at the bottom of the broker’s homepage.
  2. Verify the Broker’s Identity: Use the broker’s legal name or brand found in their online profile and check it against the regulatory authority’s website to validate their registration number.
  3. Check Regulatory Status: Our reviews cover forex brokers worldwide, rated and ranked by their regulatory standing with over 20 international regulators. You can find links to the most influential international regulators on our Trust Score page.
  4. Global Operations: Make sure the broker is allowed to accept clients from your country. If a broker doesn’t have local regulation, check if they are regulated in another jurisdiction that permits them to accept clients from your location.
  5. Verify Directly if Unsure: If you have any doubts, directly contact the regulatory body using the phone number or email listed on their directory of regulated forex brokers.

Following these steps can help you confidently select a regulated broker and steer clear of potential scams. For a detailed list of trustworthy regulators and thorough reviews of forex brokers, check out our Trust Score page and comprehensive broker reviews.

What should I consider when picking a forex broker?

Choosing a forex broker can feel like a big task, but here are three key things to consider to make it easier:

First, check if the broker is licensed and regulated. This ensures that your money is safe and the broker is trustworthy.

Second, look at what each broker offers, like different types of accounts, the trading platforms they use, the tools available, and their research resources. Think about what you need for your trading and see which broker matches your needs.

Third, read reviews about different brokers to see their pricing and what they offer, like the number of currency pairs and CFDs (Contracts for Difference) you can trade. This helps you understand what you can expect from each broker and decide which one fits your trading style best.

In simple terms, you want a broker that’s reliable, suits your trading needs, and offers good value.