Best Forex Brokers: How to Choose a Broker for Forex Trading

Risk Warning: Your Capital is at Risk.

Foreign exchange currency pairs, also called forex or FX, are moving price-quotes for an exchange rate between two currencies.

This guide will show you how to find a forex broker by comparing brokers available in , listing their pros and cons, and explaining the features of their trading platforms.

Typically, FX pairs are between fiat currency pairs, but cryptocurrency-to-fiat pairs are also becoming popular.

To trade currency pairs, you need a forex broker. A forex broker’s job is to facilitate these trades and make the currency pairs accessible to trade at the current exchange rate.

Many forex brokers also provide educational resources to help you learn about trading. See these mini broker reviews to find out about the brokers’ strengths, weaknesses, and product range.

All forex brokers that operate legally are regulated in the jurisdictions they accept traders from. Alongside appropriate regulation, there are several important factors to keep in mind when choosing a forex broker in .

Forex Brokers Compared

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74%-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.

Please Note: Availability subject to regulations. Cryptocurrency CFDs are not available to UK retail traders.

Forex Broker Mini-Reviews

These mini reviews provide you with a summary of what the following Forex brokers available in offer. Each review has a link that takes you to the full review article for the broker.

AvaTrade: 50+ Forex Pairs

HQ: Ireland	Min Deposit: $100	Full Review
Founded: 2006	Regulators: CBI, ASIC, FSA, FFAJ, FSCA, BVI, ADGM, ISA, KNF
Forex Pairs: 50+	Popular Currencies: AUD, CAD, CHF, EUR, GBP, NZD, USD	Cryptocurrencies: 10+

Pros

1. ✅ Robust mobile app
2. ✅ Customer support available 24/5 via phone, live chat or email in 14 languages
3. ✅ Up to 400:1 leverage.

Cons

1. ❌ Demo account only lasts 21 days
2. ❌ High minimum deposits.

	AvaTrade
Products	CFDs: Commodities, Shares, Indices, Crypto*, Forex, ETFs, Bond/US Treasuries. Other Products: Spreadbetting, Buy Shares
Fees	Overnight, Inactivity
Spreads	See our Avatrade review for spreads & commissions information.
Mobile Platforms	iOS, Android, MT4, MT5
Other Platforms	AvaTrade Web, MT4, MT5, DupliTrade, MQL5, ZuluTrade
Deposits & Withdrawals	Min. Deposit: $100. Payment Types: Credit/debit card, wire transfer, Skrill, WebMoney, Neteller
Max Leverage	30:1 on major currency pairs
Negative Balance Protection	✅ (excl. Professional Accounts)
Special Account Types	Retail, Professional, Demo, Islamic
Social Trading	AvaSocial, Copy trading
Account Security	-
Educational Resources	Getting started guide, Strategy guide, Economic indicators, eBooks, video tutorials
Customer Support	Availability: 24/5 via Live chat, phone, email. Languages: 10+
	*Availability subject to regulation

Start Trading Now at AvaTrade

CityIndex: Forex Trading For 15+ Years

HQ: UK	Min Deposit: None	Full Review
Founded: 1983	Regulators: FCA, MAS, ASIC, MiFID
Forex Pairs: 80+	Popular Currencies: AUD, CAD, CHF, CNH, EUR, GBP, NZD, USD	Cryptocurrencies: 5+

Pros

1. ✅ Scored 100 out of 100 on our broker trust rating
2. ✅ 1-click trading feature
3. ✅ 30+ years’ experience in global markets and available in 180 countries

Cons

1. ❌ Demo account isn’t linked to live account
2. ❌ Card withdrawals take 3-5 days.

	City Index
Products	CFDs: Commodities, Shares, Indices, Forex, ETFs, Bond/US Treasuries, Options, Interest Rates. Other Products: Spreadbetting
Fees	Overnight, Inactivity, same-day CHAPS
Spreads	See our CityIndex review for spreads & commissions information.
Mobile Platforms	iOS, Android, MT4
Other Platforms	Web Trader, AT Pro, MT4
Deposits & Withdrawals	Min. Deposit: $150. Payment Types: Credit/debit card ($250), wire transfer, PayPal
Max Leverage	200:1 (UK and Australia), 50:1 (Singapore)
Negative Balance Protection	✅ (excl. Professional Accounts)
Special Account Types	Retail, Professional, Demo
Social Trading	-
Account Security	-
Educational Resources	Trading academy, video tutorials, analytics guide, strategy guide, news and sentiments
Customer Support	Availability: 24/5 via Live chat, phone, email. Languages: Unspecified

Start Trading Now at CityIndex

easyMarkets: Cancel & Reverse Forex Trades

HQ: Cyprus	Min Deposit: $100	Full Review
Founded: 2001	Regulators: FSA, CySEC, ASIC, BVI
Forex Pairs: 60+	Popular Currencies: AUD, CHF, EUR, GBP, NZD, USD	Cryptocurrencies: 3

Pros

1. ✅ dealCancellation feature allows traders to cancel and reverse trades
2. ✅ Over 300 markets in a variety of asset classes
3. ✅ Scored 85/100 in our broker trust rating

Cons

1. ❌ Only 3 major cryptocurrencies available to trade
2. ❌ Live chat trading unavailable on lower-tiered accounts

	EasyMarkets
Products	CFDs: Commodities, Shares, Indices, Crypto, Forex
Fees	Overnight, dealCancellation
Spreads	See our easyMarkets review for spreads & commissions information.
Mobile Platforms	iOS, Android, MT4
Other Platforms	Web platform, MT4
Deposits & Withdrawals	Min. Deposit: $100 (Standard), $2000 (Premium), $10k (VIP). Payment Types: Credit/debit card, wire transfer, SoFort, GiroPay, iDeal, WebMoney, BPay, Neteller, Skrill, FasaPay, UnionPay, WeChatPay
Max Leverage	✅ (excl. Professional Accounts)
Negative Balance Protection	Retail, Professional, Islamic, Demo
Special Account Types	-
Social Trading	Getting started guide, eBooks, video tutorials
Account Security	-
Educational Resources	Live webinars, trading courses (beginner, advanced, intermediate, premium)
Customer Support	Availability: 24/5 via Live chat, phone, email. Languages: Unspecified
	*Availability subject to regulation

Start Trading Now at easyMarkets

eToro: Social Forex Trading

HQs: Cyprus, UK, Israel	Min Deposit: $50 (variates across countries)	Full Review
Founded: 2006	Regulators: FCA, CySEC, ASIC, FinCEN, MiFID
Forex Pairs: 50+	Popular Currencies: AUD, CAD, CHF, CNH, EUR, GBP, NZD, USD	Cryptocurrencies: 15+

Pros

1. ✅ Traders can integrate social features into their trading through the CopyTrader tool
2. ✅ Free demo account for life
3. ✅ Can purchase & trade crypto coins

Cons

1. ❌ First screen only shows some of the instruments available for trading
2. ❌ Potentially confusing way of displaying leverage

	eToro
Products	CFDs: Commodities, Shares, Indices, Crypto (not intended for UK users), ETFs. Other Products: Buy Cryptos
Fees	Withdrawal, Overnight, Currency conversion, Inactivity, Crypto Fees
Spreads	See our eToro review for spreads & commissions information.
Mobile Platforms	iOS, Android, MT4
Other Platforms	Web platform, MT4
Deposits & Withdrawals	Min. Deposit: $50 (Australia, Spain, Germany), $1,000 (Islamic Accounts), $200 (Everywhere else), $500 (wire transfers). Payment Types: Debit card, wire transfer
Max Leverage	30:1 on major currency pairs
Negative Balance Protection	✅
Special Account Types	Retail, Professional, Islamic, Demo
Social Trading	Copy trading, investor groups
Account Security	2FA via SMS
Educational Resources	Trading academy, podcast, video tutorials, fintech guide, market overview
Customer Support	Availability: 24/5 via Live chat, email, fax. Languages: 20+

Start Trading Now at eToro

Forex.com: Learning Resources For Forex Trading

HQs: Cyprus, UK, Israel	Min Deposit: $50	Full Review
Founded: 2006	Regulators: FCA, MiFID, ASIC, SFC, CIMA, IIROC, FSA, CFTC, NFA
Forex Pairs: 80+	Popular Currencies: AUD, CAD, CHF, CNH, EUR, GBP, NZD, USD	Cryptocurrencies: 5

Pros

1. ✅ Scored 100 out of 100 on our broker trust rating
2. ✅ Extensive chart drawing tools & technical indicators
3. ✅ “Getting Started” tutorial

Cons

1. ❌ Website available only in English & Chinese
2. ❌ Demo account isn’t linked to live account

	Forex.com
Products	CFDs: Commodities, Shares, Indices, Crypto*, Forex. Other Products: Spot Metals
Fees	Withdrawal, Overnight, Currency conversion, Inactivity, Borrowing costs for shorting, Same-day CHAPS
Spreads	See our Forex.com review for spreads & commissions information.
Mobile Platforms	iOS, Android, MT4, MT5
Other Platforms	Web standard, web advanced, mobile
Deposits & Withdrawals	Min. Deposit: $100. Payment Types: Credit/debit card, wire transfer, PayPal
Max Leverage	50:1 on major currency pairs
Negative Balance Protection	✅ (excl. Professional Accounts)
Special Account Types	Retail, Commission, DMA, Demo
Social Trading	-
Account Security	-
Educational Resources	Trading course (beginner, intermediate, advanced), trading theme guides, video tutorials
Customer Support	Availability: 24/5 via Live chat, phone, email, fax. Languages: Unspecified
	*Availability subject to regulation

Start Trading Now at Forex.com

Fortrade: Regulated UK Forex Broker

HQs: Cyprus, UK, Israel	Min Deposit: $50	Full Review
Founded: 2006	Regulators: FCA, CySEC, ASIC, FinCEN, MiFID, NBRB, CIPF, IIROC
Forex Pairs: 60+	Popular Currencies: AUD, CAD, CHF, EUR, GBP, NZD, USD	Cryptocurrencies: None

Pros

1. ✅ Extensive educational tools
2. ✅ Getting started tutorial
3. ✅ Islamic accounts

Cons

1. ❌ Some withdrawals can take up to 15 business days
2. ❌ Some traders may prefer MT4 over Fortrade’s proprietary platform
3. ❌ No cryptocurrency CFDs or currency pairs

	Fortrade
Products	CFDs: Commodities, Shares, Indicies, Crypto, Forex, ETFs, Bond/US Treasuries
Fees	Withdrawal, Overnight, Inactivity
Spreads	See our Fortrade review for spreads & commissions information.
Mobile Platforms	iOS, Android
Other Platforms
Deposits & Withdrawals	Min. Deposit: $50, $2,000 (Islamic accounts). Payment Types: Credit/debit card, wire transfer, Neteller, Skrill
Max Leverage	30:1
Negative Balance Protection	✅ (excl. Professional Accounts)
Special Account Types	Retail, Professional, Islamic, Demo
Social Trading	-
Account Security	-
Educational Resources	Trading academy, eBooks, video tutorials, market analysis course, practice trading tools
Customer Support	Availability: 9am - 9pm (Mon - Fri) via Live chat, phone, email. Languages: 10+

Start Trading Now at Fortrade

FXCM: Custom Forex + Cryptocurrency Baskets

HQs: Cyprus, UK, Israel	Min Deposit: $50	Full Review
Founded: 2006	Regulators: FCA, ASIC, FSCA, BaFin, ACP, CONSOB
Forex Pairs: 35+	Popular Currencies: AUD, CAD, EUR, GBP, NZD, USD	Cryptocurrencies: 5+

Pros

1. ✅ Custom baskets
2. ✅ No deposit or withdrawal fees
3. ✅ Extensive knowledgebase and trading tools

Cons

1. ❌ Can’t browse shares on demo account
2. ❌ Trading platform can be clunky

	FXCM
Products	CFDs: Commodities, Shares, Indicies, Crypto, Forex, Baskets. Other Products: Spreadbetting
Fees	Inactivity
Spreads	See our FXCM review for spreads & commissions information.
Mobile Platforms	iOS, Android, MT4
Other Platforms	Trading Station, MT4, ZuluTrade, NinjaTrader, TradingView, Mobile
Deposits & Withdrawals	Min. Deposit: $50 (Retail + Non-EU), $300 (EU). Payment Types: Credit/debit card, wire transfer, Skrill, Union Pay, Neteller
Max Leverage	30:1 on major currency pairs
Negative Balance Protection	✅ (excl. Professional Accounts)
Special Account Types	Retail, Active Trader, Professional, Demo
Social Trading	Copy trading
Account Security	-
Educational Resources	Online classrooms, live market news, forex-specific guide, trading tool guide
Customer Support	Availability: 24/5 via Live chat, phone, email. Languages: Unspecified

Start Trading Now at FXCM

HYCM: Forex Trading With MT4 & MT5 Platforms

HQ: UK	Min Deposit: $100	Full Review
Founded: 1977	Regulators: FCA, CySEC, CIMA, DFSA
Forex Pairs: 60+	Popular Currencies: AUD, CAD, CHF, EUR, GBP, NZD, USD	Cryptocurrencies: 45+

Pros

1. ✅ Multiple chart windows and instant tickets
2. ✅ 40+ years in business
3. ✅ Scored 85/100 in our broker trust rating

Cons

1. ❌ Website can be difficult to search
2. ❌ $250 minimum withdrawal on wire transfers

	HYCM
Products	CFDs: Commodities, Shares, Indicies, Crypto, Forex, ETFs
Fees	Withdrawal, Overnight
Spreads	See our HYCM review for spreads & commissions information.
Mobile Platforms	iOS, Android, MT4, MT5
Other Platforms	MT4, MT5 (Desktop + Mobile)
Deposits & Withdrawals	Min. Deposit: $100, $250 (wire transfers). Payment Types: Credit/debt card, Neteller, Skrill, wire transfer
Max Leverage	200:1
Negative Balance Protection	✅
Special Account Types	Fixed, Classic, Raw, Islamic, Demo
Social Trading	-
Account Security	-
Educational Resources	Knowledge base, webinars, online workshops
Customer Support	Availability: 24/5 via Live chat, phone, email, fax. Languages: Unspecified

Start Trading Now at HYCM

Markets.com: Forex Award-Winning Platform

HQ: Cyprus	Min Deposit: $100	Full Review
Founded: 2008	Regulators: CySec, FSCA, FCA, ASIC, FSC
Forex Pairs: 60+	Popular Currencies: AUD, EUR, GBP, NZD, USD	Cryptocurrencies: 5+

Pros

1. ✅ $5 minimum withdrawal amount
2. ✅ Nearly 100 technical indicators
3. ✅ Scored 85/100 in our broker trust rating

Cons

1. ❌ Fixed stop-loss & profit contingency levels
2. ❌ Only major cryptocurrencies available to trade

	Markets.com
Products	CFDs: Commodities, Shares, Indicies, Crypto, Forex, ETFs, Bond/US Treasuries. Other Products: Buy Shares
Fees	Overnight, Currency conversion, Inactivity, Borrowing costs for shorting (in some cases), Islamic account fee
Spreads	See our Markets.com review for spreads & commissions information.
Mobile Platforms	iOS, Android, MT4, MT5
Other Platforms	Marketsx, Marketsi, Mobile, MT4, MT5
Deposits & Withdrawals	Min. Deposit: $100. Payment Types: Credit/debit card, wire transfer, PayPal, Skrill, Neteller, iDeal, Sofort
Max Leverage	1:30 (Professional Accounts 1:300)
Negative Balance Protection	✅
Special Account Types	Retail, Professional, Demo
Social Trading	Trading tool guide, financial live-stream service, webinars, market analysis
Account Security	-
Educational Resources	Live webinars, trading courses (beginner, advanced, intermediate, premium)
Customer Support	Availability: 24/5 via Live chat, phone, email. Languages: Unspecified

Start Trading Now at Markets.com

Pepperstone: One of the World’s Largest Forex Brokers

HQ: Cyprus	Min Deposit: $100	Full Review
Founded: 2008	Regulators: FCA, CySEC, ASIC, DFSA, SCB, BaFin, CMA
Forex Pairs: 60+	Popular Currencies: AUD, CAD, CHF, EUR, GBP, NOK, NZD, USD	Cryptocurrencies: 5

Pros

1. ✅ Three customizable platforms
2. ✅ Regulated by two top-tier regulators
3. ✅ Scored 85/100 in our broker trust rating

Cons

1. ❌ Relatively small variety of instruments to trade
2. ❌ Negative balance protection only applies to UK & Europe

	Pepperstone
Products	CFDs: Commodities, Shares, Indicies, Crypto, Forex. Other Products: Spreadbetting
Fees	Withdrawal, Overnight
Spreads	See our Pepperstone review for spreads & commissions information.
Mobile Platforms	iOS, Android, MT4, MT5
Other Platforms	MT4, MT5, cTrader (Mobile + Desktop)
Deposits & Withdrawals	Min. Deposit: $100 Payment Types: Credit/debit card, Neteller, Skrill, PayPal, Poli, wire transfer
Max Leverage	30:1 (Australia), 30:1 (UK)
Negative Balance Protection	✅ (excl. Professional Accounts)
Special Account Types	Retail, Razor, Swap-Free, Islamic, Demo
Social Trading	MetaTrader Signals, Duplitrade
Account Security	2FA via Authenticator App
Educational Resources	CFD trading guide, forex trading guide, market analysis hub
Customer Support	Availability: 24/5 via Live chat, phone, email, fax. Languages: Unspecified

Start Trading Now at Pepperstone

Plus500: Established CFD Broker

HQ: Israel	Min Deposit: $100	Full Review
Founded: 2008	Regulators: FCA, CySEC, ASIC, FMA, MAS
CFD FX Pairs: 60+	Popular Currencies: AUD, CAD, CHF, EUR, GBP, NZD, USD	Cryptocurrencies: 10+ (Availability subject to regulation)

Pros

1. ✅ 2,000+ CFDs in 7 asset classes
2. ✅ Free demo account for life
3. ✅ Scored 90/100 in our broker trust rating

Cons

1. ❌ No integration with MT4 or MT5
2. ❌ Withdrawals can take up to 7 days

	Plus500
Products	CFDs: Commodities, Shares, Indices, Crypto*, Forex, ETFs, Options.
Fees	Inactivity, Overnight, Currency conversion, Guaranteed Stop Order, No commissions and tight spreads + additional fees apply
Spreads	See our Plus500 review for spreads & commissions information.
Mobile Platforms	iOS, Android
Other Platforms	Web, Mobile
Deposits & Withdrawals	Min. Deposit: $100, $500 (wire transfer). Payment Types: Credit/debit card, PayPal, Skrill, iDeal, BPay, Klarna, Giropay, Trustly, wire transfer
Max Leverage	30:1
Negative Balance Protection	✅
Special Account Types	Retail, Demo
Social Trading	-
Account Security	2FA via One-Time Password on Google Authenticator app
Educational Resources	Trader's guide, risk management guide, video tutorials
Customer Support	Availability: 24/7 via Live chat, WhatsApp, email. Languages: 15+
	*Availability subject to regulation

Start Trading Now at Plus500

Trading212: On-The-Go Forex Trading

HQ: Cyprus	Min Deposit: $100	Full Review
Founded: 2008	Regulators: FCA, CySEC, ASIC, FSCA, BVIFSC, FSCS
Forex Pairs: 150+	Popular Currencies: AUD, CAD, CHF, DKK, EUR, GBP, HKD, NOK, NZD, PLN, RON, SEK, SGD, TRY, USD	Cryptocurrencies: None

Pros

1. ✅ Zero commissions on trades + no funding fees
2. ✅ 3,000+ global stocks, ETFs, & CFDs
3. ✅ Scored 90/100 in our broker trust rating

Cons

1. ❌ No phone support or live chat
2. ❌ Withdrawals limited to original funding method

	Trading212
Products	CFDs: Commodities, Shares, Indicies, Crypto, Forex, ETFs. Other Products: Buy Shares
Fees	SWAP interest, Currency conversion
Spreads	See our Trading212 review for spreads & commissions information.
Mobile Platforms	iOS, Android
Other Platforms	Web, Mobile
Deposits & Withdrawals	Min. Deposit: $1 to $10 (Varies by region + method). Payment Types: Credit/debit card, Skrill, Dotpay, Giropay, Carte Bleue, Apple/Google Pay, PayPal, iDEAL, wire transfer
Max Leverage	30:1
Negative Balance Protection	✅ (excl. Professional Accounts)
Special Account Types	3 Retail Accounts (CFDs, Invest, ISA), Professional, Demo
Social Trading	-
Account Security	2FA via Google Authenticator or Authy app
Educational Resources	Trading guide, video tutorials, charting guide, trading concepts training
Customer Support	Availability: 24/5 via Email, support tickets. Languages: Unspecified

Start Trading Now at Trading212

XM.com: Internationally Regulated Forex Broker

HQ: Cyprus	Min Deposit: $5	Full Review
Founded: 2009	Regulators: CySEC, IFSC, FCA, ASIC, DFSA, BaFin, CNMV, MBN, CONSOB, ACPR, FIN-FSA, KNF, AFM
Forex Pairs: 55+	Popular Currencies: AUD, CHF, EUR, GBP, NZD, USD	Cryptocurrencies: None

Pros

1. ✅ Everyday webinars in 19 languages
2. ✅ No re-quotes & no rejected trades
3. ✅ Support in nearly 30 languages

Cons

1. ❌ Variable spreads only
2. ❌ No cryptocurrency CFDs

	XM
Products	CFDs: Commodities, Shares, Indicies, Forex
Fees	Overnight, Inactivity
Spreads	See our XM review for spreads & commissions information.
Mobile Platforms	iOS, Android, MT4, MT5
Other Platforms	XM Web Trader, MT4, MT5 (Mobile + Desktop)
Deposits & Withdrawals	Min. Deposit: $5 (Micro + Standard + Zero). Payment Types: Multiple local payment types available.
Max Leverage	888:1 (The maximum leverage for clients registered under the EU regulated entity of the group is 30:1. Leverage depends on the financial instrument traded.)
Negative Balance Protection	✅
Special Account Types	Micro, Standard, Zero, XM Ultra Low, Islamic, Demo. (XM Zero and XM Ultra Low accounts are not applicable to all the entities of XM Group.)
Social Trading	XM Mirror Trader, Forex signals
Account Security	-
Educational Resources	Research hub, podcast, video tutorials, live educational streams, webinars, forex-specific live training, trading tool guide
Customer Support	Availability: 24/5 via Live chat, phone, email. Languages: 25+

Start Trading Now at XM

XTB: Multi-Lingual Forex Platform

HQ: Cyprus	Min Deposit: $100	Full Review
Founded: 2008	Regulators: FCA, CySEC, ASIC, FSCA, BVIFSC
Forex Pairs: 45+	Popular Currencies: AUD, CHF, EUR, GBP, USD	Cryptocurrencies: 20+

Pros

1. ✅ Three robust trading platforms
2. ✅ 1,500+ trading instruments
3. ✅ Market sentiment heat maps

Cons

1. ❌ Focused on Eastern & Central European countries
2. ❌ Italian financial transaction tax

	XTB
Products	CFDs: Commodities, Shares, Indicies, Forex, Crypto, ETFs
Fees	Inactivity, Deposit, Withdrawal, Penalty interest, Italian CFDs
Spreads	See our XTB review for spreads & commissions information.
Mobile Platforms	iOS, Android, MT4
Other Platforms	xStation 5, xStation Mobile, MT4
Deposits & Withdrawals	Min. Deposit: None. Payment Types: Credit/debit card, PayPal, Skrill, wire transfer
Max Leverage	30:1
Negative Balance Protection	✅ (excl. Professional Accounts)
Special Account Types	Retail, Professional
Social Trading	-
Account Security	-
Educational Resources	Live webinars, trading courses (beginner, advanced, intermediate, premium)
Customer Support	Availability: 24/5 via Live chat, phone, email. Languages: Unspecified

Start Trading Now at XTB

How to Choose the Best Forex Broker

Forex trading is a serious financial undertaking, and choosing a forex broker requires care.

These are the factors we urge traders to consider when choosing an online broker to trade currency pairs:

1. What products do you want to trade?
2. Who is the broker regulated by?
3. How is the trading platform?
4. What fees and payment methods are there?
5. Can I rely on customer support?
6. What is the broker’s reputation like?

What Products Do You Want To Trade?

The first factor that will determine your broker is what currency pairs you’re looking for. The common groupings for currency pairs are:

• Major pairs: All major currency pairs include the US Dollar and other leading world currencies. Some examples are USD/JPY, USD/CAD, and GBP/USD.
• Minor pairs: Minor currency pairs are other major world currencies, excluding the US Dollar, like AUD/JPY, CAD/EUR, and EUR/JPY.
• Exotic pairs: Currency pairs made of a major currency and the currency of a developing country, like USD/MXN and EUR/HUF.

Brokers like FXCM also offer forex baskets, where profit and loss are determined by how multiple currencies move against a dominant major currency.

Which Agency Regulates the Broker?

Trading always carries risks, but you can mitigate chances of fraud by ensuring your chosen online forex broker is regulated by an established regulatory body.

Regulators function as agents of consumer protection and ensure your funds are secured while in the hands of the broker. They also allow a broker to function in particular countries. If a broker isn’t regulated in your area, you can’t trade with them by law.

Some of the largest global regulators include:

• Financial Conduct Authority (FCA)
• Commodity Futures Trading Commission (CFTC)

See our guide to financial regulators article for more depth on the subject.

How Is The Trading Platform?

Trading platforms are similar at first sight — they all offer basic charting tools and trade screens. They usually also include trading insights via news or social media.

When choosing a forex platform, demo accounts are available for testing. This allows you to see what features are offered, how they work, and how they differ from platform-to-platform.

What Fees and Payment Methods Are There?

Forex brokers make their money in different ways. Some charge commissions per-trade, although this is rare. Most of them make money on spreads, also known as “pips.”

The payment methods for deposits and withdrawals also vary from broker to broker, and this will determine whether you can freely move funds.

Most forex brokers (except eToro) accept credit and debit cards, e-wallets like PayPal, and wire transfers. eToro accepts debit cards and wire transfers.

Can I Rely On Customer Support?

Customer support teams have set times of availability — most online brokers offer support 24 hours-a-day, five days a week.

The most important factors to consider with customer support are:

• Methods of support: are they available via live chat, phone, e-mail, or all three?
• Supported platforms: do they offer mobile support or only desktop?
• Knowledgebase: is there any material I find without having to contact support?

What Is The Broker’s Reputation Like?

There is a wealth of information online about brokers. Traders can find standard user reviews and professional trader reviews alike.

When reading online broker reviews, focus on the facts rather than the writer’s opinions.

Ensure you have a good idea of the quality of service out there, and so what you can expect as a customer of a regulated broker.

What Makes a Good Forex Trading Platform?

When trading forex, traders may have preferences for specific features. However, there are some features that will benefit any forex trader. We selected five standout features from five top brokers.

Information On Your Instrument by AvaTrade

AvaTrade has an information box feature that opens as a toggle-able tab.

It shows the market sentiment, buy and sell price, FX unit, lot size, trading hours, and price changes within daily, weekly, or monthly time frames.

This information is accessible to most brokers, but it’s handy to have it easily available while trading.

Related Forex Instruments by Markets.com

Markets.com has a tab where traders can view related forex currency pairs. The tab shows the recommended currency pairs as boxes, with which traders can execute trades in one click.

Considering there are dozens of currency pairs, this feature allows a different overview of what’s on offer.

FX Sub-Categories for Browsing by CityIndex

This is a very simple feature, yet helpful when trying to find a particular FX currency pair to trade. CityIndex has several sub-categories for forex instruments.

Unlike the usual majors, minors, and exotics, CityIndex made categories by continent and by other major pairs like EUR, GBP, CAD, and CHF.

Multiple Trade Windows by Trading 212

Trading 212 has a multi-tab feature with which traders can have multiple currency pair windows open simultaneously.

You can toggle between tabs while the right side of the screen shows essential trading information like:

• Target spread
• Margin
• Long and short position limits
• Min. trading quantity
• Price change over time

Traders can also set alerts directly within the trading tab.

Forex Sentiment Alerts by Plus500

Alerts are typically set based on price movement — set price targets or % of change. Plus500 offers an alert feature that allows traders to set forex instrument alerts based on trader sentiment.

How to Open a Forex Account

Online forex broker accounts are opened in the same way as any other accounts. Here is a step-by-step on how to get started.

Once you’ve found the ‘Sign Up’ or ‘Open Account’ button, you’ll be asked to:

1. Fill in some personal information like your name, date of birth, country of residence, e-mail address, and phone number
2. Create a secure, memorable password for your account
3. Provide details of your overall financial standing, including your annual salary, amount of savings, and source(s) of income*
4. Declare any trading experience, including past trade volumes, total amounts, and future intended trading volume*
5. Declare any experience as a finance professional in a relevant industry
6. Verify your account with a form of identification, and a proof of address from the past 3 to 6 months (utility bill, mobile bill, or bank statement)

*Important for eligibility to open a professional trading account

Once the above steps are done and your account is approved by the forex broker, you are ready to start trading.

FAQs

Choosing a forex broker can be tiresome without the right information. Here is some additional information to help you get started.

How do I choose a forex broker?

When choosing a forex broker, the main factors to pay attention to are the currency pairs you are interested to trade, whether the broker is regulated in your jurisdiction, fees/commissions, the quality of the trading platform and customer support, and the overall reputation of the broker.

You can see these points covered in further detail here.

How do I know if my forex broker is regulated?

A regulated forex broker will have its regulatory information publicly declared on its website. This is typically presented as the accreditation with the registration number alongside it. Brokers tend to display this information in website footers or “About Us” pages.

How do I calculate forex trading costs?

Forex trading costs are determined by all the fees which the broker charges for your trades. These fees can come in the form of spreads (pips), funding fees, administration fees, and per-trade commissions. Some brokers like Trading 212 operate on a zero-commission model and only make money from margins and spreads.

For a fee breakdown, see our table of forex brokers.

What is the best forex broker for beginners?

There is no one best forex broker for beginners because the best forex broker depends on the individual trader’s preferences. When choosing a forex broker as a new trader, it is important to familiarize yourself with the important considerations of selecting the right broker for you. Once you understand what these points mean and how they impact your trading experience, you are able to make a more informed decision.

Further Reading

Prospective forex traders might be interested in our guides to technical analysis indicators, concepts, and strategies including Elliot Waves, Market Thrust, and  Moving Averages.