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

Last Updated:
Disclosure: Your support helps keep Commodity.com running! We earn a referral fee for some brokers & services we list on this page. Learn more...

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.

Fiat currency is money issued by a government as legal tender.

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

Loading table...

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. <b>Between 53.00%-89.00% of retail investor accounts lose money when trading CFDs.</b> You should consider whether you understand how CFDs work and 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: IrelandMin Deposit: $100Full Review
Founded: 2006Regulators: CBI, ASIC, FSA, FFAJ, FSCA, BVI, ADGM, ISA, KNF
Forex Pairs: 50+Popular Currencies: AUD, CAD, CHF, EUR, GBP, NZD, USDCryptocurrencies: 10+
Avatrade's trading dashboard
Avatrade’s workspace.
This screenshot is only an illustration. Current market prices can be found on the broker website.

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
ProductsCFDs: Commodities, Shares, Indices, Crypto*, Forex, ETFs, Bond/US Treasuries.
Other Products: Spreadbetting, Buy Shares
FeesOvernight, Inactivity
SpreadsSee our Avatrade review for spreads & commissions information.
Mobile PlatformsiOS, Android, MT4, MT5
Other PlatformsAvaTrade Web, MT4, MT5, DupliTrade, MQL5, ZuluTrade
Deposits & WithdrawalsMin. Deposit: $100. Payment Types: Credit/debit card, wire transfer, Skrill, WebMoney, Neteller
Max Leverage30:1 on major currency pairs
Negative Balance Protection✅ (excl. Professional Accounts)
Special Account TypesRetail, Professional, Demo, Islamic
Social TradingAvaSocial, Copy trading
Account Security-
Educational ResourcesGetting started guide, Strategy guide, Economic indicators, eBooks, video tutorials
Customer SupportAvailability: 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: UKMin Deposit: NoneFull Review
Founded: 1983Regulators: FCA, MAS, ASIC, MiFID
Forex Pairs: 80+Popular Currencies: AUD, CAD, CHF, CNH, EUR, GBP, NZD, USDCryptocurrencies: 5+
CityIndex workspace
CityIndex workspace.
This screenshot is only an illustration. Current market prices can be found on the broker website. Please note, this is an example trade – not a recommendation.

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
ProductsCFDs: Commodities, Shares, Indices, Forex, ETFs, Bond/US Treasuries, Options, Interest Rates. Other Products: Spreadbetting
FeesOvernight, Inactivity, same-day CHAPS
SpreadsSee our CityIndex review for spreads & commissions information.
Mobile PlatformsiOS, Android, MT4
Other PlatformsWeb Trader, AT Pro, MT4
Deposits & WithdrawalsMin. Deposit: $100. Payment Types: Credit/debit card, wire transfer, PayPal
Max Leverage200:1 (UK and Australia), 50:1 (Singapore)
Negative Balance Protection✅ (excl. Professional Accounts)
Special Account TypesRetail, Professional, Demo
Social Trading-
Account Security-
Educational ResourcesTrading academy, video tutorials, analytics guide, strategy guide, news and sentiments
Customer SupportAvailability: 24/5 via Live chat, phone, email. Languages: Unspecified

Start Trading Now at CityIndex

easyMarkets: Cancel & Reverse Forex Trades

HQ: CyprusMin Deposit: $100Full Review
Founded: 2001Regulators: FSA, CySEC, ASIC, BVI
Forex Pairs: 60+Popular Currencies: AUD, CHF, EUR, GBP, NZD, USDCryptocurrencies: 3
easyMarkets workspace and trade ticket
easyMarkets workspace and trade ticket.
This screenshot is only an illustration. Current market prices can be found on the broker website. Please note, this is an example trade – not a recommendation.

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
ProductsCFDs: Commodities, Shares, Indices, Crypto, Forex
FeesOvernight, dealCancellation
SpreadsSee our easyMarkets review for spreads & commissions information.
Mobile PlatformsiOS, Android, MT4
Other PlatformsWeb platform, MT4
Deposits & WithdrawalsMin. Deposit: $100 (EU + VIP), $200 (outside EU). Payment Types: Credit/debit card, wire transfer, SoFort, GiroPay, iDeal, WebMoney, BPay, Neteller, Skrill, FasaPay, UnionPay, WeChatPay
Max Leverage✅ (excl. Professional Accounts)
Negative Balance ProtectionRetail, Professional, Islamic, Demo
Special Account Types-
Social TradingGetting started guide, eBooks, video tutorials
Account Security-
Educational ResourcesLive webinars, trading courses (beginner, advanced, intermediate, premium)
Customer SupportAvailability: 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, IsraelMin Deposit: $50Full Review
Founded: 2006Regulators: FCA, CySEC, ASIC, FinCEN, MiFID
Forex Pairs: 50+Popular Currencies: AUD, CAD, CHF, CNH, EUR, GBP, NZD, USDCryptocurrencies: 15+
Video [0:50]: eToro trading experience.

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
ProductsCFDs: Commodities, Shares, Indicies, Crypto, ETFs. Other Products: Buy Cryptos
FeesWithdrawal, Overnight, Currency conversion, Inactivity, Crypto Fees
SpreadsSee our eToro review for spreads & commissions information.
Mobile PlatformsiOS, Android, MT4
Other PlatformsWeb platform, MT4
Deposits & WithdrawalsMin. Deposit: $50 (AUS/US), $1,000 (Islamic Accounts), $200 (Everywhere else), $500 (wire transfers). Payment Types: Credit/debit card, Neteller, PayPal, Skrill, wire transfer, Diners Club
Max Leverage30:1 on major currency pairs
Negative Balance Protection
Special Account TypesRetail, Professional, Islamic, Demo
Social TradingCopy trading, investor groups
Account Security2FA via SMS
Educational ResourcesTrading academy, podcast, video tutorials, fintech guide, market overview
Customer SupportAvailability: 24/5 via Live chat, email, fax. Languages: 20+

Start Trading Now at eToro

Forex.com: Learning Resources For Forex Trading

HQs: Cyprus, UK, IsraelMin Deposit: $50Full Review
Founded: 2006Regulators: FCA, MiFID, ASIC, SFC, CIMA, IIROC, FSA, CFTC, NFA
Forex Pairs: 80+Popular Currencies: AUD, CAD, CHF, CNH, EUR, GBP, NZD, USDCryptocurrencies: 5
Video [0:17]: Forex.com advanced charting on mobile.
This screenshot is only an illustration. Current market prices can be found on the broker website.

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
ProductsCFDs: Commodities, Shares, Indices, Crypto*, Forex. Other Products: Spot Metals
FeesWithdrawal, Overnight, Currency conversion, Inactivity, Borrowing costs for shorting, Same-day CHAPS
SpreadsSee our Forex.com review for spreads & commissions information.
Mobile PlatformsiOS, Android, MT4, MT5
Other PlatformsWeb standard, web advanced, mobile
Deposits & WithdrawalsMin. Deposit: $100. Payment Types: Credit/debit card, wire transfer, PayPal
Max Leverage50:1 on major currency pairs
Negative Balance Protection✅ (excl. Professional Accounts)
Special Account TypesRetail, Commission, DMA, Demo
Social Trading-
Account Security-
Educational ResourcesTrading course (beginner, intermediate, advanced), trading theme guides, video tutorials
Customer SupportAvailability: 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, IsraelMin Deposit: $50Full Review
Founded: 2006Regulators: FCA, CySEC, ASIC, FinCEN, MiFID, NBRB, CIPF, IIROC
Forex Pairs: 60+Popular Currencies: AUD, CAD, CHF, EUR, GBP, NZD, USDCryptocurrencies: None
Fortrade Trading Screen
Fortrade workspace.
This screenshot is only an illustration. Current market prices can be found on the broker website.

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
ProductsCFDs: Commodities, Shares, Indicies, Crypto, Forex, ETFs, Bond/US Treasuries
FeesWithdrawal, Overnight, Inactivity
SpreadsSee our Fortrade review for spreads & commissions information.
Mobile PlatformsiOS, Android
Other Platforms
Deposits & WithdrawalsMin. Deposit: $100, $2,000 (Islamic accounts). Payment Types: Credit/debit card, wire transfer, Neteller, Skrill
Max Leverage30:1
Negative Balance Protection✅ (excl. Professional Accounts)
Special Account TypesRetail, Professional, Islamic, Demo
Social Trading-
Account Security-
Educational ResourcesTrading academy, eBooks, video tutorials, market analysis course, practice trading tools
Customer SupportAvailability: 9am - 9pm (Mon - Fri) via Live chat, phone, email. Languages: 10+

Start Trading Now at Fortrade

FXCM: Custom Forex + Cryptocurrency Baskets

HQs: Cyprus, UK, IsraelMin Deposit: $50Full Review
Founded: 2006Regulators: FCA, ASIC, FSCA, BaFin, ACP, CONSOB
Forex Pairs: 35+Popular Currencies: AUD, CAD, EUR, GBP, NZD, USDCryptocurrencies: 5+
FXCM trading dashboard
FXCM workspace.
This screenshot is only an illustration. Current market prices can be found on the broker website.

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
ProductsCFDs: Commodities, Shares, Indicies, Crypto, Forex, Baskets. Other Products: Spreadbetting
FeesInactivity
SpreadsSee our FXCM review for spreads & commissions information.
Mobile PlatformsiOS, Android, MT4
Other PlatformsTrading Station, MT4, ZuluTrade, NinjaTrader, TradingView, Mobile
Deposits & WithdrawalsMin. Deposit: $50 (Retail + Non-EU), $300 (EU). Payment Types: Credit/debit card, wire transfer, Skrill, Union Pay, Neteller
Max Leverage30:1 on major currency pairs
Negative Balance Protection✅ (excl. Professional Accounts)
Special Account TypesRetail, Active Trader, Professional, Demo
Social TradingCopy trading
Account Security-
Educational ResourcesOnline classrooms, live market news, forex-specific guide, trading tool guide
Customer SupportAvailability: 24/5 via Live chat, phone, email. Languages: Unspecified

Start Trading Now at FXCM

HYCM: Forex Trading With MT4 & MT5 Platforms

HQ: UKMin Deposit: $100Full Review
Founded: 1977Regulators: FCA, CySEC, CIMA, DFSA
Forex Pairs: 60+Popular Currencies: AUD, CAD, CHF, EUR, GBP, NZD, USDCryptocurrencies: 45+
Video [0:57]: Trading with HYCM

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
ProductsCFDs: Commodities, Shares, Indicies, Crypto, Forex, ETFs
FeesWithdrawal, Overnight
SpreadsSee our HYCM review for spreads & commissions information.
Mobile PlatformsiOS, Android, MT4, MT5
Other PlatformsMT4, MT5 (Desktop + Mobile)
Deposits & WithdrawalsMin. Deposit: $100, $250 (wire transfers). Payment Types: Credit/debt card, Neteller, Skrill, wire transfer
Max Leverage200:1
Negative Balance Protection
Special Account TypesFixed, Classic, Raw, Islamic, Demo
Social Trading-
Account Security-
Educational ResourcesKnowledge base, webinars, online workshops
Customer SupportAvailability: 24/5 via Live chat, phone, email, fax. Languages: Unspecified

Start Trading Now at HYCM

Markets.com: Forex Award-Winning Platform

HQ: CyprusMin Deposit: $100Full Review
Founded: 2008Regulators: CySec, FSCA, FCA, ASIC, FSC
Forex Pairs: 60+ Popular Currencies: AUD, EUR, GBP, NZD, USDCryptocurrencies: 5+
markets.com workspace
Markets.com workspace
This screenshot is only an illustration. Current market prices can be found on the broker website. Please note, this is an example trade – not a recommendation.

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
ProductsCFDs: Commodities, Shares, Indicies, Crypto, Forex, ETFs, Bond/US Treasuries. Other Products: Buy Shares
FeesOvernight, Currency conversion, Inactivity, Borrowing costs for shorting (in some cases), Islamic account fee
SpreadsSee our Markets.com review for spreads & commissions information.
Mobile PlatformsiOS, Android, MT4, MT5
Other PlatformsMarketsx, Marketsi, Mobile, MT4, MT5
Deposits & WithdrawalsMin. Deposit: $100. Payment Types: Credit/debit card, wire transfer, PayPal, Skrill, Neteller, iDeal, Sofort
Max Leverage1:30 (Professional Accounts 1:300)
Negative Balance Protection
Special Account TypesRetail, Professional, Demo
Social TradingTrading tool guide, financial live-stream service, webinars, market analysis
Account Security-
Educational ResourcesLive webinars, trading courses (beginner, advanced, intermediate, premium)
Customer SupportAvailability: 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: CyprusMin Deposit: $100Full Review
Founded: 2008Regulators: FCA, CySEC, ASIC, DFSA, SCB, BaFin, CMA
Forex Pairs: 60+Popular Currencies: AUD, CAD, CHF, EUR, GBP, NOK, NZD, USDCryptocurrencies: 5
Pepperstone cTrader dashboard
Pepperstone’s cTrader workspace
This screenshot is only an illustration. Current market prices can be found on the broker website. Please note, this is an example trade – not a recommendation.

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
ProductsCFDs: Commodities, Shares, Indicies, Crypto, Forex. Other Products: Spreadbetting
FeesWithdrawal, Overnight
SpreadsSee our Pepperstone review for spreads & commissions information.
Mobile PlatformsiOS, Android, MT4, MT5
Other PlatformsMT4, MT5, cTrader (Mobile + Desktop)
Deposits & WithdrawalsMin. Deposit: $200. Payment Types: Credit/debit card, Neteller, Skrill, PayPal, Poli, wire transfer
Max Leverage30:1 (Australia), 30:1 (UK)
Negative Balance Protection✅ (excl. Professional Accounts)
Special Account TypesRetail, Razor, Swap-Free, Islamic, Demo
Social TradingMetaTrader Signals, Duplitrade
Account Security2FA via Authenticator App
Educational ResourcesCFD trading guide, forex trading guide, market analysis hub
Customer SupportAvailability: 24/5 via Live chat, phone, email, fax. Languages: Unspecified

Start Trading Now at Pepperstone

Plus500: #1 Forex CFD Broker in the UK

HQ: IsraelMin Deposit: $100Full Review
Founded: 2008Regulators: FCA, CySEC, ASIC, FMA, MAS
Forex Pairs: 60+Popular Currencies: AUD, CAD, CHF, EUR, GBP, NZD, USDCryptocurrencies: 10+
plus500 dashboard
Plus500 workspace
This screenshot is only an illustration. Current market prices can be found on the broker website. Please note, this is an example trade – not a recommendation.

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
ProductsCFDs: Commodities, Shares, Indices, Crypto*, Forex, ETFs, Options.
FeesInactivity, Currency conversion
SpreadsSee our Plus500 review for spreads & commissions information.
Mobile PlatformsiOS, Android
Other PlatformsWeb, Desktop, Mobile
Deposits & WithdrawalsMin. Deposit: $100, $500 (wire transfer). Payment Types: Credit/debit card, PayPal, Skrill, iDeal, BPay, Klarna, Giropay, Trustly, wire transfer
Max Leverage30:1 on forex
Negative Balance Protection
Special Account TypesRetail, Professional, Demo
Social Trading-
Account Security2FA via One-Time Password on Google Authenticator app
Educational ResourcesTrader's guide, risk management guide, video tutorials
Customer SupportAvailability: 24/5 via Live chat, WhatsApp, email. Languages: 10+
*Availability subject to regulation

Start Trading Now at Plus500

Trading212: On-The-Go Forex Trading

HQ: CyprusMin Deposit: $100Full Review
Founded: 2008Regulators: 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, USDCryptocurrencies: None
Trading212 workspace
Trading212 workspace. This screenshot is only an illustration. Current market prices can be found on the broker website. Please note, this is an example trade – not a recommendation.

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
ProductsCFDs: Commodities, Shares, Indicies, Crypto, Forex, ETFs. Other Products: Buy Shares
FeesSWAP interest, Currency conversion
SpreadsSee our Trading212 review for spreads & commissions information.
Mobile PlatformsiOS, Android
Other PlatformsWeb, Mobile
Deposits & WithdrawalsMin. 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 Leverage30:1
Negative Balance Protection✅ (excl. Professional Accounts)
Special Account Types3 Retail Accounts (CFDs, Invest, ISA), Professional, Demo
Social Trading-
Account Security2FA via Google Authenticator or Authy app
Educational ResourcesTrading guide, video tutorials, charting guide, trading concepts training
Customer SupportAvailability: 24/5 via Email, support tickets. Languages: Unspecified

Start Trading Now at Trading212

XM.com: Internationally Regulated Forex Broker

HQ: CyprusMin Deposit: $5Full Review
Founded: 2009Regulators: CySEC, IFSC, FCA, ASIC, DFSA, BaFin, CNMV, MBN, CONSOB, ACPR, FIN-FSA, KNF, AFM
Forex Pairs: 55+Popular Currencies: AUD, CHF, EUR, GBP, NZD, USDCryptocurrencies: None
Video [3:59]: Trading on XM via MT4 on mobile

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
ProductsCFDs: Commodities, Shares, Indicies, Forex
FeesOvernight, Inactivity
SpreadsSee our XM review for spreads & commissions information.
Mobile PlatformsiOS, Android, MT4, MT5
Other PlatformsXM Web Trader, MT4, MT5 (Mobile + Desktop)
Deposits & WithdrawalsMin. Deposit: $5 (Micro + Standard), $100 (Zero). Payment Types: Multiple local payment types available.
Max Leverage888:1 (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 TypesMicro, 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 TradingXM Mirror Trader, Forex signals
Account Security-
Educational ResourcesResearch hub, podcast, video tutorials, live educational streams, webinars, forex-specific live training, trading tool guide
Customer SupportAvailability: 24/5 via Live chat, phone, email. Languages: 25+

Start Trading Now at XM

XTB: Multi-Lingual Forex Platform

HQ: CyprusMin Deposit: $100Full Review
Founded: 2008Regulators: FCA, CySEC, ASIC, FSCA, BVIFSC
Forex Pairs: 45+Popular Currencies: AUD, CHF, EUR, GBP, USDCryptocurrencies: 20+
Video [5:08] – How to trade with XTB

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
ProductsCFDs: Commodities, Shares, Indicies, Forex, Crypto, ETFs
FeesInactivity, Deposit, Withdrawal, Penalty interest, Italian CFDs
SpreadsSee our XTB review for spreads & commissions information.
Mobile PlatformsiOS, Android, MT4
Other PlatformsxStation 5, xStation Mobile, MT4
Deposits & WithdrawalsMin. Deposit: $250. Payment Types: Credit/debit card, PayPal, Skrill, wire transfer
Max Leverage30:1
Negative Balance Protection✅ (excl. Professional Accounts)
Special Account TypesRetail, Professional
Social Trading-
Account Security-
Educational ResourcesLive webinars, trading courses (beginner, advanced, intermediate, premium)
Customer SupportAvailability: 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.

Forex and cryptocurrency pairs are instruments that consist of two currencies, one fiat currency (like USD or CAD) and one cryptocurrency (like Bitcoin or IOTA). Traders may choose these instruments due to a significant difference in volatility between fiat and cryptocurrencies.

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.”

Pip is an acronym for “percentage in point.” In dollar currencies, a pip is equal to 1/100 of a cent ($0.0001) while in Japanese yen, one pip adds ¥0.01 to the transaction cost.

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 accept credit and debit cards, e-wallets like PayPal, 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's forex dashboard
This screenshot is only an illustration. Current market prices can be found on the broker website. Please note, this is an example trade – not a recommendation.

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

CityIndex's forex dashboard
This screenshot is only an illustration. Current market prices can be found on the broker website.

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.

Example: If you set a sentiment alert for a concentration of sellers to reach 35%, Plus500 will alert you via e-mail or push notifications.

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.

Where To Trade Forex CFDs

A forex contract-for-difference (CFD) is a trading method that allows you to speculate on the rise or fall of a particular currency pair. Forex trading is in-fact a CFD-style trade, where you may bet on a price movement without actually owning the asset you’re betting on.

There are many other kinds of CFDs, like commodities (precious metals, agricultural goods), shares, indices, and cryptocurrencies.

The following brokers offer forex CFDs or similar products to traders in :

Loading table...

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. <b>Between 53.00%-89.00% of retail investor accounts lose money when trading CFDs.</b> You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

IMPORTANT: CFDs are not available in the USA due to local regulation, and regulated brokers do not accept US citizens or US residents as clients.

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

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.

Get The Commodity.com Newsletter

Get daily updates on commodity markets.

Thanks for subscribing! We'll be in touch

Oops! Something went wrong...

Commodity.com Daily Newsletter
Get the latest market intelligence from the world of commodities.

Plus500 is not available in the US

Legitimate CFD brokers, like Plus500, cannot accept US clients by law

US traders welcome at these brokers:

Cryoptocurrencies:

  • Trade 14+ major crypto coins
  • Includes Bitcoin, Ethereum & Ripple
  • Super simple setup

Accepts traders in the USA

Start Trading at eToro

Forex, Gold & Silver:

  • Trade gold and silver
  • Trade over 90+ currencies
  • Major US broker

Accepts traders in the USA

Start Trading at Forex

No thanks