Compare the best forex brokers in 2023
To determine the best forex broker currently available, Forex Ratings analyzed 63+ platforms. Here are the final rankings and our knowledgeable advice.
Prash Raval, a seasoned trader, Dan Ashmore, a data analyst, and Jayson Derrick, the lead news editor, make up our evaluation panel for currency. Moreover, Richard Stutely, an independent economist and fact-checker, is included.
Each of the 63+ forex trading platforms was tested, rated, and reviewed by the panel over the course of hundreds of hours. They graded each service based on seven major factors, including its regulation and security, the cost of trading, and the variety of currency pairs that may be traded. Read more about how we conduct reviews.
Best forex brokers overall for 2023
Pacific Union: Best for social trading & customer support
OANDA: Best for trading with live market data
Admirals: Best for real time news and price data
Capitality: Best for trading like a pro
Top 12 forex trading platforms, reviewed
1. Exness. Best for tight spreads and a pro-style trading experience.
Pros & Cons
Because Exness provides narrow spread trading and a customized trading experience, we adore it. Exness offers a vast selection of exotic pairings in addition to more than 100 forex pairs, including all main and minor pairs.
Exness provides a wide selection of professional-style trading tools and a choice of account types to accommodate traders of all skill levels. While more seasoned traders can utilize the Exness terminal or connect it to the MetaTrader software and trade from there, beginners can benefit from a free demo account or micro-lots for minimal minimum trades.
The costs: Standard accounts are charged through the spread rather than a commission. Spreads on popular forex pairings begin at 1 pip. Some assets are subject to overnight costs. (exc. swap-free accounts).
2. Pacific Union. Best for social trading & customer support
Pros & Cons
We adore Pacific Union because its user-friendly platform is packed with a wealth of educational materials, such as how-to manuals and video tutorials. There are more than 30 forex pairings available from Pacific Union, both major and minor.
Award-winning broker with a custom social trading app that makes it simple for new users to mimic the tactics and positions of the top traders on the platform. Together with its mobile and web-based apps, Pacific Union makes use of the well-known Metatrader 4 platform. Traders have a range of leverage options up to 500:1 at their disposal.
The fees: Depending on your account type, Pacific Union charges fees. Although there are no commission fees on its regular account, bid/ask spreads begin at 1.3 pip. Pro accounts have spreads that begin at 0 pips and are charged a $3.5 RT commission each lot. Depending on size, swap fees for overnight holding a trade can change.
3. Oanda. Best for trading with live market data
Pros & Cons
We adore Oanda since its streamlined trading interface was designed for dependability and quickness. With Oanda, a CFD broker, you can trade on more than 70 currency markets, both big and minor. The platform is appropriate for users of all levels of expertise, offers robust analysis capabilities, and a huge library of instructional videos.
Award-winning broker Oanda interfaces with TradingView and Metatrader4 platforms. Additionally, it has a proprietary mobile and desktop app that can be completely customized. Oanda has been in business for more than 25 years and is authorized by governments in the UK, Australia, Asia, and Europe.
The costs: Oanda does not impose trading commissions. The Bid/Ask spread, which starts at 0.7 pips, is how it generates revenue. For keeping positions open overnight, swap fees are assessed and vary based on size. Moreover, there is a 1% administrative fee for switch charges. Accounts inactive for a year incur a £10 charge.
4. Admirals. Best for real time news and price data
Pros & Cons
With 50 currency pairs accessible, including 20+ exotic pairs, Admirals is a wonderful investment platform where you can build a diversified portfolio. You may invest in more than 8,000 assets with as little as €1.
You may test out the Admirals platform with a demo account, and a tonne of information is accessible without charge. Together with the most recent price charts, this also provides a wide range of real-time news and research.
All currency trades are free of charge, however there are costs associated with them in the form of spreads. In the major pairs, spreads begin at 0 pip but may be much higher for some exotics.
5. Capitality. Best for trading like a pro
Pros & Cons
We adore Capitality because it enables amateur investors to trade using professional data and tools. 80 currency pairs are among the 2100+ financial instruments that Capitality offers.
You can get real-time quotations, live market data, and lightning-fast trade execution through the Capitality web trading interface without having to download anything. Also, a free economic calendar is available to you so you can schedule your transactions in accordance with the important financial events.
The spread is how capitality collects its fees. For main currency pairings, spreads begin at 0.1 pip, but they can rise dramatically for minor and exotic pairs.
The top forex broker for your needs
What’s the top forex broker for beginners?
The finest FX trading platform for newcomers is eToro. eToro is ideal for any forex novice because of its cheap minimum deposit requirement, zero commissions, and copy trading feature.
What makes it so great is in large part due to the Copy Trader feature, which allows you to utilize it to learn from the top traders and investors in the industry.
Which forex trading platform has the best app?
The best mobile app is that of Skilling. A flawless trading experience that nearly mirrors what you receive from a desktop browser must be prioritized in any app. Offering all of these and more is skill.
Which forex platform offers the best bonus?
The best welcome bonus is provided by Admiral Markets. As soon as you sign up, you can double the amount of money you have to trade with thanks to the 100% deposit welcome bonus, up to $5000. Several brokers provide bonuses of some kind, and some of them can be accessed with no investment at all.
Which forex trading platform has the best demo account?
The greatest demo account is offered by eToro. You are given 100,000 virtual dollars to trade on any currency pair you choose, along with a simple way to keep tabs on your progress.
With a real or “fake” account, the finest forex demo accounts provide the same trading experience. You can then determine to the best of your ability whether your trading approach would be effective. The demo account on eToro provides a smooth transition to the live account.
Which forex platforms have the highest leverage?
The most leverage is offered by Pepperstone, however keep in mind that due to financial rules in the UK and EU, it is capped at 30:1 in certain regions. The top five brokers with the largest leverage are shown below:
Which forex broker charges the lowest fees?
Forex trading is entirely free on eToro. Making a trade, making a deposit, or closing a position are all free of charge.
This is excellent if you’re just starting out or if you want to trade frequently, but keep in mind that you might have to pay fees in other places in the form of greater spreads.
Which fx broker has the lowest spreads?
For well-known currencies like EUR/USD or GBP/USD, Pepperstone gives the lowest spreads, and on occasion even zero pip spreads. Spreads are varying fees that might alter in response to market volatility.
You must consider which is more important to you: the cheap spreads that some brokers typically offer, or the commissions that these platforms frequently demand.
What’s the best managed account?
The best managed accounts are available with AvaTrade, so you can entrust a pro with making your trading selections. The annual fees for AvaTrade accounts are reasonable, and they have a track record of outstanding performance.
Which is the top FX broker for day-traders?
Any trader who intends to conduct several transactions on the forex market and use it to make money should use Alvexo as their broker. Alvexo provides extensive leverage and analytical tools.
The most secure forex broker is AvaTrade. Three top-tier regulatory nations, the EU, Japan, and Australia, as well as South Africa and the British Virgin Islands, have granted it a license.
You should search for a well-established corporation with a lot of investment protection if you want to find the safest and most secure platforms. Look for approval from regulatory organizations like the FCA or SEC as forex brokers must be license in the nation in which they conduct business.
Which forex broker offers the most currency pairs?
With 190 spot FX pairs and 130 forward pairs, Saxo Bank has the widest selection and offers the most options.
The major and minor pairs, which include USD, GBP, and EUR, are where the majority of forex trading occurs. Don’t worry too much about the total number of pairings because for the majority of beginners, a forex broker that offers the major and minor pairs is sufficient.
More about the best forex brokers
What are the top 10 forex brokers?
These ten brokers were selected by our expert team as the top choices out of all the brokers accessible based on their cost of trading and regulatory status, two of our key ranking criteria.
What other forex brokers types are there?
There are many different broker kinds to accommodate various trading approaches. There is a broker out there for you whether you want to trade using a particular programme, like MetaTrader 4 or 5, or in a particular manner, such scalping or spread betting.
Best MT4 forex brokers: You can download and utilize the well-known trading programme MetaTrader4 from a desktop browser.
Best MT5 forex brokers: The most recent version of the MetaTrader programme, MT5, interfaces with leading forex brokers.
Best forex brokers for scalping: Scalping is a quick trading method that doesn’t work with all platforms and depends on taking very modest profits on a lot of trades throughout the day.
Best 0-pip forex brokers: The best market rate is what zero pip brokers give you because they offer spread-free forex trading.
Best 0-pip forex brokers: The best market rate is what zero pip brokers give you because Best spread betting forex brokers:Spread betting is a type of trading in which you stake money based on the direction you think prices will go and the amount of movement you predict.they offer spread-free forex trading.
Best NDD brokers: You may access the interbank forex rate and, with it, the most affordable exchange rates for all currencies, thanks to no dealing desk (NDD) brokers.
Best STP brokers: Straight-through-processing (STP) platforms are a type of NDD broker that uses quick electronic transmitters to route your transactions to the best pricing on the market.
Best ECN brokers: Your trade orders are received by ECN brokers, who then forward them to the interbank foreign exchange market. For aggressive traders who need access to numerous markets, ECN brokers are suitable.
What are the best forex brokers by country?
Each country where forex trading is permitted will have easy access to the best forex brokers. Find the top forex trading platforms in your area by using these links.
Best forex brokers in Australia
Best forex brokers in Belgium
Best forex brokers in Brazil
Best forex brokers in Canada
Best forex brokers in France
Best forex brokers in Germany
Best forex brokers in India
Best forex brokers in USA
Best forex brokers in Pakistan
Best forex brokers in Netherlands
Best forex brokers in New Zealand
Best forex brokers in Nigeria
Best forex brokers in Philippines
Best forex brokers in South Africa
Best forex brokers in the UK
Which forex broker offers the most payment methods?
Almost every type of payment method can be used to fund a forex trading account. Although there are numerous card or digital payment options available, bank transfers or wire transfers are typically preferred by consumers.
Forex brokers that accept AMEX
Forex brokers that accept Apple Pay
Forex brokers that accept credit card
Forex brokers that accept debit card
Forex brokers that accept Google Pay
Forex brokers that accept Neteller
Forex brokers that accept Payoneer
Forex brokers that accept PayPal
Forex brokers that accept Paysafecard
Forex brokers that accept Skrill
Forex brokers that accept Venmo
Brokers that didn’t make it into our top ten
Numerous forex brokers provide a variety of high-quality features, however many of them didn’t make our list of suggested brokers. These platforms, in the opinion of our expert panel, do not provide the regular or casual trader with enough value to merit inclusion as one of the top forex trading platforms.
Saxo Bank: Saxo Bank is an excellent alternative for many traders worldwide, but it is unavailable in the US or Canada and the account-opening process can take up to three days.
IG: IG provides a wide range of trading services in addition to forex, but its user isn’t always getting a good deal due to the relatively high spreads it charges for forex trading.
CMC Markets: CMC is a well-known broker in the UK, but US traders cannot use it, and it can take several days to even open an account and begin trading.
Interactive Brokers: Although Interactive Brokers is a platform that also enables trading in a wide range of financial instruments, it is not the most user-friendly and may put off novice forex traders.
TD Ameritrade: TD Ameritrade is an American broker that doesn’t provide any services to traders outside of the United States.
FOREX.com: FOREX.com provides decent service for institutional or expert traders, but it has a narrower selection of currencies than other platforms and can be challenging for new users to understand.
Swissquote: Swissquote is not a good choice for the majority of casual traders because it has rather high trading costs and even charges for some of its research and analysis tools.
London Capital Group: LCG is an intriguing choice for newcomers, but in order to access the finest spreads, you must deposit more than £10,000, and US traders cannot use it.
HFM only provides a small selection of currencies and offers few services to traders in the UK and Europe.
BDSwiss: BDSwiss is a decent option for seasoned traders who are accustomed to trading platforms like MT4 and MT5, but it has a high minimum deposit requirement and has quite wide spreads on popular currency pairings.
How should I choose the best forex trading platform for me?
Always look for a broker who is licensed by a reputable financial regulator, such as the FCA. If you’re just starting out, a regulated, low-commission broker with access to the key pairs is sufficient.
Low spreads and the capability to use MetaTrader trading software are more crucial for people who want to be more active and trade like professionals.
Here are some recommendations from experts to get you started.
To find the best demo account
You want to be able to track your performance and trade exactly as you would with real money on a demo account. By doing so, you may test out several approaches to determine which ones work best while also gaining important knowledge about your readiness for this in the actual world.
For beginners just starting out
For newcomers, affordability is key. You usually have less money to trade with when you first start out. Choose a broker with no commission and keep an eye out for features that can aid in your education. For this, eToro is fantastic, and some brokers also send out daily research through email that you can use to educate yourself on the currency market.
For swing or casual traders
Minimal commissions and spreads are usually crucial. As with dependability and speed, delays can be expensive. Some brokers let you switch between servers in the settings to avoid them or offer a VPN so you’re always connected. Looking for a forex broker offers a wide selection of currency pairs because the more active you are, the more you’ll want to trade other currencies. But, keep in mind that using anything other than a demo account is not recommended unless you are an experienced trader.
For active and experienced traders
Brokers who contact the market through an ECN—an Electronic Communications Network—can provide smaller spreads than market makers made for novice traders. Spread betting is another option for high volume traders in the UK to consider as a tax-free substitute for CFDs.
Quick answers to key questions
What are the fees for a forex trading platform?
Several platforms promise 0% commission, however actual costs differ amongst forex brokers. Although it is impossible to provide a conclusive response, here are the costs for each of our top ten platforms, along with information on their regulatory standing.
You’ll probably pay some costs while trading forex, and the two main ones are often spread and commission. Spread is the difference between a pair’s buy and sell prices, while commissions are extra fees that are added to every trade and are determined by your broker.
Can I use multiple forex brokers
You can hold numerous accounts open at once, yes. But, unless you’re scalping and trying to profit on the difference in spreads between platforms, it is generally simpler to place all of your trades in one location.
Why do brokers have different prices?
There are a few key causes for it. One is that since every broker needs to turn a profit, they might mark up their commission on top of the current market price. Every platform has a distinct markup, or “spread,” and as a result, prices vary.
The second factor is that they obtain their rates from various sources. Since there is no one “forex exchange,” each broker may purchase and sell currency on the interbank market from multiple liquidity providers, and there may be slight differences in the price they charge.
Are forex brokers regulated?
Not all of them, but the best ones are subject to financial body regulation. They are governed by the FCA in the UK. The top forex brokers in the United States are governed by the Commodities and Futures Trading Commission (CFTC).
Your capital is at danger if you trade with an unregulated broker since you have no recourse if the platform turns out to be dishonest. Find regulated forex brokers in your area by using these pages.
Can I trade multiple currencies?
Yes. Either “majors,” “minors,” or “exotics” are terms used to describe forex pairs. The US Dollar and popular currencies like the British Pound and the Euro are among the majors.
The most popular non-US Dollar currency pairs are the minors. All other currency combinations are referred to as exotics.
You are free to trade any number of different currencies. But, you must ensure that your broker offers adequate currencies if you wish to spread out your trades. Consider this before enrolling as not all do.
Do I need any extra software?
Although you won’t require any additional software, you could decide to download some.
Typically, you can use a web browser or a mobile app to view the website. More seasoned FX traders, however, might like connecting their accounts to programmes like MetaTrader4 or MT5.
Who is the biggest forex broker in the world?
The largest, with more over $18 billion in average daily trading volume, is IC Markets.
Yet, the biggest broker may differ by location. For instance, Asian brokers frequently deal in the most trading of the USD/JPY pair, whilst European brokers deal in more trading of the Euro against other currencies.
Can I trade without a broker?
No, to trade FX you need a broker. The rate at which banks buy and sell currencies to one another determines exchange rates. You must be able to access that market in order to trade forex, and the only method to do so is through a broker.
Yet, there are several sorts of brokers, and some simply serve as a conduit for you to send your trades to the interbank market. Some people actually use your trade in the opposite way.
Can I hedge my forex trades?
Certainly, with the majority of foreign brokers. In the majority of countries throughout the world, using numerous trades on the same currency pair to lower your risk of financial loss is completely allowed.
In contrast, there are special laws in the US that forbid you from opening a new trade on a currency pair before the prior one has been closed.
What are the most common forex trading styles?
Scalping, swinging, and investing are the three primary trading strategies on the Forex market. Scalping involves starting and closing positions quickly, thus your transactions must be carried out as precisely as possible.
Swing trading entails holding positions open for a few days to weeks. Finding a location that offers swap-free accounts, which have no commission or rollover interest for extending your position overnight, is desirable when swing trading.
Your trading time period is typically much longer when investing. Using an ECN broker, a forex financial expert who gives clients direct access to other participants in the currency markets via electronic communications networks (ECNs), is frequently beneficial when investing.
Methodology: How did we choose the best forex trading platforms?
To give our users clear, approachable advise on the different investing possibilities, we routinely test more than 63 forex trading systems. Our team of forex specialists, analysts, and active traders sign up with each broker, perform research, and rate each service before conducting any testing.
Our evaluations are made to identify foreign currency trading platforms that provide a safe, user-friendly trading environment at a reasonable cost. We investigate every service to find out whether there is any other pertinent information, in addition to our practical testing and experience. In order to obtain input from actual people about what works and what doesn’t, we check online customer reviews, app reviews on the Play Store and App Store, and conduct user surveys.
Based on 130+ data points in 8 rating categories—cost, dependability, user experience, deposit and withdrawal choices, investing possibilities, range of products/markets, research & analysis tools, and accessibility to educational & learning resources—each forex broker receives a final score.
To guarantee the accuracy of all the factual data presented here, we actively coordinate with individual brokers. An impartial reviewer verifies the accuracy of all the data after that. Learn more about our review process, our expert panel, and how we test, score, and evaluate platforms
In conclusion, the foreign exchange market continues to be one of the most active and liquid financial markets in the world, attracting a growing number of retail traders looking to participate in currency trading. As a result, the number of forex brokers offering their services has also increased significantly, providing traders with a wide range of options to choose from.
To compare the best forex brokers in 2023, traders need to consider several factors such as the broker’s regulatory status, trading platforms, trading tools and resources, customer support, and fees and commissions. By carefully evaluating these factors, traders can find a broker that meets their specific needs and trading style.
It depends on how you trade forex. Spread betting doesn’t attract any taxes in the UK, but profits made from CFD trading will be subject to capital gains tax. Check the tax laws where you live to see if you have to pay tax.
Yes, some platforms for forex trading, like eToro, do. Copy trading is a relatively new addition that many platforms now incorporate. When using copy trading you are able to copy the trades of professionals.
The forex market is open 24/5, Monday – Friday. You can access your broker to close positions over the weekend, but you aren’t able to open new trades.
Yes, it is possible to engage in both short and long selling of foreign currencies, depending on which way you see the price of each currency going.
In fact, many places let you short currencies on a regular basis. Unlike on the stock market, risks associated with shorting are relatively limited, because it’s very unlikely for a currency to fall significantly.
Yes. Most allow you to trade foreign currencies on easy-to-use mobile apps.
Yes, in the UK and in the majority of countries around the world. Always check the law where you live before engaging in trading activity, however.
There are many forex brokers that accept PayPal allow you to withdraw directly into your PayPal account. The best forex broker for this is Exness
No, you will have to provide identification when registering an account with a forex broker. This is because regulated brokers must comply with KYC – Know Your Customer – laws.
Yes, there are typically limits as to how much can be deposited, withdrawn, or traded in a given time period. Typically the minimum deposit with a broker will be in the region of £100, with other limits varying considerably between them.
Yes, you can. The broker will keep a record of your trades over time, and you will be able to access this through the dashboard of your account.
Yes, but it takes a few days. You’ll need to close all your positions, withdraw your funds, open an account with a different broker, and deposit the funds into your account. After that’s all gone through you’ll be able to start trading again.
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