The Best Forex Brokers for 2026
We at FXEmpire have been reviewing brokers for over 15 years, developing a vast database of test records and expert judgment. We have benchmarks made up of over 250 variables and tested across 80 brokers. This, together with my personal experience as a trader and broker analyst, helped me to find the top brokers that check every box. I only considered brokers that had the best regulation, fees, platform, and services for this list.
- Rankings are not for sale. The order comes from our test scores; no broker can pay for a higher spot.
- The authority on broker reviews since 2011. Traders have relied on our independent testing for over a decade.
- 80+ brokers tested every year. We test the whole market, so we know the benchmark and which brokers actually beat it.
- Every broker takes the same test. One published scoring system, with 9 weighted categories and 250+ variables, all measured hands-on by our analysts.
- Every fact is checked twice. A dedicated editor re-verifies each data point, from licenses to spreads, before publication.
Our Top 10 Forex Brokers, Ranked
- 17,000+ instruments, featuring 97 FX spot and forward pairs.
- Average EURUSD spread of 0.6 pips vs. 1.19 pips of the industry benchmark.
- 14ms order execution speeds vs. 243ms industry average.
- EURUSD – 0.8 pips, gold – 20 cents, Apple – 3 cents.
- No commissions on energies, indices, and crypto on the Raw account.
- $0 minimum deposit, with no fees for deposits or withdrawals.
- $4.5 round-trip commission on FX pairs and metals (vs. $5.99 industry average) on the Zero account.
- Tight spreads on popular products: EURUSD (0.9 pips), crude oil ($0.02), Bitcoin ($17).
- MAM accounts for managed trading and free (conditional) VPS hosting.
- MT4 and MT5, cTrader, TradingView, and DupliTrade for social and copy trading.
- Trading guides, e-books, live webinars, and podcasts.
- Outstanding 24/7 support in over 40 languages.
- All popular retail platforms: MT4, MT5, cTrader, TradingView.
- API access and VPS hosting (free for active traders).
- 28 Smart Trader Tools add-ons for MT4/MT5.
- Competitive spreads (16 cents on gold, 0.9 points on DAX 40, $15 on Bitcoin).
- 147 Major, Minor, and Exotic pairs and 540+ crypto CFDs.
- Regulated by FCA UK, ASIC, and CySEC.
- MT4, MT5, TradingView + user-friendly Capital.com Web Trader and Capital.com app.
- Proprietary Investmate app for learning on the go.
- Cutting-edge FxPro WebTrader with 100+ analytical tools and chart configurations.
- Fluid, easily scalable charts and integrated market research.
- Actionable trading signals from Trading Central and macro trend analysis.
- Very tight spreads on stocks (Apple – $7 cents vs $56 benchmark, Tesla – $16 cents vs $71 benchmark) and no commissions.
- Modern ActivTrader platform with TradingView-powered charts and 100+ technical indicators.
- Market Buzz sentiment gauge and Trading Central news screener for stock market insights.
- MT4 and MT5 (with add-ons), and TradingView for social trading.
- Powerful XM Web Platform with TradingView charts and Trading Central signals.
- Robust copy trading tools, a live Reuters news feed, and premium in-house research.
- $5 minimum deposit for both Standard and Ultra Low accounts.
- Thematic indices and turbo stocks*.
- In business since 1978, listed on Nasdaq and S&P 500, with a ~$150 billion market cap.
- Forex spreads from 0.2 pips.
- SmartRouting and DMA execution for fast execution and low pricing.
*Available only at selected entities.
Also Worth Considering
Compare All Listed Brokers
| Broker | Score | Fees Score | Min Deposit | Max Leverage | Platforms | Visit Broker |
|---|---|---|---|---|---|---|
IG | 4.7 | 3.8 | $50 | 1:30 (FCA) 1:30 (JFSA) · 1:200 (BMA) · 1:30 (BaFin) · 1:50 (NFA) · 1:30 (ASIC) · 1:30 (FINMA) · 1:20 (MAS) · 1:30 (DFSA) · 1:30 (FSCA) | MT4, ProRealTime, L2 Dealer, TradingView, IG Online Platform | 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money |
IC | 4.8 | 5.0 | $0 | 1:30 (ASIC) 1:30 (CySEC) · 1:5000 (FSA) · 1:400 (CMA) · 1:200 (SCB) | MT5, cTrader, MT4, TradingView, Zulutrade | Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. |
Fusion Markets | 4.5 | 4.4 | $0 | 1:500 (VFSC) 1:500 (FSA) · 1:30 (ASIC) | MT4, MT5, cTrader, TradingView, DupliTrade | All financial products involve risk and you should ensure you understand the risk involved as certain financial products may not be suitable for everyone. Trading in margin foreign exchange and derivatives carries a high level of risk and you may incur a loss that is far greater than the amount you invested. Past performance of any product described on this website is not a reliable indication of future performance. |
FP Markets | 4.6 | 4.1 | $0 | 1:500 (FSA) 1:500 (FSCM) · 1:400 (FSCA) · 1:500 (Unregulated) · 1:500 (CMA) · 1:30 (ASIC) | MT5, cTrader, IRESS, MT4, Mottai, TradingView | Contracts for Difference (CFDs) are leveraged over-the-counter derivative products and carry a high level of risk to your capital. You should only risk capital that you can afford to lose. In certain circumstances, due to fluctuations in market value you may not get back your initial investment amount. You may not only lose your initial investment but you may incur a liability to pay a further amount to cover losses. This means you can lose more money than you have invested. |
Pepperstone | 4.7 | 4.4 | $0 | 1:30 (FCA) 1:200 (SCB) · 1:30 (BaFin) · 1:30 (ASIC) · 1:30 (DFSA) · 1:400 (CMA) · 1:30 (CySEC) · 1:30 (CMA UAE) · 1:30 (CMA UAE) | MT5, cTrader, MT4, TradingView, Pepperstone WebTrader, Pepperstone Mobile App | 73–89% of retail investor accounts lose money when trading CFDs. |
Capital.com | 4.5 | 4.1 | $20 | 1:30 (FCA) 1:30 (ASIC) · 1:30 (CySEC) · 1:200 (SCB) · 1:300 (CMA UAE) | MT4, TradingView, Capital.com Web Trader, Capital.com App | Depending on the company, 70% of retail investor accounts lose money when trading CFDs with Capital.com Group. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. |
FxPro | 4.3 | 3.0 | $0 | 1:30 (FCA) 1:10000 (FSA) · 1:200 (SCB) · 1:30 (CySEC) | MT5, cTrader, MT4, FxPro Trading Platform, FxPro Mobile App, TradingView | 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing money. (EU, UK) |
ActivTrades | 4.3 | 3.4 | $0 | 1:30 (CMVM) 1:200 (BCB) · 1:200 (SCB) · 1:30 (FCA) · 1:1000 (FSCM) · 1:1000 (CMA UAE) | MT5, MT4, ActivTrader, TradingView | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. |
XM Group | 4.4 | 3.1 | $5 | 1:1000 (IFSC) 1:30 (DFSA) · 1:30 (CySEC) · 1:1000 (FSCM) · 1:400 (CMA) · 1:1000 (FSCA) · 1:1000 (FSA) · 1:1000 (CMA UAE) · 1:1000 (BVI FSC) | MT5, MT4, XM Web Platform, XM Mobile App | Forex and CFD trading involves significant risk to your invested capital. |
Interactive Brokers | 4.5 | 4.6 | $0 | 1:30 (MNB) 1:50 (CFTC) · 1:30 (CBI) · 1:50 (CIRO (IIROC)) · 1:20 (MAS) · 1:25 (JFSA) · 1:30 (ASIC) · 1:30 (FCA) · 1:20 (SFC) | IBKR Client Portal, IBKR Desktop, IBKR App, Trader Workstation (TWS), GlobalTrader App | Your capital is at risk |
The Best Forex Brokers, Tested
Best Overall
- $50Min Deposit
- 19234Tradable Instruments
- MediumFees
What we tested & measured
We did our review of IG by opening a CFD Account with IG Markets Ltd, which is licensed and regulated by the FCA in the UK. We verified its licensing information on the regulator’s website and confirmed its listing on the London Stock Exchange (LSE). We snapped IG’s spreads on popular instruments during the London and New York market openings using the IG Online Trading Platform. The testing was done in June 2026.
Why We Picked It
IG delivers on all fronts. It has developed a remarkably versatile platform, charges competitive fees, and provides a range of trading tools and services to suit every taste. At the same time, IG has a low minimum deposit requirement of $50, offers access to well over 17,000 CFDs, and provides advanced market scanners and learning materials. All of this makes IG the most diverse broker in our stack.
We observed low FX spreads with IG, starting at 0.6 pips on Majors such as EURUSD and Apple stock with a 3-cent spread. The broker also boasts ultra-fast execution of around 14 milliseconds, complemented with VPS hosting. The stack of platforms is another highlight: in addition to its flagship web trader and mobile app, IG offers MT4, TradingView, L2 Dealer, and ProRealTime, which will satisfy the needs of traders of all levels and profiles.
Key Features:
- Regulation: FCA (UK), BaFin (Germany), FINMA (Switzerland), ASIC (Australia), NFA/CFTC (US), MAS (Singapore), DFSA (Dubai), JFSA (Japan), FSCA (South Africa), BMA (Bermuda)
- EUR/USD spread: 0.6 pips
- Platforms: IG Online Trading Platform, MT4, TradingView, L2 Dealer, ProRealTime
- Instruments: 17,000+ assets
- Maximum Leverage: 1:20 (MAS), 1:30 (FCA, BaFin, ASIC, FINMA, DFSA, JFSA, FSCA), 1:50 (NFA/CFTC), 1:200 (BMA)
- Minimum deposit: $50
- Perks: VPS hosting, ultra-fast execution, DMA access
Pros and Cons
- 17,000+ trading products
- Low FX spreads (EUR/USD 0.6 pips)
- Great selection of platforms
- VPS hosting
- High-quality educational content (courses, webinars, videos, articles)
- MT5 not available
- Islamic accounts are available only in certain regions
- High costs on stocks
- MT4 does not feature all assets
Best Trading Fees
- $0Min Deposit
- 7342Tradable Instruments
- LowFees
What we tested & measured
I opened Standard and Raw accounts with Raw Trading Ltd, regulated by the FSA of Seychelles. I tested spreads on popular instruments at the London and New York market opens and compared them against industry benchmarks. I also sampled IC’s commissions, swaps, and non-trading fees to build a fuller picture.
Why We Picked It
I observed 0.8-pip EURUSD and 1.6-pip GBPJPY spreads. Other standouts include a $0.02 spread on WTI, a 0.7-basis-point spread on the US30, and a $12 spread on Bitcoin – all beating the industry benchmarks. These numbers stack nicely and suit day traders most of all.
On the platform side, IC treats its clients to a wide variety of options. I consider cTrader the best option for cost-conscious traders because it features lower commissions (when used with IC Markets’ Raw account) than both MT4 and MT5.
Key Features:
- Regulation: CySEC (Cyprus), ASIC (Australia), FSA (Seychelles), CMA (Kenya), SCB (Bahamas)
- EUR/USD spread: 0.8 pips
- Platforms: MT4, MT5, cTrader, TradingView
- Instruments: 7,300+
- Maximum Leverage: 1:30 (CySEC, ASIC), 1:200 (SCB), 1:400 (CMA), 1:5000 (FSA)
- Minimum deposit: $0
- Perks: Trading Central, Autochartist, IC Social, ZuluTrade and Signal Start for copy and social trading, MT4 plugins, VPS hosting, IC Web TV, 940+ webinars
Pros and Cons
- Low spreads across all markets
- Industry-average swaps
- Strong choice of trading platforms
- 7,300+ assets
- Free VPS hosting
- Customer support is only in English and Chinese
- No proprietary trading platform
- No ETFs
Best for High-Volume Traders
- $0Min Deposit
- 242Tradable Instruments
- LowFees
What we tested & measured
I opened a Zero account with Gleneagle Securities Pty Ltd, which is licensed and regulated by VFSC. I sampled the Zero account’s commission rates on FX pairs and metals and compared them against the industry averages. I also recorded the broker’s spreads and overnight fees on popular instruments like EUR/USD and gold.
Why We Picked It
I chose Fusion Markets as my top pick for high volume traders because of the competitive commission rates on its Zero account. It features a $4.5 round-trip commission per traded lot (100,000 units) on currency pairs and metals. This commission rate beats the $5.99 industry benchmark. On top of that, instruments from other asset classes can be traded commission-free. This setup makes Fusion Markets such a great pick for executing large scale orders.
Moreover, the broker integrates TradingView, which has the most advanced charting capabilities in the industry, and provides Trading Central content. Last but not least, Fusion Markets offers MAM accounts for account managers to place high-volume bulk orders simultaneously on their clients’ behalf.
Key Features:
- Regulation: VFSC (Vanuatu), FSA (Seychelles), ASIC (Australia)
- EUR/USD spread: 0.9 pips
- Gold Spread: 19-24 cents
- Instruments: 240+
- Platforms: MT4, MT5, cTrader, TradingView
- Minimum Deposit: $0
- Maximum Leverage: 1:30 (ASIC), 1:500 (VFSC, FSA)
- Perks: VPS hosting, Fusion+ for copy trading, TradingView and DupliTrade for social trading, MAM accounts, Trading Central
Pros and Cons
- $0 commission on energies, stocks, indices, and cryptocurrencies.
- Below-average $4.5 commission on FX pairs and metals
- Competitive spreads
- No minimum deposit required for the Zero account
- Narrow educational offering
- High fees on stocks
- Narrow selection of tradable instruments
Best for Beginners
- $0Min Deposit
- 10180Tradable Instruments
- MediumFees
What we tested & measured
We conducted our testing through First Prudential Markets (Pty) Ltd, an Australian entity supervised by ASIC. We opened live and demo versions of the Standard and Raw accounts and tested the cTrader platform on desktop and mobile. To test FP Markets’ spreads on popular instruments, we used MetaTrader 5 (on demo accounts). We also contacted FP Markets’ customer support via live chat and email. The recent test was performed in April 2026.
Why We Picked It
We consider FP Markets a very beginner-friendly broker because of its extensive educational library, solid client protection, and reliable customer support. The broker conducts regular webinars in English, Arabic, Chinese, Spanish, Polish, and Vietnamese, and you can watch its recordings on FP Markets’ YouTube channel.
Other perks for novice traders include no minimum deposit requirement, copy trading service that allows you to profit from other traders’ winning strategies, as well as negative balance protection and segregated funds. The other major advantage of FP Markets is its pricing. Beginners can enjoy better-than-average costs for trading commodities, stocks, indices, and cryptocurrencies. The only exception to the rule was FP Markets’ slightly elevated EURUSD cost of trade at $13.
Key Features:
- Regulation: FSA (Seychelles), FSCM (Mauritius), FSCA (South Africa), CMA (Kenya), ASIC (Australia)
- EUR/USD spread: 1.2-1.3 pips
- Platforms: MT4, MT5, cTrader, TradingView, FP Markets app
- Instruments: 970+ tradable assets
- Maximum Leverage: 1:500 (FSA), 1:500 (FSCM), 1:400 (FSCA), 1:500 (Unregulated), 1:500 (CMA), 1:30 (ASIC)
- Minimum deposit: $0
- Perks: Autochartist, Trading Central, Traders Toolbox for MetaTrader, webinars
Pros and Cons
- No minimum deposit requirement
- Trading costs are kept to a minimum
- Comprehensive educational content
- Social and copy trading solutions
- No Islamic accounts
- EURUSD could be lower
- VPS/FIX APIs are not available in all regions
Best Range of Trading Tools
- $0Min Deposit
- 1494Tradable Instruments
- LowFees
What we tested & measured
We opened a Standard Account with Pepperstone Markets Limited, supervised by the SCB of the Bahamas. We performed our tests on the Pepperstone WebTrader platform, the Pepperstone mobile app, and MetaTrader 5.
We reviewed the broker’s conditions for obtaining a free VPS and integrating FIX API protocols into its platforms. We also ran several of its MetaTrader EAs for algorithmic trading and checked the quality of trading signals provided by Autochartist.
Why We Picked It
For those of you who value fast execution and tight spreads, Pepperstone offers FIX API integration via the cTrader platform. You can use this tool to tap into the interbank market and obtain raw spreads directly from Pepperstone’s deep network of top-tier liquidity providers. Pepperstone also deserves credit for providing free Virtual Private Server (VPS) hosting for low-latency trading with 5-10ms execution speed.
Other tools with Pepperstone include 28 Expert Advisors (EAs) via the Smart Trader Tools package, and actionable trading signals from Autochartist.
Key Features:
- Regulation: FCA (United Kingdom), SCB (Bahamas), BaFin (Germany), ASIC (Australia), DFSA (United Arab Emirates), CMA (Kenya), CySEC (Cyprus), CMA UAE (United Arab Emirates)
- EUR/USD spread: 1.0-1.1 pips
- Platforms: Pepperstone WebTrader Platform, MT4, MT5, cTrader, TradingView, Pepperstone app
- Instruments: 1,380+
- Maximum Leverage: 1:30 (FCA, CySEC, BaFin, ASIC, DFSA, CMA-UAE), 1:200 (SCB), 1:400 (CMA-Kenya)
- Minimum deposit: $0
- Perks: Autochartist, FIX APIs, custom EAs, free VPS hosting
Pros and Cons
- Very competitive fees, especially on CFDs on shares, indices, and Bitcoin
- FIX APIs for cTrader
- Off-the-shelf EAs
- 24-hour trading on 116 US stocks
- Unintuitive chatbot
- No real shares
- Elevated WTI cost
Best Range of Markets
- $20Min Deposit
- 6313Tradable Instruments
- MediumFees
What we tested & measured
I opened a universal Capital.com account with Capital Com SV Investments Limited, which is authorized and regulated by CySEC. Using the Capital.com Web Trader platform, I explored the broker’s tradable instruments offering. The data was last checked in May 2026.
Why We Picked It
Capital.com is breaking ground with its vast and diverse instrument offering, which includes more than 5,000+ CFDs and 2,799 knock-out options. You can trade FX pairs, commodities, stocks, indices, cryptocurrencies, and ETFs in spot, futures, or forward contracts.
The broker beats the industry average across all markets, though I was most impressed with the 147 FX pairs (eclipsing the 30-75 industry average) and 543 cryptocurrencies (way above the 10-20 benchmark). This makes Capital.com one of the best options for traders seeking exposure to exotic markets.
Key Features:
- Regulation: FCA (UK), CySEC (Cyprus), ASIC (Australia), CMA (UAE), SCB (Bahamas)
- EUR/USD spread: 0.6 pips
- Platforms: Capital.com WebTrader, MT4, MT5, TradingView, Capital.com App, Investmate
- Instruments: 7,800+
- Maximum Leverage: 1:30 (CySEC, ASIC, FCA), 1:200 (SCB), 1:300 (CMA)
- Minimum deposit: $20
- Perks: Dedicated learning app, TradingView-powered charts, FIX API Integration
Pros and Cons
- Spot, futures, and forward contracts
- Massive offering of forex (147) and crypto (543)
- Educational materials via Trade Smart Academy
- Investmate app for learning
- Low spreads on stocks, US30, and EUR/USD
- Copy trading is not supported
- No swap-free account for EU entity
- No raw-spread account
- Only one account type
Best Trading Platform
- $0Min Deposit
- 2090Tradable Instruments
- HighFees
What we tested & measured
We opened a Standard account with FxPro Global Markets Limited, regulated by the SCB of the Bahamas, and tested the FxPro WebTrader. We checked the available technical indicators, drawing tools, and chart configurations, as well as the supported trading orders, such as market, limit, and stop orders. We also tested FxPro’s customer support via live chat and email.
Why We Picked It
The FxPro WebTrader got my stamp of approval as one of the best in the industry because it has something for everyone. Its easy-to-navigate design is welcoming to inexperienced traders, while its fluid charts make it easy to zoom in on even the smallest price movements before zooming back out to look at the bigger picture. And you never lose sight of how the two tie into each other in the process. This makes the FxPro WebTrader the perfect tool for analyzing the fractal nature of price action – something that would appeal to technical traders.
FxPro WebTrader’s order ticket is another highlight of the platform, as it provides you with ample information about your market exposure before you jump into the deep. Just choose the instrument you want to trade and the price level where you want to enter the market, and the platform will calculate the profits you stand to generate or losses you could incur for each 1.0-pip movement in either direction.
Key Features:
- Regulation: FCA (UK), CySEC (Cyprus), SCB (Bahamas), FSA (Seychelles)
- EUR/USD spread: 1.4 pips
- Platforms: FxPro WebTrader, FxPro Mobile App, MT4, MT5, cTrader, TradingView
- Instruments: 2,100+ tradable assets
- Maximum Leverage: 1:30 (FCA, CySEC), 1:200 (SCB), 1:10,000 (FSA)
- Minimum deposit: $0
- Perks: FxPro Squawk, Trading Central, professional account for eligible traders (EU), educational courses from CME Group
Pros and Cons
- User-friendly platform design
- Easily scalable charts
- Information-rich order ticket
- Integrated market research
- DoM not supported
- Platform only available in English
- Above-average spreads
Best for Share CFD Trading
- $0Min Deposit
- 1614Tradable Instruments
- HighFees
What we tested & measured
I opened an Individual trading account with ActivTrades PLC, which is supervised by the FCA UK. I ran my tests on the broker’s ActivTrader on both web and mobile, collecting live spreads during the London and New York opens. I focused on the broker’s stock offering, checking its breadth and recording live spreads on Apple and Tesla.
Why We Picked It
ActivTrades boasts a broad offering of 1350+ CFDs on stocks and ETFs from the US, UK, and European markets. I recorded a 7-cent AAPL spread (vs. the 56-cent industry average) and a 16-cent TSLA spread (vs. the 71-cent industry average). Both of them beat the industry average several times over, and are lifting the ceiling for stock CFD traders.
I checked ActivTrades’ costs on the versatile ActivTrader web platform, which is perfectly calibrated for stock trading. In addition to its extensive selection of more than 150 analytical tools and chart configurations, the platform features a frequently updated news screener to help you keep tabs on the latest stock market news. But the cherry on top is the platform’s unique progressive trailing stop order, which offers stock traders a two-tiered backstop. I found it especially useful for trading during times of increased market volatility.
Key Features:
- Regulation: FCA (UK), CMVM (Portugal), BCB (Brazil), SCB (Bahamas), FSC (Mauritius), CMA (UAE)
- EUR/USD spread: 1.15 pips
- Platforms: ActivTrader, MT4, MT5, TradingView
- Instruments: 1,600+ assets
- Maximum Leverage: 1:30 (FCA, CMVM), 1:200 (BCB, SCB), 1:400 (FSC, CMA)
- Minimum deposit: $0
- Perks: Trading Central, private insurance, MetaTrader plugins, spread betting and professional accounts for UK traders, payable interest on free margin
Pros and Cons
- 1,350+ shares and 140 ETFs
- Low spreads on stocks
- Versatile ActivTrader platform
- Progressive trailing stop
- Trading Central content
- No copy trading
- Only one account type
- No VPS/FIX APIs
- Mixed swaps
Best for Swing Traders
- $5Min Deposit
- 1372Tradable Instruments
- HighFees
What we tested & measured
We opened a Standard XM account with Trading Point of Financial Instruments Ltd, regulated by CySEC, and tested the XM Web Platform and the XM mobile app. We checked the broker’s tradable instruments stack and whether it suits the needs of traders seeking longer-term market exposure. We also tested XM’s spreads and overnight (swap) charges on popular instruments and compared them against industry benchmarks.
Why We Picked It
With its substantial offering of more than 1,400 tradable instruments, XM provides swing traders with a virtually inexhaustible source of trading opportunities. The ones most well-suited for swing traders include 20 metals, energy, and soft commodities, as well as 21 indices. XM is also breaking ground with its 6 thematic indices, which allow you to ride popular market trends across major industries, such as tech and crypto.
We assessed XM’s swap-long charges across major instruments in popular asset classes, including FX pairs, commodities, and stocks, and they were mostly low to average relative to the industry average. The highlight of the testing was a $2.50 swap long I captured on the GBPJPY pair. We also learned that XM’s Ultra Low account features swap-free trading on a selection of popular instruments, making it an attractive option for longer-term traders.
Key Features:
- Regulation: FSC (Belize), DFSA (United Arab Emirates), CySEC (Cyprus), FSCM (Mauritius), CMA (Kenya), FSCA (South Africa), FSA (Seychelles), CMA UAE (United Arab Emirates), BVI FSC (Virgin Islands, British)
- EUR/USD spread: 2 pips
- Platforms: XM Web Platform, XM Mobile App, MT4, MT5
- Instruments: 1,400+ assets
- Maximum Leverage: 1:30 (CySEC, DFSA), 1:400 (CMA), 1:1000 (CMA, FSCA, FSA, FSC, BVI FSC)
- Minimum deposit: $5
- Perks: Reuters news, Trading Central, XM’s Copy Trading service, multilingual webinars, interactive Live Education rooms
Pros and Cons
- Competitive swaps
- Diverse tradable instruments
- Excellent built-in research
- Strong platform lineup
- No overnight fees for selected instruments on the Ultra Low account
- Wide spreads on the Standard account
- No raw-spread account
- Inactivity fee
Best for Experienced Traders
- $0Min Deposit
- 8117Tradable Instruments
- LowFees
What we tested & measured
We opened a live Individual account with Interactive Brokers Ireland Limited, licensed and regulated by the Central Bank of Ireland (CBI).
We performed our tests on the Interactive Brokers Client Portal, IBKR Desktop, and TWS platforms, as well as the IBKR Mobile and GlobalTrader apps. We did the spread tests immediately after the London and New York market openings. We also tested IBKR’s customer support via live chat and email.
Why We Picked It
Our live testing confirmed that IBKR’s spreads and commissions are among the lowest in the industry. We also appreciated the responsiveness, customizability, and scalability of the TWS platform, which enables deep price action examination.
IBKR provides multiple trading APIs that enable Direct Market Access (DMA), allowing experienced traders to access raw spreads directly from the exchange’s order books and achieve fast order execution speeds.
Key Features:
- Regulation: CFTC (US), CIRO (Canada), FCA (UK), DFSA (Dubai), CBI (Ireland), SEBI (India), JFSA (Japan), SFC (Hong Kong), MAS (Singapore), ASIC (Australia)
- EUR/USD spread: 0.2 pips
- Platforms: IBKR Client Portal, IBKR Desktop, Trader Workstation (TWS)
- Instruments: 1 million+ trading and investing products
- Maximum Leverage: 1:30 (FCA, DFSA, CBI, ASIC), 1:25 (JFSA), 1:20 (MAS)
- Minimum deposit: $0
- Perks: FIX APIs, DMA access, interest on free cash
Pros and Cons
- Licensed and supervised globally by 11 regulators
- Razor-sharp spreads on most popular instruments
- FIX APIs for DMA trading
- Advanced IBKR Desktop and TWS trading platforms
- Interest on free cash
- Spotty customer support
- No third-party platforms
- No Islamic accounts
- Limited range of commodity CFDs
How Did FXEmpire Choose the Best Forex Brokers?
Top-Tier Regulation and Trust
We first verify that the broker is licensed by a stringent financial authority (like the FCA or ASIC). This issue is crucial because a strong regulatory license is the key indicator of fund security and ethical operation, ensuring your capital is protected.
Competitive Spreads and Fees
We open real accounts to test live spreads and swap fees (overnight charges). Trading costs determine your profitability; a fraction of a pip difference can save active traders thousands of dollars over a year.
Reliable Trading Software
The broker must offer a secure and stable platform (MT4/MT5 or a proprietary app). The platform determines execution speed and stability. If your software lags during a volatile price move, you could miss an entry or exit point.
Hands-On Platform Usability
We test the mobile app and desktop interface to ensure it is user-friendly and feature-rich. The platform should allow quick, intuitive access to charting tools and order types, preventing frustrating mistakes during fast-paced trading.
Selection of Products
We evaluate the range of tradable instruments (currency pairs, commodities, etc.). Having diverse products means more opportunities.
Responsible Leverage Options
We confirm the leverage offered is compliant with the broker’s regulator and is offered at appropriate levels. Leverage is a double-edged sword: it allows you to control a large position with a small amount of capital, but it significantly magnifies both profits and losses. Regulatory limits are a crucial safety feature.
Responsive Customer Support
We perform live tests of customer support to assess their response time and technical knowledge. Good support is the necessary safety net for resolving urgent account or trade-related issues quickly.
| Category | Weight |
|---|---|
| Platforms & Tools | 20% |
| Fees | 17% |
| Trust | 13% |
| Tradable Instruments | 11% |
| Research | 11% |
| Customer Support | 8% |
| Deposit & Withdrawal | 8% |
| Account Types & Terms | 7% |
| Education | 5% |
All the Brokers We Tested
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About the Authors
Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.
Amy leads the prop trading area at FXEmpire, collaborating closely with industry experts to deliver insightful and trustworthy reviews. Her work ensures that readers gain transparent, reliable guidance in navigating the fast-evolving world of proprietary trading firms.
As a Senior Content Editor at FXEmpire, Ola has revised and fact-checked over 200 broker reviews and guides. Her profound understanding of financial markets has been crucial in developing the proprietary rating system.
- Our Top 10 Forex Brokers, Ranked
- Also Worth Considering
- The Best Forex Brokers, Tested
- Best Overall
- Best Trading Fees
- Best for High-Volume Traders
- Best for Beginners
- Best Range of Trading Tools
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- Best for Share CFD Trading
- Best for Swing Traders
- Best for Experienced Traders
- All the Brokers We Tested
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- Related Guides