Search Icon
FXEMPIRE
icon

Best Forex Brokers

Updated: Jan 25, 2023
While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.

Foreign exchange is an exciting and fast-paced marketplace where fortunes are made and lost in the blink of an eye. If you want to get involved in foreign exchange trading or investing, also known as the Forex market, you’ll want to work with a top Forex broker.

The best Forex brokers offer a combination of safe trading environment, competitive pricing, high-tech trading tools, and fast and reliable trade order execution. Sorting through the long list of Forex brokers and picking out the best is too much work for the average trader, so we took care of the hard part and whittled down to a list of the top Forex brokers for a variety of focuses and specialties.

The brokers below represent the best forex brokers overall.

Scroll for more details
BrokerOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptooffers promotions
Plus500
Visit Broker>

79% 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.

FCA, ASIC, CySEC, FSCA, MAS, FMA, FSA

$100

1:30 (FCA), 1:30 (ASIC), 1:30 (CySEC), 1:30 (FSCA), 1:20 (MAS), 1:30 (FMA), 1:30 (FSA)

Plus500

2009

No dealing desk

FXTM
Visit Broker>

82% of retail CFD accounts lose money

FCA, CySEC, FSC

$50

1:30 (FCA), 1:30 (CySEC), 1:3500 (FSC)

MT4, MT5, Proprietary

2011

No dealing desk, ECN, Market Maker

Eightcap
Visit Broker>

Margin trading involves a high level of risk, and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary. Forex and CFDs are highly leveraged products which mean both gains and losses are magnified. You should only trade in these products if you fully understand the risks involved and can afford losses without adversely affecting your lifestyle (including the risk of losing substantially more than your initial investment). A Product Disclosure Statement (PDS) and a Financial Services Guide (FSG) for our products are available to download from our Legal Documentation page. You must assess and consider them carefully before making any decision about using our products or services.

FCA, ASIC, CySEC, SCB

$100

1:30 (FCA), 1:30 (ASIC), 1:30 (CySEC), 1:200 (SCB)

MT4, MT5

2009

Market Maker, Dealing Desk

IC Markets
Visit Broker>

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

ASIC, CySEC, FSA(SC)

$200

1:30 (ASIC), 1:30 (CySEC), 1:500 (FSA(SC))

MT4, MT5, cTrader

2007

ECN, No dealing desk

FP Markets
Visit Broker>

This material on this website is intended for illustrative purposes and general information only. It does not constitute financial advice nor does it take into account your investment objectives, financial situation or particular needs. Commission, interest, platform fees, dividends, variation margin and other fees and charges may apply to financial products or services available from FP Markets. The information in this website has been prepared without taking into account your personal objectives, financial situation or needs. You should consider the information in light of your objectives, financial situation and needs before making any decision about whether to acquire or dispose of any financial product. Contracts for Difference (CFDs) are derivatives and can be risky; When trading CFDs you do not own or have any rights to the CFDs underlying assets. FP Markets recommends that you seek independent advice from an appropriately qualified person before deciding to invest in or dispose of a derivative. A Product Disclosure Statement for each of the financial products available from FP Markets can be obtained either from this website or on request from our offices and should be considered before entering into transactions with us. First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354). FP Markets is a group of companies which include, First Prudential Markets Ltd (registration number HE 372179), a company authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC License number 371/18, Registered Address: Griva Digeni, 109, Aigeo Court, 2nd floor, 3101, Limassol, Cyprus. FP Markets does not accept applications from U.S, Japan or New Zealand residents or residents from any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.

ASIC, CySEC

$100

1:30 (ASIC), 1:30 (CySEC)

MT4, MT5, IRESS, WebTrader

2005

DMA, ECN, No dealing desk, STP

Swissquote Bank
Visit Broker>

Trading involves risks. Products and services of Swissquote are only intended for those permitted to receive them under local law.

FCA, FINMA, CSSF

$1000

1:30 (FCA), 1:100 (FINMA), 1:30 (CSSF)

MT4, MT5, Advanced Trader

1996

Bank, Dealing Desk, Market Maker, No dealing desk

OCTAFX
Visit Broker>

Forex margin trading involves substantial risks

CySEC, SVGFSA

$50

1:30 (CySEC), 1:500 (SVGFSA)

MT4, MT5

2011

ECN, STP

Exness
Visit Broker>

General Risk Warning: CFDs are leveraged products. Trading in CFDs carries a high level of risk thus may not be appropriate for all investors. The investment value can both increase and decrease and the investors may lose all their invested capital. Under no circumstances shall the Company have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs.

FCA, CySEC, FSCA, FSA(SC)

$10

1:2000 (FCA), 1:30 (CySEC), 1:500 (FSCA), 1:2000 (FSA(SC))

MT4, MT5

2008

Market Maker, No dealing desk

BDSwiss
Visit Broker>

This website is for general information purposes only and is operated by BDSwiss AG. BDSwiss AG is the BDSwiss Group’s Holding Company domiciled in Grienbachstrasse 11, 6300, Zug, Switzerland. BDSwiss AG does NOT offer any financial products or services.

FSC, FSA(SC)

$10

1:500 (FSC), 1:500 (FSA(SC))

MT4, MT5, Proprietary, WebTrader

2012

Market Maker, STP

CMC Markets
Visit Broker>

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.

FCA, ASIC, DFSA, BaFin, IIROC, MAS, FMA

$0

1:30 (FCA), 1:30 (ASIC), 1:50 (DFSA), 1:30 (BaFin), 1:45 (IIROC), 1:20 (MAS), 1:500 (FMA)

MT4, CMC Mobile App, CMC Web Platform

1989

Dealing Desk, Market Maker

Tickmill
Visit Broker>

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd. You should consider whether you understand how CFDs, or any other of our products work, and whether you can afford to take the risk of losing your money.

FCA, CySEC, FSCA, FSA(SC), LFSA

$100

1:30 (FCA), 1:30 (CySEC), 1:500 (FSCA), 1:500 (FSA(SC)), 1:500 (LFSA)

MT4, MT5

2014

No dealing desk

IronFX
Visit Broker>

Your capital is at risk

FCA, CySEC, FSCA

$100

1:30 (FCA), 1:30 (CySEC), 1:500 (FSCA)

MT4

2010

Bank, ECN, STP

Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.


Best FX Brokers for Forex Trading


Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients. You can also visit our Stock Brokers section.

Plus500

Regulated by:FCA, ASIC, CySEC, FSCA, MAS, FMA, FSA

Headquarters:Israel

Foundation Year:2009

Min Deposit:$100

Visit Broker

79% 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.

Plus500 is a CFD publicly traded company that was founded in 2008. The Plus500 CFD trading platform is offered by Plus500 UK Ltd which is authorised and regulated by the UK Financial Conduct Authority and is also a subsidiary of Plus500 Ltd which is a publicly-traded company listed on the London Stock Exchange.

The broker’s trading platform is available in more than 50 countries and is authorised and regulated around the world by the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), the Monetary Authority of Singapore (MAS) and the Israel Securities Authority (ISA), among others.

Pros: Cons:
  • Multiple regulations from around the world – FCA, CySEC, ASIC, MAS, ISA.
  • More than 2,500+ CFDs to trade on, covering multiple asset classes.
  • Commission-free trading.
  • Simple to use proprietary trading platform.
  • Multilingual customer support 24/7.
  • No phone support offered.
  • Lack of market news and trader education.

Watch Our Plus500 Video Review:

The content of videos available in this website are independent from Plus500

FXTM

Regulated by:FCA, CySEC, FSC

Headquarters:Cyprus

Foundation Year:2011

Min Deposit:$50

Visit Broker

82% of retail CFD accounts lose money

FXTM, short for ForexTime, is a platform with a primary focus on foreign exchange. That specialization allows it to rise above many others when it comes to Forex focused trading platforms and tools. CFDs are available on 50+ currency pairs including major, minor, and exotic pairs. Leverage is available up to 1000:1.

Spreads are competitive across all platforms with 24-hour trading open 5 days per week. FXTM is based in Cyprus and licensed by the International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission, and other regulators in and out of the EU. A free demo account is available.

 Pros:  Cons:
  • Support for 250+ products to trade across global markets, including Forex, commodities, shares, indices and cryptocurrency CFDs
  • Competitive spreads
  • MetaTrader 4 and MetaTrader 5 platform support
  • Low maximum order size
  • No native Mac desktop app

Watch Our FXTM Video Review:

Eightcap

Regulated by:FCA, ASIC, CySEC, SCB

Headquarters:Australia

Foundation Year:2009

Min Deposit:$100

Visit Broker

Margin trading involves a high level of risk, and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary. Forex and CFDs are highly leveraged products which mean both gains and losses are magnified. You should only trade in these products if you fully understand the risks involved and can afford losses without adversely affecting your lifestyle (including the risk of losing substantially more than your initial investment). A Product Disclosure Statement (PDS) and a Financial Services Guide (FSG) for our products are available to download from our Legal Documentation page. You must assess and consider them carefully before making any decision about using our products or services.

If you’re interested in trading with a broker that has top-notch customer support and competitive trading fees, then Eightcap could be for you. The broker was founded in 2009 and operates four entities, regulated by FCA, ASIC, CySEC, and SCB.

Pros Cons
  • Commission-free trading available.
  • Competitive spreads.
  • Large crypto CFD offering.
  • No education or research videos or webinars.
  • Bahamas entity based offshore.

IC Markets

Regulated by:ASIC, CySEC, FSA(SC)

Headquarters:Australia

Foundation Year:2007

Min Deposit:$200

Visit Broker

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

IC Markets was founded in Sydney, Australia in 2007 and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the Seychelles Financial Services Authority (FSA). According to the broker’s website, they processed $646 billion worth of trading volume in April 2019 alone.

Pros: Cons:
  • True ECN broker with institutional grade liquidity.
  • MetaTrader and cTrader available on desktop, web and mobile.
  • Wide range of tradable products with 24/7 customer support.
  • Impressive library of educational material and videos.
  • Beginner traders may be overwhelmed by the choice of markets and platforms.

Watch Our IC Markets Video Review:

FP Markets

Regulated by:ASIC, CySEC

Headquarters:Australia

Foundation Year:2005

Min Deposit:$100

Visit Broker

This material on this website is intended for illustrative purposes and general information only. It does not constitute financial advice nor does it take into account your investment objectives, financial situation or particular needs. Commission, interest, platform fees, dividends, variation margin and other fees and charges may apply to financial products or services available from FP Markets. The information in this website has been prepared without taking into account your personal objectives, financial situation or needs. You should consider the information in light of your objectives, financial situation and needs before making any decision about whether to acquire or dispose of any financial product. Contracts for Difference (CFDs) are derivatives and can be risky; When trading CFDs you do not own or have any rights to the CFDs underlying assets. FP Markets recommends that you seek independent advice from an appropriately qualified person before deciding to invest in or dispose of a derivative. A Product Disclosure Statement for each of the financial products available from FP Markets can be obtained either from this website or on request from our offices and should be considered before entering into transactions with us. First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354). FP Markets is a group of companies which include, First Prudential Markets Ltd (registration number HE 372179), a company authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC License number 371/18, Registered Address: Griva Digeni, 109, Aigeo Court, 2nd floor, 3101, Limassol, Cyprus. FP Markets does not accept applications from U.S, Japan or New Zealand residents or residents from any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.

This brokerage offers a massive range of tradable assets through Forex, CFD, and share trading accounts. FP Markets supports the MT4, MT5, and IRESS platforms and offers leverage up to 500:1. You can trade 45 currency pairs with competitive spread or commission pricing.

Pros: Cons:
  • 10,000+ tradable assets
  • Choose between 3 trading platforms
  • Competitive spread pricing on raw account
  • High spreads on the standard account
  • A range of possible additional fees
  • AU $200 minimum opening balance

Watch Our FP Markets Video Review:

Swissqoute

Regulated by:FCA, FINMA, CSSF

Headquarters:Switzerland

Foundation Year:1996

Min Deposit:$1000

Visit Broker

Trading involves risks. Products and services of Swissquote are only intended for those permitted to receive them under local law.

Founded in 1996, Swissquote is a leading bank in online financial services, including forex and CFD brokerage. The Gland, Switzerland based company was founded in 1996 and has been listed on the SIX Swiss Exchange (symbol SQN) since May 2000. Over 400 Forex and CFD instruments are available to trade via their proprietary Advanced Trader platform.

Swissquote distinguishes itself with its high level of stability and trustworthiness due to being regulated across the globe, publicly traded and a licenced Swiss bank. It also has a wide variety of accounts to cater to different types of traders and a unique proprietary trading platform. Swissquote goes beyond what is normally offered at a forex and CFD broker, by having banking services, Robo-Advisors and tools for professional money managers.

Pros Cons
  • Extensive regulatory oversight.
  • Great research and news resources.
  • Strong educational resources.
  • Choice of platforms.
  • High levels of available leverage (1:100).
  • Depositor protection scheme up to CHF 100’000 in the event of bankruptcy proceedings.
  • High minimum deposit to open an account ($1,000).
  • Standard Account spreads are not very competitive.
  • Only one withdrawal method (bank wire).

OctaFX

Regulated by:CySEC, SVGFSA

Headquarters:Saint Vincent and the Grenadines

Foundation Year:2011

Min Deposit:$50

Visit Broker

Forex margin trading involves substantial risks

OctaFX is a Forex and CFD trading platform with a focus on low, competitively priced spreads. It supports MT4, MT5, and cTrader trading platforms. cTrader offers the lowest costs, but does require a bit more experience. Novice traders are best starting off at OctaFX using MetaTrader 4, which supports micro accounts.

Pros: Cons:
  • Low spread pricing
  • 3 different platforms and flexible pricing
  • Free Forex demo available
    • Just 28 currency pairs
    • Limited deposit options
    • Lost UK Financial Conduct Authority coverage in 2017

Watch Our OctaFX Video Review:

Exness

Regulated by:FCA, CySEC, FSCA, FSA(SC)

Headquarters:Cyprus

Foundation Year:2008

Min Deposit:$10

Visit Broker

General Risk Warning: CFDs are leveraged products. Trading in CFDs carries a high level of risk thus may not be appropriate for all investors. The investment value can both increase and decrease and the investors may lose all their invested capital. Under no circumstances shall the Company have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs.

Exness was founded in 2008 and is a joint brand name of Nymstar Limited, a Securities Dealer registered in Seychelles authorised and regulated by the Financial Services Authority (FSA) of Seychelles, and Vlerizo (Pty) Ltd – a Financial Service Provider authorised and regulated by the Financial Sector Conduct Authority (FSCA) in South Africa.

The broker offers clients the ability to trade on 200+ financial CFD instruments covering Forex, Shares, Indices, Energies, Metals and Cryptocurrencies, from its WebTrader platform and the globally renowned MetaTrader 4 and MetaTrader 5 platforms for Web, Windows and MAC.

Pros: Cons:
  • 200+ financial CFD instruments
  • Unlimited leverage.
  • Commission-free trading available.
  • MT4/MT5 available.
  • Fee-free deposits and withdrawals.
  • Not available in all regions.

Watch Our Exness Video Review:

BDSwiss

Regulated by:FSC, FSA(SC)

Headquarters:Mauritius

Foundation Year:2012

Min Deposit:$10

Visit Broker

This website is for general information purposes only and is operated by BDSwiss AG. BDSwiss AG is the BDSwiss Group’s Holding Company domiciled in Grienbachstrasse 11, 6300, Zug, Switzerland. BDSwiss AG does NOT offer any financial products or services.

BDSwiss offers trading in a wide range of assets via its beginner friendly web and mobile platforms, as well as offering the popular MetaTrader platform.

BDSwiss was established in 2012 and has since grown to have over a million clients worldwide. Trading is available in more than 1000 instruments, across forex, commodities, shares, indices, cryptocurrencies and ETFs.

Pros Cons
  • Well designed proprietary platforms.
  • Good research and educational materials.
  • Good customer support.
  • Offers a range of third party platforms and tools.
  • Classic Account has wide spreads in some popular instruments.
  • High inactivity fees.
  • Does not accept clients from EU, UK and USA.

CMC Markets

Regulated by:FCA, ASIC, DFSA, BaFin, IIROC, MAS, FMA

Headquarters:United Kingdom

Foundation Year:1989

Min Deposit:$0

Visit Broker

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.

CMC Markets is a leading CFD and Spread Betting broker, founded by Peter Cruddas in 1989. The UK based company is listed on the London Stock Exchange (LSE) under the ticker symbol, CMCX. CMC Markets is overseen by multiple regulators across the globe, including the UK Financial Conduct Authority (FCA).

The flagship Next Generation trading platform provides advanced tools and functionality for trading a vast range of instruments. Spreads are among the most competitive in the forex and CFD industry. With over 30 years of experience and more than 300,000 clients globally CMC Markets has created a state of the art platform geared to help traders realise their potential. Research and educational resources are also top notch at this broker.

Pros: Cons:
  • Registered with multiple top tier regulators globally.
  • Competitive spreads and fees.
  • Outstanding range of tradable Instruments.
  • Strong research resources.
  • Good customer service.
  • Cutting edge platform.
  • Inactivity fee of £10 a month (no deductions are made if there are no funds in the account).
  • No courses in the education section.
  • No Islamic Account

Tickmill

Regulated by:FCA, CySEC, FSCA, FSA(SC), LFSA

Headquarters:United Kingdom

Foundation Year:2014

Min Deposit:$100

Visit Broker

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd. You should consider whether you understand how CFDs, or any other of our products work, and whether you can afford to take the risk of losing your money.

Tickmill was founded in 2014 and is regulated by the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Seychelles Financial Services Authority (FSA).

The broker provides more than 80+ CFD instruments to trade on covering Forex, Indices, Commodities and Bonds through three core trading accounts called the Pro Account, Classic Account and VIP Account. They also offer a demo trading account and Islamic swap-free account.

Pros: Cons:
  • Multiple regulations and licences.
  • Commission-free trading accounts available.
  • Competitive spreads and overnight swap charges.
  • Impressive range of trader research tools and analysis.
  • No stocks available.
  • MetaTrader 5 not available.

Watch Our Tickmill Video Review:


IronFX

Regulated by:FCA, CySEC, FSCA

Headquarters:Cyprus

Foundation Year:2010

Min Deposit:$100

Visit Broker

Your capital is at risk

Founded in 2010, IronFX offers trading in forex, commodities, indices, stocks, and cryptocurrencies.

The company provides its services via four entities: Notesco Financial Services Ltd (Cyprus), Notesco UK Limited (UK), Notesco (SA) Pty Ltd (South Africa), and Notesco Limited (Bermuda).

Pros Cons
  • Seven accounts to choose from.
  • Multiple deposit and withdrawal options.
  • Islamic account option for four accounts.
  • An unregulated entity in Bermuda.
  • Weak research support.
  • High spreads for some instruments.

How to choose a Forex broker

Every trader has different priorities and strategies when it comes to Forex broker, but there are a few common features that every trader wants in a Forex brokerage:

  • Regulation and reliability – By dealing with a regulated broker, you can have the assurance that the broker has met the operating standards imposed by the regulatory body.
  • Low fees A low-fee brokerage helps you keep more of your profits for yourself. Different Forex companies charge you through commissions and/or spread markups.
  • Great platform and trading tools When you log in to your account, you should have everything you need to succeed at your fingertips. The best brokerage and forex platforms include a desktop, mobile, and web-based option to manage your account, research and track positions, and enter trades.
  • Fast trade execution When ycou click the buy or sell button, a delay of a few seconds can cost you big. It’s important to work with a platform that offers real-time data and near-instant executions.

FX Empire has years of experiencing researching and reviewing brokerages and other financial companies around the world, and is a leader in reviews in the Forex and CFD (contract for difference) industries.

Read More:

Trade With A Regulated Broker