Best Forex Brokers 2019

Eric Rosenberg
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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 Forex, 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 brokers for forex trading overall.

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BrokerRatingOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptoCommission on tradesFixed spreadsoffers promotionsOfficial Site
Plus500
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80.6% of retail CFD accounts lose money

ASIC, CySEC, FCA, FSB, ISA, MAS

$100

1:30

Plus500

2008

No dealing desk

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80.6% of retail CFD accounts lose money

FXTM
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90% of retail CFD accounts lose money

CySEC, FCA, FSC

$10

1:30

MT4

2011

ECN, STP

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90% of retail CFD accounts lose money

XTB
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Your capital is at risk

BaFin, CNMV in Spain, CySEC, FCA, IFSC

$0

1:200

MT4

2002

STP

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Your capital is at risk

EightCap
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Your Capital is at Risk

ASIC

$100

1:500

MT4, MT5

2009

No dealing desk

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Your Capital is at Risk

FP Markets
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Your capital is at risk

ASIC

$100

1:500

MT5

2005

DMA, ECN

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Your capital is at risk

Alpari
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Your capital is at risk

FSC

$null

1:1000

MT4, MT5

1998

ECN, STP

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Your capital is at risk

OctaFX
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Your capital is at risk

CySEC

$5

1:500

cTrader, MT4, MT5

2011

ECN, STP

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Your capital is at risk

TradeStation
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TradeStation International Ltd is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom and has passport rights in the EEA (registration number 554431). TradeStation International Ltd acts as an introducing broker to TradeStation Group's affiliates and non-affiliates, such as Interactive Brokers (U.K) Limited. The material on this website is for information purposes only. Any reference on this Web site to TradeStation and its affiliated companies should not be construed as an offer or solicitation, directed to residents in jurisdictions where TradeStation or Interactive Brokers, by and through any of its affiliates, is not registered to do business. TradeStation International Ltd does not provide investment advice, trading advice, recommendations or strategic advice in respect of any security, group of securities, market segment or market. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. Bitcoin futures, options and CFDs are leveraged products and can result in losses that exceed deposits; therefore, you should not invest or risk money that you cannot afford to lose. TradeStation®, EasyLanguage® and the other company trademarks in the TradeStation Platform are owned by TradeStation Technologies, Inc., a technology research and development company affiliated with TradeStation International Ltd. Depending on the choice of account, the provision of brokerage and trading services to you is offered by TradeStation Securities, Inc, or Interactive Brokers (U.K) Ltd by means of the TradeStation Platform (or otherwise) and on such terms as you may agree with the respective broker-dealer. TradeStation International Ltd is not a party to any agreement that you may enter into with Interactive Brokers (U.K) Ltd for the provision of such services. We list educational workshops designed to demonstrate what we believe are the valuable benefits of using the TradeStation platform but do not endorse materials presented by third parties.

CFTC, FCA, NFA, SEC

$500

1:4

Proprietary

1982

DMA

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TradeStation International Ltd is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom and has passport rights in the EEA (registration number 554431). TradeStation International Ltd acts as an introducing broker to TradeStation Group's affiliates and non-affiliates, such as Interactive Brokers (U.K) Limited. The material on this website is for information purposes only. Any reference on this Web site to TradeStation and its affiliated companies should not be construed as an offer or solicitation, directed to residents in jurisdictions where TradeStation or Interactive Brokers, by and through any of its affiliates, is not registered to do business. TradeStation International Ltd does not provide investment advice, trading advice, recommendations or strategic advice in respect of any security, group of securities, market segment or market. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. Bitcoin futures, options and CFDs are leveraged products and can result in losses that exceed deposits; therefore, you should not invest or risk money that you cannot afford to lose. TradeStation®, EasyLanguage® and the other company trademarks in the TradeStation Platform are owned by TradeStation Technologies, Inc., a technology research and development company affiliated with TradeStation International Ltd. Depending on the choice of account, the provision of brokerage and trading services to you is offered by TradeStation Securities, Inc, or Interactive Brokers (U.K) Ltd by means of the TradeStation Platform (or otherwise) and on such terms as you may agree with the respective broker-dealer. TradeStation International Ltd is not a party to any agreement that you may enter into with Interactive Brokers (U.K) Ltd for the provision of such services. We list educational workshops designed to demonstrate what we believe are the valuable benefits of using the TradeStation platform but do not endorse materials presented by third parties.

FOREX.com
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% 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. Capital at risk

CFTC, NFA

$50

1:50

N/A

1999

Market Maker

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% 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. Capital at risk

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

Active traders in foreign exchange markets require a well-balanced brokerage that offers powerful tools and low costs and reliable trading environment. For those looking for an overall top brokerage for Forex trading, you’ll do well with any from the list below:


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 best US forex brokers.

Plus500

Regulated By:ASIC, CySEC, FCA, FSB, ISA, MAS

Foundation Year:2008

Headquarters:Building 25, MATAM, Haifa, Israel

Min Deposit:$100

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80.6% of retail CFD accounts lose money

80.6% of retail CFD accounts lose money

Plus500 is a leading CFD trading platform with support for stocks, indices, cryptocurrencies, and Forex. This commission-free brokerage charges very low spread-rates and offers fast trades on a great platform. Plus500 supports complex trades, includes negative balance protection, and makes trading an educational and hopefully profitable venture.

You can start with a free demo account to test the platform and any trading strategy. Real money accounts offer leverage of up to 300:1. This broker is based in Israel and regulated by the Financial Conduct Authority (FCA) in the UK. Check out our full Plus500 review here.

Pros: Cons:
  • Support for 2000+ products to trade across global markets,including Forex, commodities, shares, indices
    and cryptocurrency CFDs
  • No commission and low spread costs
  • Advanced trades and fast execution
  • Licensed in several regulatory hubs, and publicly listed
  • Only CFDs, no direct Forex trades
  • High rates on margin/leverage accounts
  • Less research data than some competitors
  • No phone support offered

FXTM

Regulated By:CySEC, FCA, FSC

Foundation Year:2011

Headquarters:FXTM Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus

Min Deposit:$10

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90% of retail CFD accounts lose money

90% 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. Read our detailed FXTM review here.

 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

XTB

Regulated By:BaFin, CNMV in Spain, CySEC, FCA, IFSC

Foundation Year:2002

Headquarters:Level 34, One Canada Square, Canary Wharf, E14 5AA, London, United Kingdom

Min Deposit:$0

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Your capital is at risk

Your capital is at risk

XTB is an award-winning CFD platform that supports Forex, indices, commodities, stock CFDs, ETF CFDs, and cryptocurrencies. For Forex, XTB supports 48 currency pairs with low-cost spreads. Customers of XTB can choose between trading on the xStation 5 or MT4 platforms. For leverage accounts, this brokerage offers leverage of up to 200:1.

XTB was founded in 2002 with a headquarters in Warsaw. It is regulated in markets across Europe by the IFSC, FCA, KNF, and CySec. XTB has a free demo account and a Trading Academy set of courses for beginner and intermediate traders. Check out our full XTB review here.

Pros: Cons:
  • Choose between two excellent trading platforms (xStation 5 or MT4 platforms)
  • A collection of 3000+ trading instruments across six asset classes
  • Low spreads
  • Fewer Forex pairs than some top competitors
  • No 24/7 support

EightCap

Regulated By:ASIC

Foundation Year:2009

Headquarters:360 Collins Street Level 6, Melbourne, Australia

Min Deposit:$100

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Your Capital is at Risk

Your Capital is at Risk

EightCap is an Australia based foreign exchange and CFD broker. Supported assets include foreign exchange, cryptocurrencies, commodities, index CFDs, and share CFDs. EightCap supports 46 currency pairs. EightCap automatically offers 100:1 leverage. You can choose from 1:1 to 500:1. Fees and commissions vary by account type and are competitive.

EightCap supports the MetaTrader 4 and MetaTrader 5 platforms. This broker offers both demo and live accounts. The company was founded in 2009 and is licensed and regulated by the Australian Securities and Investments Commission (ASIC). Read our full EightCap review here.

Pros: Cons:
  • Support for two platforms including the modern MT5
  • Choose spread or commission charges
  • Adjustable leverage options from 1:1 to 500:1
  • Fewer currency pairs than some competitors
  • Demo limited to 30 days
  • Only customer service phone number is in Australia

FP Markets

Regulated By:ASIC

Foundation Year:2005

Headquarters:Level 5, Exchange House 10 Bridge St Sydney NSW 2000, Australia

Min Deposit:$100

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Your capital is at risk

Your capital is at risk

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.

FP Markets was founded in 2005 and is headquartered in Sydney, Australia. It is regulated by by the ASIC in Australia. Demo accounts are available. While it is suitable for beginners, education resources are limited. Check out our full FP Markets review here.

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

Alpari

Regulated By:FSC

Foundation Year:1998

Headquarters:Mauritius

Min Deposit:N/A

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Your capital is at risk

Your capital is at risk

Alpari is an industry veteran founded in 1998. It is headquartered in Port Louis, Mauritius and has an operations headquarters in London. The company offers services to international traders from 150+ countries, though the United States is a noteworthy gap – its membership to the US National Futures Association was revoked in 2015, forcing it out of the United States market.

This brokerage is originally from Russia. It is licensed in Belize as well as Saint Vincent and the Grenadines. It supports the MetaTrader 4 and MetaTrader 5 platforms. Forex traders can access 44 currency pairs and leverage is available up to 1,000:1. It is an exciting and innovative brokerage. Read our full Alpari review here.

Pros: Cons:
  • Innovative brokerage
  • 20+ years of history in business
  • Varying cost options to match your trading style
  • History of reguatory challenges
  • Past insolvency in the UK in 2015
  • Limited multilingual support

OctaFX

Regulated By:CySEC

Foundation Year:2011

Headquarters:Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines

Min Deposit:$5

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Your capital is at risk

Your capital is at risk

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.

OctaFX supports 28 currency pairs, a smaller number than many competitors. You can get leverage up to 500:1 for currencies. Different leverage is available for metals, indices, and crypto trading. OctaFX was founded in 2011 and is based in and licensed in Saint Vincent and the Grenadines. Read our detailed review of OctaFX here.

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

IG – US accounts available

Regulated By:NFA

Foundation Year:1974

Headquarters:Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA, UK

Min Deposit:$250

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Your Capital is at Risk

Your Capital is at Risk

IG is a CFD and Forex brokerage located in Australia. It offers access to a wide range of markets in addition to Forex. Spreads are competitive, but not the cheapest in the marketplace. However, it does offer direct market access and trading on the MT4 platform.

IG was founded in 1974, making it one of the oldest Forex trading services available today. IG is a founding member of the CFD and FX Forum and works with Australia’s ASIC. Its transparency on pricing and regulations is refreshing in a sometimes cloudy industry. IG offers both an international platform and a US focused version regulated by the US Commodities Futures Trading Commission and is a member of the National Futures Association.

Pros: Cons:
  • Ultra-transparent pricing and regulations
  • Trusted brokerage with more than 40 years of experience
  • Demo available
  • Accepts US traders
  • Not the cheapest pricing around
  • Limited tradable assets
  • Limited education and research

TradeStation – US brokerage

Regulated By:CFTC, FCA, NFA, SEC

Foundation Year:1982

Headquarters:8050 SW 10th Street, Plantation, 33324

Min Deposit:$500

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TradeStation International Ltd is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom and has passport rights in the EEA (registration number 554431). TradeStation International Ltd acts as an introducing broker to TradeStation Group's affiliates and non-affiliates, such as Interactive Brokers (U.K) Limited. The material on this website is for information purposes only. Any reference on this Web site to TradeStation and its affiliated companies should not be construed as an offer or solicitation, directed to residents in jurisdictions where TradeStation or Interactive Brokers, by and through any of its affiliates, is not registered to do business. TradeStation International Ltd does not provide investment advice, trading advice, recommendations or strategic advice in respect of any security, group of securities, market segment or market. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. Bitcoin futures, options and CFDs are leveraged products and can result in losses that exceed deposits; therefore, you should not invest or risk money that you cannot afford to lose. TradeStation®, EasyLanguage® and the other company trademarks in the TradeStation Platform are owned by TradeStation Technologies, Inc., a technology research and development company affiliated with TradeStation International Ltd. Depending on the choice of account, the provision of brokerage and trading services to you is offered by TradeStation Securities, Inc, or Interactive Brokers (U.K) Ltd by means of the TradeStation Platform (or otherwise) and on such terms as you may agree with the respective broker-dealer. TradeStation International Ltd is not a party to any agreement that you may enter into with Interactive Brokers (U.K) Ltd for the provision of such services. We list educational workshops designed to demonstrate what we believe are the valuable benefits of using the TradeStation platform but do not endorse materials presented by third parties.

TradeStation International Ltd is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom and has passport rights in the EEA (registration number 554431). TradeStation International Ltd acts as an introducing broker to TradeStation Group's affiliates and non-affiliates, such as Interactive Brokers (U.K) Limited. The material on this website is for information purposes only. Any reference on this Web site to TradeStation and its affiliated companies should not be construed as an offer or solicitation, directed to residents in jurisdictions where TradeStation or Interactive Brokers, by and through any of its affiliates, is not registered to do business. TradeStation International Ltd does not provide investment advice, trading advice, recommendations or strategic advice in respect of any security, group of securities, market segment or market. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. Bitcoin futures, options and CFDs are leveraged products and can result in losses that exceed deposits; therefore, you should not invest or risk money that you cannot afford to lose. TradeStation®, EasyLanguage® and the other company trademarks in the TradeStation Platform are owned by TradeStation Technologies, Inc., a technology research and development company affiliated with TradeStation International Ltd. Depending on the choice of account, the provision of brokerage and trading services to you is offered by TradeStation Securities, Inc, or Interactive Brokers (U.K) Ltd by means of the TradeStation Platform (or otherwise) and on such terms as you may agree with the respective broker-dealer. TradeStation International Ltd is not a party to any agreement that you may enter into with Interactive Brokers (U.K) Ltd for the provision of such services. We list educational workshops designed to demonstrate what we believe are the valuable benefits of using the TradeStation platform but do not endorse materials presented by third parties.

TradeStation is a US-based brokerage. While you can’t trade foreign currencies directly on the US TradeStation platform, you can access the foreign exchange market through Forex futures. Futures trade at a competitive $1.50 per contract per side. Options cost $5 per trade plus 50 cents per contract.

TradeStation is based in Plantation, Florida and was founded in 1982. With more than three decades serving clients, it is a great platform for expert and seasoned traders. TradeStation supports over 50 currency pairs. Traders utilize TradeStation’s own proprietary trading platform. Read our full review of TradeStation here.

Pros: Cons:
  • 50+ currency pairs available
  • Simple, predictable pricing
  • Reputable broker founded in 1982
  • Forex traded through futures and options
  • Mixed customer service reviews
  • The trading platform is not ideal for new or beginner traders

Forex.com – US brokerage

Regulated By:CFTC, NFA

Foundation Year:1999

Headquarters:135 US Highway 202/206 Bedminster, New Jersey, 07921

Min Deposit:$50

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% 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. Capital at risk

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% 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. Capital at risk

Forex.com is a leading US foreign exchange brokerage with a clear focus on Forex, as the name implies. It claims to be the largest Forex broker in the United States. This US broker is open 24 hours a day, 5 days a week. It supports an impressive 83 currency pairs with up to 50:1 leverage.

You can get started with a demo account. With a live account, fees are competitive and you can earn a rebate with high trading volumes. It supports the MT4 platform, common for international brokerages but less common in the US. As a US commodity brokerage, it is regulated by the CFTC and a member of the National Futures Association. It was founded in 1999 and located in Bedminster, New Jersey. Our full Forex.com review is here.

Pros: Cons:
  • Large number of supported currency pairs
  • Competitive pricing and volume rebates
  • 20 years in business
  • Does not yet support MetaTrader 5
  • Operates as a market maker
  • Limited tradable assets

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 platforms include a desktop, mobile, and web-based option to manage your account, research and track positions, and enter trades.
  • Fast trade execution When you 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.

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