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Best Forex Brokers 2020

Eric Rosenberg
Last Update:
At FX Empire, we stick to strict standards of a review process. Learn about our review process. FX Empire may receive compensation. Here’s 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.

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BrokerRatingOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptoCommission on tradesFixed spreadsoffers promotionsOfficial Site
Plus500
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76.4% of retail CFD accounts lose money

ASIC, CySEC, FCA, FSB, ISA, MAS

$100

1:30

Plus500

2008

No dealing desk

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76.4% of retail CFD accounts lose money

FXTM
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82% of retail CFD accounts lose money

CySEC, FCA, FSC

$10

1:30

MT4, MT5

2011

No dealing desk

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82% of retail CFD accounts lose money

XTB
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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

CNMV in Spain, CySEC, FCA, IFSC, KNF

$0

1:500

MT4, xStation 5

2002

Market Maker, STP

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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

IC Markets
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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

1:500

cTrader, MT4, MT5

2007

ECN, No dealing desk

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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.

First Prudential Markets Pty Ltd
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Your capital is at risk

ASIC, CySEC

$100

1:500

IRESS, MT4, MT5, webtrader

2005

No dealing desk

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Your capital is at risk

Swissquote Bank
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Your capital is at risk

DFSA, FINMA, SFC

$1000

1:100

Advanced Trader, MT4, MT5

1996

Bank, Dealing Desk, Market Maker, No dealing desk

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Your capital is at risk

OctaFX
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Your capital is at risk

CySEC

$50

1:500

cTrader, MT4, MT5

2011

ECN, STP

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Your capital is at risk

RoboMarkets
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.52% 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.

CySEC

$100

1:500

MT4, MT5, webtrader

2012

Dealing Desk, ECN, Market Maker, No dealing desk, STP

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.52% 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.

ActiveTrades
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"All financial products traded on margin carry a high degree of risk to your capital. They are not suited to all investors, please ensure that you fully understand the risks involved, and seek independent advice if necessary. ActivTrades Corp is authorised and regulated by The Securities Commission of the Bahamas. ActivTrades Corp is an international business company registered in the Commonwealth of the Bahamas, registration number 199667 B. ActivTrades Corp is a subsidiary of ActivTrades PLC, authorised and regulated by the Financial Conduct Authority, registration number 434413. ActivTrades PLC is a company registered in England & Wales, registration number 05367727."

FCA, SCB

$500

1:400

ActivTrader, MT4, MT5

2001

ECN, Market Maker, No dealing desk

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"All financial products traded on margin carry a high degree of risk to your capital. They are not suited to all investors, please ensure that you fully understand the risks involved, and seek independent advice if necessary. ActivTrades Corp is authorised and regulated by The Securities Commission of the Bahamas. ActivTrades Corp is an international business company registered in the Commonwealth of the Bahamas, registration number 199667 B. ActivTrades Corp is a subsidiary of ActivTrades PLC, authorised and regulated by the Financial Conduct Authority, registration number 434413. ActivTrades PLC is a company registered in England & Wales, registration number 05367727."

Tickmill Ltd
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.27% and 73.32% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CySEC, FCA, fsa-sc, FSCA, labuan-fsa

$100

1:500

MT4

2014

No dealing desk

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.27% and 73.32% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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

Foundation Year:2008

Headquarters:Building 25, MATAM, Haifa, Israel

Min Deposit:$100

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76.4% of retail CFD accounts lose money

Plus500 is a publicly traded company that was founded in 2008 and is the main sponsor of football club Atlético Madrid. The Plus500 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:

FXTM

Regulated By:CySEC, FCA, FSC

Foundation Year:2011

Headquarters:30 Churchill Place, London, E14 5EU, UK

Min Deposit:$10

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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:

XTB

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

Foundation Year:2002

Headquarters:Warsaw, Poland

Min Deposit:$0

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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

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.

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

Watch Our XTB Video Review:

IC Markets

Regulated By:ASIC, CySEC, fsa-sc

Foundation Year:2007

Headquarters:International Capital Markets Pty Ltd Level 6 309 Kent Street Sydney NSW 2000, Australia

Min Deposit:$200

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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

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

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:

Swissquote

Regulated By:DFSA, FINMA, SFC

Foundation Year:1996

Headquarters:Chemin de la Créteaux 33, 1196 Gland, Switzerland

Min Deposit:$1000

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Your capital is at risk

Swissquote Bank Ltd. is an online forex, CFD and derivatives trading broker that offers what may be called a total trading package that goes beyond forex or CFDs. Swissquote Bank is part of the Swissquote Group Holdings Ltd, and represents the Swiss-based trading division of the company. Swissquote Bank operates from Gland, Switzerland and commenced operations in 1996.

Pros: Cons:
  • Swissquote Bank is a regulated entity.
  • here is a comprehensive trader education suite.
  • Customer support is very responsive and provides timely service.
  • Investor protection is very strong.
  • Highly diversified asset base, which caters to all kinds of traders.
  • Many countries are excluded from doing business with Swissquote, which prevents traders in those countries from opening trading accounts.
  • Minimum deposit amounts are high.

Watch Our Swissquote Bank Ltd Video Review:

OctaFX

Regulated By:CySEC

Foundation Year:2011

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

Min Deposit:$50

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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.

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:

RoboMarkets

Regulated By:CySEC

Foundation Year:2012

Headquarters:169-171 Arch. Makarios III Ave., floor 8, 3027, Limassol

Min Deposit:$100

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.52% 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.

RoboForex was founded in 2009 and is an Official Partner of BMW M Motorsport. The broker is authorised and regulated by the International Financial Services Commission of Belize, providing segregated trading accounts with negative balance protection. They are also part of the Financial Commission’s Compensation Fund and provide access to execution quality certificates with Verify My Trade.

The broker provides the ability to trade on eight asset classes covering Forex ECN and CFDs on Stocks, ETFs, Indices, Cryptocurrencies and Commodities. Users can also invest in real stocks of American companies, bringing the total number of tradable assets at more than 12,000.

Pros: Cons:
  • 12,000+ markets to trade on.
  • Can trade on MetaTrader 4, MetaTrader 5 and cTrader.
  • RoboForex Analytics app and educational videos.
  • 24/7 customer support in multiple languages.
  • Offshore regulation.

ActivTrades

Regulated By:FCA, SCB

Foundation Year:2001

Headquarters:1 Thomas More Square London E1W 1YN United Kingdom

Min Deposit:$500

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"All financial products traded on margin carry a high degree of risk to your capital. They are not suited to all investors, please ensure that you fully understand the risks involved, and seek independent advice if necessary. ActivTrades Corp is authorised and regulated by The Securities Commission of the Bahamas. ActivTrades Corp is an international business company registered in the Commonwealth of the Bahamas, registration number 199667 B. ActivTrades Corp is a subsidiary of ActivTrades PLC, authorised and regulated by the Financial Conduct Authority, registration number 434413. ActivTrades PLC is a company registered in England & Wales, registration number 05367727."

ActivTrades was founded in 2001 and was recognised by the Sunday Times Fast Track 100 as the 90th fastest growing company in the UK for 2017. The company is regulated by the UK Financial Conduct Authority (FCA), as well as the Securities Commission of the Bahamas and offers CFD and Spread Betting trading accounts with direct execution (non-dealing desk).

Pros: Cons:
  • FCA regulated.
  • Segregated client funds and additional insurance protections.
  • 500+ tradable assets across Forex, Indices, Shares, Commodities, ETFs and Cryptocurrencies.
  • Free advanced trading tools such as Smart Pattern, Smart Order and Smart Forecast.
  • One-to-one platform training
  • Not accessible for US clients.
  • Limited market analysis and research tools.

Watch Our ActiveTrades Video Review:

Tickmill

Regulated By:CySEC, FCA, fsa-sc, FSCA, labuan-fsa

Foundation Year:2014

Headquarters:3rd Floor, 27 - 32 Old Jewry, London, England, EC2R 8DQ.

Min Deposit:$100

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.27% and 73.32% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high 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:

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.

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Trade With A Regulated Broker

  • Your capital is at risk
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The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
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