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Best Forex Brokers 2020
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.
| Broker | Rating | Official Site | Regulations | Min Deposit | Max Leverage | Trading Platforms | Foundation Year | Publicly Traded | Trading Desk Type | Currencies | Commodities | Indices | Stocks | Crypto | Commission on trades | Fixed spreads | offers promotions | Official Site |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Visit Broker> 80.5% of retail CFD accounts lose money | ASIC, CySEC, FCA, FSB, ISA, MAS | $100 | 1:30 | Plus500 | 2008 | No dealing desk | Visit Broker> 80.5% of retail CFD accounts lose money | |||||||||||
Visit Broker> 90% of retail CFD accounts lose money | CySEC, FCA, FSC | $10 | 1:30 | MT4, MT5 | 2011 | No dealing desk | Visit Broker> 90% of retail CFD accounts lose money | |||||||||||
Visit Broker> "80% 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 | Visit Broker> "80% 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. " | |||||||||||
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 | $200 | 1:500 | cTrader, MT4, MT5 | 2007 | ECN, No dealing desk | 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. | |||||||||||
Visit Broker> Your capital is at risk | ASIC, CySEC | $100 | 1:500 | IRESS, MT4, MT5, webtrader | 2005 | No dealing desk | Visit Broker> Your capital is at risk | |||||||||||
Visit Broker> Your capital is at risk | DFSA, FINMA, SFC | $1000 | 1:100 | Advanced Trader, MT4, MT5 | 1996 | Bank, Dealing Desk, Market Maker, No dealing desk | Visit Broker> Your capital is at risk | |||||||||||
Visit Broker> Your capital is at risk | CySEC | $50 | 1:500 | cTrader, MT4, MT5 | 2011 | ECN, STP | Visit Broker> Your capital is at risk | |||||||||||
Visit Broker> 73% of retail CFD accounts lose money. | CySEC | $100 | 1:30 | Proprietary | 2019 | No dealing desk | Visit Broker> 73% of retail CFD accounts lose money. | |||||||||||
Visit Broker> Your capital is at risk | ASIC, BVI, CBI, FSCA | $100 | 1:30 | ActTrader, MT4, MT5, Proprietary, Zulutrade | 2006 | Dealing Desk, Market Maker | Visit Broker> Your capital is at risk | |||||||||||
Visit Broker> Your capital is at risk | FCA, SCB | $500 | 1:30 | ActivTrader, MT4, MT5 | 2001 | No dealing desk | Visit Broker> Your capital is at risk | |||||||||||
Visit Broker> 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 | $100 | 1:500 | MT4 | 2014 | No dealing desk | Visit Broker> 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. | |||||||||||
Visit Broker> Your Capital is at Risk | CFTC, NFA | $250 | 1:50 | MT4 | 1974 | Dealing Desk | Visit Broker> Your Capital is at Risk | |||||||||||
Visit Broker> 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 | MT4, MT5 | 1999 | Market Maker | Visit Broker> 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 |
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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
- Plus500
- FXTM
- XTB
- IC Markets
- FP Markets
- Swissquote
- OctaFX
- Skilling
- AvaTrade
- ActivTrades
- Tickmill
- IG – US brokerage
- Forex.com – US brokerage
- How to choose a Forex broker
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
80.5% 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 1:30. This broker is based in Israel and regulated by the Financial Conduct Authority (FCA) in the UK.
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Watch Our Plus500 Video Review:
FXTM
Regulated By:CySEC, FCA, FSC
Foundation Year:2011
Headquarters:FXTM Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus
Min Deposit:$10
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.
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Watch Our FXTM Video Review:
XTB
Regulated By:CNMV in Spain, CySEC, FCA, IFSC, KNF
Foundation Year:2002
Headquarters:Warsaw, Poland
Min Deposit:$0
"80% 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.
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.
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Watch Our XTB Video Review:
IC Markets
Regulated By:ASIC, CySEC, FSA
Foundation Year:2007
Headquarters:International Capital Markets Pty Ltd Level 6 309 Kent Street Sydney NSW 2000, Australia
Min Deposit:$200
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.
While the broker offers services and features designed for both beginner and professional traders, the company promote themselves as the ‘go to’ choice for high volume traders, scalpers and trading algos due to their New York Equinix NY4 data centre – processing over 500,000 trades per day.
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Watch Our IC Markets Video Review:
FP Markets
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Regulated By:ASIC, CySEC
Foundation Year:2005
Headquarters:Level 5, Exchange House 10 Bridge St Sydney NSW 2000, Australia
Min Deposit:$100
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 the ASIC in Australia. Demo accounts are available. While it is suitable for beginners, education resources are limited.
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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
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.
The Swissquote website is a multi-lingual portal which offers 10 languages, giving it a wide linguistic spread that can accommodate traders from various countries. Swissquote is a sponsoring partner of Manchester United Football Club, the most successful domestic club in the UK.
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Watch Our Swissquote Bank Ltd Video Review:
OctaFX
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Regulated By:CySEC
Foundation Year:2011
Headquarters:Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines
Min Deposit:$50
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.
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Watch Our OctaFX Video Review:
Skilling
Regulated By:CySEC
Foundation Year:2019
Headquarters:62 Athalassas Avenue, 2nd Floor, 2012 Strovolos, Nicosia, Cyprus
Min Deposit:$100
73% of retail CFD accounts lose money.
Skilling Ltd is an online broker that offers Forex and CFD trading from markets around the world. It was launched in 2019 with headquarters in Nicosia, Cyprus. Skilling Ltd, formerly known as Finovel Cyprus Ltd, has other offices located in Malta and Spain.
The brand offers forex, cryptos, indices, stocks and commodities for trading on its platform. Skilling boasts of offering over 300 trading instruments from different markets all over the world. The official website is in 4 languages: German, Swedish, Norwegian and English.
In the company’s order execution policy document, Skilling states that it acts as a market maker. In some cases where orders have to be executed at third party venues, Skilling acts as an agent on behalf of the Client.
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Watch Our Skilling Video Review:
AvaTrade
Regulated By:ASIC, BVI, CBI, FSCA
Foundation Year:2006
Headquarters:Five Lamps Place, 77-80 Amiens Street, Dublin 1, DO1A742, Dublin, Ireland
Min Deposit:$100
Your capital is at risk
AvaTrade is an online trading and investing platform that gives you access to foreign currencies, CFDs (contracts for difference), and cryptocurrency trading through its mobile, web, and desktop trading platforms.
AvaTrade is an international provider of trading platforms for forex, CFD, and cryptocurrency traders. With the contracts for difference (CFD) trading for stocks, bonds, indices, ETFs and commodities.
AvaTrade was founded in 2006 and it headquartered in Dublin, Ireland. It offers retail, options, and professional accounts.
Watch Our AvaTrade Video Review:
ActivTrades
Regulated By:FCA, SCB
Foundation Year:2001
Headquarters:1 Thomas More Square London E1W 1YN United Kingdom
Min Deposit:$500
Your capital is at risk
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).
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Watch Our ActiveTrades Video Review:
Tickmill
Regulated By:CySEC, FCA, FSA
Foundation Year:2014
Headquarters:1 Fore Street, EC2Y 9DT, London, United Kingdom
Min Deposit:$100
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.
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Watch Our Tickmill Video Review:
IG
Regulated By:CFTC, NFA
Foundation Year:1974
Headquarters:Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA, UK
Min Deposit:$250
Your Capital is at Risk
IG is a leader in European foreign exchange trading, After earning the distinction as one of the best forex brokers in the U.K., IG will bring its globally-renowned FX service to the U.S. in January 2019, and it may be a great fit for many traders in the United States. IG offers traders access to an industry-standard platform with competitive costs and margin accounts that let you leverage your deposit to earn a bigger profit, though it also requires risking a bigger loss.
Watch Our IG Video Review:
Forex.com – US brokerage
Regulated By:CFTC, NFA
Foundation Year:1999
Headquarters:135 US Highway 202/206 Bedminster, New Jersey, 07921
Min Deposit:$50
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.
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Watch Our Forex.com 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.
Read More:
Trade With A Regulated Broker
- Your capital is at risk