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7 Best Forex Brokers for Professional Traders: 2024 Edition

Searching for the top forex broker for professional trading? Based on our hands-on analysis, we’ve identified the 7 best options tailored to various trading needs. Practical tips from our experts are included.


Jitan Solanki
Reviewed By:
Ola Alder
Updated: Apr 7, 2024

List of Top Forex Brokers for Professionals

Best brokers for US traders

80+ major, minor, exotic, emerging forex pairs. Zero commission, leverage up to 1:50. Chart recognition scanner inside IG Trading Platform. Volume-based cash rebates.

Cash rebates on Elite Trader program. MT4, Multicharts, TradingView, OANDA web, and mobile platforms. Built-in Autochartist tools and news aggregator in OANDA web.

Best brokers for international traders

Spreads from 0.0 pips. Zero requotes on Razor account. TradingView, MT4, MT5, cTrader platforms. Rebates on Active Trader Program.

MT4, MT5, AvaWebTrader, AvaTradeGO, AvaOptions, AvaSocial platforms. Trading Central research and analytics tool. Copy trading plugin with DupliTrade. 1,250+ commission-free markets.

MT4, MT5, cTrader trading platforms. Raw ECN trading account. Low spreads and commission. Ultra-fast trade execution with zero requote policy.

10,000+ tradable instruments. ECN and DMA trading accounts. MAM/PAMM accounts. Myfxbook copy trading. Low spreads and trading fees.

NYSE, NASDAQ, ASX, and HKEX stocks. 10,000+ tradable instruments. MT4, IRESS trading platforms. Best execution policy.

How did FXEmpire select the Best Forex Brokers for Professional Traders?

Fx Methodology at a Glance

  • We only selected brokers that achieved a high score using our proprietary rating system.
  • We verified each broker’s license to operate with the regulator in the jurisdiction they operate in.
  • We confirmed each broker offers ultra-fast trading execution to receive the best possible price.
  • We tested each of the trading platforms available to ensure they are feature-rich, user-friendly, and suitable for different trading strategies.
  • We checked the number of tradable instruments available to ensure there is a diverse range of markets to trade.
  • We explored the different account types available to find those tailored towards professional traders.
  • We opened a trading account to test the live spread and trading fees first-hand to ensure they are transparent and competitive.
  • We assessed the variety of tools and add-ons specifically designed for professional traders.

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.

Now let’s go through the selected brokers.

Best Overall

"DFSA: Pepperstone Financial Services (DIFC) Limited is registered in the Dubai International Financial Centre (‘DIFC’) and is regulated by the Dubai Financial Services Authority (‘DFSA’) under license number F004356 to arrange deals in investments. Pepperstone Financial Services (DIFC) Limited is a wholly owned subsidiary of Pepperstone Group Limited which is licensed and regulated by the Australian Securities and Investments Commission under AFSL 414530. Pepperstone Group Limited is the product issuer. All client money is held by Pepperstone Group Limited in segregated accounts in accordance with ASIC regulations. By clicking ""Register"", you agree to the terms of the DIFC Privacy Policy and the AU Privacy Policy. Already a client? Login here. CMA: Risk Warning: Trading FX and CFDs is risky. For more information please see our legal documents here. Pepperstone Markets Kenya Limited is registered at 2nd Floor, The Oval, Ring Road Parklands, Nairobi, Kenya and is licensed and regulated by the Capital Markets Authority, Licence No 128. By clicking ""Register"", you agree to the terms of the Privacy Policy. Already a client? Login here."
  • Min Deposit
  • Tradable Instruments
  • Fees

Pepperstone was founded in 2010 by professional traders for professional traders. The Australian-based broker processes an average of $12.55 billion daily, making it a leader in the industry. With five professional trading platforms, multiple trading tools, over 1,200 tradable instruments, competitive fees, and cash rebates from its Active Trader Program, Pepperstone is a top broker for professionals.

Key Features:

  • Regulation & Max. Leverage: FCA (1:30), CySEC (1:30), BaFin (1:30), ASIC (1:30), DFSA (1:30), CMA (1:400), SCB (1:200)
  • Trading Platforms: MT4, MT5, cTrader, TradingView
  • Tradable Instruments: Forex, Stocks, Indices, Commodities, ETFs, Cryptos, Forwards
  • Speed of Execution: < 40 ms
  • Professional Add-Ons: VPS, Smart Trader Tools, Autochartist,

Pepperstone offers an excellent range of trading platforms and tools for professional traders. Smart Trader Tools offers 28 smart trading apps for MT4 and MT5. It includes a mini terminal, smart lines, stealth orders, a correlation matrix and more. I find the correlation matrix a useful tool when trading multiple asset classes, to check the correlation between each instrument being traded. This ensures my account is not overexposed to highly correlated trades.

Multiple account types are available, but professionals may prefer the Razor Account and Active Trader Account. The Razor Account offers maximum leverage of up to 1:500 for professionals, with spreads from 0.0 pips and a commission of $3.50 per lot, per side which is around the industry average. Active and high-volume professional traders can access up to 25% rebates for a monthly notional trading volume of over £200 million.

  • Multiple professional trading platforms
  • Excellent third-party tools
  • Rebates for active, high-volume professionals
  • Well regulated
  • Standard Account spreads are higher than the industry average

Best Trading Platforms

Trading CFDs and FX Options entail risk and could result in the loss of your capital.
  • Min Deposit
  • Tradable Instruments
  • Fees

Founded in 2006, AvaTrade offers an excellent range of trading platforms and apps for professional traders. The spectrum helps traders access automated trading strategies, copy trading tools, market research and analytical tools, and investment management PAMM/MAM accounts.

Key Features:

  • Regulation & Max. Leverage: CBI (1:30), ASIC (1:30), JFSA (1:25), FSCA (1:30), ADGM (1:30), ISA (1:30), BVI FSC (1:400)
  • Trading Platforms: MT4, MT5, AvaWebTrader, AvaTradeGO, AvaOptions, AvaSocial
  • Tradable Instruments: Forex, Stocks, Indices, Commodities, Cryptos, Bonds, ETFs
  • Speed of Execution: < 40 ms
  • Professional Add-Ons: VPS, Trading Central, DupliTrade, ZuluTrade

AvaTrade offers a comprehensive suite of trading platforms catering to all levels. Professional money managers will enjoy using AvaTrade’s multi-account manager (MAM) software to trade many investor accounts from just one subaccount.

Advanced algorithmic traders can benefit from access to MT4 and MT5, considered the go-to automated forex trading platforms worldwide. Moreover, AvaTrade stands out for its extensive range of copy and social trading plugins, including DupliTrade and ZuluTrade.

The broker also offers two specialized mobile apps. The first one is the AvaOptions app which is excellent for individuals interested in options trading on forex pairs, providing a valuable hedge for forex CFD trades in a portfolio.

The second AvaSocial app is particularly intriguing. In partnership with FCA-regulated Pelican Trading, it offers multi-asset class copy trading. Professionals can become signal providers and generate additional revenue from their copiers.

  • MAM/PAMM trading accounts
  • Multiple copy trading apps and plugins
  • Market research from Trading Central
  • Exclusive options trading app
  • 50 USD inactivity fee after 3 months of no activity

Best for Automated Trading

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.
  • Min Deposit
  • Tradable Instruments
  • Fees

Founded in 2007, IC Markets has established itself as the go-to forex broker for high-volume, high-frequency professional traders. IC Markets offers a deep pool of liquidity and ECN pricing, along with extremely low fees. With an excellent range of ECN trading accounts, low fees, and top trading platforms, IC Markets is a good broker to consider for professional traders.

Key Features:

  • Regulation & Max. Leverage: ASIC (1:30), CySEC (1:30), FSA Seychelles (1:500)
  • Trading Platforms: MT4, MT5, cTrader
  • Tradable Instruments: Forex, Stocks, Indices, Commodities
  • Speed of Execution: < 40 ms
  • Professional Add-Ons: VPS, MT4 Tools, ZuluTrade, IC Social

Having traded with IC Markets myself, I have been impressed with the quality of trade execution and speed. The broker provides access to institutional-grade liquidity with a low latency fiber optic connection to the Equinix NY4 servers. This is why IC Markets can execute trades in less than 40 ms, offer low spreads, a zero requote policy, and no minimum order distance restriction. This means you can place orders very close to the live market price – a unique feature among brokers.

IC Markets’ clients have access to a good range of professional platforms – MT4, MT5, and the cTrader platforms. All of these provide excellent charting tools and indicators and can run algorithmic trading strategies 24/7 using the IC Markets VPS service. I found you can also connect these to social trading plugins such as ZuluTrade or use the new IC Social app. This allows you to copy the performance of other professional traders or share your own track record and have other traders copy you to build another income stream.

  • Very competitive trading fees
  • Multiple trading platforms
  • Social trading plugins
  • VPS service
  • Only CFD trading, no investment account

Best Low Spreads

Contracts for Difference (CFDs) are leveraged over-the-counter derivative products and carry a high level of risk to your capital. You should only risk capital that you can afford to lose. In certain circumstances, due to fluctuations in market value you may not get back your initial investment amount. You may not only lose your initial investment but you may incur a liability to pay a further amount to cover losses. This means you can lose more money than you have invested.
  • Min Deposit
  • Tradable Instruments
  • Fees

Founded in 2005, FP Markets is an excellent broker for professional traders seeking low spreads. With Raw ECN pricing and DMA trading accounts, the broker offers the ability to trade 10,000+ markets from the MT4, MT5, cTrader, and IRESS trading platforms with an excellent range of additional research and social trading tools.

Key Features:

  • Regulation & Max. Leverage: ASIC (1:30), CySEC (1:30), FSCA (1:500), Unregulated SVG entity (1:500)
  • Tradable Instruments: Forex, Stocks, Indices, Commodities
  • Trading Platforms: MT4, MT5, cTrader, IRESS
  • Speed of Execution: < 40 ms
  • Professional Add-Ons: Trading Central, Autochartist, VPS, Myfxbook, Copy Trading

During our live fee test, I found the spread for EUR/USD during the most active times in the London and New York trading sessions averaged 1.1 pips. This is around the industry average of 1.0 pips for a commission-free trading account. Professional traders can access lower spreads starting from 0.0 pips from the Raw ECN account and pay a commission of 3 USD per lot, per side which is better than the industry average commission of 3.50 USD per lot.

I was impressed by the number of features FP Markets offers professional traders. This includes algorithmic trading capabilities from the MT4, MT5, and cTrader platforms that can run through the FP Markets VPS. Money managers can also use a MAM/PAMM account to manage investor capital or use any of the social trading and copy trading plugins the broker provides through Myfxbook.

  • ECN and DMA accounts with low spreads
  • MAM/PAMM accounts
  • Social trading and copy trading apps
  • Multiple trading and research platforms
  • cTrader platform is not available in all regions

Best for Stock Trading

80.26% of retails CFD accounts lose money.
  • Min Deposit
  • Tradable Instruments
  • Fees

Founded in 2018, TMGM is a multi-regulated broker based in Sydney. You can trade on more than 10,000+ CFDs from the MT4 and IRESS trading platforms covering forex, indices, and commodities, as well as the extensive range of share CFDs from the NYSE, NASDAQ, ASX, and HKEX stock exchanges.

Key Features:

  • Regulation & Max. Leverage: ASIC (1:30), FMA (1:200), VFSC (1:500)
  • Tradable Instruments: Forex, Stocks, Indices, Commodities, ETFs
  • Trading Platforms: MT4, IRESS
  • Speed of Execution: < 40 ms
  • Professional Add-Ons: Trading Central, Market Sentiment Tools, VPS

During our live test, I found that you can trade an excellent selection of global stocks with TMGM. This includes 2,400+ stocks from the New York Stock Exchange, 3,500+ from the NASDAQ Exchange, 2,000+ stocks from the Australian Stock Exchange, and 2,000+ stocks from the Hong Kong Stock Exchange.

These can be traded from the professional IRESS web-trading platform. From my own personal experience, I find the IRESS platform to be a great option for stock trading. It provides direct market access (DMA) pricing, true market depth and breadth, and the latest news – all from the same screen. The platform uses charts from the popular TradingView providing access to more than 50 technical indicators and an advanced news reporting tool.

  • 10,000+ tradable instruments
  • NYSE, NASDAQ, ASX, HKEX stocks
  • Professional IRESS platform for stock trading
  • DMA pricing and market depth
  • Withdrawals only by bank wire transfer

Best Overall in the US

Forex trading involves risk. Losses can exceed deposits.
  • Min Deposit
  • Tradable Instruments
  • Fees

Founded in 1974, IG launched its margin-based forex trading service to US traders in 2019. With access to 80+ currency pairs, zero commission to buy or sell, volume-based trading rebates, and multiple trading platforms to trade on, IG US is our best broker for US traders.

Key Features:

  • Regulation & Max. Leverage: CFTC/NFA (1:50)
  • Tradable Instruments: Forex pairs
  • Trading Platforms: IG Platform, MT4
  • Speed of Execution: < 27 ms
  • Professional Add-Ons: IG Premium Service

During our live test, I found you can trade on more than 80 foreign exchange currency pairs. This includes majors, minors, exotics, and currencies from emerging markets. It is a fantastic selection that beats the industry average. IG charges no commission to buy or sell and high-volume traders can access cash rebates on the spread.

I have personally traded with IG for many years and enjoyed using its own proprietary web-based platform. It has a simple, clean design that is packed full of features but user-friendly. IG platform includes multiple timeframes, indicators, news and analysis from in-house analysts and Reuters, the IG Live TV channel, and a real-time chart pattern recognition scanner – all from one platform.

Professional traders in the US may also be interested in IG’s Premium Client Services solution. This enhanced offering provides cashback rebates of up to 15%, a dedicated premium client manager, a client newsletter, and 24-hour trading support. To qualify, you must trade at least $50 million in notional value per calendar month.

  • Feature-rich proprietary web platform
  • 80+ forex pairs including emerging
  • Volume-based cash rebates
  • IG Premium Client Services account
  • Only forex pairs are available

Best Trading Platforms in the US

OANDA corporation is a member of NFA and is subject to NFA's regulatory oversight and examinations. However, you should be aware that NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians, or markets.
  • Min Deposit
  • Tradable Instruments
  • Fees

How to Choose a Forex Broker for Professionals?

Here is a quick guide on how to choose the best forex broker for professional traders.

How to find a well-regulated broker?

When it comes to trading, a well-regulated broker isn’t just a nice-to-have – it’s a necessity. Regulatory oversight is your safety net, ensuring that the broker operates transparently and in your best interest. In this section, I’ll cover the key factors to consider when searching for a broker that meets rigorous regulatory standards, providing you with the peace of mind you deserve.

Here are some steps to consider when seeking a regulated broker:

  • Location. Choose a broker located in a reputable financial jurisdiction such as Canada, the UK, or Australia. Such brokers must be authorized and licensed by the country’s financial regulator, offering a higher level of safety and security.
  • License. Verify a broker’s license by visiting the website of the financial regulator governing their operations. You can usually search for the broker’s credentials using the regulator’s online portal.
  • Terms and Conditions. The Terms and Conditions document serves as your legal safeguard, helping you hold the broker accountable in case of fraudulent activities.
  • Segregated Funds. Ensure that your broker segregates client funds from company operational funds. This separation is vital to ensure that the broker isn’t using your trading capital for their business expenses.
  • Compensation Scheme: Look for brokers that are part of a financial compensation scheme. These schemes offer a safety net by providing compensation to clients in case the broker becomes insolvent.
  • Negative Balance Protection: Ensure the broker offers negative balance protection. This feature prevents your account from going into debt, covering you in situations where market volatility might otherwise push your account into the negative.
  • Leverage Options: Brokers regulated by Tier 1 regulators will also distinguish between retail and professional clients. Retail traders will have certain restrictions on leverage, whereas professionally categorized traders may be offered higher leverage. You should confirm with your broker what their offering is to find the most suitable option for you.

Read more about Best regulated forex brokers.

How to be designated as a professional trader?

The criteria for gaining the designation of a “professional trader” can vary depending on the jurisdiction and the specific brokerage you are dealing with. However, there are common elements that most financial regulators and brokers consider:

  • Capital Requirements. Often, you’ll need a sizable account balance to qualify as a professional trader. The specific amount can vary, but it’s not uncommon for brokers to set a minimum account size of $50,000 or more.
  • Trading Volume. Many brokers and regulatory bodies look at your trading volume over a specific period – often 12 months – to determine if you qualify as a professional trader. This is usually measured in terms of lot size or notional value.
  • Experience. Some brokers require that you have a certain number of years of trading experience, often supported by documentation or an examination, to qualify as a professional trader.
  • Risk Acknowledgement. You might be required to demonstrate your understanding of the risks involved in trading, typically through a written acknowledgment or a test.
  • Professional Qualifications. Having a related professional qualification, like Chartered Financial Analyst (CFA) or Financial Risk Manager (FRM), can sometimes accelerate your designation as a professional trader.
  • Regulatory Checks. Regulated brokers will often conduct detailed checks to ensure you meet the regulatory requirements for professional traders, especially if this enables you to access products or leverage that retail traders can’t.
  • Employment. Some brokers or regulators may also consider your current or previous employment within the financial sector as a valid criterion for being classified as a professional trader.

Meeting these criteria is usually not enough; you’ll often need to apply to be classified as a professional client, providing any required supporting documentation. Keep in mind that being classified as a professional trader often means you’ll forgo some of the protections afforded to retail traders, in exchange for higher leverage and other advanced trading features.

After meeting these conditions and upon successful application, the brokerage will designate you as a professional trader, unlocking various benefits like higher leverage, lower margin requirements, and a broader set of financial instruments to trade.

How to check whether fees are transparent and competitive?

Typically brokers charge a variety of trading and non-trading fees that you should be aware of before opening a trading account. The list includes:

  • Spread. This is the difference between the buy price and sell price of a financial instrument, which should be as low as possible.
  • Commission. This is a fee to open and close a trade and it also should be as low as possible. Some brokers offer commission-free trading accounts.
  • Overnight, or swap fee. This is the cost of holding a leveraged or margined position overnight and is based on the two different interest rates of the currency pair, plus a broker markup.
  • Payments. There may be a fee to deposit and withdraw funds which can differ based on the method (bank wire, credit card, e-payment, etc.).
  • Inactivity fee. Some brokers charge a monthly fee if there is no activity on a trading account over a certain number of time.

To test the fees of the chosen broker you can use a demo trading account to or start with a small trading account to view the live spreads.

Transparency in a broker’s fee structure is as important as the cost itself. While low fees are certainly appealing, knowing exactly what you’ll be charged for is equally crucial for effective money management and long-term profitability. Hidden or unclear fees can quickly erode your earnings, negating the benefits of a low-cost structure. To ensure a broker’s fees are transparent, examine their website for detailed information on spreads, commissions, and other charges, and corroborate this data through customer reviews and independent broker comparison sites.

Check out our list of Best lowest spread forex brokers.

How to choose the account type for professional trading?

Professional traders come with a diverse set of requirements, and many brokers have risen to the occasion by offering a spectrum of specialized account types. Generally, these fall into one of two categories: commission-free or commission-based trading accounts. The choice between the two often hinges on the broker’s available execution methods, such as:

  • Dealing Desk: Increasingly rare, but still in existence, dealing desk brokers act as the counterparty to your trades. They often anticipate that the majority of their clients will incur losses.
  • Market Maker: In this model, the broker essentially creates a market for you to trade in. They match your orders with other internal clients or choose to hedge their book, sometimes taking the opposite side of your trade.
  • STP (Straight Through Processing): Here, your orders are directly routed to the broker’s liquidity providers for market execution. While the spread is generally marked up compared to what’s available in the interbank market, you usually aren’t charged a commission for buying or selling. Discover Best STP forex brokers.
  • ECN (Electronic Communications Network): This model connects you to a network of various liquidity providers and banks who compete for your orders. Pricing is sourced directly from the interbank market, providing typically lower spreads, albeit with a commission charged per trade. Discover Best ECN forex brokers.
  • DMA (Direct Market Access): Most prevalent among stock CFD traders, DMA brokers offer you direct access to price feeds from stock exchanges or their liquidity providers.
  • MAM/PAMM Accounts: Specifically designed for professional traders, these are account types that enable you to manage multiple sub-investor accounts from a single master account. This feature is particularly beneficial if you’re tasked with managing other people’s money, as it streamlines the trading process and consolidates administrative tasks. Discover Best managed forex accounts.

Each of these options caters to specific trading needs and strategies, so understanding what each one offers can help you make a well-informed choice that aligns with your trading objectives.

What leverage can professional traders benefit from?

Professional traders often have access to higher levels of leverage compared to retail traders, thanks to their experience and understanding of the associated risks. While Tier 1 regulatory bodies like FCA, CySEC, ASIC, and IIROC typically limit retail traders to a 1:30 leverage ratio, they may extend far more generous leverage to professional traders sometimes up to 1:500. This essentially means you could control a $5,000 position with just a $10 margin.

However, it’s crucial to note that these higher leverage options often come at the expense of certain investor protections, such as a negative balance protection policy, which is mandatory for retail traders but often not for professionals.

Check out our guide on Best high leverage forex brokers.

How to choose a trading platform?

When choosing a trading platform, professional traders need to focus on several key areas that differ from the needs of casual traders. These include fast order execution for high-frequency trading, a broad range of advanced charting tools, and a customizable interface.

Here are some of the most well-known third-party trading platforms that brokers may provide access:

  • MetaTrader 4/5: These platforms have been around the longest and provide an excellent range of charting tools, indicators, algorithmic trading capabilities, and money manager account solutions. Discover best MT4 brokers and best MT5 brokers.
  • cTrader: Known for its intuitive interface and transparency, it is specifically designed for high-frequency traders and scalpers and also has algorithmic and social trading capabilities. Discover Best cTrader forex brokers.
  • TradingView: A feature-rich, browser-based trading platform with advanced research, social and trading tools. Fewer brokers connect directly to the platform but some do. It can also be used as a stand-alone charting platform. Discover Best TradingView forex brokers.
  • NinjaTrader: Popular for futures trading. Provides extensive back-testing and analysis features. Discover Best NinjaTrader forex brokers.

Many brokers offer their proprietary trading platform which is typically web-based. These are trading platforms developed in-house by brokers, tailored to the specific needs and feedback of their customer base. Proprietary platforms often offer unique features, tools, and user interfaces that you won’t find on third-party platforms. However, it’s crucial to vet these platforms for the same essential elements: speed, customizability, and range of features, among others.

I prefer to partner with brokers that offer a suite of trading platforms, accessible across various devices. This setup provides me a safety net; if one platform experiences downtime, I can seamlessly switch to an alternative to continue managing my trades.

What trading strategies professionals may apply?

Professional traders often employ a diverse set of trading strategies to navigate the complexities of the financial markets. Among these are:

  • High-Frequency Trading (HFT). This involves making a large number of trades within milliseconds to capitalize on small price gaps. Discover Best brokers for HFT.
  • Algorithmic Trading. Here, traders use algorithms to automate the trading process, often employing strategies like market-making, trend following, and arbitrage.
  • Scalping. A fast-paced strategy focused on making small profits from minute price changes over a short period. Discover Best brokers for scalping.
  • Day Trading. Positions are opened and closed within the same trading day, aiming to capture short-term price movements.
  • Swing Trading. This strategy seeks to capitalize on short to medium-term price changes and generally holds positions for days or weeks.
  • Position Trading. Traders hold onto their positions for extended periods, often based on long-term charts and macroeconomic factors.
  • Options Trading. Using financial derivatives like options to hedge against potential losses or leverage returns. Explore Best options trading brokers.

Each strategy comes with its own set of requirements in terms of capital, risk tolerance, and tools, so it’s essential to choose one that aligns well with your trading profile.

What are the main trading tools and features for professional traders?

Professional traders rely on a host of advanced tools and features to maximize their trading performance. Here are some of the key tools and features commonly used:

  • Advanced Charting Tools: High-end platforms offer a broad range of indicators, chart patterns, and timeframes for deep technical analysis.
  • Algorithmic Trading Support: Allows traders to automate their strategies with coding languages like MQL4/5, or API integration for custom algorithms.
  • Order Types: Beyond basic market and limit orders, professional traders often use more complex order types like OCO (One Cancels the Other), trailing stops, and conditional orders.
  • Risk Management Tools: Stop-loss, take-profit, and automated risk-reducing strategies are essential for safeguarding investments.
  • Economic Calendar: A real-time economic calendar provides information on significant economic events that could impact currency pairs and market conditions.
  • News Feed: An integrated news feed offers real-time financial news that can affect trading strategies and decisions.
  • Multi-Asset Capability: The ability to trade across multiple asset classes like Forex, commodities, equities, and indices from a single platform.
  • Back-Testing Facility: Test trading strategies against historical data to gauge their effectiveness before applying them in real-time scenarios.
  • Connectivity: Seamless integration with different data feeds, markets, and liquidity providers is crucial for a professional trading setup.
  • Reporting and Analytics: Comprehensive reporting tools help traders break down their performance metrics for better strategy refinement.

Read more about Best forex brokers with trading API.

What to avoid when choosing a forex broker for professional trading?

When choosing a forex broker for professional trading here are some red flags to avoid:

  • Lack of Regulation: Trading with unregulated brokers puts your capital at significant risk due to the absence of oversight and accountability.
  • Hidden Fees: Non-transparent pricing structures can eat into your profits. Always seek brokers who are upfront about their fees, commissions, and spreads.
  • Limited Trading Platform Options: It’s crucial to have alternatives when one trading platform fails. Brokers offering multiple robust platforms provide an essential layer of security.
  • Poor Customer Service: In the fast-paced world of Forex trading, swift and competent customer support can be the difference between a successful trade and a lost opportunity.
  • Insufficient Risk Management Tools: Advanced risk management features, such as customizable leverage and stop-loss options, should be non-negotiable to protect your trading capital.

How to avoid forex and CFD scams?

Unfortunately, the frequency of forex and CFD scams is on the rise. To fortify your trading endeavors, keep these essentials in mind:

  • Established Jurisdiction: Confirm that the broker operates out of a reputable financial center known for stringent regulations.
  • Licensing: Cross-verify the broker’s license with the nation’s financial regulatory body to ensure their legal operation.
  • Physical Office: Look for tangible evidence of a brick-and-mortar office, complete with a dedicated team. This adds an additional layer of credibility.
  • Customer Support: Engage with their support team across multiple platforms to evaluate responsiveness and expertise, as this is a strong indicator of their overall service quality.
  • Terms and Conditions: Scrutinize the terms you’re agreeing to. The devil often lies in the details.
  • Recognizable Payment Methods: Stick to payment options you’re familiar with to avoid falling into obscure or insecure payment traps.

By adhering to these precautions, you enhance your shield against potential scams and unethical practices in the forex and CFD sphere.

Our Methodology

Since pioneering the broker rating review industry, our proprietary rating system model now involves the analysis of 250 data points across nine core categories which include:

  • Trustworthiness: We confirm the authorization and licenses of each broker with the regulator in the location they operate in to ensure safety and security.
  • Fees: We open live trading accounts to test the broker’s trading fees and execution first-hand to check how competitive they are.
  • Trading platform and tools: We explore and test the speed, features and usability of each trading platform the broker provides.
  • Tradable instruments: We examine the number of tradable instruments available to ensure the broker provides a good selection of markets.
  • Customer support: We interact with the customer support team through different channels to test their knowledge and helpfulness.
  • Payment methods: We check the different payment options and their associated fees and processing times.
  • Account types: We examine account types to check the minimum deposit, execution type, and all of their features and benefits.
  • Research and education: We examine the quality of the broker’s research and educational materials.

For this guide, we’ve gone beyond the basics to assess how each broker uniquely serves the needs of professional traders. Our evaluation includes a focus on rapid order execution, an array of research tools, and specialized account types such as MAM and PAMM designed for advanced trading. We also consider solutions tailored for algorithmic traders, along with any other specialized services that professionals in the field would find beneficial.

Meet Our Writers

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

Get to Know Our Authors

Dan BlystoneBroker Analyst

Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

Jitan SolankiBroker Analyst

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Plamen StoyanovBroker Analyst

Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

Vladimir ZernovBroker Analyst

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.

Becoming a professional forex trader is a journey that starts with gaining a deep understanding of the markets, followed by mastering a range of trading strategies and risk management techniques. It often involves formal training, mentorship, and accumulating substantial hands-on experience, usually demonstrated by a consistent track record of profitability. Also, professional status often requires meeting certain regulatory criteria, like sufficient trading capital and experience, to qualify for higher leverage and other advanced trading features.
For professional traders, ECN or DMA accounts are often the best fit due to their direct access to liquidity providers, offering tighter spreads and faster execution. Additionally, many pros opt for accounts that support algorithmic trading and offer advanced trading platforms with robust charting tools. Some brokers also provide MAM/PAMM accounts, ideal for those managing multiple accounts, along with high-leverage options tailor-made for seasoned traders.
Professional trading accounts offer several distinct advantages tailored to the needs of experienced traders. First, they often come with higher leverage options, allowing for greater trading flexibility and potential returns. Second, these accounts usually offer access to more advanced trading platforms, loaded with comprehensive charting tools, technical indicators, and algorithmic trading support. Third, the fee structures in professional accounts are often more competitive, providing narrower spreads and lower or even zero commissions.
Retail traders are generally individual investors trading their own funds, often with less experience and lower risk tolerance. They are subject to regulatory protections like lower leverage limits and negative balance protection. In contrast, professional traders are considered more knowledgeable and are therefore granted access to higher leverage and may have fewer regulatory protections. These traders often have access to more complex financial instruments and specialized account types tailored to their trading needs.
For professional traders, the available leverage can significantly exceed the limits imposed on retail traders. While regulators like the FCA, CySEC, and ASIC generally restrict retail leverage to 1:30, professional traders can access leverage up to 1:500 with some Tier 1 regulated brokers. This allows you to control a larger position with a smaller capital outlay.
Professional traders often employ a blend of strategies like scalping for quick profits, day trading for short-term gains, and position trading based on long-term fundamentals. Algorithmic trading is also popular among pros for its automated decision-making. The choice of strategy often dictates the types of tools and broker features required.
Traders backtest their strategies to validate their effectiveness and to identify any weaknesses before risking real capital. Backtesting provides a data-driven approach to understanding the expected performance and risk metrics of a given strategy, helping traders to fine-tune parameters and optimize outcomes. Essentially, it acts as a rehearsal, giving traders the confidence to implement their strategies in live trading conditions.
High-frequency trading (HFT) is a specialized form of algorithmic trading that executes a large number of orders at extremely high speeds, often in fractions of a second. HFT strategies are designed to capitalize on minute price discrepancies in the market, aiming for small, consistent profits while contributing to market liquidity. Due to the sophisticated technology and infrastructure required, HFT is primarily the domain of institutional traders.
Scalping is a trading strategy where traders aim to make small profits from very short-term price movements, often entering and exiting a trade within minutes or even seconds. The goal is to accumulate these small gains over multiple trades, creating a significant profit over time. Due to its high-frequency nature, scalping often requires quick decision-making and is best suited for traders who can devote the time and focus needed for this kind of strategy.
Day trading is a trading strategy where financial instruments are bought and sold within the same trading day, with the aim of capitalizing on short-term price fluctuations. Unlike scalping, which focuses on quick, small gains, day trading allows for a broader range of profit opportunities and risk management techniques. The aim is to close all positions before the market closes, avoiding overnight exposure.
Swing trading is a style of trading that aims to capture gains in a financial asset over a period of a few days to several weeks. Unlike day trading, which closes out positions by the end of each trading day, swing traders hold positions for an extended period to capitalize on expected upward or downward market shifts. The strategy often involves technical and fundamental analysis to identify price trends and market momentum.
Position trading is a long-term trading strategy where traders hold positions in financial assets for weeks, months, or even years. The approach is based on a comprehensive analysis of market trends, economic indicators, and fundamentals, rather than short-term price movements. Unlike day or swing traders, position traders are less concerned with short-term market fluctuations and are more focused on the asset's intrinsic value.
Algorithmic trading involves using computer algorithms to execute trading orders automatically, based on predefined conditions such as price, timing, or volume. These algorithms are designed to make trading more efficient, enabling high-frequency execution and minimizing market impact.
Portfolio diversification refers to the strategy of allocating investments across various asset classes, geographical locations, or sectors to mitigate risk. For professional traders, diversification can serve as a risk management tool, helping to smooth out the volatility in returns. It allows traders to capture gains from different markets while lessening the blow from potential losses in any single investment, enhancing the risk-to-reward profile of their portfolio.
Professional traders often rely on advanced order types like OCO, Trailing Stop, and Conditional Orders for nuanced trade management. These orders provide a mix of automation and control, enabling traders to execute complex strategies efficiently. Time-sensitive orders like GTC and GTD further add to the flexibility by allowing traders to specify the duration an order remains active.

About the Author

Jitan SolankiBroker Analyst

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Why you can trust FX Empire

At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.

Why you can trust FX Empire

FXEmpire was founded in 2011, making us one of the first forex broker review sites. You can trust FXEmpire because of our thorough and unbiased review process. With over a decade of experience, we have a team of industry experts who conduct rigorous tests to ensure our reviews are accurate and unbiased. Our reviews are designed to bring clarity and confidence to the process of choosing a broker, and are based on objective criteria and measurable data. Our editorial team is composed of trading industry professionals and seasoned financial journalists, who ensure that our reviews are accurate and unbiased. Additionally, our review system is based on 9 core categories and over 250 distinct variables, which ensures that all aspects of a broker are considered before giving a final rating. So, you can trust FXEmpire to provide you with honest and informative reviews that will help you make an informed decision on which broker will best enable you to reach your financial goals.