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Best Forex Brokers

Choosing the best Forex brokers is important for profitable trading in the Forex market. It is challenging for both expert and untrained traders to choose the most suitable brokerage firms with the best trading conditions.

Learning about commissions, the availability and types of trading instruments, and analysing different types of trading accounts are all tasks that must be completed before selecting the best Forex brokers for traders.

To help you find the best forex brokers in 2024, we went ahead and did the research for you. First, we selected quality online brokers, then we checked and compared fees, currency pairs, charting tools, platforms-pretty much everything. And now, without further ado,

How to choose The Best Forex Brokers?

Choosing a Forex Broker – We have now simplified the process of selecting your first broker.

Use our professional service to select a reliable Forex broker to choose the best company for your needs.

Here are three of the most important factors to keep in mind when choosing an online broker for forex trading. 

  1. First, make sure your broker is properly licenced and regulated. The safety of your deposit is always the top priority. 
  2. Next, compare the account offerings, trading platforms, tools, and investment research provided by each broker. 
  3. Finally, read detailed forex broker reviews to compare pricing and product offerings (e.g., number of forex pairs and CFDs available to trade) to find what is most important to your forex trading and investment needs.

#1 Best Forex Broker Exness

Exness broker

Exness Trading Company has been working in the Forex market since 2008. The broker’s activity is managed by Nymstar Limited, a company registered in the Republic of Seychelles.

The service is regulated by licences from CySEC (Cyprus Securities Commission), FCA (Office of Financial Regulation and Supervision of Great Britain) and FSA (Office of Financial Regulation and Supervision of the Republic of Seychelles). The broker holds the lead position in Forex ratings.


Do not miss a chance to get additional monthly bonuses and payouts for trading at EXNESS Group.

Enter the referral code when you register on the website or EXNESS Group app available on App Store or Google Play:

Partner code; 7379213

The company’s monthly trading turnover totals $325.8 billion USD. The broker currently has CFDs available for cryptocurrency, stocks, more than 120 currency pairs, energy, and metals. Exness’s service provides favourable working conditions for traders: low commission, instant execution of orders, and withdrawal of funds. Infinite leverage makes it possible to earn on small deposits up to $999.

There are several options for opening an account depending on the trader’s needs. A demo account is available—a training account that is useful for both beginner-level traders and professional traders.

💰 Account currency:USD
🚀 Deposit:Standard, Standard Cent, Standart Plus – 1 USD, Raw Spread, Zero, Pro – $200
⚖️ Leverage:From 1:100 up to 1:2000; with equity up to $999 – 1:Infinity
💱 Spread:Standard, Standard Cent – from 0.3 pips, Pro – from 0.1 pips, Raw spread, Zero – from 0 pips, Standard Plus – from 1 pip
🔧 Instruments:Currencies, assets of stock and commodity markets, cryptocurrencies
💹 Margin CallStandard: 60/0%, Standard Cent: 60/0%, Standard Plus: 60/0%, Pro: 30/0%, Raw spread: 30/0%, Zero: 30/0%

👍 Advantages of trading with EXNESS

  1. Free VPS hosting;
  2. Instant withdrawal of money 24/7;
  3. Segregated accounts;
  4. Low spreads;
  5. Multiple trading platforms: MT4, MT5, MultiTerminal, mobile platform.

👎 Disadvantages of EXNESS

  • It is extending its customer service to offer support 24/7;
  • Currently, the entrepreneurship training resource section is only available in English. It could benefit from being offered in multiple languages.


Exness Broker is a trusted broker partner that is compliant with all relevant terms. Exness complies with all payment obligations and pays all money earned.

Visit the EXNESS Website. 

#2 Best Forex Broker eToro

eToro is a broker that was founded in 2007. The company promotes itself as a social trading platform, working with traders from over 140 countries.

The broker has several divisions operating under different jurisdictions and licenced by different regulators. For example, eToro (Europe) is licenced by the Cypriot regulator CySEC, and eToro (UK) is licenced by the British regulator FCA. The broker also has representative offices in Australia and the USA.

💰 Account TypeUSD
🚀 Deposit:$200
⚖️ Leverage:1:1-1:30
💱 Spread:From 0.1 pips
🔧 Instruments:Currencies, assets of stock and commodity markets, cryptocurrencies
💹 Margin Calln/a

👍 eToro broker advantages

  • The minimum transaction amount for copying is $1.
  • useful features for passive investing;
  • regulated by independent monitors;
  • it is possible to purchase contracts for fractional shares (that is, to invest amounts less than the cost of one share);
  • It is possible to buy shares at once (not CFDs) on the US stock exchanges.

👎eToro broker Disadvantages

  • high spreads;• order execution technical failures on a regular basis;
  • lack of the most popular platforms, such as MetaTrader 4 and MetaTrader 5 in Europe and the CIS;Orders are processed only according to the STP (straight-through processing) scheme with access to specific liquidity providers;
  • There is a fee for withdrawing funds;
  • rude support staff;
  • inconvenient website.

Visit the eToro Website. 

#3 Best Forex Broker XM Group

Best Forex Broker XM

XM Broker was founded in 2009. Initially, the company covered a narrow niche of the trader market, specialising exclusively in intermediary services in the foreign exchange market.

It has since experienced considerable success and growth. XM is reliable and safe. It has diversified and is now an international broker operating in almost 190 countries around the world. For over a decade, XM Broker has attracted more than 5 million traders, offering unique technological solutions.

The company is now being recognised as the fastest growing broker, the best forex service provider, and various other notable achievements. The team at XM Broker is committed to continually working hard to improve the quality of the services provided every year as they are committed to continually providing the best service to their traders.

💰 Account:USD, EUR, GBP, (can be changed depending on the account type)
🚀 deposit:Micro, Standard — 5 US dollars, XM Ultra Low — 5 US dollars, XM Zero — $5.
⚖️ Leverage:Up to 1:888 (*The maximum leverage for clients registered under the EU regulated entity of the Group is 30:1. Leverage depends on the financial instrument traded)
💱 Spread:Micro, Standard — from 1 pip, XM Ultra Low — from 0.6 pip, XM Zero — $3.5
🔧 Instruments:CFDs on currency (including cross rates), shares, stock indices, precious metals, energy products, cryptos (are not available under the EU regulated entity of the Group)
💹 Margin Call50%/20%

#4 Best Forex Broker Tickmill

Tickmill brokerage sets a new standard for brokerage service delivery. The company is proud of its focus on innovation, which is why traders choose it. Because Tickmill offers minimal spreads, fans of scalping and passive trading with robots appreciate the broker’s trading conditions. Many awards have been bestowed upon the company. Thus, it was named “Best Execution Broker” for two years in a row (2018 and 2019), and it was also named “Most Transparent Broker” in 2019.

💰 Accounteuro, dollar, pound
🚀 deposit:100 US dollars
⚖️ Leverage:1:500
💱 Spread:From 0.7 pips
🔧 Instruments:62 currency pairs, stock indices, oil, gold and silver, bonds
💹 Margin Call100% and 30%

👍 Advantages of trading with Tickmill:

  • spreads from 0 pips;
  • any strategy is allowed;
  • protection against negative balance.

👎 Disadvantages of Tickmill:

  • the customer support works only 5 days a week from 7:00 to 16:00 GMT;
  • relatively small choice of currency pairs;
  • there is no cent account;
  • there is no cryptocurrency;
  • there is no trust management;
  • there is no MetaTrader 5 terminal;
  • there is no mobile trading platform.


Tickmill is a suitable broker for both professional traders and novices. The company is good for robotic trading as well as for short-term strategies.

Visit the Tickmill Website. 

#5 Best Forex Broker Interactive Brokers

Interactive Brokers is among the best-known US investment companies, having operated since 1977. The broker offers to trade currency pairs, but its basic instruments are stocks, CFDs, indices, metals, ETFs, futures, and other exchange market assets. The company is regulated by the US Securities and Exchange Commission (SEC), the US Financial Industry Regulatory Authority (FINRA), the UK Financial Regulatory Authority (FCA), and other international financial regulation commissions. In 2020, the broker was awarded the “Best Online Broker” (Barron’s) and “Best Broker for Economical Investments” (NerdWallet) titles and got five stars in the Online Stock Trading for Traders category (Canstar). The broker is popular in other countries as well. Here you can read reviews of Interactive Brokers in Canada, Singapore, Australia, Hong Kong, and Ireland.

⚖️ Leverage:Depending on the asset
💱 Spread:From 0.7 pips
🔧 Instruments:Stocks, options, futures, currency, metals, bonds, ETF, mutual funds, CFD, EPF, Robo-portfolios, hedge funds
💹 Margin CallDepending on the asset

👍 Advantages of trading with Interactive Brokers:

  • A wide range of training materials
  • access to 135 markets spread across 33 countries;
  • a huge subset of trading instruments.

👎 Disadvantages of Interactive Brokers:

  • The website’s interface is only partially translated into other languages;
  • You have to pay for an inactive account;
  • Saturday and Sunday are not working days for customer service.
  • long and complicated registration process
  • cent accounts for novice traders.

Visit the Interactive Brokers Website. 

Best Forex Trading Platforms

The following forex brokers gave us the best trading platform experience out of the 39 brokers we evaluated for our 2022 annual review:

  • Most trusted, great for beginners
  • Best platform technology
  • Interactive Brokers – Best for professionals
  • Best platform technology
  • Great for algorithmic traders

What does a forex broker do?

A forex broker is a company that has been licenced (or is exempt) by a national regulator to allow you, as a retail or professional client, to buy or sell foreign currencies via an online trading platform or over the phone (known in the industry as voice broking).

Depending on any relevant country-specific regulations, a forex broker may offer you the underlying currency, a non-deliverable spot contract, or a derivative such as a contract for difference, or CFD. To reduce your chances of being scammed, only use brokers who are properly regulated.

Are forex brokers reliable?

The most trustworthy brokers are also reliable. Reliability depends on which broker you choose, and can vary across brokers. You must be able to rely on your broker to safeguard the money in your brokerage account. 

There are other trust factors to consider how dependable a broker is, such as ensuring it has adequate financial operating capital, how long it’s been in operation, and whether it holds proper regulatory licences in the countries where it operates to help ensure compliance with local laws.

Who is the biggest forex broker in the world?

Exness Enters Five Consecutive Months of $2 Trillion-Plus Volumes

  • The broker first surpassed the $2 trillion mark in March. 
  • Volume jumped 1% to $2.275 trillion in July. 

Exness is the largest forex broker by trading volume, with over $2 trillion in forex trading volume in the five months  2022 alone, according to data compiled by Finance Magnates

The largest broker may vary depending on the time period used to measure size. But common to the biggest brokers is that they have the most assets under management, the largest number of clients, and the greatest market capitalisation (valuation for public companies). All these are important factors to consider when gauging the size of a forex broker.

What are the top 1 forex broker?

According to data compiled by Finance Magnates during the third quarter of 2022(data excludes Japan due to the abnormally high trading volumes known to come from Japanese brokers), the following are the top 1 broker by forex and CFD trading volume:

The broker first surpassed the $2 trillion mark in March. 


Is $100 enough for forex?

Yes, $100 can be enough to trade forex and test a trading strategy. It’s not a lot of money, so the potential risk/reward will be limited. However, trading with a small amount of risk capital can let you test a new investment methodology, or allow beginners new to forex trading to learn by trial and error. 

Trading forex with such a small amount of capital will severely hamper your bottom line, but can be a great way to learn with less risk.

For example, if you open the smallest trade size for forex—such as 1,000 units of the EUR/USD pair—and the price is 1.1224, your broker may require a 30:1 margin requirement. 3.33% of the resulting $1,122.4 trade value would end up as $37.41 in collateral, which would become frozen upon opening the trade. This would only leave $62.41 available (and this calculation doesn’t even include the cost of the spread).

Read More; Can You Start Trading Forex With Just $100

Which forex broker charges the lowest fees?

When it comes to pricing — commission plus spread — Exness offers the most competitive all-in costs, especially for active and VIP traders, who have access to pricing that is among the lowest in the industry. Using typical spread data listed by Exness for its Pro account offering of 0.13 pips for the EUR/USD, the all-in cost equates to 0.53 pips when factoring in the RT commission equivalent of 0.4 pips. 

Methodology To assess brokers, we take into consideration how much beginners, average traders, and even more seasoned traders would pay, looking at average spreads for standard forex contracts (100,000 units) as well as mini accounts (10,000 units) and micro accounts (1,000 units), where applicable. We then calculate the all-in cost by including any round-turn commission that is added to the prevailing spreads.

Best Forex Brokers for Beginners

The best forex brokers for beginners all have three features in common.

The broker’s status as a well-regulated and highly trusted brand is the first and most important quality. The second step is to provide a user-friendly web-based platform with a diverse range of educational resources. The third requirement is access to high-quality, actionable market research.

We spent countless hours opening demo accounts, navigating various forex platforms and mobile apps, conducting market research, testing website usability, and watching educational videos and webinars for our 6th annual review of forex and contract for difference (CFD) brokers.

The Best Forex Brokers for Beginners

Here’s a summary of the best forex brokers for beginner forex traders.

  • Most trusted, great for beginners
  • Best platform technology
  • Interactive Brokers – Best for professionals
  • Best platform technology
  • Great for algorithmic traders

Best Forex Brokers in South Africa

In recent years, South Africa has seen a huge growth of forex trading across the country. The arrival of international brokers, widespread education about retail investments, and improved access to online trading capabilities have all contributed to this growth.

Exness.comStandard, Standard Cent, Standart Plus – 1 USD, Raw Spread, Zero, Pro – $2004.5⭐️⭐️⭐️⭐️
Interactive Brokers$104.2⭐️⭐️⭐️⭐️

Which forex brokers accept U.S. or non-U.S. clients?

Forex brokers with regulatory status in the United States can accept clients from the United States. Meanwhile, forex brokers who accept non-US clients must typically be licenced in the countries where their clients reside.

If you live in the European Union, for example, you will be able to open an account with an EU-regulated broker. If you live in the United States, you must open an account with a U.S.-regulated broker. If you’re specifically interested in stock trading, check out our guide to the best U.S. trading platforms for beginners.