Finding the right forex broker that meets your specific trading needs is a difficult task especially as there are numerous online brokers available today. Many of them offer similar services on the surface; so deep research, careful analysis, or hands-on experience is often needed to completely describe the services provided by a broker.
At Brokersway, we understand that every broker is different; just like every trader is different. So, we have utilized our skills, expertise, and resources to analyze various top-performing brokers. The list has been further narrowed to the top 15 forex brokers in the world.
Below are our top 15 brokers in the world:
- Pepperstone –
- IC Markets
- eToro
- Exness
- LMFX
- Oanda
- XM
- HotForex Markets
- FXTM
- EightCap
- FBS
- Tickmill
- Moneta Markets
- FP Markets
- AvaTrade
Top 15 Forex Brokers in the world for 2024 ( Comparison)
- Founded In: 2010
- Minimum Deposit: $0, Recommended: $200
- Maximum Leverage: $200:1 for retail traders, 500:1 for professional traders.
- Regulations:FCA, ASIC, CySEC, BaFin, DFSA, CMA, and SCB
- Trading Platforms :MT4, MT5, cTrader,TradingView and their own proprietary platform,
- Trading Instruments:forex, CFDs in stocks, indices, commodities, ETFs and Cryptos
- Founded In: 2007
- Minimum Deposit: $200
- Maximum Leverage: 1:1000
- Regulations: ASIC, CySEC, FSA
- Trading Platforms:MT4, MT5, CTrader and Tradingview
- Trading Instruments:forex, CFDs in stocks, indices, commodities, cryptos, and Bonds.
- Founded In: 2007
- Minimum Deposit:$50
- Maximum Leverage:30:1 EU, 50:1 USA
- Regulations :SEC, FINRA, FCA, CySEC, FSA-S, SIPC, ADGM
- Trading Platforms : Web platform and intuitive mobile app
- Trading Instruments: Stocks,Indices,ETFs,Currencies,Commodities,Cryptoassets.
- Founded In: 2008
- Minimum Deposit: $200
- Maximum Leverage:$1 for standard accounts, $200 for Pro, Raw Spread, and Zero accounts.
- Regulations :CMA, CySEC, FSA-Seychelles, CBCS, FSC in BVI, FSCA, FSC in Mauritius,CMA
- Trading Platforms :MT4, MT5, MetaTrader WebTerminal, MetaTrader Mobile, Exness Trade App , Exness Terminal
- Trading Instruments: Forex, CFDs, Cryptocurrencies, Stocks CFDs, Commodity CFDs
- Founded In: 2009
- Minimum Deposit: $5
- Maximum Leverage: 1000:1
- Regulations :FSC
- Trading Platforms : MT4, MT5
- Trading Instruments: Forex , Commodities, Stock ,Indices , Crypto , Turbo Stocks Equity indices , Precious Metals , Energies
- Founded In: 2009
- Minimum Deposit: $100
- Maximum Leverage: 1:1000
- Regulations : ASIC, FCA, CySEC, SCB, and FSASVG
- Trading Platforms :MT4, MT5, MetaTrader WebTerminal, MetaTrader Mobile, Exness Trade App , Exness Terminal
- Trading Instruments: Forex, commodity, crypto, index, share
- Founded In: 2009
- Minimum Deposit: $5
- Maximum Leverage: 1:3000
- Regulations :FSC(Belize)
- Trading Platforms : MT4, MT5, Webtrader
- Trading Instruments: Forex , Stock ,Indices , Crypto , Metals , Energies , Forex Exotic
- Founded In: 2006
- Minimum Deposit: $100
- Maximum Leverage: 30:1
- Regulations : ASIC, CBI, FFAJ, FSA, FSCA
- Trading Platforms : MT4, MT5, Webtrader, Automated Trading
- Trading Instruments:Forex, Stocks, Commodities, Indices, Crypto CFDs, Bonds, ETFs
- Founded In: 2005
- Minimum Deposit: 100 AUD or equivalent.
- Maximum Leverage: 500:1
- Regulations : ASIC, CySEC, FSA, FSCA, SVG
- Trading Platforms :MT4, MT5, TradingView, cTrader, WebTrader, IRESS, Autochartist, Trading Central, Social Trading, Signal Start
- Trading Instruments:Forex, shares, metals, commodities, indices, digital currencies, bonds, ETFs
- Founded In: 2015
- Minimum Deposit: $50
- Maximum Leverage: 1:1000
- Regulations :
- Trading Platforms : MT4, WebTrader, Mobile Trader
- Trading Instruments: Forex, Indices, Commodities, Metals, Energy,Shares
- Founded In: 1996
- Minimum Deposit: $0
- Maximum Leverage: 500:1
- Regulations : ASIC, CFTC, FCA,PFSA,MAS, FSA
- Trading Platforms : MT4, MT5, fxTrade app
- Trading Instruments:Forex, Indices , Metals , Shares, Commodities, Cryptocurrencies
- Founded In: 2010
- Minimum Deposit: $5
- Maximum Leverage: 1:1000
- Regulations : FCA, DFSA , FSCA ,FSA,CMA
- Trading Platforms : MT4, MT5, HFM Platform
- Trading Instruments: Forex,Metals,Energies,Indices,Stocks,Commodities,Bonds,ETFs,Cryptos
- Founded In: 2011
- Minimum Deposit: $10
- Maximum Leverage: 1:2000
- Regulations : FSC (Mauritius)
- Trading Platforms : MT4, MT5 and Mobile Trading
- Trading Instruments: Currencies, Stocks, Indices and Commodities
- Founded In: 2014
- Minimum Deposit: $100
- Maximum Leverage: 1:500
- Regulations : FCA, CySEC, FSA, FSA (Labuan), and FSCA.
- Trading Platforms : MT4, MT5, WebTrader Platform, MetaTrader for Mac , Tickmill Mobile App
- Trading Instruments: Forex , Stock Indices, Commodities,Bonds, Cryptocurrencies, Stocks
- Founded In: 2009
- Minimum Deposit: $50
- Maximum Leverage: 1000:1
- Regulations: FSP , FSCA
- Trading Platforms : PRO TRADER ,APP TRADER ,Mt4,Mt 5,METATRADER APP,MT4,WEBTRADER,COPYTRADER APP
- Trading Instruments: FOREX ,COMMODITIES,INDICES ,SHARE CFDs,ETFs,BONDS,TRADING HOURS,SPREADS AND COMMISSIONS
Frequently Asked Questions (FAQs)
Which Forex Brokers Offer the most CFDs?
FP Markets offers about 10,000 CFDs for trading on its platforms. It is followed by eToro with more than 3,000 CFDs and Oanda with over 1,800 CFDs.
What are the top 10 currency trading brokers?
Based on popularity, robust platforms, affordable trading fees, assets index, and excellent support, the following brokers make our top 10:
- Pepperstone
- IC Markets
- FP Markets
- eToro
- HotForex Markets
- XM
- Oanda
- TickMill
- Exness
- AvaTrade
Which Forex broker is the best for Crypto CFD Trading?
EightCap is the best for trading crypto CFDs because it offers over 100 crypto CFDs for trading at competitive rates. Pepperstone is next with over 90 crypto CFDs and great trading conditions.
What are the Best Forex Brokers for beginners?
From our research, analysis, testing, and experience; XM, HotForexMarkets, FBS, and Exness are the best brokers for beginners. They all provide comprehensive training resources for newbies and also demo accounts for practice. When the newbies are ready for live trading, these brokers offer micro accounts which they can use to start experimenting with live trades at very little risk.
Which forex broker is best for professionals?
Oanda, Exness, and HotForex Markets are the best brokers for Professional traders. They offer special accounts with low trading fees for Pro traders. Additionally, they provide quality trading tools and excellent market analyses needed by expert traders.
To know more, you can check out content “ “.
Which forex broker offers the most currency pairs?
Pepperstone and Exness offer more than 100 currency pairs for trading on their platforms. This is a large number of forex instruments because the major pairs constitute 75% of all forex trades and most brokers do not offer that much.
What types do Forex brokers usually have?
Dealing Desk (DD) and No Dealing Desk (NDD) Forex brokers.
Which is the Number 1 Forex Broker in the world?
Based on our evaluation and broker ratings, Pepperstone is the number 1 Forex broker in the world.
What Types of Forex Brokers Should I Choose?
The two major types of forex brokers are:
Dealing Desk: These are the market makers that create the ‘buy’ and ‘ask’ exchange rates. They also execute clients’ orders by assuming counterparty to all orders.
No Dealing Desk (ECN/STP): These brokers do not create the prices, rather they obtain them from their liquidity providers (LPs). If they operate straight-through processing (STP); they route client orders to the LPs for execution but if they operate an Electronic Communications Network (ECN); then the ECN server connects them directly to the market.
The type of forex broker you choose should depend on your trading needs, strategies, and goals. Choose a DD broker if you want to trade with high leverage or fixed spreads. NDD is best for experienced traders who want fast executions, low trading fees, and a wide variety of assets.
Learn More : Types of forex Brokers
What Types of Trading Platform Should I Choose?
Most modern trading platforms are user-friendly and support technical analysis, multiple orders, etc. Also, many proprietary platforms are great for a variety of traders. For the popular third-party platforms; if you are a beginner who wishes to trade forex; MT4 is your best bet.
Advanced traders who trade CFDs or use complex order types should use MT5. cTrader and TradingView are great for advanced traders who need a complex charting package.
Note: TradingView requires a monthly or yearly subscription to unlock its full features.
Who is a Forex Broker?
A forex broker is a financial investment firm that provides software platforms for its clients to speculate on the exchange rates of currency pairs. Most of them operate over the internet and their operations are fully digital.
How do I Choose a Forex Broker?
To choose a forex broker, consider the following factors:
- Reputation: Check if the broker is duly licensed and authorized by the appropriate regulatory authority. Also, check the brokerage experience history as well as user reviews.
- Fees: Check the trading and non-trading fees charged by the broker. Ensure that there are no hidden fees and that trading fees are not high compared with other brokers.
- Platform: Test the provided platform to ensure that it has the necessary tools and features that you may need in the course of your trading.
- Support: Ensure that the client support desk is efficient and easily reachable.
How Can I Start Forex Trading?
The first step is to acquire training about the forex market and how forex trading works. Learn how to analyze the markets and create a trading strategy that will help you generate your trading signals. Practice and perfect your strategies on a demo account. When you are ready to start live forex trading, follow the guidelines below:
- Choose a forex broker and open an account.
- Verify the account, fund it, and download the trading platform if required.
- Choose the currency pair you want to trade and create a new order.
- Set your trade volume, stop loss, take profit, etc
- Place your order by clicking ‘buy’ or ‘sell’.
- Monitor the trade and close it when you are satisfied. This completes the forex trade.
Do I Need a Broker to start forex trading?
Forex trading is the buying and selling of currencies. To trade forex, as an individual trader, you need a broker. However, you can trade forex without a broker if you are buying and selling physical cash or exchanging currencies via banks.
How Much Money Do I need to start forex trading?
The amount of money needed for forex trading depends on the broker you are trading with. Some brokers have no minimum deposit, meaning that you can start trading with any amount provided that it is enough to cover the position that you are about to open. Others require little minimum deposits like $10, $50, etc. For some brokers, certain account types require large deposits; from $10, 000 or more.
How do I know if my forex broker is regulated?
Every regulated broker displays their regulatory information conspicuously on their website. To further verify this information, you can visit the website of the regulator and search if the broker is registered and licensed by them.
Is Forex Trading Legit?
Yes! Forex trading is legitimate in almost every country.
What are the trading hours of Forex?
Forex is traded on a 24/5 basis. The trading time starts on Sunday at 22:00 GMT and ends on Friday at 22:00 GMT. This is because the time zones of the major trading centers overlap. The Sydney session starts early on Monday morning and ends with the New York session on Friday night.
Standard Forex trading times
Location
Opening time
Closing time
Time (GMT)
Sydney
7:00 am
4: 00 pm
20:00 to 5:00
Tokyo
9:00 am
6:00 pm
00:00 to 9:00
London
8:00 am
5:00 pm
8:00 to 17: 00
New York
8:00 am
5:00 pm
13:00 to 22:00
Daylight Savings Time (DST) is the practice of moving the clocks ahead by 1 hour during the summer and moving it back in the fall. Traditionally, it was done to save energy by using the natural daylight better. In Europe and North America, DST usually starts around March/April and ends around September/November.
In the UK and most of Europe, the clock goes forward by 1 hour on the last Sunday in March and reverts on the last Sunday in October. In America/Canada, it goes forward by 1 hour on the second Sunday in March and reverts on the first Sunday in November. But, In Australia, DST starts on the first Sunday in October and ends on the first Sunday in April. Other regions have different DST times.
DST/Summer forex trading times
Location
Opening time
Closing time
Time (GMT)
Sydney
7:00 am
4: 00 pm
22:00 to 7:00
Tokyo
9:00 am
6:00 pm
23:00 to 8:00
London
8:00 am
5:00 pm
7:00 to 16:00
New York
8:00 am
5:00 pm
12:00 to 21:00
How to Avoid Forex Trading Scams?
Forex trading scams are the crime of defrauding unsuspecting investors or forex traders of their capital through fraudulent schemes. It comes from various players in the market; such as scam brokers, other traders, marketers, etc. Popular schemes used by scammers include PAMM accounts, signals selling, robot selling, clone firms, scam brokers, social trading scams, etc.
Follow the steps below to protect yourself from forex scams:
- Avoid trading with unregulated forex brokers.
- Do your research and read user reviews to find out what other traders are saying about a forex broker.
- Do not fund your trading account from a bank account or debit card where you have your life savings. Use a new bank account/credit card/e-wallet with little funds.
- Always double-check your broker’s website to make sure that you have not visited a cloned website. Avoid clicking on any email links leading you to the broker’s website.
- When a broker promises large bonuses or continues to inundate you with calls, it is a bad sign. Check them again and withdraw your funds if possible.
Conclusion
There are many forex brokers out there but we have chosen the best 15 for you. We only chose the reputable brokers that have been consistently offering excellent services to a teeming population of traders.
You are free to trade with any of the brokers recommended. However, to further guide your choice, we make the following recommendations:
If you want to diversify your portfolio with real assets like stocks or ETFs; then you can choose eToro or XM. Beginner traders can try any of FP Markets, XM, or FBS.
Professionals can check out the services of Exness, Oanda, HotForex Markets, or Moneta Markets. Investors or social traders can trade with eToro, IC Markets, or HotForex Markets. Be sure to use the risk management tools available to you.
Our Methodology
Our team developed over 170 data points grouped into 6 macro areas for assessing the performance of forex brokers. They are as follows:
- Regulation and Security
- Fees and Commissions
- Trading
- Trading tools
- Customer Support
- Trading Education
Our team collated information from various sources and verified them before assessment and rating. We tested the services offered by the brokers using various devices, software, and strategies. Final fact-checking, evaluation, and editing were done and the best brokers were selected. To find out more, read our methodology.
Risk Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89 % of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
