With many hundreds of Forex / CFD brokers to choose from globally, finding the right broker for you can seem an impossible challenge. That’s why we at DailyForex keep our team of industry analysts at work, to make choosing the best broker easier for you.
Forex Brokers Reviews at a Glance [year]
- FXTM, Best all-around broker with high floating leverage and fast execution.
- FP Markets, ECN trading with leverage up to 1:500.
- Eightcap, Competitive pricing + excellent daily videos.
- Pepperstone, Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platform..
- BlackBull Markets, Best ECN trading environment, with scalping and hedging.
- AvaTrade, Highly regulated, choice of fixed or floating spreads.
- ACY Securities, Swap-free trading with the MT5 trading platform.
- Plus500, multi-asset and CFD broker.
- Octa, A commission-free broker with a proprietary copy trading service.
- Dukascopy, a Swiss Bank and a broker.
Best Forex Trading Brokers Comparison
| | | | | |
Regulators | CMA, CySEC, FCA, FSC Mauritius, FSCA | ASIC, CMA, CySEC, FSCA | ASIC, CySEC, FCA, SCB | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB | FMA, FSA |
Year Established | 2011 | 2005 | 2009 | 2010 | 2014 |
Execution Type(s) | ECN/STP, Market Maker | ECN/STP | ECN/STP, Market Maker | No Dealing Desk, NDD | ECN/STP, No Dealing Desk |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 0.1 pips | 1.2 pips | 1.0 pips | 1.1 pips | 1.3 pips |
Average Trading Cost GBP/USD | 0.2 pips | 1.4 pips | 1.2 pips | 1.4 pips | 2.0 pips |
Average Trading Cost Gold | $0.18 | $0.16 | $0.12 | $0.15 | $0.90 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | MetaTrader 4, MetaTrader 5, Trading View | Other, MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Trading View+ | MetaTrader 4, MetaTrader 5, cTrader, Trading View |
Islamic Account | |||||
Negative Balance Protection | N/A | N/A | |||
| Visit Website | Visit Website | Visit Website | Get Started Visit Website74-89 % of CFD traders lose | Visit Website |
FXTM
In Summary Best all-around broker with high floating leverage and fast executionWe have made FXTM one of our top-rated brokers because in addition to its lengthy track record, it enjoys a very high level of regulation and reputation, and it offers a highly competitive fee structure which tends to keep down the cost of trading.
Pros & Cons
- Excellent commission-based Forex pricing environment and transparency
- Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
- Quality market research and educational content for beginner traders
- A highly regulated broker with a tier-1 license
- No cryptocurrencies and limited choice of commodities
FP Markets
In Summary ECN trading with leverage up to 1:500fpmarkets is an ASIC-regulated Australian brokerage which launched in 2005. For most traders, the unique selling point of this broker is in the extremely wide range of tradable assets offered, providing the opportunity to trade over ten thousand individual stocks and shares including publicly quoted Hong Kong and Australian companies. Ffpmarkets also offers 60 Forex pairs and crosses, 11 equity indices, the major commodities, and 5 cryptocurrencies including Bitcoin. fpmarkets offers an unusual hybrid ECN/STP execution model, meaning their clients can choose between ECN style of execution giving a very high level of speed, and a “straight through processing” execution style which allows for more “natural” spreads.
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
Eightcap
In Summary Competitive pricing + excellent daily videosEightcap established itself among the best Forex brokers due to its superb trading infrastructure, excellent order execution amid deep liquidity, competitive fees, and cutting-edge trading tools. Manual traders get a well-designed AI-powered economic calendar, and Eightcap upgrades MT4 via Capitalise AI, which enables algorithmic trading in a code-free environment. MT5 traders benefit from Flash Trader, while the dedicated cryptocurrency solution Crypto Crusher caters to cryptocurrency traders.
Copy traders get the embedded MT4/MT5 services, and Eightcap connects social traders to the active TradingView community. Beginner traders get an outstanding educational and research offering via Eightcap Labs and Eightcap Trade Zone.
Pros & Cons
- Low minimum deposit and high leverage of up to 1:500
- Competitive cost structure
- Excellent technology infrastructure and seasoned management team
- Daily research and quality educational content
- Limited leverage in some areas
Pepperstone
In Summary Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platform.Pepperstone ranks among the best Forex brokers offering Capitalise AI, enabling algorithmic trading in a code-free environment. It also upgrades MT4 with the 28-plugin Smart Trader Tools package and Autochartist. The well-balanced asset selection of 1,500+ assets includes Forex, Forex indices, and cryptocurrencies. Commission-based fees start with raw spreads from 0.0 pips for a commission of $7.00 per 1.0 lot. A volume-based rebate program can lower trading fees.
Traders get ultra-fast order execution with average speeds of 30 milliseconds, and MT4, MT5, cTrader, Myfxbook Autotrade, DupliTrade, and TradingView, plus a proprietary mobile trading app for copy and mobile traders.
Pros & Cons
- Excellent choice of trading platforms consisting of MT4/MT5, cTrader, TreadingView and Pepperstone Platform
- Market-leading MT4/MT5 upgrade package, Autochartist, and API trading
- Social trading support via Signal Start, MetaTrader Signals, Copy Trading by Pepperstone, DupliTrade
- Leverage of up to 1:400 depends on jurisdiction and superb trade execution
- Demo accounts have 60-day time limits
BlackBull Markets
In Summary Best ECN trading environment, with scalping and hedgingBlackBull Markets was founded in 2014 in New Zealand. Like many antipodean Forex brokers, BlackBull Markets is an ECN broker, offering raw spreads and commissions. They are regulated in New Zealand by the Financial Services Providers Register (FSPR) and offer a maximum leverage on some Forex currency pairs as high as 500 to 1. In addition to their global headquarters in New Zealand, BlackBull Markets also has presences in the form of branch offices in New York and Malaysia. BlackBull Markets offers a relatively tight range of tradable assets: 27 Forex currency pairs and crosses, gold, silver, crude oil, natural gas, and 6 major equity indices. That should be sufficient for those traders with more focused strategies not requiring wide diversification.
Pros & Cons
- ECN/NDD execution model with deep liquidity
- Institution-grade pricing for retail traders via proprietary price aggregation
- ZuluTrade and Myfxbook for social trading
- Leverage of up to 1:500
- Limited deposit options
AvaTrade
In Summary Highly regulated, choice of fixed or floating spreadsAvaTrade is one of the largest Forex / CFD brokers and well-known for offering their clients a choice of fixed or floating spreads. They have a very high and strong level of regulation. AvaTrade is directly regulated in Ireland (and by extension, the European Union), Australia, Japan, South Africa, and the British Virgin Islands. Outside the European Union, Ava offers maximum leverage on Forex currency pairs as high as 400 to 1. AvaTrade offers trading in over 55 different Forex currency pairs, 17 commodities, 20 equity indices, 14 cryptocurrencies, plus 66 individual stocks and shares. 2 bonds and 6 ETFs are also on the menu.
Pros & Cons
- High quality educational offering via AvaAcademy
- Excellent choice of trading platforms catering to various trading needs
- Broad asset selection and cross-asset diversification opportunities
- Well-regulated and trusted broker with oversight from a central bank
- Trading costs competitive but nothing special
ACY Securities
In Summary Swap-free trading with the MT5 trading platformACY Securities upgrades MT4/MT5 with Capitalise AI and 15 quality plugins. Capitalise AI supports algorithmic trading in a code-free environment and is the most advanced trading tool available, making ACY Securities one of the best Forex brokers. Low-latency 24/5 market access exists via VPS hosting. Copy traders may use the embedded MT4/MT5 services or diversify via Signal Start and SoFinX.
The commission-based trading accounts offer competitive trading fees with raw spreads from 0.0 pips for a commission of $6.00 for ProZero and $5.00 for Bespoke. Traders also benefit from fast order execution under 30ms via 46 liquidity providers.
Pros & Cons
- Large repository of daily analysis and educational content
- Low spreads starting at 0 pips in the Spread Zero account
- 16 payment processors, including cryptocurrencies
- Competitive trading fees in its commission-based accounts
- Only 1 regulator
Plus500
In Summary multi-asset and CFD brokerPlus500 is an Australian company founded in 2008, with main offices located in Sydney. The company’s sophisticated trading platform features over 2000 instruments, and allows clients to trade on movements in the price of shares, indices, forex, commodities, cryptocurrencies, ETFs and options without having to buy or sell the underlying instrument. For the Australian market, Plus500 is licensed to offer CFDs through ASIC (AFSL #417727), and through the FMA (FSP #486026), for licensed CFDs in New Zealand. Plus500 trading services are also available in South Africa (Authorised Financial Services Provider #47546). Plus500 Ltd is listed on the London Stock Exchange’s Main Market for Listed Companies, with de facto headquarters located in Haifa, Israel. In its original form, the Plus500 trading platform was only available to PC users. However, in 2010, Plus500 launched a new web-based trading platform update, which allowed clients to trade using Windows PC, Mac, Linux, as well as most smartphones operating on either iOS or Android. Since its launch in 2008, Plus500 has placed considerable emphasis on its technological development through continuous innovation to obtain a technological edge in the market. In 2021, Plus500 opened a new R&D centre in Tel Aviv, Israel, aimed at increasing its scope, particularly in mobile trading technologies. Plus500AU Pty Ltd holds all client money in a segregated trust account, and offers users the option of a demo account for trial purposes.
Pros & Cons
- Broad asset selection in equities and options
- Free and unlimited demo account
- Advanced free-of-charge analytical trading tools
- Global and regulated fintech platform
- Sub-standard trading platform without support for automated or social trading
Octa
In Summary A commission-free broker with a proprietary copy trading serviceFounded in 2011, Octa is a “Straight Through Processing” (STP) broker, which means they do not have an internal dealing desk. They simply connect buyers and sellers directly. With this model, Octa aims to be more cost-effective than anyone else in the market. They offer low spreads and claim 97.5% of trades are executed without slippage.
Octa offers their clients a choice of three Forex trading platforms: the world’s most popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5). All of these can be traded as a desktop application, and on Android and iOS devices.
Octa is an unregulated broker but continues to earn the trust of traders around the globe, with more than 1,500,000 accounts opened. One reason for the ongoing success of this market maker is appealing bonus campaigns. This broker paid out almost $3,000,000 in bonus funds. Octa offers traders the MT4 and MT5 platforms, and a proprietary mobile trading platform. Octa additionally grants their clients Autochartist, but traders require a Silver Level in the Status Program. Traders have a choice between fixed and floating spreads, and the overall cost structure remains competitive.
Asset selection remains the distinct weakness at Octa, making it most suitable for new retail traders. A series of short educational articles offers a basic Forex introduction, and this broker maintains an excellent arsenal of research and analytics tools.
Pros & Cons
- Quick withdrawals and deposits
- 0% commission and no overnight charges
- Space with personalised trading ideas
- Customer Support 24/7
- Mobile copy trading services available only for Android
Dukascopy
In Summary a Swiss Bank and a brokerPros & Cons
- Quality trading tools and in-house research
- Banking services and trading as a bundled service
- Competitive trading fees with volume-based discounts
- Excellent STP/NDD/ECN trading infrastructure
- Account verification requires a video call
How Do I Choose the Best Forex Broker & Trading Platform?
Making a deposit at a Forex / CFD broker is something you should take seriously.
Your first step in seeking the best Forex brokers is to restrict your shortlist to include only the brokers you feel comfortable trusting as a custodian of your money. Ideally, you should only be looking at regulated Forex brokers, and it is advisable to consider the stronger financial centers such as brokers regulated in the U.S.A.., brokers regulated in Cyprus or brokers regulated in the U.K . Consider also whether you would be in a stronger position choosing a Forex broker regulated in the same country in which you live.
Your second priority should be determining whether a broker gives value for money to its customers in return for the services it provides.
Below is a list of the factors worth using to assess any Forex broker.
Broker Regulation & Reputation
A quick google search can determine if a broker has ever been fined by their regulator for a breach of rules, and which rules were breached. Are they a public company? Does their financial position look healthy? Have they been in business a long time?
Minimum Deposit
Most brokers require minimum deposits to open a real money account, usually at affordable amounts. Some brokers ask for higher minimum deposits for their accounts with the best trading conditions. Typically, the more you can deposit up to $10,000, the better the trading conditions (including fees) you will be able to access.
Fees
The most important fees charged by brokers are spreads and commissions applied to every trade you make, but there are other, more hidden fees as well, such as swaps (overnight financing) inactivity fees, and withdrawal fees.
Trading Conditions
A good Forex broker should offer consistently good liquidity and smooth execution without requotes or slippage, which are the mainstays of smooth trading conditions.
Choice of Markets
Will you be able to trade everything you want? If you are only interested in the major Forex currency pairs, that will be easy, but if you really want to trade individual stocks and shares, or the less common commodity offerings, you will find that not all brokers offer them, although most offer some of them wrapped as CFDs.
Does the Broker Suit My Trading Style?
Some brokers offer better conditions for longer-term traders than short-term traders, or vice versa. This is because short-term traders will pay nearly all their trading costs in spreads, while longer-term traders will likely pay more in overnight financing fees (also known as swaps).
Suitable Account Types
Traders with smaller deposits may want a micro account, where position sizes as low as 0.01 lots (1 micro-lot) can be traded.
Ease of Deposits and Withdrawals - A broker that will not speedily send you funds which you have requested and are in your account, raises a big red flag, and is to be avoided at all costs.
Execution Method
Forex brokers typically advertise themselves as one of the following:ECN brokers, STP brokers, or market-makers. Some brokers claim they are a hybrid of two of these. Some traders are very keen to deposit with ECN brokers because they think the cost of trading will be less or that this model makes the broker more honest somehow. The truth is more complicated: each execution method has both potential advantages and disadvantages.
Choice of Trading Platforms
The best Forex trading platforms are widely held to be MetaTrader 4 and cTrader, although many brokers have their own unique proprietary platforms that are arguably as good. MetaTrader 5 is usually seen as acceptable and eay to use too.
Demo Account
Almost all brokers offer one, and any broker which does not should be questioned.
Maximum Leverage
If you want higher leverage than 30:1 on Forex currency pairs, you will need to find a broker regulated somewhere that allows a higher maximum leverage.
Order execution types
There are two especially worth checking which can be especially useful for some trading styles: trailing stop, and OCO (“one order cancels the other”).
Best Forex Trading Platform Comparison
MT4 | MT5 | cTrader | Ninja Trader | eSignal | Pro RealTime | Trading Station | |
|---|---|---|---|---|---|---|---|
Automated Trading | Yes | Yes | Yes | Yes | No | Yes | Yes |
Advanced Charts | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
One-Click Trading | Yes | Yes | Yes | Yes | No | No | Yes |
Technical Analysis | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Fundamental Analysis | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
User-Friendly Interface | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Trading Alerts | Yes | Yes | Yes | No | No | No | Yes |
Broker Availability | Yes | Yes | Yes | No | No | No | No |
Beginner Friendly | Yes | Yes | Yes | No | No | Yes | Yes |
Demo Version | Yes | Yes | Yes | No | No | Yes | Yes |
Desktop Client | Yes | Yes | Yes | No | Yes | Yes | Yes |
Mobile Application | Yes | Yes | No | No | No | Yes | Yes |
What is Forex Regulations?
Forex regulation is a set of rules by an authority with enforcement powers that ensures Forex / CFD brokers treat customers fairly.
Forex regulation also enables the financial health and stability of the system and provides a mechanism for dispute resolution. In some cases, an investor compensation fund in case of bankruptcy by a broker exists.
Not all regulators grant equal protection and enforcement.
I highly recommend that traders always trade with one of the thousands of regulated Forex brokers. While it cannot guarantee against fraud and malpractice, as well-documented cases in the US and Cyprus have shown, regulation offers a layer of protection and security that can benefit traders.
When a regulator finds a Forex broker guilty of treating clients unfairly, the broker is often fined, and the fine becomes public knowledge. So, it is a good idea to make a google search for “regulator fines *broker name*” when you are considering making a new deposit with a broker. Some brokers have incurred fines but continue to cater to clients. It shows that an attempt to take advantage of unknown retail traders was made, but the regulator caught them.
Why Should You Choose a Regulated Broker?
Regulated Forex brokers must adhere to financial regulations and maintain a certain amount of capital reserves before receiving a license to operate.
Frequent audits ensure that client deposits and earnings reflect the accurate value, and regulated Forex brokers must segregate client funds from corporate ones.
The processing times of financial transactions are generally faster and more transparent at regulated brokers.
Regulation helps ensure the protection of confidential information provided by traders during the registration process.
Regulated Forex brokers must satisfy know-your-client (KYC) and anti-money laundering (AML) stipulations, adding another layer of security.
Some regulators operate compensation funds to help protect against any unexpected financial failure of the broker, which remains dependent on the jurisdiction.
Regulated Forex brokers are more likely to act in the best interest of clients and stay clear of manipulating prices or stop-loss hunting.
Regulators require brokers to submit trade execution and financial data and command minimum capital requirements before granting an operating license.
Forex Trading Scams
Unfortunately, the Forex industry has historically suffered from scammers setting up unregulated or extremely lightly regulated brokers. These scam brokers tended to use a range of tricks to make their clients lose money, or to make it very difficult for clients to withdraw any funds they deposited.
I have taken care to ensure the brokers listed do not fall into this category.
There are also various scams which unscrupulous brokers may run quietly to maximize their clients’ losses where possible. You may find a broker which is well regulated and which will return your deposit, but which quietly engages in unfair manipulation.
