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Forex Brokers


Forex brokers provide a trading platform for currency traders on the Foreign Exchange market. Most brokers do not charge a registration fee or any monthly fees, but they do take commissions – usually in the form of a spread markup (a hidden charge automatically applied to every trade).

This guide will help you pick the best Forex broker that is fit for you. There is no #1 broker since there are many factors to consider. Every broker has its advantages and disadvantages.

Top ‘Overall’ Brokers

For the brokers listed below, we considered popularity, rating, trust, reputation, platform, and country availability.

Broker Description Bonus Website
  • Most popular and trusted broker
  • No minimum deposit
  • No commissions
  • Spread as low as 1.1 pips
$100 for Global markets account only Official Website Our review
  • Best trading platform and education
  • $50 minimum deposit
  • Small or no commissions
  • Spreads from 1.5 pips
$50 to $150 bonus. Depending on deposit. Official Website Our review
  • Award winning broker (2014)
  • $50 minimum deposit
  • Small or no commissions
  • Spreads from 1.5 pips
Non Official Website Our review

You cannot go wrong with the brokers listed above. They are all licensed by the respective regulations, and thousands of people trust them.

Forex Broker for your Skill Level

Every Forex broker has its own pros and cons. We found that selecting the correct broker should depend on your trading skill level. Most brokers often tend to reward traders that contribute a higher initial deposit or those who have a larger trading volume.

Before deciding which broker to pick, categorize yourself as one of the following:

Beginner Experienced Advanced / Expert
Initial Deposit Demo Account OR $0 to $1,000 $1,000 to $10,000 >$10,000
Deposit Bonus
Average Investment per Trade/Exchange $100 $1000 >$10,000
Leverage 1:3 1:10 1:50

Higher leverage is very risky.


Since the trade is smaller, it is best to have lower commissions.


At higher trades, commissions are negligible.


With smaller trades, spread is negligible.


Since the trade is larger, it is best to have lower a spread.


Forex trading education + platform tutorials

Platform tutorials

Brief platform documentations

The best Forex broker differs from person to person. The table above guides you to the next step in selecting the correct intermediary.

Lowest Deposit and Best Bonus Lowest Spread and Commissions
Skill Level
  • Beginners
  • Experienced traders
  • Experienced traders
  • Experts
  • Lowest initial deposit requirement
  • Best initial registration bonus
  • Powerful user-friendly interface and tutorials
  • Low trading spreads
  • Low commissions per transaction
  • Powerful user-friendly interface with advanced options
Select List of Brokers

From the table above, you will see that Spread and Commissions are two of the biggest differentiators between the broker categories. To find out why read this quick example.

Brokers by Countries

brokers-by-countriesDue to strict Forex regulations in many countries, some brokers limit the registration of potential customers to exclude or include certain locations. Almost every country has a regulatory authority, but only the United States of America restricts its citizens to only trade under its own regulatory systems (NFA or CFTC). This is why many brokers do not accept US residents; some even block their website entirely.

Any other trader outside that is not a USA citizen, is able to pick a broker based on its regulations. Some brokers operate their brand with divisions in several countries to comply with different regulations.

The table below lists brokers by countries based on their head office location and regulations. Some brokers restrict registration to their country of origin, others do not.

Country Main Regulator Strictness
The National Futures Association (NFA) ran by The Commodity Futures Trading Commission (CFTC) List of Brokers
The Investment Industry Regulatory Organization of Canada (IIROC) List of Brokers
United Kingdom
The Financial Conduct Authority (FCA) List of Brokers
The Australian Securities and Investments Commission (ASIC) List of Brokers
Japan (JFSA), Singapore (MAS), UAE - Dubai (DFSA), Cyprus (CySec), Switzerland (FINMA), Belize (IFSC), Germany (BaFin), South Africa (FSB). List of Brokers

Strict regulations are meant to minimize losses, but in turn, they also restrict trading potential. Brokers need an active license from the regulation to be legally in business. This system prevents scam and fraud in this industry.

Trading Platform

The software that the broker is running on is something for you to consider. The most popular platform is MT4 (MetaTrader 4), and it is be supported on 97% of all forex brokers.

Some brokers offer MT5. It is not a successor to MT4. It is different, not better. We suggest you stick with the industry standard unless you know what you are doing.

The user interface, however, can differ between different brokers. When suggesting our ‘Top Brokers‘ lists, we took that into consideration. The interface should be easy to use and offer mobile phone and tablet flexibility.

Interface Features

The best forex brokers often offer various other features in addition to currency trading. Some things you can look for:

  • Forex education and learning center.
  • Automatic signals, notifications, and alerts.
  • Live streaming of relevant news.
  • Scalping and hedging options.
  • Charting capabilities.
  • Trading potential of other assets such as: stocks, indices, options, and commodities.
Updated: March 29, 2017 — 3:26 am
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