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.
||$100 for Global markets account only||Official Website Our review|
||$50 to $150 bonus. Depending on deposit.||Official Website Our review|
||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|
|Average Investment per Trade/Exchange||$100||$1000||>$10,000|
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
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|
|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
Due 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.
||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.
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.
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.