Best Forex Brokers 2024

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James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
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Tobias Robinson
Tobias is a partner at DayTrading.com, Director of a UK limited company, and active trader. With 25+ years experience trading across a range of investment types, Tobias brings a wealth of experience to the Daytrading.com testing and rating team. Tobias also contributes market analysis and commentary articles for websites in the financial niche.
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William Berg
William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.
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Explore our pick of the best forex brokers for different trading styles. We also reveal our choice for the best overall forex broker. All our recommended platforms are regulated and trusted.

Top 10 Forex Brokers 2023

Our analysis shows that these are the best forex brokers in each category:

  1. Vantage: Best Overall Forex Broker
  2. IC Markets: Best For Forex Day Trading
  3. AvaTrade: Best For Beginners
  4. Forex.com: Best For Pro Traders
  5. OANDA: Best MetaTrader Forex Broker
  6. IG: Best For US Forex Traders
  7. CMC Markets: Best For Low Forex Fees
  8. CityIndex: Best Forex Research
  9. Eightcap: Best For Algorithmic Trading
  10. FXCC: Best Low Deposit Forex Broker

1. Vantage: Best Overall Forex Broker

Vantage takes our spot as the best overall forex broker. We’ve dug into the platform, compared the accounts, fees and tools, and the forex broker offers a well-rounded package that will suit various trading styles.

Pros

Three accounts tailored to different trading requirements

The Standard STP account is great for beginners, offering commission-free trading. For experienced traders seeking tight spreads from 0 with a $3 commission, the Raw ECN account is excellent. High-volume traders will find the Pro ECN account best suited for their needs, featuring an even lower $1.50 commission.

Fast sign-up process that takes less than 5 minutes

You can register quickly and fund your Vantage account with a low $50 minimum deposit, no fees and a choice of over 10 payment methods.

Over 55 currency pairs with ultra-tight spreads

Vantage stands out for its competitive pricing, particularly with the Raw or Pro accounts offering zero-pip spreads and commissions as low as $1.50.

Raw ECN account forex spreads at Vantage
Raw ECN Forex Spreads

Cons

The best trading conditions require a significant deposit

To access tight spreads and ultra-low commissions, you must open a Pro account, which requires a large investment of $10,000.

Forex investment offering varies between countries

Certain regions, like the UK, offer a narrower selection of currency pairs, with only around 40 options.

2. IC Markets: Best For Forex Day Trading

IC Markets emerged as our top choice for forex day trading. The platform’s ultra-fast execution speeds provide an edge in capturing market opportunities, while its low fees meet the demands of frequent traders. Additionally, the high leverage up to 1:500 magnifies potential returns for day traders.

Pros

Superior liquidity with very fast execution speeds

Testing of IC Markets unveiled superior execution speeds, coming in at under 40 milliseconds.

Forex spreads from 0.0 pips with rebates for serious traders 

Alongside industry-low spreads, Raw Trader Plus provides an opportunity to earn up to $2.50 per lot when trading 2000 lots per month.

Raw Trader Plus tiers at IC Markets, showing rebates and volume requirements
Raw Trader Plus

Trade forex with high leverage up to 1:500

Leverage is lower in markets where local regulations limits how much leverage the broker can offer. This includes in the EU, UK and Australia, where the cap is 1:30.

Cons

Market research trails best-in-class brokers

Normally looking into stocks and commodities, analysis falls short for currencies. Alternatives like CityIndex also offer more actionable insights.

Slow support with response times of 15+ minutes during tests

Dependable support is key for resolving urgent issues, especially for fast-paced day traders.

3. AvaTrade: Best For Beginners

AvaTrade is our best forex broker for beginners. Our decision is based on the accessibility we found in their account options, supported by top-rate educational resources and social investing tools. AvaTrade really stood out during our assessment as a user-friendly platform that truly supports those new to the forex market.

Pros

Accessible account with a low $100 deposit 

Beginners looking for price certainty will appreciate the stable spreads with zero commissions. Tests also show AvaTrade offers lower fees than other fixed-spread brokers.

Top-tier education, featuring comprehensive forex courses

In the Education section, new traders can find a wealth of news articles, platform tutorials, and forex guides. Meanwhile, the Academy houses in-depth courses with engaging online lectures.

List of recent forex courses in the AvaTrade Academy
AvaTrade Academy

Social investing tools connecting seasoned traders with beginners

AvaSocial is perfect for newcomers seeking to follow the strategies of experienced investors. With real-time signals and a social feed, it provides an interactive platform for discussing forex trading ideas.

Cons

The $50 inactivity fee may discourage new traders 

The fee kicks in after three months and is more punitive than the standard monthly charges of most forex brokers, which usually range between $10 and $15.

The platform and client area sport an outdated design

The AvaTradeGO app has a bland look and feel. Similarly, the client area is outdated and could benefit from a refresh.

4. Forex.com: Best For Pro Traders

Forex.com is our top choice for professional traders. This is after considering the robust platforms and tools, the wide range of currency pairs, and cash rebate scheme. It is a standout choice for seasoned investors looking to optimize their forex trading experience.

Pros

Premium tools including MT5, TradingView & Trading Central

Trading Central features a live Reuters feed and an intuitive economic calendar. Meanwhile, SMART Signals provides statistics-driven trade ideas rooted in historical data.

SMART Signals tools at Forex.com, showing top forex signals
SMART Signals

Maximize earnings with up to 15% rebates

Active Trader scheme payouts begin at 5% for volumes between $50 million and $100 million, climbing to 15% for volumes surpassing $1 billion.

Extensive suite of over 80 currency pairs

With a broader selection of minors and exotics than most competitors, you can speculate on currencies from emerging economies, such as Mexico and South Africa.

Market browser at Forex.com showing currency pairs
Currency Pairs

Cons

There is no service for seasoned investors to market their trades

A copy trading platform would present a compelling option for experienced traders seeking an additional revenue stream by sharing their strategies with beginners.

No negative balance protection for US traders

While standard practice at many US forex brokers, this does entail the risk of exceeding your balance and incurring debt to the broker.

5. OANDA: Best MetaTrader Forex Broker

Our decision to label OANDA as the best MetaTrader forex broker is based on the upgrade packages we’ve observed on their platforms. OANDA is an excellent option for MetaTrader users, delivering a feature-rich forex trading environment.

Pros

MetaTrader upgrades including 28 additional indicators

You can access 28 additional tools and indicators, such as depth of market, sentiment trader, and stealth orders. You can also turn MT4 into a multi-screen trading environment with the Mini Terminal, ideal for active traders.

Mini Terminal tool with multi-screen functionality at Oanda
Mini Terminal

A flexible account with no minimum deposit or restrictions 

There is the option to engage in scalping, hedging, netting, and automated forex trading. You can also improve your trading with the Performance Analytics dashboard, offering insights to identify weak points in forex trades.

Performance dashboard at Oanda showing daily statement
Performance Dashboard

Unlimited demo account with $100,000 in virtual funds 

Learn the platform features, including the MT4 upgrade package, with the free simulator. The best part is that there are no time constraints.

Cons

A limited range of payment methods 

OANDA offers a narrow range of payment methods in some regions. US traders, for example, can only deposit and withdraw using wire transfer, ACH transfer and debit card.

No forex copy trading platform 

A social investing solution would enhance OANDA’s appeal for aspiring traders looking to learn from seasoned forex investors.

6. IG Group: Best For US Forex Traders

Our decision to name IG as the best US forex broker is based on the company’s robust regulatory credentials, excellent reputation, and recognition of its competitive trading conditions.

Pros

CFTC-regulated and NFA-registered

Combine tier-one regulatory credentials with an impressive 50-year history and public trading status, and IG emerges as a highly trusted forex broker.

NFA registration showing zero regulatory actions at IG
NFA Registration

Over 80 currency pairs covering majors, minors & exotics

The above-average selection of forex assets provides exposure to currencies in developing economies spanning Europe, Asia and beyond.

List of exotic currency pairs at IG
Exotic Currencies

Cons

Lacks integration with MetaTrader 5

This may deter traders seeking the faster processing, additional order types and advanced features available in the MT5 software.

There is no forex copy trading service 

Introducing a forex copy trading solution could prove valuable for users seeking a hands-off investing experience.

7. CMC Markets: Best For Low Forex Fees

CMC Markets emerges as the best forex broker for low fees. Standing out for its tight forex spreads, zero commissions, and compelling Active Trader program, our assessment found that CMC Markets offers a cost-effective trading environment.

Pros

Low forex spreads from 0.5 pips on major FX pairs

Coming in cheaper than most peers, CMC Markets offers very low fees with just 0.5 pips on the EUR/USD and 0.7 pips on the EUR/GBP.

Additional savings through the Active Trader program

Active Trader grants access to 0.0-pip spreads on six major currency pairs and a 25% spread discount on over 300 other pairs, coupled with a low commission of $2.50 per $100,000 notional value.

In addition, the CMC Price+ scheme provides spread discounts ranging from 5% to 40%.

CMC Markets Alpha membership showing Price+ forex discounts
CMC Price+ Discounts

Cons

The best conditions are not accessible to novice traders

To attain Alpha membership, a deposit of $25,000 is required, and the CMC Price+ loyalty scheme features stringent criteria.

MT4 offers a more limited selection of forex instruments

While CMC Markets provides access to a huge suite of over 330 currency pairs, MT4 users are limited to around 175 forex assets.

8. City Index: Best Forex Research

City Index stands out as our top choice for market research. We’ve found that the forex broker provides a comprehensive suite of market research solutions, including valuable insights and ideas from analysts.

Pros

Best-in-class research including Trading Central and SMART Signals

Trading Central is rich in AI-powered features. The Market Buzz sentiment engine scans news headlines to find events influencing markets. Additionally, SMART Signals provides statistics-driven trading ideas based on historical data.

City Index SMART Signals showing performance and timeframe data
SMART Signals

An award-winning platform integrated with powerful tools

Access a live news feed directly from Reuters within the workspace, complemented by the broker’s in-depth technical and fundamental analysis through its daily blogs and WebTV.

Cons

Limited-time forex demo account 

The demo account has a limited availability of 12 weeks, restricting the opportunity for ongoing testing of forex strategies.

There is no Islamic account with swap-free trading

Lacking a halal account option, City Index is not the ideal choice for Muslim traders, who may have to pay interest on positions held overnight.

9. Eightcap: Best For Algorithmic Trading

Eightcap is our top forex broker for algorithmic trading. Following tests, we’ve discovered that it provides high-quality tools in Capitalise.ai and MetaTrader, making it an excellent choice for those seeking a reliable environment for algorithmic forex trading.

Pros

User-friendly automation tools with no coding skills required

Capitalise.ai allows you to build automated trading strategies with zero coding background – just plain English commands.

Capitalise.ai tool at Eightcap, showing plain english automation
Capitalise.ai

Forex VPS with 24/7 connectivity and low latency

You can access the Forex VPS by depositing $1000 and maintaining a monthly volume of 5 lots.

Cons

There are no loyalty rewards or rebates for active traders

Several competitors offer volume-based rebates to help investors placing a large volume of trades keep costs down.

Education trails industry leaders

While Eightcap Labs provides fundamental guides, e-books, and strategy information, it falls short in catering to beginners, offering a bland learning experience with limited interactive elements.

Education guides at Eightcap
Education

10. FXCC: Best Low Deposit Forex Broker

FXCC stands out as our top low-deposit forex broker. With a $0 minimum deposit and a straightforward sign-up process, FXCC is great for those seeking a hassle-free start to their forex journey.

Pros

No minimum deposit with convenient funding

FXCC’s flagship ECN account has no minimum deposit, lowering the entry barrier for traders on a budget. It also accepts USD, EUR, and GBP as base currencies, accommodating global traders.

FXCC ECN XL account information
ECN XL Account

Fast and hassle-free account opening

Supplying the required personal and financial details takes less than 5 minutes, and the broker promptly verifies ID documents for a swift onboarding process.

Cons

Less established with fewer regulatory approvals

While FXCC is authorized by the Cyprus Securities & Exchange Commission (CySEC), it doesn’t have the same client base or industry reputation as some other leading forex brokers.

High withdrawal fees up to $45

Withdrawals incur a fee ranging from $35 to $45, impacting returns. This is a notable drawback, especially when other leading forex brokers do not charge for withdrawals.

Methodology

To find the best forex brokers for various trading styles, we spend thousands of hours annually conducting in-depth reviews.

Our process involves evaluating over 100 data points, testing platforms, and considering key factors like regulatory credentials, account safeguards, market offering, fees, and additional tools.

Importantly, we always factor in the overall forex trading experience, based on our first-hand encounters, into our ratings.

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