Best Forex Brokers 2024
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:
- Vantage: Best Overall Forex Broker
- IC Markets: Best For Forex Day Trading
- AvaTrade: Best For Beginners
- Forex.com: Best For Pro Traders
- OANDA: Best MetaTrader Forex Broker
- IG: Best For US Forex Traders
- CMC Markets: Best For Low Forex Fees
- CityIndex: Best Forex Research
- Eightcap: Best For Algorithmic Trading
- 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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%.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.