Best Forex Trading Platforms And Brokers In 2024

Why We Chose It

Pepperstone has earned our ‘Best Forex Broker’ award twice in the last five years, most recently in 2024, and distinguishes itself with its superior range of currency pairs and indices, industry-leading platforms MT4, MT5, TradingView, and cTrader, plus its rapid execution speeds with no requotes.

Add in low spreads from 0.0 pips during tests with rebates for active traders, alongside licenses from 4 ‘Green-Tier’ regulators. Pepperstone delivers the complete package for forex day traders at all levels.

Pros

• Pepperstone supports 90+ forex CFDs (majors, minors, exotics, crosses, NDFs) and three currency indices (USDX, EURX, JPYX), providing more opportunities than nearly every forex broker we’ve tested.
• Our direct experience with Pepperstone’s four platforms reveals a first-rate charting environment for serious day traders, especially since adding TradingView, with 230+ indicators in total, plus the Smart Trader MetaTrader add-on with 28 further indicators.
• Pepperstone offers very fast execution speeds of 30ms, with a 99.90% fill rate and no partial executions or requotes, helping day traders secure optimal prices in volatile foreign exchange markets.
• Pepperstone offers excellent pricing for day trading currencies, especially since cutting its forex spreads in recent years, now featuring average spreads of just 0.1 pips on the EUR/USD and 0.2 pips on the AUD/USD, plus rebates of 25%+ for high-volume traders.

Cons

• Despite enhancing its platform offering, now providing 4 of the best-known third-party solutions, Pepperstone still hasn’t developed its own software for trading currencies like AvaTrade, which could provide an easier entry point for newer day traders.
• Pepperstone’s demo account expires after just 30 days, providing limited opportunities to test short-term trading strategies, especially compared to IC Markets’ simulator, which is available for 90 days.
• Despite a well-stocked selection of education, including 30+ guides to forex trading, they are mainly delivered in long-form articles, lacking the engaging elements found at alternatives like Eightcap’s Labs.

Why We Chose It

Year after year Eightcap delivers for forex day traders, earning it a ‘Runner Up’ position in our selection of the best forex brokers in 2024. Despite offering a smaller selection of FX pairs than Pepperstone, at around 50, it stands out with its best-in-class tools, notably the AI-powered economic calendar.

Its mobile trading offering is also excellent with a terrific social investment network through TradingView and reliable integration with MetaTrader, allowing for user-friendly charting in horizontal mode during testing.

Pros

• Eightcap’s AI-enabled calendar is best-in-class, allowing you to filter by country, plus high, medium and low impact, helping to identify events such as interest rate decisions from central banks which may affect currency prices, even highlighting FX pairs that may be affected.
• Eightcap’s TradingView app is a game-changer for many new traders, sporting a genuinely intuitive interface, a 50+ million strong social trading network, plus push notifications which proved invaluable for keeping abreast of market movements during testing.
• Eightcap’s Labs provides well-written and informative educational resources for newer forex traders with deep insights into all aspects of the foreign exchange market, from short-term trading strategies to charting analysis and risk management.

Cons

• Although Eightcap has bolstered its selection of digital currencies, now providing a market-leading selection of 200+ crypto derivatives, it only offers around 50 traditional currencies, seriously trailing Pepperstone.
• The onboarding process at Eightcap falls below alternatives like IC Markets – it took us 2 attempts including one rejection without explanation, followed by a slow 2-day wait time.
• Eightcap’s offering varies significantly depending on your location, with no Raw spread account for advanced forex traders in the UK for example, just the Standard solution with spread-only pricing.

Why We Chose It

CMC Markets is a first-rate FX broker, delivering over 330 currency pairs – more than every alternative we’ve assessed, with diverse trading opportunities on currencies from developing and emerging markets.

After investing over $100M in its software, the CMC Web platform is now one of the most feature-rich I’ve used, while it scooped our ‘Best Trading App’ award in 2023.

Additionally, CMC is highly trusted, having launched in 1989 and earning the trust of our experts with authorization from 6 ‘Green-Tier’ regulators in line with DayTrading.com’s Regulation & Trust Rating.

Pros

• CMC Markets still can’t be beaten in its range of currency pairs with a superior selection of majors, minors and exotics, from EUR/USD to HKD/CHF. CMC is also one of a select few brokers, alongside Pepperstone, that offer currency indices (12 FX indices including USD, EUR and GBP).
• CMC is one of the fastest forex trading platforms we’ve tested with execution speeds from just 3 milliseconds and no rejections or partial fills based on trade sizes, ensuring you get the currency trades you want.
• The CMC Web platform is a breeze to use with an incredibly receptive interface and value-add features, notably client sentiment data and Reuters news that can be accessed in two clicks by pressing on the three dots next to an FX pair and heading to Market Pulse in the pop-up menu.

Cons

• While average spreads are competitive (beating AvaTrade), only serious traders get the best pricing, earning up to a 40% spread discount through Alpha and Price+, while FX Active (introduced in 2022) offers spreads from 0.0 on six majors with a low commission, plus a 25% spread discount on 300+ others.
• Although the Web platform is excellent and CMC offers the long-standing MT4 (which was built for forex trading), CMC is behind the trend of offering more modern and intuitive third-party solutions, notably TradingView, which was integrated by Pepperstone and IC Markets in 2022.
• Despite a host of education in the Learn Hub, including 28 forex guides, the content and delivery need to be improved. I’ve read them and I got bored by the long-form text, lack of unique insights, and the sometimes bland images and videos, especially compared to AvaTrade’s Education Centre.

Why We Chose It

IC Markets has earned a podium finish in our ‘Forex Broker’ awards every year for the last five years, reflecting its superb environment for all types of forex traders. It offers high-quality order executions, some of the best pricing in the industry, plus high leverage up to 1:500, amplifying results for short-term traders.

IC Markets is also highly trusted – it’s authorized by 2 ‘Green-Tier’ regulators (ASIC and CySEC), plus we’ve traded currencies on the platform using real money with no withdrawal issues.

Pros

• IC Markets continues to offer some of the lowest forex trading fees with spreads as tight as 0.1 pips on EUR/USD and $3 per side commissions on cTrader during testing. Its Raw Trader Plus scheme also rewards high-volume traders, with rebates up to $2.50 per lot.
• IC Markets offers under 35ms execution speeds, minimal slippage, and no requotes, thanks to its high-speed fibre-optic connections to Equinix NY4 and LD5 data centers, making it ideal for day traders and scalpers seeking optimal pricing in fast-moving forex markets.
• IC Markets offers high leverage up to 1:500 on currencies (location dependant), affording experienced day traders significant buying power, magnifying potential returns and losses. The broker’s margin calculator is also useful for showing the outlay required.

Cons

• IC Markets offers useful research tools, notably WebTV, which offers daily commentary through short videos, but it often covers stocks and commodities rather than currencies, trailing the resources from best-in-class broker Pepperstone.
• IC Markets provides a forex news feed and time zone tracker, however they aren’t integrated into the client dashboard, making for a less seamless and frustrating user experience.
• IC Markets’s support has room for improvement – we contacted the team 5 times over the course of a week, often waiting in a queue for upwards of 15 minutes, not ideal if you have an urgent query, and noticeably slower than the <5 minute wait times at AvaTrade.

Why We Chose It

After improvements to its offering in recent years, notably tighter spreads and social trading opportunities, AvaTrade now sits among the best brokers for day trading currencies. It offers a degree of price certainty for aspiring traders through fixed spreads, excellent educational tools including forex courses, plus its own AvaSocial app with an active community feed.

AvaTrade also offers a bespoke risk management feature, AvaProtect, providing up to $1 million in protection, a tool we’ve not seen at the vast majority of forex trading platforms we’ve used over the years.

Pros

• AvaTrade offers stable, fixed spreads with zero commissions which will appeal to traders looking for price transparency. Tests show spreads on popular currency pairs also come in cheaper than rival fixed spread brokers, such as SuperForex, with a 0.9 pip spread on the EUR/USD at AvaTrade and a 2.0 pip spread at SuperForex.
• The AvaSocial app sports a slick design which is enjoyable to use while featuring real-time trading signals and a social feed, which is great for discussing ideas and forex setups.
• AvaTrade has clearly invested in its learning tools with its Education Centre that features 25+ user-friendly platform tutorials, well-designed forex trading guides, plus comprehensive lectures for beginners through to advanced traders.

Cons

• AvaTrade offers the user-friendly Web Trader, alongside MT4 and MT5, providing a smooth entry into forex trading, however there are limited options to tailor the workspace with slow loading times during tests.
• Despite an accessible $100 minimum deposit and a fast sign-up process that took us 5 minutes, there is no ECN account with raw spreads that will appeal to advanced forex day traders and available at alternatives like IC Markets.
• Although it won’t impact active day traders, the $50 inactivity fee, which kicks in after 3 months, is more punitive than most forex platforms who typically charge between $10-$15 per month, while Pepperstone has no inactivity fee.

Why We Chose It

FOREX.com continues to stand out for its optimal environment for day traders, featuring a genuinely intuitive charting platform, superb insights through SMART Signals, an above-average selection of 80+ FX pairs, plus consistently tight spreads from 0.0 pips and low commissions of $5.

FOREX.com has also earned our trust, alongside that of over 400,000 other traders, with licenses from 9 ‘Green-Tier’ regulators, more than 20 years of industry experience, and a parent company, StoneX Group Inc, that’s listed on the NASDAQ, underlining its legitimacy.

Pros

• The FOREX.com platform remains one of the best we’ve used, sporting 80+ indicators, and in-built financial calendars, plus the SMART Signals engine that tracks 36 large markets, scanning thousands of price points to highlight short-term trading opportunities.
• Pricing at FOREX.com excels for serious currency traders, especially when combining the ‘RAW Spread’ account with the Active Trader program, which features rebates up to 15% and exclusive perks like expert webinars and relationship managers.
• FOREX.com offers one of the largest selections of currency pairs in the market, with over 80 FX pairs and an especially strong suite of exotics, providing opportunities to speculate on less-established economies, such as Thailand, Mexico and South Africa.

Cons

• While not unusual, FOREX.com does not offer negative balance protection to US traders, meaning you can accumulate losses beyond your account balance trading currencies, increasing the level of risk.
• Despite boasting more servers for hosting MetaTrader than most forex brokers globally, there are just 600 instruments on its MetaTrader suite, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
• Although FOREX.com offers fairly reliable 24/5 support, including directly via the app, the automated chatbot is frustrating to deal with from our direct interactions, with lots of information required and hoops to jump through before you can speak to an agent.