Best Forex Trading Platforms And Brokers In 2024

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Written By
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Written By
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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Edited By
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Tobias Robinson
Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.
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Fact Checked By
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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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We’ve tested hundreds of platforms to bring you our selection of the best forex brokers. Explore the forex trading platforms that excel for their:

  • Excellent selection of currency pairs
  • Great pricing on short-term trades
  • Intuitive Forex charting platforms
  • High levels of regulation and trust
  • Fast and reliable order executions

5 Best Forex Trading Platforms And Brokers In 2024

Following our exhaustive tests, these 5 brokers continue to stand as the best for day trading forex:

  1. Pepperstone90+ currency pairs. Fast execution of 30ms. 0.1-pip spreads on EUR/USD.
  2. Eightcap: Superb forex trading app. AI-driven market insights. Neat learning via Eightcap Labs.
  3. IC MarketsLow fees for day traders. Reliable execution and no requotes. Up to 1:500 leverage.
  4. AvaTradeForex ideas through AvaSocial. Transparent, stable spreads. Terrific forex education.
  5. FOREX.comUser-friendly forex platform. Great pricing for active traders. Highly trusted broker.

Comparison of Top 5 Forex Brokers

Top 5 Forex Brokers Comparison
Pepperstone Eightcap IC Markets AvaTrade FOREX.com
Number of Currency Pairs 90+ 50+ 70+ 50+ 80+
EUR/USD Spread 0.2 0.1 0.02 0.9 0.2
Minimum Deposit $0 $100 $200 $100 $100
Charting Platforms MT4, MT5, cTrader, TradingView MT4, MT5, TradingView MT4, MT5, cTrader, TradingView MT4, MT5, Web Trader, AvaOptions, AvaTradeGO MT4, MT5, TradingView, Web Trader
Regulators FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB FCA, ASIC, CySEC, SCB ASIC, CySEC, FSA ASIC, CySEC, FSCA, ISA, CBol, FSA, FRSA, BVI, ADGM NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA

1. Pepperstone

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.

Day trading currencies on Pepperstone's cTrader platform
Pepperstone – cTrader Platform

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.

2. Eightcap

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.

Using Eightcaps economic calendar to find events affecting currency pairs
Eightcap – AI Calendar

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.

3. IC Markets

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.

Using IC Markets forex day trading platform to analyze volatility on AUD/USD
IC Markets – Forex Volatility Analysis

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.

4. 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.

Short-term trading currency pairs on AvaTrade web platform
AvaTrade – Web Trader

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.

5. FOREX.com

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.

Using FOREX.Com online platform to day trade EUR/USD
FOREX.com – Trading Workspace

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.

DayTrading.com forex trading platform testing methodology

Comparing Forex Brokers

To find the best brokers for day trading forex we identified those that deliver in critical areas:

Currency Pairs

We chose forex platforms with a wide range of currency pairs, providing diverse trading opportunities while enabling investors to spread risk and use various short-term strategies.

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Experienced traders, in particular, may prefer a platform with a larger selection of FX pairs, notably exotics like the EUR/MXN and GBP/ZAR, which exhibit high levels of volatility that can be capitalized on by skilled day traders.

Our analysis below shows that all our leading forex brokers offer upwards of 50 currency pairs, while Pepperstone leads the pack with more than 90 currency pairs, featuring a particularly extensive suite of exotics plus forex indices.

5 Top Forex Trading Platforms - Comparison of Currency Pairs
Pepperstone Eightcap IC Markets AvaTrade FOREX.com
Number of Currency Pairs 90+ 50+ 70+ 50+ 80+
Forex Indices Yes No No No No
Investment Offering 4.6/5 4.1/5 4.3/5 4.2/5 4.4/5

Pricing

We chose low-cost forex trading platforms that will help maximize returns, as even small differences in fees can add up over many day trades.

We evaluated both the minimum spreads on key currency pairs, notably the EUR/USD, GBP/USD and EUR/GBP, but also average spreads. We did this by recording spreads during the most actively traded sessions – the US/London overlap and the Sydney/Tokyo overlap. We then compared these with industry averages.

Table showing spreads on popular currency assets at AvaTrade
AvaTrade – FX Spreads

Following that, we factored in any commissions and non-trading fees, from deposit and withdrawal charges to inactivity penalties. This allowed us to paint a complete picture of the costs you can expect when day trading currencies.

Our analysis below shows that our top forex brokers all deliver excellent pricing with spreads of <1 pip on the EUR/USD, plus no or low deposit/withdrawal charges and inactivity fees, resulting in an overall fee rating of at least 4/5.

That said, IC Markets shines as the lowest-cost forex broker overall with industry-low spreads year after year.

5 Top Forex Trading Platforms - Comparison of Fees
Pepperstone Eightcap IC Markets AvaTrade FOREX.com
EUR/USD Spread 0.2 0.1 0.02 0.9 0.2
GBP/USD Spread 0.3 0.5 0.23 1.3 0.2
GBP/EUR Spread 0.3 0.5 0.27 1.2 0.2
Inactivity Fee $0 $0 $0 $50 $15
Fee Rating 4.4/5 4.0/5 4.7/5 3.8/5 4.6/5

Charting Platforms

We chose forex brokers with terrific platforms, with a focus on intuitive interfaces and advanced charting tools given that many day traders use technical analysis to identify opportunities in the foreign exchange market.

With a rising trend in mobile forex trading post-COVID-19, as reported by Astute Analytica, the ability to trade on the move is also crucial. However, after using countless forex apps, we’ve found that not all mobile solutions match their desktop counterparts. Charts may not be mobile-optimized or you can’t work horizontally, resulting in a subpar user experience.

Trading currencies online using the FOREX.com charting app
FOREX.com App
Day trading forex on CMC Markets app
CMC Markets App
Trading currencies on XTB mobile app with chart
XTB Forex App

 

Forex brokerages are increasingly developing their own software, but the two most popular third-party platforms, supported by the vast majority of online brokers, are still:

Our analysis below shows that our top forex day trading brokers all deliver in the tooling department, offering the MetaTrader suite, as well as further proprietary and third-party platforms in some instances, with FOREX.com coming out on top for its terrific web platform that we love using.

5 Top Forex Trading Platforms - Comparison of Charting Tools
Pepperstone Eightcap IC Markets AvaTrade FOREX.com
Charting Tools MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade MT4, MT5, TradingView MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Forex App Rating 4.7/5 3.6/5 4.8/5 4.3/5 4.9/5

Regulation and Trust

We chose brokers authorized by trustworthy regulators to help protect day traders from scams. This is especially important given that the US Commodity Futures Trading Commission (CFTC) has warned it has “witnessed a sharp rise in forex trading scams in recent years”.

Picking a well-regulated broker also ensures important measures are in place to protect your account, including negative balance protection so you can’t lose more than your balance, limits on leverage to curtail excessive losses, and restrictions on forex bonuses to discourage over-trading.

You can check whether a forex broker is regulated by following these steps:

  1. Run the firm’s license number (normally visible at the bottom of their website) through the regulator’s online register.
  2. Confirm the brokerage is allowed to accept traders in your country, either through a local regulator or through an alternative, reputable body.
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James Barra
Author
Checking forex day trading brokers are regulated on US NFA register
NFA License – FOREX.com US (Gain Capital Group LLC)

Our analysis below shows that our top forex day trading platforms are all authorized by multiple ‘Green-Tier’ regulators and have earned high trust scores, reflecting their regulatory credentials, industry reputation, and our traders’ direct experiences during the exhaustive review process.

That said, AvaTrade comes out on top with its long row of regulatory licenses and secure day trading environment, featuring bespoke risk management tools you can’t find elsewhere.

5 Top Forex Trading Platforms - Comparison of Regulators & Safeguards
Pepperstone Eightcap IC Markets AvaTrade FOREX.com
Regulators FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB FCA, ASIC, CySEC, SCB ASIC, CySEC, FSA ASIC, CySEC, FSCA, ISA, CBol, FSA, FRSA, BVI, ADGM NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
Negative Balance Protection Yes Yes Yes Yes Yes (Except US)
Trust Rating 4.6/5 4.4/5 4.6/5 4.8/5 4.7/5

Order Execution

We chose forex trading platforms with fast and reliable order execution, preferably <100 milliseconds with no requotes, given the nature of short-term trading and the dynamics of the foreign exchange market.

The forex market is highly volatile, more so than say stocks, with rapid fluctuations that day traders need to capitalize on to generate profits. Fast execution speeds help ensure currency trades are carried out as close to the desired entry and exit points as possible while minimizing slippage.

Infographic showing optimal order execution conditions at the best forex day trading platforms

Additionally, since day traders typically use leverage to amplify their buying power, even small fluctuations in currency values can trigger substantial returns or losses, with reliable execution helping to maximize returns and keeping a handle on the risks.

Our analysis below shows that all of our best forex brokers meet our benchmarks for order quality, with Pepperstone excelling for its ultra-fast speeds of 30ms.

5 Top Forex Trading Platforms - Comparison of Execution Quality
Pepperstone Eightcap IC Markets AvaTrade FOREX.com
Reliable Order Execution Yes Yes Yes Yes Yes

FAQ

What Is Day Trading Forex?

Day trading forex involves speculating on the fluctuations in exchange rates between currencies, such as the EUR/USD or GBP/USD.

Day traders can make a profit by correctly predicting whether the value of one currency will rise or fall relative to another within the same trading day.

How Do I Start Forex Day Trading?

To start day trading forex you will need to open an account with an online broker. You will also need starting capital to fund your account and execute day trades.

Our analysis shows that many of the best forex day trading platforms accept new clients with a minimum deposit up to $250. However, some brokers stand out with no minimum investment, catering to budget traders – the highest-rated is Pepperstone.

Importantly, you will also need a strategy to help you decide which currency pairs to speculate on and when to exit and enter the market. A sensible approach to risk management is also required to ensure you do not lose more than you can afford.

What Is The Best Broker For Day Trading Forex?

The best broker for day trading forex is Pepperstone.

Runners-up based on our latest tests in 2024 are Eightcap, IC Markets, AvaTrade, and FOREX.com.

MetaTrader 4 (MT4) is the most popular forex trading platform.

The third-party trading solution, designed for trading currencies, is offered by the majority of online brokers as a desktop client, web trader and mobile app, having been downloaded from the App Store and Google Play more than 10 million times.

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