Introduction
What makes a forex broker best? There are multiple criteria a broker must meet to be deemed as a reliable forex broker. It includes financial regulation under top-tier companies, website transparency, active customer support, good reviews, etc. Forex broker reviews such as this one make your jobs easier by providing a list of top forex brokers you can trust and trade in a stress-free and hassle-free way!
What is a Forex Broker?
A forex or foreign exchange broker is a platform traders use to access the foreign exchange market and trade currencies. These platforms act as the mediator between traders and the global currency market and allow you to plan your trading strategy based on the features and assets they offer.
Signs of a Good Broker
- The broker must have authentic financial regulation with licence or registration numbers as proof that you can on the regulator’s website. Double-check the regulations before choosing your broker.
- A good broker provides its users with an array of asset and account options that allow them to trade as per their trading style or goals. So, choosing a broker that provides variety and flexibility is important.
- Go for a broker that offers a demo account for novice traders. It shows that the broker is inclusive and caters to the needs of all levels of traders.
- A broker offering a variety of benefits with a low minimum deposit and no hidden or additional charges is a huge benefit you must seek out. Smart STP is one such forex broker that lets you enjoy the benefits without asking too much in return.
- Lastly, check the broker’s customer reviews and forex broker’s ratings before deciding because a bad customer review may change your mind.
Best Forex Brokers of 2024: An Overview
- IG: IG stands out with its user-friendly platform, a minimum deposit of $450, and diverse asset offerings.
- Tickmill: Tickmill impresses as a multi-regulated broker with a $100 minimum deposit, low spreads, and high leverage up to 1:500.
- Saxo Bank: Saxo Bank, requiring a EUR 500 minimum deposit, offers spreads from 0.7 pips and a 1:30 leverage ratio.
- IC Markets: IC Markets excels as an ECN broker, featuring a $200 minimum deposit, spreads from 0.0 pips, and extensive regulatory coverage.
- Pepperstone: Pepperstone offers a standout package with a $0 minimum deposit, razor-thin spreads from 0.0 pips, and multiple top-tier regulations.
- VT Markets: VT Markets is recognised for its $200 minimum deposit, ultra-low spreads from 0.01 pips, and regulation by multiple authorities, including CIMA, ASIC, and FCA.
- Forex.com: Forex.com impresses with a $1000 minimum deposit, low spreads from 0.2 pips, and multiple regulatory approvals.
- Exness: Exness shines with a minimal $1 deposit, tight spreads from 0 pips, and high leverage up to 1:2000.
- Vantage: Vantage stands out as an ASIC-regulated broker with a $50 minimum deposit, competitive spreads, and high leverage up to 1:500.
- TradeEU: TradeEU is recognised for its low $20 minimum deposit, tight spreads from 0.7 pips, and user-friendly interface.
- OctaFX: OctaFX distinguishes itself with a low $25 minimum deposit, low spreads starting from 0.8 pips, and a diverse range of assets.
- FxPro: FxPro is a top-tier broker with a $100 minimum deposit, competitive spreads from 0.0 pips, and diverse regulatory oversight.
- FP Markets: FP Markets stands out with a $100 minimum deposit, competitive spreads, and dual regulation under CySEC and ASIC.
- Admiral Markets: Admiral Markets is noteworthy for its $25 minimum deposit, impressive 0.0 pips spread, and extensive regulatory compliance.
- RoboForex: RoboForex offers accessibility with a low $10 minimum deposit, floating spreads from 0 pips, and a remarkable 1:2000 leverage.
Top 15 Forex Brokers in the World
Amongst the many broker platforms available in the market, we have picked out the best and most reliable ones after thorough research and analysis. The best brokers for 2024 are as follows:
IG
This broker has a simple and user-friendly platform that can easily be navigated by a novice broker. IG broker is the best forex broker for beginners as it gives you access to a wide range of educational resources that can come in handy while you understand the basics of trading.
IG broker offers full-fledged courses through IG Academy to help new traders learn everything in theory before practice. Moreover, the broker has interactive and fun quizzes and activities, which makes learning fun.
Are you worried about the broker’s legitimacy? Then dont! Because IG is regulated by multiple top-tier regulators, including FSCA, ASIC, etc. So, IG could be your go-to choice if you are just starting as a forex trader.
| Features | IG Broker |
| Minimum Deposit | $0 for bank transfer, $50 for card payments |
| Spreads | From 0.6 pips |
| Leverage | 1:200 |
| Regulation | Multi-regulated including FCA, CySEC and more |
| Currency | USD |
| Assets | Forex, stocks, currencies, and commodities |
| Deposit and Withdrawal Fee | No |
| Payment Options | Bank transfers, debit.credit cards |
| Trading Platforms | MT4 and IG tradaing platform |
| Customer Support | 24/7 |
| Mobile Trading | Yes |
| Affiliate Program | Yes |
| Demo Account | Yes |
Forex.com
Forex.com is another multi-regulated forex broker known for offering various financial instruments and good customer support. The features of Forex.com that make it an ideal broker platform for beginners are its mobile functionality, demo accounts, easy user interface and educational resources.
The broker offers easy navigation, trade management, and various market analysis tools to make trading safer and more accessible. Although it does not have in-depth educational materials, it offers intuitive video tutorials on the web and mobile applications.
| Features | Forex.com |
| Minimum Deposit | $1000 |
| Spreads | From 0.2 pips |
| Leverage | 1:400 |
| Regulation | Multiple regulations including
CIMA FCA FSA (Japan) NFA IIROC ASIC |
| Currency | USD, EUR, GBP |
| Assets | Forex, cryptocurrencies, indices, commodities, and stocks |
| Deposit and Withdrawal Fee | No |
| Payment Options | Bank transfer, and cards |
| Trading Platforms | MT4, MT5, FOREX.com |
| Customer Support | 24/5 |
| Mobile Trading | Yes |
| Affiliate Program | Yes |
| Demo Account | Yes |
IC Markets
This broker is known for its raw spreads account and low trading charges. Since a good ECN broker must have low trading costs and quality trade execution, IC Markets is one of the best ECN Forex Brokers. The broker is highly regulated under CySEC, ASIC, FSA and SCB and offers competitive spreads and leverage. Moreover, you can also access 24/7 active customer support and expert-led webinars through IC Markets. For experienced traders, we recommend Capitalix Broker.
| Features | IC Markets |
| Minimum Deposit | $200 |
| Spreads | From 0.0 pips |
| Leverage | Up to 1:500 |
| Regulation | SFSA
ASIC CySEC |
| Currency | USD, AUD, GBP, CHF, EUR and more |
| Assets | Forex, stocks, crypto, bonds, metals, indices, CFDs on futures etc. |
| Deposit and Withdrawal Fee | No |
| Payment Options | E-wallets, Paypal, Nettler, Skrill, Bpay RapidPay, Vietnam internal banking and Klarna |
| Trading Platforms | МТ4, МТ5, cTrader |
| Customer Support | 24/5 |
| Mobile Trading | Yes |
| Affiliate Program | Yes |
| Demo Accounts | Yes |
Exness
Exness is another broker platform that offers raw spreads, low fees and trading flexibility, which makes it the second-best ECN broker. With this broker, you can practice ECN trading on the Raw Spreads account and enjoy tight spreads and leverage. The only drawback of this broker is the feature of unlimited leverage, which could be extremely risky.
| Features | Exness |
| Minimum Deposit | $1 |
| Spreads | Starting at 0 pips |
| Leverage | 1:2000 |
| Regulation | CySEC and FCA |
| Currency | ZAR. INR, EUR etc. |
| Assets | Crypto, stocks, commodities and forex |
| Deposit and Withdrawal Fee | No |
| Payment Options | Perfect Money, Web Money, tether, nettler, skrill and bank transfers, |
| Trading Platforms | MT4, MT5 and Webtrader |
| Customer Support | 24/7 |
| Mobile Trading | Yes |
| Affiliate Program | Yes |
| Demo account | Yes |
RoboForex
RoboForex is a regulated broker with enhanced security, low minimum deposit, various account and asset types, and educational resources suitable for all levels of traders. The broker offers an exceptional maximum leverage of 1:2000, which lets you trade with large positions with a small amount of money. It is also one of the best MT4 forex brokers that lets traders enjoy the easy and user-friendly platform with a low minimum charge.
If you are a novice trader and do not have a large initial investment, a high-leverage broker can help you get what you want. But be careful, as it can incur an equally huge loss.
| Features | RoboForex |
| Minimum Deposit | $10 |
| Spreads | Floating starts at 0 pips |
| Leverage | 1:2000 |
| Regulation | FSC |
| Currency | USD & EUR |
| Assets | Forex, ETFs. CFDs, Stocks, and securities |
| Deposit and Withdrawal Fee | No |
| Payment Options | SEPA, Bank transfer, AstraPay, NganLuong Wallet, JCB. Skrill, Neteller, AdvCash, Perfect Money, and Visa/Mastercard. |
| Trading Platforms | Mt4, Mt5, web trader and mobile trader |
| Customer Support | 24/7 |
| Mobile Trading | yes |
| Affiliate Program | yes |
| Demo Account | Yes |
Vantage
Vantage is an ASIC-regulated broker offering the lowest fees of $50, tight spreads starting with 0.0 pips and high leverage of 1:1000. Vantage is a trusted broker offering 50+ forex pairs and is one of the best high-leverage brokers. It is also one of the best brokers offering high leverage, so traders can earn large profits with careful and wise navigation of the platform.
| Features | Vantage |
| Minimum Deposit | $50 |
| Spreads | 1.4 pips |
| Leverage | Up to 1:500 |
| Regulation | Multiple regulators including ASIC, FCA, FSCA and VFSC |
| Currency | CAD, USD, SGD, GBP, EUR and AUD |
| Assets | Forex, Crypto, CFDs, Indices and commodities |
| Deposit and Withdrawal Fee | No |
| Payment Options | FasaPay, PayPal, Bank transfer, visa, mastercard, skrill, nettler etc. |
| Trading Platforms | MT4
MT5 WebTrader |
| Customer Support | 24/5 |
| Mobile Trading | Yes |
| Affiliate Program | /Yes |
| Demo Account | yes |
TradeEU
TradeEU is a CFD and Forex trading broker known for its easy-to-navigate user interface suitable for novice traders. But more importantly, TradeEU is one of the low-spread forex brokers offering tight spreads starting with 0.7 pips at low cost with advanced trading tools. Overall, the broker is a complete package for traders of all levels to enjoy secure trading.
| Features | TradeEU |
| Minimum Deposit | $20 |
| Spreads | Starting from 0.7 pips |
| Leverage | 1:30 |
| Regulation | CySEC |
| Currency | USD or EUR or GBP |
| Assets | 250+ assets |
| Deposit and Withdrawal Fee | No |
| Payment Options | Visa
Mastercard Maestro SEPA |
| Trading Platforms | MT4, MT5 & Mobile App |
| Customer Support | 24/7 |
| Mobile Trading | Yes |
| Affiliate Program | Yes |
| Demo Account | Yes |
OctaFX
OctaFX is a renowned broker with great features like a 50% deposit bonus, negative balance protection, etc., which makes it a stand-out broker. The broker offers these features with a low minimum deposit of $25 and a low spread starting from 0.8 pips. OctaFX can be considered one of the best forex brokers with low spreads.
| Features | OctaFX |
| Minimum Deposit | $25 |
| Spreads | 0.8 pips |
| Leverage | 1:500 |
| Regulation | CySEC |
| Currency | USD |
| Assets | Forex, Indices, Shares, Commodities and Energies |
| Deposit and Withdrawal Fee | No |
| Payment Options | Local Bank transfer
Neteller Skrill Litecoin Dogecoin Tether ERC-20 and Tether TRC-20 Ethereum Bitcoin Mastercard Net banking BHIM UPI |
| Trading Platforms | MetaTrader4
MetaTrader5 OctaTrader |
| Customer Support | 24/7 |
| Mobile Trading | Yes |
| Affiliate Program | Yes |
| Demo Account | Yes |
Admiral Markets
Admiral Markets is a reputed broker offering 5000+ trading assets and a propriety social platform for copy trading. It is also one of the best PayPal forex brokers that offer convenient and hassle-free transactions.
| Features | Admiral Markets |
| Minimum Deposit | $25 |
| Spreads | 0.0 pips |
| Leverage | Up to 1:500 |
| Regulation | FCA
CySEC ASIC JSC CIPC |
| Currency | AUD, USD. FCA – EUR, USD, GBP, and many more |
| Assets | Stocks, ETFs, CFDs, bonds, indices, crypto, commodities |
| Deposit and Withdrawal Fee | No |
| Payment Options | Bank transfer, Nettler, Skrill, Visa, Mastercard etc. |
| Trading Platforms | МТ4, MT5, MetaTrader Supreme Edition, WebTrader |
| Customer Support | 24/7 |
| Mobile Trading | Yes |
| Affiliate Program | Yes |
| Demo Account | Yes |
FxPro
FxPro is one of the top 10 brokers because of features like a variety of assets, negative balance protection, free VPS and Swap-free accounts etc. The broker is regulated under FCA and offers various educational resources for traders of all levels. Although the minimum deposit for the broker is slightly higher, starting at $100, the account packages are full of features and perks which make up for the charges.
| Features | FxPro |
| Minimum Deposit | $100 |
| Spreads | 0.0 pips |
| Leverage | 1:500 |
| Regulation | FCA
CYSEC FSCA SCB |
| Currency | USD, EUR, GBP, CHF, AUD, JYP etc. |
| Assets | 2000+ assets |
| Deposit and Withdrawal Fee | No |
| Payment Options | Cards, bank transfers, Skrill, Nettler etc. |
| Trading Platforms | cTrader
MetaTrader4 MetaTrader5 FxPro Edge |
| Customer Support | 24/7 |
| Mobile Trading | Yes |
| Affiliate Program | Yes |
| Demo Account | Yes |
Pepperstone
Pepperstone is a forex and CFD trader offering low non-trading fees, and high execution speed with multiple top-tier financial regulators. Some of the features of the broker is listed in the table below:
| Features | Pepperstone |
| Minimum Deposit | $0 |
| Spreads | 0.0 pips |
| Leverage | 1:500 |
| Regulation | Multiple regulators ASIC
FCA, CySEC etc. |
| Currency | AUD, USD, JPY, GBP, EUR, CAD etc. |
| Assets | Forex, Index, Stocks, Currency Indices, Commodities, ETFs, Crypto |
| Deposit and Withdrawal Fee | No |
| Payment Options | PayPal, Neteller, Skrill, BPay, Union Pay, EMPESA, Visa and Mastercard |
| Trading Platforms | cTrader
MetaTrader4 MetaTrader5 TradingView |
| Customer Support | 24/5 |
| Mobile Trading | Yes |
| Affiliate Program | Yes |
| Demo Account | Yes but only for a month |
Tickmill
Tickmill is a multi-regulated broker including FSA, CySEC, FSCA and FCA which are some of the top-tier financial watchdogs in the trading world. Known for offering low spreads and high leverage, Tickmill can easily be one of the best broker choices for trading.
| Features | Tickmill |
| Minimum Deposit | $100 |
| Minimum Spread | 0 pips |
| Leverage | 1:500 |
| Regulation | Yes |
| Currency | USD, EUR, GBP |
| Assets | Forex, crypto, stocks, bonds, indices, commodities |
| Deposit and Withdrawal Fee | No |
| Payment Options | Bank transfer, Nettler, Visa, Mastercard, Skrill, etc. |
| Trading Platforms | MT4, MT5, Webtrader and Mobile App |
| Customer Support | 24/5 |
| Mobile Trading | Yes |
| Affiliate Program | Yes |
| Demo Account | Yes |
FP Markets
FP Markets is a regulated broker best known for providing low-cost trading on various assets, especially with CFD. Moreover, the broker offers a wide range of trading platforms including Meta Traders, Web Trader and IRess. Check out the key features below:
| Features | FP Markets |
| Minimum Deposit | $100 |
| Spreads | 0 |
| Leverage | 1:500 |
| Regulation | CySEC
ASIC |
| Currency | AUD |
| Assets | Forex, indices, metals, oil, gas, raw materials, securities, cryptocurrency |
| Deposit and Withdrawal Fee | No |
| Payment Options | Visa, MasterCard, e-wallets Neteller, Skrill, PayPal etc. |
| Trading Platforms | MT4
MT5 WebTrader Mobile IRess |
| Customer Support | 24/5 |
| Mobile Trading | Yes |
| Affiliate Program | Yes |
| Demo Account | Yes |
Saxo Bank
Saxo Bank is the best broker for trading with a wide range of assets with a fast and easy-to-navigate account opening process. The broker doesnot have Meta Trader platforms but it offers propriety platforms like TraderGo and TradersPro.
| Features | Saxo Bank |
| Minimum Deposit | EUR 500 |
| Spreads | From 0.7 pips |
| Leverage | 1:30 |
| Regulation | DFSA |
| Currency | EUR and USD |
| Assets | Forex, Stocks, ETFs, CFDs, Futures, Bonds, and options |
| Deposit and Withdrawal Fee | No |
| Payment Options | Bank transfer, credit/debit cards |
| Trading Platforms | SaxoTraderGO
SaxoTraderPRO |
| Customer Support | 24/5 |
| Mobile Trading | Yes |
| Affiliate Program | Yes |
| Demo Accounts | Yes |
VT Markets
VT Markets is another great broker claimed to be best for forex and crypto trading. The most stand-out feature of this broker is the competitive spreads starting at 0.01 pips. Check out the other key features below:
| Features | VT Markets |
| Minimum Deposit | $200 |
| Spreads | 0.01 pips |
| Leverage | 1:500 |
| Regulation | Multiple regulators, including CIMA
ASIC and FCA |
| Currency | USD, EUR, GBP, CAD, and AUD |
| Assets | Forex, currencies, CFDs, energies, commodities, and metals |
| Deposit and Withdrawal Fee | No |
| Payment Options | Skrill, Neteller, FasaPay, local Bank transfer and more |
| Trading Platforms | MetaTrader4
MetaTrader5 |
| Customer Support | 24/5 |
| Mobile Trading | Yes |
| Affiliate Program | Yes |
| Demo Accounts | Yes |
Top 15 Forex Brokers Compared
After carefully analysing the brokers, we have curated a comparison list of the top 10 Forex brokers that provide the best quality trading platform.
| Brokers | Minimum Deposit | Spreads | Max Leverage | Trading Platform | Demo Account | Regulation |
| RoboForex | $10 | 0.0 pips | Upto 1:2000 | MT4 and MT5 | Yes | Yes |
| Exness | $200 | 0 pips | Unlimited | MT4, MT5 and Exness mobile app | Yes | Yes |
| FxPro | $100 | Floating | 1:500 | MT4, MT5, cTrader and FxPro Edge | Yes | Yes |
| IG | $450 | 0.6 pips | 1:200 | MT4 and Proriety platform | Yes | Yes |
| IC Markets | $200 | 0.6 pips | 1:500 | MT4, MT5 and cTrader | Yes | Yes |
| OctaFX | $25 | 0.5 pips | 1:500 | MT4, MT5 and OctaTrader | Yes | Yes |
| TradeEU | $20 | 0.7 pips | 1:30 | MT4, MT5 and mobile app | Yes | Yes |
| Vantage | $50 | 1.4 pips | 1:20 | MT4, MT5 and WebTrader | Yes | Yes |
| Forex.com | $100 | 1 pips | 1:50 | MT4, WebTrader and Mobile app | Yes | Yes |
| Admiral Markets | $25 | 0.5 pips | 1:500 | MT4, MT5 and WebTrader | Yes | Yes |
| Pepperstone | $0 | 0.0 | 1:500 | cTrader, MetaTrader4, MetaTrader5, TradingView | Yes | Yes |
| Tickmill | $100 | 0 pips | 1:500 | MT4, MT5, Webtrader, and Mobile App | Yes | Yes |
| FP Markets | $100 | 0.0 | 1:500 | MT4, MT5, WebTrader, Mobile, Iress | Yes | Yes |
| Saxo Bank | 500 Eur | 0.7 | 1:30 | SaxoTraderGO, SaxoTraderPRO | Yes | Yes |
| VT Markets | $200 | 0.01 | 1:500 | MetaTrader4, MetaTrader5 | Yes | Yes |
Conclusion
Choosing the right forex broker is the key to success in trading, so always consider factors like regulations, customer reviews, assets, minimum deposit, etc., before choosing one. In this review, we have listed some of the best brokers, often considered the top 10 forex brokers in the world. You can use this guide to select your broker based on your preference. Always conduct thorough research and stay informed on the forex broker news while selecting an online forex broker.
FAQs
How do forex brokers make money?
Forex brokers usually make money through spreads, leverage and commission charges per trade. To avoid paying additional charges for each lot, look for brokers that offer commission-free trading.
Which forex brokers are the best?
Forex brokers like IG, TradeEU, and Octafx are some of the best. Octafx was also awarded the best forex broker in Asia, which proves that the broker is the best and most reliable platform for trading.
How much do forex brokers charge?
Forex brokers charge commissions on a per-trade basis, which varies with different brokers.
What forex brokers allow hedging?
The IC markets broker is a popular choice amongst traders for hedging in forex trading.
What does a forex broker do?
Forex broker is the platform where traders access a wide range of currency and assets to trade on the international currency market.
How much money do I need to begin forex trading?
Look for a broker with a low minimum deposit and high leverage that will allow you to trade larger positions in a limited amount of capital. If you profit, you can stretch your investment bandwidth per your capabilities.
Can I trade forex without a broker?
No, it is not possible to trade without a forex broker as it is through forex brokers traders can access the assets, tools and currencies required in trading.
