Compare the best forex brokers in 2023.
Invezz has tested 58+ platforms to find the best forex broker available today. Here are the final ratings along with our expert recommendations.
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Updated: Jan 9, 2023.
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68% of retail CFD accounts lose money.
Our forex reviewing panel includes expert trader, Prash Raval; Data Analyst, Dan Ashmore, CFA; and Lead Editor of News, Jayson Derrick. It also features an independent Economist and Fact Checker, Richard Stutely.
The panel spend hundreds of hours testing, rating, and reviewing each of the 58+ forex trading platforms. They scored each service according to 7 key criteria, including its security and regulation , the cost of trading , and the range of currency pairs available to trade . Read more about our review process.
These are the results and their expert tips on how to find the best forex broker.
Best forex brokers overall for 2022.
OANDA: Oanda. Best for trading with live market data FXTM: Best for trading tutorials & webinars LonghornFX: EagleFX: InstaForex: Admirals: Best for real time news and price data FP Markets: Best for low spread & 0-pip trading Revolut: EZinvest: Capitality. Best for trading like a pro LiteFinance: Capitality:
Compare the best forex trading platforms.
Our panel rated these three platforms as the top forex brokers from the 58+ we reviewed. They scored highest on security, cost, and ease of use, which made them the best choices for novice or retail traders.
Min. Deposit.
User Score.
Take a position on major global indices, including US Wall St 30 and France 40.
Low spreads and accurate pricing reflecting the underlying market.
Comprehensive analysis and new for better decision making.
Payment Methods:
Bank Wire, Check, Credit Card.
Full Regulations:
CFTC, FCA, IIROC, MAS, NFA.
Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. You may lose more than you invest.
Min. Deposit.
User Score.
World-class customer support in 18 languages.
Account opening is fast and fully digital.
Ultimate transparency with a trusted brand.
Payment Methods:
Bank Wire, Mastercard, PayPal, Visa, neteller, skrill.
Full Regulations:
CySEC, FCA, FSC.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Min. Deposit.
User Score.
55+ currency pairs available.
Trade on a trusted platform.
24/7 support via live chats, email or phone call.
Payment Methods:
Bitcoin, Credit Card, Debit Card, Visa.
Full Regulations:
LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.
Top 12 forex trading platforms, reviewed.
1. Oanda. Best for trading with live market data.
Regulated forex broker in multiple Tier 1 jurisdictions 70+ forex pairs available to trade Offers individual and corporate services.
Limited service to US and UK-based clients.
We love Oanda because its user-friendly trading platform has been built for reliability and speed. Oanda is a CFD broker where you can trade over 70 forex markets, including majors and minors. The platform is suitable for all levels of experience, has powerful analysis tools and a wide selection of educational videos.
Oanda is an award-winning broker and integrates with both the Metatrader4 and TradingView platforms. That’s in addition to its fully customisable proprietary mobile and desktop app. Oanda has been operating for over 25 years and holds regulatory licences in the UK, Europe, Asia, and Australia.
The fees: Oanda does not charge any commissions on trading. It makes it money from the Bid/Ask spread which starts at 0.7 pips. Swap charges are applied for keeping positions open overnight and vary depending on size. There is also an admin fee for swap charges starting at 1%. A £10 fee is applied to accounts inactive for 12 months.
Disclaimer.
Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. You may lose more than you invest.
2. FXTM. Best for trading tutorials & webinars.
Low trading spreads on major pairs Low minimum deposit Free demo account.
No cryptocurrencies available to trade Relatively low leverage compared to other FX brokers.
We love FXTM because it’s a trusted platform with lots of educational tools and customer support. There are 200+ financial instruments available to trade, including 20 major and minor forex pairs.
When you sign up you get access to your own dedicated account manager and a free demo account where you can practice trading without risking money. There are hours of webinars and tutorials to teach you how to trade before you dive in for real.
The fees : Commissions depend on the account you sign up for. The basic micro account charges no commission and you pay through the spread, which is a minimum of 1.5 pips. Advantage account traders pay a commission of $0.4 to $2 on each trade, depending on the asset, and can access spreads as low as 0.0 pips.
Disclaimer.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
3. Admirals. Best for real time news and price data.
Advanced trading and charting tools Commission-free accounts with no hidden fees Lots of educational resources, including webinars and seminars Access to various different tradable assets.
Not available to US traders No fixed spreads.
We love Admirals because you can invest in more than 8,000 assets with as little as €1. 50 currency pairs are available, including 20+ exotic pairs, enough to make Admirals a great investment platform where you can create a diversified portfolio.
There’s a demo account available so you can try out the Admirals platform and a vast amount of information can be accessed for free. That includes a host of real time news and research, as well as the latest price charts.
The fees : All currency trades are commission free but you pay through the spreads instead. Spreads start from 0 pips on the major pairs but may be significantly higher for some exotics.
Disclaimer.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
4. FP Markets. Best for low spread & 0-pip trading.
Trade 10,000+ CFDs across multiple asset classes Highly regulated and reliable platform Copy and social trading features.
Not available in the US, Japan & New Zealand IRESS platform is expensive.
We love FP Markets because it uses cutting-edge technology to ensure all forex trades are executed at lightning fast speed. It’s an award-winning broker and offers over 60 currency markets with spreads starting from zero pips and leverage up to 500:1.
FP Markets has zero restrictions and allows all trading styles, including scalping and running expert advisors. It integrates with the popular MetaTrader 4 platform and has its own technology-driven charting package. For beginners, FP Markets offers a free copy trading service where you can mirror profitable users’ trades directly in your own account.
The fees: FP Markets has two account types with different fees for forex trades. Its standard account has zero commission but has spreads starting from 0.9 pips. Its Raw account gives access to its ECN trading platform and charges $3 per side (per lot) for every forex trade.
Disclaimer.
CFDs are derivatives and can be risky; losses can exceed your initial payment and you must be able to meet all margin calls as soon as they are made. When trading CFDs you do not own or have any rights to the CFDs underlying assets.
5. Capitality. Best for trading like a pro.
Trade 2000+ CFDs in six markets Access institutional quality web trading platform Comprehensive market knowledge and education section.
Unregulated offshore broker registered in St. Vincent and the Grenadines Relatively high initial deposit required.
We love Capitality because it gives regular investors the means to trade with pro data and tools. Capitality offers 2100+ financial instruments, including 80 currency pairs.
The Capitality web trading terminal gives you access to live market data, real time quotes, and super-fast trade execution, all without needing to download anything. There’s also a free economic calendar that lets you know when the big financial events happen so you can plan your trades accordingly.
The fees : Capitality charges its fees through the spread. Spreads start from 0.1 pips for major forex pairs but can be significantly higher for minor and exotic pairs.
The top forex broker for your needs.
What’s the top forex broker for beginners?
eToro is the best forex trading platform for beginners. A low minimum deposit, 0% commissions, and a copy trading feature make eToro perfect for any forex beginner.
The CopyTrader feature is a huge part of what makes it so good, as you can use it to learn from the best traders/investors in the business.
Which forex trading platform has the best app?
Skilling has the best mobile app. Any app must prioritise ease of use and offer a seamless trading experience that closely resembles that you get from a desktop browser. Skilling offers all these and more.
Which forex platform offers the best bonus?
Admiral Markets offers the best welcome bonus. It offers a 100% deposit welcome bonus, up to $5000, so you can double the money you have to trade with as soon as you sign up. Many brokers offer some form of bonus, and some don’t even require a deposit to access it.
Which forex trading platform has the best demo account?
eToro has the best demo account. It hands you 100,000 virtual dollars to trade on any currency pair you like and a seamless way to track your performance.
The best forex demo accounts offer the same trading experience whether you use a real or ‘fake’ account. That way you can get the best idea of whether your trading style would be successful. eToro’s demo account offers a seamless transition to the real thing.
Which forex platforms have the highest leverage?
Pepperstone offers the largest amount of leverage, but note that it is capped at 30:1 in the UK and EU by financial regulations in those countries. Here are the top five brokers with the most leverage:
Broker Leverage Pepperstone 30:1 for retail traders 500:1 for professionals Pacific Union 500:1 for professionals AvaTrade 30:1 for retail traders 400:1 for professionals Skilling 30:1 for retail traders 200:1 for professionals Capital.com 30:1.
To make money from trading, you often have to use lots of leverage to multiply the size of your trades many times over as the price fluctuations are so small.
Which forex broker charges the lowest fees?
eToro offers completely free forex trading. There is no charge to make a trade, nor do you have to pay to make a deposit or close a position.
This is great if you’re learning the ropes or if you intend to be highly active, but note that you may have to pay fees elsewhere in the form of higher spreads.
Which fx broker has the lowest spreads?
Pepperstone offers the lowest spreads and occasionally even provides zero pip spreads for popular currencies like EUR/USD or GBP/USD. Spreads are variable charges that can change depending on volatility in the market.
Some brokers offer low spreads as a rule but these platforms often charge commissions, so you have to decide which is more important to you.
What’s the best managed account?
AvaTrade offers the best managed accounts, where you can place your trading decisions in the hands of a professional. The AvaTrade accounts have competitive annual fees and offer a history of excellent performance.
Which is the top FX broker for day-traders?
Alvexo is a great broker for any trader that plans to make frequent trades in the forex market and use it to generate an income. Alvexo offers analysis tools and large amounts of leverage.
Which forex broker is the safest?
AvaTrade is the safest forex broker. It is licensed in the EU, Japan, and Australia, three top-tier regulatory jurisdictions, as well as in South Africa and the British Virgin Islands.
To find the safest and most secure platforms you want to look for an established company with lots of investor protection. Forex brokers must be regulated in the country in which they operate, so check for approval from regulatory bodies like the FCA or SEC..
Which forex broker offers the most currency pairs?
Saxo Bank offers the most with 190 spot forex pairs and 130 forward pairs, which gives you an incredible range of choice.
Most forex trading takes place in the major and minor pairs that include USD, GBP, and EUR. For most beginners, a forex broker that offers the major and minor pairs is enough, so don’t worry too much about the raw amount of pairs.
More about the best forex brokers.
What are the top 10 forex brokers?
Our expert panel chose these ten brokers as the best options available, based on their cost of trading and regulatory status, two of our most important ranking factors.
What other forex brokers types are there?
There are lots of types of broker to suit different trading styles. Whether you want to use a specific type of software to trade, like MetaTrader 4 or 5, or trade in a certain style, such as scalping or spread betting, there is a broker out there for you.
Here is a summary of the different types of brokers available.
Best MT4 forex brokers . MetaTrader4 is a popular piece of trading software that you can download and use from a desktop browser. Best MT5 forex brokers . MT5 is the latest edition of the MetaTrader software that integrates with top forex brokers. Best forex brokers for scalping . Scalping is a fast-paced trading style that relies on taking very small profits on lots of trades throughout the day, and which isn’t permitted on every platform. Best 0-pip forex brokers . Zero pip brokers offer forex trading with no spreads, so they offer you the best market rate. Best spread betting forex brokers . Spread betting is a form of trading where you bet on how you expect prices to move and win money based on your stake and the amount of price movement. Best NDD brokers . No dealing desk (NDD) brokers allow you to access the interbank forex rate, and with it the most competitive prices for every currency. Best STP brokers . Straight-through-processing (STP) platforms are a form of NDD broker where they route your trades to the best prices available on the market by using fast electronic transmitters. Best ECN brokers . ECN brokers act like a hub to receive your trade orders and send them on to the interbank forex market. ECN brokers are ideal for active traders who want to access a large number of markets.
What are the best forex brokers by country?
The top forex brokers are widely available in any country where forex trading is legal. Use these links to find the best forex trading platforms where you live.
Best forex brokers in Australia Best forex brokers in Belgium Best forex brokers in Brazil Best forex brokers in Canada Best forex brokers in France Best forex brokers in Germany Best forex brokers in India Best forex brokers in USA Best forex brokers in Pakistan Best forex brokers in Netherlands Best forex brokers in New Zealand Best forex brokers in Nigeria Best forex brokers in Philippines Best forex brokers in South Africa Best forex brokers in the UK.
Which forex broker offers the most payment methods?
You can use almost any form of payment method to fund your forex trading account. Most people choose a bank transfer or wire payment but there are a wide variety of card or digital payment options available. Choose your favoured option from the links below to learn more.
Forex brokers that accept AMEX Forex brokers that accept Apple Pay Forex brokers that accept credit card Forex brokers that accept debit card Forex brokers that accept Google Pay Forex brokers that accept Neteller Forex brokers that accept Payoneer Forex brokers that accept PayPal Forex brokers that accept Paysafecard Forex brokers that accept Skrill Forex brokers that accept Venmo.
Brokers that didn’t make it into our top ten.
Many forex brokers offer a range of quality features and lots of them didn’t make it into our list of recommendations. Our expert panel felt these platforms didn’t offer enough to the regular or casual trader to warrant inclusion as one of the best forex trading platforms.
Saxo Bank : Saxo Bank is a good option for many traders across the world, but it is not available in the US or Canada and it takes up to three days to open an account. IG : IG offers a wide range of trading services alongside forex, but it charges relatively high spreads for forex trading which means the user doesn’t always get a great price. CMC Markets : CMC is a leading broker in the UK but it isn’t available to US traders and it can take a few days to even open an account and start trading. Interactive Brokers : While Interactive Brokers is another platform that allows you to trade lots of different financial assets, it’s not the most user-friendly platform and can be off-putting to beginners trading forex for the first time. TD Ameritrade : TD Ameritrade is an American broker that doesn’t offer any services to traders outside the US. FOREX.com : FOREX.com offers a good service for institutional or professional traders but offers a smaller pool of currencies than other platforms and is a little complicated to understand for the beginner. Swissquote: Swissquote charges relatively high trading fees and even charges for some of its research and analysis tools, which means it’s not a great fit for most casual traders. London Capital Group : LCG is an interesting option for beginners but you need to deposit in excess of £10,000 to access the best spreads, and it isn’t available to US traders. HFM : HFM doesn’t offer a huge range of currencies and there is a limited service to UK and European traders. BDSwiss : BDSwiss is a good choice for experienced traders who are familiar with trading software like MT4 and MT5, but it requires a high minimum deposit and the spreads on popular currency pairs are quite high.
How should I choose the best forex trading platform for me?
A broker that’s regulated with a top-tier financial authority like the FCA is always important. If you’re just dipping your toe in, then a regulated, low-commission broker where you can trade the major pairs is enough.
For people who want to be more active and trade like the professionals, then low spreads and the ability to run MetaTrader trading software is more important.
Here is some expert advice to point you in the right direction.
To find the best demo account.
With a demo account you want to be able to trade exactly as if you were using real money and track your performance. That way, you can practice using different strategies to see what works best, and gain valuable insight into whether you have the skills to do this for real. “ James Knight, Editor of Education.
James recommends : eToro for the most realistic demo account.
For beginners just starting out.
Low costs are most important for beginners. When you’re starting out, you probably have less money to trade with. Pick a zero commission broker and look out for features that can help you learn. eToro is great for this, while some brokers email out daily analysis that you can use to help you get to know the forex market. “ Jayson Derrick, Lead Editor of News.
Jayson recommends : eToro for its low fees and CopyTrader feature.
For swing or casual traders.
Low spreads and commissions are always important. As is reliability and speed – lags can be costly. Some brokers offer a VPN so you’re always connected, or the ability to switch servers in the settings to prevent them. The more active you are, the more you’re going to want to trade different currencies, so look for a fx broker with a large range of currency pairs as well . But remember, unless you are an experienced trader, using anything beyond a demo account is not advised .” Dan Ashmore, CFA, Data Analyst.
Dan recommends : Pepperstone for its 60+ pairs and fast execution speeds.
For active and experienced traders.
Brokers that use an ECN – Electronic Communications Network – to access the market can offer lower spreads than market makers designed for casual traders. High volume traders in the UK should also think about spread betting as a tax-free alternative to CFDs .” Prash Raval, forex trader & financial writer.
Prash recommends : IG for spread betting forex, Tickmill for its ECN.
Quick answers to key questions.
What are the fees for a forex trading platform?
Lots of platforms offer 0% commission but exact charges vary between forex brokers. It’s impossible to give a definitive answer, but here are the fees for each of our top ten platforms, along with their regulatory status.
Forex broker Commission fees Primary regulatory bodies eToro 0% FCA, CySEC Pepperstone 0% FCA, ASIC, DFSA Skilling Start from $35 per million FCA, CySEC AvaTrade 0% FCA, CySEC, MiFID, ASIC, FSA Japan Pacific Union 0% FSA Seychelles Capital.com 0% FCA, CySEC, MiFID, ASIC FXTM Start from $20 per million FCA, CySEC, FSCA Saxo Markets 0% FCA, ASIC, MAS, ACPR,, FINMA Admirals Start from $3 per lot FCA, CySEC, ASIC, JSC City Index 0% FCA.
When trading forex you will likely incur some fees, and usually spread and commission are the two main ones that apply. Spread is the difference between the buy and sell price of any pair and commissions are additional charges that are set by your broker on every trade.
Can I use multiple forex brokers.
Yes, you can hold multiple accounts at the same time. Generally, it is easier to place all your trades in the same place, however, unless you’re scalping and trying to profit from the difference in spreads between platforms.
Why do brokers have different prices?
There are a couple of main reasons for it. One is that each broker has to make money, so they may mark up their fee on top of the live market price. The mark up is known as spread and is different on every platform so the prices vary because of it.
The second is that they source their prices from different places. As there is no single ‘forex exchange’, each broker may buy and sell currency from different liquidity providers on the interbank market and there might be small variations in the price they charge.
Are forex brokers regulated?
Not all of them, but the best are regulated by recognised financial bodies. In the UK, they are regulated by the FCA. The Commodities and Futures Trading Commission (CFTC) regulates top forex brokers in the United States.
Trading with an unregulated broker puts your capital at risk, as you have no protection if the platform turns out to be fraudulent. Use these pages to find regulated forex brokers where you live.
Can I trade multiple currencies?
Yes. Forex pairs are referred to as either ‘majors’, ‘minors’, or ‘exotics’. The majors include the US Dollar and top currencies like the British Pound and the Euro.
The minors are the top non-US Dollar currencies pair with each other. Exotics refer to every other combination of currencies.
You can trade as many different currencies as you like. If you want to spread your trades around, though, then you need to make sure your broker offers enough currencies. Not all do, so consider this before signing up.
Do I need any extra software?
You won’t need any extra software but you may choose to download some.
You can usually access the website on your browser or with a specially designed mobile app. However, more experienced FX traders might prefer to link their account up to software like MetaTrader4 or MT5.
Who is the biggest forex broker in the world?
IC Markets is the biggest with an average daily trading volume of more than $18 billion.
The largest broker by region can vary, however. Often brokers in Asia experience the most trading of the USD/JPY pair, for example, while European brokers trade more of the Euro against other currencies.
Can I trade without a broker?
No, you need a broker to trade forex. Currency rates are set by the interbank rate; the rate at which banks buy and sell currencies from each other. In order to trade forex you have to be able to access that market, and the only way to do so is through a broker.
There are different kinds of brokers, however, and some merely act as a vehicle through which you send your trades to the interbank market. Others actually take the other side of your trade.
Can I hedge my forex trades?
Yes, with most brokers outside the US. Hedging is a perfectly legal strategy in most parts of the world, where you can have multiple trades open on the same currency pair in order to reduce the risk of losing money.
In the US it’s different, and there are specific rules that prevent you opening a new trade on a currency pair until you have closed the previous one.
What are the most common forex trading styles?
The three main trading styles on the FX market are scalping, swinging, and investing. While scalping , you’re opening and closing a position very fast, which means your trades must be executed as accurately as possible.
Swing trading involves keeping trades open a bit longer, from a day to a few weeks. When swinging, it’s desirable to find somewhere that offers swap-free accounts, meaning there is no commission or rollover interest for extending your position overnight.
When investing , your trading time frame is often significantly longer. When investing, it’s often helpful to use an ECN broker – a forex financial expert who uses electronic communications networks (ECNs) to give clients direct access to other participants in currency markets.
Methodology: How did we choose the best forex trading platforms?
We reviewed 58+ top forex brokers according to a set of 7 criteria:
Their security and regulation The cost of trading The range of currency pairs Trade execution speed and platform reliability MetaTrader software integration Mobile app availability Their charting tools and indicators.
Our reviewing panel tested each platform and its features on its desktop trading platform, using downloadable software like MetaTrader 4 and with any proprietary software where available.
We signed up to try out the service and to find out the costs of using it. We rated affordability according to the commissions, bid/ask spreads, overnight fees, inactivity fees, and the cost of making deposits and withdrawals. Transaction speeds, the range of assets, analysis tools, and the app were all judged contextually to rate them against the competition.
Each panellist gave each platform an overall rating based on its score for each of the 7 criteria. This testing process allowed our panel to exercise their judgement on which platform is best for which type of user.
The final rating is based on the accumulated score from the entire panel. All factual claims included on this page have been independently checked and verified. Learn more about how we rate, rank, and review platforms.
FAQs.
Do I have to pay tax on forex trading profits?
It depends on how you trade forex. Spread betting doesn’t attract any taxes in the UK, but profits made from CFD trading will be subject to capital gains tax. Check the tax laws where you live to see if you have to pay tax.
Do forex trading platforms have copy features?
Yes, some platforms for forex trading, like eToro, do. Copy trading is a relatively new addition that many platforms now incorporate. When using copy trading you are able to copy the trades of professionals.
Are forex brokers available 24/7?
The forex market is open 24/5, Monday – Friday. You can access your broker to close positions over the weekend, but you aren’t able to open new trades.
Is it possible to short currency pairs on forex brokers?
Yes, it is possible to engage in both short and long selling of foreign currencies, depending on which way you see the price of each currency going.
In fact, many places let you short currencies on a regular basis. Unlike on the stock market, risks associated with shorting are relatively limited, because it’s very unlikely for a currency to fall significantly.
Can I use a forex broker on my phone?
Yes. Most allow you to trade foreign currencies on easy-to-use mobile apps.
Is online forex trading legal?
Yes, in the UK and in the majority of countries around the world. Always check the law where you live before engaging in trading activity, however.
Can I transfer money to my PayPal account from a forex broker?
There are many forex brokers that accept PayPal allow you to withdraw directly into your PayPal account. The best forex broker for this is Oanda.
Are forex brokers anonymous?
No, you will have to provide identification when registering an account with a forex broker. This is because regulated brokers must comply with KYC – Know Your Customer – laws.
Are there trading limits with a forex broker?
Yes, there are typically limits as to how much can be deposited, withdrawn, or traded in a given time period. Typically the minimum deposit with a broker will be in the region of £100, with other limits varying considerably between them.
Can I access my full forex trading history through my broker?
Yes, you can. The broker will keep a record of your trades over time, and you will be able to access this through the dashboard of your account.
Is it easy to switch forex brokers?
Yes, but it takes a few days. You’ll need to close all your positions, withdraw your funds, open an account with a different broker, and deposit the funds into your account. After that’s all gone through you’ll be able to start trading again.