Top 8 best forex brokers for beginners in June 2024

Invezz has tested 63+ FX platforms to find the best forex broker available today. Here are the final ratings along with our expert recommendations.
By:  & 
Reviewed by:
Updated: May 8, 2024

Our forex reviewing panel includes expert trader, Prash Raval; Data Analyst, Dan Ashmore, CFA; and Lead Editor of News, Harsh Vardhan. It also features an independent Economist and Fact Checker, Richard Stutely

The panel spend hundreds of hours testing, rating, and reviewing each of the 63+ 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 2024

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  1. eToro: Best for beginners, copy-trading & demo-account
  2. Plus500: Best for international CFD trading*

Editors picks: our top 3 forex trading platforms

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Our panel rated these three platforms as the top forex best forex trading brokers from the 63+ we reviewed. They scored highest on security, cost, and ease of use, which made them the best choices for novice or retail forex traders.

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Min. Deposit
9 €
Best offer
User Score
Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader
eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets
Largest number of currency pairs to trade
Start Trading
Payment Methods:
Bank Transfer, Debit Card, PayPal, Credit Card, Wire Transfer
Full Regulations:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% 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
100 €
Best offer
User Score
Trade +2000 CFDs on Shares, Forex, Indices, Crypto, Options, Commodities & more
Unlimited risk-free Demo Account
0 commissions & attractive spreads
Start Trading
Payment Methods:
Bank Transfer, Debit Card, PayPal, Credit Card, Visa, Mastercard, American Express, Trustly, Apple Pay, Google Pay, Discover, Bank Transfer: SEPA, Bank Transfer: FPS, skrill
Full Regulations:
ASIC, FCA, FSA, MAS, CySEC #250/14

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Min. Deposit
0 €
Best offer
User Score
Open a free account in minutes
Go global with fee-free foreign exchange
Finance tracking made simple
Start Trading
Payment Methods:
Debit Card, Credit Card
Full Regulations:

Top 8 forex trading platforms, reviewed

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1. eToro. Best for beginners, copy-trading & demo-account

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0% commission



Minimum deposit


No. assets


Demo/virtual account

Pros & Cons

Great for beginners, simple to set up and get started Competitive, industry-leading commissions Popular ‘Copy Portfolios’ function lets you follow top traders Excellent customer service, with live chat support provided
Comparatively high fees for withdrawals and account inactivity Does not integrate with the MetaTrader platform High spreads on some assets


We love eToro because it’s an easy place to trade the currency markets. Forex can be intimidating, but eToro strips back the complexity to give you a platform where you can trade 50+ currencies at competitive prices and with up to 30x leverage.

As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see how all the major and minor forex pairs are performing every day, track how investors feel about every one of those currencies, and copy other people’s trade suggestions from your desktop or the eToro app.

The fees: eToro charges a fee on currency CFD trades through the spread. Spreads are variable depending on the currency and start from 1 pip for EUR/USD trades, 1.5 pips for EUR/GBP, and 2 pips for GBP/USD. Overnight and weekend fees apply.


Visit eToro eToro Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% 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.

2. Plus500. Best for international CFD trading*

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From 0.08%



Minimum deposit


No. assets


Demo/virtual account

Pros & Cons

Free demo account for every user Secure broker, licensed by top-tier regulators Wide variety of CFDs to trade Several good risk management tools
No support on trading information and education Website isn’t brilliantly designed to help users find answers to their questions No MetaTrader trading platform compatibility


We love Plus500 because it is one of the industry’s most transparent and reliable brokers. Its fees are clear and you’ll know exactly what you will be paying before you make a trade. Its technology driven platform gives access to CFDs on over 60 forex pairs with leverage up to 30:1. 

Plus500 has something for all types of forex trader, no matter what level of experience. Its zero commission and tight spreads make it a top choice for day traders and its trading academy is packed with educational content, perfect for beginners just starting. 

For accurate instrument availability, visit

The fees: There are no commission fees on any trades with Plus500 and it makes it money through the Bid/Ask spread. Spread starts from 0.01% and varies depending on the instrument. Additional fees include overnight funding which is dependent on trade size and guaranteed stop orders, which add a minimum of 10% to the spread. There is an inactivity charge of £10 per month for accounts not logged in for three months. 

*Based on a comparison of 60+ leading brokers and trading platforms.


Visit Plus500 Plus500 Review

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

The top forex broker for your needs

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What’s the top forex broker for beginners?

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eToro is the best FX trading platform for beginners or novice forex traders. A low minimum deposit, 0% commissions, and a copy trading feature make eToro perfect for any forex beginner traders.

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. eToro’s social trading platform is often rated 5 stars by many users.

Which forex trading platform has the best app?

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Skilling has the best mobile app. Any app must prioritise ease of use and offer a seamless trading experience that closely resembles what you get from a desktop browser. Skilling offers all these and more.

Read more: best forex trading apps

Which forex platform offers the best bonus?

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Plus500 is the best platform to trade forex with a welcome bonus. It offers a welcome bonus worth up to $8000, depending on how much you deposit when you first open the account. Many online forex brokers offer some form of bonus, and some don’t even require a deposit to access it.

Read more: best forex brokers with bonuses

Which FX trading platform has the best demo account?

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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 forex trading strategy would be successful. eToro’s demo account offers a seamless transition to the real thing.

Read more: best forex demo accounts

Which forex platforms have the highest leverage?

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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 for most traders. Here are the top five best forex brokers with high leverage:

Product eToro maximum leverage Plus500 maximum leverage Revolut maximum leverage
Stock CFDs 1:5 1:5
ETF CFDs 1:5 1:5
Forex CFDs 1:30 1:30
Crypto CFDs 1:2 1:2
Index CFDs 1:10 1:20
Commodity CFDs 1:10 Up to 1:20
View more > eToro > Plus500 > Revolut >

Trading with leverage is highly risky and can result in significant losses. We do not recommend that beginners trade with leverage.

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.

Read more: best high leverage forex brokers

Which forex broker charges the lowest fees?

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eToro offers completely free forex trading. There are no trading costs, 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.

Asset eToro fees Plus500 fees Revolut fees
Cryptocurrencies 1% From 2%
Commodities From 2 pips From 0.04%
Currencies From 1 pip From 0.8%
Indices From 0.75 pts From 0.7%
Stocks 0% commission From 0.08%
Stock CFDs 0.15%
ETF CFDs 0.15%
View more > eToro > Plus500 > Revolut >

Read more: best low commission forex brokers

Which FX broker has the lowest spreads?

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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 of the best forex brokers online offer low spreads as a rule but these platforms often charge commissions, so you have to decide which is more important to you.

Product eToro spreads Plus500 spreads Revolut spreads
Stock CFDs 0.15% 0.10%
ETF CFDs 0.15% 0.10%
Forex CFDs From 1 pip 0.8 pips
Crypto CFDs 1% 2%
Index CFDs From 0.75 points 0.20%
Commodity CFDs From 2 pips 0.50%
View all tradable assets > eToro > Plus500 > Revolut >

Read more: best low spread forex brokers

What’s the best managed account?

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AvaTrade offers the best managed accounts, where you can place your trading decisions and forex investment in the hands of a professional. The AvaTrade accounts have competitive annual fees and offer a history of excellent performance. AvaTrades managed account features can be accessed directly from the broker’s trading platform.

Read more: best managed forex trading accounts

Which is the top FX broker for day-traders?

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Alvexo is a great broker for any trader who 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 on its currency trading platforms.

Which forex broker is the safest?

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AvaTrade is the safest forex broker. The forex trading company 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. Currency trading brokers must be regulated in the country in which they operate, so check for approval from regulatory bodies like the Commodity Futures Trading Commission (CFTC), the National Futures Association (NFA) or the SEC.

Region eToro regulators Plus500 regulators Revolut regulators
Africa FSA
Australasia ASIC ASIC, FMA
North America FinCEN
South America
View more > eToro > Plus500 > Revolut >

Which forex broker offers the most currency pairs?

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Saxo Bank offers the most with 190 spot forex pairs and 130 forward pairs, which gives you an incredible range of forex markets to choose from.

Most forex trading takes place in the major and minor pairs which include USD, GBP, and EUR. For most beginners, forex companies that offer the major and minor pairs are enough, so don’t worry too much about the raw amount of pairs.

More about the best forex brokers

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What are the top 10 forex brokers?

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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?

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There are lots of types of brokers 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 scalping forex brokers. 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. 
  • Best VPS brokers. Virtual private server (VPS) brokers give you a dedicated personal hosting service to run your own trading software. It gives you direct access to the market and faster execution speeds.
  • Best PAMM brokers. PAMM brokers provide accounts that are managed by professional fund managers, who decide what to invest in and when.
  • Best micro account brokers. Micro accounts allow you to trade with small amounts of money. This type of account is ideal for beginners who are just starting out in forex trading.
  • Best news trading brokers. Platforms that specialise in news trading, where you trade according to the economic calendar and breaking news events.

What are the best forex brokers by country?

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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.

Which forex broker offers the most payment methods?

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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.

Brokers that didn’t make it into our top ten

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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 brokers for forex trading.

  • 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. While it is not available globally, it is still the best broker for forex trading in the United Kingdom.
  • 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.
  • 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 a forex trading platform for me?

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A broker that’s regulated with a top-tier financial authority like the Commodities and Futures Trading Commission (CTFC), the National Futures Association (NFA), or the Financial Industry Regulatory Authority (FINRA) 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 or TradingView trading software is more important.

Here is some expert advice to point you in the right direction.

To find the best demo account

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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

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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.

Harsh Vardhan, Lead Editor of News

Harsh recommends: eToro for its low fees and CopyTrader feature.

For swing or casual traders

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Low spreads and commissions are always important. As is reliability and speed – lags can be costly. Some of the best brokers for forex 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

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Currency 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

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What are the fees for a forex trading platform?

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Lots of platforms offer 0% commission but exact charges vary between the top rated 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 brokerCommission feesPrimary regulatory bodies
Pepperstone0%FCA, ASIC, DFSA
SkillingStart from $35 per millionFCA, CySEC
AvaTrade0%FCA, CySEC, MiFID, ASIC, FSA Japan 
Pacific Union0%FSA Seychelles
Capital.com0%FCA, CySEC, MiFID, ASIC
FXTMStart from $20 per millionFCA, CySEC, FSCA
Saxo Markets0%FCA, ASIC, MAS, ACPR,, FINMA
AdmiralsStart from $3 per lotFCA, CySEC, ASIC, JSC
City Index0%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 market brokers

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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?

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There are a couple of main reasons for this. 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?

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Not all of them, but the best are regulated by recognised financial bodies. 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 the best regulated forex brokers where you live.

Can I trade multiple currencies?

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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?

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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 accounts up to software like MetaTrader4, MT4 MT5, or TradingView where you can trade currencies using your own trading strategies.

Who is the biggest forex broker in the world?

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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 online 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?

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No, you need an online forex broker to trade FX. 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.

Read more: Can I trade forex without a broker?

Can I hedge my forex trades?

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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.

Read more: Do fx brokers allow hedging?

What are the most common forex trading styles?

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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.

Read more: How to choose a forex broker

Can I trade the news with a foreign exchange broker?

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Yes, most forex brokers will let you trade the news, but not all will so make sure you check before signing up. Trading the news in forex is a popular strategy where you buy or sell before or after a news release. For example, if you expect the Japanese Yen crash to continue, then you can monitor the latest forex news and place your trades accordingly.

Best forex brokers: your verdict

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If you’ve made it this far you probably already have a decent idea of what makes a top forex broker. You may even have a few options in mind. Before you make your decision, here’s one more factor to take into consideration – user reviews.

Sites like Trust Pilot, the App Store, and Google Play Store are excellent tools to find real customer reviews for the best forex brokers. Clever marketing and promises of low spreads and fees can be enticing, but checking honest reviews from existing customers can give you a real understanding of how a broker operates.

Check out the table below where we’ve included customer reviews for three of the top forex brokers in 2024.

Review source eToro rating Plus500 rating Revolut rating
Trustpilot 4.4 4
Google Play Store 4.1 4.3
App Store 3.8 4.1
View more > eToro > Plus500 > Revolut >

Bottom line

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Choosing the right forex broker is essential for a smooth and successful trading journey. This guide has covered all bases to equip you with the knowledge to confidently navigate the forex industry. Remember, the best forex broker isn’t a one-size-fits-all all solution. 

The right forex broker is different for everyone. Beginner forex traders will probably prioritise a user friendly platform like MT4, while seasoned veterans may seek advanced features and platforms with competitive pricing. 

Whatever you decide to do it’s important to take your time and compare the various forex trading accounts offered by different brokers. Look for features that align with your goals. Many brokers offer live account options with low minimum deposits – a perfect way to test the waters and gain experience before committing larger sums.

Methodology: How we choose the best forex trading platforms

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Helping people make better financial decisions is at the heart of our mission at Invezz. 

We periodically test more than 63 forex trading platforms to provide our users with clear, accessible guidance on the investing options available. All testing is carried out by our panel of forex experts, analysts, and active traders who sign up to each broker, conduct research, and score each service.

Our tests are designed to find foreign exchange platforms that offer a beginner-friendly, secure trading experience at a fair price. To supplement our practical testing and experience, we research each service to gather any further relevant information. We read online customer reviews, app reviews on the Play Store and App Store, and conduct user surveys to get feedback from real people about what works, and what doesn’t.

Each forex broker is awarded a final score based on 130+ data points across 8 ranking categories: cost, reliability, user experience, deposit & withdrawals, investing options, range of products/markets, research & analysis tools, and the availability of educational & learning resources.

We work closely with individual brokers to ensure all factual information displayed here is accurate. All data is then fact-checked by an independent reviewer. You can learn more about our expert panel and how we test, rate, and review platforms in our review process.

Sign up for a forex trading platform now >


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Do I have to pay tax on forex trading profits?
Do forex trading platforms have copy features?
Are forex brokers available 24/7?
Is it possible to short currency pairs on forex brokers?
Can I use a forex broker on my phone?
Is online forex trading legal?
Can I transfer money to my PayPal account from a forex broker?
Is it easy to switch forex brokers?

Sources & references
Risk disclaimer
Max Adams
Editor of Education
Max was the Editor of Education for Invezz from 2019-2021, overseeing the wider investment educational strategy. He has written for financial publications for over 5 years,... read more.
James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.