Compare the 12 best forex brokers for beginners in June 2023

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 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 2023

1. eToro: Best for beginners, copy-trading & demo-account
2. Capitality: Best for trading like a pro

Editors picks: our top 3 forex trading platforms

Our panel rated these three platforms as the top forex 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 traders.

Top 12 forex trading platforms, reviewed

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.

Read more: best forex trading apps

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.

Read more: best forex brokers with bonuses

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.

Read more: best forex demo accounts

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.

Read more: best high leverage forex brokers

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.

Read more: best low commission forex brokers

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.

Read more: best low spread forex brokers

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. 

Read more: best managed forex trading accounts

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.

• eToro
• Pepperstone
• Skilling
• AvaTrade
• Pacific Union
• Capital.com
• FXTM
• Saxo Markets
• Admirals
• City Index

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. 
• 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.
• 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?

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 a 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.

• Best CFTC regulated forex brokers
• Best CySEC regulated forex brokers
• Best FSA regulated forex brokers
• Best NFA regulated forex brokers

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.

Read more: can I trade forex without a broker?

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.

Read more: do fx brokers allow hedging?

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.

Read more: how to choose a forex broker

Methodology: How did we choose the best forex trading platforms?

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.

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