Compare the best forex brokers & trading platforms

To invest in forex, you’ll need to sign up with an online trading platform. This page explains how to find the best ones and teaches you how to compare them.
By: Max Adams
Max Adams
Max has a keen interest in the transformative power of technology and is the founder of a platform called… read more.
Updated: May 21, 2021
Tip: our preferred broker is, eToro: visit & create account

What are the best forex trading platforms?

If you’re looking to get started right away, you can follow any of the links below. These are some of the best platforms, as chosen by our team of financial experts, and all ideal for beginners and experienced users alike. If you need more information first, then simply scroll past the table and keep reading.

1
Min. Deposit
$50
Exclusive promotion
Our score
10
Trade/invest in stocks with just $50
Invest for dividends and get payout on stocks on Ex-Dividend day
Over 11 payment methods, including PayPal
Start Trading
Description:
eToro is a multi-asset investment platform with more than 2000 assets, including FX, stocks, ETF’s, indices and commodities. eToro users can connect with, learn from, and copy or get copied by other users. Buying stocks on eToro is free and you can invest with as little as $50.
Payment Methods
Wire Transfer, Bank Transfer
Full regulations list:
CySEC, FCA
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
2
Min. Deposit
$1
Exclusive promotion
Our score
9.3
0 Commissions and no deposit minimums
Registered with and regulated by SEC and FINRA
Loss of cash protection
Start Trading
Description:
Financial company driven by technology and offering all-in-one self-directed investment platform that provides excellent user experience.
Payment Methods
Full regulations list:

What is a forex broker?

A company that allows users to trade currencies. They provide access to online and app-based services, and also commonly allow for CFD trading in a variety of other assets, such as stocks, commodities, and cryptocurrencies. The best forex trading platforms are easy to use, well regulated, and carry strong reputations acquired through years of steady operation and quality customer service.

How do FX brokers work?

By acting as middlemen between their users and the interbank trading network (how banks trade currencies with each other). It is not possible for individuals to access this network, but FX brokers have institutional relationships that allow them to execute trades on their users’ behalf.

What’s the difference between a forex broker and a stock broker?

Simply put, one support the trading of foreign currencies, whereas the other supports the trading of stocks and shares. Often, however, you’ll find there’s no practical difference as many allow for both stock and forex trading. This is most common with CFD brokers.

How do I use a forex broker?

You simply need to register, fund your account, and then head to the platform’s forex trading area. You’ll then see a variety of currency pairs you can trade and the current rates. There are three predominant methods you can use:

  • In the spot forex market, you’re exchanging one currency for another at the exact point that the trade is settled. It’s called spot trading because the exchange occurs on the spot — within a very short period of time.
  • In the forward forex market, you buy a contract that gives you the option to buy or sell a set amount of currency at a specific price. The trade then gets settled at a specific future date, or within a range of future dates.
  • The future forex market lets you buy or sell a set amount of a given currency at a specific price and date in the future. Unlike forward forex trades, futures forex contracts are legally binding rather than simply optional.

The best trading platforms for beginners, traders, and long-term investors

When choosing a platform, the main considerations are your level of experience and the trading strategy you wish to pursue. Maybe you’re a beginner looking for somewhere to learn the ropes, or maybe you’re more experienced and looking to use leverage. Here are the best trading platforms for each type of user.

The top broker for beginners

For beginners, the priority is finding somewhere that is as easy to use as possible, and ideally one that has a wide range of educational resources and a demo account so you can learn the ropes.

The top platform for day-traders

If you’re planning on making frequent trades in the forex market in order to generate an income, you’ll want to look for a platform that has a variety of different options. Top of the list will be leveraged trading and access to other asset markets.

The top app for long-term buyers

Although it’s a less popular approach than when investing in stocks, some traders do take a long term approach to forex trading. Usually using carry trades to benefit from interest differentials, a technique that isn’t necessarily possible everywhere.

What should I look for in an online trading platform?

There are a few factors to consider. Here’s a quick run-down of the most important.

Design and ease of use

Make sure to look for an intuitive design that makes it simple to find what you’re looking for, has easily accessible markets, and lets you access support or tutorials whenever you need. FX trading can rely on getting your timing just right, so you don’t want anything slowing your down. 

Demo account

Especially if you’re a beginner, but even for more experienced users, look for one that offers a free demo account. These allow you to make trades in the forex market with fake funds, meaning you can learn how to trade forex without risking your hard-earned money.

Low fees 

There will be some fees and commissions, so it is essential to make sure that these are as low as possible. Generally you’re looking to make frequent trades that come with small profit margins each time, so even small fees can add up fast.

Small spreads

The spread is the difference between the bid and ask (buy and sell) price of a given currency pair. Often the true cost of using a platform is hidden because they charge no fees but applying large spreads which can eat into your capital over time.

Payment charges

You’ll need to fund your account using one of their supported payment methods (e.g. credit cards or Apple Pay). This can come with additional fees for deposits or withdrawals, so check these before signing up.

Reputation and regulation

Make sure you’re protected in case something goes wrong, and the best way to do this is by selecting a regulated broker. The best trading platforms in the UK tend to be regulated by the Financial Conduct Authority (FCA), with brokers based elsewhere in the world being overseen by other bodies.

Currency pairs available to trade

You don’t want to be restricted in the trades you can make, so make sure that you can access a wide range of currency pairs. You can find information what’s available where in our comprehensive reviews.

Trading options

Not everywhere will support every trading style, so make sure your broker fits your ambitions. We covered the three general ways forex can be traded further up the page – in addition to these, the three main trading styles on the FX market are scalping, swinging, and investing: 

  • In scalping, you’re opening and closing a position very fast, which means your trades must be executed as accurately as possible. 
  • In swinging, you’re 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. 
  • In 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.

Quick answers to key questions

Do brokers charge commissions or fees?

Yes, usually. The exact level of these fees will vary from platform to platform so it’s best to do your research before signing up. If somewhere advertises that it charges zero fees, then check the size of the spreads – as the cost of trading with the platform will likely be hidden in these.

Do I have to verify my identity?

Yes, you will need to verify your account to comply with financial service regulations. Verification will usually involve providing proof of identity and proof of address, often requiring a photo ID to be submitted. In some cases, you might be required to take and upload a selfie too, for facial recognition purposes.

Can I trade multiple currencies?

Yes. This does not mean that everywhere will support all currency pairs though, so be sure to compare your options before making your decision and registering.

Do I need any extra software?

Not usually, no. 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 other software such as Meta Trader 4, and many platforms allow for this sort of integration.

Should I use a broker to trade forex?

If you want to trade currencies online, one of these is your best option. Before getting started, we recommend taking our beginner-friendly course on how to read forex charts so you can trade with confidence. 

Still undecided?

Before deciding which platform to choose, it’s a good idea to weigh up all the key considerations. If you’re still on the fence, consider the following pros and cons and questions below.

Pros

  • Brokers offer the ability to trade a variety of foreign currencies
  • Many platforms offer tools and options such as leveraged trading
  • The forex market is the largest and most liquid in the world
  • You can often trade multiple assets on a single broker
  • Fees are generally low

Cons

Should I trade forex now?

It’s up to you; if you feel you’ve got a grounding in how the forex markets work and want to try your hand at trading foreign currencies, then simply find yourself one of the best forex trading platforms and start making trades.

Forex markets are very reactive to news from around the world, however, and you should always bear this in mind. A mixture of financial analysis, bit news events, and long term trends combine to cause fluctuations in the forex market. You can keep up-to-date with all three with our latest forex news and analysis.

The U.S. dollar slipped on Thursday on reports of soft U.S. inflation data for January, as well as the Fed’s decision to maintain accommodative policy stance. Fundamental analysis: Inflation continues to trend lower Core inflation in the States was reported at 0% in January, compared to the expected 0.2%. Head…
Treasury pick and the former Fed chief Janet Yellen is due to testify on Capitol Hill today. She is expected to reaffirm that the Biden-led US administration won’t pursue a path of weaker dollar. Fundamental analysis: Change in policy compared to Trump Janet Yellen, U.S. Treasury nominee picked by U.S.
The dollar is likely to start a bearish cycle in case the Democratic candidate Joe Biden wins in the next month’s elections, analysts believe.  Fundamental analysis: Dollar remains vulnerable The U.S. dollar remains vulnerable to “substantial devaluation” as the fundamental aspect of the market points towards a deeper pullback,…

Where can I learn more about forex trading?

Right here on invezz.com. We have a variety of free, beginner-friendly forex courses to guide you through how to trade forex. Using these you can learn more about how forex markets work and build your confidence before your start trading.

FAQs

Are forex brokers available 24/7?
Can I use multiple FX brokers?
What if I forget my password?
Is it possible to short on forex trading platforms?
Can I use a forex broker on my phone?
Is online forex trading legal?
Are forex platforms regulated?
Do I have to pay tax on forex trading profits?
Can I transfer money to my PayPal account?
Are these platforms anonymous?
Are there trading limits?
Can I access my full trading history?
Is it easy to switch brokers?

Fact-checking & references

Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.

Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

Max Adams
Lead Content Editor
Max has a keen interest in the transformative power of technology and is the founder of a platform called Current Frequencies. When not at his desk,… read more.