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Compare the best forex brokers

Looking for the best forex brokers in 2020 and beyond? You’re in the right place. We compare all the top trading platforms, helping you to make informed decisions and optimise your trading performance. 

Our guide to forex trading will take you through all the key criteria you need to know when picking a broker, with a focus on these eight factors: regulation, funds safety, trading style, reputation, design and ease of use, ease of opening an account, types of accounts being offered, and customer service. You will also learn all the important terms associated with forex trading.

Where can I find the top forex brokers?

Right here! Our website enables you to shop for the best forex trading platforms, listing all the most important selection criteria at a glance. The most desirable forex platforms are regulated by top regulatory agencies, have intuitive platforms that make it easy to open an account and make deposits, and help you make exactly the kind of forex trade you prefer.

Special Offer
Min Deposit
Spreads From
Max Leverage
Start Trading
Free education
1.3 PIPs
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% 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.
Spreads From 1.3 PIPs
Max Leverage 30:1
Min Deposit $10
Register now
Same Day withdrawals
1.2 PIPs
EagleFX offers leveraged trading on a range of assets within its platform. CFD and Spot Forex trading do carry a degree of risk which may result in you losing more than your initial investment. Please ensure you fully understand the risks involved with leveraged trading and ensure this is not detrimental to your personal or institution's financial well being.
Spreads From 1.2 PIPs
Max Leverage 500:1
Min Deposit $10
Register now
Spreads from 0.1 pips
0.1 PIPs
FSA, FMA New Zealand
Spreads From 0.1 PIPs
Max Leverage 500:1
Min Deposit $200
Register now
Highest leverage on the market
76.2% of retail accounts lose money when trading CFD's. CFD's are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFD's work and whether you can afford to take the high risk of losing your money.
Spreads From
Max Leverage 3000:1
Min Deposit $1
Register now
$0 Fee-Free
Funding Options
0.1 PIPs
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.
Spreads From 0.1 PIPs
Max Leverage 500:1
Min Deposit $100
Register now

What are forex brokers?

Forex brokers (also known as retail forex brokers, currency trading brokers or cfd brokers) are companies that provide retail traders with access to online and app-based platforms that allow them to buy and sell foreign currencies. The best brokers’ platforms are easy to use, well regulated, and carry strong reputations acquired through years of steady operation and stellar customer service.

What is forex trading?

Forex trading is the conversion of one fiat currency into another. The goal of forex trading is to exchange one currency for another, in the hopes of making a profit off price changes. In other words, if the currency you buy rises in value compared to the currency you sold, you’ve made a profit.  

Forex is one of the most active traded markets in the world, with average daily trading volumes reaching $5 trillion. That huge amount of trading volume can make the price movements of some currencies extremely volatile. That means that if you’re an aggressive trader with a strong tolerance for risk, forex trading can be an exciting and potentially highly lucrative endeavour.

There are three ways to trade forex:

  • 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 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.

How do forex broker platforms work?

Forex broker platforms enable clients to buy or sell foreign currencies either online or via a mobile app. When you trade forex, you buy or sell in currency pairs — for instance, buying Euro and selling U.S. dollars. Simply open a forex account, deposit funds, and you can start buying and selling different currencies. Forex markets are open for trading 24 hours a day, five and a half days a week. Foreign currencies are traded worldwide in many major financial centers, including New York, London, Tokyo, Hong Kong, Singapore, Paris, Sydney, Frankfurt, and Zurich.

Do I own the assets I’m trading on a forex platform?

No. If you deposit 1000 euro and then buy a contract for 500 American dollars, that does not mean you can now withdraw 500 American dollars from your account. Rather, you are buying and selling contracts for euros, dollars, or whatever other currency might be on the menu. You can trade currency contracts quickly and seamlessly online, even buying and selling the same contract on the same day if you wish. 

For example, you could buy 1000 euros at an exchange rate of 1.1 U.S. dollars per euro, meaning you’ve spent $1100 on the trade. A month later, you sell those 1000 euros at an exchange rate of 1.15 dollars per euro, meaning you’ve sold for $1150. In that trade, you’ve made a profit of $50.

What should I look for in a broker service?

When shopping for the best forex trading platform it pays to do your homework and find the platform that checks as many of the following boxes as possible:

  • Find a regulated platform – It’s important to regulate forex brokers and forex trading, because the enormous sum of money that flows through the market every day makes it a tempting target for scammers and hackers. The Financial Conduct Authority (FCA) regulates forex trading in the United Kingdom, and the Commodities and Futures Trading Commission (CFTC) regulates forex trading in the United States. 
  • Make sure your funds are safe – Find out if the forex broker you’re eyeing offers segregated accounts. Segregated accounts mean that brokers can’t touch the funds you deposit to use them for financing other endeavors. Instead, the broker is only making money from commissions, spreads, and taking the other side of trades (if the broker in question is also a market maker). 
  • Find a broker that best fits your desired trading style – The three main trading styles on the Forex 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 a broker that offers swap-free accounts, meaning the broker doesn’t charge a 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 — i.e. a forex financial expert who uses electronic communications networks (ECNs) to give clients direct access to other participants in currency markets.
  • Good reputation – The best forex broker platforms should come with positive user reviews regarding such key criteria as opening trading accounts and seamless funds withdrawal. Awards, accolades, and positive publicity can also be useful markers when gauging a platform’s reputation.
  • Demo accounts – If you’re still testing the waters online trading, you may wish to use a broker that offers you the ability to learn within their broker demo account. This allows users to use fake money to trade on real life market data and currency movements.
  • Design and ease of use – You want a platform that makes forex trading as quick and easy as possible. One, because you don’t want to get confused and make the wrong trade. And two, because if you’re trying to buy or sell foreign currencies at specific prices, you’d like to execute your trade as quickly as possible, to minimise potential price fluctuation. 
  • Ease of opening an account – Opening a forex account shouldn’t typically take more than two business days, including the time it takes to get your ID and other documents verified.
  • Find a broker that offers the type of account you need – For retail investors like you who might just be getting started, it helps to know if the trading account you’re considering offers price quotes in four or five digits. For instance, if you’re pairing a euro with a U.S. dollar, you’d rather have a five-figure quote like 1.11258 than the corresponding four-figure price quote.
  • Customer service – If you’re an active trader, you’ll want to be sure you’re well taken care of on whichever platform you choose. That means insisting on live-chat capabilities 24 hours a day, seven days a week, and longer queries taking no more than one business day to produce a reply. Testing the broker’s customer service before depositing a large sum of money is a good idea.

Will I have to verify my broker account?

Yes. You need to verify your account to comply with financial service regulations. Verification will usually involve providing proof of identity, proof of address, and various financial proofs. This is often an automated process that will require you to upload documents such as a valid passport or driving license, bank statement or mortgage statement. In some cases, you might be required to take and upload a selfie too, for facial recognition purposes.

Is online trading secure?

Yes. Reputable forex brokers use many of the same digital safeguards that you’ll find in a typical stock account run by a big brokerage, to guard against hackers. Regulatory agencies provide further security by closely monitoring forex trading in places like the UK and U.S., as well as a host of smaller nations. 

What if I forget my password?

Just like other online platforms, forex trading accounts allow you to reset your password using your email address and/or password recovery questions. Make sure to choose a secure password (ideally using non-common words, at least one capital letter, at least one digit, and at least one punctuation mark), so that others can’t access your account.

Can I trade multiple forex contracts with broker platforms?

Yes. In fact, all forex trading works this way. The seven major forex pairs are:

  • The Euro/US Dollar Pair (EUR/USD) 
  • The US Dollar/Japanese Yen (USD/JPY) 
  • The British Pound Sterling/US Dollar (GBP/USD) 
  • The US Dollar/Swiss Franc (USD/CHF) 
  • The Australian Dollar/US Dollar (AUD/USD) 
  • The US Dollar/Canadian Dollar (USD/CAD) 
  • The New Zealand Dollar/US Dollar (NZD/USD)

In each case, you’re buying one foreign currency and selling another, hoping to turn a profit on fluctuations in currency prices.

Do forex trading platforms charge fees for trades?

Yes. Forex broker platforms charge a commission or spread (the difference between the bid price and the ask price) per trade when executing buy or sell orders. And usually, its a nominal amount.

What are the advantages of using a forex broker to trade foreign currencies?

Forex platforms bring together all of the world’s currencies, collectively comprising the largest financial market in the world. Some of the advantages of trading forex through brokers include around-the-clock market hours, high liquidity, and the ability to make forex trades using leverage. Trading on leverage refers to borrowing money from the forex broker to make bigger bets, which in turn net bigger profits when you successfully predict which way a currency pair is going to move.

And what are the drawbacks?

Foreign currency prices can move rapidly and unexpectedly, often influenced by geopolitical events you might not see coming. Also, buying any asset using high leverage, be it foreign currencies, commodities, stocks, or others, comes with increased risk; if you bet wrong, you’ll owe a lot more than you would had you only invested your own money. 

Should I use a forex trading broker?

That depends on your goals, and your risk tolerance. You can use forex markets to make spot trades. But forex markets can also offer forward trades, futures trades, options, and currency swaps. Some market participants might choose to use forex trading platforms to hedge against international currency and interest rate risk, to speculate on geopolitical events, and to diversify their overall portfolios.

If that’s your goal, then yes you should use forex brokers.


ℹ Is it possible to short on forex platforms?
ℹ Can I use a forex broker on my mobile phone?
ℹ Is forex trading the best way to buy and sell foreign currencies?
ℹ Is online forex trading legal?
ℹ Are forex platforms regulated?
ℹ Do I have to pay tax on any profits made through forex trading?
ℹ Can I transfer from a forex account into my PayPal account?
ℹ Is using a forex broker anonymous?
ℹ Can deposits be made in cryptocurrency or just fiat currencies?
ℹ Are there minimum and maximum deposit/withdrawal amounts?
ℹ Are there trading limits?
ℹ Can I access my full trading history on a forex platform?
ℹ Is it easy to switch forex brokers?
By Harry Atkins
Harry joined us in 2019 to lead our Editorial Team. Drawing on more than a decade writing, editing and managing high-profile content for blue chip companies, Harry’s considerable experience in the finance sector encompasses work for high street and investment banks, insurance companies and trading platforms.
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