Alison Heyerdahl
Edited by Alison Heyerdahl
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FX|Scouts Annual Broker Awards 2023


Each year FxScouts and our sister sites in the FxScouts Group evaluate the world’s favourite Forex and CFD brokers.  We have worked with some of these companies for over a decade, and we want to award the best of them for their accomplishments. Our independent and unbiased review process is the only basis for these awards.

We would like to congratulate each of these brokers; and extend our congratulations to their hard-working and dedicated staff, who are the backbone of their success. 

FxScouts 2023 Award Winners

Below you will find the very best brokers in business who have earned the honour of being rewarded as this year's Forex award winners in various categories. Click on the image to find out more about what sets them apart from their competitors and why we selected them as our winners 2023.

Award Image

IC Markets has the best customer support team in the industry. Responsive and knowledgeable, the team are available worldwide 24/7 via email, live chat, and phone, even on weekends, which is exceptional in the industry where the norm is 24/5.

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FBS is a well-regulated broker and an ideal choice for traders starting their journey. Its Cent Account is a great choice for new traders, and has a low minimum deposit of just 5 USD, with balances and transactions measured in cents.

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FP Markets provides three trading platforms and an impressive suite of tools, including Autochartist, Trading Central, News Analytics and Sentiment Research, and Technical Views. Additionally, FP Markets offers free VPS, ensuring uninterrupted trading.

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Tickmill offers some of the most competitive Forex trading conditions available and has, therefore, earned the Award for Best Trading Conditions in 2023.

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Founded in 2002, XTB takes the spotlight in our 2023 awards as the recipient of the Best Inhouse/Proprietary Trading Platform Award, thanks to its cutting-edge xStation 5 platform.

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Pepperstone secured the Global Broker Award for the second consecutive year, maintaining its exceptional standards and continuing to meet traders’ needs.

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XM, one of our top all-around brokers, distinguishes itself with its exceptional and well-structured Forex education for traders of all experience leves and is the recipient of the Best Forex Education Award 2023.

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With their award-winning mobile app, AvatradeGO, Avatrade stands out as our choice for the Most Innovative Forex Broker in 2023. In addition, Avatrade offers low trading costs, great trading tools, and a wide choice of trading platforms.

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FxScouts Forex Rankings

Our Forex Rankings table below provides a continuously-updated overview of the CFD broker market, where each broker is graded on 200+ metrics across seven areas of interest, and weighted to give a total average score.

We are commited to bring transparency in the Forex trading market. We conduct exhaustive broker reviews, in-depth platform tests, and employ our proprietary FX Integrity Score system. We are forensic in our research, ensuring brokers’ claims align with their actual services, going beyond mere surface-level analysis.

Our Ranking Methodology

Our specialism has always been reviewing and rating the best CFD brokers in the world and we thought it was time to open up our methodology to you, the traders. For this Rankings table report we have assessed brokers across seven areas of interest and then combined them to get an overall rating.

For ease of use, you can sort the brokers by any of the seven areas of interest to find the one that best performs in the category that is most important to you.

Brokers are constantly improving their product offering and this report will reflect any changes they make, so it is worth checking back here occasionally to see what has changed.

Areas of Interest (with weightings)

Platforms and Tools (17.5%)

A broker which supports the widest range of platform choice is in the best interest of the trader. While proprietary trading platforms can add value, they can be a barrier to the free movement of traders between brokers as they hunt for better trading conditions.

Trust and Regulation (20%)

Regulation in the CFD trading industry is the single best indicator of trust; the better the regulator overseeing the broker, the more trustworthy the broker is. As regulators operate independently and have varying rules and enforcement mechanisms, we have categorised regulators into four different tiers, where Tier 1 regulators are the most trusted to protect clients and Tier 4 regulators are the least trusted. More information on our tiering system and which regulators are in what tier can be found here.

Deposit & Withdrawal (10%)

Most of the complaints we receive about brokers relate to client access to their funds. Therefore, we place more value in withdrawal methods than deposit methods; and fast, fee-less withdrawals are favoured over conventional banking methods.

Assets Available (12.5%)

The more CFD assets classes available to traders, the better and more varied the trading experience can be. While the basics must always be covered, brokers with comparatively more inventory are rated higher than those with less.

Education & Research (10%)

Quality of education and research is vital to traders of all levels, and we reward brokers with well-structured and high-quality learning content for traders of all levels.

Customer Service (10%)

As CFD brokers are financial institutions that hold client funds, quick access to customer service is essential. Brokers who offer clients faster access to customer service at any time, and in any language are favoured.

Trading Conditions (20%)

Trading conditions dictate the fees brokers charge for offering their service, and the quality of service provided to traders. We believe that the best brokers offer competitive trading accounts for beginner traders, with a great product offering, and reasonable minimum deposits.

FxScouts 2024 Overall Forex Ratings

Swipe to scroll

Broker Score
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
Compare
4.78
/ 5
5
5
4.5
4.5
5
4.5
5
4.69
/ 5
5
4.5
4.5
5
5
5
4
4.68
/ 5
5
5
4.5
4.5
5
4.5
4
4.62
/ 5
5
5
4.5
4.5
5
4
4
4.61
/ 5
5
4.5
5
4
4.5
4.5
4.5
4.59
/ 5
4.5
4.5
4.5
4.5
5
5
4.5
4.58
/ 5
4.5
5
4.5
4.5
5
4.5
4
4.54
/ 5
4.5
4.5
4.5
5
4.5
5
4
4.53
/ 5
5
5
4.5
4
5
4.5
3
4.53
/ 5
5
4.5
4.5
4.5
4.5
4.5
4
4.49
/ 5
5
5
4
3
5
4.5
4.5
4.46
/ 5
4.5
4
5
4
5
4.5
4.5
4.45
/ 5
4.5
5
4.5
4.5
5
3.5
4
4.45
/ 5
4.5
5
4.5
4.5
5
3.5
4
4.44
/ 5
5
4.5
4
4.5
4.5
4.5
4
4.43
/ 5
4.5
4
4.5
4.5
5
4.5
4.5
4.40
/ 5
4.5
5
5
3
4.5
4
4
4.39
/ 5
4.5
4.5
5
5
3.5
3.5
4.5
4.38
/ 5
5
5
4.5
2.5
4.5
4.5
3.5
4.38
/ 5
5
4.5
4.5
3
4.5
4.5
4
4.37
/ 5
4
4.5
4.5
5
5
4
4
4.37
/ 5
4
4.5
4.5
5
4.5
4
4.5
4.37
/ 5
4.5
5
4.5
4.5
3.5
4
4
4.35
/ 5
4.5
4.5
4.5
4.5
4.5
3.5
4.5
4.33
/ 5
4.5
4.5
4.5
3
4.5
4.5
4.5
4.33
/ 5
5
4
4.5
4.5
3
4.5
4.5
4.32
/ 5
4
5
4.5
4.5
3.5
4
4.5
4.31
/ 5
5
5
4
1
5
5
4
4.28
/ 5
5
4.5
4.5
1
5
4.5
4.5
4.28
/ 5
5
3.5
4.5
4.5
4.5
4.5
3.5
4.28
/ 5
3.5
4.5
4.5
4.5
5
4.5
4
4.27
/ 5
4
4.5
4.5
3
5
4
5
4.26
/ 5
5
4
4
3
4.5
5
4
4.26
/ 5
4
5
4
5
3.5
5
3
4.25
/ 5
4
5
4.5
4.5
4.5
3.5
3.5
4.25
/ 5
5
4
4.5
4.5
4.5
3.5
3.5
4.24
/ 5
4
5
4
4.5
3.5
4.5
4
4.21
/ 5
4
4.5
5
4.5
2
4.5
4.5
4.17
/ 5
4.5
3.5
4.5
4.5
4.5
4
4
4.12
/ 5
4.5
4.5
4.5
4
3.5
4
3
4.09
/ 5
5
3
4
4.5
3.5
4.5
4.5
4.08
/ 5
4
4.5
4.5
3
3.5
4.5
4
4.08
/ 5
4
4
4.5
4.5
3
4.5
4
4.07
/ 5
4
4.5
4.5
4.5
3.5
4
3
4.04
/ 5
4
5
4
4.5
1.5
4.5
4
4.02
/ 5
4.5
3.5
4.5
4.5
3
4
4
4.00
/ 5
4.5
4
4.5
4.5
3.5
3.5
3
3.99
/ 5
3
4.5
5
4.5
4.5
3.5
3
3.97
/ 5
4
3.5
4.5
4.5
3.5
4
4
3.93
/ 5
4.5
4.5
4.5
1
3
4.5
4

Forex Awards 2022

Each year FxScouts and our sister sites in the FxScouts Group evaluate the world's favourite Forex and CFD brokers.  We have worked with some of these companies for over a decade, and as 2022 comes to a close, we want to award the best of them for their accomplishments this year. Our independent and unbiased review process is the only basis for these awards.

We would like to congratulate each of these brokers; and also extend our congratulations to their hard-working and dedicated staff, who are the backbone of their success. 

Award Image

An excellent all-around broker, IC Markets was founded in 2007 and is well-known for its low trading costs, choice of trading platforms, and wide range of trading tools. IC Markets is one of the few Forex brokers to support all three major trading platforms, including MetaTrader4, MetaTrader5, and cTrader, and offers numerous trading tools for each, including VPS services, managed accounts, Autochartist, Trading Central, and various copy trading services.

While it’s easy to find a broker with some of these tools, finding a single broker with all of them as well as all three major platforms and low trading costs is almost impossible. Once you add the integrated tools, IC Markets makes available on cTrader and the Metatrader platforms, IC Markets is plainly unbeatable for traders looking for the widest range of technical options. We were also very impressed with IC Market’s approach to education; with a full library of course material, independent market analysis, and webinars, IC Markets offers new traders a comprehensive education.

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One of the most respected brokers in the world, Pepperstone wins our award for Global Forex Broker of the Year for its ongoing commitment to providing traders with low costs and the widest platform choice available. Pepperstone has no required minimum deposit and some of the lowest costs in the industry, and it has let traders choose between the MT4, MT5 and cTrader platforms for many years. This year, Pepperstone’s platform capacity has increased even further with the addition of TradingView integration for cTrader and Capitalise.ai’s MT4 plugin.

All platforms feature Pepperstone’s ultra-fast, low-cost market execution, with most orders executed in less than 30 milliseconds. With tight spreads on two simple accounts, deep liquidity, and discounts for high-volume traders, Pepperstone is our favourite Forex broker for good reason.

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A well-regulated market maker broker, XM offers trading on over 1000 instruments, including over 57 Forex pairs. XM also provides some of the best educational and market analysis materials in the industry. XM’s education section is comprised of various sections, including live education available Monday to Friday, daily Q&A sessions, educational videos, Forex webinars presented by highly skilled experts in 19 languages, platform tutorials, and Forex seminars. We have always found XM’s education and analysis to be of the highest quality, and traders taking advantage of this wealth of material will be well-equipped to get their trading careers underway.

Once fully educated, traders will appreciate XM’s broad range of assets, including Forex, stocks, commodities, equities, precious metals, energies, and shares. Traders can choose between four live accounts on both the MT4 and MT5 platforms. XM boasts a strict no requotes and no rejections policy, and 99.53% of all trading orders are executed in less than one second.

Award Image

AvaTrade is one of the best, largest, and most reputable brokers in the world, and for a good reason. It offers a wide range of trading platforms, including its award-winning mobile trading app, AvatradeGO. It also offers world-class customer service alongside excellent analytical and education sections.

AvaTrade’s customer support is available 24/5 for CFD trading and 24/7 for cryptocurrency trading. And while 24/7 customer service isn’t unique, we have found that the quality and responsiveness of AvaTrade’s customer service, even over the weekends, is head and shoulders above its competitors. In addition, support is available in various languages via local telephone numbers, email, and live chat in many countries around the world.

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Founded in 2016, Skilling is a CFD broker with low trading costs on Forex, crypto, indices, commodities, and equities. Alongside industry stalwart MT4, Skilling supports both cTrader and its own trading platform, which integrates directly with cTrader.This innovative approach continues with the Skilling Trader app. Available on both Android and iOS devices, the Skilling Trader app is well-designed and includes a Trading Assistant that walks you through the app. It also has a huge range of technical indicators and charts in multiple time frames. We loved how easy it was to execute orders, and all of Skilling’s educational materials and market news are available on the app.

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Founded in 1974, IG has established itself as one of the foremost brokerages in the world. Trading conditions at IG are unparalleled in the industry. The sheer volume of tradable instruments available is staggering. Not only does IG offer one of the widest selections of shares to trade in the industry – over 17,000 and rising – but it also offers some unique features such as weekend trading on major pairs and innovative CFDs such as Sectors and the Crypto Index. Trading costs are low, with IG’s standard CFD account featuring commission-free spreads as low as 0.75 pips on the EUR/USD.

IG’s trading conditions are further enhanced by its great range of trading tools, with trading signals from both Autochartist and PIAfirst available in its own awarding-winning, web-based trading platform and the ProRealTime advanced charting package. Finally, with an API and DMA accounts for experienced traders and MT4 support for devotees, IG ensures that all types of traders are catered for.

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While traders have the choice of five account types at HFM, our winner of the best Trading Account for Beginners is the HFM Micro Account. With tight spreads, leverage of up to 1000:1, and minimum deposits starting at 5 USD, the Micro Account is the best account for new Forex traders. Traders can access HFM’s full range of instruments, including Forex, cryptocurrencies, metals, energies, indices, shares, commodities, bonds, and ETFs and spreads are very competitive, starting at 1 pip on the EUR/USD.

Beginners will also appreciate HFM’s award-winning customer support, available 24/5 in over 27 languages. HFM also provides a world-class repository of educational and market analysis materials, including articles, video tutorials, and frequent webinars on current events, advanced trading strategies, and chart analysis.

FxScouts Forex Rankings

Our Forex Rankings table below provides a continuously-updated overview of the CFD broker market, where each broker is graded on 200+ metrics across seven areas of interest, and weighted to give a total average score.

We are commited to bring transparency in the Forex trading market. We conduct exhaustive broker reviews, in-depth platform tests, and employ our proprietary FX Integrity Score system. We are forensic in our research, ensuring brokers’ claims align with their actual services, going beyond mere surface-level analysis.

Our Ranking Methodology

Our specialism has always been reviewing and rating the best CFD brokers in the world and we thought it was time to open up our methodology to you, the traders. For this Rankings table report we have assessed brokers across seven areas of interest and then combined them to get an overall rating.

For ease of use, you can sort the brokers by any of the seven areas of interest to find the one that best performs in the category that is most important to you.

Brokers are constantly improving their product offering and this report will reflect any changes they make, so it is worth checking back here occasionally to see what has changed.

Areas of Interest (with weightings)

Platforms and Tools (17.5%)

A broker which supports the widest range of platform choice is in the best interest of the trader. While proprietary trading platforms can add value, they can be a barrier to the free movement of traders between brokers as they hunt for better trading conditions.

Trust and Regulation (20%)

Regulation in the CFD trading industry is the single best indicator of trust; the better the regulator overseeing the broker, the more trustworthy the broker is. As regulators operate independently and have varying rules and enforcement mechanisms, we have categorised regulators into four different tiers, where Tier 1 regulators are the most trusted to protect clients and Tier 4 regulators are the least trusted. More information on our tiering system and which regulators are in what tier can be found here.

Deposit & Withdrawal (10%)

Most of the complaints we receive about brokers relate to client access to their funds. Therefore, we place more value in withdrawal methods than deposit methods; and fast, fee-less withdrawals are favoured over conventional banking methods.

Assets Available (12.5%)

The more CFD assets classes available to traders, the better and more varied the trading experience can be. While the basics must always be covered, brokers with comparatively more inventory are rated higher than those with less.

Education & Research (10%)

Quality of education and research is vital to traders of all levels, and we reward brokers with well-structured and high-quality learning content for traders of all levels.

Customer Service (10%)

As CFD brokers are financial institutions that hold client funds, quick access to customer service is essential. Brokers who offer clients faster access to customer service at any time, and in any language are favoured.

Trading Conditions (20%)

Trading conditions dictate the fees brokers charge for offering their service, and the quality of service provided to traders. We believe that the best brokers offer competitive trading accounts for beginner traders, with a great product offering, and reasonable minimum deposits.

FxScouts 2024 Overall Forex Ratings

Swipe to scroll

Broker Score
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
Compare
4.78
/ 5
5
5
4.5
4.5
5
4.5
5
4.69
/ 5
5
4.5
4.5
5
5
5
4
4.68
/ 5
5
5
4.5
4.5
5
4.5
4
4.62
/ 5
5
5
4.5
4.5
5
4
4
4.61
/ 5
5
4.5
5
4
4.5
4.5
4.5
4.59
/ 5
4.5
4.5
4.5
4.5
5
5
4.5
4.58
/ 5
4.5
5
4.5
4.5
5
4.5
4
4.54
/ 5
4.5
4.5
4.5
5
4.5
5
4
4.53
/ 5
5
5
4.5
4
5
4.5
3
4.53
/ 5
5
4.5
4.5
4.5
4.5
4.5
4
4.49
/ 5
5
5
4
3
5
4.5
4.5
4.46
/ 5
4.5
4
5
4
5
4.5
4.5
4.45
/ 5
4.5
5
4.5
4.5
5
3.5
4
4.45
/ 5
4.5
5
4.5
4.5
5
3.5
4
4.44
/ 5
5
4.5
4
4.5
4.5
4.5
4
4.43
/ 5
4.5
4
4.5
4.5
5
4.5
4.5
4.40
/ 5
4.5
5
5
3
4.5
4
4
4.39
/ 5
4.5
4.5
5
5
3.5
3.5
4.5
4.38
/ 5
5
5
4.5
2.5
4.5
4.5
3.5
4.38
/ 5
5
4.5
4.5
3
4.5
4.5
4
4.37
/ 5
4
4.5
4.5
5
5
4
4
4.37
/ 5
4
4.5
4.5
5
4.5
4
4.5
4.37
/ 5
4.5
5
4.5
4.5
3.5
4
4
4.35
/ 5
4.5
4.5
4.5
4.5
4.5
3.5
4.5
4.33
/ 5
4.5
4.5
4.5
3
4.5
4.5
4.5
4.33
/ 5
5
4
4.5
4.5
3
4.5
4.5
4.32
/ 5
4
5
4.5
4.5
3.5
4
4.5
4.31
/ 5
5
5
4
1
5
5
4
4.28
/ 5
5
4.5
4.5
1
5
4.5
4.5
4.28
/ 5
5
3.5
4.5
4.5
4.5
4.5
3.5
4.28
/ 5
3.5
4.5
4.5
4.5
5
4.5
4
4.27
/ 5
4
4.5
4.5
3
5
4
5
4.26
/ 5
5
4
4
3
4.5
5
4
4.26
/ 5
4
5
4
5
3.5
5
3
4.25
/ 5
4
5
4.5
4.5
4.5
3.5
3.5
4.25
/ 5
5
4
4.5
4.5
4.5
3.5
3.5
4.24
/ 5
4
5
4
4.5
3.5
4.5
4
4.21
/ 5
4
4.5
5
4.5
2
4.5
4.5
4.17
/ 5
4.5
3.5
4.5
4.5
4.5
4
4
4.12
/ 5
4.5
4.5
4.5
4
3.5
4
3
4.09
/ 5
5
3
4
4.5
3.5
4.5
4.5
4.08
/ 5
4
4.5
4.5
3
3.5
4.5
4
4.08
/ 5
4
4
4.5
4.5
3
4.5
4
4.07
/ 5
4
4.5
4.5
4.5
3.5
4
3
4.04
/ 5
4
5
4
4.5
1.5
4.5
4
4.02
/ 5
4.5
3.5
4.5
4.5
3
4
4
4.00
/ 5
4.5
4
4.5
4.5
3.5
3.5
3
3.99
/ 5
3
4.5
5
4.5
4.5
3.5
3
3.97
/ 5
4
3.5
4.5
4.5
3.5
4
4
3.93
/ 5
4.5
4.5
4.5
1
3
4.5
4

Forex Awards 2021

Every year FxScouts evaluate the best brokers in the world.  We have worked with some of these brands for over 10 years, and as 2021 comes to a close, we feel it appropriate to award some of them for their accomplishments this year. 

Our review process and editorial policy guide the way we review brokers for our State of the Forex Market report.  Our research alone, without bias, is how we create these awards. Congratulations to each of these brands for the hard work and dedication from their staff to be crowned as one of the best of 2021.

Award Image

With some of the lowest trading costs in the industry, 20+ liquidity providers, all three major trading platforms and fast market execution IC Markets is our favourite ECN broker in 2021. Other highlights include 24/7 customer service, various copy-trading services and a VPS service. IC Markets combines leading ECN trading conditions with world-class regulatory oversight.

Award Image

FP Markets has a long history of being at the forefront of Australian brokers. With a wide selection of advanced trading platforms, top-tier liquidity, competitive trading conditions, and exceptional customer service, FP Markets wins our Best FX Broker Australia award for 2021.

Award Image

Tickmill’s Pro Account is the lowest cost trading account in the industry and its dedication to improved trading conditions and fast STP market executed trades in the absence of any dealing desk interference is apparent.

With an average execution speed of around 0.20 seconds, a minimum trade size of 0.01, low commissions, and the recent addition of MT5 support and cryptocurrency trading, Tickmill wins our overall award for the best trading conditions for 2021.

Award Image

One of the most respected ECN brokers in the world, Pepperstone wins our award for best Forex trading execution for providing its traders with ultra-fast, low-cost market execution with most orders executed in less than 30 milliseconds. With tight spreads on two simple accounts, deep liquidity, support for all three major third-party trading platforms, and deep discounts for high-volume traders Pepperstone is one of the Forex trading community’s favourite brokers for good reason.

Award Image

Islamic accounts can be difficult to open. However, XM Group stands out in this category for its commitment to creating an easily accessible swap-free account that does not expire, with no spread widening, no commissions, and no hidden fees.

For a truly 100% Shariah-compliant account, made easily accessible to traders of the Islamic faith, and with fair and ethical trading conditions, XM Group wins our award for Best Islamic Forex Account 2021.

Award Image

With 300,000 traders on its books and one of the best customer support teams in the business, AvaTrade has a reputation as a rock-solid partner for traders across the globe. In a difficult year, AvaTrade consistently delivered for clients by offering low trading costs on a range of platforms (including its slick mobile app – AvaTradeGO). Detailed education for beginners and experienced traders, support for both MetaTrader platforms, and great risk-management tools like AvaProtect also contributed to making AvaTrade our favourite broker in 2021.

FxScouts Forex Rankings

Our Forex Rankings table below provides a continuously-updated overview of the CFD broker market, where each broker is graded on 200+ metrics across seven areas of interest, and weighted to give a total average score.

We are commited to bring transparency in the Forex trading market. We conduct exhaustive broker reviews, in-depth platform tests, and employ our proprietary FX Integrity Score system. We are forensic in our research, ensuring brokers’ claims align with their actual services, going beyond mere surface-level analysis.

Our Ranking Methodology

Our specialism has always been reviewing and rating the best CFD brokers in the world and we thought it was time to open up our methodology to you, the traders. For this Rankings table report we have assessed brokers across seven areas of interest and then combined them to get an overall rating.

For ease of use, you can sort the brokers by any of the seven areas of interest to find the one that best performs in the category that is most important to you.

Brokers are constantly improving their product offering and this report will reflect any changes they make, so it is worth checking back here occasionally to see what has changed.

Areas of Interest (with weightings)

Platforms and Tools (17.5%)

A broker which supports the widest range of platform choice is in the best interest of the trader. While proprietary trading platforms can add value, they can be a barrier to the free movement of traders between brokers as they hunt for better trading conditions.

Trust and Regulation (20%)

Regulation in the CFD trading industry is the single best indicator of trust; the better the regulator overseeing the broker, the more trustworthy the broker is. As regulators operate independently and have varying rules and enforcement mechanisms, we have categorised regulators into four different tiers, where Tier 1 regulators are the most trusted to protect clients and Tier 4 regulators are the least trusted.

Deposit & Withdrawal (10%)

Most of the complaints we receive about brokers relate to client access to their funds. Therefore, we place more value in withdrawal methods than deposit methods; and fast, fee-less withdrawals are favoured over conventional banking methods.

Assets Available (12.5%)

The more CFD assets classes available to traders, the better and more varied the trading experience can be. While the basics must always be covered, brokers with comparatively more inventory are rated higher than those with less.

Education & Research (10%)

Quality of education and research is vital to traders of all levels, and we reward brokers with well-structured and high-quality learning content for traders of all levels.

Customer Service (10%)

As CFD brokers are financial institutions that hold client funds, quick access to customer service is essential. Brokers who offer clients faster access to customer service at any time, and in any language are favoured.

Trading Conditions (20%)

Trading conditions dictate the fees brokers charge for offering their service, and the quality of service provided to traders. We believe that the best brokers offer competitive trading accounts for beginner traders, with a great product offering, and reasonable minimum deposits.

FxScouts 2024 Overall Forex Ratings

Swipe to scroll

Broker Score
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
Compare
4.78
/ 5
5
5
4.5
4.5
5
4.5
5
4.69
/ 5
5
4.5
4.5
5
5
5
4
4.68
/ 5
5
5
4.5
4.5
5
4.5
4
4.62
/ 5
5
5
4.5
4.5
5
4
4
4.61
/ 5
5
4.5
5
4
4.5
4.5
4.5
4.59
/ 5
4.5
4.5
4.5
4.5
5
5
4.5
4.58
/ 5
4.5
5
4.5
4.5
5
4.5
4
4.54
/ 5
4.5
4.5
4.5
5
4.5
5
4
4.53
/ 5
5
5
4.5
4
5
4.5
3
4.53
/ 5
5
4.5
4.5
4.5
4.5
4.5
4
4.49
/ 5
5
5
4
3
5
4.5
4.5
4.46
/ 5
4.5
4
5
4
5
4.5
4.5
4.45
/ 5
4.5
5
4.5
4.5
5
3.5
4
4.45
/ 5
4.5
5
4.5
4.5
5
3.5
4
4.44
/ 5
5
4.5
4
4.5
4.5
4.5
4
4.43
/ 5
4.5
4
4.5
4.5
5
4.5
4.5
4.40
/ 5
4.5
5
5
3
4.5
4
4
4.39
/ 5
4.5
4.5
5
5
3.5
3.5
4.5
4.38
/ 5
5
5
4.5
2.5
4.5
4.5
3.5
4.38
/ 5
5
4.5
4.5
3
4.5
4.5
4
4.37
/ 5
4
4.5
4.5
5
5
4
4
4.37
/ 5
4
4.5
4.5
5
4.5
4
4.5
4.37
/ 5
4.5
5
4.5
4.5
3.5
4
4
4.35
/ 5
4.5
4.5
4.5
4.5
4.5
3.5
4.5
4.33
/ 5
4.5
4.5
4.5
3
4.5
4.5
4.5
4.33
/ 5
5
4
4.5
4.5
3
4.5
4.5
4.32
/ 5
4
5
4.5
4.5
3.5
4
4.5
4.31
/ 5
5
5
4
1
5
5
4
4.28
/ 5
5
4.5
4.5
1
5
4.5
4.5
4.28
/ 5
5
3.5
4.5
4.5
4.5
4.5
3.5
4.28
/ 5
3.5
4.5
4.5
4.5
5
4.5
4
4.27
/ 5
4
4.5
4.5
3
5
4
5
4.26
/ 5
5
4
4
3
4.5
5
4
4.26
/ 5
4
5
4
5
3.5
5
3
4.25
/ 5
4
5
4.5
4.5
4.5
3.5
3.5
4.25
/ 5
5
4
4.5
4.5
4.5
3.5
3.5
4.24
/ 5
4
5
4
4.5
3.5
4.5
4
4.21
/ 5
4
4.5
5
4.5
2
4.5
4.5
4.17
/ 5
4.5
3.5
4.5
4.5
4.5
4
4
4.12
/ 5
4.5
4.5
4.5
4
3.5
4
3
4.09
/ 5
5
3
4
4.5
3.5
4.5
4.5
4.08
/ 5
4
4.5
4.5
3
3.5
4.5
4
4.08
/ 5
4
4
4.5
4.5
3
4.5
4
4.07
/ 5
4
4.5
4.5
4.5
3.5
4
3
4.04
/ 5
4
5
4
4.5
1.5
4.5
4
4.02
/ 5
4.5
3.5
4.5
4.5
3
4
4
4.00
/ 5
4.5
4
4.5
4.5
3.5
3.5
3
3.99
/ 5
3
4.5
5
4.5
4.5
3.5
3
3.97
/ 5
4
3.5
4.5
4.5
3.5
4
4
3.93
/ 5
4.5
4.5
4.5
1
3
4.5
4

Forex Awards 2020

Our review process and editorial policy guide the way we review brokers for our State of the Forex Market report.  Our research alone, without bias, is how we create these awards. Congratulations to each of these brands for the hard work and dedication from their staff to be crowned as one of the best of 2020.

Award Image

IC Markets wins our MT5 broker of the year award for its remarkable execution speeds and trading flexibility on the MT5 platform. Already feature-rich, the IC Markets MT5 platform has no trading restrictions – ideal for scalping, high-frequency trading and hedging.

All IC Markets MetaTrader 5 servers are located in the Equinix NY4 data centre in New York, offering 1-millisecond latency on a wide range of financial instruments. These features, combined with low spreads and unrestricted trade sizes, makes IC Markets the clear choice for MT5 users.

Award Image

FP Markets has a long history of being at the forefront of Australian brokers. With a comprehensive selection of advanced trading platforms, top-tier liquidity, competitive trading conditions, and exceptional customer service, FP Markets wins our Best FX Broker Australia award for 2020.

Award Image

Tickmill’s dedication to reducing trading costs and fast STP market executed trades in the absence of any dealing desk interference is apparent.

With an average execution speed around 0.20 seconds, a minimum trade size of 0.01, low commissions, and a variety of accounts for beginners, intermediates and professionals, Tickmill wins our overall award for the best trading conditions for 2020.

Award Image

Well-regulated and with fast execution speeds, XTB is a true leader in the Forex trading industry. With ambitious trading conditions, excellent trader education and rock-solid analysis, XTB’s MT4 offering to clients is best in class.

Award Image

With most orders executed in less than 30 milliseconds, Pepperstone Group wins our award for best execution, furnishing clients with tight spreads and broad platform support.

Award Image

Islamic accounts are notoriously difficult to open. However, XM Group stands out in this category for its commitment to creating an easily accessible swap-free account that does not expire, with no spread widening, no commissions and hidden fees.

For a truly 100% Shariah Compliant account, made easily accessible to traders of the Islamic faith, and with fair and ethical trading conditions, XM Group wins our award for Best Islamic Forex Account 2020.

Award Image

AvaTrade has consistently delivered for clients in 2020 by offering trading conditions and platforms options on a wide range of assets. Fitting for newcomers and veterans of CFD trading, AvaTrade has strength in regulation from leading global authorities and offers reliable customer support.

Award Image

Dedicated to the security of client funds and full transparency in trade execution, HotForex wins the best STP Forex broker of 2020. As an STP broker regulated by multiple major international organisations including the FCA, CySEC and the FSCA, HotForex has built a reputation among traders for achieving a stable, fair, secure and transparent trading environment for both the beginner and expert level trader.

FxScouts Forex Rankings

Our Forex Rankings table below provides a continuously-updated overview of the CFD broker market, where each broker is graded on 200+ metrics across seven areas of interest, and weighted to give a total average score.

We are commited to bring transparency in the Forex trading market. We conduct exhaustive broker reviews, in-depth platform tests, and employ our proprietary FX Integrity Score system. We are forensic in our research, ensuring brokers’ claims align with their actual services, going beyond mere surface-level analysis.

Our Ranking Methodology

Our specialism has always been reviewing and rating the best CFD brokers in the world and we thought it was time to open up our methodology to you, the traders. For this Rankings table report we have assessed brokers across seven areas of interest and then combined them to get an overall rating.

For ease of use, you can sort the brokers by any of the seven areas of interest to find the one that best performs in the category that is most important to you.

Brokers are constantly improving their product offering and this report will reflect any changes they make, so it is worth checking back here occasionally to see what has changed.

Areas of Interest (with weightings)

Platforms and Tools (17.5%)

A broker which supports the widest range of platform choice is in the best interest of the trader. While proprietary trading platforms can add value, they can be a barrier to the free movement of traders between brokers as they hunt for better trading conditions.

Trust and Regulation (20%)

Regulation in the CFD trading industry is the single best indicator of trust; the better the regulator overseeing the broker, the more trustworthy the broker is. As regulators operate independently and have varying rules and enforcement mechanisms, we have categorised regulators into four different tiers, where Tier 1 regulators are the most trusted to protect clients and Tier 4 regulators are the least trusted. More information on our tiering system and which regulators are in what tier can be found here.

Deposit & Withdrawal (10%)

Most of the complaints we receive about brokers relate to client access to their funds. Therefore, we place more value in withdrawal methods than deposit methods; and fast, fee-less withdrawals are favoured over conventional banking methods.

Assets Available (12.5%)

The more CFD assets classes available to traders, the better and more varied the trading experience can be. While the basics must always be covered, brokers with comparatively more inventory are rated higher than those with less.

Education & Research (10%)

Quality of education and research is vital to traders of all levels, and we reward brokers with well-structured and high-quality learning content for traders of all levels.

Customer Service (10%)

As CFD brokers are financial institutions that hold client funds, quick access to customer service is essential. Brokers who offer clients faster access to customer service at any time, and in any language are favoured.

Trading Conditions (20%)

Trading conditions dictate the fees brokers charge for offering their service, and the quality of service provided to traders. We believe that the best brokers offer competitive trading accounts for beginner traders, with a great product offering, and reasonable minimum deposits.

FxScouts 2024 Overall Forex Ratings

Swipe to scroll

Broker Score
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
Compare
4.78
/ 5
5
5
4.5
4.5
5
4.5
5
4.69
/ 5
5
4.5
4.5
5
5
5
4
4.68
/ 5
5
5
4.5
4.5
5
4.5
4
4.62
/ 5
5
5
4.5
4.5
5
4
4
4.61
/ 5
5
4.5
5
4
4.5
4.5
4.5
4.59
/ 5
4.5
4.5
4.5
4.5
5
5
4.5
4.58
/ 5
4.5
5
4.5
4.5
5
4.5
4
4.54
/ 5
4.5
4.5
4.5
5
4.5
5
4
4.53
/ 5
5
5
4.5
4
5
4.5
3
4.53
/ 5
5
4.5
4.5
4.5
4.5
4.5
4
4.49
/ 5
5
5
4
3
5
4.5
4.5
4.46
/ 5
4.5
4
5
4
5
4.5
4.5
4.45
/ 5
4.5
5
4.5
4.5
5
3.5
4
4.45
/ 5
4.5
5
4.5
4.5
5
3.5
4
4.44
/ 5
5
4.5
4
4.5
4.5
4.5
4
4.43
/ 5
4.5
4
4.5
4.5
5
4.5
4.5
4.40
/ 5
4.5
5
5
3
4.5
4
4
4.39
/ 5
4.5
4.5
5
5
3.5
3.5
4.5
4.38
/ 5
5
5
4.5
2.5
4.5
4.5
3.5
4.38
/ 5
5
4.5
4.5
3
4.5
4.5
4
4.37
/ 5
4
4.5
4.5
5
5
4
4
4.37
/ 5
4
4.5
4.5
5
4.5
4
4.5
4.37
/ 5
4.5
5
4.5
4.5
3.5
4
4
4.35
/ 5
4.5
4.5
4.5
4.5
4.5
3.5
4.5
4.33
/ 5
4.5
4.5
4.5
3
4.5
4.5
4.5
4.33
/ 5
5
4
4.5
4.5
3
4.5
4.5
4.32
/ 5
4
5
4.5
4.5
3.5
4
4.5
4.31
/ 5
5
5
4
1
5
5
4
4.28
/ 5
5
4.5
4.5
1
5
4.5
4.5
4.28
/ 5
5
3.5
4.5
4.5
4.5
4.5
3.5
4.28
/ 5
3.5
4.5
4.5
4.5
5
4.5
4
4.27
/ 5
4
4.5
4.5
3
5
4
5
4.26
/ 5
5
4
4
3
4.5
5
4
4.26
/ 5
4
5
4
5
3.5
5
3
4.25
/ 5
4
5
4.5
4.5
4.5
3.5
3.5
4.25
/ 5
5
4
4.5
4.5
4.5
3.5
3.5
4.24
/ 5
4
5
4
4.5
3.5
4.5
4
4.21
/ 5
4
4.5
5
4.5
2
4.5
4.5
4.17
/ 5
4.5
3.5
4.5
4.5
4.5
4
4
4.12
/ 5
4.5
4.5
4.5
4
3.5
4
3
4.09
/ 5
5
3
4
4.5
3.5
4.5
4.5
4.08
/ 5
4
4.5
4.5
3
3.5
4.5
4
4.08
/ 5
4
4
4.5
4.5
3
4.5
4
4.07
/ 5
4
4.5
4.5
4.5
3.5
4
3
4.04
/ 5
4
5
4
4.5
1.5
4.5
4
4.02
/ 5
4.5
3.5
4.5
4.5
3
4
4
4.00
/ 5
4.5
4
4.5
4.5
3.5
3.5
3
3.99
/ 5
3
4.5
5
4.5
4.5
3.5
3
3.97
/ 5
4
3.5
4.5
4.5
3.5
4
4
3.93
/ 5
4.5
4.5
4.5
1
3
4.5
4
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