For over a decade, the team behind FxScouts has been reviewing forex brokers and providing in-depth analyses. Our extensive research and unique testing methodology ensure that all broker reviews are accurate and fair, with hundreds of thousands of data points generated annually. Since 2012, we’ve tested over 180 brokers across global and Asian markets. Our team of professionals are frequently cited in global and regional media, shaping market conversations and trends.
-
Best Forex Brokers
Our top-rated Forex brokers
-
Brokers for Beginners
Start trading here
-
No Deposit Bonuses
Live trading with no deposit
-
Forex Demo Accounts
Learn to trade with no risk
-
ECN Brokers
Trade with Direct Market Access
-
Lowest Spread Brokers
Raw spreads & low commissions
-
Islamic Account Brokers
Best accounts for Muslim traders
-
Market Maker Brokers
Fixed spreads & instant execution
75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.
Forex trading in India is illegal for non-professional traders, and the Securities Board of India (SEBI) tightly regulates professional Forex trading due to concerns over capital flight. Most Indian Forex traders use foreign “offshore” Forex brokers and fund their trading via online payment providers. For more information, click here.
Last Updated On Dec 4, 2023
Over the last decade, Forex trading has become more accessible to the average person in India. Nationwide access to the internet and an influx of international “offshore” brokers joining the local scene have increased competition. However, the Foreign Exchange Management Act (FEMA) laid down by the Reserve Bank of India (RBI) has several laws relating to Forex trading that make it difficult to trade in the country. As a result, Indian Forex traders must trade with reputable offshore brokers.
When choosing a Forex broker, it’s important to consider not only the financial aspects but also the personal fit. We thoroughly reviewed all Forex Brokers catering to Indian clients. Your feedback is an important part of this evaluation, and we always incorporate the views of real traders when we make a recommendation. Based on our research, we have selected the top options for traders of all budgets and preferences.
These are the best Forex brokers in India for 2023, according to our testing and our research.
Top Rated Forex Brokers With The Best Platforms
Scroll for more details
Broker | Overall Rating | Official Site | Min. Deposit | Max. Leverage | Cost of Trading | Platforms | Beginner Friendly | Regulators | Compare |
|---|---|---|---|---|---|---|---|---|---|
 | 4.27 /5 Read Review | Visit Broker > of retail CFD accounts lose money | USD 25 | 500:1 | USD 6 | MT4, MT5 | Excellent |    | |
 | 4.12 /5 Read Review | Visit Broker > 71.67% of retail CFD accounts lose money | USD 10 | Unlimited:1 | USD 7 | MT4, MT5, Exness Terminal | Standard |     | |
 | 4.35 /5 Read Review | Visit Broker > 75.33% of retail CFD accounts lose money | USD 5 | 1000:1 | USD 7 | MT4, MT5 | Excellent |    | |
 | 4.49 /5 Read Review | Visit Broker > 76% of retail CFD accounts lose money | USD 100 | 400:1 | USD 9 | MT4, MT5, Avatrade Social, AvaOptions | Excellent |    | |
 | 4.43 /5 Read Review | Visit Broker > 72.90% of retail CFD accounts lose money | USD 0 | 500:1 | USD 10 | MT4, MT5 | Excellent |  | |
 | 4.46 /5 Read Review | Visit Broker > 70.81% of retail CFD accounts lose money | USD 200 | 30:1 | USD 8 | MT4, MT5, cTrader | Excellent |  | |
 | 4.30 /5 Read Review | Visit Broker > 79% of retail CFD accounts lose money | AUD 100 | 30:1 | USD 7 | MT4, MT5, cTrader, IRESS | Excellent | | |
 | 4.51 /5 Read Review | Visit Broker > 89%74- of retail CFD accounts lose money | USD 0 | 30:1 | USD 10 | MT4, MT5, cTrader, TradingView | Excellent |  | |
 | 4.23 /5 Read Review | Visit Broker > 76% of retail CFD accounts lose money | USD 5 | 3000:1 | USD 7 | MT4, MT5 | Excellent | | |
 | 4.34 /5 Read Review | Visit Broker > 75.6% of retail CFD accounts lose money | USD 0 | 500:1 | USD 10 | MT4 | Excellent |  |
Best Broker Reviews 2023
At FxScouts, we have an experienced review team dedicated to evaluating Forex brokers. Our team of experts meticulously examines each broker in 7 different areas, amassing an enormous amount of data in the process. With over 200 individual metrics analysed, we invest hundreds of hours annually researching and scrutinising brokers to ensure that we only recommend the best in the Forex industry.
Of these 7 areas, we always prioritise regulation and costs. These are our priorities because traders want to know that their broker is trustworthy and isn’t overcharging them. Brokers are always altering the products they offer, and we keep our reviews updated with the latest data available. You can find out more about our in-depth review process here.
These are the top Forex brokers in India for 2023, as determined by our review process.
Octa – Best Forex Broker in India
Founded in 2011, Octa offers trading on 35 Forex pairs, five commodities, ten indices, 30 cryptocurrencies, and 150 stocks. The Octa website, translated into Hindi, features two account types and an unlimited demo account. Octa supports the world’s two most popular trading platforms, MT4 and MT5, as well as its new intuitive OctaTrader platform, which may be easier for many beginners to get started with. Octa has also launched its own trading app, available on iOS and Android devices, which features seamless integration with your desktop trading account and 24/7 customer service in English, Hindi and Urdu.
Octa’s two account types have some of the lowest trading costs available, with spreads starting at 0.6 pips on the EUR/USD with no commission. Both accounts have a minimum deposit of 100 USD, 1:500 leverage on currency pairs and a choice between EUR or USD as your account currency. The main difference is that trading on stock CFDs is only available on the MT5 platform.
OCTA FEATURES
- Copy-trading available on all accounts
- Constantly updated promotions and bonuses for Indian clients
- Free AutoChartist for traders with a 1,000 USD balance
- Islamic trading accounts are available for all platforms and account types.
Accepts Indian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Octa is regulated by CySEC and SVG FSA.Exness – Best Trading Account Conditions for Beginners
Founded in Russia in 2008, Exness Group has over 200,000 clients worldwide and offers trading on 100+ Forex pairs, a small range of cryptocurrencies, 70+ stock CFDs, indices and commodities. Exness has nine account types on the MT4 and MT5 platforms – many more than most brokers. The Standard Cent Account is aimed at beginners who want low fees and a low minimum deposit with a 1 USD minimum deposit, micro-lots unlocked, and spreads as low as 0.3 pips. The only disadvantages to this account are that traders will only be able to trade currency and metals and MT5 is not supported.
EXNESS FEATURES
- Nine accounts on the MT4 and MT5 trading platforms
- ECN Accounts for experienced traders with raw spreads and 7 USD commission
- Automated instant withdrawal system, with free withdrawals to e-wallets.
- 24/7 customer service
Accepts Indian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage Unlimited:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.XM – Lowest Spreads
Founded in 2009, XM is one of the most well-regulated brokers in the Forex industry and offers CFD trading on Forex, stock CFDs, commodities, equities, precious metals, energies, and shares. XM are well known for its low trading fees, wide account choice, execution speed and a wide range of CFD assets available on both the MT4 and MT5 platforms. Hedging, scalping and algorithmic trading are all permitted.
XM FEATURES
- Both MT4 and the MT5 trading platforms are supported
- The XM Ultra-Low account: A minimum deposit of 50 USD and spreads start at 0.6 pips with no commission.
- All accounts have a no-requotes execution policy and 99.35% of XM orders are executed in less than one second.
Accepts Indian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the Belize FSC.AvaTrade – Best Mobile Trading Experience
Who AvaTrade is for: Traders who want a good all-round broker with low costs, free withdrawals and a well-designed mobile trading app.
Why we like AvaTrade: AvaTrade’s biggest selling points are free deposits and withdrawals to local bank accounts and low trading fees, with Forex spreads starting at 0.9 pips on the EUR/USD. While AvaTrade’s minimum deposit of 100 USD isn’t the lowest you can find, it’s still low enough for most beginners. Traders on the move will like AvaTrade’s well-designed mobile app, AvaTradeGO, with its smart risk management tools and direct connection to AvaSocial, AvaTrade’s popular social trading system. Another highlight is the 13 cryptocurrency pairs available to trade at AvaTrade, more than most other brokers in India. Cryptocurrency traders will also appreciate the dedicated 24/7 crypto trading customer support. It’s no secret that share CFDs are also very popular right now and AvaTrade has that sector covered too with 625 share CFDs to trade, including famous tech stocks like Google, Apple, and Amazon.
AvaTrade’s drawbacks: As we noted above AvaTrade has low trading fees, but they are not the lowest available in India – some brokers have spreads down to 0.6 or 0.7 pips on the EUR/USD. And it’s possible to find much lower minimum deposits, all the way down to 3 USD in some cases. But most serious beginners will want a deposit of 100 USD or more and AvaTrade’s strength lies in its all-around excellence.
Accepts Indian Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.HFM (HotForex) – Highest Leverage for Market Execution
Founded in 2009 and headquartered in Cyprus, HFM is the global brand name of HF Markets Group. Regulated by the FCA, CySEC and the FSCA, HFM provides trading on Forex, commodities, indices, shares, bonds, and ETFs – though it recently stopped offering crypto CFDs. With No-Dealing Desk STP execution for all trades, client’s trades are posted directly to the market, and leverage is available up to 1000:1 on the Micro Account where the minimum deposit is 0 USD.
HFM FEATURES
- FCA regulation
- Tight spreads, starting at 1.00 pip on the Micro Account.
- Detailed market analysis for beginners and professionals, including daily market news, trade analysis, and outlooks.
- Customer support available 24/5 from a toll-free local phone number to assist.
Accepts Indian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.IC Markets – Excellent Education
Founded in 2009, IC Markets is an Australian and ASIC-regulated ECN broker with some of the tightest spreads in the world. Low commissions on all three major platforms are also a big draw, with a simple account structure that will satisfy all traders. IC Markets offers traders:
- Uncomplicated trading conditions and tight spreads
- Choice between MT4, MT5 or cTrader
- Excellent education and customer support
Tight Spreads + Simple Account Choice
IC Markets offers three simple accounts with variable spreads on the MT4, MT5 and cTrader platforms. Two Raw Spread Accounts are available on either cTrader, MT5 or MT4 and a Standard Account is available on MT4 and MT5. The Raw Spread Accounts charge a small commission of 3 USD (cTrader) or 3.5 USD (MT4/MT5) but spreads are often down to 0 pips, averaging 0.1 pips on the EUR/USD pair. The Standard Account charges no commission but spreads start at 1 pip. IC Markets pricing relies on 25 different liquidity providers ensuring deep liquidity and the lowest spreads in the industry.
Education and Support for Beginners
IC Markets is rare amongst ECN brokers, as it provides a welcoming environment for beginner traders. IC Markets offers an archive of structured course material, detailed independent market analysis and expert-led webinars. IC Markets also provides excellent technical support for all three trading platforms 24/5 as well as more general queries.
Accepts Indian Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC, ASIC, and the FSA.FP Markets – Wide range of trading instruments
Overview: FP Markets is a well-established Forex broker that has been catering to traders since 2005. The broker is regulated by top-tier authorities such as ASIC and CySEC, ensuring a high level of trustworthiness.
Key Features:
- Trading Platforms: FP Markets offers a variety of platforms including MT4, MT5, cTrader, and IRESS. This diverse platform offering sets it apart from many competitors.
- Trading Instruments: The broker provides a wide range of trading instruments, including Forex, Cryptocurrencies, Stock CFDs, Indices, Metals, ETFs, and more.
- Accounts & Fees: FP Markets offers two low-cost accounts with a minimum deposit of AUD 100. They use an “ECN pricing” model, which they claim offers competitive costs. However, their standard trading account fees are found to be higher than some ECN competitors.
- Safety: While FP Markets is a trusted broker, Indian traders would be dealing with its subsidiary registered in St Vincent and the Grenadines, which isn’t heavily regulated. However, the broker segregates client funds from its operating capital at AA-rated Australian banks and offers negative balance protection.
- Customer Service: The review highlights the quality of FP Markets’ customer service, indicating a strong support system for traders.
- Additional Features: The broker provides features like copy trading, demo accounts, and a range of educational and research tools beneficial for both beginners and experienced traders.
Verdict: FP Markets stands out with its diverse platform offering and a wide range of trading instruments. While it offers competitive features and tools, Indian traders should be cautious about the regulatory aspect of the subsidiary they would be dealing with. The broker’s commitment to safety through fund segregation and negative balance protection is commendable. Overall, FP Markets appears to be a reliable choice for traders in India, but as always, traders should conduct their own due diligence.
Accepts Indian Clients. Average spread EUR/USD 0.10 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.Pepperstone – Best ECN Forex Broker
- Lowest-Cost ECN Broker
- No Minimum Deposit
- All Popular Trading Platforms
Pepperstone is the best ECN broker in the UK for its low trading costs, no required minimum deposit, and wide range of popular trading platforms. Pepperstone is an ECN broker; ECN brokers don’t trade against their clients, and all trades go straight to the Forex and CFD market. Trading costs and minimum deposits can be quite high at other ECN brokers but not at Pepperstone. For beginners, Pepperstone’s also has one of the better education sections offered by an ECN broker.
Low-Cost ECN Broker
Pepperstone has two accounts: The Razor Account has spreads as low as 0 pips on the EUR/USD and a commission of 7 USD per trade. The Standard Account is one of the lowest-cost trading accounts in the world; it has no commission and spreads starts at 1.00 pips on the EUR/USD. Most trades on Pepperstone are executed in less than 30ms, which is ideal for scalpers and clients who run expert advisors.
No Minimum Deposit
In addition to having low trading costs, Pepperstone doesn’t have a required minimum deposit for either of its trading accounts. Pepperstone does suggest that you open a trading account with at least 200 USD, but this is not a requirement. Beginners will also appreciate Pepperstone’s award-winning, 24-hour support, where personalised assistance is available via several methods.
3 Popular Trading Platforms
Traders need to use a trading platform to access the Forex market, and Pepperstone supports all three of the most popular trading platforms. MetaTrader 4 (MT4) is the most popular and is used by most traders, MetaTrader 5 (MT5) is a newer version with more tools, like an embedded economic calendar and chat system. Finally, Pepperstone also lets traders use cTrader, which is easier for many beginners to learn but has all the sophisticated automation tools found in MT4 and MT5.
Accepts Indian Clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone Group is regulated by the FCA, ASIC, and the DFSA.FBS – High Leverage Trading and 1 USD Minimum Deposit
FBS offers Indian traders low minimum deposits and high leverage. While the main focus is on the three low-deposit accounts, FBS also has two ECN accounts for more experienced traders.
Minimum deposits are low on most of FBS’ accounts, the one exception is the ECN Account, which requires 1000 USD. But the Cent Account has a minimum deposit of 1 USD, the Micro Account is 5 USD, and the Standard Account is 100 USD. And trading fees for these accounts are good too, with Cent Account spreads starting at 0.8 pips on the EUR/USD.
All Forex trading is leveraged trading where traders borrow money from their broker to increase the size of their trades. Most brokers offer a maximum leverage of 500:1: Borrow 500 USD for every dollar you have in your account. But FBS offers leverage of 3000:1 on three of their five account types. While this greatly increases the risk for traders, it can also greatly increase profitability.
FBS only has 37 Forex pairs to trade, which is lower than most other brokers, but it does have 35 cryptocurrency pairs to trade. Cryptocurrencies available include Bitcoin, Ethereum, Litecoin, Dogecoin and Ripple – and many of the less common crypto coins can be traded too. Cryptocurrency trading is only supported on the FBS Trader app which is currently only available on Android phones and not on iPhones.
Accepts Indian Clients. Spreads start at 0.80 pips on the EUR/USD on the trading account with lowest minimum deposit. Max leverage 3000:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by ASIC, CySEC, the FSCA, and the IFSC.Axi – Best ECN broker on MT4
Overall Rating
4.34 / 5
4.34 / 5| 🏦 Min. Deposit | USD 0 |
| 🛡️ Regulated By | FCA, ASIC, FMA, DFSA |
| 💵 Trading Cost | USD 10 |
| ⚖️ Max. Leverage | 500:1 |
| 💹 Copy Trading | Yes |
| 🖥️ Platforms | MT4 |
| 💱 Instruments | Commodities, Cryptocurrencies, Stock CFDs, Forex, Indices, Metals, WTIs |
Founded in Australia in 2007, Axi is an ECN broker offering trading on Forex, metals, commodities, cryptocurrencies, and indices – a smaller group of assets than most brokers but with a good selection of 70+ Forex pairs. Axi only provides support for the MT4 trading platform, but with the MT4 NexGen plugin it has the best ECN MT4 trading experience. The MT4 NexGen plugin includes an advanced sentiment indicator, a correlation trader, a more intuitive terminal window, and an automated trade journal.
AXI FEATURES
- ECN trading conditions, 20 liquidity providers so less slippage and requotes
- Pro Account with spreads starting at 0 pips and 7 USD per lot commission
- Max Leverage of 1:500
- Trading tools include Autochartist, Pysquation (an AI trade diagnostic) and VPS hosting
Accepts Indian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA.Which is the Best Broker in India?
The best broker in India is OctaFX. OctaFX is regulated by CySEC in Cyprus, and fees are low, with a 100 USD minimum deposit and tight spreads of 0.6 pips on both accounts with no commissions. OctaFX offers support for MT4 and MT5, as well as its user-friendly OctaTrader platform, which integrates seamlessly with your desktop trading account. OctaFX’s website is fully translated into Hindi, and it offers a good range of educational and market analysis materials.
Which is the Best Trading Platform in India?
OctaFX’s webtrader platform requires no downloads or installation and is available for all devices. We found that the webtrader has a clean user interface and intuitive design and is easy to navigate and search for various instruments, making it a great option for beginner traders. The webtrader also has useful trading tools, including the Market Insight tab, a feed of market news and trading ideas from reliable news sources, and a profit calculator.
Is Forex trading legal in India?
India is an interesting case for retail Forex traders as there are several laws relating to Forex trading that make it difficult to trade in the country.
As per the Foreign Exchange Management Act (FEMA) laid down by the Reserve Bank of India (RBI), all Forex trading is effectively outlawed. The only exceptions are four currency pairs that include the INR (EUR/INR, GBP/INR, JPY/INR and USD/INR) and the EUR/USD, GBP/USD and USD/JPY.
As a further complication, these pairs can only be traded through the three national exchanges, the National Stock Exchange (NSE), the Bombay Stock Exchange (BSE) and the Metropolitan Stock Exchange (MSE), by licenced Indian brokers.
So, why does the RBI have these restrictions in place? If you were an Indian institutional trader and you were trading the GBP/USD with a foreign broker, if you lost your trade, you would have to purchase USD from the RBI to settle your debt.
Forex trading is a high-risk venture, and institutional traders can lose money on their trades, and the RBI could stand to lose a significant amount of USD through this process. To counteract this outflow of US dollars, the RBI would be forced to purchase USD by overselling the INR, and this would lead to a devaluation of the INR.
In effect, the RBI enforces strict regulation on Forex trading to protect the INR from unintended weakness against global currencies.
But when we are trading Forex CFDs, we are not actually trading the underlying asset (currencies in this case). There is never any ownership of the currency by either party, and no currency ever actually changes hands – so CFD trading manages to sidestep this law. But, in a further blow, the FEMA Act also makes it illegal for Indians to send INR overseas to be converted into foreign currencies – as you would if you were depositing money with an international broker.
The final nail in the coffin is the outright ban on using online platforms to trade CFDs. This means that the only way to trade Forex in India legally is to place trades directly with a SEBI-regulated broker, without leverage, on the few legal currency pairs. The overall financial environment in India is poorly controlled, and brokers and investors in India pay little attention to the government’s financial regulatory policies.
As strange as it may seem, Forex CFD trading is growing incredibly fast across India, despite being effectively outlawed. When choosing a Forex broker, traders should choose reputable brokers regulated by top-tier authorities such as ASIC, CySEC, MAS or the FCA.
Why is Regulation Important?
Regulation is essential for protecting your money and ensuring a fair and transparent trading experience.
When trading Forex, you want to be confident that your broker is operating legally and ethically and that your funds are being handled safely. Regulated Forex brokers must adhere to strict standards set by regulatory bodies, which include requirements for capital adequacy, segregation of client funds, and ongoing reporting and compliance. This means that your funds are protected, and your trading experience is fair.
Unregulated brokers are not forced to hold to the same standards. This can lead to a higher risk of fraud or unethical practices, which can result in financial losses for traders. Choosing a regulated Forex broker gives you peace of mind and security, knowing that your investments are protected and your trading experience is fair.
How are Forex Brokers Regulated in India?
In December 1999, the Indian parliament passed the Foreign Exchange Management Act (FEMA), which was to be enforced by the Securities and Exchange Board of India (SEBI) and modernised the laws that governed Indian financial services companies and expanded their reach to include all of India.
SEBI, under the direction of FEMA, regulates the Foreign exchange market by setting processes for its maintenance and growth, and today SEBI licenses all Indian Forex brokers. SEBI-regulated Forex brokers only offer currency pairs that include the INR against the USD, GBP, EUR and JPY. This law states that a fine will be applied unless authorities have previously granted an exception.
Because most Forex brokers that offer services to Indian traders are unlicensed by SEBI, they must operate outside of the traditional financial system. Banks tend to block or return transfers made to and from Forex brokers, and most Indians rely on digital payment providers, such as Skrill and Neteller.
If you are concerned that your Forex trading activity may be monitored, then use a Virtual Private Network (VPN) provider to route your activity through an anonymous portal.
While the Indian government frowns on Forex CFD trading, the laws are not enforced strictly, and with these methods, you should avoid any issues.
Scam Brokers and Reporting Regulatory Violations
If you are unsure about the reliability of your Forex broker, you can check our list of brokers to avoid. We recommend you partner with one of our tested brokers, and should you be concerned with a specific broker’s regulatory oversight, please contact SEBI directly.
We also have a report a scam broker form which we use to gather information so that we get the word out. Your personal details will not be shared externally.
Do I Need a Broker to Trade Forex?
Yes, you will need a broker to trade Forex. Connecting traders to the Forex market is an expensive and technically complex business. Most Forex brokers form a bridge between the global Forex market and Forex traders; these are called market makers. Market makers buy up large trading positions from the Forex market, which they sell to traders in smaller trade sizes.
Other brokers act as a go-between, taking orders from traders and sending them straight to the global Forex market. These are called ECN brokers or DMA brokers. Both types of Forex brokers require a lot of money to set up and need teams of highly qualified technicians to maintain their trading platforms.
How do Forex Brokers Make Money?
Market markers only make money from the spread – the difference between the buying and selling price of the currency pair. These brokers will be the counterparty to any trade, so they make money when clients lose trades.
ECNs have tight spreads but make money from commissions, which are charged whenever a trade is opened or closed. This type of broker makes money whether a client wins or loses.
Which Forex Brokers are Best for Beginner Traders?
The best brokers for beginners are well-regulated and have no minimum deposit requirement, ensuring security and a low cost of entry. Also important are low fees and negative balance protection, as these both help to lower risk. Responsive and knowledgeable customer support is essential. Customer service should be available 24/5 via email, live chat, and telephone, though 24/7 is better. Last but not least, beginners should look for a broker with a high-quality education section; this should feature articles, video tutorials, frequent webinars, advanced trading strategies, and chart analysis.
For more detail and to see which brokers we recommend for new traders, check out our dedicated page on the best brokers for beginners.
Which Forex Brokers have the Best Demo Accounts?
The brokers with the best demo accounts understand that beginners should not be forced into trading real money and that experienced traders should be able to test strategies as long as they want to. So the best demo accounts are not time-limited and replicate real market conditions as closely as possible. Beginners looking for a demo account will want a broker with good education, so they can learn about Forex trading as they practice.
For more detail and to see which brokers we recommend for demo trading, check out our dedicated page on the best demo accounts.
Which Trading Platforms do the Best Forex Brokers Offer?
The best Forex brokers generally offer Metatrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. These are third-party trading platforms which you can install on your computer. They are fully customisable and have advanced charting tools, research tools, and options for automated trading or copy trading. Some brokers also have their own trading platforms, which are usually accessed via a browser or on your mobile phone. For more details on trading platforms and how they work, check out our guide on trading platforms.
Forex Risk Disclaimer
Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).
Our Rating & Review Methodology
Our State of the Market Report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers.
Editorial Team
Chris Cammack
Head of Content
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison Heyerdahl
Senior Financial Writer
Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.
Ida Hermansen
Financial Writer
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.
Stay updated
This form has double opt in enabled. You will need to confirm your email address before being added to the list.
Session expired
Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page.