EditorEditor: Chris CammackUpdated: April 24, 2024

Last Updated On April 24, 2024

Alison Heyerdahl

These are Best Forex Brokers in 2024

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FCA Regulated
Licenced by
Min. Deposit
Cost of Trading
Broker Score
Official Site
IG FCA Regulated Forex BrokersASIC Regulated BrokersFinancial Services Conduct AuthorityBundesanstalt für FinanzdienstleistungsaufsichtSwiss Financial Market Supervisory AuthorityMonetary Authority of SingaporeFinancial Markets Authority of New ZealandDFSA Regulated Forex BrokersFinancial Services AgencyCommodity Futures Trading AssociationFinansinspektionenUSD 0USD 611110.54.69/ 5 Visit Broker >
Forex.com FCA Regulated Forex BrokersASIC Regulated BrokersMonetary Authority of SingaporeCySEC Regulated BrokersCayman Islands Monetary AuthorityUSD 100USD 711110.54.62/ 5 Visit Broker >
Interactive Brokers FCA Regulated Forex BrokersCommodity Futures Trading AssociationASIC Regulated BrokersInvestment Industry Regulatory Organization of CanadaMonetary Authority of SingaporeSecurities & Futures CommissionUSD 1USD 5.4011110.54.31/ 5 Visit Broker >
TD Ameritrade Commodity Futures Trading AssociationMonetary Authority of SingaporeSecurities & Futures CommissionUSD 0USD 1211110.54.14/ 5 Visit Broker >
Oanda FCA Regulated Forex BrokersASIC Regulated BrokersMonetary Authority of SingaporeInvestment Industry Regulatory Organization of CanadaBritish Virgin Islands Financial Services CommissionThe Seychelles Financial Services AuthorityUSD 0USD 1011110.54.25/ 5 Visit Broker >

Comparing Forex Brokers in the USA

Forex brokers accept clients from all over the world, but their trading conditions are drastically different for US residents. This is especially true for brokers who hold a CFTC license. To find the best Forex broker for US residents, we must explain these differences and how they affect American traders.

CFTC Regulation: Regulators supervise Forex brokers and other financial services companies to ensure they treat clients fairly and follow the law. Tier-1 regulators, like the CFTC, have an efficient legal structure and strictly enforce the rules, ensuring low levels of scams and financial malpractice. The advantages of  CFTC regulation include:

  • Segregated trading accounts which protect client funds from broker mismanagement or default.
  • Though the CFTC does not offer any compensation scheme for the traders, it requires brokers to maintain a 20 million USD security deposit, which means that should the firm be liquidated, it can afford to pay its traders.
  • Effective fraud investigation processes and frequently published investment scam reports.

Transparent Trading Conditions and Costs: CFTC-regulated Forex brokers will often have lower trading costs, meaning that spreads are tight and minimum deposits are low. Trading execution should be lightning-fast and with little or no intervention. Forex brokers must also publish their spreads, execution policy, maximum leverage available, and a list of all CFDs available to American traders.

Broker Education and Analysis: Brokers should offer beginner traders a coherent and well-structured trading course alongside a demo account. Brokers should supply detailed market analyses to highlight trading opportunities and provide a complete learning experience.

Broker Trading Platform: Brokers will have their own trading platform or support a third-party platform, such as MT4, MT5, or cTrader. Some brokers will do both. Most Forex traders generally have a platform preference, so brokers with multiple platforms are more likely to have the platform a trader wants to use.

IG – Best Overall US Forex Broker

Broker Score
4.694.69 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
  • Single account with low fees
  • Over 17,000 CFDs to trade
  • Safe, secure and NFA-regulated

With low fees, a huge range of tradable markets, and regulation from 17 national authorities including the NFA, IG Markets has the best single Forex trading account in the US. IG Markets is the world’s largest CFD broker by revenue and operates out of its Chicago office.

Low Trading Fees

While IG Markets only has a single trading account it has some of the lowest fees in the industry. There is no required minimum deposit, and no commission is charged on Forex trades. Trading fees change slightly depending on whether you use IG’s own trading platform or the MT4 trading platform. With IG’s own trading platform, spreads average 0.86 pips on the EUR/USD but if you use MT4 then spreads average 0.75 pips on the EUR/USD.

17,000+ tradeable instruments

With IG Markets’ single trading account traders have access to over 17,000 tradeable instruments, many more than most brokers. Markets to trade include commodities, indices, over 16,000 shares and ETFs, options, interest rates and bonds. IG Markets also operates as a stockbroker, allowing clients to directly invest in thousands of shares and ETFs. This is an unleveraged investment and commissions are charged on all share purchases.

Safe and NFA-Regulated

IG Markets is regulated by the US’s NFA and 16 other authorities around the world. NFA regulation means that all IG Markets clients can be sure that their funds are segregated from the company’s operating capital. Yearly audits and compliance reports for the NFA provide a high level of security on all CFD trading.

  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
  • High minimum deposit
AlertAccepts US Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 and IG's trading platforms supported. IG Group is regulated by CFTC, FCA, ASIC, and the FSCA. 71% of traders lose money with this provider.

Interactive Brokers – Lowest Cost ECN Broker

Broker Score
4.314.31 / 5
🏦  Min. DepositUSD 1
🛡️  Regulated By
💵  Trading Cost 
USD 5.40
⚖️  Max. Leverage50:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
  • Lowest-Cost ECN Broker
  • No Minimum Deposit
  • Largest Number of Financial Instruments

Interactive Brokers 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 Interactive Brokers. 

Low-Cost ECN Broker

Interactive Brokers only has one account with spreads as low as 0.1 pips on the EUR/USD and a commission of 4.4 USD per trade. These costs are some of the lowest in the industry.

No Minimum Deposit

In addition to having low trading costs, Interactive Brokers doesn’t have a required minimum deposit on its trading account. However, if you want to open a margin trading account and trade with leverage, a deposit of 2,000 USD is required.

Largest Range of Financial Instruments

Interactive Brokers has the industry’s largest selection of asset classes, including 135 markets across 33 countries in 24 base currencies. However, traders should be aware that only Forex, indices, and equities are available as leveraged products.

  • Well regulated
  • Low minimum deposit
  • Tight spreads
  • Wide range of assets
  • Complicated website
  • No MT4
  • MT5
  • or cTrader
AlertAccepts American Clients. Starting spread EUR/USD 0.1 pips on trading account with lowest minimum deposit. Max leverage 50:1. Trader Workstation and IBKR trading platforms supported. Interactive Brokers is regulated by the FCA, CFTC, ASIC, MAS, and the IIROC.

TD Ameritrade – Best Mobile Trading Platform

Broker Score
4.144.14 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 12
⚖️  Max. Leverage50:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
  • Effortless mobile trading
  • 10,000 + instruments 
  • Advanced trading tools

Launched by TD Ameritrade in 2009, the thinkorswim app is the best mobile platform available. Natively designed for both Apple and Android devices, the thinkorswim provides a smooth, stable trading experience with a huge range of tools to help traders.

Smooth and easy mobile trading

The thinkorswim platform has been designed for both iOS and Android, providing a responsive and stable trading experience. With built-in advanced charting, traders have easy access to trendlines, channels, pitchforks, and Fibonacci Retracements. In the chart view, traders can see their orders, related instruments, and open positions with a single click.

Trade thousands of financial instruments with low fees

The thinkorswim mobile app offers traders fast, commission-free trading on Forex pairs. Spreads start at 1.2 pips on major FX pairs with no commission and leverage of 50:1. The large variety of tradable instruments include global shares, 73 currency pairs, stocks, ETFs, options, and futures.

Integrated trading tools

The thinkorswim app features a range of tools, including scanners, heat maps, access to extensive third-party research, and comes with a host of market data from the national and international markets. It also has a very strong community presence, and customers can visit TD Ameritrade’s online chat rooms and talk to other traders. The chatroom is used to share watch lists, charts, and strategies, and streaming CNBC, Benzinga, and Dow Jones News are also included.

  • Low minimum deposit
  • Excellent education
  • Wide range of assets
  • Good for beginners
  • Limited funding methods
  • Non-transparent spreads
AlertAccepts American Clients. Average spread EUR/USD 1.20 pips on the trading account with lowest minimum deposit. Max leverage 50:1. Islamic account is available. thinkorswim platform supported.TD Ameritrade is regulated by MAS, the CFTC, and the SFC.

OANDA – Best Broker for Beginners

Broker Score
4.254.25 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage800:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
  • Excellent range of educational materials
  • Low minimum deposits
  • Easy-to-use trading platform

Educational Materials: OANDA offers an array of educational materials to help beginners get their trading careers underway. Its educational resources comprise free trading guides, articles on how to trade Forex and CFDs, various courses and videos.  It hosts regular webinars, and archives of previous webinars are available for free on its website.  

Low Minimum Deposits: OANDA offers two accounts – a Spread-Only Account with no minimum deposit requirements, perfect for beginner traders, and an Advanced Trader Account. The Spread-Only account has fees included in the variable spreads which start at 1.4 pips on the EUR/USD.

Easy-to-use Trading Platform: The OANDA web trader is web-based and has an intuitive interface, providing a streamlined trading experience, appealing to beginner traders who want to avoid the complexity of third-party platforms.  The platform is easy to use, but it has a sophisticated charting package and allows users to create watchlists, analyze charts, and place and monitor trades.  

  • Well regulated
  • Tight spreads
  • Low minimum deposit
  • Good for beginners
  • Limited currency pairs
AlertAccepts U.S. Clients. Average spread EUR/USD 0.20 pip on the trading account with lowest minimum deposit. Islamic account available. MT4 and OANDA platforms supported. Oanda is regulated by the CFTC, FCA, MAS, and ASIC.

What is the Foreign exchange market?

The foreign exchange market, also known as the Forex (or even more simply, the FX market), is the largest financial market in the world. Every day, trillions of dollars of global currencies are traded in “pairs,” i.e., the exchange of one currency for another, such as euros for dollars, dollars for Japanese yen, etc. These transactions are carried out five days a week, 24 hours a day around the globe, and determine the value of every currency on the planet second by second, based on supply and demand. So, if the dollar is in demand, its value against, for example, the euro, will rise and vice versa.

Given its scale and breadth, Forex trading is easily accessible by individual investors, who can open an account with a few hundred pounds and begin trading immediately. But it is easy to lose money, especially if you are a beginner. Trading successfully requires effort, discipline, patience, and a determination to learn as much as you can about the market before you start. You also need to understand the regulations governing the market, the costs of trading, and which brokers to use. Most importantly, it would help if you understood the risks and disadvantages before deciding whether Forex trading is for you.

Why does the Forex market exist?

There are many reasons why people trade currencies. For example, US companies may need to buy euros to pay for European imports, or they may need pounds to pay for the acquisition of a company based in the UK. Central banks, such as the Federal Reserve, can intervene in FX markets, buying and selling currency, when required, to counter disorderly market conditions. Speculators also drive a large part of the market, trading with the aim of generating a profit.

According to the latest statistics, large financial institutions, multinational corporations, and hedge funds dominate the Forex market, which has a trading volume of US$6.6 trillion per day[I]. That size means it is a hugely liquid market, i.e., it is very easy to buy and sell currencies because there are so many buyers and sellers in the market for most currencies.

Market drivers

Much like most other major currencies, the US dollar (USD) is a floating currency. In other words, the value of the USD is determined largely by supply and demand. By contrast, some currencies, such as the Chinese renminbi (RMB), have a fixed exchange rate. The Chinese authorities determine the value of the RMB against the Dollar and keep the link until they decide to alter the exchange rate. Clearly, there is no potential for individual traders to profit from trading currencies with a fixed exchange rate.

The value of a floating currency, such as the USD, constantly moves up and down against other currencies. Often, these movements are relatively small, so the US dollar may begin the trading day buying one euro and two cents and end a fraction of a cent higher or lower, or even back at its opening level. But dramatic economic or political news can spark much greater volatility. For example, the euro has steadily fallen against the Dollar since the start of the war in the Ukraine in 2022. This movement is due to many factors, including fears of a recession in the euro area because energy supplied by Russia to Europe has been restricted. As a result, traders, fearing a prolonged period of political and economic uncertainty, have steadily been selling the euro in favor of the Dollar.

Economic developments are also a key influence. New data suggesting the economy is growing faster than anticipated might spark concerns that the Federal Reserve could raise interest rates to rein in growth. Higher interest rates enhance the appeal of holding a currency since you get a bigger return on your money. That outlook consequently boosts demand for the Dollar, and its value rises. Similarly, if the US’s economic outlook darkens and traders anticipate the Federal Reserve will cut interest rates, they will sell the Dollar, depressing its value against other currencies. Other factors influencing whether or not the Dollar rises in value compared to another currency include trade deficits and political instability.

That is why FX traders follow economic, financial, and political news so closely, looking for any hint of information that could sway the value of the US dollar. They are hoping to react before other traders spot the development. Or they may take bets on a likely development, believing they have some insight that other traders lack.

Why is Forex trading so popular?

Forex trading is the largest and most easily accessible market in the world. The costs involved are relatively low compared with other markets, and it is relatively easy to understand how you can trade the market. There are many freely floating currencies, and since they can all be traded against each other, there are many currency pairs to trade in. A vast amount of information is available to would-be traders, ranging from how to get started to outlining potentially profitable trading strategies.

You can trade from your living room using a fairly basic computer if you download the appropriate trading software, and it is relatively easy to set up an account with a broker. Unlike other financial markets, you can also exploit the concept of “leverage,” where you use borrowed money to increase your potential profits (and your losses). To explain what this means, currency pairs are traded in specific amounts called lots. They tend to be in 100,000 units of a currency, so, for example, if you are trading in the US Dollar against the Canadian Dollar, you would buy or sell 100,000 USD at a time. Since most people don’t have 100,000 USD available to trade, the Broker effectively offers to lend you money. So, they may allow you to trade 100,000 USD by opening an account with 1,000 USD and lend you the remainder. The initial 1,000 USD is known as the margin, and your leverage, in this case, would amount to 100 to one (100:1).

As we mentioned, as well as increasing potential profits, leverage can dramatically increase risk. There are methods you can use to contain risk, but that is a topic for another article.

The Disadvantages of Forex Trading

Forex trading requires a considerable commitment. It takes time to learn how to trade profitably, and when you start to trade, you may have to spend many hours per day on your computer screen following and researching what is happening in the market – and why – in preparation for your trading day. When that day is finished, you will need to analyze what happened and why your trading activities succeeded or failed so that you can apply the lessons learned to the next day’s trading. There could be days when you lose money, and it is easy to become disheartened. There is certainly no guarantee of success. FX trading can be risky, and you can lose money, or you may find that it is simply not something you like or have the temperament for. You have to be patient, for example, waiting for opportunities to arise, and the market can experience bouts of extreme volatility that you may find highly stressful.

Introduction to the regulation of the US market

Trading is legal in the US, and US-based brokers that provide Forex trading services are regulated by the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC). Appointed by the CFTC, the NFA is a non-governmental organization that “strives every day to safeguard the integrity of the derivatives markets, protect investors and ensure Members meet their regulatory responsibilities.” 

Other financial regulators that are active in the US are the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA), but unlike the CFTC and NFA, these bodies regulate the securities markets, not the Forex market.

Regulation is positive for traders because it means they have recourse to legal action if they feel they have been unfairly treated or have even been the target of fraudsters.

The NFA urges traders to use brokers that it regulates. It has a register of firms that allows you to check that you are indeed using an NFA-regulated Forex broker. The Authority warns that if a broker is not listed on its register, “it’s probably a scam.”

NFA’s Responsibilities and Jurisdiction

An independent, non-profit, self-regulatory body founded in 1982, the NFA oversees the regulation and supervision of all Forex brokers in the US. However, according to the latest ruling from the US, only NFA Forex brokers are allowed to carry out their services in the US, and it bans all non-NFA-regulated companies from accepting US traders.

Key NFA Regulatory Rules

All NFA-regulated Forex brokers must adhere to the strict guidelines enforced by the NFA, designed to protect consumers. These include keeping their client funds segregated or separate from their company accounts and not using their traders’ money for other purposes.

While a broker has to have around 100,000 – 1,000,000 USD in operating capital to secure one of the European licenses, the NFA requires enormous capital to operate in the US – 20 million USD. That is why there are so few Forex brokers in operation that can accept US traders. To put this in perspective, while some brokers may make enough profit to afford it, the world’s 15th largest broker hardly earns 10 million USD in profit annually. So, allocating two years of profit for the privilege of working in one country is not worth the trouble. Moreover, the NFA has a high capital requirement to protect traders should the broker go out of business.

The NFA also performs regular audits and inspections of its members, ensuring they can meet all financial obligations without fail. In addition, forex brokers are required to communicate any changes made in their service or terms of conditions.

FX trading scams

Because potential malpractice and fraud originate in areas with little regulatory oversight, such as tax havens, the US has revised its policies to reduce the potential for Forex scams. Scam Forex brokers promise “very high returns and guaranteed profits, either through a managed account where the firm makes trades on the investor’s behalf or by trading using the firm’s trading platform.” That is why it is so important to check that a firm is authorized by the NFA, scrutinizing all their details with the NFA’s BASIC database, which is the acronym for Background Status Affiliation Information Center. You can check if an entity or individual has been screened and is an NFA member. If you have any doubts about a firm, call the NFA’s Consumer Helpline.

The Disadvantages of using an NFA-regulated broker

NFA regulations can limit your options when trading FX. NFA regulations require brokers to follow rules that are specific to the US. An example is leverage limitation: retail traders are limited to 50:1 leverage on major Forex pairs and 20:1 on minor pairs. An unregulated broker, by contrast, could offer a 500:1 ratio. Additionally, trading CFDs is banned for citizens of the United States. CFDs are illegal in the US because they are over-the-counter products, which means they don’t pass through regulated exchanges. 

Other disadvantages of trading with an NFA-regulated broker are:

  • Negative balance protection is not mandatory, so traders can end up owing the broker money.
  • NFA-regulated brokers are prevented from accepting deposits via credit card (which is very inconvenient for the trader)
  • Traders cannot hedge their positions – this is mainly due to the first-in-first-out (FIFO) rule, which prevents traders from holding simultaneous positions in the same Forex asset. Any existing trade position (buy/sell) in a currency pair will have to be closed before a trader can place an order for the opposite position in the same currency pair.  

US Broker Rules at a Glance

Best Forex Brokers US page

Comparing Forex brokers in the US

A Forex broker provides traders with a platform that gives them access to the FX market and allows them to buy and sell currencies. Opening an account is simple and can be done online. You will be asked to provide proof of identity and a deposit.

How to Compare Forex Brokers in the US

Though Forex brokers might appear similar, they are quite different once you dig a little deeper, and account conditions will vary for US residents. As a result, these are some of the most common questions traders will have when comparing Forex brokers.

Forex Brokers for Beginners

  •   Do I need a broker to trade Forex?
  •   Which is the best Broker in the US?
  •   Which is the best Broker for beginners?
  •   Which Broker has the best demo trading account?
  •   Are Forex brokers in the US reliable?
  •   How do I choose a Forex broker?
  •   How do Forex brokers make money?

Forex Broker Fees and Trading Costs:

  •   Which brokers have the lowest trading costs?
  •   How do I deposit with a broker?
  •   How do I make a withdrawal from a broker?
  •   Which Broker has the lowest minimum deposit?
  •   How do I calculate trading costs?

Other Trading Options

  •   Which Broker has the most currency pairs?
  •   Which Broker is the best for professional traders?
  •   What are managed Forex trading accounts?

Forex Broker Regulation

  •   How do I know if a Forex broker is regulated?
  •   How do I check if the NFA licenses a Forex broker?

Forex Trading Platforms:

  •   Which Forex broker has the best platform?
  •   Which is the best platform for Forex?

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. Therefore, choosing a regulated Forex broker with low costs and a history of treating its clients fairly is essential.

Which is the Best Broker in the US?

The best Broker in the US is IG. IG has some of the lowest fees in the industry, with spreads starting at 0.8 pips on the EUR/USD. In addition, IG has no required minimum deposit for bank transfers, and traders can access 80+ Forex pairs.

Which is the Best Broker for Beginners?

OANDA is the Best Broker for Beginners in the US. It offers an array of educational materials to help beginners get their trading careers underway. Its educational resources comprise free trading guides, articles on how to trade Forex and CFDs, various courses, and videos.  It hosts regular webinars, and archives of previous webinars are available for free on its website.  

Which Broker has the Best Demo Trading Account?

Interactive Brokers is the best Broker for demo trading in the US. Interactive Brokers demo account never expires and is available on both the Trader Workstation (TWS) platform and the Client Portal (available on iOS and Android). The platforms offer in-depth financial analysis with over 100 technical indicators, multiple trading chart types, and comprehensive drawing tools. It also allows traders to toggle in and out of up to six tabs while keeping an eye on all charts and instruments. 

Are Forex brokers in the US reliable?

Yes, Forex brokers in the US are reliable and trustworthy. As mandated by CFTC, all US brokers have to be NFA-regulated and follow its strict regulatory requirements. Additionally, brokers that the NFA does not regulate cannot accept citizens from the US.

How do I Choose a Forex Broker?

When choosing a Forex broker, there are three things to consider:

  1. Regulation: Make sure you choose a broker regulated by the NFA. Regulated brokers have better security and will treat their traders fairly
  2. Cost: Look for a broker with a low minimum deposit and low fees. Broker fees will include the spread, commission, and deposit, and withdrawal fees.
  3. Education: If you’re a beginner, you will want a broker with sound educational content. All of the brokers on our best Brokers for Beginners page have high-quality education for beginners.

How do Forex Brokers Make Money?

Some brokers (called market makers) 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.

Other brokers (called ECNs) have tight spreads but make money from commissions, which are charged every time a trade is opened or closed. This type of Broker makes money whether a client wins or loses.

Which Broker has the Lowest Fees?

Interactive Brokers has the lowest fees, with the total trading cost on its Account of 5.4 USD per lot (100,000) traded. This includes a spread of 0.1 pips (EUR/USD) and a round-turn commission of 4.4 USD.

Broker fees are split into trading costs, which are the total of the spread and commission, and non-trading fees, such as deposit and withdrawal fees.

The spread is the difference between the buy and sell price of a Forex pair and is measured in pips; the smaller or “tighter” the spread, the less money you spend when you make a trade. The commission is charged by some brokers every time a trade is opened or closed.

How do I make a Deposit with a Broker?

Depositing with a broker is a simple process. Once you have signed up and opened a live account, you will be given a few options. Most brokers in the US will accept local bank transfers, checks, and ACH deposits. However, regulation prevents brokers from accepting transfers via credit card. Bank transfers usually take 1-2 days to process and may have a fee attached.

How do I withdraw funds from a Broker?

To withdraw funds from a broker, you must have enough money in your trading account after deducting the margin needed to keep any trades open. Once you know how much you can withdraw, you can request a withdrawal via your account dashboard. To prevent money laundering, brokers in the US will only allow you to withdraw the same amount as your initial deposit back to a bank account in your name.

Which Broker has the Lowest Minimum Deposit?

TD Ameritrade is the NFA-regulated with the lowest minimum deposit. While traders will have to deposit a minimum of 2,000 to open a margin account with TD Ameritrade, there are no minimum deposits to open a cash account.

Other NFA-regulated brokers in the US with low minimum deposits are:

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Broker Score
Min. Deposit
United Kingdom Regulation Code
Max. Leverage
Cost of Trading
4.69 /5
Read Review
USD 0195355ASIC Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtDFSA Regulated Forex BrokersCommodity Futures Trading Association30:1USD 60.85 pips0.94 pips1.40 pips
4.25 /5
Read Review
USD 07110087FCA Regulated Forex BrokersASIC Regulated BrokersInvestment Industry Regulatory Organization of CanadaBritish Virgin Islands Financial Services Commission800:1USD 100.20 pips0.20 pips0.20 pips
4.62 /5
Read Review
USD 100113942FCA Regulated Forex BrokersASIC Regulated BrokersCySEC Regulated BrokersCayman Islands Monetary Authority50:1USD 70.70 pips1.40 pips1.10 pips

How do I Calculate Trading Costs?

When trading Forex, the total trading cost is the spread on the currency pair you are trading plus any commission your Broker may charge. If you keep an open trade overnight, you will also be charged a rollover (or “swap”) fee, which will be deducted automatically from your Account. Major pairs, such as the EUR/USD or USD/JPY, generally have tighter spreads and are cheaper to trade.

Which Broker has the Most Currency Pairs?

Interactive Brokers is the Broker with the most currency pairs, with over 115 currency crosses to trade. Listed on the NASDAQ, Interactive Brokers is very well-regulated and one of the world’s most secure brokers. Interactive Brokers targets sophisticated and active traders and provides feature-rich platforms and an extensive library of market research materials.

Which Broker is the Best for Professional Traders?

IG is the best Broker for professional traders. With extensive liquidity streams, IG supports two trading platforms (IG web trader and MT4) and has some of the tightest spreads in the industry (0.6 pips EUR/USD spread on its Account).

IG offers trading on over 17,000 CFDs, including 80 Forex pairs, and for more traditional investors, IG also runs a fully licensed stock brokerage on the side.

What are Managed Forex Trading Accounts?

Some brokers will operate a managed account for you, but this is rare. There are independent money managers who can manage your Account while they are trading for themselves. You must read our article on managed accounts and understand the minimum deposit requirements and additional risks involved when trading CFDs.

How do I Know if a Forex Broker is NFA-Regulated?

All NFA-regulated brokers are required to display their license number and the Authority they received it from on their website. These license numbers can be easily verified on the NFA’s website. Some scam brokers will use similar names to legitimate businesses, so make sure the license holder’s name on the NFA’s website matches the Broker’s details.

How Can I Report Scam Brokers?

If you believe your Broker has scammed you, the first thing to do is warn others and tell your story. You can contact the NFA and ask them to investigate. We also have a report a scam broker form, which we use to gather information to get the word out. If you have been scammed, please complete the form.

Which Forex Broker has the Best Platform?

thinkorswim is the award-winning trading platform at TD Ameritrade that is used for trading over 10,000 financial instruments, including 73 Forex pairs. The thinkorswim platform is highly customizable, so traders can adjust it to fit their trading styles. In addition, the platform offers advanced charting, making it easier to spot trends and identify new trading opportunities. Clients can adjust their charts for size, color, study, and strategy and insert drawings. It also includes scanners, heat maps, access to extensive third-party research, and comes with a host of market data from the national and international markets.

Which is the Best Platform for Forex?

MetaTrader 4 (MT4) is the best platform for trading Forex. MT4 has been around since 2005 but is supported by most Forex brokers and used by millions of traders worldwide. MT4 is resource-efficient, fast, and can run on older hardware without any issues. It’s also fully customizable and can handle multiple trading accounts from different brokers with a single installation.

MT4 is particularly valued for its automated trading facilities. For example, traders can create or buy algorithmic trading robots and install them on their version of MT4 to automate trading or assist in decision-making. It’s also possible to copy other traders through the MT4 trading signals facility. MT4 is available at OANDA and IG.

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.


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