Top Forex Brokers

Foreign exchange is a fast-paced, yet exciting marketplace where millions of dollars are made and lost within a matter of minutes. So, if you choose to enter into the world of foreign exchange trading, commonly known as Forex trading, it’s important to make sure you only work with a top Forex broker.

The best Forex brokers offer traders a combination of reliable trader order execution, high-tech trading tools, fast trades, competitive pricing, and more importantly a safe trading environment. Sorting through a long list of Forex traders and choosing the best can be a daunting task for an average trader, so, we’ve done our homework, handpicked, and listed the best Forex brokers.

Broker Info Bonus Open Account
Min Deposit: $200
Spread: from 0.1
Leverage: Up to 1 : 1000
Regulation: FCA (UK), CySEC (Cyprus), FSCA (South Africa), FSC (Mauritius)
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hotforex market review on forex trading Min Deposit: $100
Spread: 0.0
Leverage: 1:30
Regulation: CySEC, FCA, DFSA, FSCA
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Min Deposit: $5
Spread: From 0 Pips
Leverage: 888:1 “*This leverage does not apply to all the entities of XM group.”
Regulation: ASIC, CySEC, IFSC
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Min Deposit: $200
Spread: 5 Pips
Leverage: 600:1
Regulation: Reg1|REg2
200% up to $5000 Visit Broker
Min Deposit: $100
Spread: From 0.2 Pips
Leverage: 500:1
Regulation: FSA (Saint Vincent and the Grenadines), CySEC
50% bonus on each deposit Visit Broker
Min Deposit: $10
Spread: From 0 Pips
Leverage: 1:30
Regulation: CySEC, IFSC
$140 to your account Visit Broker
Min Deposit: $1
Spread: From 0 Pips
Leverage: 1:30
Regulation: CySEC, FCA, SFSA
35% of the account Deposit Visit Broker
Min Deposit: $100
Spread: Starting 0 Pips
Leverage: up to 400:1
20% welcome bonus Visit Broker
Min Deposit: $1
Spread: floating, from 0 pips
Leverage: 1:30
Regulation: FCA UK reference number 579202
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Min Deposit: $200
Spread: 0.3 pips
Leverage: 30:1
Regulation: ASIC Australia, FCA UK, CYSEC, BaFIN, SCB, DFSA, CMA
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ForexTime (FXTM) is a trading platform that mainly focuses on foreign exchange. Its this level of specialization that allows FXTM to rise above others with regards to Forex-focused trading tools and platforms. The CFDs are available in over 50 currency pairs including exotic, minor, and major pairs. Founded in 2011, FXTM is headquartered in Cyprus and the minimum you can deposit is $10.

FXTM spreads are pretty competitive across various platforms with 24-hour trading open five days per week. Like Plus500, FXTM is licensed and regulated around the world by regulatory bodies such as Cyprus Securities and Exchange Commission, the Internal Financial Services Commission, among others.

Pros And Cons


  • Meta Trader 5 and Meta Trader 4 platform support
  • Competitive spreads
  • Supports more than 250 products to trade around the world including Forex, cryptocurrency CFDs, indices, shares, and commodities.


  • No native macOS app
  • Low maximum order size


Founded back in 2008, Plus500 is a publicly-traded company that also sponsors Atletico Madrid, a popular Spanish football club. The Plus500 trading platform is owned and managed by Plus500 UK Limited, which is licensed by the UK Financial Conduct Authority.

The Forex brokers trading platform is available in over 50 countries and is licensed and regulated across the globe by the Israel Securities Authority (ISA), the Monetary Authority of Singapore (MAS), the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC).

Pros And Cons


  • Multilingual support service
  • User-friendly trading platform
  • Commission-free trading
  • Over 2500 CFDs to trade on
  • Multiple regulations across the globe – ISA, MAS, ASIC, CySEC, FCA


  • Trader education and market news missing
  • No telephone support


XTB is a popular CFD platform that supports Forex, cryptocurrencies, ETF CFDs, stock CFDs, and commodities. With regards to Forex, CFD supports 48+ currency pairs with competitive low-cost spreads. XTB customers can choose between trading on the MT4 or xStation 5 platforms. This Forex brokerage offers a leverage of up to 200:1.

Pros and cons


  • Low spreads
  • A selection of more than 3000 trading instruments across 6 asset classes
  • Choose between 2 superb trading platforms (MT4 platforms or xStation 5 platforms).


  • No 24/7 customer support
  • Few Forex pairs

IG Markets

IG is a leading giant when it comes to retail traders. It serves more than 239,000 clients across the globe and has access to 17,000+ markets. Having been in operation for over 45 years, it’s a place where Forex traders come and go. The fact that IG Markets has been able to stay afloat for all those decades is a testament to their deep commitment and trust in the industry. IG Markets offers US Forex traders an award-winning trading platform. Not to mention it has mobile apps for Android and iOS devices. Moreover, IG is considered a top Forex broker for newbies since it has a detailed online trading academy with live webinars and on-demand videos to equip traders with the knowledge they need to succeed in online trading.

Pros And Cons


  • Excellent educational tools for new traders
  • Autochartist signals combined with a proprietary web-based platform
  • High-quality trading platforms including the MT4
  • Wide range of assets for a trader
  • Accepts US clients
  • Wide range of offerings


  • Limited withdrawal and deposit options
  • High minimum deposit limits

Are you looking for the best Forex broker in the United States? If so, a truly global market giant like must be on your list. If you live in the US, you can rest assured that meets all the regulations and rules that are required for a Forex broker to accept US clients. Owned and managed by Stonex Group, is a publicly-traded company in the NASDAQ exchange, which means it must meet all the highest standards of disclosure, financial reporting, and corporate governance. Also, offers a highly advanced trading platform with integrated trading tools and sophisticated features designed for serious Forex traders. is excellent for trading platforms, regulatory compliance, and trading software that offers ultrafast execution speed.

Pros And Cons


  • Choice of account types
  • Good reputation
  • Islamic account available
  • Low minimum deposit limits


  • High withdrawal fees


OctaFX is a renowned Forex and CFD trading platform that focuses on competitively priced spreads. It supports cTrader, MT4, and MT5 trading platforms.

Founded in 2011, OctaFX offers Forex ECN trading and CFD trading on cryptocurrencies, Metals, and Indices, across the Meta Trader suite of different trading platforms for OctaFX Trading App, Mobile (iOS and Android), Web (Mac and Windows), and Windows Desktop.

Although the cTrader offers low costs, it demands lots of experience. So, if you’re a new trader, you should be better off trading at the OctaFX utilizing MT4, which supports small amounts.

Luckily, the features and services provided by the OctaFX are designed for both novice and highly experienced traders, with access to Meta Trader 4 and Meta Trader 5 accounts. It also comes with a good range of training tools.

Pros And Cons


  • Trade on MT5 and MT4 across mobile, web, and desktop
  • Users can easily access the Forex ECN with a 1:500 Leverage
  • Wide variety of trading accounts (Sharia, Pro, ECN, Micro) for novices and highly advanced traders
  • Access a wide range of training tools, bonus promotions, and copy trading


  • Limited deposit options
  • Only 28 currency pairs


Since it was founded in 2010, Pepperstone has established itself as a reputed Forex broker, building a competitive and full-featured trading portal that focuses on Forex, commodities, cryptocurrencies, metals, indices, and shares.

Pepperstone offers easy access to Forex markets, allowing the trader to focus on less sophisticated tasks of trading. Essentially, Pepperstone is a perfect Forex broker for traders who want multiple types of accounts, a wide range of user interfaces, manageable low-cost offerings, and superb customer support.

Pros And Cons


  • Wide range of low-cost offerings
  • Regulated by the FCA
  • Low FX spreads
  • Provides protection for accounts belonging to UK clients


  • No guaranteed stop loss
  • Doesn’t accept US traders


CMC Markets

Founded in 1989, CMC Markets (CMC) is a reputed, highly regarded, and publicly traded UK Forex broker that has established itself as a leading online brokerage landscape. CMC is listed on the LSE (London Stock Exchange) with CMCX as the ticker symbol. Unfortunately, CMC doesn’t accept US Forex traders.

It’s a top Forex trader for different kinds of traders, from the newbie retail traders looking to venture into the trading space of spread betting, CFDs, and Forex, to highly experienced traders looking to a wide range of products. The company’s fees are pretty competitive in the industry and rank pretty high on our list.

Pros And Cons


  • Provides protection for trader accounts
  • Industry-leading research amenities
  • Emphasis on customer service and education
  • Regulated by FCA
  • Wide range of offerings


  • Doesn’t accept US traders
  • Higher CFD spreads for specific indices


Owned and managed by BDSwiss Holding Ltd, BDSwiss was established in 2012. The company is licensed and regulated by the Mauritius Financial Services Authority (FSC), Financial Services Authority (FSA), and the Cyprus Securities and Exchange Commission (CySEC).

BDSwiss provides clients unlimited access to trade on over 250 financial instruments covering Forex, indices, shares, and commodities all through the company’s proprietary WebTrader platform and globally recognized MetaTrader 5 and MetaTrader 4 platforms.

Pros And Cons


  • Offers an extensive range of third party tools and platforms
  • Good customer support
  • Good research materials
  • Perfectly designed proprietary platforms


  • High inactivity fees
  • Don’t accept clients from the USA, UK, and EU


FXCC was launched back in 2010 and operates as the brand name of the FX Central Clearing Limited that’s licensed and authorized by the Cyprus Securities and Exchange Commission (CySEC).

FXCC offers traders access to trade on over 100 financial instruments covering Forex, Cryptocurrencies, Energies, Metals, and Indices all through the renowned MT4 platform.

Clients are offered a type of account called ECN XL that includes variable spreads from 0.0, up to 1:500 leverage, a $50 minimum deposit, free funding, and commission-free trading. Demo and Islamic accounts are also available.

Pros And Cons


  • Tons of training and research materials
  • Over 100 markets to trade on
  • Commission-free trading
  • Islamic accounts are also available


  • High withdrawal fees
  • Offshore regulation


Next on our list of top Forex traders is Nadex, which presents remarkable and unique offerings. Nadex offers an extensive period to trade. These include short-term intraday contracts, through to weekly and daily durations. This offers a superb deal of flexibility that satisfies different trading styles. Nadex is authorized and regulated by the CFTC (Commodity Futures Trading Commission). The member funds are usually held in separate accounts in major USA banks. The free demo account allows users to test drive their services.

Pros And Cons


  • Great reputation
  • Offers knockouts, call spreads, and binary options
  • Real-time view with reports and performance metrics
  • Open to US clients
  • Helpful tutorials


  • No mobile app
  • Derivatives only

XM Group

XM is a reputable Forex trading platform that completely removes all doubts behind order execution while offering high compatibility levels with MetaTrader 4 and MetaTrader 5. Investors wishing to trade ETFs and Cryptos should opt for any other Forex trader because this won’t be possible with XM Group. However, there’s still an impressive selection of assets to trade on XM. Traders of different experience levels can easily learn to skillfully trade using the platform’s exclusive educational suite. Moreover, for any questions, the friendly XM team is always ready to promptly respond in the correct language, even though the support is only available five days per week. Overall, XM really shines in all areas that are important for the traders who value cost efficiency and accuracy over other perks.

Pros And Cons


  • Beginners training tutorials and live analysis
  • Lightning-fast execution
  • Nonexpiring demo account
  • No commissions
  • Live chat support
  • High leverage
  • Wide range of crypto assets


  • Funding with PayPal is not available
  • Doesn’t support ETF trading
  • No cryptocurrencies


Exness represents a superb place for trading Forex, cryptocurrencies, and commodities for EU, UK, and international residents. It’s highly regulated and runs a secure and streamlined Forex trading environment, which instills full confidence in traders of different experience levels. These clients can choose to use highly popular platforms such as MT4 or MT5. The Forex market traders can trade using a lightweight web platform and enjoy excellent mobile execution.

Pros And Cons


  • Low minimum balances and tight spreads reduce financial commitment
  • Variety of account types including Islamic, ECN, Mini, and Classic
  • Highly regulated with reputed regulators including CySEC, FCA, and others
  • A wide range of financial instruments including 120+ Forex pairs
  • Superb customer support through live chat, phone, and email


  • Leverage of up to 1:30

Choosing a Forex broker

The foreign exchange market is a favorite amongst highly experienced traders. It’s a decentralized Over Counter (OTC) market for trading foreign currencies. The market usually determines the exchange rate for all currencies. This includes different aspects of exchanging, selling, and buying currencies, both at current and determined prices. The Forex trader is usually an intermediary. This broker provides Forex traders with the platform for undertaking Forex trading. The transactions are always comprised of a pair of 2 currencies.

Do You Need A Broker?

Wondering whether you need a Forex broker? It’s best if you start by asking yourself: is Forex trading for me?

Who Needs A Forex Broker?

Every Forex trader needs a Forex trader. Forex trades are usually managed on international exchanges and only members of these exchanges and brokers can conduct the trades. As a Forex trader, you need a broker to have a good platform for trading Forex.

A specialized Forex broker is an individual who solely focuses on Forex. If you’re really interested in Forex, a specialized Forex broker is a great choice. On the other hand, a non-specialized Forex broker is a broker that you can use to trade and invest in the local stock market. Having a Forex broker is more convenient, both monetarily and technologically, to have your platforms and money with the same Forex broker.

What To Look For In A Forex Broker?

Transaction Costs

You might be the most skilled Forex trader in the foreign exchange world, but the transaction costs can still put an unwarranted dent in your wallet and reduce your potential. The Forex broker’s transparency about their commissions and fees says a lot.

Deposits And Withdrawals

The hassle-free and timing nature of withdrawals and deposits is a very important aspect of a Forex broker. You want your funds fast. The Forex market is a pretty fast trading environment, and you cannot wait for weeks to have your deposit processed. The quick and effortless deposits are better.

Platform Technology

Most Forex brokers offer users a downloadable platform. You can easily download it on your PC or Mac, and the platform offers you unlimited access to the data, research, and markets. You’d be much better off if you choose a high-tech platform. The broker, who provides enough research, data, and commentary, whether self-generated or outsourced, is a great selection. Also, brokers may offer web or mobile trading for all interested customers.

User Experience

The execution of trades should be transparent, hassle-free, and fast. As a result, you need to check out the quality of the platform before you choose a specific Forex broker. You do not want to be frustrated with a trading platform because it’s always underperforming.

Customer Service

Essentially, customer service is a crucial indicator of trading quality. The customer service that’s upfront and responsive is the sign of a great Forex broker. Superb customer support service can make a huge difference and it’s an important factor if you wish to keep your customers loyal.


Regulation is very important. Regulatory bodies like the National Futures Association (FTA) and the Commodity Futures Trading Commission (CFA), watch for misconduct amongst Forex brokers. These regulatory bodies offer protection to users. Every country has its licensing bodies; the CFA and FTA are the Americas.

How Do I Know If A Forex Broker Is Regulated?

The top Forex trader lists its regulation at the bottom of the site. If it isn’t located at the bottom of the website, it might be in the company’s information hyperlinks. You can read reviews of the Forex brokers to find out whether they are regulated.


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Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. Top5forex will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.