Best Forex Brokers

The forex market is the world’s largest and most liquid market, with currency worth trillions changing hands every day. Forex trading is also complex, with prices changing on a second-by-second basis. But how do you begin forex trading? This is where forex brokers come into the picture.

Forex brokers allow traders to speculate on the future value of currency pairs, such as the USD/GBP and the EUR/JPY. Before beginning trading, you must select a broker offering tradeable markets with low fees, leverage, charting tools, and research materials. This guide will look at the 10 best forex brokers and how you can begin forex trading.

We will also understand how we selected the brokers on our list. Additionally, we will look at what each platform offers, their fees, and how you can create a trading account on one of these platforms.

Best Forex Brokers: Key Points 

  • The foreign exchange market acts as a global marketplace for exchanging national currencies. 
  • Different currencies trade against one another as exchange rate pairs. For example, the EUR/USD currency pair pits the euro against the US Dollar. 
  • Forex markets typically exist as spot and derivatives markets. These offer forwards, futures, options, and currency swaps. 
  • The forex market is open 24 hours a day for five and a half days a week and is responsible for trillions in daily trading activity. 
  • Forex trading can provide high returns but also carries the risk of heavy losses. 

Best Forex Brokers & Trading Platforms 2024

Looking to trade forex right now via the best forex brokers? If so. check our our online forex brokers and trading platform list below:

  1. eToro The overall best forex broker & trading platform in 2024
  2. AvaTrade – Highly regulated forex broker that offers support for MT4 and MT5
  3. Interactive Brokers – Top forex broker for tight spreads and deep liquidity
  4. Capital.com – Leading forex platform that charges 0% commission
  5. Forex.com – Specialist broker for US-based traders
  6. E Trade – Excellent forex broker for currency futures
  7. Skilling – Forex platform with spreads starting from 0.1 pips
  8. XTB – One of the best forex trading platforms
  9. TD Ameritrade – One of the best forex brokers for experienced traders
  10. GO Markets – Highly secure forex broker with spreads starting from 0.0 pips

Best Forex Trading Platforms Reviewed 

The market is awash with forex brokers that allow traders to buy and sell currency pairs. These brokers also give full access to the MetaTrader suite, supporting MT4 and MT5. However, each forex broker is different, so you must research before selecting a broker.

When choosing a forex broker, factors worth considering include commissions, account types, supported markets, minimum deposits, trading tools, and several other factors.

With that in mind, let’s start our detailed review of the ten best forex traders in 2024 in the market.

1. eToro – Overall best forex broker & trading platform in 2024

eToro is our pick for the best overall forex broker, offering low fees, multiple currency pairs, and a user-friendly interface. The online broker, also chosen as the best investing app, was launched in 2007 and has a user base of over 30 million users. The platform gives you access to 49 forex pairs and offers among the highest leverage in the market.

eToro Forex Broker

The platform offers major, minor, and exotic currency pairs and does not charge traders commissions. Instead, you pay a competitive spread that starts from 1 pip per slide. This makes eToro one of the cheapest platforms to trade forex. Opening an account on eToro is straightforward and takes just minutes. You also don’t have to pay a deposit of transaction fees if you make a deposit using USD.

eToro offers retail users leverage of up to 1:30 on major forex pairs. Meanwhile, minor and exotic pairs come with a leverage of up to 1:20, allowing traders to amplify their positions and profits significantly. However, remember that leverage comes with risks.

eToro’s trading platform is also highly user-friendly. You can easily search for a forex pair through the search box or browse through the list of supported currencies in eToro’s Discover section. To place a trade, enter your stake and confirm your order. You can also apply limits, stop-loss orders, and take-profits.

eToro Copy Trading  

If you are new to forex trading or do not have the time to research and invest, you can use eToro’s Copy Trading feature. The platform’s Copy Trading feature can be a viable alternative to managed forex accounts. Copy Trading allows you to mirror the trades of experienced and successful traders on eToro. Let’s understand how Copy Trading works with the help of an example.

eToro Copy Trading Platform

Suppose you have selected a trader to copy on the platform and decide to invest $2000 into them. The trader allocates 5% of their portfolio on a EUR/GBP long position. This means $100 from your stake of $2000 will be allocated towards this trade. Traders on eToro can also check best forex signals, which tell market analysts when traders can enter or exit a position.

eToro App And Demo Account 

eToro is also popular for its mobile app, compatible with both Android and iOS. The app allows you to make deposits and withdrawals, open and close forex trades, and check your portfolio. You can also access other features available on the app and trade on the go.

The eToro platform also offers a demo account, which comes loaded with $100,000 in paper funds. It also provides one of the best forex cent accounts, starting with a minimum lot size of 0.01. eToro accepts several deposit methods, such as debit/credit cards, bank wire transfers, Skrill, and Neteller.

Opening an account on eToro is simple. All you must do is create an account and submit some personal details. You will also have to submit a copy of your government-issued ID. Once you have opened your account, you can instantly deposit through MasterCard, Visa, Maestro, Neteller, PayPal, or Skrill. The platform also supports ACH and bank wire transfers.

Regulation 

eToro is a highly secure platform and is regulated by several regulatory bodies. These include the SEC, FCA, ASIC, and CySEC. The platform also offers the best forex bonus offers in the market, giving traders a $250 bonus if they deposit $5000 or more in their trading account.

Check out our full eToro review.

Trading Commission  0%
Spread Starts from 1 pip
Minimum Deposit $10
Broker Type Market maker/STP
Platform Web-based platform and mobile app
Forex Pairs 49
Swap Rate 1% markup
Islamic Account Yes
Maximum Leverage 30:1
Account Types  Standard lots

Pros & Cons Of eToro Forex Broker

Pros:
  • Does not charge a fee on deposits made in USD
  • Offers the best forex trading app in the market
  • Overall, the best forex trading platform
  • One of the best Islamic brokers in the market
  • Low trading fees starting from just one pip
  • Thousands of commission-free stocks on offer
  • Offers cryptocurrency trading
  • Copy trading
  • Allows traders to access Fibonacci sequences and several other technical indicators through ProCharts
Cons:
  • Does not support third-party trading bots

78% of retail investor accounts lose money when trading CFDs with this provider.

2. AvaTrade – Highly regulated forex broker that offers support for MT4 and MT5

AvaTrade is one of the best forex brokers for active traders. The AvaTrade business was launched in 2006 and has become quite popular thanks to its low-fee forex trading services. Several regulatory bodies, including the ASIC, FCA, FSCA, and the Central Bank of Ireland, regulate the platform.

It offers trades 55 currency pairs to trade with, allowing clients to open positions using MT4, MT5, and its web-trader app.

AVA Trade Forex Broker

AvaTrade offers its currency pairs via CFDs and does not charge a commission when opening or closing a trade. Spreads are tight, going as low as 0.9 pips for highly liquid pairs such as the EUR/USD. The platform also offers users a demo account and a selection of FX-based vanilla options. It is also considered one of the best PAMM account forex brokers of 2024.

AvaTrade’s minimum deposit is higher than eToro’s, at $100. However, account funding is entirely free, with the platform supporting six base currencies. Withdrawals are free as well and take three business days to complete. Additionally, AvaTrade offers a dedicated educational section containing articles, tutorial videos, and webinars.

Trading Commission  0% commissions
Spread Starts from 0.9 pips
Minimum Deposit $100
Broker Type CFD (market maker)
Platform Web trader, mobile app, MT4, MT5
Forex Pairs 55
Swap Rate Varies between 0.4% and 2.8%
Islamic Account Yes
Maximum Leverage 30:1
Account Types  Standard lots

Pros & Cons Of AvaTrade Forex Broker

Pros:
  • Present and regulated in several jurisdictions
  • Offers a free demo account
  • Does not charge commission on forex trades
  • Supports MT4 and MT5
Cons:
  • The minimum spread is on the higher side

78% of retail investor accounts lose money when trading CFDs with this provider.

3. Interactive Brokers – Top forex broker for tight spreads and deep liquidity

Interactive brokers is another top-rated online forex broker than enables clients to trade forex via CFDs. The platform is well known for its extensive stocks, ETFs, and mutual funds offerings. However, the platform is also known as one of the best places to trade forex in the US. Opening an account on the platform gives you access to over 100 forex pairs.

Interactive Brokers

Interactive Broker’s selection of forex pairs includes major and minor pairs and a plethora of exotic currencies. Thanks to the size of interactive brokers and the markets the platform can access, traders have access to deep liquidity. The platform also offers competitive fees, with the commission ranging between 0.08 and 0.20 BPS (basis points).

Interactive Brokers does not charge extra spreads or markups to the fees already listed when setting up an order. Another advantage the platform offers is access to the highly advanced FXTrader platform. This platform gives users various useful features such as custom order types, real-time streaming quotes, up and down indicators, and risk-management tools.

Trading Commission  Starts from 0.08 BPS
Spread No hidden spreads
Minimum Deposit $0
Broker Type ECN and STP execution offered 
Platform FXTrader web-based platform
Forex Pairs Over 100
Swap Rate Average rate of 1%
Islamic Account No
Maximum Leverage 50:1
Account Types  Standard lots

Pros & Cons of Interactive Brokers 

Pros:
  • Over 100 currency pairs.
  • Deep liquidity
  • A highly advanced trading platform
Cons:
  • The platform’s pricing structure can be confusing
  • Not suitable for beginners

4. Capital.com – Leading forex platform that charges 0% commission

The next platform on our list of best forex brokers in 2o24 is Capital.com. Capital.com is widely regarded as one of the best scalping and low-margin rate brokers. The platform offers traders access to various markets, including the forex market.

However, US traders cannot create an account on the platform thanks to regulations on CFD trading. Traders from other countries can trade 139 forex pairs on the platform, including minor and exotic pairs.

Forex Pairs

Because the currency pairs are traded using CFDs, all fees are built into the spread. Spreads vary depending on the currency pair and can go as low as 0.6 pips for the EUR/USD during peak trading hours.

The platform does not charge any commissions when placing a trade. It also does not charge any deposit, withdrawal, or inactivity fees. Capital.com offers users over 100 currency pairs, including the most volatile forex pairs in the market.

It also offers real stocks and CFD stocks at 0% commission. Capital.com accepts an array of deposit modes and supports five base currencies. Deposits are accepted via credit/debit cards, bank transfers, PayPal, and Apple Pay. The minimum deposit is only $20, and the account opening process is fully digitized. Forex traders can trade forex on Capital.com using its web platform or MT4. This ensures the platform is an option for traders of all experience levels.

Capital.com is a highly secure platform, thanks to being regulated by several regulatory bodies. These include the FCA, NBRB, FSA, and the CySEC.

Trading Commission  0% commission
Spread Starts from 0.6 pips 
Minimum Deposit $20
Broker Type CFD
Platform Web-based platform, mobile app, MT4
Forex Pairs 138
Swap Rate 3% +/- LIBOR
Islamic Account No
Maximum Leverage 30:1
Account Types  Standard lots 

Pros & Cons Of Capital.com 

Pros:
  • Offers 138 forex pairs
  • 0% commissions when opening trades
  • Supports MT4
  • Zero deposit and withdrawal fees
  • Offers the best micro forex accounts with tight spreads
Cons:
  • Does not accept US-based clients

78% of retail investor accounts lose money when trading CFDs with this provider.

5. Forex.com – Specialist broker for US-based traders

Forex.com is one of the best forex brokers in the market today for US traders. The Forex.com platform was launched in 2001 and has established itself as a secure and popular platform that offers over 80 forex pairs at highly competitive fees. You also do not have to pay trading commissions when buying or selling forex pairs. Spreads start from 0.5 pips per slide on major markets and currency pairs.

Forex.com Broker

Forex.com’s forex trading facility operates on a 24/5 basis. What’s more, Forex.com also supports several platforms across multiple devices. This includes MetaTrader 5 integration, which is excellent for traders seeking access to high-level trading tools. You can also access Forex.com’s web trader and a dedicated mobile app for Android and iOS.

Forex.com also offers a dedicated trading academy, which comprises an array of courses and educational material. The platform is also regarded as one of the best forex trading platforms for real-time news. You can access updates and market insights on key developments throughout the day.

Trading Commission  0%
Spread Starts from 0.5 pips
Minimum Deposit $100
Broker Type Offers users DMA and STP accounts
Platform Offers web trader, dedicated mobile app, and MetaTrader 
Forex Pairs Over 80
Swap Rate 0.0 pips
Islamic Account Yes
Maximum Leverage 50:1
Account Types  Micro lots and standard lots

Pros & Cons Of Forex.com

Pros:
  • Supports over 80 forex pairs
  • A dedicated forex trading platform for US-based traders
  • Exotic pairs often come with high spreads
Cons:
  • It does not offer weekend trading

78% of retail investor accounts lose money when trading CFDs with this provider.

6. E Trade – Excellent forex broker for currency futures

E Trade is an excellent forex platform for experienced traders looking to trade currency futures. The platform also supports several currency futures that cover major currencies such as EUR, CAD, GBP, and NZD. Minimums and tick values depend on the futures contract chosen by you.

The platform offers its futures marketplace starting from just $1.50 per contract. Additionally, you can place orders 24 hours a day for six days a week.

ETRADE Broker

Traders on a budget will be happy to know that pattern-day trading rules do not apply to E-Trade. Additionally, you can also access margin. However, according to SEC regulations, this requires a minimum deposit of $2000.

Apart from currency futures, E Trade is also an excellent platform to buy stocks with low fees. This is because traders on the platform can invest in US-listed equities at 0% commission.

Trading Commission  Starts from $1.50 per contract
Spread Built into the bid/ask price
Minimum Deposit $0
Broker Type Securities broker 
Platform Web trader + mobile app
Forex Pairs 9 currency futures markets
Swap Rate N/A
Islamic Account No
Maximum Leverage Margin up to 50%
Account Types  N/A (Just currency futures markets)

Pros & Cons Of eTrade 

Pros:
  • Buy and sell futures start from just $1.50 per contract
  • An excellent broker to trade currency futures
Cons:
  • Futures are not suitable for beginners
  • Does not offer forex spot trading markets

7. Skilling – Forex platform with spreads starting from 0.1 pips

The next platform in our list of best forex brokers is Skilling. Skilling is a Scandinavian-owned fintech firm that offers over 900 financial instruments. It also offers an extremely user-friendly and beginner-friendly online platform.

The CySEC regulates the platform, and traders can trade currency pairs through MT4 should they choose to. There are over 70 currency pairs available on the platform, all at 0% commission.

Skilling Forex Broker

Unlike other brokers, Skilling has no hidden charges; all fees are incorporated into the bid/ask spread. Spreads start as low as 0.7 pips when using a standard account. However, the platform also offers a premium account where spreads go as low as 0.1 pips. The maximum leverage on offer on each account is 30:1, along with negative balance protection and scalping services.

Skilling also offers micro lot trading, allowing users to open positions from as little as 0.1 lots. The platform accepts a number of payment methods, such as credit and debit cards, along with e-wallets, such as Skrill and Neteller.

The minimum deposit at Skilling is $100. However, clients who open a premium account must meet a $5000 minimum deposit threshold.

Trading Commission  0% commission
Spread Starts from 0.7 pips on standard account, 0.1 pips on premium accounts.
Minimum Deposit $100 ($5000 for premium account)
Broker Type STP
Platform Web trader, cTrader app, MT4
Forex Pairs Over 70
Swap Rate Varies depending on the account type
Islamic Account No
Maximum Leverage 30:1
Account Types  Standard lots, micro lots

Pros & Cons Of Skilling Forex Broker

Pros:
  • Supports cTrader and MT4
  • Offers negative balance protection
  • An extremely user-friendly trading platform
  • Premium account spreads start from 0.1 pips
Cons:
  • Does not support US-based traders

78% of retail investor accounts lose money when trading CFDs with this provider.

8. XTB – One of the best forex trading platforms

XTB is an established trading platform and one of the best forex brokers for beginners. The XTB is a hugely popular forex trader with one of the best forex-specific trading platforms. Traders can access its xStation 5 trading software for mobile and web through MetaTrader.

However, xStation 5 is better and offers the same advanced charting and auto-trading capabilities as MetaTrader. XTB’s mobile app is also extremely user-friendly, allowing traders to check the market when on the move.

XTB Forex Broker

XTB offers 48 currency pairs, with spreads starting as low as 0.1 pips. The platform does not require a minimum deposit when creating a new trading account. Furthermore, traders can access leverage of up to 500:1 on major forex pairs. XTB also has a market news feed and an economic calendar. However, it only offers a little in terms of other analysis tools. Traders can also access a free demo account.

Trading Commission  None
Spread Starts from 0.1 pips
Minimum Deposit None
Broker Type CFD
Platform Web-based platform and mobile application
Forex Pairs 48
Swap Rate Varies depending on the currency pair
Islamic Account Yes 
Maximum Leverage 500:1
Account Types  Micro lots 

Pros & Cons Of XTB Forex Broker

Pros:
  • Supports the xStation 5 trading platform
  • Leverage of up to 500:1
  • Free demo account
  • Spreads starting from 0.1 pips
Cons:
  • Does not offer professional market analysis

9. TD Ameritrade – One of the best forex brokers for experienced traders

TD Ameritrade is a CFD broker than supports all forex trading pairs. The TD Ameritrade allows brokers to trade currencies commission-free, with no hidden spreads. Instead, the fees are built into the bid/ask price. TD Ameritrade offers over 50 trading pairs spread across majors, minors, and exotics. It also offers highly competitive fees.

TD Ameritrade Commodities Broker

However, one point to remember is that its native trading platform, thinkorswim, is better suited for seasoned investors rather than beginners. However, if you are an experienced trader, the thinkorswim platform is all you can ask for. Thinkorswim offers real-time economic news and forex developments, technical indicators, customizable charting screens, currency trading maps, and more.

You can access thinkorswim through its desktop software or web browser. It also comes as a dedicated mobile app for Android and iOS.

Trading Commission  0%
Spread Built into the spread/ask price 
Minimum Deposit $0
Broker Type Standard FX account
Platform Web trader (thinkorswim)
Forex Pairs Over 50 
Swap Rate 1.25%
Islamic Account No
Maximum Leverage 50:1
Account Types  Standard lots 

Pros & Cons Of TD Ameritrade 

Pros:
  • An excellent broker for seasoned investors
  • Offers the highly advanced thinkorswim trading suite
Cons:
  • The spreads are not published
  • The platform is not suitable for beginners

10. GO Markets – Highly secure forex broker with spreads starting from 0.0 pips

The final option to consider on this list of the best forex brokers in the market today is GO Markets. GO Markets is an Australian CFD broker that offers over 50 forex pairs. The platform began operations in 2007 and is regulated by the CySEC and ASIC.

This gives the platform a high level of security and credibility. GO Markets offers two types of accounts: a standard account and a GO Plus account. The standard account is ideal for casual traders, allowing commission-free trades.

Go Markets Forex Broker

The Go Plus account is targeted at more experienced and active traders and charges a commission of €2 per transaction. However, spreads can be as low as 0.0 pips. GO Markets also offers leverage of up to 500:1 in some jurisdictions. The platform caters to all users through a web platform, a dedicated mobile app, and MetaTrader 4. GO Markets also offers the MT4 Genesis, which adds a complete suite of tools to the MetaTrader client.

Thanks to the platform’s exceptional features, GO Markets has won several awards. These awards include the “Best Forex Fintech Broker” at the Global Forex Awards 2022. The platform also features a fully loaded educational hub that contains podcasts, free articles, and webinars designed to simplify the trading process.

Trading Commission  0% commission on standard accounts, €2 per trade on the Go Plus account.
Spread Starts from 0.0 pips on the GO Plus account.
Minimum Deposit $99
Broker Type CFD
Platform Web trader, mobile app, MT4
Forex Pairs Over 50
Swap Rate Varies between 0.3% and 2.5%
Islamic Account No
Maximum Leverage 500:1
Account Types  Standard lots and Micro lots

Pros & Cons Of GO Markets 

Pros:
  • The CySEC and ASIC regulate the platform
  • Offers leverage of up to 500:1 in some jurisdictions
  • Over 50 forex pairs
  • Different account types on offer
  • Spreads start as low as 0.0 pips on the GO Plus account
Cons:
  • Only a limited selection of alternative asset classes

Understanding Forex Trading 

The forex markets are the world’s most active and liquid markets. According to the available data, traders, businesses, and banks carry out over $6 trillion worth of forex transactions daily. The term forex originates in two different words: foreign (currency) and exchange.

Forex Trading

It is the process of exchanging money for a plethora of reasons, such as commerce, trading, and tourism. According to the Bank for International Settlements (BIS), the daily global volume for forex trading reached a staggering $7.5 trillion in 2022.

A single market exchange does not dominate the forex market. Instead, it consists of a global network of computers and brokers. Forex brokers act as market makers and post a bid and ask price for a currency pair. This bid and ask price may differ from the market’s most competitive bid.

The forex market comprises two levels: the interbank market and the over-the-counter (OTC) market. The interbank market sees large banks trade currencies for the purpose of hedging, balance sheet adjustments, and on behalf of their clients. On the other hand, the OTC markets allow individual traders to trade through online brokers and platforms. The forex market is open 24 hours a day, five and a half days a week, with currencies traded in all major financial centers.

How Does The Forex Market Work? 

The forex market is the only truly continuous and non-stop trading market in the world. Initially, these markets were dominated by institutions and large banks that traded on their clients’ behalf. However, the market has also seen an influx of retail traders in recent years, with traders of all experiences participating.

An interesting aspect of the forex market is that it does not consist of physical buildings that function as trading venues. Instead, the forex market is a series of connected terminals and computer networks. Participants in the forex market include investment banks, commercial banks, institutions, and retail investors.

The forex market primarily trades via the spot, forward, and futures markets. Out of the three, the spot market is the largest. This is because this market is the underlying asset on which the forwards and futures markets are based. The forward and futures markets are more popular with financial firms and companies that need to hedge their foreign exchange risks to a future date.

Spot Markets 

The spot market is where traders buy and sell currencies based on their trading price. This price is determined by their supply and demand and is calculated on factors such as: 

  • Economic performance 
  • Geopolitical sentiments 
  • Price speculation 
  • Current interest rates 

Finalized deals on the spot market are called spot deals. A spot deal can be described as a bilateral agreement in which one party delivers an agreed currency amount to the counterparty, receiving another currency at an agreed-upon exchange value. While the spot market is known for dealing with transactions in the present, the trades take two days to settle.

Forward Markets 

A forward contract is a private agreement between two trading parties. The two parties agree to buy a currency at a future date and at a predetermined price in the OTC market. Contracts are bought and sold over-the-counter, with the parties determining the terms of the agreement between themselves.

Futures Market 

A futures contract is a standardized agreement between two parties to take delivery of a currency at a predetermined price on a future date. Futures don’t trade over-the-counter, instead trading on exchanges. Futures contracts are bought and sold based on a standard size and settlement date on public commodities markets such as the Chicago Mercantile Exchange.

Comparing The Best Forex Brokers 2024

Minimum Deposit Forex Pairs Commission Spread Platform Max Leverage Account Types Offered Islamic Accounts? Swap Rate Broker Type
eToro $10 49 0% Starts from 1 pip Web based platform and dedicated mobile app 30:1 Standard lots Yes 1% Markup CFD (Market maker/STP)
AvaTrade $100 55 0% commissions From 0.9 pips Web-based platform + mobile app + MT4 + MT5 30:1 Standard lots Yes Between 0.4% and 2.8% CFD (Market maker)
Interactive Brokers $0 100+ From 0.08 BPS No hidden spreads FXTrader web-based platform 50:1 Standard lots No Average 1% ECN and STP execution offered
Capital.com $20 138 0% commissions From 0.6 pips Web-based platform + mobile app + MT4 30:1 Standard lots No 3% +/- LIBOR CFD
Forex.com $100 80+ 0% From 0.5 pips Web trader + mobile app + MT4 50:1 Standard lots + micro lots Yes 0.0 pips Offers DMA and STP accounts
E Trade $0 9 currency future markets From $1.50 per contract Built into bid-ask price Web trader + mobile app Margin of up to 50% N/A (just currency future markets) No N/A Securities broker
Skilling $100 ($5,000 for Premium account) 70+ 0% commissions From 0.7 pips (from 0.1 pips for Premium account) Web trader + cTrader app + MT4 30:1 Standard lots + micro lots No Varies depending on account type STP
XTB None 48 0% commissions From 0.1 pips Web-based platform + mobile app 500:1 Micro lots Yes Varies depending on pair CFD
TD Ameritrade $0 50+ 0% Built into bid/ask price Web trade (thinkorswim) 50:1 Standard lots No 1.25% Standard FX account
GO Markets $99 50+ 0% commissions on Standard account; €2 per trade on GO Plus+ account From 0.0 pips on GO Plus+ account Web trader + mobile app + MT4 500:1 Standard lots + micro lots No Between 0.3% and 2.5% CFD

Forex brokers offer different fees and minimums depending on the account you open. As a result, you must check your chosen account type and what it offers before proceeding.

Factors To Consider When Selecting A Forex Broker 

Selecting the best forex broker is critical before you risk any capital. One must consider several factors, such as supported markets, fees, account types and minimums, leverage, trading tools, regulations, and more. In this part of our guide on the best forex brokers, we will discuss the factors to consider when selecting a broker.

Access To Margin

Currency pairs generally see considerable movement throughout the day, indicating high volatility. If you don’t have access to significant capital, forex trading might not be viable for you. This is where access to margin comes into the picture.

If you use a forex broker that gives you access to margin, you can trade with more than what you have in your account. For example, in the US, retail clients can trade forex pairs with leverage of up to 1:50. Meanwhile, minor and exotic currencies have leverage capped at 1:20.

Forex Pairs 

Forex Pairs

Currency pairs are split into three primary categories: majors, minors, and exotics. Most forex brokers generally cover all major and minor currency pairs. You can focus on exotics if you are looking for higher gains and less volatile markets.

However, not all brokers give access to exotic currencies such as the Turkish Lira or South African rand. This is why you must ensure the broker supports the currency you wish to trade before signing up.

Regulation And Safety 

The most crucial step to consider is to check if your chosen platform is regulated. If it is regulated, check to see by whom. In the United States, the Commodities Futures Trade Commission (CFTC) and the National Futures Association (NFA) are tasked with regulating the forex industry.

Selecting a broker regulated by at least one of these regulatory bodies is prudent. This ensures you have selected a secure broker and can trade in fair market conditions.

Financial Instruments 

You must also check what type of financial instrument the platform gives access to. For example, eToro allows you to trade forex spot prices. This means the prices you see will indicate live market prices and conditions. However, other platforms offer access to currency derivatives. This means you will have to speculate on the future price of the currency in question.

Payment Methods

Before you begin trading, you must deposit funds into your account. The best forex brokers offer a plethora of payment methods for your convenience. For example, our pick for the best forex platform, eToro, supports several payment modes.

These include bank wire transfers, ACH, debit/credit cards, and eWallets like Neteller and PayPal.

Demo Trading Account 

Demo Account

The best forex brokers in the market also offer traders a demo account. This allows you to test out forex trading strategies or get used to trading without risking funds. The demo account mirrors live market conditions. This means you will be trading paper funds. This is ideal for beginners who are trading for the first time and for experienced traders to test out different strategies.

Fees 

Forex trading fees focus on commissions and spreads.

Commissions

If the broker requires you to pay a commission, a fee will be deducted depending on the trade size. Let’s understand commissions better with the help of an example.

  • Let’s assume your chosen broker charges a commission of 0.2% per slide. 
  • You decide to stake $2000 on the EUR/GBP currency pair for your trade. 
  • To enter this position, the broker will charge you a commission of $4.
  • You decide to close your position at $2200. 
  • This means you must pay the broker a commission of $4.40 to close the trade.

However, some brokers charge a flat commission on their premium accounts. This commission is generally $50 for every $1 million traded, which is highly competitive.

Spreads 

Some brokers on our list of best forex brokers do not charge commissions. Instead, they operate using a spread-only pricing model. Let’s take eToro as an example. This platform allows you to trade forex on a commission-free basis.

You will have to pay a minimum spread of 1 pip per slide. For those out of the loop, a pip stands for percentage in point and is equal to one-hundredth of a basis point.

The lower the spread, the better the trading profits. This is because the spread is the difference between your broker’s bid and ask price. This is why the spread must be as tight as possible.

Non Trading Fees 

You must also be aware of the non-trading fees your preferred broker charges. Non-trading fees generally consist of fees charged when you deposit or withdraw funds.

Trading Platforms 

Another important factor to consider is the type of trading platform that would suit your forex trading goals. For example, eToro is one of the best forex brokers for beginners and retail traders. This is because its web trading platform is user-friendly and easy to navigate.

You can place an order by adding your stake and determining if the currency pair in question will rise or fall in value.

On the other hand, if you are an advanced trader, You may want an advanced forex broker that offers compatibility with platforms such as MT4 and MT5. These third-party platforms offer traders highly advanced technical indicators and charting tools. 

Tools And Features 

The best forex brokers will offer tools and features that can enhance your trading experience. Platforms such as eToro offer real-time pricing charts along with technical indicators. It also offers traders news and market updates throughout the day. However, the best feature of the platform is its Copy Trading feature.

This feature allows you to mirror the trades and positions of experienced and successful traders on eToro. As a result, you can trade forex and earn an income passively.

Customer Service 

It is vital to choose a forex broker that offers prompt customer service. Suppose you need assistance when trading; first-class customer support is a must. The best forex brokers offer customer support on a 24/5 basis.

You can reach out to customer support via live chat and telephone. This allows you to get your problems addressed in real-time. However, some forex brokers only offer support via email. As a result, you may have to wait several hours or even days for a response.

Minimum Deposit

It is also prudent to check the minimum deposit required by your chosen forex broker before opening an account. Some brokers allow you to open an account without requiring a minimum deposit. However, some platforms require a minimum deposit that can sometimes go up to $2000. You should avoid that broker if the minimum deposit is too high for your budget.

Mobile App 

eToro App Review

The forex market is a fast-moving market, and prices can change in a moment. This is why you must choose a forex broker with a dedicated mobile app. A mobile app lets you check your portfolio and enter or exit a position while moving. The best forex brokers offer a dedicated and highly functional mobile app.

How To Start Forex Trading

In this section of our guide to the best forex brokers, we will look at how you can start forex trading. In this example, we will open a trading account on eToro.

We chose eToro because it is our pick for the best forex trading platform. It offers low fees and account minimums and supports several major, minor, and exotic currency pairs. Let’s get started.

Step 1: Open An Account On eToro

Sign up via etoro 

The first step is to open an account on the eToro platform. Head to the eToro website and click on “Create account.” You will also have to provide your contact details and personal information. Remember to choose a username and create a strong password before verifying your credentials.

Step 2: Upload Your ID 

Once you have created your account, you must verify it before you can begin trading. To do this, you must upload a copy of any government-issued ID card and a proof of address.

Step 3: Deposit Funds 

Deposit funds on eToro

Once your account has been verified, you can deposit funds. eToro has a minimum deposit of $10. However, US-based users don’t have to pay a deposit fee. The platform supports several payment methods, such as credit/debit cards, ACH, bank wire transfers, and e-wallets, such as Neteller and PayPal.

Step 4: Search For Forex Pairs

Search for forex pairs 

Once you have deposited funds, you can begin forex trading. Use the search box to find the forex pair you wish to trade. In the image below, you can see that we have searched for the EUR/USD currency pair.

Alternatively, you can click on the “Discover” tab and then click on “Currencies” to browse all the forex pairs supported by eToro.

Step 5: Start Trading Forex Pairs

Trade Forex via eToro

After you select your currency pair, the order box will appear on the screen. Here, you must specify your stake. In this example, we have staked $50 at a leverage of 1:30. This means the total value of the trade is $1500 when factoring in leverage.

You can easily customize your trades if you don’t wish to trade with leverage. You can also set up a limit, stop-loss, or take-profit order. For our example, we have used a standard market order.

Conclusion – Best Forex Brokers 2024

This wraps up our guide on the best forex brokers. Our guide found that eToro is the best broker for forex trading. Users on the platform can buy and sell forex pairs, with spreads starting from just 1 pip. The platform is highly regulated and offers a safe trading environment. Additionally, the platform has a minimum deposit requirement of just $10 if you are a US-based user.

Author Checked Reviewed and Fact Checked by Wajeeh Khan, Fintech, Blockchain Writer and Investment Analyst.

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FAQs Best Forex Brokers 2024

Which Are The Biggest Forex Brokers In The World? 

The world’s biggest forex brokers by measuring trading volumes are XM and Forex.com. Additionally, all of the forex brokers in our list offer high liquidity.

The best forex broker for MT4 is IG. The IG forex platform offers traders over 80 currency pairs.

According to our guide, eToro is the best broker for forex trading. Apart from being highly regulated and offering low fees, the platform also requires a minimum deposit of $10.

eToro is the best forex broker for forex traders across all the brokers reviewed in our guide. All you have to do is select your forex pair, enter your stake, and confirm your order.