Full Forex Brokers List in 2024

Top 9 Forex brokers review

1

9.4/10

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eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest.

Minimum deposit:

$50, $100 (for UK clients)

Bonus for deposit:

0%

Regulation:

CySEC, FCA, ASIC

Review

The eToro broker was founded in 2007. The company promotes itself as a social trading platform working with traders from over 140 countries. The broker has several divisions operating under different jurisdictions and licensed by different regulators. For example, eToro (Europe) is licensed by the Cypriot regulator CySEC (109/10) and eToro (UK) is licensed by the British regulator FCA (583263). The broker also has a representative office in Australia and the USA. eToro Profile Details

Pros/Cons

•the minimum transaction amount for copying is $1;

•handy functionality for passive investing;

•regulated by independent monitors;

•it is possible to purchase contracts for fractional shares (that is, to invest amounts less than the cost of one share);

•it is possible to buy shares at once (not CFDs) on the US stock exchanges.

•high spreads;

•periodic technical failures in order execution;

•lack of the most popular platforms such as MetaTrader 4 and MetaTrader 5 in Europe and the CIS;

•no access to ECN systems, orders are processed only according to the STP (straight-through processing) scheme with access to specific liquidity providers;

•there is a commission for withdrawing funds;

•impolite support staff;

•inconvenient website.

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2

9.2/10

Go to broker

Your capital is at risk.

Minimum deposit:

No minimum

Bonus for deposit:

0%

Regulation:

FSC (BVI), ASIC, IIROC, FCA, CFTC, NFA

Review

The name OANDA is an acronym for “Olsen & Associates” or “Olsen AND Associates”. It is registered in the United States and provides its clients with a wide range of financial services in most countries of the world. The company was founded in 1996 and is currently regulated in four jurisdictions. The main regulator of the broker is the UK Financial Conduct Authority (FCA). Oanda Canada is licensed by IIROC. The company has several significant awards to its credit, including a victory in the category "Best Forex Trading Technologies" from the UK Forex Awards, "Best Trading Platform" from FX Week, as well as "Best Customer Service" from the US Foreign Exchange Report.

Pros/Cons

•Minimum deposit from 1 dollar.

•A large selection of the most popular trading instruments.

•Several reliable and reputable financial regulators.

•Inconvenient and poorly functioning site.

•Lack of cent accounts.

•Lack of bonus programs.

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3

9.1/10

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Minimum deposit:

$1

Bonus for deposit:

0%

Regulation:

FCA, BaFin, ASIC, MAS, CySec, FINMA, BMA, CFTC, NFA

Review

IG Markets has been providing brokerage services for retail traders since 2014. It was established in 1974 in London to work with professional traders. It is a part of the IG Group with representative offices in 17 countries. IG Markets stocks are traded on the London Stock Exchange as a part of the FTSE 250 index. The broker is regulated by FCA (Financial Conduct Authority | the UK), CySec (Cyprus Securities and Exchange Commission), ASIC (Australian Securities and Investments Commission), BaFin (the Federal Financial Supervisory Authority | Germany), FINMA (Swiss Financial Market Supervisory Authority), and NFA (National Futures Association). The IG Group global representative office is supervised by BMA (the Bermuda Monetary Authority). The broker provides services of trading Forex and different CFDs through MetaTrader 4 and its in-house platforms for retail and professional traders.

Pros/Cons

•Regulated activities and participation in compensation funds;

•No minimum deposit requirements when opening an account with the international division;

•Leverage is available for trading currencies and CFDs;

•Wide range of trading assets and markets;

•Fee rebates for new and active existing clients with large trading volumes;

•Floating spreads from 0.6 pips for retail Forex traders;

•Bonuses for new clients and partnership programs for different client categories.

•The broker can reject opening accounts to traders with low capital or insufficient knowledge of derivatives trading;

•Deposits and withdrawals can’t be made with e-wallets, electronic payment systems, or cryptocurrencies;

•Trading conditions differ for various countries, so you have to look for the broker’s website in your country.

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4

8.9/10

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Minimum deposit:

$250

Bonus for deposit:

0%

Regulation:

MISA

Review

Maunto operates under the regulation of the Mwali International Services Authority (M.I.S.A.) based in Comoros Island, holding license number T2023409. This regulatory oversight ensures that the company's operations are closely monitored, guaranteeing the safety and security of its clients. Maunto's dedicated team of professionals is committed to delivering top-notch services, emphasizing customers' financial stability and personal growth as integral aspects of trading. Maunto provides state-of-the-art services designed to complement traders' market instincts, along with a suite of user-friendly trading tools at customers' disposal.

Pros/Cons

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5

8.7/10

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Minimum deposit:

$5

Bonus for deposit:

0%

Regulation:

FCA, CFTC, NFA

Review

Trading.com is a UK broker whose full name is Trading Point. Previously, it was called XMUK, but in 2019 it was rebranded and the company began to operate under its new title: Trading.com. The company offers to trade six asset classes such as currency pairs, metals, as well as CFDs on stocks, stock indices, commodity futures, and energy resources. More than 1,250 assets are available in total. The main office is located in London, the broker is regulated by the FCA (Financial Conduct Authority), and its registration number 705428.

Pros/Cons

•Favorable trading conditions - average spreads in major pairs are 0.6 pips.

•No commissions.

•Moderate requirements compared to the size of the minimum deposit. You can start trading when you deposit at least $5 to your account.

•MetaTrader 5 desktop and mobile platforms, as well as a web terminal, are available for trading.

•Reliable FCA regulation.

•The broker only provides services to UK citizens.

•The absence of PAMM and MAM accounts for passive investing.

•The absence of bonuses, training programs.

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6

8.6/10

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Minimum deposit:

$1000

Bonus for deposit:

0%

Regulation:

CIMA, FCA, FSA (Japan), NFA, IIROC, ASIC, CFTC

Review

Forex.com is a company owned by GAIN Capital Holdings, Inc. (NYSE: GCAP) and has earned a reputation as a reliable broker in the trading industry for its transparent work and high quality of services. The company cooperates with clients in 140 countries. The broker is registered in the Cayman Islands and supervised by CIMA (Certified Institute for Management Accountants). The license number is 25033. The parent company of the Forex.com broker is registered in England and Wales under the number 1761813 at the UK Companies House. It is licensed by one of the most reputable regulators in the world, FCA (No. 113942).

Pros/Cons

•average rate of order execution is 0.04 ms;

•reliability is controlled by several regulators so customer funds are kept on separate accounts from the company's assets;

•attractive trading conditions are tight spreads on over 90 assets, including currency pairs and metals, and over 4,500 markets, including FX, indices, commodities, stocks, and cryptocurrencies.

•poor quality of site optimization, little specifics in the descriptions of services, tabs at the top of the page do not work. To find the information you have to use a tab called "Sitemap";

•it is difficult to contact the support service due to its high workload;

•large fixed commission for withdrawing funds;

•high initial deposit, it starts from $1,000;

•there are few options for depositing and withdrawing funds, the terms rarely correspond to those stated.

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7

8.4/10

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Minimum deposit:

$1

Bonus for deposit:

0%

Regulation:

SEC, FINRA, SIPC, FCA, NSE, BSE, SEBI, SEHK, HKFE, IIROC, ASIC, CFTC, NFA

Review

Interactive Brokers is among the best-known US investment companies, operating since 1977. The broker offers to trade currency pairs, but its basic instruments are stocks, CFD, indices, metals, ETF, futures, and other exchange market assets. You can also trade cryptocurrencies on Interactive Brokers. The company is regulated by the US Securities and Exchange Commission (SEC), the US Financial Industry Regulatory Authority (FINRA), the UK Financial Regulatory Authority (FCA), and other international financial regulation commissions. In 2020, the broker was awarded the "Best Online Broker” (Barron's) and "Best Broker for Economical Investments" (NerdWallet) titles and got five stars in the Online Stock Trading for Traders category (Canstar). Also, the broker is popular in other countries. Here you can read reviews of Interactive Brokers in Canada, Singapore, Australia, Hong Kong, Ireland.

Pros/Cons

•wide range of training materials;

•access to 135 markets in 33 countries;

•a huge subset of trading instruments.

•website interface is only partially translated into other languages;

•you have to pay for an inactive account;

•Support service does not work on Saturday and Sunday;

•long and complex registration procedure;

•no cent accounts for novice traders.

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8

8.3/10

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Minimum deposit:

$1

Bonus for deposit:

0%

Regulation:

US Securities Commission (SEC), SIPS

Review

Fidelity Investments is a large American financial services company. It was founded in 1946 by American businessman and lawyer Edward Crosby Johnson II. It provides services to traders in trading securities and commodity assets and allows investors to invest in mutual funds and investment funds, form portfolios for a variety of instruments, including bonds and annuities with fixed income. The company has received several awards: according to Barron's, Investors Business Daily, Kiplinger, and Stock Brokers. Fidelity Investments is recognized as the best online broker of 2020.

Pros/Cons

•availability of its own trading terminal for active trading, Active Trader Pro, with advanced analytics from experts and a wide range of technical analysis tools;

•no brokerage fee for consulting services with an account balance of up to $10,000, and only $3 if a larger deposit is made;

•there is the possibility of individual planning for investors, while the cost of the service is 0.5% of the size of the deposit for each month of use.

•lack of localization;

•there are no active bonus programs; nor is there an opportunity to receive additional profit for attracting new customers;

•margin trading is possible if the account balance exceeds 250 thousand dollars;

•the demo account is limited in functionality and involves working only with investment portfolios.

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9

8.1/10

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Minimum deposit:

$1

Bonus for deposit:

0%

Regulation:

FINRA, SIPC, CFTC, NFA

Review

TD Ameritrade’s Thinkorswim broker is a result of the unification of Thinkorswim and TD Ameritrade, the developers of the best platform for stock trading in the US. Its main focus is trading securities, the OTC securities market, spot instruments, and retail foreign exchange trading in the US. The company was nominated for: "Best Platforms and Tools", "Best Application for Traders", for being among the Top 5 in the ratings, "Best Innovative Developments", and "Best Broker for Options Trading". Since 2009, the company’s reliability has been confirmed by the licenses from two of the most stringent regulators in the world, FINRA (CRD#: 7870/SEC#: 801-60469,8-23395), and SIPC.

Pros/Cons

•Access to stock exchange markets with hundreds of instruments, including indices. Derivatives trading, entry into the OTC market, legal services of currency trading in Forex.

•One of the most functional platforms in the world for trading securities with multi-level complex chart analyses.

•Two of the world's best regulators license it.

•Optimal trading conditions for individual assets.

•Segregated accounts.

•The broker works only with traders from the USA.

•The platform is difficult for novice traders.

•There is no membership in the FDIC (Federal Deposit Insurance Corporation, which would ensure traders' money up to $250 thousand).

•A limited number of deposit/withdrawal options.

•High entry threshold.

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Useful Forex Facts & Insights

Top 3 Brokers With TradingView Support

TradingView is a well-known trading platform that supports advanced charting tools. Traders Union has compiled a list of the top 3 brokers that offer trading directly from TradingView charts. This trading platform can help you expand your arsenal for analysis and decision-making in trading.

How do we complete TOP 100 Forex brokers' rating

When it comes to rating the top Forex brokers, there are plenty of things to consider. Here is a list of some of the top variables that enables us to compile this list:

Trust level and regulation

One of the top things to focus on when choosing the top Forex brokers is trust level and regulation. This is because there are some fraudulent Forex brokers on the market, which means investors must take the time to learn more about their chosen platforms before investing. Failing to ensure that users consider a platform trustworthy or that it is regulated may result in falling into scams and other fraudulent activity.

Trading conditions and fees

Another highly important aspect of finding a Forex broker is the trading conditions and fees. Learning about these will allow you to learn how much you may have to pay to conduct trades and under what terms.

Trading platforms

Forex brokers use an array of platforms, and they are not all the same. Finding out which platform(s) are used by your chosen Forex broker will enable you to decide whether the platform works for your investment goals and capabilities.

Extra tools

All brokers offer their own unique tools to help traders. You should choose a broker that offers tools that most closely align with your investment goals.

Education

Lastly, many brokers offer educational tools. However, they are not all created equal. If you are a beginner, you will want to work with brokers offering the most robust educational tools selection.

What is the best Forex broker for beginners?

When choosing the best Forex broker for beginners, you should be searching for brokers with low minimum deposits. You will also want to find out if they offer special accounts for beginners, such as Cent, Micro, or Demo accounts. Lastly, you should find out if they offer passive income options such as copy trading, PAMM/MAM accounts.

How to choose the best Forex broker for me?

• Focus on regulation and security. This is the most important factor. Only trade with brokers that are regulated by reputable authorities like the FCA in the UK or the CFTC in the US. This ensures your money is protected and that the broker follows fair trading practices.

• Compare costs and spreads. Forex brokers make money through spreads (the difference between the buy and sell price) and commissions. Compare spreads and commission structures of different brokers to find one that suits your trading style. Brokers offering commission-free trades may have wider spreads, so factor in your trading volume.

• Trading platform. Most brokers offer popular forex trading platforms like MetaTrader 4 (MT4). Consider the features that are important to you, such as charting tools, technical indicators, and ease of use. Some brokers offer demo accounts so you can try out the platform before you commit.

• Account features. Look for brokers that offer account types that suit your experience level. Beginners may prefer accounts with lower minimum deposits and educational resources, copy trading etc. More experienced traders may need features like margin accounts and advanced order types.

• Customer support. Reliable and responsive customer support is essential. Check the broker's hours of operation and how you can contact them (phone, email, live chat).

How to compare top Forex brokers in the world

If you want to compare multiple Forex brokers at once, there are a few ways to do so. One of which is by using our free comparison tool. Here is a list of steps to allow you to do just that:

Is Forex trading legit?

Forex trading itself is legal in most countries, though it is lightly regulated compared to other financial markets like stocks or commodities. There are many regulated brokers that allow individuals to trade currencies online or through trading platforms. So Forex trading is accessible for regular investors.

There are some Forex scams and "get rich quick" schemes to avoid. Stick to regulated brokers and be wary of claims that seem too good to be true.

Like any trading, Forex involves risk. The high leverage offered by brokers means potential for large losses if trades go the wrong way. There is no guarantee of profits. Beginners should take time to learn trading strategies before risking real money.

For most traders, Forex is considered a legitimate market to speculate on currency movements. But it requires knowledge, discipline and accepting the risk of losses. With proper preparation, Forex can be an intriguing market to trade in.

How much do Forex traders make?

The nature of Forex earnings is that the income level is not fixed and earnings depend on many factors. However, don’t be discouraged by that statement because you can certainly make good money in the Forex market. Moreover, you can make really good money like the Chinese trader Chen Linkuy, who started with a deposit of $100 and, in just a few weeks, had profited $100,000.

Linkuy obviously used tremendous leverage and clearly violated the rules of money management using extremely high-risk strategies. However, this is not an isolated case, but just one of the few that has been made public. On the Internet, you can find many similar stories about how people earned $1,000, $10,000, and other significant amounts at Forex, starting from scratch. However, Linkuy’s level of income is rarely written about, for the obvious reason that high earners at any activity tend to avoid publicity, and publicity often leads to tax audits.

Methodology for compiling our ratings of Forex brokers

Traders Union applies a rigorous methodology to evaluate brokers using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.

Key aspects of the assessment include:

Find out more about the unique broker assessment methodology developed by Traders Union specialists.