Best Forex Brokers in 2023

Are you looking for the best forex broker to trade with? If yes, then look no further because you have come to the right place!

We understand that it can be a little time-consuming and risky to find the right broker, especially for beginners who are fairly new to the forex trading industry. For these reasons, we have thoroughly evaluated and reviewed dozens of forex brokers and have narrowed down the list to our top most outstanding and reliable forex brokers.

In this article, you would get a comprehensive insight into each of these forex brokers and who they are suitable for. We also cover each broker’s main advantages and disadvantages, trading platforms, trading fees, currency pairs offered, and more.

Ranking Methodology – While evaluating over 100+ forex brokers, some of the critical factors that influenced our judgments are regulatory compliance, reputation, product offering, account types, execution model, execution speed, assets offered, trading fees, trading platforms provided, research offering, education offered, and customer support service.

Best Forex Brokers For Forex Trading in 2023

Here are our top picks for the best forex brokers in 2023;

1. IG

IG is one of the largest Forex and CFD providers in the world in terms of revenue and trade volume. It was established in 1974 by IG Group plc, a publicly-traded company on the London Stock Exchange, and a constituent of the FTSE 250 Index.

IG offers a wide variety of global markets, including forex, shares, indices, commodities, cryptocurrencies, options, bonds, interest rates, sectors, and ETFs with over 18,000+ instruments to trade.

The broker is an excellent choice for anyone looking for a reliable and trustworthy broker. With their range of industry-standard trading platforms, low fees, educational resources, and strict regulation, they provide everything traders need to succeed in the financial markets. Traders can also get access to other exceptional brokerage services including deep liquidity, superior trade execution, volume-based rebates, vital trading tools, and much more.

Suitable For – Beginners, professionals, advanced traders, active traders, investors, high-volume traders, institutions, and algorithmic traders.

IG Forex Trading Features

IG Forex Features	Specifications
Regulation	CFTC, FCA, ASIC, FCA, FINMA, FMA, MAS, FSA, FSCA, DFSA, and BMA.
Product Offering	Forex, CFDs, and Spread Betting.
Forex Pairs	81 Currency Pairs – Major, Minor, Emerging, Exotic, Australasian, and Scandinavian.
Trading Platforms	ProRealTime, L2 Dealer, MetaTrader 4
Minimum Deposit	$300
Demo Account	Available | Open Demo Account
Maximum Leverage	1:222
Account Currencies	USD, GBP, AUD, EUR, SGD, HKD.
Payment Methods	Bank Wire Transfer, Credit/Debit Cards, Paypal
Trading Tools	APIs, Virtual Private Server (VPS)

Pros of IG

• Strong regulatory framework.
• Its parent company is listed on the stock exchange.
• 45+ years of industry experience.
• Low forex trading fee
• Industry-standard trading platforms.
• Volume-based rebates for high-volume traders.
• Excellent educational offering for beginner, intermediate, and advanced traders.
• Outstanding research offering.
• Excellent customer support service.
• Accepts US clients.

Cons of IG

• Inactivity fee charged (after two years of inactivity).

2. IC Markets

IC Markets is a globally leading online broker and one of the world’s largest forex providers (by trade volume), processing over 29 billion USD in FX trades daily. Based in Australia, the broker has been operating since 2007 and is well-regarded for its reliability and transparency.

IC Markets provides access to a wide variety of over 2250+ global markets, including forex, stocks, commodities, indices, cryptocurrencies, bonds, and futures. Traders also have access to over 60+ currency pairs, including major, minor, and exotic currency pairs.

IC Markets’ competitive advantage lies in its low trading fees, fast order execution, and exceptional customer support service. The broker offers ultra-low spreads from 0.0 pips and boasts fast order execution speeds of less than 40 milliseconds, making it one of the fastest in the industry and the ideal broker for active traders and scalpers. Traders can also access 24/7 dedicated customer support and a range of educational resources, such as high-quality video tutorials, webinars, courses, and podcasts.

Additionally, IC Markets offers deep liquidity, multiple industry-standard trading platforms, multiple fast and secure payment methods, different account types, high leverage of up to 1:500, social trading, and comprehensive support for automated trading.

Suitable For – Beginners, professionals, low-cost trading, active traders, high-volume traders, scalping, and algorithmic trading.

IC Markets Forex Trading Features

IC Markets’ Features	Specifications
Regulation	ASIC, FSA, and CySEC.
Product Offering	Forex, CFDs
Forex Pairs	64 Currency Pairs
Trading Platforms	MetaTrader 4, MetaTrader 5, cTrader, IC Social
Minimum Deposit	$200 or currency equivalent.
Demo Account	Available | Open Demo Account
Maximum Leverage	1:1000
Account Currencies	AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF.
Payment Methods	Credit and debit cards, Paypal, Neteller, Neteller VIP, Skrill, UnionPay, Wire Transfer, Bpay, FasaPay, Broker to Broker, POLI, Rapidpay, Thai internet banking, and Vietnamese internet banking.
Trading Tools	Virtual Private Server (VPS), Trading Servers, MT4 Advanced Trading Tools

Pros of IC Markets

• Strong regulatory framework.
• Quick account setup.
• Multiple industry standard trading platforms in web, mobile, and desktop versions.
• Offers swap-free account.
• Low forex trading fees across all account types.
• Multiple fast and secure payment methods.
• The demo account has an unlimited usage duration.
• No inactivity fee is charged.
• Excellent customer support service, available 24/7.

Cons of IC Markets

• Limited product offering.
• Does not offer a proprietary trading platform.

3. Saxo Bank

Saxo Bank is a reputable investment bank that provides online trading and investment services to clients across the globe. With more than 70,000 financial instruments across various asset classes, Saxo offers a wide range of leveraged trading products, including Forex, Forex options, futures, options, crypto FX, CFDs, and commodities, as well as investment products such as stocks, ETFs, bonds, mutual funds, crypto ETPs, and managed portfolios.

Saxo stands out with its range of financial products, cutting-edge trading technologies, and competitive pricing, which makes it a convenient broker for traders and investors of all levels. However, Saxo is less suitable for low-volume traders, as such traders might encounter hurdles such as high minimum deposits, tiered pricing structures, and VIP benefits, which are more favorable to high-volume traders.

Overall, Saxo Bank offers a range of exceptional brokerage services, including sufficient liquidity, multiple professional-grade trading platforms (including proprietary and third-party options), competitive pricing, low forex trading fees, in-platform research tools, comprehensive educational resources, VIP benefits, reward points, and dedicated customer support service.

Suitable For – Low-cost trading, experienced traders, high-volume traders, investors, and institutions.

Saxo Bank’s Forex Trading Features

Saxo Bank Forex Features	Specifications
Regulation	FSA, FCA, JFSA, ASIC, FCA, Bank of France, SFBC, CONSOB, MAS, JFSA
Forex Pairs
Trading Platforms	SaxoTraderGO, SaxoTraderPRO, MetaTrader 4, TradingView.
Minimum Deposit	$2000 or currency equivalent. (varies for different countries)
Demo Account	Available | Open Demo Account
Maximum Leverage	1:200
Account Currencies	AED, AUD, CAD, CHF, CNH, GBP, JPY, PLN, SGD, CZK, HKD, MXN, RON, ZAR, DKK, HUF, NOK, RUB, TRY, EUR, ILS, NZD, SEK, USD
Payment Methods	Bank Wire Transfer, Card Payments, Sub-account Transfer, Portfolio Transfer (Broker to Broker)
Trading Tools	FIX and OpenAPI, OpenAPI for Excel, Dynamic Trend, MultiCharts, UpData

Pros of Saxo Bank

• Saxo Bank is regulated by multiple top-tier financial regulatory authorities.
• Over 3 decades of excellence in the online industry.
• Over 810,000+ customers in over 180 countries worldwide.
• Offers a broad suite of trading and investment products.
• Offers managed portfolios (SaxoSelect).
• A variety of professional-grade trading platforms, as well as access to industry-standard third-party trading platforms.
• Superior trade execution.
• Offers VIP benefits which come with the best prices, priority support, and exclusive event invitations.
• Provides access to an extensive range of quality educational resources.
• Competitive pricing, with access to some of the lowest fees in the industry.
• Excellent research and analysis tools, including daily market commentary, trading signals,
• Dedicated customer support service, with 24/5 support via phone, email, and live chat.

Cons Of Saxo Bank

• Limited availability of some product offerings, depending on your location.
• Limited availability of account funding options.
• Its high minimum deposit requirements may be prohibitive for some traders.
• The range of financial instruments available can be overwhelming for some traders who prefer a more simplified trading experience.
• The demo account duration is limited to only 20 days.
• Saxo’s complex pricing structure may be confusing for some traders.
• Its VIP benefits, rewards, and pricing structure are more favorable to high-volume traders.
• Some traders may find Saxo’s trading platforms to be less user-friendly than other brokers’ platforms.
• An inactivity fee is charged per quarter if no trading activities are carried out on your account.

4. Pepperstone

Pepperstone is an Australian-based online trading broker that was established in 2010 by Pepperstone Group. It offers Forex, CFDs, and Spread betting across various global markets, including forex, indices, commodities, shares, and cryptocurrencies, with over 1200+ instruments.

In terms of trading performance, Pepperstone has received high marks from industry experts and traders alike. The broker is best known for its fast trade execution speeds and low trading costs, making it an attractive option for active traders, scalping, and algorithmic trading.

Pepperstone also provides traders with other cutting-edge trading solutions including industry-standard trading platforms and tools, fast and secure payment options, multiple account currencies, different account types to suit different types of traders, an active trader program to cut costs for active traders, and a dedicated customer support service.

Suitable For – Beginners, professionals, active traders, scalping, algorithmic trading, copy trading, and social trading.

Pepperstone’s Forex Trading Features

Pepperstone Features	Specifications
Regulation	ASIC, FCA, and DFSA.
Forex Pairs	61
Trading Platforms	MetaTrader4, Metatrader5, TradingView, and cTrader and Capitalise.a.i
Minimum Deposit	$0
Demo Account	Available | Open Demo Account
Maximum Leverage	1:500
Account Currencies	AUS, USD, SGD, HKD, JPY, NZD, EUR, CHF, and GBP.
Payment Methods	Bank Wire Transfer, Credit/ Debit Cards, Neteller, Skrill, PayPal, and Poli.
Trading Tools	Smart Trader Tools, cTrade Automate, Autochartist, API, Virtual Private Server (VPS), and DupliTrade.

Pros of Pepperstone

• Strong regulatory framework.
• Easy account registration process.
• Multiple fast and secure payment methods.
• Offers a wide range of trading instruments.
• Low forex trading fee.
• Offers access to multiple industry-standard trading platforms.
• Provides adequate support for algorithmic trading.
• Active Trader Program for high-volume traders, with cash rebates that are paid daily.
• No inactivity fee is charged.
• Provides excellent customer support with 24/5 availability via multiple channels, including live chat, phone, and email.

Cons of Pepperstone

• Limited product offering.
• The demo account duration is limited to only 30 days.
• Restricted access for traders in certain countries, including the US and Japan.

5. Interactive Brokers

Interactive Brokers is a leading global online broker owned and operated by Interactive Brokers Group, a publicly-traded company listed on the NASDAQ index. With Interactive Brokers advanced traders and investors can access an incredibly wide array of products all from a single integrated platform. These include spot currencies, options, futures, stocks, fractional shares, hedge funds, ETFs, bonds, mutual funds, and much more.

IBKR offers two brokerage plans: the IBKR Lite and IBKR Pro. The IBKR Lite plan serves casual traders with a simplified trading experience via Client Portal, IBKR Mobile, and Trader Workstation. In contrast, the IBKR Pro plan is designed to serve active traders and sophisticated investors with a more advanced trading experience through a full suite of premier trading technology.

Overall, all clients can get access to an extensive list of excellent brokerage services, including deep liquidity, fast trade execution, low trading fees, low financing rates, quality educational materials, sophisticated multi-functional trading platforms, powerful research tools, and much more.

Suitable For – Active traders, professionals traders, high-volume traders, investors, and institutional clients (including registered investment advisors, prop traders, hedge funds, money managers, family offices, introducing brokers, compliance officers, small businesses, fund administrators, hedge fund managers allocators, and hedge managers educators).

Interactive Brokers Features

Interactive Brokers Features	Specifications
Regulation	CFTC, IIROC, FCA, CSSF, Central Bank of Ireland, Central Bank Hungary, ASIC, HKFS, KLFB, and MAS.
Currency Pairs	115
Trading Platforms	Trader Workstation, IBKR Mobile, IBKR APIs
Minimum Deposit	$0
Demo Account	Available | Open Demo Account
Maximum Leverage	1:200
Account Currencies	USD, AUD, GBP, CAD, CNH, CZK, DKK, EUR, HKD, HUF, ISL, JPY, KRW, MXN, NZD, NOK, PLN, RUB, SGD, ZAR, SEK, CHF and TRY.
Payment Methods	Bank Wire Transfer, US Automated Clearing House (ACH), Check, Online Bill Payment, BPay, Direct Deposit, Canadian Bill Payment, Canadian Electronic Fund Transfer (ETF), Direct Rollover (Trustee-To-Trustee, Late Rollover, Employee/ Employer SEP Contribution, Recharacterization, Roth IRA conversion).
Trading Tools	Client Portal API, Trader Workstation API, FIX API, Investors Marketplace

Pros of Interactive Brokers

• Strong regulatory framework.
• Over 40+ years of excellent industry experience.
• Listed on the stock exchange, which creates more transparency and trust.
• Large selection of financial instruments including forex (spot currencies), ETFs, options, futures, cryptocurrencies, metals, and more.
• Access to a wide range of global markets.
• Professional grade proprietary trading platforms, available in web, desktop, and mobile versions.
• Offers a wide range of over 100+ order types, including conditional orders and advanced algorithmic trading options.
• Fast trade execution speeds.
• Secure deposit and withdrawal methods.
• Provides clients with over 23 account base currencies.
• Offers a volume-tiered pricing structure which keeps trading costs low for high-frequency traders and traders who trade large volumes.
• An extensive knowledge base of quality educational materials suitable for all levels of traders, including videos, courses, and webinars.
• Accepts resident from the U.S.

Cons of Interactive Brokers

• Minimum account balance required for certain account types.
• Can be overwhelming for beginners due to its advanced trading platform.
• Its tiered pricing structure is less favorable for low-volume traders.
• The demo account is available only after the regular trading account has been approved and funded.
• Offers limited deposit and withdrawal methods.
• Card and electronic payment options are not available.
• The customer support service can be improved.

6. XTB

XTB is a highly reputable online broker and one of the world’s largest stock-exchange-listed forex and CFDs providers. It was established in 2002 and is owned and operated by XXZW Investment Group SA. XTB offers a wide range of global markets, including forex, commodities, indices, stock, and ETFs, with over 4500+ instruments to trade.

XTB is an outstanding option for traders of all experience levels who seek a trustworthy and respected broker with a simple structured approach and competitive trading conditions. The broker’s user-friendly trading platform is easy to navigate, providing traders with a seamless trading experience. The platform features advanced trading tools, customizable interfaces, and several order types, empowering traders to make informed trading decisions. That being said, XTB unfortunately does not offer third-party trading platforms.

XTB also offers clients access to a range of educational resources, including webinars, video tutorials, trading guides, and market analysis. These resources are designed to help traders improve their trading skills and knowledge and stay up-to-date with the latest market trends and news. Additionally, XTB provides excellent customer support services, with a team of knowledgeable and friendly representatives available to assist clients 24/5 via live chat, phone, and email.

Suitable For – Beginners, professionals, active traders, and scalping.

XTB Forex Trading Features

XTB Broker Features	Specifications
Regulation	FCA, CySEC, PFSA, KNF, and IFSC.
Broker Type	NDD, Market Maker
Forex Pairs	57 Currency Pairs
Trading Platforms	xStation 5, xStation Mobile
Minimum Deposit	$0
Demo Account	Available | Open Demo Account
Maximum Leverage	1:500
Account Currencies	USD, EUR, GBP, HUF, PLN
Payment Methods	Bank Wire Transfer, Credit/Debit Cards, Paypal, Skrill, Neteller, PaySafe, SafetyPay, Paydoo, PayU, ECOMMPAY, BlueCash, Blik, Sofort
Trading Tools	API

Pros of XTB

• XTB is regulated by multiple top-tier regulatory bodies across the world.
• Offers beginner-friendly brokerage solutions.
• Easy account registration process.
• Provides access to a wide range of financial instruments to trade.
• Offers a user-friendly proprietary trading platform.
• Competitive pricing with no hidden fees.
• Low forex trading cost.
• Offers cashback rebates which help traders cut the trading cost.
• Good customer support service.
• Provides clients with an extensive library of educational materials including market analysis, videos, webinars, and courses suitable for both beginners.

Cons of XTB

• XTB does not offer third-party trading platforms.
• Charges an inactivity fee of 10 EUR (or equivalent in GBP, USD) per month after 1 year of account inactivity.
• Limited research and analysis tools and resources compared to some other brokers
• Does not accept U.S. Clients

7. XM

XM is an award-winning broker that has been in operation since 2009. It is one of the largest forex and CFD brokers in the world, with billions of dollars traded daily, thanks to its millions of loyal clients and outstanding brokerage solutions.

XM offers over 1000+ financial instruments to trade, including Forex, stocks CFDs, commodities, equity indices, precious metals, energies, and shares. Traders have access to over 55+ currency pairs, including major, minor, and exotic currency pairs. Traders can also access to the market with a variety of platforms offered, including the popular MetaTrader 4 and MetaTrader 5 platforms, as well as its own proprietary platform, XM WebTrader.

One of XM’s main advantages is its wide range of account types designed to suit the needs of different traders. The Micro account, with a maximum contract size of 1000 units, is ideally suited for traders who seek exposure to forex trading but don’t want to risk a lot of money. The Standard account offers ultra-competitive spreads with no commissions, while the XM Zero account features tighter spreads but charges a commission, making it ideal for active traders, scalpers, and algorithmic traders.

Overall, XM offers low trading fees, deep liquidity, fast order execution, low minimum deposit, multiple fast & secure deposit and withdrawal methods, industry-standard trading platforms, quality education & research offerings, and excellent customer support services. It is an excellent choice for traders of all levels, and with its commitment to providing innovative solutions, XM is a broker that traders can rely on.

Suitable For – Beginners, professionals, active traders, low capital traders, scalping, and algorithmic trading.

XM Forex Trading Features

XM Broker Features	Specifications
Regulation	CySEC, DFSA, ASIC, IFSC, FCA, BaFin, CNMV, MNB, CONSOB, ACPR, FIN-FSA, KNF, AFM, and FI.
Forex Pairs	55 Currency Pairs.
Trading Platforms	MetaTrader 4, MetaTrader 5
Account Types	Micro Account, Standard Account, and XM Ultra low Account.
Minimum Deposit	$5
Demo Account	Available | Open Demo Account
Maximum Leverage	1:1000
Account Currencies	USD, EUR, GBP, JPY, CHF,‎AUD, HUF, PLN, RUB, SGD, and ZAR.
Payment Methods	Wire Transfer, Internet Banking, Local Bank Transfer, Credit/ Debit Cards, Neteller, Neteller VIP, Skrill, UnionPay, RapidPay, and POLI.
Trading Tools	Virtual Private Server (VPS), MQL5, and Forex Calculators.

Pros of XM

• Strong regulatory framework across multiple jurisdictions.
• Easy account registration process.
• Offers a wide range of financial instruments.
• Provides access to a variety of industry-standard trading platforms in web, mobile, and desktop versions.
• Has a wide range of account types.
• Offers low trading fees across all account types.
• Provides clients with deep liquidity and fast order execution,
• Offers a low minimum deposit of $5.
• Provides access to multiple fast and secure payment options.
• Offers quality education and research materials to help traders improve their skills.
• Provides excellent customer support service.

Cons of XM

• Limited availability of financial instruments compared to some other brokers.
• Limited range of trading tools and indicators on the proprietary platform.
• The customer support service may not be available in some languages.
• The educational and research materials may not be suitable for advanced traders.
• An inactivity fee is charged after 90 days of inactivity on the account.
• Does not accept clients from the United States.

Conclusion

In conclusion, the forex market offers exciting opportunities for traders of all levels, and selecting the right broker can make a significant impact on your success. Each forex broker has its own strengths and weaknesses, and it’s essential to do your research before making a decision. Based on our review, IG, IC Markets, Saxo Bank, Pepperstone, Interactive Bokers, XTB and XM stand out as some of the best forex brokers available.

Ultimately, the best forex broker for you will depend on your unique trading style, needs, and preferences. By considering the factors outlined in this post and doing your research, you can select a broker that fits your individual needs and provides the best chance for success in the forex market.

Frequently Asked Questions