Best Forex Brokers in 2024

In the fast-paced world of forex trading, selecting the right broker is crucial for traders aiming to navigate the forex market successfully.

With numerous options available, choosing the best forex brokers entails weighing factors like regulatory compliance, trading platforms, fees, customer support, and trading conditions. Therefore, our financial product and service team at Assetmagnate does a yearly evaluation and review of the top forex brokers, narrowing the list to the most outstanding and reliable forex brokers.

This guide explores top forex brokers known for reliability, transparency, great trading conditions, and cutting-edge tools. From industry leaders to innovative newcomers, we cover each broker’s key features, advantages, and suitability, empowering you to make informed decisions.

Best Forex Brokers in 2024

  • IG – Best overall.
  • Saxo Bank – Best for professionals and institutions. Great for VIP benefits and high-volume traders.
  • CMC Markets – Best range of Forex offerings. Over 330+ Forex Pairs.
  • Interactive Brokers – Best for seasoned professionals, investors, and institutions.
  • Forex.com – Great all-round. Best for US traders.
  • Pepperstone – Best for algorithmic trading.
  • IC Markets – Best for active traders.
  • Swissquote – Excellent all-round offering. Suitable for investing and high-volume trading.
  • Oanda
  • FXPro

Best Forex Brokers Compared

BrokerRegulatedMinimum DepositTrading FeesTrading PlatformBeginner FriendlyBroker Rating Visit Website
IGYes$250LowProRealTime, L2 Dealer, MT4Yes5.0Visit Website
Saxo BankYes$2000LowSaxoTraderGO, SaxoTraderPRO, MT4, TradingView.Yes4.9Visit Website
CMC MarketsYes$0LowNext Generation and MT4.Yes4.8Visit Website
Interactive BrokersYes$2000LowTrader Workstation, IBKR Mobile, IBKR APIsNo4.8Visit Website
Forex.comYes$100LowMT4, NinjaTrader, WebYes4.7Visit Website
PepperstoneYes$0LowMT4, MT5, TradingView, cTrader, Capitalise.a.iYes4.6Visit Website
IC MarketsYes$200LowMT4, MT5, cTrader, TradingViewYes4.6Visit Website
SwissquoteYes$1000LowAdvanced Trader, MT4, MT5Yes4.6Visit Website
OandaYes$0LowMT4, TradingView, NinjaTraderYes4.5Visit Website
FXProYes$100LowFXPro Edge, MT4, MT5 and cTraderYes4.5Visit Website

1. IG

IG

IG is one of the world’s largest Forex and CFD providers in terms of revenue and trade volume. Founded in 1974, the broker has established itself as a pioneer in the online trading industry, offering a robust and reliable trading platform that caters to both novice and experienced traders.

Key Features

IG offers over 18,000+ instruments across a wide variety of global markets, including forex, shares, indices, commodities, cryptocurrencies, options, bonds, interest rates, sectors, and ETFs. Its Forex offering includes over 80+ currency pairs including major, minor, emerging, exotic, Australasian, and Scandinavian forex pairs.

IG also stands out with its advanced trading platform, designed to provide traders with a seamless and efficient trading experience for both beginners and professional traders. The broker also provides seamless integration with other industry-standard trading platforms like MetaTrader 4, ProRealTime, and L2 Dealer, catering to the preferences of different traders.

Other unique features offered by IG include competitive spreads, fast trade execution, volume-based rebates for active and high-volume traders, and great customer service, further enhancing its appeal to traders. To learn more about IG, read our full IG Broker review.

Suitability

IG is suitable for a diverse range of traders, from beginners to seasoned professionals, IG offers a flexible trading environment that can be tailored to individual needs. Beginners will appreciate the comprehensive educational resources and demo accounts that allow for risk-free practice, while experienced traders can benefit from IG’s advanced tools and analytics.

Broker Features

FeaturesSpecifications
Regulation CFTC, FCA, ASIC, FCA, FINMA, FMA, MAS, FSA, FSCA, DFSA, and BMA
Minimum Deposit$250
Account CurrenciesUSD, GBP, AUD, EUR, SGD, HKD.
Product OfferingForex, CFDs, and Spread Betting.
Maximum Leverage1:222, EU – 1:30, US – 1:50
Trading PlatformsProRealTime, L2 Dealer, MetaTrader 4
FeesSpreads, overnight fees, and inactivity fees.
Demo AccountAvailable | Open Demo Account
Payment MethodsBank wire transfer, credit/debit cards, and PayPal.
Trading ToolsAPIs, Virtual Private Server (VPS)

Pros

  • Strong regulatory framework.
  • Its parent company is listed on the stock exchange, underscoring its commitment to transparency and regulatory compliance.
  • 45 years of industry experience.
  • Deep liquidity.
  • Quick and easy account registration process.
  • Multiple account currencies.
  • Low forex trading fee.
  • Offers multiple industry-standard trading platforms.
  • Volume-based rebates for active traders.
  • Excellent educational offering for beginner, intermediate, and advanced traders.
  • Outstanding research offering.
  • Excellent customer support service.

Cons

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

2. Saxo Bank

Saxo Markets

Saxo Bank is a prominent player in the online trading and investment sector that offers a sophisticated platform for multi-asset trading. Established in 1992 in Denmark, Saxo Bank has grown into a globally recognized financial institution, renowned for its extensive product portfolio, advanced trading platforms, and innovative trading technologies.

Key Features

With over 70,000+ instruments across various global markets, Saxo offers a wide range of leveraged trading products, including Forex, Forex options, futures, options, crypto FX, CFDs, and commodities. The broker also offers investment products such as stocks, ETFs, bonds, mutual funds, crypto ETPs, and managed portfolios. This extensive product portfolio makes Saxo a one-stop shop for traders and investors seeking a comprehensive trading solution.

Saxo Bank also stands out for its advanced trading platforms, SaxoTraderGO and SaxoTraderPRO, which are tailored to meet the needs of both casual and professional traders. The broker also offers popular third-party trading platforms such as MetaTrader 4, TradingView, Dynamic Trends, and MultiCharts, catering to the preferences of different traders.

Furthermore, Saxo offers very competitive pricing, which includes tight spreads and low commissions, enhancing its appeal to cost-conscious traders. Additionally, the broker offers high-quality customer support, ensuring clients’ trading experiences are smooth and efficient.

Suitability

Saxo Bank caters to a wide range of clients, from retail traders to institutional clients. 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. To learn more about Saxo Bank, read our full Saxo Bank review.

Broker Features

FeaturesSpecifications
Regulation FSA, FCA, JFSA, ASIC, Bank of France, SFBC, CONSOB, and MAS.
Minimum Deposit$2000
Account CurrenciesUSD, AED, AUD, CAD, CHF, CNH, GBP, JPY, PLN, SGD, CZK, HKD, MXN, RON, ZAR, DKK, HUF, NOK, RUB, TRY, EUR, ILS, NZD, and SEK.
Product OfferingForex, Forex Options, Futures, Options, Crypto FX, CFDs, Commodities, Stocks, ETFs, Bonds, Mutual Funds, Crypto ETPs, and Managed Portfolios.
Forex Pairs190 – majors, minors, and exotics.
Payment MethodsBank Wire Transfer, Card Payments, Sub-account Transfer, Portfolio Transfer (Broker to Broker).
Maximum Leverage1:200, EU – 1:30
Trading PlatformsSaxoTraderGO, SaxoTraderPRO, MetaTrader 4, TradingView.
Demo AccountAvailable | Open Demo Account
Trading ToolsFIX and OpenAPI, OpenAPI for Excel, Dynamic Trend, MultiCharts, UpData

Pros

  • Strong regulatory framework.
  • Over 3 decades of excellence in the online industry.
  • Deep liquidity.
  • Offers a broad suite of trading and investment products.
  • Over 24 account currencies.
  • Competitive pricing.
  • Offers managed portfolios (SaxoSelect).
  • A variety of professional-grade and industry-standard trading platforms.
  • Fast trade execution.
  • Offers VIP benefits with better prices, priority support, and exclusive event invitations.
  • Extensive range of quality educational resources.
  • Excellent tools and resources for research and analysis.
  • Great customer support service.

Cons

  • Limited availability of payment options.
  • High minimum deposit requirements.
  • 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.
  • Complex pricing structure.
  • Some traders may find Saxo’s trading platforms to be less user-friendly than other trading platforms.
  • An inactivity fee is charged per quarter if no trading activities are carried out on your account.

3. CMC Markets

CMC Markets

Established in 1989 and headquartered in London, UK, CMC Markets boasts a long history of providing innovative trading solutions to clients worldwide. It is known for its wide market access and comprehensive suite of trading technology.

Key Features

CMC Markets offers over 12,000+ trading instruments, including 330+ forex pairs, indices, commodities, cryptocurrencies, and shares, allowing traders to diversify their portfolios and capitalize on various market opportunities.

Another area where CMC Markets stands out is with its award-winning Next Generation trading platform, which is designed to cater to the needs of both beginner and advanced traders. The platform offers powerful charting tools, real-time market data, and customizable trading features, providing users with the tools to analyze markets and execute trades precisely. CMC also offers MetaTrader 4, catering to those who prefer to trade on a standalone trading platform.

Other unique features offered by CMC Markets include low forex trading fees, fast trade execution, comprehensive educational resources, fast and secure payment methods, a value-packed loyalty program, and great customer support service. To learn more about CMC Markets, read our full CMC Markets review.

Suitability

CMC Markets caters to a diverse clientele, from retail traders to institutional investors, offering tailored solutions to meet the unique needs of each segment. The broker’s user-friendly platforms, competitive pricing, and extensive product offerings make it an ideal choice for beginners looking to enter the world of online trading.

At the same time, experienced and high-volume traders will appreciate the broker’s tailored trading solutions, such as tiered-volume discounts and access to one of the largest selections of forex offerings.

Broker Features

FeaturesSpecifications
Regulation ASIC, IIROC, MAS, and FCA.
Minimum Deposit$0
Account CurrenciesGBP, EUR, USD, AUS, CAD, NOK, NZD, PLN, SEK, SGD
Product OfferingForex, CFDs, Spread Betting
Forex Pairs330+ – Majors, Minors, Exotics, and Forex Indices.
Payment MethodsWire Transfer, Credit / Debit Cards, Electronic Payments.
Maximum Leverage1:500
EU and UK – 1:30
Trading PlatformsNext Generation and MetaTrader 4 (MT4).
Demo AccountAvailable | Open Demo Account
Trading Tools

Pros

  • Strong regulatory framework.
  • It is listed on the stock exchange which builds more trust and transparency.
  • Deep liquidity.
  • Quick and easy account registration process.
  • Multiple account base currencies.
  • Over 330+ currency pairs.
  • Fast trade execution.
  • Low forex-trading fees.
  • Offers industry-standard trading platforms.
  • Its loyalty program, CMC Price Plus, rewards members with reduced trading costs.
  • Offers a value-packed premium membership, Alpha, which rewards high-volume traders with discounted spreads, interest on available account equity, and priority customer support service.
  • Great customer support service.

Cons

  • Charges an inactivity fee of $10 (or currency equivalent) on accounts with no trading activity for one year.
  • Does not offer 24/7 customer support.
  • Limited payment options
  • Charges a fee for withdrawals under a certain amount.
  • Does not accept US traders.

4. Interactive Brokers

InteractiveBrokers

Interactive Brokers (IBKR) is a powerhouse in the online brokerage industry, offering an extensive range of trading and investment services to a diverse global clientele. Founded in 1978, IBKR has established itself as a premier platform for professional traders, investors, institutions, and financial advisors, known for its comprehensive market access, sophisticated trading tools, and competitive pricing.

Key Features

IBKR operates globally, providing access to over 150 markets in 34 countries. With Its Universal account, clients can access various product portfolios from a single integrated platform, including currencies, options, futures, stocks, funds, ETFs, and bonds.

IBKR also stands out for the flexibility of its brokerage service. Understanding the varied needs of its user base, IBKR offers two distinct brokerage options: the IBKR Lite and IBKR Pro. The IBKR Lite plan offers casual traders a simplified trading experience via its client portal, IBKR Mobile, and Trader Workstation. IBKR Pro, on the other hand, is designed for active traders and sophisticated investors with a more advanced trading experience through a full suite of premier trading technology.

Another key feature of Interactive Brokers is its powerful Trader Workstation (TWS) platform. The platform is designed to meet the needs of advanced traders looking for comprehensive market analysis, real-time data, and a wide array of trading tools. TWS also offers advanced risk management tools, algorithmic trading capabilities, and access to a vast library of educational resources.

IBKR also offers a variety of account types, including individual, joint, and institutional accounts, catering to a wide range of trading and investing needs. The firm also offers a low-cost pricing model, which makes it appealing to cost-conscious traders. To learn more about Interactive Brokers, read our full Interactive Brokers Review.

Suitability

Interactive Brokers is suitable for a diverse audience, from active traders and institutional investors to financial advisors and fund managers. The platform’s extensive market access, advanced trading tools, and commitment to low costs make it an attractive option for seasoned professionals who require depth, flexibility, and efficiency in their trading operations.

Beginners may find the platform’s complexity and breadth of options daunting, but the extensive educational resources IBKR provides can help new users navigate its offerings. For experienced traders and professionals looking for a high-caliber trading environment with global reach, Interactive Brokers stands out as a top choice, offering unparalleled access to global financial markets.

Broker Features

FeaturesSpecifications
RegulationCFTC, IIROC, FCA, CSSF, Central Bank of Ireland, Central Bank Hungary, ASIC, HKFS, KLFB, and MAS.
Minimum Deposit$0
Account CurrenciesUSD, AUD, GBP, CAD, CNH, CZK, DKK, EUR, HKD, HUF, ISL, JPY, KRW, MXN, NZD, NOK, PLN, RUB, SGD, ZAR, SEK, CHF and TRY.
Product OfferingForex (Spot Currencies), Stocks/ ETFs, Fractional Shares, bonds, mutual funds, hedge funds, options, Futures/ FOPs, cryptocurrencies, and metals.
Currency Pairs115
Payment MethodsBank 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 PlatformsTrader Workstation, IBKR Mobile, IBKR APIs
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:200
Trading ToolsClient Portal API, Trader Workstation API, FIX API, Investors Marketplace

Pros

  • Strong regulatory framework.
  • Over 40+ years of excellent industry experience.
  • It is listed on the stock exchange, which creates more transparency and trust.
  • Offers a large selection of trading and investment products.
  • Deep liquidity.
  • Provides access to professional-grade proprietary trading platforms.
  • Over 100+ order types, including conditional orders.
  • Offers advanced algorithmic trading support.
  • Fast trade execution.
  • Secure deposit and withdrawal methods.
  • Over 23 account base currencies.
  • Offers a volume-tiered pricing structure which keeps trading costs low for high-volume and high-frequency traders.
  • An extensive knowledge base of quality educational materials suitable for all levels of traders, including videos, courses, and webinars.
  • Accepts residents from the U.S.

Cons

  • It 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.

5. Forex.com

Forex.com

Forex.com stands as a global leader in the forex and CFD trading industry. It was established in 2001 and has grown to become one of the largest and most reputable online brokers, providing access to an extensive range of market offerings and an adaptable trading ecosystem.

Key Features

Forex.com offers over 4500+ tradeable instruments, including 80+ currency pairs, indices, shares, commodities, ETFs cryptocurrencies, and bonds, allowing traders to diversify their portfolios and capitalize on various market opportunities.

Another distinctive feature of Forex.com is its consistent commitment to providing low trading costs and fast trade execution. This makes it an appealing choice for active and high-frequency traders looking for an optimal trading environment where speed and cost-efficiency are paramount. Simultaneously, high-volume traders can further benefit from its Active Trader Program which offers reduced trading costs by up to 15%, interest on daily available margin, and support from a dedicated relationship manager.

Forex.com is also well-regarded for its advanced proprietary trading platform, designed to meet the demands of both novice and experienced traders. The trading platform is complemented by advanced charting tools, risk management features, and a suite of analytical tools designed to give traders an edge in the market. Recognizing the diverse preferences of its user base, Forex.com also integrates seamlessly with third-party platforms, notably MT4, MT5, NinjaTrader, and TradingView. This integration ensures that traders can choose a trading environment that best suits their trading style and strategy.

Other outstanding features offered by Forex.com include extensive educational resources, different account types, comprehensive market analysis, fast and secure payment methods, multiple account currency options, and great customer support service. To learn more about Forex.com, read our full Forex.com review.

Suitability

Forex.com’s amalgamation of wide market access, low trading costs, fast trade execution, versatile platform options, and different account types, positions it as an ideal broker for traders of all levels.

Beginners will find Forex.com’s educational resources and user-friendly proprietary platform an excellent starting point for their trading journey. Simultaneously, experienced traders can leverage the advanced features and tools available through the broker’s third-party integration, enabling them to execute sophisticated trading strategies and analyses.

Broker Features

FeaturesSpecifications
Regulation NFA (US), CFTC (US), FCA, ASIC, FSA, and IIROC.
Minimum Deposit$100
Account CurrenciesUSD, EUR, CAD, JPY, CHF, AUD, GBP
Product OfferingForex, CFDs
Forex Pairs84 including major, minor, and exotic pairs.
Payment MethodsWire Transfer, Card Payment, Paypal.
Trading PlatformsForex.com Platform, MT4, MT5, TradingView, Ninja trader
Demo AccountAvailable | Open Demo Account
Maximum LeverageU.S – 1:50
EU Clients – 1:30
Trading ToolsCapitalise.ai, Performance Analytics, Smart Signals, Traders Sentiments

Pros

  • A strong regulatory framework.
  • Its parent company, Stonex Group Inc., is listed on the stock exchange.
  • Over 20+ years of excellent industry experience.
  • Deep liquidity.
  • Quick and easy account registration process.
  • Offers different account types.
  • Low minimum deposit.
  • Multiple account base currencies.
  • Accepts U.S. clients.
  • Low forex trading fee.
  • Multiple industry-standard trading platforms.
  • Offers an Active Trader Program, suitable for high-volume traders.
  • Great customer service.

Cons

  • Limited payment options.

6. Pepperstone

Pepperstone Review

Pepperstone, established in 2010, has rapidly ascended to become a leading online forex and CFD broker on a global scale. Based in Melbourne, Australia, Pepperstone has built a reputation for its excellence in innovation, low-latency trading, and customer service.

Key Features

Pepperstone offers 1200+ instruments across different global markets including forex, indices, commodities, cryptocurrencies, and shares, catering to the diverse needs of its global clientele.

In terms of trading performance, Pepperstone is particularly favored by traders for its ultra-low spreads, fast execution speeds, and no-dealing-desk intervention, providing an optimal trading environment for active and high-frequency trading.

Another standout feature of Pepperstone is its adoption of multiple trading platforms, including MetaTrader 4, MetaTrader 5, TradingView, and cTrader, which are among the industry’s most respected and widely used trading platforms. These platforms are equipped with intuitive interfaces, advanced charting tools, algorithmic trading support, and extensive back-testing capabilities.

Additionally, Pepperstone offers various account types to cater to the diverse needs of traders, including standard accounts and Razor accounts, each tailored to different trading preferences and strategies.

Other great features offered by Pepperstone include dedicated customer support, a wealth of educational resources, fast and secure payment options, multiple account currencies, and an active trader program. Additionally, the broker offers multiple tailored account types, enhancing the trading experience for both novice and experienced traders. To learn more about Pepperstone read our full Pepperstone review.

Suitability

Pepperstone is ideally suited for a broad spectrum of traders, from beginners to seasoned professionals seeking a more sophisticated trading environment. The broker’s low spreads, fast execution speeds, and advanced tools appeal to active traders and algorithmic traders while its user-friendly platforms and educational resources make it accessible to newcomers.

Broker Features

FeaturesSpecifications
Regulation ASIC, FCA, and DFSA.
Minimum Deposit$0
Account CurrenciesAUS, USD, SGD, HKD, JPY, NZD, EUR, CHF, and GBP.
Product OfferingForex, CFDs
Forex Pairs61 – Major, Minor, and Exotic
Payment MethodsBank Wire Transfer, Credit/ Debit Cards, Neteller, Skrill, PayPal, and Poli.
Trading PlatformsMetaTrader4, Metatrader5, TradingView, and cTrader
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:500
Trading ToolsSmart Trader Tools, cTrade Automate, Autochartist, API, Capitalise. a.i, Virtual Private Server (VPS), and DupliTrade.

Pros

  • Strong regulatory framework.
  • Deep liquidity.
  • Quick and easy account registration process.
  • Multiple fast and secure payment methods.
  • Multiple account base currencies.
  • Low forex trading fee.
  • Offers 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

  • 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.

7. IC Markets

IC Markets Review

IC Markets stands out as a top-tier online forex broker, renowned for its commitment to providing traders with a high-speed, reliable trading environment. Founded in 2007 and headquartered in Sydney, Australia, IC Markets has carved a niche for itself among high-volume traders, active traders, and those utilizing automated trading systems.

Key Features

IC Markets provides access to over 2250+ instruments across various global markets, including 60+ currency pairs, stocks, commodities, indices, cryptocurrencies, bonds, and futures. This extensive market range underscores IC Markets’ position as a versatile and comprehensive trading platform, catering to the diverse needs of traders worldwide.

IC Markets is also well-regarded for its true ECN (Electronic Communication Network) connectivity, offering clients direct access to a deep liquidity pool from multiple liquidity providers. This setup ensures tight spreads, superior execution speeds, and minimal slippage, making IC Markets an attractive option for active traders such as scalpers, day traders, and swing traders.

Another Key feature of IC Markets is its offering of multiple advanced trading platforms such as MetaTrader 4, MetaTrader 5, and cTrader. These platforms are equipped with a range of tools and features designed to cater to the needs of a diverse range of traders, including advanced charting tools, a wide range of technical indicators, and algorithmic trading support.

Other great trading features offered by IC Markets include multiple fast and secure payment methods, high leverage, no restrictions on trading strategies, comprehensive educational resources, unlimited demo account usage, and an excellent customer support service, available 24/7. To learn more about IC Markets, read our full IC Markets review.

Suitability

IC Markets is suitable for a wide range of traders, from beginners to experienced professionals. Its user-friendly trading platforms, comprehensive educational resources, and responsive customer support make it accessible to novice traders. At the same time, its advanced trading tools, low latency execution, and institutional-grade liquidity appeal to seasoned traders seeking optimal trading conditions and performance.

Furthermore, IC Markets’ true ECN model appeals to those seeking direct market access, while the range of account types accommodates different trading styles. Whether you’re an active trader, high-volume trader, or algorithmic trader, IC Markets offers the tools and support necessary to thrive in forex trading.

Broker Features

FeaturesSpecifications
Regulation ASIC, FSA, and CySEC.
Minimum Deposit$200 or currency equivalent.
Account CurrenciesAUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF.
Product OfferingForex, CFDs
Forex Pairs64 – Major, Minor, and Exotic Pairs.
Payment MethodsCredit 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.
Maximum Leverage1:1000, EU – 1:30
Trading PlatformsMetaTrader 4, MetaTrader 5, cTrader, TradingView
Demo AccountAvailable | Open Demo Account
Trading ToolsVirtual Private Server (VPS), Trading Servers, MT4 Advanced Trading Tools

Pros

  • Strong regulatory framework.
  • Over 17 years of excellent industry experience.
  • Deep liquidity.
  • Quick and easy account registration process.
  • Offers multiple industry-standard trading platforms.
  • Multiple fast and secure payment methods.
  • Multiple account base currencies.
  • Offers swap-free account.
  • Low forex trading fees.
  • The demo account has an unlimited usage duration.
  • No inactivity fee is charged.
  • Excellent customer support service, available 24/7.

Cons

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

9. Swissquote

Swissquote

Swissquote is a global leading online broker established in 1996 by Swissquote Bank LTD, a highly regulated and reputable investment bank based in Switzerland. The broker has gained a strong reputation for transparency, efficient trading platforms, and competitive pricing structures.

Swissquote offers Forex and CFDs on stocks, stock indices, commodities, and bonds, with exposure to over 400+ instruments. The broker also offers multiple investment products such as shares, warrants & derivatives, options, futures, funds, ETFs, indices, forex, commodities, bonds, and cryptocurrencies, with over 3 million financial instruments available across several international markets.

Another key feature offered by Swissquote is the advanced trading technology it offers. This includes powerful trading platforms such as MetaTrader 4 and MetaTrader 5, along with its proprietary platform, Swissquote Advanced Trader. These platforms are equipped with robust tools for technical analysis, risk management, and algorithmic trading.

In addition to its range of trading platforms, Swissquote offers various account types to suit the preferences and trading styles of different traders. From standard accounts to professional accounts, the broker provides flexibility options for traders of all levels of experience.

Other unique features offered by Swissquote include competitive forex fees, fast execution speed, and access to cutting-edge research and analysis tools. To learn more about Swissquote, read our full Swissquote review.

Suitability

Swissquote is suitable for a wide range of traders, from retail to institutional traders. Its diverse range of account types, advanced platforms, and customizable account options make it adaptable to various trading styles. However, its high minimum deposit requirement and tiered pricing structure might make it less suitable for traders with low capital.

Broker Features

FeaturesSpecifications
Regulation FINMA, FCA, MFSA, DFSA, MAS, and SFC.
Minimum Deposit $1,000
Account CurrenciesUSD, EUR, CHF, GBP, PLN, AUD, JPY, CAD, AUD, TRY, SEK, NOK, SGD, XDG, HUF, CZK, NZD, DKK, ZAR, MXN, HKD, THB, ILS and AED.
Product OfferingForex, CFDs, Stocks, Bonds, Funds, Options, Futures, Money Markets, Lombard Loans, Structured Products, ETFs, indices, commodities, bonds, and cryptocurrencies.
Forex Pairs80
Payment MethodsBank Wire Transfer, Credit/ Debit Cards
Maximum Leverage1:100
Trading PlatformsAdvanced Traders, MT4, MT5
Demo AccountAvailable | Open Demo Account
Trading ToolsFIX API

Pros

  • Strong regulatory framework.
  • It is listed on the stock exchange which builds more trust and transparency.
  • Over 28 years of industry experience.
  • Has a strong banking background.
  • Deep liquidity.
  • Quick and easy account registration process.
  • Offers a wide spectrum of trading and investment products.
  • Provides access to over 3 million financial products across various markets.
  • Offers different account types.
  • Offer business accounts.
  • Over 27 account base currencies.
  • Access to multiple industry-standard trading platforms.
  • Competitive Forex trading fees.
  • Offers a volume-tiered pricing structure which keeps trading costs low for high-volume traders.
  • Fast order execution.
  • Great customer support service.

Cons

  • High minimum deposit requirement.
  • Its payment options are limited.
  • Electronic payment options are not available.
  • Its tiered pricing structure is less favorable for low-volume traders.
  • An inactivity fee of $10 is charged after 6 months if no trading activities are carried out on your account.
  • No 24/7 support.
  • It does not accept clients from the United States.

8. Oanda

Oanda Review

Established in 1996, Oanda has firmly positioned itself as a leading player in the online forex brokerage industry. With a legacy spanning over two decades, Oanda is celebrated for its unwavering commitment to delivering an accessible and high-quality trading experience to beginner and professional traders globally.

Key Features

Oanda offers access to 1800+ financial instruments across various global markets, including forex, commodities, indices, bonds, and cryptocurrencies. This positions Oanda as an ideal broker for traders aiming to broaden their investment horizons, catering to individuals concentrating on forex trading and those seeking to diversify their portfolios into various asset classes.

Oanda also stands out with its award-winning trading platform, OANDA Trade, designed to cater to the needs of both beginner and professional traders. The platform features powerful charting tools, risk management features, real-time market data, and a customizable trading interface. Recognizing the diverse preferences of its user base, Oanda also integrates seamlessly with third-party platforms, including MT4, MT5, and TradingView.

In addition, Oanda distinguishes itself with competitive spreads, fast order execution, and no minimum deposit requirements, making premium trading conditions accessible to a broader audience. Other unique features offered by the broker include competitive pricing, comprehensive educational resources, and great customer support service. To learn more about Oanda, read our full Oanda review.

Suitability

Oanda suits a broad spectrum of traders, from beginners to experienced professionals. New traders will appreciate its no minimum deposit requirements, competitive pricing, educational resources, demo accounts, and user-friendly platforms, while seasoned traders can take advantage of Oanda’s seamless integration with third-party trading platforms, extensive market analysis, and its API trading capabilities.

Broker Features

FeaturesSpecifications
Regulation FCA, ASIC, NFA, CFTC, IIROC, MAS, MFSA, SFC
Minimum Deposit$0
Account CurrenciesUSD, EUR, GBP, AUD, CAD, CHF, JPY, SGD, HKD
Product OfferingForex, CFDs, Spread Betting
Forex Pairs68 – Major, Minor, and Exotics Pairs
Payment MethodsBank Wire Transfer, credit/ debit cards, Skrill, and Neteller.
Trading PlatformsOanda Trade, MT4, MT5, TradingView
Demo AccountAvailable | Open Demo Account
Maximum LeverageGlobal – 1:200, US – 1:50, EU – 1:30
Trading ToolsAdvanced Chart, AutoChartist

Pros

  • Strong regulatory framework.
  • Over 28 years of excellent industry experience.
  • Quick and easy account registration process.
  • Deep liquidity.
  • No minimum deposit.
  • Fast and secure payment methods.
  • Multiple account base currencies.
  • Multiple industry-standard trading platforms.
  • Low forex trading fee.
  • Fast order execution.
  • Great customer support service.

Cons

  • High withdrawal fee for bank withdrawal transactions.
  • Some third-party trading platforms are not available in certain regions.

10. FXPro

FXPro

FXPro is a well-established forex broker that has been serving clients globally since its inception in 2006. Headquartered in London, FXPro has earned a strong global reputation for its commitment to transparency, reliability, and innovation in the financial markets. With a presence in over 170 countries worldwide, FXPro is known for providing trusted online trading services to a diverse clientele.

Key Features

With FXPro, traders can access over 1800+ financial instruments across various global markets, including forex, stocks, indices, commodities, and cryptocurrencies. This extensive range of tradable assets allows traders to diversify their portfolios and capitalize on opportunities in different market sectors.

FXPro also stands out with its commitment to transparency which is reflected in its no-dealing-desk (NDD) execution model, ensuring fair and efficient order execution for clients. This is also accompanied by its competitive pricing model, making FXPro an ideal broker for traders looking for a reliable and cost-effective broker.

Another key feature of FXPro is its advanced trading technology, which includes the integration of robust trading platforms like MetaTrader 4, MetaTrader 5, and cTrader.These platforms are equipped with robust tools for technical analysis, risk management, and algorithmic trading. Additionally, FXPro offers its proprietary trading platform, FXPro Edge, which caters to the needs of both beginner and professional traders through its user-friendly interface and advanced trading capabilities.

Suitability

FXPro caters to a broad spectrum of traders, from novice to experienced professionals. Its comprehensive trading solution and competitive pricing make it a preferred choice for different types of traders including active and algorithmic traders

Broker Features

FeaturesSpecifications
Regulation FCA, CySEC, SFCA, SCB
Minimum Deposit$100
Account CurrenciesUSD, EUR, GBP, CHF, PLN, AUD, JPY, ZAR.
Product OfferingForex, CFDs, Spread Betting
Forex Pairs70
Payment MethodsBank Transfer, Broker-To-Broker Transfer, Credit/ Debit Cards and Paypal, Skrill, and Neteller.
Maximum LeverageRetail: 1:200, Retail (EU, UK): 1:30 Professional: Up to 1:500
Trading PlatformsFXPro Edge, MetaTrader4, MetaTrader5 and cTrader
Demo AccountAvailable | Open Demo Account
Trading Tools

Pros

  • Strong regulatory framework.
  • Deep liquidity.
  • Low minimum deposit.
  • Quick and easy account registration process.
  • Multiple fast and secure payment options.
  • Offers multiple account base currencies.
  • Fast order execution.
  • Low forex trading fee.
  • Offers multiple industry-standard trading platforms.
  • Great educational offering.
  • Great customer support service

Cons

  • An inactivity fee is charged if no trading activities are carried out on your account for 6 months.
  • Customer support service is not available 24/7

Conclusion

Ultimately, the best forex broker for you will depend on your unique trading style, needs, and preferences. By considering the factors outlined in this guide, you can select a broker that suits your trading style and preference.

Ranking Methodology

While reviewing and evaluating over 100+ top forex brokers, we considered several key factors that influenced our rankings. These included regulatory compliance, reputation, product offerings, account types, execution model, trade execution speed, assets offered, trading fees, trading platforms, research offerings, education provided, and customer support service.

Frequently Asked Questions