Forex Broker Reviews

Not even legends in the calibre of a Larry Williams or a Martin Schwartz will have much luck in currency trading if the broker is unwilling to cooperate - it has an overwhelming role in determining what type of experience you will have as a forex trader. The lack of clear rules and precedents creates great opportunities, but also huge risks for the unprepared.

But aren`t there always two sides to a story? To help our visitors avoid the dark side of forex, we have carefully screened the best offers in the online brokerage business, and prepared a selection of some of the most reputable and efficient brokers for your exclusive benefit. If you have any plans to explore the exciting world of currency trading, we are sure that you will find our list an invaluable guide in the crowded and sometimes shady world of the forex brokers. We recommend reading our listed brokers' review pages for user reviews, e.g. Plus500 review page with comment threads and still counting. comments.

Broker Description US Clients Regulated Min. Deposit Spread EURUSD  
Number One Iconforextime
  • Regulated by CySEC & FSB
  • Over 400k Registered Accounts
  • More than 250 Trading Instruments
  • MT4, MT5 and Web Trader Platforms
  • Full ECN Trading Model
No 2 $5 0.1 pip Signup
Read ForexTime Review

  • 40% New Member Bonus
  • MIFID, ASIC, FSA & FSB regulated
No  1 $100  Fixed Spread 1
Read AvaTrade Review
  • CySEC, FCA Regulated
  • MetaTrader4 , MetaTrader5, cTrader, FxPro SuperTrader
No 2 $100 o.6 pips Signup
Read FxPro Review
  • Minimum Deposit $200
  • Social Trading Platform
  • FCA, NFA, CySEC Regulated
No 2 $200 3 Pips Signup
Read eToro Review
MexGroup Logo
  • Minimum Deposit $200
  • FSC, CIMA, ASIC, CySEC, BaFIN Regulated
No 2 $300 0.1 Pips Signup
Read MultiBank Exchange Group Review
  • FCA Regulated
  • Multi Asset Trading Platform
  • No Time Frame For Demo Accounts
No 2 200AUD Vary Signup
Read Plus500 Review
  • Minimum Deposit $100
  • Leverage 400:1
  • Dedicated Account Manager
No 2 $100 Fixed and Floating Signup
Read 24Option Review
IronFx Logo
  • Authorized and Regulated by FCA, ASIC, FSB, CySEC
  • STP/ECN services ensure no slippage or re-quotes – scalping allowed;
  • ECN Real Raw Spreads, 0.2 EUR/USD
  • 1 Million GBP Insurance by Lloyds of London.
No 2 $50 as low as 0.18 pips Signup
Read IronFX Review
  • Minimum Deposit $5
  • Up to 1:500 leverage with micro-lots (0.01 size) available for everyone
  • Scalping, hedging, trading on the news, and EAs are permitted at OctaFX.
No 2 $5 ECN as low as .2 Pips Signup
Read OctaFX Review
EasyMarkets Logo
Easy Markets
  • CySEC & ASIC regulated
  • Clients can trade currencies, metals, energy and agricultural commodities, Indices and Options
  • 50% FTD Bonus! (non EU Traders only)
No 1 $100 as low as 1.8 pips Signup
Read Easy Markets Review
hot forex
Hot Forex
  • CySEC, FSB Regulated
  • MetaTrader4 platform
  • Proprietary debit card for quick withdrawal applications!
No 2 $5 0.2 pips Signup
Read Hot Forex Review
  • No Minimum Deposit
  • FCA & ASIC Authorized and Regulated
  • Founded in 1996 with HQ in Toronto, CA
    Your capital is at risk. Losses can exceed investment. Leverage trading is high risk and not for everyone
No 2 $1 As low as 1 Pip Signup
Read Oanda Review
  • CySEC, FSB Regulated
  • Proprietary Trading Platform
No 2 $100 2 pips Signup
Read Review
hot forex
  • CySEC, FCA Regulated
  • MT4, MT5, WebTrader platform
  • $30 + Deposit Bonus up to $5,000 (t&c apply)
No 2 $5 1.8 pips Signup
Read XM Review
XTB Logo
  • FCA, BaFin, CMB & KNF Regulated
  • Well established
No 2 $250 from 0.9 pip Signup
Read XTB Review
london capital group
London Capital Group
  • No Minimum Deposit
  • Founded in 1996 and headquartered in London;
  • Daily emails with market commentary and analysis get you started for each trading day;
No 2 None from .6 Pips Signup
Read London Capital Group Review
  • FSB Regulated
  • MetaTrader4 & Sirix platforms
No 2 $250 From 2 pips Signup
Read CMTrading Review
FX Primus
FX Primus
  • Minimum Deposit $100
  • Leverage Up to 500:1
  • Accounts may be individual, joint, or corporate, with options for traditional or ECN type pricing;
No 2 $100 As low as 2 Pips Signup
Read FX Primus Review
FPMarkets Logo
  • ASIC Regulated
  • PAMM Accounts Available
  • Phone and Live Chart Support
No 2 None From 0.0 Pips  Signup
Read FPMarkets Review
TradeFred Logo
  • CySEC Regulated
  • Covers more than 50 currency pairs
No 2 None From 0.8 Pips Signup
Read TradeFred Review
Trio Markets
  • Regulated by CySEC, BaFin, FCA, ACP and MiFID
  • BONUS: $4 cashback per lot traded till the end of the year
No 2 $100 from .3 Pips Signup
Read Trio Markets Review
  • Regulated by ASIC & FCA
  • Minimum deposit is $250
  • Asset choices include forex pairs (35) and CFDs (10 indices, 2 metals, 2 oil, and the VIX and USD Index)
No 2 $250 as low as .8pips Signup
Read ThinkMarkets Review
Fx Giants Logo
  • FCA, ASIC & CySEC Regulated
  • FXGiants has a proprietary interface to make its account funding process easier, fast and secure.
No 2 $100 varied Signup
Read FxGiants Review
City Index Logo
City Index
  • FCA Regulated
  • City Index is well established and a trusted forex broker.
No 2 £100 varied Signup
Read City Index Review
iTrader Logo
  • Order slippage on stop losses is generally minimal
  • CySEC Regulated
No 2 None as low as 0.7 pip Signup
Read iTrader Review
IQ Option Logo
IQ Option
  • Well Established
  • CySEC Regulated
No 1 $10   Signup
Read IQ Option Review
Libertex Logo
  • Well Established
  • Over 700 Employees
  • CySEC Regulated
No 2 None   Signup
Read Libertex Review
  • Regulated by CySEC
  • Trading Academy includes extensive support for all levels of traders, from basic training videos to discussions on advanced trading strategies;
No 2 $500 from .06 Pip Signup
Read Alvexo Review
Tradeo Logo
  • MFSA regulated
  • Minimum deposit $100
  • No extra commissions
No 1 $100 2.5 pips Signup
Read Tradeo Review
  • Regulated by CySEC
  • Minimum deposit is $100
  • 367+ asset choices
No 2 $100 varied Signup
Read Review
  • Regulated by CySEC
  • “No Dealing Desk Execution, no slippage, no delays”
  • “Trading support and account management for traders of varying experience levels”
No 2 $250 1.1 Signup
Read FxGlobe Review
Swiss Markets Logo
Swiss Markets
  • CySEC regulated
  • Tight spreads as low as 0.2 pips
  • Good beginner support
No 2 $200 as low as 0.2 pips Signup
Read Swiss Markets Review
BD Swiss
  • Forex pairs and CFD trading
  • Tight spreads as low as 1.2 pips
  • Over 130 assets: Forex pairs (83), Indices (23); Commodities (18); and Treasuries (7)
No 2 $250 as low as 1.2 pips Signup
Read BD Swiss Review
Formax Logo
  • FCA regulated
  • CopyMaster social trading platform
No 2 None from .6 Pips Signup
Read Formax Review
Henyep Capital Markets
Henyep Capital Markets
  • Regulatory compliance is under the auspices of the FCA in the UK, the SFC in Hong Kong, the DFSA in Dubai, and by way of the MiFID for the European Union.
  • Up to $5,000 Welcome Bonus (T&C apply)
No 1 $100 1.8 pips 1
Read HYCM Review
  • ASIC regulated
  • Minimum deposit $100
  • Withdrawal requests approved within 24 hours
No 1 $100 1.5 - 3 pips Signup
Read USG FX Review
ForTrade Logo
  No 1 $100 3 pips Signup
ForexMart Logo
  No 1 $1 2 pips Signup
Nord FX Logo
Nord FX
  No 1 $5 3 pips Signup
AxiTrader Logo
  No 1 $0   Signup
  No 1 $300 3 pips Signup

*Broker offers variable spreads which are subject to fluctuating market conditions. Spreads tend to be tight during times of deep liquidity but can also widen significantly during times of low liquidity.

Finding the Best Forex Broker - FAQ

Finding the best forex broker for your needs takes some research. Hundreds of online brokerage firms now compete for your account, so plenty exist to choose from. Check out our recommended top list above, or read our FAQ below with excellent points to consider before choosing your broker, or see this extensive five step guide on how to choose a forex broker.

Finding the best forex broker that has a fast execution capability, a reliable trading platform and which can be trusted with your account deposit might be the first things you will want to assure yourself of. Other sweeteners can include account opening bonuses and other features like mobile trading and SMS market alerts.

Basically, you want a forex broker you can trust to handle your money and your trades so that you can get on with the business of trading forex without worries. Anyway, to make the process of finding a broker simpler, the list above covers most of the key comparison points between forex brokers so that you can be better prepared for a successful search.

In the end of this page you will find many more brokers that did not make the top list, you can still read our reviews of them and give your comments on them or share your experience from them.

But first we will go through some of the criteria and features you should look for when searching for the best forex broker for you.


Most reputable online forex brokers take the step of submitting to regulation by one of the main financial regulatory agencies operating in their home country. Sometimes, they will even be regulated by more than one agency. Such regulation provides you with the security of knowing the broker's operations are being overseen by an independent authority with the goal of keeping the business honest.

Is there a benefit to where a broker is located?

Location can make a big difference, especially if the regulatory regime in the country is top of the line. The most advantageous location has to be reserved for UK brokers, since London is the center of the foreign exchange business.

Forex Trading in the UK

Early in the last century, nearly 50% of the world's foreign exchange was conducted using the Pound Sterling. Today, daily forex trading turnover in the London market represents 41% of the world, more than double that of the United States at 19%. If you choose a reputable UK broker, then you can be assured that the firm can draw upon a broad pool of experienced and professional staff in the UK.

From a regulatory perspective, UK forex brokers must also comply with one of the strictest regulatory bodies around, the Financial Conduct Authority (FCA). Once again, the pool of UK staff will be very aware of best business practices and related compliance issues, another reason to choose a UK broker, if at all possible. One must, however, be due diligent when choosing a broker that claims to have offices in London, since the marketing aspect of this location has caused many overseas brokers to set up a "shell" presence in the UK to gain your trust, but without the benefits listed above. If you prefer a UK broker, then make sure that they are headquartered in London and have a significant presence there.

Data Security

When you either enter or store vital personal information online, it can be subject to falling into unfriendly hands that may use it for their own personal gain. Accordingly, a top priority when choosing a broker is that they encrypt all data entered into online forms using industry standard SSL-encryption or better.

Another key issue involves the safe storage of data so that it will not be lost in case of disaster. Many online forex brokers use duplicate data farms with high security to assure the safety of your account information.

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Dealing Spreads

Many day trading strategies become unsuccessful over the long term if your account does not have access to competitive dealing spreads. The spread is simply the difference between the bid price and the offer price for a particular currency pair and should be no greater than five pips in the majors and major crosses, with wider spreads often seen in the minor crosses and exotic currencies.

Commissions and Fees

Sometimes brokers are not content just to have you dealing on their spreads. In this case, they might charge a commission or fee for each transaction. Sometimes these are calculated on a per transaction basis or on a volume dealt basis. Additional fees might be involves in making withdrawals or deposits, so be sure to check that information to minimize your transaction costs.

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Order Types

Most forex brokers handle the basic market, stop and limit order types. Nevertheless, some brokers also offer support for OCO (one-cancels-the-other) and trailing stops. If either of these more specialized order types would be suitable for your trading plan, then be sure that your chosen broker supports them and make sure that you fully understand the limitiation of these different order types.

Currency Pairs

Since more currency pairs often means more opportunities to profit, you will want to make sure that your forex brokers offers all of the pairs you might be interested in trading. Some traders also like to have access to precious metals like Gold and Silver, in addition to oil, especially if they will be trading the commodity currencies like AUD and CAD whose exchange rates can depend on commodity price fluctuations.

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Deposit Required

Unless you are just interested in opening up a demo or practice account with the forex broker, they will usually require a minimum deposit to be made for you to get started trading forex. Often, the more money you place on deposit, the more features you have access to or the tighter your dealing spreads become. Make sure that you research the broker thoroughly before sending a deposit.

Account Types

Account types vary considerably between brokers, but most offer demo accounts for practice trading, mini accounts for newer traders with a low minimum initial deposit, standard accounts for more experienced traders with a moderate deposit, and finally VIP accounts for larger initial deposits.

Also, the features offered with each account type vary quite a bit among the various forex brokers, so be sure to see which reputable broker will offer you the best deal for the initial deposit you have available to you.

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Leverage refers to how much of a position you can control with a certain amount of funds allocated to it. Forex brokers currently offer leverage rates of as high as 500 to 1. What this means is that you can control a $50,000 trading position with just $100 allocated from your portfolio. Note that in the U.S. the maximum leverage is 50:1 for majors and 20:1 for minors.

Naturally, amplifying your risk by using leverage can result in larger gains, as well as larger losses, so be sure to use leverage wisely and avoid trading beyond your means.

Margin Requirements

Even though forex transactions are exchanges and not purchases of an asset like a stock or commodity, when the exchange rate moves, it creates credit risk for the counterparty showing a gain on the transaction. As a result, most forex brokers require that their clients place a certain amount of funds on deposit to cover such potential losses. This is known as the broker's margin requirement.

Since margin requirements vary among brokers, you will want to make sure that the broker you choose has guidelines you can live with. Also, some brokers automatically close out trading positions when the amount of margin in your account is exceeded by trading losses, or according to other criteria, so be sure to understand such the implications of such policies for your trading business.

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Trading Platforms

Most of the better forex brokers offer their own proprietary trading platforms for you to use to execute forex transactions with and to keep track of the market. These usually either take the form of web-based platforms that use access via your Internet browser or client-side platforms that you download to, install and run on your personal computer.

In addition, some brokers support independent trading platforms like the popular MetaTrader 4 platform that can be obtained free of charge and which many commercial forex trading robots are designed for.

Mobile Trading

Some forex traders require the convenience of trading and keeping in touch with the forex market via their mobile phone or other mobile device. Many brokers provide such services, so if this is important to you, check out what each broker offers in this regard and whether their software will work with your device.

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Algorithmic Trading

Forex traders increasingly wish to automate their trading plans or algorithms to free up their time for other endeavors. They often do this by using a programming language to write down their decision process in an algorithmic format that can then automatically be executed by forex trading platforms that support this capability.

If you think you might want to automate your trading plan, check to see with brokers you are considering to see if they support this type of trading and how they do so.

Market Alerts

Many brokers offers SMS or other types of market alerts to their customers. If you think this might be important to your trading business, look for this feature.

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Those new to forex trading will want to have better access to both dealing support and technical support. See what services each broker under consideration provides and whether it will suffice for your purposes.

Information Resources

Newer traders often require educational materials about the forex market and trading in general to get started trading forex on the right foot. If this is important to you, research what the brokers you are considering have to offer in this regard.

Also, many brokers provide sophisticated news feeds, like Reuters for example, as well as proprietary market commentary and other timely information.

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Dealing Desk Access

Some traders like to speak to a personal dealer or advisor at the broker in order to obtain inside market information and advice. Others like to be able to make transactions over the telephone in a pinch. If either of these options makes sense for you, inquire with your potential brokers whether dealing desk access will be available to someone with your anticipated initial deposit.


Read our reviews of more forex brokers that did not make our top list above:

4XP - Read review and comment Alpari - Read review and comment
Sigma Forex - Read review and comment Refco - Read review and comment
Crown Forex - Read review and comment InstaForex- Read review and comment
Deltastock - Read review and comment City Credit Capital - Read review and comment
FCBS - Read review and comment MB Trading - Read review and comment
GFT Forex - Read review and comment Go Markets - Read review and comment
Lite Forex - Read review and comment NordFX Forex - Read review and comment
ATC Brokers - Read review and comment Markets - Read review and comment
TadaWulFX - Read review and comment dbFX - Read review and comment
Interbank FX - Read review and comment Questrade - Read review and comment
Pfg Best - Read review and comment CMC Markets - Read review and comment
RetailFX - Read review and comment FIBO Forex - Read review and comment
IamFX - Read review and comment Advanced Markets - Read review and comment
Interactive Brokers - Read review and comment Vantage FX - Read review and comment
ACM Markets - Read review and comment Active Trades - Read review and comment
ApexForex - Read review and comment Broco Forex - Read review and comment
Btrader - Read review and comment CitiFX Pro - Read review and comment
Dukascopy - Read review and comment EuroForex - Read review and comment
Finexo - Read review and comment - Read review and comment
Forex Web Trader - Read review and comment FxCast - Read review and comment
FxCompany - Read review and comment FxOpen - Read review and comment
GCI Trading - Read review and comment GCI Financial - Read review and comment
GFT Forex - Read review and comment HotSpot FX - Read review and comment
IKON GM - Read review and comment iFOREX - Read review and comment
InvestTechFX - Read review and comment MF Global - Read review and comment
MoneyForex - Read review and comment NordMarkets - Read review and comment
Zecco - Read review and comment One Corp FX - Read review and comment
ODL Securities - Read review and comment ONE Financial - Read review and comment
Prime 4x - Read review and comment Realtime - Read review and comment
SaxoBank - Reaad review and comment TFIFX - Read review and comment

Please give us your opinions on these forex brokers and others below.

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