Reviews of Online Forex Brokers

Forex brokers are vital for both retail and institutional Forex traders success and it’s also very important to trade using a reliable trading platform. Forex trading is not restricted to professional traders or a few specially chosen people in the market. And top rated FX brokers are able to cater to a wide variety of needs, beginners and amateurs included. All Forex brokers, both good and bad, are free to be used by any trader, regardless of their experience, budget, or type of investment. 

The way to find the best and most reliable Forex brokers is to find good resources for honest opinion and trading experience in order to take good and bad brokerage apart. In this section we collect all online Forex trading companies in one big list with their details rated and discussed. Finding the reliable broker to trade with is not so difficult anywhere because with the right knowledge you can filter out the bad seeds out of the top rated Forex brokers in the fx industry in the matter of seconds. The agenda in this section is to bring awareness about all types of forex brokers in the industry, compare their trading conditions to generally accepted standard of good conduct among such firms and choose best Forex brokers to trade with for both experienced an beginner traders today. Within the following list you can find platforms that are scam, along side with recommended and highly reputable brokerages.

How Do We Decide Which Ones are Best Forex Sites and Which Ones are Fraud

The main agenda for this resource has always been to provide a reliable Forex trading broker guide. There are just too many firms offering their services and without proper guidance it is almost impossible to figure out who is playing by the rules, and which one is scamming their customers. At the first glance, most brokers look reliable and attractive, however in some cases after trying out the platform, checking out the features, researching about each and every broker, receiving feedbacks from real traders, you can filter the top Forex brokers from the bad apples.

We are a team of experienced traders with over 10 years of experience in the industry. We have seen it all, traded with many, got burned by rotten Forex brokers, profited with the secure ones. Our experts of traders have the right set of mind and understanding of the industry in order to identify and rate the available material and present it to the public. 

As we rate all of the listed Forex trading broker, we make sure to research about their reputation among other traders online. We need the real comments and feedback from people who have experience with the platforms in order to create reliable information for those who seek genuine reviews. We collect the general information, verify the facts listed on each brokers' website, follow up with the customers who have traded or are currently using each and every broker.

At the end we have this section of review Forex Brokers from various countries including US, UK, Australia, France, Germany, South Africa, India, Cyprus, Spain and more.  This is an ultimate guide and hand-picked collection of information and rating from our team of experts and other traders like yourself, so make a best use of it!  

If you have experience with any of the listed online brokers below, please leave your own Forex Broker review to grow the awareness and help other traders to make the right choice.

Importance and Purpose Of Forex Broker Reviews And How We Review Forex Trading Companies Listed Here

Forex brokers reviews are created to list down the performance, level of trust, customer satisfaction and overall grade of a broker. In order to make proper assessment of the available information you get from the websites, feedbacks, forums and social media, you have to understand the industry and the market really well. In other words, you have to be an experienced trader with significant amount of trading hours to support your claims and expectations.

At Forex Explore we stand by fairness and unbiased Forex broker rating and opinion. Each review consists of not only the advantages of each broker but reviews negative points and the lack of certain features you would expect a Forex trading broker to have. We make sure to follow Forex review checklist with every broker in question to create quality information for our viewers and reliable resource of brokers yellow pages of a sort. 

All of the available Forex trading brokers reviews are conducted by expert traders and market reviewers who are strongly involved in currency market for many years. Our overall experience in trading and investment gives us over the top understanding of how brokers should do business and what information is relevant when it comes to choosing the best Forex broker in the industry today for forex or bitcoin crypto trading.

The Best Forex Brokers – How to Select A Top Rated Forex Broker from the Database

the best forex brokersWhether you are searching for reliable Forex broker or your prime agenda is to analyse a complete list of all the top rated trading brokers available today online - the task to too great and time consuming to do it on your own from the very beginning. There are just way too many brokers governing the internet at this point.

For a complete beginner in the currency trading, this can be a huge turn off. While you still don't have proper knowledge and experience to determine whether the broker is good or scam. Therefore the following section is a deal come true, because here you can find all that broker review pros and cons you have been searching for to help you investigate and choose the right brokerage from the huge bunch.

Best Forex Brokers

Let's make that confusion go away and state the obvious - here are the best forex brokers in the world: 

  • Octafx - Best Overall, Most Trusted
  • XM - Best Web Platform, Research and Wordwide Seminars
  • Liteforex - Great All-around, Low Costs
  • Avatrade - Great Customer Service, Easy to Use Platform

Why Low Cost Forex Brokers are a great choice?

First of all, let's try to understand what low costs mean when it comes to trading online. There is the obvious - spread - and you want to find the lowest option possible on the currency pair you trade. What happens when you are offered with either fixed spreads or variable spreads? How do you compare the two and decide? Fixed spread is pretty obvious and includes commissions per each lot traded, so here you have to find a broker that has low fixed spreads plus cheap commissions. In case of variable spreads, you don't want to trade with a broker that has crazy wide spreads which can wipe your account clean in one blink of an eye.

Then comes not so obvious - all sorts of execution policies and requirements within the brokerage terms and conditions, such as slippage and rejections. Some brokers are not what they seem like, aka market makers, where you basically trade against the broker. This is not something you want to get involved with because broker is earning money on your losses. You got the picture, didn't you!?


Best Forex Trading Platforms

Forex trading platforms are your link and necessity towards online currency market. No matter what your trading plan is, how many currency pairs you choose to get involved with, what is your financial situation - your selected platform will effect you and your trading experience every single day. You want to choose a forex trading platform with awesome analytical tools, advanced but easy to read charts, various versions to work both on desktop, web and mobile, so you can access your trading account any time, any where. 

We have tested and reviewed over 300 forex brokers and while there are various trading platforms out there, Metatrader 4 and 5 are still majorly outstanding when it comes to performance, innovation, analysis and features. It might not be a simple as your toddler's toy phone, and yes you will have to master it to make the best out of it.  All in all, a great platform must provide traders with solutions during the trading hours.  

How to Choose a Forex Broker in 2019?

There are ranking factors involved in choosing a forex broker and it is used by many traders to define an ultimate brokerage firms. Obviously not all traders seek the same thing, hence there is still the element of choosing what you want, however there are basic factors which you have to take under consideration and below we have listed them for you.

1. Spreads and Commissions

Spreads is what the broker gets paid with. At the same time, lower spreads means more profits for traders, and less risky trading experience.Today brokers compete with each other through spreads they offer because this is one of the important factors when choosing one. Reduced spreads are what you have to aim for.

2. Leverage

Leverage in forex is what makes trading interesting. Keep in mind that US brokers suffered a major blow by the Commodities and Futures Trading Commission (CFTC) when it reduced the maximum leverage to 1:30 from leverage up to 1:500. This has significantly altered the margin requirements and made the whole trading experience mediocre.

On the bright side, some offshore brokers outside CFTC regulatory claws, continue to offer high leverages and attract many traders.  Some of the UK/EU brokers have also opened international divisions allowing traders to move to international account and explore the perks of maximum leverage.  Overall, you can now go for low leverage brokers, or find the ones that offer high leverage. The choice is yours.

3. Regulation

Regulation is definitely one of the important ranking factors when you choose a broker. Regulation keeps brokerages at bay with various requirements and security demands. Within our Reviews of the brokers on this site, we make sure to mention whether the broker is regulated or not and by which regulatory body. This way you can make a decision without doubt. 

4. Trading Resources and Educational Material

Trading resources could be extremely valuable to a new trader. Daily market analysis, tips, commentary on major currency pairs, seminars, webinars and mentoring. It is a big plus when the broker is strongly involved in supporting the traders with market analysis, news and trading tutorials.

5. Payment methods

We put major emphasis on payment options offered by each broker because there is literally nothing more annoying than unable to fund and withdraw money at ease. In our reviews we favor brokers with various payment options including online ewallets such as Skrill, Neteller, Paypal and more.

5. Customer Support

Customer support must be available at all times with technical and fundamental knowledge of platform and forex trading. Social media channels such as Facebook, Twitter and even Whatsapp and Telegram should be included within the options of communication of a reputable broker. The bottom line is that you have to be able to get your answers within minutes.


The list below features best forex brokers selected by traders and reviewed by our team of experienced traders for 2019 year. We have ranked the brokers based on their performance and factors mentioned above and more. In this list, you will find many brokers that are offshore brokerages with high leverage, EU/UK brokerages  with various payment methods, Metatrader 4 and MT 5 platforms and web-based options, various minimum deposits and more. Take full advantage of the forex broker reviews and make an informed choice.

10markets broker reviewEstablished in 2015, 10Markets is here with forex, commodities and shares services. The touch and feel of the broker’s site is user-friendly, easy to navigate and overall pleasing, however a lot of very important information is lacking. For example, there is no information about broker’s spreads. The broker brings you Metatrader 4 platform with maximum leverage up to 1:200 and minimum deposit of $200. Another suspicious activity that this broker practices is to request deposit for demo account. That's right - you can not demo trade before you make a deposit. Big scam alert, we must say!

12trader ReviewEstablished in 2015, 12Trader is FSP regulated UK forex broker with minimum deposit requirement of $50 and maximum leverage of 1:200. Several account types are available for traders to choose from, including demo account for practicing your trading skills. Payment method options lack variety and offer only credit card and wire payments. Automated trading is not available with this broker. Islamic swap-free accounts are provided on request.

1BillionForex ReviewBelize-based broker, online size 2013 with over 28 currency pairs, maximum leverage of 1:1000, minimum deposit as low as $5 and wide selection of payment options including our most favorites Neteller and Skrill. All trading styles are welcome. With 1Billionforex you trade with Metatrader 4 platform. There are several account types, including ECN.

24option broker review With over 100 tradable assets and unlimited market access, 24Option offers forex and crypto currency trading. The broker is located in Belize and regulated. Minimum deposit requirement is $100, various payment methods are available including Skrill.

South African forex broker, established in 2018 with various trading instruments including Forex and Cypto. Minimum deposit $200, payment options include Skrill and Paypal. Reglated by FSCA.


Online since 2011, regulated by IFSA of St. Vincent, broker with trading services, minimum deposit of $100. Demo account limited to 35 days, MetaTrader 4 platform. Lack of variety of payment options - only credit cards and wire transfer are accepted.

aaafx broker reviewFound in 2008, AAAfx resides in Athens, Greece and provides trading services to thousands of live accounts from all over the world. AAAFx is regulated in Europe, registered under HCMC (Hellenic Capital Market Commission) and is MiFID (Markets in Financial Instruments Directive). Unfortunately US traders are not accepted at the moment due to latest NFA regulations.

abshire smith reviewsFCA regulated UK broker established in 2011. USA traders are not accepted. Payment options include cashU, Neteller, Skrill and Wire transfer. Minimum deposit requirment is $500, maximum leverage is up to 1:200, Metatrader 4 and another in-house web-based platform. 

accentforex screenshotAccentForex brings you the financial services with well-known MetaTrader 4, minimum deposit of just $10 and up to 1:500 leverage. Various payment methods reviewed and the broker runs wide range of bonus and competitions for loyal clients.

activTrades Forex Broker

ActivTrades is located in UK and offers no dealing desk trading services for Forex, CFDs and Spread Betting. The broker is regulated by the FCA, and affiliated with Financial Services Compensasion Scheme (FSCS). At the moment of the review, this forex broker was not regulated in USA and therefore does not accept US traders at the moment.

ACY Securities is an Australian broker established in 2013 and regulated by the Australian Securities and Investments Commission (ASIC) and is a member of the Australian Financial Complaints Authority. There are 41 different FX pairs, 4 types of precious metals and 15 global stock indices to choose from. Minimum deposit requirement is $100 and various payment options are available including Skrill.  MetaTrader 4 trading platform for Desktop, Web and Mobile.

Adamant Finance Forex BrokerLocated in Vincent and the Grenadines, this off-shore forex broker welcomes USA traders. Payment options have been reviewed and include Neteller, Webmoney, CashU, Bitcoin and others. Minimum deposit just $1, maximum leverage up to 1:500.

Admiral Markets Forex BrokerFound back in 2001, AdmiralMarkets is a part of Admiral Markets Group, licensed by Estonian Financial Supervision Authority(EFSA) and regulated by MiFID (Markets in Financial Instruments Directive). The broker is dedicated to provide quality service, funds safety and transparent trading experience for clients worldwide. 

ADSS ReviewFounded in 2011, ADSS is regulated Forex Broker based in UAE making it a safe broker to trade forex, crypto and CFDs with. Minimum deposit $100. Metatrader 4 Trading Platform along side with in-house Orex platform.

advancedmarkets Forex Broker

Advanced Markets offers Direct Market Access (DMA) with forex and precious metals trading. Established in 2006, the broker provides liquidity and credit solutions to brokers and banks worldwide.

Bank market makers and prime broker partners include Bank of America, Barclays, BNP Paribas, Citi, Commerzbank, Deutsche Bank, J.P. Morgan, Morgan Stanley, Nomura, UBS as well as Macquarie Group Ltd (“Macquarie Bank”).

AETOS ReviewAustralia based Forex Broker AETOS, regulated by FCA UK and offers Forex, metal, energy, stocks, indices, commodities trading. During this forex broker review, we have found out that there are 27 currency pairs to choose from with flexible leverage of up to 200:1. Minimum deposit - $250, with payment methods including Skrill.

agea Forex Broker

Previously known as Marketiva, AGEA tries to fit in the vast word of expanding, motivated, quality forex brokers. Currently unregulated and with minimum features, the broker's only advantage is its low deposit requirement and cent accounts. AGEA offers several trading platforms including MetaTrader 4 and the in-house Streamster. Demo account is available for new traders with $10,000 for 30 days only.

agm markets reviewsCyprus-based, regulated forex broker, AGM Markets has been online since 2011. There are 2 account types, one of which offers ECN environment. Swap free Islamic account are available. Minimum deposit requirement is $250. The broker offers wide range of payment methods including Webmoney and Skrill. Leverage is up to 1:200.

Alfa Financial Review Alfa Financial is forex trading provider established in 2010 and located in Dubai. The broker requires very high minimum deposit of $10,000, although in the past the broker requested $25,000 minimum deposit! Payment method only includes wire transfer. Another thing that caught our attention is the speed of the broker's website, which is extremely slow.

alfa-forex BrokerRussian-based forex broker, regulated by Cysec and online since 2004. Alfa-forex seems to be a very small broker and lacks both information on its website and features. There is no demo account, which is literally a crime for a forex broker today. The awards listed on the broker’s website are not clear – the titles are impressive but who issued the awards is not mentioned. Minimum deposit is just $1, however the payment methods are limited to credit cards, wire transfer and some kind of online payment option Alfa click no one heard of.

alfatrade screenshotAlfaTrade has been established back in 2013 and is currently regulated by FCA (financial conduct authority). AlfaTrade provides financial services with majority of the clients being retail and institutional investors. Clients’ funds are stored in the segregated accounts (in other words, the company doesn’t mix your money with its own) and the broker follows stick rules and guidelines of the regulatory body.

Alpari ReviewFounded in 1998, Alpari offers clients a full package of the modern financial instruments and technological solutions for online trading and investment The trading turnover of the Alpari companies in 2014 was 2.5 trillion USD. The broker is regulated by Financial Commission and CRFIN.

altrade broker reviewAl Trade UK-based broker without regulation, established in 2003. Minimum deposit is $20 with not enough options for payment methods – just credit card, wire transfer and webmoney. Maximum leverage is up to 1:500, Metatrader 4 platform, several trading accounts to choose from. Broker claims to have variable spreads while in fact the spreads are fixed, starting from 1.5 pips on majors.

alvexo screenshotAlvexo forex broker specializes on financial trading services, advanced trading tools and market analysis for currency and CFDs. The broker is led by the team of traders with experience in investment and aims to provide safe, regulated and transparent trading environment. Alvexo brings you comprehensive educational materials, advanced trading features and dedicated customer support.

Amana Capital ReviewReviewed broker Amana Capital offers market execution trading environment for currencies, gold, silver, oil, indices and other financial instruments including cryptocurrency. Minimum deposit is just $50, various payment methods available including Skrill, Neteller and Perfect Money, however the broker charges unjustified fees for the transfers ranging up to 10%. 24/5 in a secure environment. The company was established in Lebanon in 2010 and runs in various locations around the globe, attracting thousands of investment professionals.

Montenegro located forex broker offers various trading services including ECN accounts with 50 currency pairs and Cryptocurrency, with minimum $100 deposit requirement and various payment methods including Neteller and Skrill. The broker claims to be regulated however we were unable to verify it, hence we strongly advise to be cautious. 

Argus ReviewArgusFX broker was established in 2000 and is regulated by CySEC. The broker offers 50 currency pairs with STP trading execution, Metatrader 4 platform, minimum deposit is $1. Good selection of payment methods, including Skrill and Neteller.

Asiafxi forex brokerThe broker with vague trading conditions, lack of basic information, unreliable details about the location and the registered company. We suggest to stay away.

atcbrokers reviewUS based broker with lots of regulations, rules and requirements. Established in 2007 ATC broker offers US and UK websites. USA traders are accepted, but can take advantage of only 1:50 leverage and limited amount of payment methods. International traders have access to 1:200. Minimum deposit requirement is ridiculously high - $5,000 and there are deposit and withdrawal fees applied. Moreover, demo account is not available for immediate download, but rather you have to send a request for it and wait for up to 24 hours.

Avatrade Review

Whether you are an experienced trader or a novice, AvaTrade's adaptable trading platforms and services provide you with the right balance of simplicity and sophistication. It's no wonder that Ava has earned nine industry awards since 2009.  Open Trading Account


Axitrader broker ReviewAustralian broker Axitrader, online since 2007, is regulated by ASIC and FCA, offers forex trading services for over 60 currency pairs. Minimum deposit is $200, various payment methods including Skrill and Neteller.  

BD Swiss ReviewBD Swiss regulated broker located in Cyprus, established back in 2012. This broker offers high-speed trading platform with 170+ assets and six types of instruments. You can get acquainted with BDSwiss by opening a free demo-account. Minimum deposit requirement is $100 with various payment methods available such as Skrill.

Blackwell Global BrokerWith representative offices in Cyprus, China, Singapore, the United Kingdom, and New Zealand, Blackwell Global provides online trading solutions with wide range of investment instruments. The broker is registered and regulated by Financial Conduct Authority (FCA) and CySec. The broker does not accept US clients at the moment.

Blitzbrokers Review

UK regulated forex broker with ECN/STP accounts without minimum deposit requirements. Leverage up to 1:400, spreads from 1 pips, MetaTrader 4 platform with desktop, mobile and web versions.

Blueberry markets reviews screenshotAustralian broker established in 2016, regulated by ASIC. USA traders are not allowed. No dealing desk broker offers forex, CFDs, futures, commodities, oil and gold on MetaTrader 4, all trading styles allowed. Social trading features and VPS hosting are available. Minimum deposit $100.

btfx screenshotEstablished back in 2011, BTFX offers forex, commodities and CFDs trading services and competes with other fast growing brokers in the industry for the reputation and quality. BTFX swears by its transparency and ethics. Minimum deposit $250, variable spreads, commissions charged.  The broker is regulated by MFSA.

CIBFX ReviewCIBFX broker is located in London, UK and offers several trading accounts with minimum deposit requirement of $100. Daily market reviews and video tutorials are available on the broker's website. Maximum leverage is 1:200 and spreads start from 1 pip.

Circle Markets ReviewNew Zealand STP forex broker, Circle Markets, was established in 2016 and offers forex trading with over 35 currency pairs to choose from.  MetaTrader 4 platform with minimum deposit requirement of $300. The broker is regulated by FSP. 

single clickEstablished in 1983, a UK broker City Index belongs to the leaders in spread betting and CFD trading.  With over 29 years of experience, City Index is part of privately owned company with substantial shareholding in the world’s leading derivatives broker ICAP plc.  The broker transacts in excess of 2 million trades every month for traders over 50 countries worldwide.

citypoint forex broker

CityPoint Trading (previously known as Azurite Markets forex broker) has been established in 2008 and is situated in London, United Kingdom. The broker is regulated and offers trading services on major currency pairs, indices, commodities and energies. 

CMC Markets Forex BrokerCMC Markets is one of the antique players in the investment market, established in 1989. According to the broker, in 2014 they have executed over 33 million trades. With CMC Markets traders are promised fast and efficient trading with low spreads. US clients are not accepted at the moment.

CMSTrading Forex Broker ReviewBroker with lots of unclear information. Several companies listed on the website in association with the broker. Whilst the companies may be regulated, the broker itself isn’t. Very high minimum deposit requirement with high spreads. Dealing desk execution and you cannot withdraw anything less than $500.

CMtrading ReviewCMTrading is South African broker with forex, commodities, indices and stocks trading services. Committed to innovation, the broker brings unique features to keep your trading environment professional and fun. MetaTrader 4 platform is at your service, synced with Sirix for web-based and mobile trading. 

D24FX Review

D24FX has been established in 2016 and offers forex trading services. The broker is not regulated and located in Marshall Islands. Minimum deposit requirement is $250 and there is non deposit bonus offer for beginners. Many payment methods are available including Paypal, Skrill and Neteller.

Darwinex Review

Darwinex was established in 2012 and belongs to the company Tradeslide Trading Tech Ltd. Located in UK, the broker is regulated and offers trading services with MetaTrader 4 and cTrader platforms over 34 currency pairs. This is STP, no dealing desk broker with minimum deposit of $500 and leverage up to 1:200. 

Regulated forex broker established in 2014 and located in Netherlands. This Dutch broker is regulated by AFM and DNB and is registered with the Chamber of Commerce and Industry in Amsterdam.

DFmarkets Review

DF Markets owned by Delta Financial Markets is forex and CFD broker regulated by FCA and located in London. The newest feature that the broker added is the Spread Betting for UK and Ireland clients. DF Markets offers financial trading services and committed to transparency and competitive trading conditions.

Dukascopy ReviewLaunched back in 1998, Dukascopy first was a project to research and develop complex financial systems through mathematical means. Now Dukascopy broker offers forex and precious metals trading services with equal trading possibilities for both experienced and beginner traders and with transparent pricing environment.

EasyMarket Forex ReviewsEasy Markets is re-branded online FX broker from Easy-forex, operating since 2003. The broker is market maker and had an unstable reputation among traders in the past. There have been reports of fake positive reviews posted over the internet to improve it's overall trust. We advise maximum caution when choosing this broker.

eightcap screenshot

Established back in 2009, Eightcap is an Australian regulated forex broker with ECN and STP trading enviroment. Minimum deposit of $100, spreads fixed or variable, 42 currency pairs to choose from.