September 26, 2021

Top Forex Brokers

Beginners Guide to Top 8 Online Forex BrokersIf you think you’ve developed a clear enough understanding of the basic practices of Forex trading, also known as foreign currency exchange, you may be surprised to know that your education journey is far from over.

Prior to trading in live funds it is necessary to select a reputable Forex broker. Ideally, you want to work with a broker that not only offers a wide variety of tools, but also one that is open-minded to helping beginner traders along the way.

Listed below is a selection of US based Online Forex Brokers, in order of deposits minimums. With the majority of these brokers you will received round-the-clock customer support and each of them offer access to a plethora of valuable (and free) training resources.

How to Choose a Forex Broker?

ForexExplore.com helps you compare and choose your preferred Forex Broker. We suggest keeping the following checklist in mind when making your decision:

  • Is It Regulated?

    The primary consideration when choosing a forex or CFD broker is safety.

    You’re entrusting it with monetary funds and personal information, and will want a guarantee that both are protected.

    You’ll also want confidence in your chosen broker’s reputation and credentials; essentially ensuring that it's not likely to go out of business, or worse, scam you out of profits.

    The best forex and CFD brokers in the UK will be regulated by the Financial Conduct Authority (FCA). This means it is obliged to operate to the highest standards with fairness and transparency.

    Regulation information should be clearly visible on a broker’s website and its FCA registration number listed.. 

  •    
    Regulated BrokerRatingDemoLeverageBonusPlatformsRegulationMin DepositPayments
    OctaFX9yes1:500up to 50%MetaTrader 4, Metatrader 5, cTraderFCA UK50Neteller, Skrill, Fasapay, Visa, Mastercard, Malaysian, Vietnamese, Indian, Indonesian, Bangladeshi local banks, Bitcoin, Unionpay
    Trade Nation8yes1:30; 1:200in-house web-based platform, Metatrader 4 MT4FCA in the UK, the ASIC in Australia, the FSCA in South Africa and the SCB in the Bahamas1Credit Card, Srill
    LiteForex 7yes1:50030% + 15%Metatrader 4, Metatrader 5, WebTerminalCySEC, Marshal Islands Business Corporation Act.10 Webmoney, Bitcoin, Advcash, Credit Card (not working for all clients)
    XM7yes1:888$30 no depositMetaTrader 4, Metatrader 5, XM WebtraderCySEC, ASIC Australia, IFSC Belize5Credit/Debit Card, Neteller, Skrill, WebMoney, Bank Wire Transfer
    AvaTrade 6yes1:400100% AvaTrader, MetaTrader 4, MetaTrader Floating Spread, Mac Trading, Web Trading, Mobile Trading, Automatic Trading, AvaOptionsCentral Bank of Ireland, ASIC, Financial Services Commission of British Virgin Island100Credit Cards, Debit Cards, Skrill, Wire Transfer, PayPal, Neteller, WebMoney
    Anzo Capital6yes1:1000MetaTrader 4yes100Webmoney, Skrill, Neteller, Credit Cards
    FxPro5yes1:500up to $1,000FxPro cTrader, FxPro cTrader Web, MT4 Client Terminal, MT4 MultiTerminal, MT4 WebTrader, MT4 Premium FCA, CySEC100Credit/Debit Card, Bank Wire, PayPal, Neteller, Skrill
    FXCM5yes1:200-Trading Station II, MetaTrader 4, Active Trader, Forex System Selector UK Financial Conduct Authority, AFSL 250Credit/Debit card, Online Check, Bank Wire, Paper Check
    Plus5005yes1:20030%Plus500Israel Securities Authority500Skrill, Credit Cards, Wire Transfer
    IronFX5yes1:50040%Metatrader 4ASIC, CySEC, DFSA, FCA UK, FSB, UCRFIN, CRFIN, Member of Eurex Exchange, Consob, BaFIN100credit cards, Fasapay, neteller, qiwi, skrill, webmoney, wire transfer
    Dukascopy4yes1:500-DukascopyKPMG ARIF250Wire, Bank Guarantee, Standby letter of Credit Segregated Accounts
    Forex.com4yes1:200-ForexTrader platform (in-house), MetaTrader 4CFTC, NFA, FCA (UK), ASIC (Australia), ILLROC (Canada), SFC (Hong Kong), FFAJ (Japan)50wire transfer, Credit/Debit Card, Check
    HYCM4yes1:40025% up to $5,000Metatrader 4FCA UK, CySEC, SFC100credit cards, wire transfer, Skrill, webmoney
    AdvancedMarkets4yes1:50-Advanced Trader/Pro/Prime, Fortex FX Australian AFSL, ASIC500Wire, Check
    CMTrading4yes1:40015% matchMetaTrader 4, SirixFinancial Services Board (FSB) South Africa200credit/debit cards, Wire transfer, CashU ,Skrill
    Blueberry Markets4yes1:500MetaTrader 4ASIC100credit cards, wire transfer, POLi, Skrill
    Priorfx4yes1:200Metatrader 4, Webtrader, AutotradeCySEC, FCA UK, MiFID250wire transfer, credit cards, Skrill, Neteller, PriorFX prepaid card, Yandex, Webmoney, Qiwi, UnionPay
    FXDD3yes1:200-MetaTrader4, FXDD Trader, Power Trader, FXDD Auto, MTXtremeMalta Financial Services Authority (MFSA)100Wire, PayPal, Check, BPS
    Tallinex3yes1:1,000Metatrader 4FSA of St. Vincent and The Grenadines100credit cards, wire transfer, Skrill, Neteller
    Oanda3yes1:50Metatrader 4, FXtradeNFA1check, Credit cards, PayPal, Wire transfer
    iFOREX3yes1:400-FXnet TraderHFSA in Hungary, CySEC100credit cards, wire transfer
    FP Markets3yes1:50010% credit bonusMetaTrader 4 (MT4), IRESS, Mobile tradingASIC200credit cards, UnionPay, Neteller, Skrill (3% fee), Wire transfer, BPay and broker-to-broker transfer
    DFMarkets3yes1:20010% Trading Credit Promotion up to $1,000DFTrader, DF WebTrader, DF MobileFCA100Bank wire, Credit/Debit cards
    Tickmill3yes1:500-MetaTrader 4, WebtraderFCA UK, FSA Seychelles100wire transfer (commission are charged), credit/debit cards, Skrill, Neteller, FasaPay, UnionPay and WebMoney
    TenkoFX3yes1:500MetaTrader 4, WebtraderInternational Financial Services Commission of Belize10Skrill, Neteller, FasaPay, Webmoney, Yandex Money, Qiwi
    Z.com Trade3yes1:200 Z.com trader web, Z.com trader pro (demo account only)FCA UK1credit cards, wire transfer, china unionpay, skrill
    Freshforex3yes1:1000+5% to each cryptocurrency deposit; get 300% for each depositMetatrader 4KROUFR1WebMoney, ePayService, Skrill , FasaPay, ADVCash, Perfect Money, Neteller, OnlineNaira NGN/USD, E-wallets for the Philippines, Visa/Mastercard/Maestro USD/EUR, Local Depositors, Bitcoin, Internet Banking
    Pepperstone3yes1:500100% Match BonusMetatrader 4, Metatrader 5, cTrader, cAlgo, cMirrorASIC, FCA UK200bPay, credit cards, Paypal
    TradeFW3yes1:30https://www.forexexplore.com/forex-brokers/tradefw-reviewCysec0Bank wire, Credit/Debit Card.
    CMCMarkets2yes500:1-Next Generation web-basedFCA1Credit cards, Wire Transfer
    ActivTrades2yes1:400Metatrader 4, ActivtraderFCA100Credit Card, Wire transfer, neteller, skrill, sofort
    Saxo Bank2yes1:100n/aSaxoTraderDanish Financial Services Authority and operates in the UAE5000Wire
    Blackwell Global2yes1:200-MetaTrader 4, Blackwell Pro, MobileFinancial Conduct Authority2000redit/debit cards, Neteller, Skrill, Wire transfer
    AAAfx2yes1:200up to 30%ZTP, MetaTrader 4, Binary options webtrader, ZulutradeHCMC (Greece)300Wire, Credit Card, Skrill, Neteller, giropay, EPS, directpay24, teleingreso, ideal, qiwi
    XTB2yes1:200Metatrader 4, xStation, xMobileCNMV (Spain), FCA (UK), FSA (Poland)250Credit cards, Neteller, Paypal, Skrill, Wire transfer
    EasyMarkets2yes1:100Metatrader 4, EasyMarkets web-based platformASIC (Australia), CySEC (Cyprus)100credit cards, neteller, Skrill, Webmney, wire transfer
    CityIndex2yes1:400-MT4 (MetaTrader 4), Advantage Web, Advantage Trader, iPhone, Android, Windows Phone App, iPad and Tablet AppTrademark of GAIN Capital UK Ltd - Regulated by FCA100Credit/Debit Cards
    Markets.com2yes1:200up to $2,000Meta Trader 4,MarketTrader, Market WebTrader, Market Java Trader, Market Mobile Trader, Market WAP Trader, Market iTrader, Market AutoTraderCySEC, FSCA South Africa 100Credit/Debit Cards, Wire Transfer, Webmoney, Local Payments
    eToro 1yes1:30; 1:1 for Crypto Currencies-eToro PlatformCySec, NFA200Credit Cards, Debit Cards, Paypal, Neteller, Skrill, Webmoney, Wire Transfer
    Tifia1yes1:1,000Metatrader 4, webtraderVanuatu Financial Services Commission VFSC10wire transfer, credit cards, skrill, neteller, perfect money, fasapay, okpay
    InstaForex 1yes1:1,000$100 No Deposit BonusMetaTrader 4, Metatrader 5, WebtraderRAFMM1Some local Bank transfers, PayCo, AstroPay, Cryptocurrency
    FXOpen1yes1:500$100MetaTrader 4ASIC, FCA UK, Financial Dispute Resolution Scheme1Wire, WebMoney, AlertPay, CashU, c-gold, PerfectMoney
    House of Borse1yes1:100MetaTrader 4FCA UK50000credit cards, wire transfer
    Igofx1yes1:1,000Metatrader 4Republic of Vanuatu Finance Service Commission1wire transfer, credit cards, perfect money
    Fort Financial Services1yes1:1,000MetaTrader 4, CQG, Ninja trader, binary optionsIFSC5Credit cards, webmoney, Skrill, Neteller, perfect money, fasapay, wire transfer
    TraderTrust1yes1:200100% upto $5,000SmartForexCySec, VFCS100Skrill, Credit Cards
    MEX Exchange1yes1:500Metatrader 4ASIC25Neteller, Skrill, Fasapay, UnionPay, Credit Cards, Wire Transfer
    FBS1yesup to 1:3,000$123 Welcome BonusMetaTrader 4, Metatrader 5, WebtradingIFSC; Cysec1credit cards, fasapay, Indonesia local banks, Neteller, okpay, perfectmoney, Skrill, Webmoney, wire transfer, Thai local banks, Exchangers, Malaysian banks and Bitcoin by Skrill
    Forexer1yes1:500Forexer platform (Metatrader 5 version)FMA200wire transfer
    Synergy FX1yes1:500MetaTrader 4ASIC, AFSL500credit cards, skrill, wire transfer
    FCI Markets1yes1:100Currenex, FCI NetStation, MetaTrader 4FCA250credit cards, neteller, skrill, wire transfer
    Fortrade1yes1:200FortraderFCA500wire transfer, credit cards, skrill, neteller
    FXGiants1yes1:500MetaTrader 4FCA500credit cards, neteller, paypal, skrill, unionpay, Webmoney, Wire Transfer
    FXGlobe1yes1:500MetaTrader 4CySEC250Credit cards, Neteller, Skrill, Wire transfer
    FXlider1yes1:200MetaTrader 4, Sirix, ZuluTrade, FXlider mobile, FXlider Copy Trader, FXlider TraderFCA100wire transfer, credit cards, neteller, skrill
    FXoro1yes1:400Metatrader 4CySEC200credit cards, wire transfer, skrill, neteller, ecoPayz, CashU
    FXprimus1yes1:500Metatrader 4Cysec100Bitcoin, China UnionPay, FasaPay, Neteller, Skrill, Wire Transfer
    Infinox1yes1:300Metatrader 4FCA UK100credit cards, wire transfer, skrill, neteller, china unionpay
    Itrader1yes1:500MetaTrader 4, Webtrader (in-house), MobileCySEC250wire transfer, credit cards
    JCMFX1yes1:1,000MetaTrader 4FSA10credit cards, FasaPay, Wire Transfer, Neteller, Skrill
    Larson&Holz1yes1:500Metatrader 4, Web TraderFMRRC, NAFD100credit cards, wire transfer, neteller, paypal, Yandex, liqpay, alfa click, beeline, mtc, perfect money
    LCG1yes1:500MetaTrader 4, LCG Trader (web-based, ECN accounts only)FCA UK1wire transfer, debit/credit cards, Skrill
    Mahi FX1yes1:100Metatrader 4, MahiFXFCA UK, ASIC, FMA1wire transfer, credit cards
    Pricemarkets1yes1:400MetaTrader 4 ECN, Currenex ECN, Integral FX, Liquid-x, Hotspot FXFCA UK500wire transfer, credit cards
    Rallytade1yes1;1,000Metatrader 4, xStation (web-based), xSocial, xOptionsFinaCOM100credit cards, neteller, skrill, Interswitch, Pocketmoni, etraszact, perfectMoney, WebMoney, VoguePay
    Range Markets 1yes1:500Metatrader 4FSA of St. Vincent and the Grenadines100Neteller, Credit Cards, wire transfer
    Rekuten Securities1yes1:50MarketSpeed FX, Trading Station (inherited from FXCM)SFC1wire transfer, checks, ATM (only for local residents)
    Roboforex1yes1:500MetaTrader 4, cTraderCysec, IFSC, FSP, FSCL1credit cards, QIWI wallet, webmoney, Yandex.money, RBK money, Skrill, FasaPay, CashU, Payoneer, China UnionPay, Neteller, Perfect Money
    Templefx1yes1:400MetaTrader 4, TempleFX Trader (web-based)FCA UK50Wire transfer, credit cards, Skrill, Sofort, Neteller, UnionPay
    Tradeo1yescredit cards, wire transfer, Skrill and Neteller20%Tradeo webtrader, Metatrader 4CySEC250
    Trading2121yes1:200Trading212FCA UK100wire transfers, credit and debit cards, PayPal, Dotpay, Giropay, SafetyPay, Carte Bleue, Mister Cash, Direct eBanking, CashU and UnionPay
    AGEA0yes1:500$5 no-deposit bonusStreamster, MetaTrader 4no1Credit Cards, Wire, Skrill, Webmoney, e-Dinar, Neteller, FasaPay, Perfect Money
    Oinvest0yes1:200Samsung Galaxy, iPhoneMetatrader 4yes200Skrill, Neteller, Credit Cards
    TrioMarkets0yes1:300-MetaTrader 4, Sirix WebtraderCySEC100Credit Card, Wire, Skrill, Neteller, Paypal and CashU
    Orbex0yes1:500MetaTrader 4CySEC500Skrill, Neteller, Wire Transfer, Credit Cards, CashU, Webmoney
    GrandCapital0yes500:1$500 no depositMetaTrader 4, WebTraderFinancial Commission FinaCom, EDR Hong Kong external dispute resolution organization10Credit card, Neteller, Webmoney, CashU, Fasapay, Scrill, Webmoney
    10Markets0yes1:200n/aMetaTrader 4, 10Markets WebTrader200Debit/Credit Cards, Wire Transfer
    AlfaTrade0yes200:1-MetaTrader4, WebtraderAFM, BaFin, CONSOB, FCA, FI, NBS500Wire Transfer, Credit Cards, Skrill, Neteller
    Squared Financial0yes300:1-MetaTrader 4, mobileCentral Bank of Ireland500wire Transfer, CashU, Credit Card, PayPal
    Alvexo0yes400:1-MetaTrader 4, WebTrader, MobileCySEC5000Cash-U, Credit Card, Webmoney, Wire Transfer
    NSFX0yes200:1Metatrader 4, Webtrader, NSFX Jforex platformMFSA300credit cards, Skrill, CashU and wire transfer
    Juno Markets0yes1:400-MetaTrader 4FinaCom500neteller, skrill, credit cards, wire transfer
    KGIeworld0yes1:50-MetaTrader 4MAS1000Wire Transfer, Check
    Abshire-Smith0yes1:200Vertex fx, Metatrader 4, straticatorFCA500CashU, Neteller, Skrill, Wire Transfer
    Alfa Financial0yes1:100MetaTrader 4, AX1TraderCentral Bank UAE10000yes
    BlitzBrokers (IB for AxiTrader)0yes1:500MetaTrader 4FCA UK1Credit cards, Neteller, Skrill
    Citypoint Trading0yes1:100MetaTrader 4, VertexFCA20credit cards, wire transfer
    Darwinex0yes1:200MetaTrader 4, cTraderFCA500Bank Wire, Credit Cards, UnionPay
    Eightcup0yes1:500Metatrader 4ASIC100
    ETX Capital0yes1:200 ETX Trader Pro, Metatrader 4, ETX binaryFCA100credit cards, wire transfer, firopay, neteller, skrill, sofort, china unionpay
    Swissmarkets0yes1:500Metatrader 4, WebtraderCySEC, MiFID200credit cards, wire transfer, neteller, skrill, iDEAL, giropay
    Trade3600yes1:1,00035%, $60 no deposit for real accountTrade360CySEC100credit cards, skrill, neteller, wire transfer
    ForexMart0yes1:1,000$150 no deposit neededMetatrader 4CySEC1credit cards, neteller, skrill, paypal, paxum
    AETOS0yes1:200MetaTrader 4FCA UK250Bank wire transfer, Credit cards, Debit cards, Skrill, ZOTAPAY
    LH-Crypto0yes1:500Metatrader 4, Metatrader 5yes10Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Monero, DASH, Ripple, NEO, Visa, MasterCard, Web Money, QIWI, wire transfer
    1Market0yes1:400Webtrader, Metatrader 5Cysec250credit cards, bank wire transfers, Neteller, Skrill, Sofort, Rapid, PaySafe Card and Volt
    PlusMarkets0yes1:30Metatrader 4, PlusMarkets TraderCySec0cards, wire transfers, and some alternative payment methods, which aren’t specified
    HonorFX0yes1:500Metatrader 5FSA100Credit Cards, Neteller, Skrill, Paypal, Bitpay, Fasapay, Perfect Money
    Tiger Brokers0Up to 4x (day trade), Up to 2x (next day)Tiger TradeUS Securities and Exchange Commission, Australian Securities & Investments Commission (ASIC) 0Bank Wire Transfer, FAST, DDA, PayNow
    MarketBull0yes10001:1000100% match the depositMetatrader 4jurisdiction of the UK1000Credit Cards, Neteller, Skrill, Bank Wire Transfer
    CedarFX0yes1:500MetaTrader 4 50Credit Card, Bank Wire, Bitcoin
    GCI Trading0yes1:40050% on depositMetaTrader 4, ActTraderIFSC500Bank Wire Transfer, Credit Card, Neteller, Skrill
    Axi0yes1:400Metatrader 4ASIC, FCA, Financial Services Authority in Saint Vincent and the Grenadines200Debit and Credit Cards (Visa, Master, Maestro, JCB) Neteller Skrill/Moneybookers Global Collect (only for Australian clients) BPAY (only for Australian Clients) China Union Pay (only for Chinese residents) Bank Transfer Broker to Broker Transfer
  • Advantages Of MT4 Trading Platform

    The popularity of MetaTrader 4 is the biggest advantage as traders who become familiar with the platform can easily switch between the top forex brokers. The stability of the 15-year-old trading software is another key benefit with other MT4 features:

    1. One-click trading
    2. 50+ Indicators
    3. Pending and limit orders
    4. 9 time-frames
    5. Multi charting

    Features such as algorithmic and social trading also benefit from the software’s popularity with the largest copy trader community and range of bots to download (called Expert Advisors) including those below from the marketplace.

Account Types

When you sign up with any of the top brokers from our list, you can expect to have several account types to choose from. This choice includes demo accounts which you can try out. Almost all legitimate fx brokers offer this kind of account where you can trade in real time and in a way that fully replicates real trading, but is risk free.

Also usually on offer with your online broker may be cent or micro accounts which are great for beginners since they facilitate trading at lower risk levels. Of course standard accounts will be available from all forex brokers, and Islamic accounts from many of the finest brokers caters for swap-free trading to those following Islamic laws.

If you are trading within the EU, you will also note that none of the currency brokers will offer account opening bonus due to regulatory requirements.

Account Costs

There are some costs you may incur when you choose your online trading broker and open an account for the first time. Before you start trading with a real account, you must make a minimum deposit with most of the top forex brokers. Minimum deposits typically average around $200 though there are many from online brokers below that which are very competitive too.

Other costs you might run into at your broker include fees on deposits and withdrawals, though not many of the best brokers featured charge these fees. Brokers will also cater for different base currencies. Here you should try to choose one which matches your bank account so you can avoid any conversion fees on foreign exchange when making a deposit or withdrawal.

Inactivity fees may also come in to play if you are not trading often though the time limits vary on this.

Leverage

Leverage can help you to trade at higher volumes without having to deposit huge amounts of your own capital. With that said, a trusted forex broker, and all of the best ones in the world will respect the maximum leverage amount set by regulators.

There is a max 30:1 on forex leverage available under ASIC as well as in the EU and UK for retail investors, and up to 400:1 for professional traders.

If you live outside these areas, depending on the broker, then the maximum leverage is typically around 400:1 for every trader, but this can stretch even higher in some cases to as much as 3,000:1. Just make certain that these are legitimate forex brokers by checking their regulation prior to trading.

Does It Offer Good Customer Service?

A broker doesn’t provide you with a one-off service. It supports you throughout your trading career, so it’s vital it provides good customer care.

A good broker should be easily contactable, handle problems efficiently and offer trustworthy trading guidance. Check out customer reviews of each potential broker on your list to see how they stack up.

When considering customer service, also keep in mind the level of support each broker offers through educational tools and resources. The best forex or CFD brokers want you to turn a good profit and will often provide video tutorials, articles and webinars, most of which are free to access for account holders.

Examples of XM Group broker advantages over other brokers:

•Accounts for trading, with a guaranteed absence of requotes. The speed of order execution by XM Group broker almost does not exceed 1 second;
•the absence of charges over narrow spreads (the so-called "markup");
•a wide range of trading instruments: over 55 currency pairs (including cross rates), CFD on, stocks, raw materials (grain, cocoa, cotton), metals (palladium and platinum inclusive);
•no commission on the part of the company for depositing or withdrawing funds. The costs of payment system services are covered by the XM Group broker;
•multilingual customer support twenty-four/five.

Another example of AvaTrade broker advantages over its competition:

•a wide range of trading tools;
•services accessibility on five continents due to the availability of appropriate licenses;
•day-and-night all-around customer support in 14 languages;
•wide selection of trading platforms;
•mobile versions of trading platforms for much more comfortable trading;
•swap-free accounts for Muslim clients, excluding elements of gharar and maisir;
•segregated account where you can store customer funds safely and securely;
•possibility to conduct automated trading using tools such as advisors, indicators, etc.;
•no restrictions for scalping supporters in trading;
•large amount of quality training materials; regular webinars for traders of varying degrees of preparation.