If 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 Broker Rating Demo Leverage Bonus Platforms Regulation Min Deposit Payments OctaFX 9 yes 1:500 up to 50% MetaTrader 4, Metatrader 5, cTrader FCA UK 50 Neteller, Skrill, Fasapay, Visa, Mastercard, Malaysian, Vietnamese, Indian, Indonesian, Bangladeshi local banks, Bitcoin, Unionpay Trade Nation 8 yes 1:30; 1:200 in-house web-based platform, Metatrader 4 MT4 FCA in the UK, the ASIC in Australia, the FSCA in South Africa and the SCB in the Bahamas 1 Credit Card, Srill LiteForex 7 yes 1:500 30% + 15% Metatrader 4, Metatrader 5, WebTerminal CySEC, Marshal Islands Business Corporation Act. 10 Webmoney, Bitcoin, Advcash, Credit Card (not working for all clients) XM 7 yes 1:888 $30 no deposit MetaTrader 4, Metatrader 5, XM Webtrader CySEC, ASIC Australia, IFSC Belize 5 Credit/Debit Card, Neteller, Skrill, WebMoney, Bank Wire Transfer AvaTrade 6 yes 1:400 100% AvaTrader, MetaTrader 4, MetaTrader Floating Spread, Mac Trading, Web Trading, Mobile Trading, Automatic Trading, AvaOptions Central Bank of Ireland, ASIC, Financial Services Commission of British Virgin Island 100 Credit Cards, Debit Cards, Skrill, Wire Transfer, PayPal, Neteller, WebMoney Anzo Capital 6 yes 1:1000 MetaTrader 4 yes 100 Webmoney, Skrill, Neteller, Credit Cards FxPro 5 yes 1:500 up to $1,000 FxPro cTrader, FxPro cTrader Web, MT4 Client Terminal, MT4 MultiTerminal, MT4 WebTrader, MT4 Premium FCA, CySEC 100 Credit/Debit Card, Bank Wire, PayPal, Neteller, Skrill FXCM 5 yes 1:200 - Trading Station II, MetaTrader 4, Active Trader, Forex System Selector UK Financial Conduct Authority, AFSL 250 Credit/Debit card, Online Check, Bank Wire, Paper Check Plus500 5 yes 1:200 30% Plus500 Israel Securities Authority 500 Skrill, Credit Cards, Wire Transfer IronFX 5 yes 1:500 40% Metatrader 4 ASIC, CySEC, DFSA, FCA UK, FSB, UCRFIN, CRFIN, Member of Eurex Exchange, Consob, BaFIN 100 credit cards, Fasapay, neteller, qiwi, skrill, webmoney, wire transfer Dukascopy 4 yes 1:500 - Dukascopy KPMG ARIF 250 Wire, Bank Guarantee, Standby letter of Credit Segregated Accounts Forex.com 4 yes 1:200 - ForexTrader platform (in-house), MetaTrader 4 CFTC, NFA, FCA (UK), ASIC (Australia), ILLROC (Canada), SFC (Hong Kong), FFAJ (Japan) 50 wire transfer, Credit/Debit Card, Check HYCM 4 yes 1:400 25% up to $5,000 Metatrader 4 FCA UK, CySEC, SFC 100 credit cards, wire transfer, Skrill, webmoney AdvancedMarkets 4 yes 1:50 - Advanced Trader/Pro/Prime, Fortex FX Australian AFSL, ASIC 500 Wire, Check CMTrading 4 yes 1:400 15% match MetaTrader 4, Sirix Financial Services Board (FSB) South Africa 200 credit/debit cards, Wire transfer, CashU ,Skrill Blueberry Markets 4 yes 1:500 MetaTrader 4 ASIC 100 credit cards, wire transfer, POLi, Skrill Priorfx 4 yes 1:200 Metatrader 4, Webtrader, Autotrade CySEC, FCA UK, MiFID 250 wire transfer, credit cards, Skrill, Neteller, PriorFX prepaid card, Yandex, Webmoney, Qiwi, UnionPay FXDD 3 yes 1:200 - MetaTrader4, FXDD Trader, Power Trader, FXDD Auto, MTXtreme Malta Financial Services Authority (MFSA) 100 Wire, PayPal, Check, BPS Tallinex 3 yes 1:1,000 Metatrader 4 FSA of St. Vincent and The Grenadines 100 credit cards, wire transfer, Skrill, Neteller Oanda 3 yes 1:50 Metatrader 4, FXtrade NFA 1 check, Credit cards, PayPal, Wire transfer iFOREX 3 yes 1:400 - FXnet Trader HFSA in Hungary, CySEC 100 credit cards, wire transfer FP Markets 3 yes 1:500 10% credit bonus MetaTrader 4 (MT4), IRESS, Mobile trading ASIC 200 credit cards, UnionPay, Neteller, Skrill (3% fee), Wire transfer, BPay and broker-to-broker transfer DFMarkets 3 yes 1:200 10% Trading Credit Promotion up to $1,000 DFTrader, DF WebTrader, DF Mobile FCA 100 Bank wire, Credit/Debit cards Tickmill 3 yes 1:500 - MetaTrader 4, Webtrader FCA UK, FSA Seychelles 100 wire transfer (commission are charged), credit/debit cards, Skrill, Neteller, FasaPay, UnionPay and WebMoney TenkoFX 3 yes 1:500 MetaTrader 4, Webtrader International Financial Services Commission of Belize 10 Skrill, Neteller, FasaPay, Webmoney, Yandex Money, Qiwi Z.com Trade 3 yes 1:200 Z.com trader web, Z.com trader pro (demo account only) FCA UK 1 credit cards, wire transfer, china unionpay, skrill Freshforex 3 yes 1:1000 +5% to each cryptocurrency deposit; get 300% for each deposit Metatrader 4 KROUFR 1 WebMoney, 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 Pepperstone 3 yes 1:500 100% Match Bonus Metatrader 4, Metatrader 5, cTrader, cAlgo, cMirror ASIC, FCA UK 200 bPay, credit cards, Paypal TradeFW 3 yes 1:30 https://www.forexexplore.com/forex-brokers/tradefw-review Cysec 0 Bank wire, Credit/Debit Card. CMCMarkets 2 yes 500:1 - Next Generation web-based FCA 1 Credit cards, Wire Transfer ActivTrades 2 yes 1:400 Metatrader 4, Activtrader FCA 100 Credit Card, Wire transfer, neteller, skrill, sofort Saxo Bank 2 yes 1:100 n/a SaxoTrader Danish Financial Services Authority and operates in the UAE 5000 Wire Blackwell Global 2 yes 1:200 - MetaTrader 4, Blackwell Pro, Mobile Financial Conduct Authority 2000 redit/debit cards, Neteller, Skrill, Wire transfer AAAfx 2 yes 1:200 up to 30% ZTP, MetaTrader 4, Binary options webtrader, Zulutrade HCMC (Greece) 300 Wire, Credit Card, Skrill, Neteller, giropay, EPS, directpay24, teleingreso, ideal, qiwi XTB 2 yes 1:200 Metatrader 4, xStation, xMobile CNMV (Spain), FCA (UK), FSA (Poland) 250 Credit cards, Neteller, Paypal, Skrill, Wire transfer EasyMarkets 2 yes 1:100 Metatrader 4, EasyMarkets web-based platform ASIC (Australia), CySEC (Cyprus) 100 credit cards, neteller, Skrill, Webmney, wire transfer CityIndex 2 yes 1:400 - MT4 (MetaTrader 4), Advantage Web, Advantage Trader, iPhone, Android, Windows Phone App, iPad and Tablet App Trademark of GAIN Capital UK Ltd - Regulated by FCA 100 Credit/Debit Cards Markets.com 2 yes 1:200 up to $2,000 Meta Trader 4,MarketTrader, Market WebTrader, Market Java Trader, Market Mobile Trader, Market WAP Trader, Market iTrader, Market AutoTrader CySEC, FSCA South Africa 100 Credit/Debit Cards, Wire Transfer, Webmoney, Local Payments eToro 1 yes 1:30; 1:1 for Crypto Currencies - eToro Platform CySec, NFA 200 Credit Cards, Debit Cards, Paypal, Neteller, Skrill, Webmoney, Wire Transfer Tifia 1 yes 1:1,000 Metatrader 4, webtrader Vanuatu Financial Services Commission VFSC 10 wire transfer, credit cards, skrill, neteller, perfect money, fasapay, okpay InstaForex 1 yes 1:1,000 $100 No Deposit Bonus MetaTrader 4, Metatrader 5, Webtrader RAFMM 1 Some local Bank transfers, PayCo, AstroPay, Cryptocurrency FXOpen 1 yes 1:500 $100 MetaTrader 4 ASIC, FCA UK, Financial Dispute Resolution Scheme 1 Wire, WebMoney, AlertPay, CashU, c-gold, PerfectMoney House of Borse 1 yes 1:100 MetaTrader 4 FCA UK 50000 credit cards, wire transfer Igofx 1 yes 1:1,000 Metatrader 4 Republic of Vanuatu Finance Service Commission 1 wire transfer, credit cards, perfect money Fort Financial Services 1 yes 1:1,000 MetaTrader 4, CQG, Ninja trader, binary options IFSC 5 Credit cards, webmoney, Skrill, Neteller, perfect money, fasapay, wire transfer TraderTrust 1 yes 1:200 100% upto $5,000 SmartForex CySec, VFCS 100 Skrill, Credit Cards MEX Exchange 1 yes 1:500 Metatrader 4 ASIC 25 Neteller, Skrill, Fasapay, UnionPay, Credit Cards, Wire Transfer FBS 1 yes up to 1:3,000 $123 Welcome Bonus MetaTrader 4, Metatrader 5, Webtrading IFSC; Cysec 1 credit cards, fasapay, Indonesia local banks, Neteller, okpay, perfectmoney, Skrill, Webmoney, wire transfer, Thai local banks, Exchangers, Malaysian banks and Bitcoin by Skrill Forexer 1 yes 1:500 Forexer platform (Metatrader 5 version) FMA 200 wire transfer Synergy FX 1 yes 1:500 MetaTrader 4 ASIC, AFSL 500 credit cards, skrill, wire transfer FCI Markets 1 yes 1:100 Currenex, FCI NetStation, MetaTrader 4 FCA 250 credit cards, neteller, skrill, wire transfer Fortrade 1 yes 1:200 Fortrader FCA 500 wire transfer, credit cards, skrill, neteller FXGiants 1 yes 1:500 MetaTrader 4 FCA 500 credit cards, neteller, paypal, skrill, unionpay, Webmoney, Wire Transfer FXGlobe 1 yes 1:500 MetaTrader 4 CySEC 250 Credit cards, Neteller, Skrill, Wire transfer FXlider 1 yes 1:200 MetaTrader 4, Sirix, ZuluTrade, FXlider mobile, FXlider Copy Trader, FXlider Trader FCA 100 wire transfer, credit cards, neteller, skrill FXoro 1 yes 1:400 Metatrader 4 CySEC 200 credit cards, wire transfer, skrill, neteller, ecoPayz, CashU FXprimus 1 yes 1:500 Metatrader 4 Cysec 100 Bitcoin, China UnionPay, FasaPay, Neteller, Skrill, Wire Transfer Infinox 1 yes 1:300 Metatrader 4 FCA UK 100 credit cards, wire transfer, skrill, neteller, china unionpay Itrader 1 yes 1:500 MetaTrader 4, Webtrader (in-house), Mobile CySEC 250 wire transfer, credit cards JCMFX 1 yes 1:1,000 MetaTrader 4 FSA 10 credit cards, FasaPay, Wire Transfer, Neteller, Skrill Larson&Holz 1 yes 1:500 Metatrader 4, Web Trader FMRRC, NAFD 100 credit cards, wire transfer, neteller, paypal, Yandex, liqpay, alfa click, beeline, mtc, perfect money LCG 1 yes 1:500 MetaTrader 4, LCG Trader (web-based, ECN accounts only) FCA UK 1 wire transfer, debit/credit cards, Skrill Mahi FX 1 yes 1:100 Metatrader 4, MahiFX FCA UK, ASIC, FMA 1 wire transfer, credit cards Pricemarkets 1 yes 1:400 MetaTrader 4 ECN, Currenex ECN, Integral FX, Liquid-x, Hotspot FX FCA UK 500 wire transfer, credit cards Rallytade 1 yes 1;1,000 Metatrader 4, xStation (web-based), xSocial, xOptions FinaCOM 100 credit cards, neteller, skrill, Interswitch, Pocketmoni, etraszact, perfectMoney, WebMoney, VoguePay Range Markets 1 yes 1:500 Metatrader 4 FSA of St. Vincent and the Grenadines 100 Neteller, Credit Cards, wire transfer Rekuten Securities 1 yes 1:50 MarketSpeed FX, Trading Station (inherited from FXCM) SFC 1 wire transfer, checks, ATM (only for local residents) Roboforex 1 yes 1:500 MetaTrader 4, cTrader Cysec, IFSC, FSP, FSCL 1 credit cards, QIWI wallet, webmoney, Yandex.money, RBK money, Skrill, FasaPay, CashU, Payoneer, China UnionPay, Neteller, Perfect Money Templefx 1 yes 1:400 MetaTrader 4, TempleFX Trader (web-based) FCA UK 50 Wire transfer, credit cards, Skrill, Sofort, Neteller, UnionPay Tradeo 1 yes credit cards, wire transfer, Skrill and Neteller 20% Tradeo webtrader, Metatrader 4 CySEC 250 Trading212 1 yes 1:200 Trading212 FCA UK 100 wire transfers, credit and debit cards, PayPal, Dotpay, Giropay, SafetyPay, Carte Bleue, Mister Cash, Direct eBanking, CashU and UnionPay AGEA 0 yes 1:500 $5 no-deposit bonus Streamster, MetaTrader 4 no 1 Credit Cards, Wire, Skrill, Webmoney, e-Dinar, Neteller, FasaPay, Perfect Money Oinvest 0 yes 1:200 Samsung Galaxy, iPhone Metatrader 4 yes 200 Skrill, Neteller, Credit Cards TrioMarkets 0 yes 1:300 - MetaTrader 4, Sirix Webtrader CySEC 100 Credit Card, Wire, Skrill, Neteller, Paypal and CashU Orbex 0 yes 1:500 MetaTrader 4 CySEC 500 Skrill, Neteller, Wire Transfer, Credit Cards, CashU, Webmoney GrandCapital 0 yes 500:1 $500 no deposit MetaTrader 4, WebTrader Financial Commission FinaCom, EDR Hong Kong external dispute resolution organization 10 Credit card, Neteller, Webmoney, CashU, Fasapay, Scrill, Webmoney 10Markets 0 yes 1:200 n/a MetaTrader 4, 10Markets WebTrader 200 Debit/Credit Cards, Wire Transfer AlfaTrade 0 yes 200:1 - MetaTrader4, Webtrader AFM, BaFin, CONSOB, FCA, FI, NBS 500 Wire Transfer, Credit Cards, Skrill, Neteller Squared Financial 0 yes 300:1 - MetaTrader 4, mobile Central Bank of Ireland 500 wire Transfer, CashU, Credit Card, PayPal Alvexo 0 yes 400:1 - MetaTrader 4, WebTrader, Mobile CySEC 5000 Cash-U, Credit Card, Webmoney, Wire Transfer NSFX 0 yes 200:1 Metatrader 4, Webtrader, NSFX Jforex platform MFSA 300 credit cards, Skrill, CashU and wire transfer Juno Markets 0 yes 1:400 - MetaTrader 4 FinaCom 500 neteller, skrill, credit cards, wire transfer KGIeworld 0 yes 1:50 - MetaTrader 4 MAS 1000 Wire Transfer, Check Abshire-Smith 0 yes 1:200 Vertex fx, Metatrader 4, straticator FCA 500 CashU, Neteller, Skrill, Wire Transfer Alfa Financial 0 yes 1:100 MetaTrader 4, AX1Trader Central Bank UAE 10000 yes BlitzBrokers (IB for AxiTrader) 0 yes 1:500 MetaTrader 4 FCA UK 1 Credit cards, Neteller, Skrill Citypoint Trading 0 yes 1:100 MetaTrader 4, Vertex FCA 20 credit cards, wire transfer Darwinex 0 yes 1:200 MetaTrader 4, cTrader FCA 500 Bank Wire, Credit Cards, UnionPay Eightcup 0 yes 1:500 Metatrader 4 ASIC 100 ETX Capital 0 yes 1:200 ETX Trader Pro, Metatrader 4, ETX binary FCA 100 credit cards, wire transfer, firopay, neteller, skrill, sofort, china unionpay Swissmarkets 0 yes 1:500 Metatrader 4, Webtrader CySEC, MiFID 200 credit cards, wire transfer, neteller, skrill, iDEAL, giropay Trade360 0 yes 1:1,000 35%, $60 no deposit for real account Trade360 CySEC 100 credit cards, skrill, neteller, wire transfer ForexMart 0 yes 1:1,000 $150 no deposit needed Metatrader 4 CySEC 1 credit cards, neteller, skrill, paypal, paxum AETOS 0 yes 1:200 MetaTrader 4 FCA UK 250 Bank wire transfer, Credit cards, Debit cards, Skrill, ZOTAPAY LH-Crypto 0 yes 1:500 Metatrader 4, Metatrader 5 yes 10 Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Monero, DASH, Ripple, NEO, Visa, MasterCard, Web Money, QIWI, wire transfer 1Market 0 yes 1:400 Webtrader, Metatrader 5 Cysec 250 credit cards, bank wire transfers, Neteller, Skrill, Sofort, Rapid, PaySafe Card and Volt PlusMarkets 0 yes 1:30 Metatrader 4, PlusMarkets Trader CySec 0 cards, wire transfers, and some alternative payment methods, which aren’t specified HonorFX 0 yes 1:500 Metatrader 5 FSA 100 Credit Cards, Neteller, Skrill, Paypal, Bitpay, Fasapay, Perfect Money Tiger Brokers 0 Up to 4x (day trade), Up to 2x (next day) Tiger Trade US Securities and Exchange Commission, Australian Securities & Investments Commission (ASIC) 0 Bank Wire Transfer, FAST, DDA, PayNow MarketBull 0 yes1000 1:1000 100% match the deposit Metatrader 4 jurisdiction of the UK 1000 Credit Cards, Neteller, Skrill, Bank Wire Transfer CedarFX 0 yes 1:500 MetaTrader 4 50 Credit Card, Bank Wire, Bitcoin GCI Trading 0 yes 1:400 50% on deposit MetaTrader 4, ActTrader IFSC 500 Bank Wire Transfer, Credit Card, Neteller, Skrill Axi 0 yes 1:400 Metatrader 4 ASIC, FCA, Financial Services Authority in Saint Vincent and the Grenadines 200 Debit 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:
- One-click trading
- 50+ Indicators
- Pending and limit orders
- 9 time-frames
- 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.
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.
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 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.