Foreign exchange (forex) traders have access to the largest and most liquid market in the world, 24 hours a day, five days a week. The best forex brokers operate under strict regulatory supervision, offer robust research and analytical tools, provide access to a wide range of assets, deliver strong customer support, and more—all while maintaining competitive, transparent pricing.
After hundreds of hours of comprehensive research, data analysis, and hands-on platform evaluations, we rate IG as our best overall forex brokerage platform for investors due to its numerous regulatory licenses across the globe, expansive product offering, superb trading experience, and exceptional educational resources. IG is just one of 18 forex brokers that we evaluated based on 73 criteria crucial to the success of forex traders.
Best Forex Brokers of 2024
- Best Overall: IG
- Best for Low Costs: XTB
- Best for Beginners: AvaTrade
- Best for Advanced Traders: Pepperstone
- Best for Active Traders: CMC Markets
- Best for Mobile: FOREX.com
- Best for U.S. Traders: tastyfx
- Best for Trading Experience: CMC Markets
- Best for Range of Offerings: Saxo Capital Markets
Contracts for Differences (CFDs) are complex instruments and come with a high risk of losing money rapidly due to leverage. Before investing, you should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
IG: Best Overall
- Account Minimum: $0
- Fees: Spread cost; overnight financing costs; inactivity fees; guaranteed stops
- Active Trader Discounts: Yes
- Forex Pairs: 80
- Accepts U.S. Customers: No (only with a separate tastyfx account)
Why We Chose It
Best Overall
IG is our best overall forex broker because it combines trust and security with an industry-leading mix of products and services. As a publicly traded company with a long track record of offering financial services, IG operates under strict regulatory supervision while delivering an extensive range of tradable markets, a diverse suite of financial instruments, multiple third-party software integrations, best-in-class research, and excellent educational materials, all across its user-friendly platforms.
Pros & Cons
Pros
- Industry-leading regulation
- Excellent educational materials
- Wide-raging product offerings
- Available to U.S. clients via IG’s tastyfx
- Top-tier research and trading tools
Cons
- No social or copy trading features
- Below average number of tradable forex pairs
- High equity CFD fees
Overview
IG is a London-based broker operating as a trusted provider of trading services since 1974.1 In an industry full of capable competitors, IG delivers the most well-rounded product offering to suit the needs of investors of every level. IG gives over 350,000 active customers the ability to trade a wide range of assets, including forex, stocks, ETFs, and commodities, in 19 countries.2 In 2021, IG Group, listed on the London Stock Exchange under the ticker IGG, expanded its U.S. presence with the acquisition of tastytrade. In June 2024, IG followed this up by unveiling tastyfx as its rebranded U.S. subsidiary.
With stringent licenses in over a dozen countries, IG is a highly regulated online broker. IG’s two incorporated entities, IG Markets Limited (IGM) and IG Index Limited (IGI), are both authorized by the Financial Conduct Authority (FCA) which requires user funds to be kept separate from company funds, adding a layer of security to IG users. As the largest CFD provider in the world by revenue, IG offers nearly 20,000 contracts for difference (CFDs).3 Accompanying this industry-leading CFD offering is an impressive range of tradable assets. Although the availability varies by the region in which you are trading, the company’s list of available instruments also includes spot forex, stocks, ETFs, options, futures, indices, cryptocurrencies, commodities, and bonds. IG also offers spread betting, Investment Trusts, and Managed Portfolios.
Regardless of trading style or experience level, IG provides consistent pricing for forex trading, and excels with its active trader pricing available through Forex Direct accounts. What’s more, IG delivers its award-winning offering via an intuitive trading platform that includes access to some of the industry’s best educational material and responsive customer support. Like all brokers, however, IG misses on certain key items. For instance, those interested in increasingly-popular social or copy trading features will not find them at IG. IG also provides access to a below average number of forex pairs while charging above average CFD fees.
XTB: Best for Low Costs
- Account Minimum: $0
- Fees: Spread cost; overnight financing costs; inactivity fees
- Active Trader Discounts: Yes
- Forex Pairs: 71
- Accepts U.S. Customers: No
Why We Chose It
Best for Low Costs
When directly compared with the 18 forex companies in our rubric, XTB stands out for its overall fee schedule, which is transparent and includes low trading fees, spread costs, and overnight financing rates, active trader discounts, no withdrawal or wire fees, and more.
Pros & Cons
Pros
- Excellent usability
- Robust trading tools and features
- Industry-leading fee schedule
- Strong research offering
Cons
- Limited social trading
- Inactivity fees
- Very limited funding methods
Overview
Founded in 2004 and headquartered in Warsaw, Poland, XTB is a favorite broker among cost-conscious forex traders. XTB offers zero-commission trading on standard accounts, has no deposit minimums, and pays 5.2% interest on uninvested cash.4 The broker’s transparent fee structure further enhances its appeal. This transparency extends to other aspects of its service, including withdrawals and deposits, where XTB maintains low or no fees, depending on the payment method, lending to improved profitability over time.
In addition to its cost benefits, XTB provides a comprehensive trading platform that caters to both beginners and experienced traders. The xStation 5 platform is user-friendly, packed with advanced charting tools, and supports a wide range of technical indicators. This combination of ease of use and powerful tools makes it an excellent choice for traders who want to take their trading to the next level without incurring high costs.
XTB also scores highly for its educational resources, including webinars, market analysis, and tutorials, which are invaluable for traders looking to improve their skills. Moreover, XTB’s customer service is highly regarded, providing prompt and knowledgeable support. Where XTB falls behind is in the area of social trading, where offerings are limited. In addition, like several of the companies we reviewed, XTB does not operate in the U.S., and the company charges inactivity fees. Finally, traders looking to fund their accounts with either PayPal, Skrill, or a credit card will not have this ability.
AvaTrade: Best for Beginners
- Account Minimum: $0
- Fees: Spread cost, overnight financing costs, inactivity fees
- Active Trader Discounts: Yes
- Forex Pairs: 55
- Accepts U.S. Customers: No
Why We Chose It
Best for Beginners
In addition to AvaTrade’s powerful combination of comprehensive in-house and third-party educational content, we chose the company as our best forex broker for beginners because of its user-friendly platform, real-time demo account, and strong customer service.
Pros & Cons
Pros
- Competitive pricing
- Comprehensive educational resources
- Availability of demo accounts
- Excellent customer support
Cons
- Inactivity fees
- Below average number of tradable assets
- Not available in the U.S.
Overview
Based in Dublin, Ireland and founded in 2006, AvaTrade serves 400,000 registered global customers executing more than two million trades a month.5 The platform’s intuitive design makes it easy for newcomers to navigate, while the availability of demo accounts allows beginners to practice and gain confidence without financial risk. If that wasn’t enough of a reason why beginner traders should consider AvaTrader, the company also really excels in offering a rich educational environment.
The platform offers a rich library of articles, videos, FAQ, webinars, live events, terms, tutorials, eBooks, and market analysis tools designed to help beginners quickly grasp the basics of forex trading and develop a solid foundation. AvaTrade also integrates with Trading Central, providing valuable market insights and technical analysis, which are essential for making informed trading decisions.
Newer traders looking to minimize costs while enjoying a low barrier to entry will like AvaTrade’s competitive spreads, no-commission trading structure, and low $100 account minimum. The platform supports a wide range of trading instruments, including forex, CFDs, cryptocurrencies, and more, allowing beginners to explore different markets and diversify their portfolios.
Customer support is another strong point for AvaTrade. The platform offers multilingual assistance available 24/5, ensuring that traders around the world can access help when they need it. This level of support is crucial for beginners who may need extra guidance as they start their trading journey.
More than half the companies we reviewed charge inactivity fees, and AvaTrade is one of them. In addition, the company falls a bit short with its below average offering of just 1,000 tradable assets and 55 forex pairs. Lastly, the broker is not available in the U.S.
Pepperstone: Best for Advanced Traders
- Account Minimum: $0
- Fees: Spread cost; Overnight financing costs; Inactivity fees, Guaranteed stops
- Active Trader Discounts: Yes
- Forex Pairs: 90+
- Accepts U.S. Customers: No
Why We Chose It
Best for Advanced Traders
Pepperstone is our pick for the best forex broker for advanced traders due to its comprehensive technology offering that prioritizes fast execution. The broker provides an impressive array of proprietary and third-party trading platforms, available plugins, advanced charting tools, algorithmic trading options, direct market access, and more. Its strong regulatory framework and wide range of customer service options further solidify its position as a top choice for seasoned forex traders.
Pros & Cons
Pros
- Wide selection of third-party platform integrations
- Available in 160+ countries
- Zero account, deposit, or withdrawal fees
- Overseen by numerous strict regulatory bodies
Cons
- Not available to U.S. residents
- No non-CFD trading
- No access to stocks or physical cryptocurrencies
- Relatively low number of tradable symbols
Overview
Established in 2010 and headquartered in Melbourne, Australia, Pepperstone is a highly regulated broker that stands out for its ultra-low latency execution, appealing to scalpers and high-frequency traders. The broker provides access to popular trading platforms like MetaTrader 4, MetaTrader 5, and cTrader, each equipped with advanced tools, customizable indicators, and automated trading capabilities.
Pepperstone’s premium Razor account offers some of the tightest spreads in the industry, often as low as 0.0 pips during peak trading hours, with transparent commission-based pricing. For those interested in algorithmic trading, Pepperstone supports various APIs, allowing traders to create, test, and implement their trading algorithms seamlessly.
Additionally, Pepperstone offers several advanced risk management tools. Although there is an added fee for this feature, traders can set up guaranteed stop-loss orders, ensuring they exit positions at predetermined levels, regardless of market volatility. The platform also provides negative balance protection, ensuring that clients can’t lose more than their initial investment—an essential feature for those dealing with leveraged instruments.6
Another highlight is Pepperstone’s active trader program, which rewards high-volume traders with rebates and other benefits, further reducing trading costs.7 The broker also supports social trading through partnerships with platforms like Myfxbook and DupliTrade, enabling users to follow and replicate the strategies of successful traders.
Though not uncommon among forex brokers, Pepperstone is not available in the U.S. It also offers a relatively low number of tradable symbols and lacks trading in non-CFD shares, ETFs, and cryptocurrency.
CMC Markets: Best for Active Traders, Best for Trading Experience
- Account Minimum: $0
- Fees: Spread cost, overnight financing costs, international bank transfer, guaranteed stops, inactivity fees
- Active Trader Discounts: Yes
- Forex Pairs: 175+
- Accepts U.S. Customers: No
Why We Chose It
Best for Active Traders
CMC Markets meets the needs of a wide variety of traders and the plethora of strategies they trade. Whether trading with small or large account balances, CMC’s active trader pricing, feature-rich platforms, and superb trading technology offer something for everyone looking to optimize their active trading skills.
Best for Trading Experience
CMC Markets has mastered the art of combining third-party and superior proprietary platforms to deliver a powerful mix of features. These include intuitive navigation, robust portfolio and risk management capabilities, deep research, easy-to-digest education, and complex trading tools to support investors and traders of all levels.
Pros & Cons
Pros
- Demo account available
- Vast array of products
- Superb Next Generation trading platform
- Competitive pricing
Cons
- Not available in the U.S.
- No cryptocurrency trading, except for professionals
- Wide variability between Next Generation and MetaTrader 4 platforms
Overview
CMC Markets (CMC) was founded in 1989 and is publicly traded on the London Stock Exchange under the ticker CMCX. From its inception, the company has operated with a focus on making financial markets truly accessible for investors.8 CMC is one of the most highly regulated forex brokers, and is well-regarded for its quality research and innovative trading tools.
The company’s comprehensive “learn” educational section, lack of a minimum deposit requirement, plentiful customer service offerings, well-designed platforms, available practice (demo) account, community trading forums, and favorable pricing make it a good place for beginner traders. However, the platform truly stands out for more advanced and active traders who are looking to really flex their muscles.
Similar to many top forex brokers, CMC does not offer its services to traders in the U.S. For the over 1 million traders across 11 other countries on three continents, however, there is an impressive array of 12,000 available instruments including 330 Forex pairs, 80+ Indices, 11,000 stocks and ETFs, 100+ commodities, and 50+ treasuries.9
The CMC Markets Next Generation trading platform and MetaTrader 4 downloadable platform are well-suited for traders of all experience levels, while the mobile apps are designed for on-the-go iOS and Android users. With competitive and transparent pricing, reasonable spreads, direct trading from the charts, and a practice demo account, the platforms have a lot to offer for active forex traders.
For speculative investors who trade CFDs, however, the opportunity to trade crypto is only available to professional traders on the platform. In addition, the features and number of assets found on MT4 lags what’s found on the Next Generation platform.
FOREX.com: Best for Mobile
- Account Minimum: $100
- Fees: Spread cost; Overnight financing costs; Guaranteed stops; Inactivity fees
- Active Trader Discounts: Yes
- Forex Pairs: 87
- Accepts U.S. Customers: Yes
Why We Chose It
Best for Mobile
FOREX.com is our top choice for trading on the go because its proprietary mobile app offers excellent customizability and proprietary features, along with what we consider the best mix of what matters most in an intuitive mobile experience.
Pros & Cons
Pros
- Excellent trading technology
- Strong regulatory oversight
- High-quality proprietary research
- Powerful Performance Analytics
Cons
- No account protection for U.S. clients
- High account balance required to start earning interest on unused cash
- High trading volume required for discounts
- No guaranteed stop loss orders for U.S. clients
- Product offerings for U.S. clients are limited to spot forex trades
Overview
Founded in 2004 by Gain Capital (acquired by StoneX in 2020), FOREX.com is a well-established company that trades on the NASDAQ under the symbol SNEX. Headquartered in New York City, FOREX.com delivers its top-tier product to over 454,000 customers in 21 countries across six continents.10
The company’s global operations are regulated with strict licenses from the U.K., U.S., Singapore, and Australia, well-regarded licenses from Japan, Canada, and Cyprus, as well as a license from the Cayman Islands. In the U.S., FOREX.com offers customers access to over 80 currency pairs, while in other countries, including the U.K., FOREX.com also offers leveraged products, such as spread trading and Contracts for Difference (CFDs). Access to trade stocks, commodities, and bonds is available through a StoneX account, but foreign exchange trading takes place on FOREX.com platforms only.
FOREX.com provides a streamlined trading experience across its collection of 3rd-party and proprietary platforms. Speedy order execution, access to automated trading algorithms, and the company’s proprietary Performance Analytics feature, which helps traders understand their personal trading, are among the many features that make the platform stand with the industry’s top companies. But where FOREX.com really shines is in its proprietary mobile apps. The platform offers superb customizability, robust portfolio analysis, deep research, easy-to-digest education, innovative tools, and more—all in a well-designed, intuitive mobile experience that prioritizes what matters most to traders.
FOREX.com requires high account balances to start earning interest on uninvested cash, however, and a very high volume of trades is needed to benefit from active trader discounts. Lastly, product offerings for U.S. clients are limited to spot forex trades.
tastyworks: Best for U.S. Traders
- Account Minimum: $250
- Fees: Spread cost; Overnight financing costs
- Active Trader Discounts: Yes
- Forex Pairs: 80+
- Accepts U.S. Customers: Yes
Why We Chose It
Best for U.S. Traders
In June 2024, IG, our best overall forex broker, packaged its top-tier pricing, trading technology, user experience, regulatory support, and research when it launched tastyfx – its new standalone brand designed specifically for U.S. traders.
Pros & Cons
Pros
- Competitive pricing
- Strong reputation and regulatory track record
- High-volume trading discounts
- Rapid market execution
- Easy to use
Cons
- Limited copy trading
- Chat help can be slow
- Overnight interest charges lack transparency
Overview
Following the June 2021 acquisition of the world-renowned options trading platform tastytrade, IG rebranded and reworked its offering for the U.S. market and in June 2024 unveiled tastyfx.11 A publicly traded and highly regulated company, IG has a well-earned reputation as a broker offering excellent trading and research tools, superb trading technology, competitive pricing, and intuitive platforms. To the benefit of U.S. traders, tastyfx inherited these and many other great qualities of its parent company.
tastyfx, like its parent IG, is headquartered in Chicago. The broker is suited for both new and experienced traders because of its well-designed platforms, vast educational content, fast executions, zero commissions, low spreads, and great customer service. Users can use multiple trading platforms, including mobile apps and a web-based trading interface. What truly sets tastyfx apart, however, is how seamlessly it blends advanced features with ease of use.
U.S. customers will have access to over 80 forex pairs, CFDs, and spread betting, and will also enjoy all of the benefits that come with holding an IG brokerage account with minimal changes to the overall trading experience, making for a seamless transition.12 At the same time, however, it should be highlighted that tastytrade’s award-winning derivatives trading platform is operated as a separate account and is housed on a completely different website. tastyfx also has limited transparency regarding overnight interest charges, and its chat support can be slow outside of business hours.
Saxo: Best for Range of Offerings
- Account Minimum: $0
- Fees: Spread cost, overnight financing costs, transfer fees (when made to a competitor)
- Active Trader Discounts: Yes
- Forex Pairs: 225
- Accepts U.S. Customers: No
Why We Chose It
Best for Range of Offerings
Saxo is our top choice for traders looking for a forex broker with a broad asset range, as it supports over 70,000 different trading products, including stocks, ETFs, options, futures, bonds, commodities, mutual funds, and forex products. Saxo delivers this broad offering with superb trading technology, excellent customizability, support in multiple countries, and a lot more.
Pros & Cons
Pros
- Industry-leading breadth of tradable products
- Competitive high-volume pricing
- Solid regulatory record
- Top-tier proprietary trading platforms
- Fast trade execution and strong price improvement
Cons
- Not available in the U.S.
- Desktop platform has a steep learning curve
- High balances required for preferred accounts
- Currency conversion fees
Overview
Privately owned and headquartered in Copenhagen, Saxo was established in 1992. Saxo operates as a bank, but focuses on providing trading access and platforms to traders, rather than traditional banking and lending. The company serves over one million customers, and holds more than $100 billion in client assets.13
Saxo stands out for its wide-range of investable assets, including access to stocks, bonds, mutual funds, forex, cryptocurrencies, commodities, and options. Traders can express their forex trades using either spot contracts, options, swaps, CFDs, or forwards. While Saxo does offer the ability to trade cryptocurrency, this can only be done using derivative products.
Saxo also offers excellent trading technology. The broker’s platforms are very customizable and are designed for efficiency. API integrations are available with third party applications for more experienced traders that want access to specialized analytics like backtesting, or creating algorithmic trading strategies.
Saxo currently delivers its products and services to customers in over 50 countries. Although the company is not publicly traded, Saxo’s strong reputation is supported by strict regulatory oversight from top regulators like the Australian Securities & Investment Commission (ASIC), the Securities Futures Commission (SFC), Japanese Financial Services Authority (JFSA), and others. Saxo is also regulated in the European Union via the MiFID passporting system.
Though not uncommon in the forex broker industry, Saxo does not cater to U.S. traders. In addition, the desktop platform requires a steep learning curve, the platform charges currency conversion fees, and very high balances are required for premium accounts.
The Bottom Line
Through our exhaustive research, we found that IG is the best overall forex broker due to its long-standing history as a trusted financial services company, competitive pricing, abundant tradable assets, excellent trading and research tools, and superb educational material—features crucial to the success of traders of all experience levels. CMC Markets is another trusted industry veteran that delivers a best-in-class product for active traders, and those seeking a cutting-edge trading experience.
Saxo and Pepperstone also scored highly during our review process, with Saxo standing out for its extensive range of offerings, and Pepperstone topping the list for advanced trading features. IG’s tastyfx is the best choice for often underrepresented U.S. forex traders, while FOREX.com’sile platform takes the spotlight for trading and managing accounts on the go. Our list of top options is rounded out by AvaTrade, where beginner traders will find everything they need to develop, and XTB, thanks to its competitive pricing mix.
Compare the Best Forex Brokers
| Broker | Star Rating | Account Minimum | Fees | Forex Pairs | Active Trader Discounts | Accepts U.S. Traders |
| IG | 4.7 | $0 for bank transfers, $250 by credit card | Spread cost; Overnight financing costs; Inactivity fees; Guaranteed stops | 80 | Yes | Yes |
| XTB | 4.4 | $0 | Spread cost; Overnight financing costs; Inactivity fees | 80 | Yes | No |
| AvaTrade | 4.3 | $0 | Spread cost; Overnight financing costs; Inactivity fees | 55 | Yes | No |
| Pepperstone | 4.6 | $0 | Spread cost; Overnight financing costs; Inactivity fees, Guaranteed stops | 62 | Yes | No |
| CMC Markets | 4.6 | $0 | Spread cost; Overnight financing costs; International bank transfer; Guaranteed stops; Inactivity fees | 175+ | Yes | No |
| FOREX.com | 4.5 | $100 | Spread cost; Overnight financing costs; Guaranteed stops; Inactivity fees | 87 | Yes | Yes |
| tastyfx | 4.5 | $250 | Spread cost; Overnight financing costs | 80+ | Yes | Yes |
| Saxo | 4.6 | $0 | Spread cost; Overnight financing costs; Transfer fees (when made to a competitor) | 225 | Yes | No |
Why You Should Trust Us
Investopedia evaluated 18 forex brokerage companies based on 73 criteria that are critical to investors. We used this data to review each platform for regulation, pricing, research amenities, and other key features to provide unbiased, comprehensive reviews to ensure our readers make the right decision for their investing needs. Investopedia launched in 1999, and has been helping readers find the best forex brokerage accounts since 2019.
Frequently Asked Questions
What Is Forex Trading?
Forex (or FX) trading entails trading currencies, contract for differences (CFDs), indexes, commodities, spread betting, cryptocurrencies, and more on the global foreign exchange market, the largest and most liquid asset market in the world. In the forex markets, currencies trade against each other as exchange rate pairs. The EUR/USD would be a currency pair for trading the euro against the U.S. dollar, for example.
The forex markets exist as spot markets, as well as derivatives markets, offering forwards, futures, options, and currency swaps. Investors trade in the forex markets as a hedge against international currency and interest rate risk, as a means to speculate on geopolitical events, and to diversify their portfolios, among other reasons.
Is Forex Trading Legit?
Forex trading is legitimate. The trading of currencies is a massive global market that sees trillions of dollars of transactions every day.14 It also serves a crucial function in the global economy by helping to settle transactions across borders. Foreign exchange trading is also a very active market, where world events, country specific releases, and general news have a 24/7 impact on the values of one country’s currency against another. Forex traders establish positions with the hopes of benefiting from this price action, often using leverage to increase potential profits.
In principle, forex trading isn’t very different from stock trading. Due to the size and global reach of the market, however, forex trading is attractive to scammers at the broker level. If a company is promising you guaranteed returns or raising other red flags, that firm is probably not legitimate, even though the broader forex market is. One of the key things we look at in our forex broker reviews—and, in fact, the data we put the highest scoring weight on—is whether a forex broker is regulated by a trusted regulator like the Commodity Futures Trading Commission (CFTC).
Is Forex Trading Profitable?
Forex trading can be profitable, and the same could be said for every type of investing. There is no one way to be profitable in investing, but forex traders tend to do well when they have a defined trading strategy, control their overall trading exposure, and are mindful when using leverage.
This does not mean there aren’t investors who can make money in the forex market other ways. George Soros made over a billion dollars in a deep short against the British Pound in the 1990s. That trade probably wouldn’t have been as massive if he was running a risk-controlled trading strategy, but it was made possible by his already significant capital reserves and a strong conviction. For the average forex trader, however, it is better to find your ideal trading timeframe, adopt a style that fits, avoid over-leveraging, and cut your losses while they are small.
Which Forex Brokers Accept U.S. Traders?
Forex trading is popular worldwide, with more traders outside of the United States than within it. Nonetheless, the U.S. remains one of the largest financial hubs and the U.S. dollar makes up half of the most popular currency pairs. Brokers catering to U.S. traders must be regulated by the CFTC and hold membership in the National Futures Association (NFA). The rules and enforcement regime these brokers face is much more stringent than firms operating out of less well-regulated jurisdictions.
tastyfx, Oanda, and FOREX.com, among others, are open to U.S. customers. It is also worth noting that some large stock brokers offer access to limited forex trading. Interactive Brokers stands out as a rare trading platform that does forex and a wide range of asset classes equally well.
What Does a Forex Broker Do?
Forex brokers are like other brokerages – they match a buyer with a seller. They maintain a trading platform that monitors price data for currency pairs across the network of institutional forex participants and exchanges and allows users to trade these pairs. FX brokers make money off the spread on trades as well as any platform related fees.
Beyond simply facilitating trading, forex brokers set the rules around a trader’s use of leverage and determine how much will be available under what specific terms. A good forex broker will also include some additional resources to support traders. These may be in the form of educational resources or unique tools to support trading. That said, the core job of a forex broker is to allow you to buy and sell currency pairs. It can be hard to measure how well a forex broker does when you don’t know what they do. That is why we evaluate how well these forex brokers perform for you, including how trustworthy they are, what support they provide, and how the value they provide balances against the costs.
Is Forex Good for Beginning Investors?
Forex trading can be complicated, but it’s certainly possible for beginning investors to diversify their portfolios by trading currencies and other forex assets. It would be wise to exercise caution and take the time to educate yourself on the assets in which you wish to trade. There’s a wealth of education and research resources available through a number of forex trading platforms, so take the time to avail yourself of this information.
How Do I Start Trading Forex?
First and foremost, do your research. Beginning investors should educate themselves on the wealth of research and educational resources available through trading platforms and sites such as Investopedia.
Next, compare forex brokers, choose one that suits your trading needs, and open an account.
Then you’ll want to build out your strategy for trading in the forex markets.
Finally, open, monitor, and close your first position. And you’ve successfully become a forex trader.
How Much Money Do I Need to Begin Forex Trading?
You can start with as little as $100 in most cases, but it’s important to note that forex trades are made in standard lots of 100,000 units of currency. This may require you to invest more than $100.
Companies We Reviewed
We researched and reviewed 18 forex brokers to find the best companies you see in the list above. Below is the full list of companies we researched along with links to individual company reviews to help you learn more before making a decision:
IG, Tastyfx, FOREX.com, Oanda, CMC Markets, Saxo Capital Markets, XTB, Pepperstone, City Index, Plus500, Ironfx, AvaTrade, FXPro, Trade Nation, Vantage Markets, Capital.com, Trading 212, ADSS
How We Chose the Best Brokers for Forex Trading
Our commitment to providing unbiased, comprehensive reviews of forex brokers is rooted in extensive research and expert analysis. We evaluated 18 forex brokers based on rigorous criteria, focusing on key aspects such as regulatory oversight, costs, trading experience, and available offerings. Our methodology ensures that our recommendations are based on reliable data and a thorough understanding of the industry.
To gather data, we sent a questionnaire to each of the 18 brokers, covering multiple areas critical to a forex trader’s experience. Our researchers and editors verified the responses and supplemented the data with additional online research and direct communication with each broker. This research was conducted between May 13 and July 30, 2024, ensuring that our evaluations reflect current information.
Our proprietary scoring model evaluated each broker across 11 major categories and 73 weighted criteria, plus an additional 15 non-weighted criteria. The overall ratings are a weighted average of the weighted criteria, ensuring a balanced and fair assessment.
Some brokers also demonstrated their platforms live via videoconferencing, and our experts conducted hands-on testing with live accounts to further validate the platforms’ functionality and user experience. This comprehensive approach allows us to present an unbiased, detailed review of today’s best forex brokers.
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