10 Best Forex Brokers in the World for 2024

Share this:
Editorial Note: While we adhere to strict Editorial Integrity, this post may contain references to products from our partners. Here's an explanation for How We Make Money. None of the data and information on this webpage constitutes investment advice according to our Disclaimer.

eToro - Best Forex broker for 2024 (United States)

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

Best Forex Brokers in the World in 2024:

eToro - Biggest copy trading community in the world (over 3,000 verified investors with copiers)

OANDA - Best for trading with advanced technical analysis tools (TradingView charts support)

IG Markets - Huge choice of supported CFDs (over 17,000 markets)

FOREX.com - Best markets diversity (over 4500)

TU Experts have done the complex research for you so that you can confidently settle on the best forex broker for you. Whether you're a beginner or a seasoned trader, any platform on this list of the top 10 forex brokers in the world is an excellent choice.

Best forex brokers in the world

Position Broker Overall Score Min. deposit Leverage

1

eToro

5.82

50$

1:1-1:30

Open an account

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

2

OANDA

5.34

No

Up to 1:200

Open an account

Your capital is at risk.

3

Coinexx

1.94

10 USD

Up to 500X

Open an account

Your capital is at risk.

4

IG Markets

6.58

$450

Up to 1:200

Open an account

Your capital is at risk.

5

FOREX.com

5.26

$1000

Up to 1:400

Open an account

Your capital is at risk.

6

Interactive Brokers

4.9

No

Depending on the asset

Open an account

Your capital is at risk.
Via Interactive Brokers' secure website.

7

Fidelity

3.76

$1

Up to 1:1

Open an account

Your capital is at risk.

8

Robinhood

3.74

$0 for standard accounts, $2,000 for Robinhood Gold account.

Depends on the type of asset

Open an account

Your capital is at risk.

9

Thinkorswim by TD Ameritrade

3.73

From $0 (from $2,000 to activate margin trading opportunities)

Floating

Open an account

Your capital is at risk.
Via TD Ameritrade's secure website.

10

iBroker

2.87

$1

Up to 1:30

Open an account

Your capital is at risk.

Warning:

There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

How to choose the best Forex broker

With so many brokers to choose from, narrowing down the list can be tricky. Here are some key factors to consider when selecting the best Forex broker for your needs:

1

Regulation: Only open accounts with brokers that are regulated by major authorities like the NFA, ASIC, FCA, or CySEC. This ensures the broker adheres to strict standards and keeps your funds secure.

2

Spreads/commissions: Compare the spreads and commissions brokers offer. Lower costs allow you to keep more profit from trades. Watch out for brokers advertising very narrow spreads but add markups when you trade.

3

Trading conditions: Check margin requirements, leverage options, and any trading restrictions. Brokers have requirements around maintaining margin levels. Leverage options vary so choose what suits your risk tolerance.

4

Trading platforms: The trading platforms should be user-friendly with robust tools for analysis and fast trade execution. Key features to look for include backtesting, automated trading, mobile apps, and a variety of order types. Consider the charting capabilities and availability of technical studies, custom indicators, algos, and screening tools.

5

Demo accounts: Demo trading accounts let you test drive the broker's platform and get familiar with their services. Make sure demo accounts provide access to live markets and full features.

6

Customer service: Good brokers invest heavily in customer service. Test response times by contacting support before opening an account. Look for knowledgeable representatives available 24/7 via chat, email, and phone.

7

Security: Account safety should be a top priority. Check brokers use segregated bank accounts, SSL encryption (look for the padlock icon and https URLs), 2-factor authentication and other security measures to protect your funds and data.

8

Reviews from other traders: One of the best ways to evaluate brokers is to read through reviews from their existing and past clients. This provides unfiltered feedback directly from traders who have used their platforms and services.

9

Position in Traders Union's Forex rankings: Our audit of many different Forex brokers is a valuable resource for determining their quality. We judge the individual platforms based on over 100 different characteristics and meticulously evaluate their user reviews.

How to choose the best Forex broker? How to choose the best Forex broker?

How to choose the best Forex broker?

Basic comparisons of the best forex brokers

eToro OANDA Coinexx IG Markets FOREX.com Interactive Brokers Fidelity Robinhood Thinkorswim by TD Ameritrade iBroker

Trading platform

Mobile Trading, WebTrader

WebTrader, MetaTrader4, Mobile platforms, MetaTrader5

Mobile platforms, MT4, MT5

MetaTrader4, Web platform, ProRealTime, Trading apps

FOREX.com, MT4, MT5

Trader Workstation, IBKR Mobile, APIs

Active Trader Pro

Web platform

Thinkorswim

AARNA iBroker, CQG, Direct API, dt Pro, Mobile application, RJO Futures Pro Mobile, StoneX, S5 Mobile, TradingView, PatSystems

Min deposit

$50

No

$10

$450

$1000

No

$1

$2000

$2000

$1

Leverage

From 1:2
to 1:30

From 1:1
to 1:200

From 1:0
to 1:500

From 1:1
to 1:200

From 1:1
to 1:400

From 1:1
to 1:50

1:1

1:1

1:1

From 1:1
to 1:30

Trust management

No

No

No

No

No

No

No

No

No

No

Accrual of % on the balance

No

No

No

No

No

No

No

No

No

No

Spread

From 2 points

From 0 points

From 0 points

From 0.6 points

From 0.2 points

From 0 points

From 0 points

From 0 points

From 0 points

From 0 points

Level of margin call / stop out

No

No

No

No

No

No

No

No

No

No

Execution of orders

Instant Execution

Market Execution

Market Execution

Market Execution, Instant Execution

Market Execution

Market Execution

Market Execution

Instant Execution, Market Execution

Market Execution

No deposit bonus

No

No

No

No

No

No

No

No

No

No

Cent accounts

No

No

No

No

No

No

No

No

No

No

What Forex Brokers are the Best for Beginners?

When it comes to Forex trading, beginners may find it challenging to navigate the market and make profitable trades. This is why it's essential to choose a Forex broker that caters to the needs of beginners. Here are some factors to consider when choosing a Forex broker for beginners:

Managed accounts: The best brokers for beginners offer managed accounts so they can have a great start. A managed account is a great option for beginners who don't have the time or experience to manage their own accounts. With a managed account, an experienced trader manages your account and makes trades on your behalf.

Copy trading accounts: Copy trading accounts allow beginners to replicate the trades of experienced traders automatically. This can be an excellent way to learn about the market and make profitable trades.

Advanced tutorials: A good Forex broker for beginners should offer a range of advanced tutorials to help traders learn about trading strategies, risk management, and market analysis. This can be especially helpful for traders who are new to the market and want to build a solid foundation of knowledge.

Easy-to-use trading platform: A user-friendly trading platform is critical for beginners who may be overwhelmed by complex trading software. A simple and easy-to-use trading platform can help traders focus on making profitable trades and building their skills.

Educational resources: A good Forex broker for beginners should offer a range of educational resources, including webinars, video tutorials, and market analysis. This can help traders stay up-to-date with market news and develop their skills over time.

Regulation: It is important to choose a Forex broker that is regulated by a reputable financial authority. This helps ensure that your funds are safe and that the broker is operating transparently and ethically.

Reputation: A good Forex broker for beginners should have a positive reputation in the industry. Look for reviews and ratings from other traders to determine if a broker is reputable and trustworthy.

Overall, beginners should take the time to research and compare Forex brokers to find one that meets their needs.

Top 10 Biggest Forex Brokers in the World By Trading Volume

Investing in the Foreign Exchange market can be risky and complex, so it is important to have the resources of a top-tier broker. Understanding which brokers reign supreme amongst thousands of global competitors requires extensive research and evaluation.

That's why at TU, we spend an incredible amount of time and effort analyzing the world's biggest Forex brokers by trading volume to give our customers or readers unparalleled insight into the industry. Our data-driven ranking system takes into account company size, regulatory oversight, asset offerings, customer service, technology platform, and more to present a trustworthy list for every kind of investor.

IC Markets is the largest forex broker in the world, with close to $10 trillion in trading volume per year. Currently, IC Markets operates in over 200 countries. It also has over 200,000 active clients and is continuing to grow.

What Are the Biggest Forex Brokers in the Us What Are the Biggest Forex Brokers in the Us

What Are the Biggest Forex Brokers in the Us

How Much Money Do I Need to Trade Forex?

The amount of money needed to start trading Forex depends on several factors, including your trading strategy, risk tolerance, and the broker you choose.

For a beginner who is just starting to learn how to trade Forex, a cent account with a small deposit, such as $10, can be a good way to practice and gain experience without risking too much money. However, keep in mind that the profits and losses in a cent account will be small, which may not accurately reflect the potential gains and losses of a standard account.

If you are looking to start trading Forex seriously and potentially make some money, you may want to consider opening a standard account with a deposit of $200 to $500 or more. This will give you more flexibility in terms of trade size and position, and you can potentially earn larger profits. However, keep in mind that trading Forex always carries a risk, and you should only trade with money that you can afford to lose.

How to start Forex Trading?

Trading Forex (foreign exchange) can be a challenging and risky endeavor, but with careful planning and preparation, it is possible to become a successful trader. Here are the basic steps to get started:

1

Research the markets: Understanding the Forex market and its dynamics is crucial before starting to trade. This includes analyzing market trends, news, and economic indicators that can affect currency values.

2

Develop a trading strategy: A trading strategy is a set of rules that guides your trading decisions. It should include entry and exit points, risk management, and indicators to use.

3

Choose a Forex broker: A Forex broker is an intermediary between you and the market. Choose a reputable broker that is regulated by a reputable financial authority and offers a platform that suits your needs.

4

Open a trading account: After choosing a broker, you can open a trading account by providing some identification documents and completing a Know Your Customer (KYC) process. You can choose the account type that suits your trading style and deposit the minimum required funds.

5

Deposit money and start trading: Once you have funded your trading account, you can start trading Forex. Start with a small amount and gradually increase your investment as you gain experience.

6

Develop a risk management strategy: Risk management is an essential part of trading. Develop a strategy that includes stop-loss orders, position sizing, and risk-reward ratios to minimize losses and protect your capital.

7

Monitor your trades: Keep a close eye on your trades, and be prepared to adjust your strategy if necessary. Monitor market news and events that can affect currency values and adjust your trades accordingly.

How Do You Know a Forex Broker is Legit?

Forex brokers can be legitimate or fraudulent, so it's important to do your due diligence to make sure that the broker you choose is reputable and trustworthy. One way to check the legitimacy of a Forex broker is to see whether they are regulated by a reputable financial regulatory authority. Here's a step-by-step guide on how to check if a Forex broker is regulated:

Look for the broker's regulatory information on their website: Most legitimate Forex brokers will prominently display their regulatory information on their website, including their license number and the name of the regulatory authority that issued it. This information is usually located in the "About Us" or "Regulation" section of the website.

Verify the regulatory authority: Once you have found the regulatory information, verify the regulatory authority to make sure that it is legitimate and reputable. Some well-known regulatory authorities for Forex brokers include the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC).

Check the regulatory authority's website: Visit the website of the regulatory authority to see if the broker is listed as a licensed entity. Most regulatory authorities maintain a public database of licensed brokers, which you can search for free.

Contact the regulatory body: If you have any doubts or concerns about a broker's regulatory status, you can contact the regulatory body directly to confirm their license and ask any questions you may have.

Read online reviews: Read online reviews from other traders to see what their experiences have been with the broker. Look for reviews from reputable sources, such as Forex forums, social media, or trusted review websites.

Look for transparency: Reputable brokers should disclose important information upfront like trading conditions, fees, leverage limits, and account funding/withdrawal processes. They should also have clear contact info. Lack of transparency could indicate a scam.

Verify trading platform: Legit brokers use well-known third party platforms like MT4. Beware of brokers using unfamiliar or proprietary platforms which could make account access difficult.

Start small: Test with a small deposit and withdrawal first before transferring large sums. Ease of deposit vs difficulty withdrawing can indicate an issue.

By following these steps, you can determine whether a Forex broker is regulated and legitimate.

Can I Get Rich in Forex?

It is possible to make a lot of money trading Forex, but it's important to understand that Forex trading is not a get-rich-quick scheme. The reality is that most beginner traders lose money, while successful traders usually have years of experience, training, and discipline under their belts.

To become a successful Forex trader, you need to learn a lot about the markets, trading strategies, risk management, and psychology. You need to develop a solid trading plan and approach the markets with patience, discipline, and a willingness to learn from your mistakes.

Professional traders with years of experience and expertise can make returns of 10-50% per month or more, but these returns are not typical and require a significant amount of skill, effort, and dedication.

As a beginner, it's important to approach Forex trading as a learning experience and to be realistic about the potential risks and rewards. It's a good idea to start with a small trading account and gradually build your skills and confidence over time. With practice and perseverance, you can become a successful Forex trader and potentially earn a good income, but it's important to be patient and realistic in your expectations.

George Soros:

Everyone has heard about George Soros and how he broke the Bank of England. Born in Hungary in 1930, he escaped the Nazis and moved to England. He is the most prosperous and versatile trader globally. His career began as a hedge fund manager spanning 1973 to 2011. In 1992, he made a bet against the British Pound and made a $1 billion fortune from it. He is worth $6.7 billion.

David Tepper:

David Tepper is probably the most outstanding hedge fund manager. After graduating with an economics honor, he jumped into the investment world. He began as a credit analyst. He also succeeded in buying bonds from banks on the edge of bankruptcy. He later founded Tepper’s Appaloosa, a hedge fund company handling $15 billion in assets. He is worth $20.6 billion.

Expert Opinion

The choice of a Forex broker largely depends on the trader's goals. For day trading, attention should be given to trading accounts with minimal commissions and spreads. Even a small difference on a large number of trades can significantly improve trader's results. For swing trading and investing, accounts with a wide range of trading instruments are preferable. This allows the trader or investor to always have numerous markets and tools for analysis at their fingertips. Copy trading and other tools for passive income are quite handy for beginners. And, of course, impeccable reputation and regulation should be a common rule for all brokers. Having licenses in EU countries, the U.K., the U.S., or Australia is an important plus.

Before a person decides to learn to trade or whether to continue down that path in the Forex market, they should understand the amount of time and effort available to put towards the endeavor. And they should be clear on their motives. Is it learning the skills of trading that is of most interest? Or is it the possibility of making the extra potential return on capital that is driving the decision and trading is one identified solution? This is an important question because trading is difficult. It requires the ability to persevere through a potentially long learning process. It is notorious for its low success rate. Some traders might be better served by focusing on two alternative solutions to engage in the Forex market, but with different risk profiles and commitment requirements compared to trading directly for oneself.

Managed account programs and copy trading services are two solutions that provide engagement with the Forex market while utilizing the expertise of more experienced traders. These programs can significantly lower the amount of time needed to attend to the Forex market. They should be considered by traders who identify their desire to make money as being more important than trading for themselves.

Andrey Mastykin

Andrey Mastykin

Author, Financial Expert at Traders Union

FAQs

Who is the best Forex broker for my needs?

The best Аorex broker choice depends on several factors:

  • Region: Available brokers and their offerings may vary depending on your country of residence.

  • Trading goals: Choose a broker that aligns with your trading goals, whether it's scalping, long-term investing, or something else.

A good solution would be to select a few brokers from the top 5-10 of the rating and then study the reviews on our website in more detail.

How do I know if my forex broker is licensed?

Please, use the following algorithm

  • 1

    Check the broker's website. Reputable brokers prominently display their regulatory information, including the name of the regulatory body and their registration or license number. This information is typically found in the footer of the website or in an 'About Us' or 'Regulatory Information' section.

  • 2

    Visit the regulator's website. Cross-check the broker's information with the official website of the relevant regulatory body. Search for the broker's name or registration number to verify their regulatory status.

  • 3

    Contact the regulator. If you have any doubts, reach out to the regulatory body directly. They can confirm the broker's registration status and provide further information about their regulatory requirements.

How can I find out if a Forex broker operates in my country?

Traders Union employs an API to gather information and compile broker ratings. When you access the Traders Union website using your country's API, the displayed brokers will likely operate in your region.

However, if you have any doubts or are using a VPN, we recommend utilizing the personalized broker selection tool named "Find My Broker" on our website. This tool offers a wide range of filters, including country selection, to help you identify suitable brokers.

You can also verify the information by contacting the broker's customer support.

Who is the biggest Forex broker in the world?

There is no single definitive answer to this question as different rankings may consider different metrics. However, according to one of the most reputable ratings, IC Markets is considered the largest forex broker in the world by trading volume, with a daily trading volume exceeding $22 billion.

Methodology for compiling our ratings of Forex brokers

Traders Union applies a rigorous methodology to evaluate brokers using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.

Key aspects of the assessment include:

Regulation and safety. Brokers are evaluated based on the level/reputation of licenses and regulations they operate under.

User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.

Trading instruments. Brokers are evaluated on the range of assets offered, as well as the breadth and depth of available markets.

Fees and commissions. All trading fees and commissions are analyzed comprehensively to determine overall costs for clients.

Trading platforms. Brokers are assessed based on the variety, quality, and features of platforms offered to clients.

Other factors like brand popularity, client support, and educational resources are also evaluated.

Find out more about the unique broker assessment methodology developed by Traders Union specialists.

Team that worked on the article

Oleg Tkachenko
Author and expert at Traders Union

Oleg Tkachenko is an economist-analyst and a risk manager with a practical experience of working in financial institutions for over seven years. Oleg specializes in the analysis of commodities, Forex, stock markets and non-standard investment markets (cryptocurrency, hypes, peer-to-peer lending). He holds a Master’s Degree from the Ukrainian Academy of Banking of the National Bank of Ukraine, Kharkiv Banking Institute. Oleg became an author for Traders Union in 2018; in 2020 he joined the TU’s team of financial experts.

At Traders Union, Oleg is involved in expanded reviews of brokerage companies, and in monitoring the relevancy of the information provided in them. He analyzes trading strategies and indicators, and prepares educational articles on the topic of finance. In addition, Oleg carries out expert research in the Forex and stock markets, and also binary options and cryptocurrency markets. In particular, he checks brokerage companies, studies their performance and growth, tests new services offered by brokers, software and the level of customer support.

Oleg’s motto: Information is a force that opens boundless opportunities, but requires relevancy!

Bruce Powers
Contributor

Bruce Powers is an expert trader and technical analyst with over 20 years of experience in Forex, commodities, ETFs, cryptocurrencies and other assets. He is an active trader, technical and fundamental analyst, media commentator, educator and a writer. As an author for Traders Union, he contributes his deep analytical skills, expertise and understanding of the global economy and financial markets to provide market analysis and insights. Powers is also a frequent guest on business TV news shows.

Bruce Powers’ professional experience:

• Expert trader and technical analyst with over 20 years of experience.
• Experience with Forex, gold and other commodities, equities, indices, ETFs, and cryptocurrencies.
• Spent 7 years as a trading and technical analysis course instructor, webinar leader, and educational content creator for a leading global training company.
• Led multiple FX/crypto live trading analysis and Webinar educational presentations.
• Experienced and active trader (equities, crypto, forex), technical analyst, fundamental analyst, media commentator, writer, and educator.
• Certified Chartered Market Technician (CMT) and MBA in finance.
• Published hundreds of technical analysis articles and other financial and economic articles.
• Appeared over 150 times as a guest on business TV news shows.

Knows about
trading, technical analysis, live market analysis

Education
Eller College of Management, University of Arizona
Master of Business Administration (MBA), Finance

Mirjan Hipolito
Cryptocurrency and stock expert

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.