Best Forex Brokers in April 2024 • Benzinga

The forex market, also known as the foreign exchange market, is the largest financial market in the world and with the increasing popularity of forex trading, there has been a rise in the number of broker services available to traders. However, not all brokers are created equal and finding the best one for your needs can be a daunting task.

A reliable and reputable broker will provide you with a user-friendly trading platform, competitive spreads, fast execution, trustworthiness, transparent fees and a wide range of trading instruments. In this article, Benzinga researched and reviewed the best forex brokers that can meet your trading requirements.

Quick Look: Best Forex Brokers

Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Table of Contents

Best Forex Brokers

With these brokerage options, you are choosing based on the services and extras they provide above and beyond what a traditional broker would do. Some brokers include advanced trading tools like TradingView, as well as a CRM system to manage your forex trades, currency pairs, and foreign exchange rates. Here is who made the list:

1. Best for U.S. Traders: FOREX.com

Best For:
Forex Trading in and Outside the U.S.
securely through Forex.com's website
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account

FOREX.com is a subsidiary of StoneX (NASDAQ: SNEX) and ranks as the best overall forex broker.

FOREX.com caters to forex traders with a wide selection of tradable currencies, low account minimums, and a notable trading platform. It's a suitable option for brokers seeking a home base for their currency trading. FOREX.com offers a comprehensive education and research center with free forex trading courses at various skill levels, which both new and experienced traders can benefit from.

This broker accepts U.S. clients and is regulated in the U.S. by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). FOREX.com also has oversight from regulators in 6 major world jurisdictions through its subsidiaries.

Minimum deposit: $100
Trustpilot score: 4 stars
Currency pairs: 80+
Trading platforms: MT4, MT5, Advanced Trading (desktop), Web Trading platforms, TradingView and NinjaTrader
Maximum leverage: Up to 50:1

Available for U.S. clients
Easy-to-navigate platform
Extensive educational resources and research tools
Advanced customizable charting tools
Regulated in seven Tier-1 jurisdictions, one Tier-2 jurisdiction, and one Tier-4 jurisdiction

Cannot buy and sell other securities (like stocks and bonds)
Average spreads are a bit higher than other low cost brokers

2. Best for Excellent Trading Tools: Axi

Best For:
MT4 Traders
securely through Axi's website
Over-the-counter derivatives are leveraged products that carry a high level of risk to your capital. Trading is not suitable for everyone and may result in you losing substantially more than your initial investment. You do not own, or have any rights to, the underlying assets. You should only trade with money you can afford to lose.

Axi offers a wide range of trading instruments, including forex, CFDs, commodities, indices and cryptocurrencies, allowing you to diversify their portfolios and take advantage of different market opportunities. They provide competitive spreads, low commissions and offer a secure and reliable trading platform that is user-friendly.

Axi provides access to educational resources, market analysis tools and expert insights. The broker provides great customer support, with a team available 24/5 to assist you with any questions or issues they may have. Axi is regulated by top-tier financial authorities including the UK's Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Dubai Financial Services Authority (DFSA).

Minimum deposit: $0
Trustpilot score: 3.7 stars
Currency pairs: 40+
Trading platforms: MT4 and WebTrader 
Maximum leverage: Up to 500:1

Copy trading app
Real/live account funded program
Good educational material including tutorials and videos
Advanced analytics driven by AI and ML
Low forex fees
No deposit or withdrawal fees
Demo accounts available

Does not accept U.S. clients
24/5 customer service
High inactivity fees

3. Best for CFDs and MetaTrader Users: Vantage Markets

Vantage Markets is a forex and CFD broker that stands out for its competitive and transparent pricing. They offer tight spreads and low commissions, making it cost-effective for traders to execute their trades. The broker provides a user-friendly and easy to navigate trading platform.

Vantage Markets also offers additional trading instruments, including forex, stocks CFDs, commodities and indices. They're regulated by the Financial Sector Conduct Authority (FSCA) of South Africa and the Australian Securities & Investment Commission (ASIC) in Australia, demonstrating their commitment to maintaining high standards of security and reliability for their clients' funds and personal information.

Minimum deposit: $50
Trustpilot score: 3.5 stars
Currency pairs: 40+
Trading platforms: MetaTrader 4 and MetaTrader 5
Maximum leverage: 500:1

Wide range of trading tools and features
Low non trading fees
10 different account types available, including demo accounts
Fast and efficient trade execution

Not available to U.S. traders
Product range could be increased

4. Best for Bonuses: FxGlory

When you want to access the forex market and make the most of it, you can use FxGlory to grow your portfolio and serve any trading strategy you prefer to use. Pattern day traders, scalpers and swing traders can use this platform along with anyone else who believes that they should diversify with the forex market. There's more than enough tools for all traders, and you can use MT4 or MT5 as you trade with high leverage, no commissions, low spreads and fast execution. 

Aside from forex, you can also trade crypto and commodities like gold, silver, platinum and more. You can review news items, reach out to the customer support team at any time and even try automated trading (and a range of other trading tools) when using this platform. Users may also take advantage of a free VPS, if they feel it will help them grow their portfolios. With all these options, you can quickly build your portfolio or transition to this platform today.

Minimum deposit: $1
Trustpilot score: 3.4 stars
Currency pairs: 51
Trading platforms: MT4, MT5 and WebTrader
Maximum leverage:  1:3000

Accepts U.S. clients
You can get a free VPS, which is great for security
You can trade more than forex for a diversified portfolio
No strategy limitations

The platform may not offer the level of functionality you desire
Lacks regulatory compliance

5. Best for Most Complete Trading Experience: Pepperstone

Best For:
Trading Experience
securely through Pepperstone FX's website
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Pepperstone is a well-established Australian forex broker known for its competitive spreads and reliable trading platform. With a strong regulatory framework and a wide range of trading instruments, Pepperstone offers traders a comprehensive trading experience. 

The platform is user-friendly and provides various advanced trading tools like algorithmic trading, Autochartist, API trading and more. Customer support is efficient and responsive and they provide a wide range of educational resources. While there have been occasional reports of slippage during high volatility periods, overall, Pepperstone has a positive reputation in the forex industry.

Minimum deposit: $0
Trustpilot score: 4 stars
Currency pairs: 60+
Trading platforms: MT4, MT5, cTrader, Web Trading Platforms and Mobile App
Maximum leverage: 30:1 for retail clients and up to 500:1 for professional clients

Trade in 61 foreign currencies and more than 60 CFDs
Versatile trading platforms
Competitive pricing
Robust tools

Unavailable in the U.S.
No interactive courses

6. Best for Trading in the App: OctaFX

OctaFX is a multi-platform forex broker that is designed for traders across the globe, offering service for multiple countries far and wide. MetaTrader 4, MetaTrader 5 and cTrader are available in desktop, web, Android and iOS versions. If you don't know which would work for you, check out their comparison chart.

Featuring negative balance protection and funds security, OctaFX makes Islamic accounts available with several other account styles. You can enter contests, and you might want to try CopyTrading if you're new to the investing space.

Low minimum deposit
35 currency pairs with trading on MetaTrader 4 and 5
Spreads as low as 0.6 pips
Arbitrage is prohibited; exceeding 30 requests per minute by an EA on MT4 may result in your bot being banned

Does not accept U.S. traders
You may want more assets to invest in
Deposits and withdrawals are limited
Limited deposit and withdrawal methods

7. Best for Mobile Users Trading CFDs: Plus500

Plus500 is a derivatives broker based in Europe that offers forex trading (and more) for a host of traders, especially the most advanced traders or those who prefer to trade on mobile. The platform has all the information you need on the assets in which you choose to invest, and you can start buying into the foreign currency market if you've always planned to add currency pairs to your portfolio.

Demo accounts help you practice if you're new to the platform, but you will find that there are not as many educational tools as you need to start afresh. Therefore, new traders may want to look elsewhere while the experts use Plus500 to profit more from these unique assets.

Minimum deposit: $100
Trustpilot score: 4 stars
Currency pairs: 60+
Trading platforms: Web Platform
Maximum leverage: 1:300

There are no stumbling blocks for advanced traders who simply want to sign up and get to work
Web platform and mobile app feature robust charting, providing a consistent experience across devices
2,800 tradable symbols that can be traded as CFDs
No withdrawal fees
U.S. traders have the option to access futures contracts on a range of assets including forex, indices, commodities, bonds and cryptocurrencies

Lacks some advanced tools making it less attractive for active traders
High stock CFD fees

8. Best for Execution: IG Group

Best For:
Forex Execution
securely through IG Markets's website
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

IG Group accepts U.S.-based clients due to oversight from the CFTC and NFA. IG holds your money in segregated accounts under trustee arrangements for added security. In addition to its proprietary trading platform, IG offers support for 3rd-party forex platforms such as MetaTrader 4 and ProRealTime. It also allows application programming interface (API) trading. IG offers a variety of investment choices for forex trades.

Minimum deposit: No minimum deposit for bank transfers and a $300 minimum deposit for credit/debit cards and PayPal.
Trustpilot score: 4 stars
Currency pairs: 82
Trading platforms:  ProRealTime, MT4 and L2 Dealer
Maximum leverage: 50:1

Available for U.S. traders
Highly trusted
Platform is designed to be user-friendly for beginners
Mobile and tablet platforms provide the same level of functionality as the desktop version
Margin rates are easy to understand and affordable

U.S. traders can currently only trade forex
Customer service options are lacking
No 2-factor authentication on mobile devices

9. Best for Multiple Asset Traders: eToro

Best For:
Copy Trading
securely through eToro Forex's website
CFD trading is not available to U.S. users. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

eToro specializes in social trading, which is ideal for beginners since you can follow the trades of expert traders with a proven track record. In addition to its world-class social trading network, this broker has excellent educational resources for forex beginners. Their intuitive multi-asset trading and social trading platforms and apps can be used by anyone immediately. Unfortunately, they do not support the MetaTrader 4 and 5 (MT4 and MT5) trading platforms.

Minimum deposit: $200
Trustpilot score: 4 stars
Currency pairs: 40+
Trading platforms: N/A
Maximum leverage: 30:1

Platform is straightforward and user-friendly
CopyTrader feature that allows new traders to copy the same strategies used by professionals
Virtual dummy account that gives you $100,000 to practice trades
Advanced trading features in the mobile app

High non-trading fees
No crypto-to-crypto trading pairs
Customer support needs improvement

10. Best for Canadian Traders: IFC Markets

While investors from over 80 countries can sign up on IFC Markets, it is an amazing place for Canadian traders to work on their portfolios. Because many Canadian traders need specialized accounts, IFC Markets put you in touch with synthetic assets, crypto CFDs and much more. You can also use MT 4 or MT5 if you would prefer. There's also NetTradeX for those who prefer that platform.

The higher leverage offered allows you to build a stronger portfolio much faster, and you'll find that the platform works best for intraday, mid-day and small-volume traders. If you feel like this is you, you can try IFC Markets today.

Minimum deposit: $100 for bank cards, $100 for bank transfer, $1 for Perfect Money, $10 for Boleto, $5 for Pasargad Novin, $1 for TopChange, $10 for Bitwallet, $1 for WebMoney and $100 for Unistream.
Trustpilot score: 4 stars
Currency pairs: 50+
Trading platforms: NetTradeX and MetaTrader 4
Maximum leverage: 1:1 to 1:400

Proprietary pricing models make it much easier for you to get the information you need
It's much easier to complete a full technical analysis through this platform
Leverage helps you build a portfolio on your own terms
Low minimums help any Canadian investor get in on the action

While this is not available in the U.S., it could impact some traders who like to mix with the Canadian markets from time to time

11. Best for Lowest Spreads: FXCC

FXCC is the best brokerage for non-U.S. users, allowing you to choose from 70 currency pairs, several CFD options, spot metals and the top 8 cryptocurrencies. Bitcoin, Ethereum and Litecoin are just a taste of the popular cryptocurrencies that are available. You might also invest in 12 popular stock indices, spot WTI and Brent crude oil.

Minimum deposit: $100
Trustpilot score: 4.3 stars
Currency pairs: 30
Trading platforms: MetaTrader 4 and MAM (multi account manager)
Maximum leverage: 100:1

ECN/STP broker model
Free Virtual Private Server (VPS)
Supports MetaTrader 4
Has an offshore subsidiary for high leverage trading

Does not accept U.S. clients
Supports only one trading platform
No customer support on weekends
MetaTrader 5 not available

12. Best for Educational Resources: AvaTrade

AvaTrade, one of the most secure brokers in the industry, carries 7 regulations across 6 continents (Europe, Australia, Japan, British Virgin Islands, UAE and South Africa). You'll be pleasantly surprised by its asset availability, leading platforms and generous trading conditions (you can leverage your positions up to 400:1).

Minimum deposit: $100
Trustpilot score: 4.6 stars
Currency pairs: 60+
Trading platforms: MT4, MT5, WebTrader, ZuluTrade Duplitrade and AvaSocial
Maximum leverage: 30:1

Controlled by regulatory agencies of multiple countries
Support available in 14 languages and trading platforms can be accessed in 20 languages
Demo account available
Variety of trading assets
Fast and easy account opening
Best in class winner for educational resources

Does not accept U.S. clients
Average trading costs
High inactivity fees
Transferring funds may take up to five days; withdrawals could take up to 10 days

What is a Forex Broker?

Retail forex brokers are financial institutions that act as an intermediary between individual trader clients and the foreign exchange market. These FX platforms have an online presence in the form of an official website and they target smaller traders who wish to operate in currency trading on a margin basis.

Online forex brokers generally allow traders to execute forex deals largely using their supported electronic trading platforms. In addition to offering their own proprietary trading software, many online forex brokers support popular 3rd party forex trading platforms like MetaTrader 4 and 5 (MT4/5) from MetaQuotes.

Some forex brokers also offer very useful educational information for beginners you can use to increase your knowledge about trading. They might also provide access to expert forex market analysis and financial news feeds to help you make better trading decisions.

If you choose a forex broker that uses automation, you can try trading bots. These bots are AI-enabled programs that use prevailing information to trade on your behalf, and each bot uses a specific trading plan that is designed to help increase your earnings. However, trading bots are not perfect. You must do your research, set a budget and monitor your account for the best results.

How to Choose a Forex Broker

Choosing the best forex platform can be challenging if you aren't sure where to start. Here is what to look for in the best brokers for forex. 

Research and Understand the Types of Forex Brokers Available 

You can choose from various types of brokers, including contract for difference (CFD), market makers, Straight Through Processing (STP) brokers and Electronic Communication Network (ECN) brokers. Each type has advantages and disadvantages, so it's important to know which one suits your trading style and needs.

Check for Regulation and Licensing

It's important to choose a forex broker that is regulated by a reputable financial authority. Regulatory bodies can include the Financial Conduct Authority (FCA), the U.S. Securities and Exchange Commission (SEC), the Australian Securities and Investments Commission (ASIC), the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA), which provide protection to traders and ensure that brokers adhere to certain standards and guidelines. The regulating agency varies depending on the country you are trading from. 

Evaluate the Trading Platform

A reliable and user-friendly trading platform is essential for your trading experience. Look for a broker that offers a platform with a wide range of tools, indicators and charting capabilities. Does the currency broker offer things like technical analysis, scalping, fundamental analysis, spread betting or other financial instruments? Ensure that the platform is stable and allows for smooth execution of trades.

Consider Trading Costs and Fees 

Brokers have varying fee structures, including spreads, commissions, overnight fees, withdrawal fees and account inactivity fees. Compare the costs across brokers to ensure that they align with your trading strategy and budget.

Examine the Selection of Tradable Assets

Forex brokers offer trading on a variety of currency pairs, but some may also provide access to other markets such as commodities, indices, cryptocurrency, precious metals and futures contracts. Determine if the broker offers the range of tradable assets you are interested in.

Assess Customer Support

As the forex market operates 24/7, it's essential to choose a broker that provides reliable and responsive customer support. Look for brokers that offer multiple channels of communication, such as live chat, email and telephone support. Test their customer service beforehand to gauge their responsiveness and knowledge.

Research the Broker's Reputation and History

Look for reviews and testimonials from other traders to gain insights into the broker's reputation and user experience. Check if the broker has any regulatory actions or legal issues against them.

Explore the Educational and Research Resources Available

A good forex broker should offer educational materials, webinars, tutorials and market analysis to help traders enhance their knowledge and make informed trading decisions. These resources can be valuable, especially for beginners.

Consider the Deposit and Withdrawal Process 

Check the broker's policies and requirements for depositing and withdrawing funds. Look for brokers that offer convenient and secure methods of payment as well as reasonable withdrawal processing times.

Compare Leverage and Margin Requirements. 

Leverage can amplify profits and losses in forex trading, so it's important to understand the broker's leverage offerings and margin requirements. Ensure that the leverage offered aligns with your risk tolerance and trading strategy.

Take Advantage of Demo Accounts 

Many forex brokers offer demo accounts that allow you to practice trading with virtual funds. Use these demo accounts to test out the broker's platform, features and trading conditions before committing real funds.

Consider the Broker's Reliability and Stability

Look for brokers with a strong financial background and a solid track record in the industry. A reliable broker should have stable servers, minimal downtime and robust risk management systems in place.

Forex Pros and Cons

The foreign exchange market has a unique set of pros and cons for traders that include those listed below.

Pros

High leverage: Because exchange of currencies at the going market rate has no net value, the use of leverage in foreign exchange trading allows you to control quite large positions with a rather small margin deposit. This increases your risk but also lets you benefit from relatively small exchange rate movements.
High liquidity: The forex market is the largest financial market in the world, so it has a very high level of liquidity in the major currency pairs. This allows for sizable transactions to be executed in those pairs at virtually any time during normal trading hours.
Around-the-clock trading: The forex market remains open for trading at all times from 5 p.m. EST on Sunday until 5 p.m. EST on Friday, even during U.S. holidays. This provides constant trading opportunities during market hours.

Cons

Fewer asset choices: While many stocks can be traded, only a relatively few currency pairs are available to forex traders, and not all of them are highly liquid like the majors.
Volatility: Strong movements can occur in the forex market as new information is digested by participants. This volatility can result in unexpected gains or losses for traders.
Unregulated OTC market: The Interbank forex market trades over the counter (OTC) and so it remains largely unregulated. Still, some regulations are put in place in many jurisdictions to protect retail traders making transactions through online brokers.

Forex Markets Explained

In the forex market, traders agree to exchange 1 currency for another to make a transaction in that forex pair at a particular level known as the exchange rate. Like stock prices, this exchange rate fluctuates based on supply and demand factors, as well as on the forex market's overall expectations of future events.

Forex traders can make money on a currency transaction in 2 ways. First, if they buy or go long a currency and it goes up in value versus the sold currency, then they earn a profit. Second, if they sell or go short a currency and it goes down versus the bought currency, then they also profit.

Many currency pairs quoted in the forex market show substantial volatility or fluctuations, which can result in gains or losses for traders. You can review the EUR/USD pairing over the past week, month, year or more. Seeing the history of the pairing gives you quite a bit of information, and you can compare the stock's movements to current events in either the U.S. or European Union.

During the comparison process, you may notice that the pairing moves inverse to the news you're reading. As you read further, you learn how to anticipate where currencies will move based on current events.

Risk and Reward in Forex Trading

Rewards are generated in forex trading when you take a long or short position in a currency pair that subsequently appreciates in value. The high level of risk in doing a forex transaction is when the market doesn't perform as expected once you have done a forex trade.

Many brokers allow traders to magnify the gains or losses they take on a position via the use of leverage. Leverage is typically expressed as the ratio of the size of a position you can control by placing one unit of base currency on deposit as margin. Hence, a 500:1 leverage ratio would mean that you can control a $500 position with a $1 margin deposit.

Furthermore, most successful traders have a minimum risk/reward ratio for a trade before they will consider taking it, such as 1:2 or 1:3. For example, if you think the chances of a trade making 20 pips is around the same as the chances of it losing 10 pips, then your risk/reward ratio of that trade is 1:2. If that meets your risk/reward ratio criteria, then you might consider that trade worthy of executing.

Master Your Forex Trading Strategy with the Right Trading Broker

Since your forex broker will be your primary trading partner, you want to choose one carefully to make sure they are reputable and will fit your requirements and trading strategies. Open a demo account with an online broker you're thinking of using to see whether it is a good fit. Demo account trading can also help prevent potentially costly errors that might arise from you being unfamiliar with the broker's trading platform.

Frequently Asked Questions

Yes, some online forex brokers will accept clients with a very low minimum deposit like $10 or even less.

Yes, you can trade in the over the counter (OTC) forex market with major financial institutions using credit lines if you are a high net worth individual or corporation. If you're a retail trader with a modest amount of risk capital to use as margin, you'll need an online forex broker to trade currency pairs through.

Investors can diversify their portfolios by trading currencies and other forex assets, despite the potential complexity of forex trading. It is recommended to approach trading with caution and to thoroughly research the assets you plan to invest in. Forex trading platforms offer a variety of educational and research resources for you to utilize. Take advantage of these resources to expand your knowledge.

FOREX.com and IG Group are highly trusted brokers available to U.S. forex traders.

Disclosure: The content of this article discusses various brokers, but it is essential to note that any mention or position of a particular broker does not imply superiority over others. The information provided is intended for general informational purposes only and should not be considered as financial advice or a recommendation to choose one broker over another.

Readers are advised to conduct their own thorough research and consider their individual financial goals, risk tolerance and preferences before making any decisions related to choosing a broker. The financial industry is dynamic and factors influencing the performance or reputation of brokers can change over time.

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