As forex trading, if done properly, may yield very high profits and online broking platforms have made the once-exclusive realm of professional traders accessible to private investors seeking to diversify their holdings in currency markets, it can be overwhelming for investors curious about forex trading to choose among the hundreds of Forex brokers operating around the world. To help you find the best broker, WikiFX keeps its team of industry analysts at work, to make choosing the best forex brokers easier for you.
In-depth analysis of fees, commissions, trading platforms, and the lowdown on forex trading in general went into WikiFX’s selection of FX brokers.
For your convenience, we’ve compiled a list of the top forex brokers in 2023, along with key details about each one.
FOREX.com, a subsidiary of StoneX Group Inc., is a leading forex (FX) and contract for difference (CFD) broker throughout the world. StoneX is a publicly traded corporation that adheres to the best practices in corporate management, accounting, and public reporting.
Fees: Traders should expect to pay a minimum of $15 USD / R 230 ZAR in fees when using Forex.com, with spreads starting at just 0.01 pips and no commissions applied to any trades.
Trading Platform: Forex.com provides traders with the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms in addition to the brokers’ advanced trading platform, which can be used both locally and online.
Pepperstone is a private Australian corporation and forex broker that also offers CFDs. It was founded in 2010 in Melbourne and expanded to London in 2015 to serve European clients more effectively. Pepperstone is licensed in the UK, Australia, Bahamas, Cyprus, Dubai, Germany, Kenya, and Kenya, and has offices in the UK, Australia, Bahamas, Cyprus, Dubai, Germany, and Kenya.
Fees: Forex and equities index fees are cheap at Pepperstone, as are non-trading fees, as there are no inactivity or account fees. Their CFD financing rates, that is, overnight fees for holding CFD holdings, are quite expensive.
Trading Platforms: Pepperstone does not have a proprietary trading platform, but it does offer nearly every third-party platform a trader may desire. These platforms offer the complete MetaTrader and cTrader suites, which comprise MT4 (desktop and web), MT4 Multi-terminal, MT5, cTrader (desktop and web), TradingView, and cAlgo. Traders can utilize either the Razor or Standard account type on any platform.
FP Markets is an Australian broker that was established in 2005 and offers traders access to contract-for-difference (CFD) trading across forex, indices, commodities, stocks, and cryptocurrencies on consistently tighter spreads in supreme trading conditions.
FP Markets (Pty) Ltd is a Financial Services Provider authorized and regulated by the Financial Sector Conduct Authority in South Africa (FSP Number 50926).
Fees: Traders at FP Markets can choose among accounts with commission-free trading, spreads as low as 0.0 pips, and minimum expenses of $3 USD per trade. For a real money trading account with FP Markets, a deposit of $100 USD is required.
Trading Platforms: There are different platforms to choose fromMT4 and MT5 platforms, IRESS platform, WebTrader platform, Traders Edge Tools, Affiliate portal, IB portal, MAM/PAMM accounts, and Advanced Client portal.
CMC Markets, established in 1989, is among the most prominent and widely used brokerage firms in the United Kingdom. More than 10,000 trading instruments covering typical CFD assets are available on this platform, in addition to sophisticated spread betting options.
Fees: Commissions on forex trades start at a very competitive 0.7 pips. There are other trading expenses, such as a modest premium Price for guaranteed stop-loss order, where it will be repaid if the order is not executed, and they begin at 0.10 percent for stock trading.
Forex trading platform: Traders with this broker can choose between two different trading platforms. The first choice is Metatrader 4, while the second is CMC Markets’ own customized trading platform.
IG is a global leader in regulation and trust, providing traders with a full suite of superior trading and research tools, top-tier education, in-depth market analysis, and a wide variety of tradable products.
Fees: IG’s active trader pricing through its Forex Direct accounts stands out, and the company’s size allows it to give traders with consistent pricing across the board, regardless of the product you trade.
Trading platforms: MetaTrader and FX Blue’s premium MT4 add-ons are both accessible through IG, although only 76 different instruments can be traded at any given time. Clearly, the IG flagship platform is the superior option, as it provides access to a wider variety of trading markets.
Interactive Brokers is an industry-leading multi-asset broker that provides access to a wide variety of foreign exchange (FX) and other market pairs. It provides low-cost services, top-notch educational resources, and cutting-edge trading tools fit for an institution.
Fees: Interactive Brokers provides competitive pricing by compiling quotes from 17 of the largest interbank foreign exchange dealers in the globe. Interactive Brokers does not mark-up spreads but rather charges a commission per trade of between $16 and $40 per million round turn ($8 and $20 per side).
Trading platforms: Interactive Brokers is best known for its trading platforms, such as the Trader Workstation (TWS) desktop software and the IBKR Mobile app for mobile trading. These platforms give traders access to cutting-edge trading tools and international financial markets (including forex and CFDs).
FXTM was established in 2011 and is a forex broker authorized to do business in Europe by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA) in the United Kingdom (Financial Conduct Authority).
All retail customer funds at FXTM are kept completely separate from any institutional funds. All client money are held in local currency at reputable financial institutions across the world and are kept completely separate from the rest of the company’s assets.
Fees: While FXTM has cheap stock index CFD fees and average or low forex trading fees, their stock CFD fees are substantial. Depending on your account type, you may be subject to additional costs. For instance, the ECN account’s spreads are tight yet its commission is high. Commissions are discounted for those with larger balances and more frequent trades.
Trading platform: Thus, Traders’ Specific Needs Be Met MetaTrader 4 and MetaTrader 5 are the top trading platforms, and FXTM makes them available for your computer, Mac, mobile device, or tablet.
There are four separate online brokers that make up XM Group, and each one is subject to stringent oversight by the financial authorities in each of those countries. Using the MT4 and MT5 platforms from the XM Group, you can trade over a thousand different financial items. This includes Foreign Exchange (Forex), Contracts for Difference (CFDs) on Crypto*, Stocks, Commodities, Equity Indices, Precious Metals, Energies, and more, with some of the most dependable and fastest order execution available to regular traders.
Fees: Trading accounts such as XM Standard, Micro, and Ultra-Low generate revenue through a spread charge of 1.7 pips, whereas XM Zero account holders pay a fixed commission rate of $3.5 per lot in addition to a tiny spread cost. Trading during peak hours typically results in a spread costing 0.7 points. There are a variety of charges that are not associated with actual trades.
Trading platform: With a single XM account, you have access to 11 different forex trading platforms on your choice of Windows, Mac, iOS, or Android powered devices.
Trading with XM is done through the third-party platforms MetaTrader 4 and MetaTrader 5.
Exness began operations in 2008 and is registered as a broker in the United Kingdom, Cyprus, Seychelles, South Africa, the British Virgin Islands (BVI), Curacao, and Sint Maarten. Exness is not just supervised and approved by two of the most stringent and demanding regulatory bodies in the industry. Retail clients register via CBCS, CySEC, FCA, FSA, FSC, and FSCA.
Currency pairs, commodities, cryptocurrencies, energies, indexes, and equities are just few of the instruments available to traders through Exness.
Fees: Exness bases its commission costs on the type of account you have. In addition, if your position is held for more than one day, Exness will charge you a rollover or overnight fee. You may be charged a fee or given a refund for overnight positions depending on the instrument you’re trading.
Trading Platform: Traders who open an account with Exness can use any of several platforms, including MetaTrader 4, MetaTrader 5, WebTerminal, and Exness Terminal. The Exness Terminal is a proprietary trading terminal that was built from the ground up by Exness’s engineers and is maintained exclusively by them.
AvaTrade is an industry-leading Forex and CFD broker committed to its key values of integrity, innovation, and empowering traders with confidence. AvaTrade was founded in 2006 with the intention of democratizing access to the trading world.
AvaTrade is at the forefront of globally regulated brokers, subject to stringent regulation. It has hundreds of thousands of clients in more than 150 countries and more than 400 staff in local offices across the world.
Fees: Trading and non-trading costs on AvaTrade are about average. Although there are no fees associated with making a withdrawal, there is a monthly inactivity fee that must be covered. After three months of dormancy, your account will incur a $50 cost, and after a year, it will incur a $100 administration charge.
Trading Platforms: AvaTrade’s selection of trading platforms is one of its most amazing characteristics. MetaTrader 4 platform, MetaTrader 5 platform, Meta Trader for Mac, Meta Trader for mobile trading, and The AvaTradeAct platform are among the platforms provided by AvaTrade. In addition to these platforms, AvaTrade offers a variety of automated trading softwares, including MQL5 Signal Service, API Trading, and Duplitrade, to meet the demands of every trader.
A review of the top forex brokers is presented here. To that end, I pray this information aids you in making a wise broker choice. Regulations, payment methods, customer service, and trading platforms are just a few of the many crucial factors that must be taken into account.