Best Forex Brokers 2023 – Compare Top Brokers
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If you’re planning to trade currencies online – you’ll need a great forex broker on your side. The broker should offer plenty of currency markets, low fees, and commissions, and have a solid regulatory framework. In this guide, we review the Best Forex Brokers in 2023 and provide a step-by-step walkthrough of how to get started with an account today.
Best Forex Brokers 2023 List
Below you will find a breakdown of the 11 best forex brokers for 2023. Scroll down to read our full review of each forex brokerage site!
- Capital.com – Best Forex Broker for Beginners ($20 Minimum Deposit)
- AvaTrade – Top-Rated Forex Broker With Support for MT4 and MT5
- Go Markets – MT4 and MT5 Forex Broker with High Leverage
- Libertex – Online Forex Broker With ZERO Spreads
- Vantage FX – One of the Best Brokers for Forex ECN Accounts
- IG – Best Forex Broker for Spread Betting (UK and Ireland Only)
- Forex.com – Best Broker for Forex Traders in the US
- TD Ameritrade – Best Forex Broker for Advanced Traders
- FXTM – Best Forex Broker for Low Fees and MT4 Trading
- Charles Schwab – Best Broker for Long-Term Forex Trading
Best Forex Brokers
3
Payment methods
Trading platforms
Regulated by
Support
Min.Deposit
Leverage max
Currency Pairs
Classification
Mobile App
Rating
Total cost
$0
Commission
0.00
Min.Deposit
$50
Spread min.
-
Leverage max
50
Currency Pairs
52
Trading platforms
Funding Methods
Regulated by
FCACYSECASICCFTCNFABAFIN
What you can trade
Forex
Indices
Actions
Cryptocurrencies
Raw Materials
Etfs
Average spread
EUR/GBP
2.5
EUR/USD
1
EUR/JPY
2
EUR/CHF
5
GBP/USD
2
GBP/JPY
3
GBP/CHF
4
USD/JPY
1
USD/CHF
1.5
CHF/JPY
2.7
Additional Fee
Continuous rate
-
Conversión
-
Regulation
Yes
FCA
Yes
CYSEC
Yes
ASIC
Yes
CFTC
Yes
NFA
Yes
BAFIN
No
CMA
No
SCB
No
DFSA
No
CBFSAI
No
BVIFSC
No
FSCA
No
FSA
No
FFAJ
No
ADGM
No
FRSA
Rating
Total cost
$0
Commission
0.00
Min.Deposit
$20
Spread min.
0.0 pips
Leverage max
20
Currency Pairs
100
Trading platforms
Funding Methods
Regulated by
FCACYSECASICCFTCNFABAFIN
What you can trade
Forex
Indices
Actions
Cryptocurrencies
Raw Materials
Average spread
EUR/GBP
1.4
EUR/USD
0.6
EUR/JPY
1.5
EUR/CHF
2.2
GBP/USD
0.8
GBP/JPY
1.9
GBP/CHF
2.4
USD/JPY
1.3
USD/CHF
1.3
CHF/JPY
2.6
Additional Fee
Continuous rate
-
Conversión
0.0 pips
Regulation
Yes
FCA
Yes
CYSEC
Yes
ASIC
Yes
CFTC
Yes
NFA
Yes
BAFIN
No
CMA
No
SCB
No
DFSA
No
CBFSAI
No
BVIFSC
No
FSCA
No
FSA
No
FFAJ
No
ADGM
No
FRSA
Rating
Total cost
$0
Commission
0.11
Min.Deposit
$0
Spread min.
-
Leverage max
2
Currency Pairs
50
Trading platforms
Funding Methods
Regulated by
CYSEC
What you can trade
Forex
Indices
Actions
Cryptocurrencies
Raw Materials
Etfs
Average spread
EUR/GBP
from 0,0003%
EUR/USD
from 0,0003%
EUR/JPY
from 0,0003%
EUR/CHF
from 0,0003%
GBP/USD
from 0,0003%
GBP/JPY
from 0,0003%
GBP/CHF
from 0,0003%
USD/JPY
from 0,0003%
USD/CHF
from 0,0003%
CHF/JPY
from 0,0003%
Additional Fee
Continuous rate
-
Conversión
-
Regulation
No
FCA
Yes
CYSEC
No
ASIC
No
CFTC
No
NFA
No
BAFIN
No
CMA
No
SCB
No
DFSA
No
CBFSAI
No
BVIFSC
No
FSCA
No
FSA
No
FFAJ
No
ADGM
No
FRSA
70.8% of retail investor accounts lose money when trading CFDs
Find the Best Forex Brokers – Comparison
Top 10 Forex Brokers Reviewed
Currency trading is a multi-trillion-dollar arena – so it makes sense that there are now hundreds of forex brokers to choose from. Many are aimed at the average retail investor, so the process of getting started with an account is easy.
You do, however, need to assess where the forex broker stands with respect to regulation, commissions, markets, trading tools, payments, customer support, and more. To save you from having to perform countless hours of research, below we review the top 10 forex brokers in the world!
1. Capital.com – Best Forex Broker for Beginners ($20 Minimum Deposit)
Next up we have Capital.com – a market leader in the CFD brokers market, spread betting, and forex scene a swell as being one of the best brokers with NASDAQ. In particular, this platform is highly suited for those of you that are somewhat new to online currency trading – as the broker offers a simple and burden-free way of placing orders.
First and foremost, the platform supports all major and minor pairs alongside dozens of exotics. Each and every forex market offered on the Capital.com platform can be traded with leverage. Most importantly, this forex broker charges 0% in commissions and is considered one of the best low spread forex brokers because of its competitive spreads. Once you register with Capital.com, you might decide to start off with a free demo account.
This allows you to test your forex trading strategies risk-free. As the Capital.com forex demo account mirrors live forex market conditions, this is a great way to learn the ropes. With that said, the minimum deposit at Capital.com is just $20 – which is an inconsequential amount for most. The platform supports e-wallets and debit/credit cards for instant deposits.
On the other hand, this is also considered one of the best AI Trading Brokers. Capital.com uses a powerful AI system to monitor how you perform in the market, analysing your trading behaviour and providing insight that can help you make better trading decisions.
In terms of its regulatory standing, Capital.com is licensed by the FCA and CySEC. As such, the platform ensures your money is safeguarded at all times. If you’re interested in trading other asset classes, Capital.com also offers markets on ETFs, indices, hard metals, energies, and digital currencies. There is also support for over 2,000 stock CFDs from a variety of international exchanges.
| Account minimum | $20 |
| Fees | Variable spread on Forex, Stocks & Crypto; Free of inactivity and withdrawal fees |
| Features | Low spreads, over 3,000 shares, spread betting & AI trading platform |
Pros- 0% commission and tight spreads
- Thousands of markets on offer
- CFD asset classes include crypto, stocks, forex, and commodities
- Minimum deposit of just $20
- Supports debit/credit cards and e-wallets
- Great for beginners
- MT4 supported
- Leverage available – limits depend on your location
Cons- You can’t invest in the underlying asset – CFD instruments only
67.7% of retail investor accounts lose money when trading CFDs with this provider
2. AvaTrade – Top-Rated Forex Broker With Support for MT4 and MT5
If you’ve got a bit of prior experience in online forex trading, then you might be looking for a more comprehensive platform. AvaTrade is a good option in this respect, as the forex broker supports both MT4 and MT5.
Both of the aforementioned third-party platforms will give you access to an abundance of forex trading tools. This is inclusive of advanced order types, technical indicators, and chart drawing tools. Once you have connected your AvaTrade account to either MT4 or MT5, you can then buy and sell currency pairs without paying a single cent in commission.
Instead, AvaTrade will simply charge you a variable spread. This is typically very competitive at the platform, with EUR/USD starting at 0.9 pips. In addition to forex, AvaTrade also offers markets on stocks, indices, and a good selection of digital currencies. These all come in the shape of CFD instruments, so you will be able to apply leverage with ease. If you’re also looking for Islamic forex brokers, you should know that this broker is considered one of the best in this matter.
In terms of safety, AvaTrade is regulated in six different jurisdictions. This includes licenses with ASIC, the Central Bank of Ireland, and the FSA in Japan. Getting started with an account requires a minimum deposit of just $100. Or, you might decide to start off with the AvaTrade demo account facility – which requires no deposit at all. The broker supports debit and credit cards – so your deposit will be processed instantly.
| Account minimum | £100 |
| Fees | Variable spread on CFDs & Forex; Commission of 0.25% for Bitcoin trading; $50 inactivity fee per quarter after three months of inactivity |
| Features | Supports MT4/5, commission-free platform, a wide range of tradable instruments, educational materials, islamic trading account, ASIC regulated |
Pros- Regulated in 6 different jurisdictions
- Supports CFD markets on forex, stocks, cryptocurrencies, and more
- 0% commission and low spreads
- Compatible with MT4 and MT5
- Minimum deposit of just $100
- Leverage offered on all markets
Cons- Stock CFD department is limited in comparison to other platforms
71% of retail investor accounts lose money when trading CFDs with this provider
3. Go Markets – MT4 and MT5 Forex Broker with High Leverage
Go Markets is an Australia-based forex broker with a lot to like. To start, this broker offers trading on 49 major and minor forex pairs through CFDs. Traders can apply up to 500:1 leverage when trading popular currency pairs like EUR/USD or GBP/USD.
Go Markets offers 2 account types: a commission-based account with reduced spreads and a spread-only account. Spreads for the commission account start from 0 pips and the trading fee is just $3 per lot per side. Spreads for the spread-only account start from 1.0 pips for major forex pairs.
Another reason to choose Go Markets is that it accepts a wide range of base currencies: USD, AUD, EUR, GBP, NZD, CAD, SGD, CHF, and HKD. Traders can fund an account with a debit card, credit card, bank transfer, or e-wallet.
Go Markets doesn’t offer its own forex trading platform, but instead gives traders access to MetaTrader 4 and 5. To supplement these already powerful trading platforms, Go Markets also offers Autochartist for automated technical analysis and its own daily forex signals. Go Markets traders also get access to Myfxbook and a VPS for algorithmic trading.
| Account minimum | $200 |
| Fees | Variable spread on forex; commission account $3 per lot per side |
| Features | 49 currency pairs offered, leverage up to 500:1, spread-only account, MT4 & MT5, Autochartist |
Pros- Trade 49 major and minor forex pairs through CFDs
- Apply leverage up to 500:1
- Spreads start from 0.0 pips with a commission account ($3 per lot per side)
- Includes MT4 and MT5
- Trading tools include Autochartist, Myfxbook, and a VPS
Cons- Spreads are often slightly above average
62% of retail investor accounts lose money when trading CFDs with this provider
4. IG – Best Forex Broker for Spread Betting (UK and Ireland Only)
By choosing IG to spread bet financial instruments, you will have access to over 17,000 markets. On top of dozens of major, minor, and exotic forex pairs, this also includes indices, commodities, crypto, and stocks. You can trade forex at IG at 0% commission, as all fees are built into the spread. This starts at just 0.6 pips when trading major pairs – which is super-competitive.
Best of all, when spread betting forex at IG, any profits you make from your forex trading endeavors are free from capital gains tax.
You will also have access to leverage of up to 1:30 and even more if you are classed as a professional trader. Getting started at IG requires a minimum deposit of £250 – which you can fund with a debit/credit card or bank transfer. Once registered, you can trade via the IG website, MT4, or ProRealTime.
| Account minimum | $250 |
| Fees | 2 cents per share for US stocks; variable spread on Forex & Crypto; £12 a month after 24 months as an inactivity fee |
| Features | More than 80 currency pairs offered, spreads start at just 0.8 pips and no commissions charged, trade on the IG website or via the app |
Pros- Established in 1974 and listed on the London Stock Exchange
- Offers CFD and spread betting markets
- Most assets can be accessed at 0% commission
- Forex spreads start from just 0.6 pips
- Supports MT4
- Offers traditional stocks and funds for UK investors
Cons- More suited for experienced traders
71% of retail investor accounts lose money when trading CFDs with this provider
5. Libertex – Online Forex Broker With Tight Spreads
We have discussed the spread throughout our forex broker reviews thus far – as this is a really important trading fee to factor in. This leads us nicely to Libertex – which allows you to trade with paying tight spreads.
This allows you to buy and sell currency pairs in super cost-effective conditions – especially if you are looking to scalp or for a day trading forex broker. On the flip side, you will need to pay a small commission per slide – but this is very competitive at Libertex. For example, The likes of EUR/JPY, USD/CHF, and even USD/CLP can be traded at a commission of just 0.006%.
When it comes to supported forex markets, Libertex is very strong in the exotic pair department. This covers everything from the Mexican peso and South African rand to the Turkish lira and Polish zloty. On top of forex, Libertex also allows you to trade CFD instruments on stocks, indices, ETFs, crypto, and commodities. At the same time, Libertex is also considered one of the best STP brokers and provides access to institutional-rate spreads and increased liquidity. This MT4 broker is heavily regulated and requires a minimum deposit of just $100 to get started. In some selected countries, this broker accepts Western Union and MoneyGram as a deposit method.
| Account minimum | $100 |
| Fees | Variable commission scheme for stock and Forex trading; $5 a month after 180 days as an inactivity fee |
| Features | Zero spread CFD trading, very competitive commissions – starting from 0% upwards, good educational resources, long-established broker |
Pros- Tight spreads on all markets
- Low trading commissions
- Minimum deposit of just $100
- Supports CFD instruments on stocks, crypto, ETFs, forex, commodities, and more
- Debit/credit cards and e-wallets accepted
- Heavily regulated and more than 20+ years in the trading space
- MT4 and MT5 supported
Cons- CFD instruments only – no traditional ownership
83% of retail investor accounts lose money when trading CFDs with this provider
6. Forex.com – Best Forex Broker For Traders in the US
Forex.com claims to be the number one forex broker in the US – and it might not be wrong. This heavily regulated brokerage firm is super popular with Americans that wish to buy and sell currencies from the comfort of their home. In total, you will have access to over 80+ forex trading markets.
This covers all majors, minors, and heaps of exotics. Best of all, there are plenty of account types to choose from – each of which is aimed at a specific type of forex trader. For example, if you’re a beginner, the Standard Account allows you to trade forex on a 0% commission basis – where you will only pay the spread.
If you’re an experienced trader that is looking to place larger value positions, the DMA account at Forex.com offers 0 spreads alongside a small commission. When it comes to leverage, US traders can apply 1:50 on major forex pairs and less on other currency markets. Getting started at Forex.com takes minutes and you can trade via the broker’s web platform, MT4, or MT5. VPS hosting is also supported for automated trading.
| Account minimum | £100 on debit/credit cards and Paypal |
| Fees | Variable spread on CFDs and Forex; Inactivity fee of $15 a month after 365 days |
| Features | Specialist forex trading app, access to dozens of currency pairs, particularly strong when it comes to exotic currencies, no minimum deposit when opting for a bank wire |
Pros- Great forex broker for US traders
- 1:50 leverage on major forex pairs
- Multiple account types are available
- Trade online or via MT4/MT5
- More than 80+ pairs supported
- Permits automated trading
Cons- US clients do not have access to guaranteed stop-loss orders
Your capital is at risk when trading financial instruments at this provider
7. TD Ameritrade – Best Forex Broker for Advanced Traders
If you’re a serious forex trader that knows your way around advanced trading tools – then TD Ameritrade could be the best forex broker for you. This age-old brokerage firm has an excellent reputation for trust and security – and now serves millions of traders around the world.
The forex trading department at TD Ameritrade – which covers dozens of popular pairs, is best accessed via the broker’s native platform – thinkorswim. This is one of the most sought-after trading platforms for experienced forex speculators – as it comes packed with notable features.
For example, you can view economic data and forex news in real-time, as well as view social sentiment levels. You can also customize your trading screen, deploy dozens of technical indicators, and access chart drawing tools. The thinkorswim platform can be accessed online, but for the full experience, you might consider downloading the desktop version to your device.
If you are new to thinkorswim, TD Ameritrade offers a free paper trading account that comes with $100,000 in virtual capital. This will allow you to get to full grips with how the platform works before trading with real money. When it comes to forex trading fees at TD Ameritrade, there are no commissions to pay. Instead, you simply need to cover the spread.
| Account minimum | FREE |
| Fees | None on stocks; Variable spread in Forex; Free for ACH withdrawals, $25 for wire transfer withdrawals |
| Features | Established US brokerage firm, huge asset library that includes thousands of stocks and funds, commission-free trades on US stocks and ETFs |
Pros- Great for experienced traders
- Thinkorswim platform comes packed with advanced trading tools
- Fees are competitive on most assets
- Thousands of financial instruments supported
- Solid regulatory standing
- No minimum deposit
Cons- Not suitable for beginners
Your capital is at risk when trading financial instruments at this provider
8. Vantage FX – One of the Best Forex Brokers for ECN Accounts
When looking at the best ECN Brokers, then VantageFX is our top pick. It is also one of the best scalping forex brokers. ECN accounts come with many benefits from trading forex online – as you will be buying and selling currencies direct with other market participants. In fact, large-scale traders from hedge funds and financial institutions will often execute positions via the electronic communications network.
From your perspective, this means that you will be able to access some of the best forex spreads in the industry. Vantage FX is one of the best brokers for ECN accounts, as the minimum deposit is just $500. This is much lower than other ECN brokerage firms which often demand an account balance that runs into the thousands of dollars.
By opening an ECN broker account with Vantage FX, you will often be able to trade forex at 0 pips. Crucially, this will result in a small commission of just $3 per slide. This MT5 broker offers heaps of forex markets, alongside share CFDs, precious metals, and energies. The platform offers leverage of up to 1:500 – albeit, your limits will depend on whether you are a retail or professional trader and your country of residence.
| Account minimum | $500 |
| Fees | Free for stocks trading; Variable spread on Forex & Crypto; $10 a month after one year as an inactivity fee; $5 as withdrawal fee |
| Features | Super user-friendly trading platform, buy stocks without paying any commission or share dealing charges, 2,400+ stocks, and 250+ ETFs listed on 17 international markets |
Pros- ECN broker accounts
- Trade from 0 pips and a commission of $3 per slide
- Regulated in various jurisdictions
- Offers markets on forex, shares, energies, indices, and more
- Supports MT5
- Leverage of up to 1:500
Cons- Mobile app isn’t the easiest to use
Your capital is at risk when trading financial instruments at this provider
9. FXTM – Best Forex Broker for Low Fees and MT4 Trading
FXTM is a popular forex broker that stands out for a number of key reasons. First and foremost, the platform allows you to trade currencies in a low-cost manner. For example, spreads on EUR/USD start from 0 pips, and on AUD/USD – this goes as low as 0.3 pips.
With that said, FXTM offers several account types – so the fees that you pay will depend on which one you select. For example, if you are planning to trade small amounts – the Micro Account offers 0% commission trading and a minimum deposit requirement of just $50. If opting for the Advantage Account, spreads start from 0 pips and you will pay a commission of between $0.40 and $2.
We also like the fact that FXTM offers full support for MT4. This means that you can deploy an automated trading strategy and access advanced chart reading tools. On top of being able to trade standard forex pairs, FXTM also offers six currency indices. This allows you to trade a basket of forex pairs linked to a specific currency – such as the British pound or Australian dollar.
| Account minimum | $50 |
| Fees | Variable spread on Forex |
| Features | Provides heaps of educational resources, great for market insights and market research, several account types supported, extensive forex department |
Pros- Various account types
- Starts start from 0 pips
- Zero or low commissions depending on account
- Heaps of forex markets
- Trade stocks, indices, commodities, and more
- Heavily regulated
- Low minimum deposit
Cons- Does not offer traditional investment products
67% of retail investors lose money trading CFDs at this site
10. Charles Schwab – Best Broker for Long-Term Forex Trading
Forex trading is typically associated with short-term speculation – where investors will typically open and close a position for a matter of hours. However, there might come a time where you are bullish on a currency and wish to invest in the long-term.
If this is something that interests you, then you might want to consider Charles Schwab. In a nutshell, Charles Schwab offers currency exchange-traded funds (ETFs). This means that you can invest in a currency for as long as you wish without getting hit with overnight financing fees.
In fact, if your chosen currency ETF is listed on a US stock exchange – then you won’t need to pay any dealing commissions. Instead, you will simply need to cover the maintenance fee charged by the respective ETF provider. There are plenty of currencies that you can gain long-term exposure to at Charles Schwab. Although the setup process at Charles Schwab can be a bit long-winded, there is no minimum deposit requirement.
| Account minimum | FREE |
| Fees | None |
| Features | Trusted US-based trading platform, top-rated investment app available on iOS and Android, $0 commission on stocks and ETFs |
Pros- One of the largest brokers globally
- Regulated in various jurisdictions – including the US
- Supports thousands of financial instruments
- Offers long-term investments and short-term trading markets
- No minimum deposit
- Commission-free US-listed stocks and ETF
Cons- KYC process can be long-winded
Your capital is at risk when trading financial instruments at this provider
Best Forex Brokers Comparison
Below you will find a table that summarizing our forex broker reviews – covering commissions, minimum spreads, deposit fees, and maximum leverage for retail clients.
| Forex Broker | Trading Commission | EUR/USD Spread (Min) | Deposit Fee | Max Leverage (Retail) |
| Capital.com | 0% | 0.8 Pips | FREE | 1:30 |
| Avatrade | 0% | 0.9 Pips | FREE | 1:30 |
| Go Markets | 0% | 1.0 Pips | FREE | 1:500 |
| IG | 0% | 0.6 Pips | Up to 1% on Credit Cards | 1:30 |
| Libertex | From 0.006% | ZERO on All Markets | FREE | 1:30 |
| Forex.com | 0% | From 0 Pips | FREE | 1:50 |
| TD Ameritrade | 0% | Variable Model | FREE | 1:30 |
| VantageFX | 0% | From 0 Pips | FREE | 1:100 |
| FXTM | 0% | From 0 Pips | FREE | 1:30 |
| Charles Schwab | 0% on US-Listed Assets | Variable Model | FREE | 1:2 |
Take note, you might be able to get higher leverage limits than the above table states – depending on your country of residence. Once you open an account with the forex broker in question, you will be able to display your maximum leverage limit.
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