Best Forex Brokers 2023 – Compare Top Brokers

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 2023and provide a step-by-step walkthrough of how to get started with an account today.

Best Forex Brokers 2023List

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!

• eToro – Overall Best Forex Broker 2021
• 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

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Rating

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$0 Commission 0.00

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50

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52

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20

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100

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EUR/GBP

1.4

EUR/USD

0.6

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-

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2

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50

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Demo

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Mt4

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CYSEC,

What you can trade

Forex

Indices

Actions

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EUR/GBP

from 0,0003%

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from 0,0003%

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from 0,0003%

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from 0,0003%

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from 0,0003%

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from 0,0003%

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from 0,0003%

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from 0,0003%

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from 0,0003%

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from 0,0003%

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-

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-

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No

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70.8% of retail investor accounts lose money when trading CFDs

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70.8% of retail investor accounts lose money when trading CFDs...

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5

5

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FCA, CYSEC, ASIC, CFTC, NFA, BAFIN,

FCA, CYSEC, ASIC, CFTC, NFA, BAFIN,

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0.6

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2.2

from 0,0003%

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0.8

from 0,0003%

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1.9

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2.4

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1

1.3

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1.3

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2.6

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Demo

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Copytrading

Mt4

STP/DMA

Ctrader

MT5

Avasocial

Ava Options

Leveraged

FCA

CYSEC

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CBFSAI

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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. eToro – Overall Best Forex Broker 2023

Our experienced review team found that eToro is by far the best forex broker in the online arena. This regulated trading site gives you access to dozens of forex pairs – covering majors, minors, and exotics.

By choosing eToro as your go-to broker – you’ll benefit from super-low trading fees. For example, the platform operates on a spread-only basis – so you only need to cover the difference between the bid and ask price of the currency pair in question. This starts from just 1 pip on major pairs like EUR/USD and USD/JPY. All forex pairs on eToro can be traded with high leverage, too.

For most regions – including the UK, Europe, and Australia, this is capped at 1:30 on major pairs and 1:20 on minors and exotics. If you are a beginner, the eToro web trading platform will be ideal for your skillset. This is because the platform has been designed with the casual trader in mind. In fact, eToro even allows you to actively day trade currencies in a passive manner.

This can be achieved through the innovative eToro Copy Trading tool. Put simply, this gives you access to thousands of successful forex traders that you can elect to copy like-for-like. For example, if the active trader goes long on EUR/GBP, the position will be mirrored in your own portfolio. eToro is also a social trading platform, meaning you can share market insights with other users and even ‘like’ comments.

Outside of the forex department, you can also access cryptocurrencies, indices, commodities, and thousands of stocks as well as being a best ETF broker. When it comes to the safety of your funds, eToro is authorized and regulated by the FCA, ASIC, and CySEC. You can get started with a minimum deposit of just $200 and supported payment methods include debit/credit cards, bank transfers, and e-wallets like Paypal, Neteller, and Perfect Money. This broker doesn’t deal with binary options but on the other hand, it also stands out for being the best guaranteed stop loss forex broker.

Pros

• Heavily regulated trading platform used by over 20 million people
• 0% commission on stocks and ETFs
• Spread-only pricing structure on crypto, indices, forex, and commodities
• Very easy to use – ideal for beginners
• The minimum stake starts at $25 per trade
• Supports debit/credit cards, bank transfers, and e-wallets
• Copy Trading features promote passive investing

Cons

• Charting analysis tools are a bit basic

67% of retail investors lose money trading CFDs at this site

2. 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.

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

3. 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.

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

4. 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.

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

5. 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.

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

6. 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.

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

7. 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.

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

8. 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.

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

9. 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.

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

10. 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.

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

11. 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.

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.

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.

How to Choose the Right Forex Broker for You

Although we have listed our forex broker reviews – it’s also a wise idea to perform your own research. As we have covered, there are plenty of metrics that need to be considered before choosing a broker – which we elaborate on in more detail below.

Safety

Before opening an account with your chosen forex trading broker, it’s important to assess which regulators license it.

• For example, one of the best forex brokers that we came across – eToro, is regulated by three reputable financial authorities. This includes the UK’s Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC).
• If you’re based in the US, you’ll want to ensure that your chosen forex broker is approved by the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), or the Financial Industry Regulatory Authority (FINRA).
• If you find that your broker is regulated by a financial body located in an offshore location – you might want to tread with caution.

Sure, the offshore broker might offer above-average leverage limits, but your capital is at risk. By sticking with regulated forex brokers and forex apps that are licensed by one of the aforementioned bodies, the provider will be required to follow a strict set of rules. This includes client fund segregation, Know Your Customer (KYC), and limitations on leverage.

Fees

All online forex brokers are in the business of making money – so you need to spend some time assessing what fees will come into play. In this respect, your main focus should be on the trading commission and spread.

Commission

The commission charged by brokers can vary considerably. The best forex brokers in this space – such as eToro and Capital.com – build the commission into the spread. This means that the only fee payable is the difference between the bid and ask price of the currency pair you are trading.

Other forex brokers, however, will charge a variable commission that is multiplied by your stake. For example, if the platform charges 0.3% and your currency trade is worth $3,000 – you will pay a commission of $9 to enter the market. Some platforms charge a flat commission in return for more favorable spreads.

Spreads

In assessing how competitive the spread is at your chosen forex broker, you also need to take into account the commission. For example, although Vantage FX charges a flat commission of $3 per slide, this allows you to trade major forex pairs at a spread of 0 pips.

You then have Capital.com, which charges 0% in commission and offers spreads of 0.8 pips on EUR/USD. LIbertex offers ZERO spreads on all of its supported markets and charges a minimum commission of just 0.006% per slide – which is very competitive.

Other Forex Broker Fees

Once you have assessed how competitive the commission and spread are, you also need to check what other fees the broker charges. This might include deposit and withdrawal fees, inactivity fees, and overnight financing fees.

Range of Forex Markets

In the vast majority of cases, forex trading platforms will give you access to all major and minor pairs. In this sense, there is not much to separate each of the platforms discussed today. However, the very best forex brokers in the online space will also offer an extensive range of exotic currencies.

Think along the lines of the South African rand, Indonesian Rupiah, Turkish Lira, and Mexican peso. Ultimately, if you have a specific forex trading market in mind, check the broker’s website to see if it is supported before opening an account.

Trading Tools

In order to make consistent gains in the online forex scene, you will need the assistance of certain tools. The specific tools that are useful to you will typically depend on your financial goals and level of trading experience.

The best forex brokers that we came across offer the following tools:

Charting Tools

Unless you are relying on fundamental research to make longer-term speculations, the only way to make money when trading forex is to utilize charting tools. At the forefront of this is being able to perform analysis through technical indicators.

The best forex brokers will offer a trading platform that allows you to analyze charts without needing to use a third party. With that said, if your chosen forex broker is compatible with either MT4 or MT5 – these platforms offer all of the charting tools that you will need.

Copy Trading

The best forex broker that we have reviewed on this page – eToro, offers a popular feature called Copy Trading. This allows you to trade forex passively, as you will be copying the buy and sell orders of an experienced currency investor.

There are thousands of successful forex traders that use eToro – meaning that you will have a wide pool of investors to choose from. You can base your decision on a variety of metrics – such as past performance, average monthly return, maximum weekly drawdown, and risk rating.

Past performance is not an indication for future results

Once you meet the minimum investment of $500 – all subsequent positions that the trader opens and closes will be reflected in your own eToro account. Not only is this ideal if you have little to no experience of online forex trading, but it promotes a 100% passive investment journey.

Leverage

All of the best forex brokers that we have discussed today offer leverage. This means that you can enter currency trading positions at a higher value than you have in your brokerage account.

• For example, if you are long on GBP/USD at a stake of $500 and apply leverage of 1:20 – your position is now worth $10,000.
• Similarly, if you are short on EUR/USD at a stake of $2,000 and apply leverage of 1:30 – your position is now worth $60,000.

The amount of leverage your chosen forex broker is able to offer you isn’t a decision made purely by the provider in question. On the contrary, limits can apply based on where you are resident. For example, retail client traders in Europe are capped to 1:30 on major forex pairs and 1:20 on minors and exotics.

These ESMA regulations have since been mirrored in the UK and Australia. US traders can access leverage of up to 1:50 while many nations have no limits at all. If you qualify as a professional trader, you might be able to obtain leverage as high as 1:500.

Financial News and Alerts

It’s really important to be kept abreast of the key financial news when trading forex. After all, the announcement of a central bank interest rate hike or falling GBP levels can have a major impact on the value of a currency.

Due to the fast-paced nature of the forex industry, you will want to choose a broker that offers real-time financial news. This can often come in the form of a notification that pops up on your screen, even if you are not actively using the broker. The best forex brokers will also offer pricing alerts.

This will send an alert – either via a mobile notification or email when a pre-defined price target is triggered. For example, you might wish to receive an alert from EUR/USD surpasses 1.2290.

Platforms

When you trade currencies online, the best forex brokers will offer you several platforms to choose from. For example, Capital.com gives you the choice of its own native web trading platform – which is ideal for newbies or Metatrader 4 (MT4) – which is suited to experienced traders. Some platforms go one step further by also offering support for MT5 and cTrader.

If you are an advanced forex speculator then you might want to consider TD Ameritrade and its proprietary thinkorswim platform. Irrespective of which broker you like the look of, it’s important that it supports a platform that aligns with your currency trading skillset, even if you are familiar with AI trading.

Account Types

Some of the top forex brokers that we have discussed today offer several account types to choose from. This allows you to choose a pricing structure that best meets your needs. For example, the likes of Forex.com offer a Standard Account that permits 0% commission trading alongside higher spreads.

This particular account would be suitable for casual traders. The broker also offers a 0 spread account that comes with a small flat commission. This would be more suited for large-scale currency investors. You then have ECN accounts, which give you direct access to other forex trading participants.

Payments

Before you can start trading in the real forex markets you will need to deposit some funds into your brokerage account. In this respect, there are two key metrics to look out for. Firstly, you need to check what payment methods are supported.

eToro, for example is one of the best skrill forex brokers, it also supports e-wallets like Paypal and Neteller, as well as debit/credit cards issued by Visa, MasterCard, and Maestro. Other brokers in the forex trading scene will only support bank transfers.

Secondly, you need to see what, if any, transaction fees apply to your chosen payment method. This is important, as we came across a lot of online brokers that charge hefty fees on certain deposit types – especially when it comes to credit cards.

Best Forex Brokers for Beginners

If you are looking for the best forex brokers for beginners, certain platforms stand out from the crowd. For example, Capital.com is often preferred by newbies – as it offers a simple and burden-free way to trade. Libertex is also good for beginners – especially when using its native web trading platform.

With that said, we found that the best forex broker for beginners is eToro. Not only will you have access to a clean and easy-to-navigate trading platform, but you can start off with the broker’s free demo account. This allows you orade forex in live market conditions without needing to risk any money.

Additionally, eToro offers a Copy Trading tool that allows you to buy and sell currencies passively. This is perfect for beginners, as you won’t be required to perform any technical analysis or fundamental research. Instead, you can sit back and allow your chosen forex expert to trade on your behalf!

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How to Get Started with a Forex Broker

If you want to start trading currencies from the comfort of your home right now – the guidelines below will take you through the process step-by-step.

Note: The walkthrough below will show you how to trade forex with our top-rated broker eToro.

Step 1: Open an eToro Forex Account

To get started, visit the eToro website, click on the ‘Join Now’ button, and enter your personal details when prompted. You will also need to choose a username and password and verify your email address and mobile number.

67% of retail investors lose money trading CFDs at this site

Next – as per KYC regulations, eToro will ask you to upload a copy of your government-issued ID. eToro is usually able to verify your identity in less than a couple of minutes.

Step 2: Deposit Trading Funds

You can now proceed to add some money to your newly created forex trading account. If you want to benefit from an instant deposit, opt for a debit/credit card, PayPal, Skrill, or Neteller.

Step 3: Search for Forex Trading Market

Click on the ‘Trade Markets’ button followed by ‘Currencies’. This will show you a list of all supported currency pairs that are available to trade on the eToro platform.

Or, if you already know which currencies you wish to trade, enter the pair into the search box at the top of the page.

Step 4: Place Forex Trading Order

You will now see an order box like in the image below. In our example, we are trading EUR/USD. We think the value of the pair will rise, so we opt for a buy order. You can change this to a sell order if you think the foreign exchange rate of the pair will go down.

Next, enter your stake and if you want to apply leverage – select your ratio.

Finally, click on the ‘Open Trade’ button to place your forex order!

eToro – Best Forex Broker 2023

This guide has discussed the very best forex brokers to consider in 2023. We have also explained the many factors that you need to look out for when searching for the best broker for your financial goals and skillset. All in all, we found that eToro wins the award as the best forex broker in the online space.

This user-friendly and heavily regulated trading platform supports dozens of forex markets at industry-leading fees. We also like the Copy Trading tool on offer – which allows you to copy the trades of a successful forex investor.

You can start trading forex at eToro by quickly opening an account and making an instant deposit with a debit/credit card or e-wallet!

67% of retail investors lose money trading CFDs at this site

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