In-depth reviews based on first-hand experience and broker testing.

Why traders should Compare Forex Brokers?

Choosing the right forex broker is the second most important factor to successful trading, only trading strategies and execution impact an individual’s performance is more important. This is because the broker determines the trading conditions, fees and instruments that can be traded.

1. Broker Fees

The main fee a broker charges is the spread which is the difference between the ask and sell price for any currency pair. Our research found that spreads can be up to 300% higher between the most competitive brokers and expensive ones.

The second fee is the commission which applies to RAW/ECN accounts. In this case, the broker with the lowest fee had half the commission rate of the most expensive provider. The commission rate varies also by the base currency a trader selects when opening an account.

2. Trading Platform

There are a number of mainstream forex platforms most brokers offers. These include MetaTrader 4, MetaTrader 5, cTrader and TradingView. If you’re used to one of these platforms then you should visit our broker-by-platform pages. Then there are specialist platforms with unique features such as dealCancellation which may suit certain types of trading.

3. Broker Performance

The technology stack of each broker can impact factors such as slippage. Based on this, we tested each broker’s execution speed over two 26-hour periods so traders can understand the performance of each provider’s platform, liquidity and servers.

4. Trading Conditions

Brokers and often their regulators determine what can be traded and under what conditions. This includes leverage for retail traders which can range from 30:1 to 500:1. They also determine what type of trading is available for example in the UK only some brokers offer financial spreads betting accounts.

These trading conditions can often be tested on a demo account first before trading with real money. There is also a large variation in regard to the minimum deposit requirements to start trading on a live account.

5. Range Of Markets

While all providers offer currency trading on major currency pairs including EUR/USD. AUD/USD, EUR/USD and USD/JPY vary when it comes to exotic pairs. There is also variation when it comes to Share CFDs, commodities, EFTs and crypto CFDs.

Australian Trading Flag

Australian Forex Brokers

Forex trading in Australia should choose only choose a broker that is regulated by the Australian Securities and Investments Commission (ASIC). You can view our best forex brokers in Australia list which compares the brokers that hold an AFSL licence including brokers established in Australia including Pepperstone, IC Markets, Eightcap and Fusion Markets.

We have also compared the same ASIC-regulated brokers based on their spreads and commissions. You can see this comparison on our low spread forex broker page. A separate comparison also looked at FMA regulated brokers in New Zealand on the best NZ forex broker section

UK Trading Flag

UK Forex Brokers

Forex trading in the UK is regulated by the Financial Conduct Authority (FCA). This regulator has strict rules over leverage, segregation of client funds and negative balance protection. The team at CompareForexBrokers created the best UK forex brokers based on FCA-regulated brokers. This includes brokers based in the United Kingdom including IG, CMC Markets, FxPro and SpreadEx.

A unique way to trade in the UK is spread betting which is an alternative to CFD trading. A key benefit is that capital gains tax (CGT) is not applicable for this type of trading and we compared the best UK spread betting brokers. Remember, like CFD trading the choice of broker is one of the most impact factors that impact a trader’s long-term success on the markets.

Canada Trading Flag

Canadian Forex Brokers

The regulator within Canada has recently rebranded from the Investment Regulatory Organization of Canada (IIROC) to the Canadian Investment Regulatory Organization (CIRO). This regulator has only allowed a handful of brokers to offer forex and CFD trading to Canadians and we compared the best forex brokers in Canada. Some of the providers that we compared include Friedberg Direct Powered By AvaTrade Technology, Interactive Brokers, and OANDA.

You can also view our Canadian forex broker comparison section to compare brokers by trading platform, broker types or features.

US Trading Flag

US Forex Brokers

There are dual regulators within the USA including the National Futures Association (NFA) and the Commodities Futures Trading Commission (CFTC). Forex trading and CFDs are not permitted in the United States but spot trading of currency markets is. This is similar to CFD trading in that both are leveraged trading instruments and have similar platforms. To compare brokers regulated by both the NFA and CFTC you can view our best forex brokers in the USA section.

The ComapreForexBrokers team also compared regulated providers based on the type of trading platform offered from MT4 to trading view. View the US forex broker comparison section which provides a list of options to compare US regulated providers.

Malaysia Trading Flag

Malaysian Forex Brokers

The Securities Commission Malaysia is the regulator in the region and a number of global forex brokers allow Malaysian traders to open an account. We listed the best forex brokers in Malaysia with tier 1 regulation in a nearby region from ASIC, MAS or the FCA. Our Malaysian forex broker comparison also has several sections from the lowest spread, highest leverage to the best forex trading platforms in the region.

Singapore Trading Flag

Singapore Forex Brokers

The local regulator is the Monetary Authority of Singapore (MAS) for the region which places strict conditions on trading including leverage and fund segregation.  There are a limited number of MAS-regulated brokers so we ranked them all within our best forex brokers in the Singapore section. A full section is also available where each broker type has it’s own page within the Singapore forex broker comparison.

Our Forex Brokers Comparison Methodology

CompareForexBrokers was created by a team that has worked in the forex industry for several years. Our experienced team collects information based on different regulation standards and ECN brokers combined with their forex trading platforms, such as MetaTrader 4. Factors taken into consideration include brokerage (fees and spreads), charting facilities, project management tools, online trading environment and liquidity offered that can impact slippage. No scraping or automation is used to compare forex brokers to ensure the highest top forex broker comparisons are made. Feel free to let us know your thoughts about the forex market or our comparison tables!

In 2023 merged with CompareForexBrokers to build out the websites UK Spread Betting and CFD resources. Most content created by Alex Hoar was transitioned to the site and updated where required for the latest FCA changes.

It should be noted that some brokers are regulated in multiple regions. Choosing the regulated region for such global regions can impact trading such as FSA-regulated brokers will offer higher leverage on retail investor accounts and the account interest rate. Protections can also be impacted when you trade forex such as negative balance protection.

Along with our top forex broker comparison tables, you can also get information on trading forex markets, trading strategies, CFDs, forex courses and currency trading strategies. We also have a scholarship program for those looking for assistance when studying a finance-related field.

So whether you’re a beginner looking to trade currencies for the first time or an experienced forex trader, you have come to the right place!

Understanding The Risks Of Forex Trading

Currency trading is a leveraged product, which means that an FX broker can amplify your deposit by up to 500 (500:1) times in some regions. This leverage means there is a high risk of losing your money when financial markets become volatile. It is important to understand the risks and disclaimers involved and consider options such as demo accounts prior to trading real money. Protection Status

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