CompareForexBrokers The Smart Way
In-depth Forex broker reviews based on first-hand experience and testing.
What type of trader are you?
As seen on
CompareForexBrokers
We were founded by traders for traders!
- One of the oldest forex broker comparison sites founded in 2014
- Detailed facts, charts and forex trading calculations
- Trusted trading guides created by actual traders
Compare Forex Brokers By Country
The Financial Markets Authority (FMA) is the local regulator in New Zealand allowing brokers to offer up to 500:1. You can view the best NZ forex brokers for Kiwi traders with several brokers offering more than CFDs including share trading.
The Canadian regulator is the Canadian Investment Regulatory Organization (CIRO). Only a handful or providers are regulated in the region as listed on our Canadian best forex broker comparison page that includes OANDA, Forex.com and Interactive Brokers.
The Singapore CFD market is regulated by MAS (Monetary Authority of Singapore) placing restrictions on trading conditions and broker protections. We compared local MAS regulated firms on the best Forex Brokers in Singapore page.
In the USA the National Futures Association (NFA) and the Commodities Futures Trading Commission (CFTC) work together to regulate trading. Only spot forex trading is allowed with NFA/CFTC firms compared on the Best Forex Brokers In USA page.
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 regions.
Only The Top Regulated Forex Brokers
CompareForexBrokers review focus on evaluating regulated forex brokers which can be trusted. These brokers have the best trading platforms and software, low and competitive spreads and the best range of trading instruments. We only recommend regulated providers, ideally within the same region as the trader.
Why traders should compare Forex brokers?
Choosing the right forex broker is the second most important factor to successful trading; only your skills as a trader are more important. Good brokers provide the right infrastructure for you to execute your trading plan and give you the best chance of succeeding. Trading conditions provided by the broker to look for include low costs and fees, fast execution, a wide range of instruments, top trading platforms along with other features like automation, copy trading and social trading.
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.
Trading Platforms
Most brokers offer a number of mainstream forex platforms such as 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. Other options include proprietary platforms which often have features not found in mainstream platforms such as a guaranteed stop loss, extra pending order types and charts.
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 24-hour periods so traders can understand the performance of each provider’s platform, liquidity and servers.
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 a maximum of 30:1 to 500:1. Regulation rules can 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.
Range Of Markets
While all providers offer currency trading on major currency pairs including EUR/USD, AUD/USD, GBP/USD and USD/JPY they will vary when it comes to minor and exotic pairs. There is also variation when it comes to Share CFDs, commodities, indices, EFTs and crypto CFDs.
How do you get started trading forex?
To get started trading forex we recommend a measured approach based on research and extensive testing.
- 1
Choose a forex broker
Take into account your experience level, budget and overall goals for forex trading. Ensure that the broker offers access to currency pairs you want to trade and provides the tools and platforms you need for technical analysis.
- 2
Refine your trading strategy
If your preferred broker offers a demo account, take this opportunity to test out different platforms to ensure that you’re comfortable with the interface and trading tools available
- 3
Set up risk management tools
Once you understand your entry and exit points, take measures to limit your exposure and control your risk. Popular methods include hedging, stop loss and limit orders and, where available, guaranteed stop loss orders.
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 considered include brokerage (fees and spreads), charting facilities, project management tools, online trading environment, and liquidity offered, which can impact slippage. No scraping or automation is used to compare forex brokers to ensure the highest quality comparisons. Let us know your thoughts about the forex market or our comparison tables!
In our selection process, we also look at the broker’s social trading features (e.g., eToro and their copy trading platform), algorithmic trading capability, payment methods (e.g., PayPal, direct debit, withdrawals) and mobile apps (i.e., the platform available on iOS and Android). We’d then look at whether the brokers are user-friendly and what kind of forex pairs they offer (e.g., GBP/USD and their volatility). We pay attention to the details, such as inactivity fees.
View our Wikipedia page for more details on the company and background.
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!
Success stories
“Finally a site that publishes average spreads by broker and updates it each month! Makes it so easy to compare fees and monitor changes to each providers pricing over time. Real time saver!”
Adrian ZalcmanTrader And Real Estate Mogul “This is one of the few websites that only compares forex brokers regulated in the region. As a US resident there is nothing more frustrating than seeing a list only for each provider to explain they don’t onboard US traders. I’m very thankful that you went through the trouble of shortlisting only the relevant providers.”
Riley AdamsFinancial Advisor and CPA “I had a lot of trouble with the old comparison site I was using to compare brokers, pricing etc which was out of date and I was left more confused than anything. Thankfully I came across CompareForexBrokers and have saved so much time researching brokers and trading tips.”
Max AdlerNewbie Trader 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. CompareForexBrokers picks only trusted CFD brokers that are regulated in their jurisdiction, such as European brokers regulated by CySEC or Australian brokers regulated by the ASIC in Sydney. We do this in order to help you avoid trading scams.
FAQs
Is forex trading legal?
What leverage is available when forex trading?
Which Forex broker has the best mobile app?
About the author
Justin Grossbard is the CEO & Co-Founder of CompareForexBrokers established in 2014, along with Noam Korbl and works as Strategic Head Of Research.