Who Are The Best Forex Brokers?

The team at CompareForexBrokers in 2025 ranked each broker based on 100 criteria with heaving weightings on fees and trading platform experience. We listed the top fx brokers below based on funded accounts but if you want to trade in a free environment choose from one of the best propriety trading firms.

2025 Forex Broker Awards

Compare Forex Brokers was founded in 2014 by Justin Grossbard and Noam Korbl with a simple mission: to simplify the process of evaluating and choosing the best forex broker for your online trading needs.

Today, we’re excited to announce the results of our annual Forex Broker Awards. Based on a cumulative review of each brokerage we cover over the preceding twelve months, our global forex awards recognise the forex and spread betting brokers that stand out for superior performance, innovative tools, excellent customer service and other features that matter to forex traders.

From innovations in social and copy trading platforms to cutting-edge mobile trading apps to excellent MetaTrader trading experiences or low trading costs, our forex awards aim to showcase the best online broker across a host of categories.

Our Annual Awards results are impartial and derived from our independent research. The Compare Forex Brokers 2025 Broker Awards are granted for demonstrated excellence in categories deemed significant to investors, traders, and consumers in the forex industry.

IC Markets Logo

IC Markets

A Broker That Has Low Fees

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IC Markets fees are the lowest due to four key factors:

1) The Lowest Spreads
– Low forex fees with Zero Spread Accounts

2) Low Commission Rates
– Commissions as low as $3.50 per lot

3) No Funding Fees
– No fees on funding or withdrawals

4) No Hidden Fees
– No holding or inactivity fees

IC Markets Spreads

IC Markets offer a range of CFD trading such as commodities, metals, indices, bonds, and crypto. Below shows the minimum and average spreads of the major cryptocurrencies, including Bitcoin, Ethereum and Ripple.

ic markets crypto spreads

IC Markets Commissions

There are 10 base currencies offered by IC Markets. The actual commission for the raw spread account (for MetaTrader 4) is determined by the base currency set. Below shows the commissions across each base currency from Euro, USD, GBP, JPY to AUD.

ic markets fx commission

 

Other Trading Fees

IC Markets have $0 funding fees when using PayPal, Skrill, Credit Card, BPAY and FasaPay. Only international transfers can lead to a $20 AUD fee, which is the charge passed on from the bank. The funding fee that is chosen can impact the processing time. The minimum deposit is $200 USD with IC Markets. Like deposits, IC Markets has $0 withdrawal fees from all payment methods but international wire transfers. This method like deposits has a $20 AUD fee associated, which is the charge by the Australian bank. The withdrawal method a forex trader selects will usually determine the deposit methods available.

IC Markets Forex Account Funding

There are no inactivity fees, even after a prolonged period of no trading. There are also no transfer fees if you want to switch forex platforms or account types (e.g. standard vs raw). A rollover fee is also known as a swap and is charged by all forex and CFD brokers. They are applied when a position is key open for the next trading day. These change regularly, and on Wednesday night the charge for holding a currency pair is triple.

Summary Of Why IC Markets Has The Lowest Fees

IC Markets operate similarly to an ECN broker with straight-through processing (STP) and no dealing desk. This setup ensures the best liquidity and with a large global trading volume achieves the lowest fees for forex traders.

IC Markets = Low Commissions + No Hidden Fees + Lowest Spreads.

IC Markets Holds Three Licences:

  • ASIC in Australia (AFSL No.33569)
  • CySEC in Cyprus (No 362/18)
  • FSA in Seychelles (SD018)

The minimum deposit requirement is USD $200 across all three licences with 16 funding methods and 10 base currency options. It’s the best forex broker for traders looking to minimise brokerage.

IC Markets ReviewVisit IC Markets

City Index Logo

City Index

Has The Best Range Of CFDs

City Index (part of Gain Capital) offers the most comprehensive forex and CFDs across a range of asset classes. This includes indices, shares, cryptocurrency, commodities, interest rates and options. This is the ideal broker for those looking to trade a range of financial products (not just currency). They offer the lowest spreads of any forex broker when it comes to the ‘spread only’ category with no commissions charged to traders. This is termed the ‘standard account’ by most FX brokers.

1) Indices Trading

City Index offers 20 Indices to trade across Europe, Asia and the USA. Trading in this class has fixed spreads from 1 point. Leverage can be up to 20:1 for major indices, and 10:1 for minor indices.

Indices CFDs Trading

2) Share Trading

City Index allows individuals to trade contracts for difference across over 4,500 shares with leverage up to 5:1. The commission on global shares is 0.09%. Due to the high-risk nature of margin retail forex and share fluctuations, a stop-loss order is recommended. In some cases, a guaranteed stop-loss order (GSLO) order type can also be made to lock in the maximum loss of a trade. If you’re new to high-risk trading, this should be considered as part of your trading strategy.

Share CFDs

3) Cryptocurrency Trading

City Index trading is across the major crypto classes including Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple. As shown below in 2025 City Index has the lowest costs when it comes to cryptocurrencies. Please note, the Financial Conduct Authority (FCA) in the UK no longer allows you to trade cryptos as a retail trader. Yet, City Index Australia offer 2:1 leverage on crypto CFDs.

4) Commodity Trading

City Index allows trading on over 25 commodities from oil, coffee to wheat with leverage of 20:1 for gold, and 10:1 for most other commodities. The big advantage of commodity trading is the tighter spreads compared to other trading markets.

Commodity CFD Trading

5) Interest Rates And Options Trading

The final trading grouping is Bonds, Interest Rates and Options. These are commission-free, with spreads only charged.

Summary Of City Index Range Of CFD Markets

City Index (Gain Capital) is Australian Securities and Investments Commission regulated with AFSL 345646 and is known as the service provider Forex.com in the UK, USA and Canada with licences FCA 113942 and NFA 0339826.

With the lowest standard accounts spreads, high leverage and a range of CFDs, City Index is the low-cost solution for those looking to trade more than just currency.

With no initial deposit requirements and no funding fees (including from credit cards), City Index is recommended for those looking to trade forex and a range of financial products and no commissions.

City Index ReviewVisit City Index

Plus500 Logo

Plus500

The Broker That Has The Best Beginner Trading Account

Plus500 is a good option for those new to trading forex thanks to its risk management tools. To help protect yourself against volatility and the high risk of trading complex instruments, Plus500 offer features like premium order types and investor protections.

Beginner forex traders should consider the Plus500 online trading account based on:

  • Negative Balance Protection
  • Guaranteed Stop Loss Orders
  • No Commissions And Hidden Fees
  • Mobile Trading Platform

1) Negative Balance Protection

Trading forex markets are high-risk due to High Leverage Forex Brokers increasing exposure to the market. This means that if the market moves in the wrong direction, losses can quickly accumulate and could exceed a trader’s deposit. When this occurs, most forex and CFD brokers will request the negative balance be paid back to get reach a zero balance.

Plus500 offers negative balance protection, which means that if a trader goes into a negative balance that the FX broker will adjust the online trading account to $0. This means that if a forex trader places the minimum deposit with Plus500 of $100 (for a credit/debit card) the losses won’t exceed this amount.

2) Guaranteed Stop Loss Orders

A guaranteed stop-loss order (GSLO) order type is similar to negative balance protection but for individual trades. This means that when placing an individual trade a maximum loss amount can be set and Plus500 guarantees the trader’s loss will not exceed this level. This shouldn’t be confused with a standard stop-loss order which also allows a trader to set the maximum loss, but losses can exceed this level due to slippage. It should be noted that when the GSLO order type is activated that the spreads will be wider for that trade. Margin requirements may also need to be met.

Plus500 Guaranteed Stops

3) No Commissions And Hidden Fees

Plus500 primarily makes its brokerage from the market-based spreads (the difference between the buy/sell price). This simplifies calculations for brokerage compared to other brokers who charge a commission, payment processing fees, and forex platform usage fees. Some standard fees to take note of are a $10USD inactivity fee if a trader doesn’t log into their account for 3 months and an overnight funding fee if market positions are held over a sustained period.

4) Training Facilities

Plus500 has Webinar and online forex training facilities for beginner to expert currency traders. Educational resources are also available through web-based tutorials and videos. News and information on global markets can also be easily accessed on the site or FX platform.

5) Easy To Use Mobile Trading Platform

Plus500’s focus is primarily on mobile trading with trading apps on iPhone, iPad, Android and Windows. Mobile trading can also occur on the WebTrader, while a Windows 10 trader exists for those using a desktop device. The mobile trading apps have full functionality with the ability to monitor markets and make live trades. These can also be accessed through the Plus500 demo account. These capabilities led to Plus500 being viewed as the best for beginners on the Forex Trading Programs.

Plus500 Trading App

Summary Why Plus500 Has The Best Beginner Trading Account

Plus500 has over 300,000 active customers and is a regulated broker in Australia by ASIC (AFSL 417727), in South Africa by FSCA (FSP 47546) and in the UK by FCA (FRN 509909).

Plus500 is ideal for beginners with risk management tools, training and an easy to use trading platform.

Plus500 is the best forex broker for beginners based on their worldwide reputation, broker reviews, good customer support and educational resources. The minimum deposit to open an account is $100 from either a credit or debit card with other funding methods available.

Plus500 ReviewVisit Plus500

*Your capital is at risk ‘72% of retail CFD accounts lose money’

eToro Logo

eToro

The Broker That Has The Best Social Trading Platform

Best Social Trading Platform
eToro is the worldwide leader when it comes to social trading/copy trading with:

  • Social/Copy Trading
  • Copy Portfolios
  • CFD Trading

Social Trading

eToro focus on social trading with the trading platform having inbuilt social news feeds. The main feature used is copy trading where a trader can be selected based on their past trading activity. The social trading module displays key stats from past returns to the level of historical risk associated with the individual. eToro also rewards individuals who have their trades copied to maximise the number of individuals engaged in the platform.

eToro Social Trading

Copy Portfolios

Copy portfolio is similar to copy traders but combines similar individuals or markets (e.g. crypto). This can help to diversify risk from just copying one instrument or one trader. Options include market portfolios, top trader portfolios, and partner portfolios.

Copy Portfolios

CFD Trading

Through its propriety trading platform (including mobile trading apps) contracts for different products and asset classes can be traded. This includes shares (stocks), crypto-assets (crypto), commodities, ETFs, indices and 47 forex pairs.

eToro Crypto

Why Choose eToro For Social Trading

eToro is quite different from all other online brokers and was built around social trading, especially its mobile trading platform. With the largest number of copy traders worldwide thanks to the way the broker incentives traders, this is the best broker for those looking for this functionality when you trade forex markets or contracts for difference. It was rated highly on our FCA Regulated Brokers and on the Australian and South African comparisons.

Open a demo accountVisit eToro

*Your capital is at risk ‘68% of retail CFD accounts lose money’

FXCM Logo

FXCM

The Leading Low Deposit Broker

Traders new to forex or looking to trade low volumes should consider FXCM based on their:

  • A low minimum deposit requirement for a live account
  • No sign-up requirement for a demo account
  • No fee funding and payment methods
  • Easy-to-use forex software

What Is The Minimum Deposit Requirement Of FXCM?

The FXCM minimum deposit requirement is $50 internationally,  £300 in the UK and €300 in the Euro region. Deposit methods include Visa, MasterCard, and Discover debit/credit cards, Skrill, UnionPay, NETELLER, POLi and in Australia BPAY. The minimum trade size is one lot.

fxcm key features

FXCM Trading Station Demo Account

FXCM offers the only demo account that doesn’t require the trader to provide their basic details. From any FXCM webpage, there is the option to “try demo” which launches the web-based demo platform. Virtual money up to $5,000 can be traded in the demo account with most order types supported except for stop/limit trades.

FXCM Demo Account Screenshot

Like any demo account, FXCM replicates real currency markets but it is still simulated. These differences can cause delays in pricing, liquidity restrictions, and not all instruments are tradable. Other factors from no slippage to rejected orders may not be present in a demo account. FXCM offers support for demo account users, but you need to leave the trading platform for live chat, etc. They also offer Swap Free Islamic Accounts.

Overall, the ease of opening a demo account anonymously and instantly with a simple tutorial to get you started is why FXCM has won this CFDs category. It should be noted though they are at the higher end when it comes to forex brokerage fees.

FXCM ReviewOpen FXCM Demo Account

*Your capital is at risk ‘67% of retail CFD accounts lose money’

IG Logo

IG Group

The Most Regulated Online Broker

Those looking to avoid a scam broker at all cost should consider IG as they:

  1. Are the largest retail foreign exchange broker in the world
  2. Have licences with most currency trading regulators
  3. Have additional corporate governance safeguards

IG Size

IG Markets (now known as IG Group) is one of the older brokers founded in 1974. They operate in 16,000+ foreign exchange markets and have over 178,000 clients across the globe. This puts them as a front runner in our Brokers Awards hence the claim that IG is the no.1 CFD trading and spread betting service provider.

IG Governance

IG has a signatory of the FX code of conduct. These global currency trading guidelines help protect traders from scams occurring in future and protect traders’ funds.

ig governance

IG Regulation

IG is regulated by most ‘tier 1’ government authorities including ASIC (Australian Securities & Investment Commission), JFSA (Japanese Financial Services Authority) and MAS (Monetary Authority of Singapore). Other regulators include FINMA (Switzerland/Swiss Financial Market Supervisory Authority), CFTC (Commodity Futures Trading Commission), and FCA (Financial Conduct Authority) with is the successor of the Financial Services Authority (FSA). The requirements of these regulators help mitigate the risk of forex scams that past brokers have been known to have. They are one of the top providers when it comes to regulation and spreads for their standard account (commission-free).

IG ReviewVisit IG

Interactive Brokers Logo

Interactive Brokers

Ideal For Experts With No Dealing Desk

Professional forex traders only should consider Interactive Brokers due to:

  • Very high minimum deposit requirements
  • High inactivity fees for low-volume traders
  • Low fees, ECN spreads, and no dealing desk execution
  • Most financial markets tradable, including stockbroking

Trading Requirements Of Interactive Brokers

Interactive Brokers is not designed for most traders. Only professional traders with high currency trading volume can trade with the broker. To qualify these traders, the service provider’s minimum deposit of $10,000 US Dollars. There are also heavy penalties (known as maintenance fees) if commissions made don’t exceed $10k USD for the initial 8 months. This means real money volumes need to be traded consistently.

interactive brokers commissions

ECN Broker Spreads And Commissions

Interactive Brokers is one of the best No Dealing Desk Brokers and ECN Brokers, allowing you to trade directly with liquidity providers. This is similar to IC Markets and Pepperstone. A key difference is commission fees, which for IBKR traders is lower only when an online trader’s volume is very high such as exceeding $5m USD. Low Commissions Of Interactive Brokers

Financial Instruments Available

Interactive Brokers offer a great range of financial markets across a range of asset classes. As well as currency trading they offer stockbroking, mutual funds, and even hedge fund products. This allows high volume professional traders to have an all-in-one broker for all their financial requirements.

Overall, if you’re a VIP retail forex trader looking to start trading high-volume consistently in the future across a wide range of financial markets then Interactive Brokers is the best all-in-one solution that offers the lowest brokerage from spreads to commissions.

Interactive Brokers ReviewVisit Interactive Brokers

Forex Broker FAQ's

Based on 13,000 traders who voted with Investment Trends, Pepperstone is the best broker offering the leading forex platforms, the fastest trade execution speeds, and award-winning customer support. View the full Pepperstone Review for more information.

Pepperstone Best Spread Forex Broker Award

Plus500 is a great broker for beginner traders offering risk management features including Negative Balance Protection and guaranteed stops, no commissions on trades, a low deposit requirement of $200, and an easy-to-use trading platform.

ECN Brokers act the same as a stockbroker, allowing an individual to process a trade with the market. This type of broker does not want a trader to lose as they make a commission based on trade volume.

The second type of broker are Market Maker Brokers which act as the counterparty to your trade and fill orders using internal liquidity. Rather than using external sources, these brokers are liquidity providers so take the counter-position to your trade. This means they profit when you lose and lose when you profit. Often, ECN brokers are considered more transparent.

How We Compiled The 2025 FX Broker List

YouTube Video

That data above came from the Most Trusted Forex Brokers websites, broker reviews, and our own analysis using their platforms and the regulators for:

1. Australian Foreign Exchange Brokers

The Australian Securities and Investments Commission (ASIC) is the regulator in Australia. Australian forex brokers hold an Australian Financial Services Licence. To find the best broker in Australia view our ASIC Regulated Forex Brokers list.

2. United Kingdom Foreign Exchange Brokers

The Financial Conduct Authority (FCA) is the regulator in the UK. Despite Brexit, the authority remains guided by the European Securities and Markets Authority (ESMA). Most clients in the EU need to provide a National Client Identifier (for UK residences this is their National Insurance Number) or LEI for entities. View the Best Forex Brokers In UK with a valid FRN.

The UK, unlike other countries, allows spread betting. See our review about the best spread betting forex brokers in the UK.

3. Singapore Foreign Exchange Brokers

The Monetary Authority of Singapore (MAS) is the local regulator. Regulated brokers will have a company regulation number relevant to a contract for different trading. You can view the best MAS Regulated Forex Brokers.

4. European Foreign Exchange Brokers

In Europe, there is a general ESMA policy with brokers needing to be regulated with the EU. Most brokers will be regulated by the Cyprus Securities and Exchange Commission (CySEC). Others will be regulated in Germany by BaFin or another regulator in the region.

5. Non-Regulated Region Foreign Exchange Brokers

The final class is regions that are not known to regulate local brokers. In these regions traders look for overseas brokers with Tier 1 regulation. Often these are High Leverage Forex Brokers without the local regulator restricting this element.

One such area is Thailand where one broker which we don’t recommend offers leverage of up to 2000:1. You can view our best list for the region on the โบรกเกอร์ forex page.

This page was not designed for USA traders who may require a broker with the National Futures Association (NFA) or the CFTC. Learn more about selecting a CFD provider with our How to Choose a Forex Broker. Finally, you can view the Best Forex Brokers In Nigeria if you are in the African region.

Top Forex Brokers List in 2025

You can also view pages for other countries including:

 

About the author:

Justin Grossbard

Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004. Justin has published over 100 finance articles from Forbes, Kiplinger to Finance Magnates. He has a Masters and Commerce degree and has an active role in the fintech community. He has also published a book in 2023 on on investing and trading.

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Jim Hammond
Jim Hammond
3 years ago

Which of the brokers can I use in Australia?

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David Levy
Forex Expert
David Levy
3 years ago

All brokers on this list are ASIC regulated meaning you can use them in Australia

Reply
Zero
Zero
2 years ago

Thanks for this comprehensive review. It is very helpful. I have to take exception to your statement regarding IG and scams. They are shonky. I have been suspended by them 4 times, one as recently as January 2023 because I am a profitable trader (and they act as Principal). This is unethical. I am now skeptical of all brokers – and am looking for a backup broker (CFD’s Australia – SPI and DAX) as mine currently INCREASES their spread once I am in the trade (Finalto). Anyway – just letting you know about IG – I couldn’t let your comment stand. Yet thanks for the great reviews. Regards. Matt.

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David Levy
Forex Expert
David Levy
1 year ago

Hi Zero, thank for your reply. IG is a Market maker which means it is not in their interest to be your counter-party on losing trades. You will find this to be the case with most market makers, our advise is to look at a no dealing desk broker since they do not review the trades but instead let you deal with the liquidity providers directly.

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