The top 10 forex brokers in the world were determined based on global forex regulation, spreads and the best forex trading platforms. The companies that made the top 10 list were outstanding in a unique forex trading category.
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Our top brokers be region and regulate in 2023 are:
| Broker | Our Rating | Regulation | Standard EUR/USD Spread |
Standard GBP/USD Spread |
Standard AUD/USD Spread |
Raw EUR/USD Spread |
Raw GBP/USD Spread |
Raw AUD/USD Spread |
Commissions (USD Base) |
MetaTrader 4 | MetaTrader 5 | cTrader | Execution Speed | Minimum Deposit | Currency Pairs | Crypto CFDs | Retail Leverage | Prof. Leverage | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
9.33 |
SCG, ASIC FCA, CySEC |
1.10 | 1.40 | 1.20 | 0.1 | 0.6 | 0.3 | $3.50 |
|
|
|
77ms | $0 | 62+ | 12+ | 30:1 | 500:1 |
|
|
8.17 |
ASIC,CySEC FSCA,FSA-S,FSC-M |
1.1 | 1.3 | 1.3 | 0.10 | 0.20 | 0.20 | $3.00 |
|
|
|
225ms | $100 | 70+ | 10+ | 30:1 | 500:1 |
|
|
8.33 |
ASIC, FSCA CBI, KNF, CIRO ADGM, FSC-BVI |
- | - | - | - | - | - | - |
|
|
|
160ms | $100 | 55+ | 15+ | 30:1 | 400:1 |
|
|
7.17 |
ASIC, CySEC, MFSA FCA, FSA, FINRA GFSC |
1.0 | 2.0 | 1.0 | - | - | - | - |
|
|
|
130ms | $200 (Australia), $50-$100 (EU) | 49+ | 46+ | 30:1 | 400:1 |
|
|
8.17 |
NFA, CFTC, CBI ASIC, FCA, MAS CIRO, JFSA |
- | - | - | - | 0.08%-0.2% |
|
|
|
110ms | $0 | 100+ | - | 30:1 | 500:1 |
|
||
|
5.83 |
ASIC, CySEC, MAS FCA, FMA, DFSA EFSA, FSA, FSCA |
1.70 | 2.3 | 1.4 | - | - | - | - |
|
|
|
140ms | $100 | 71+ | 15+ | 30:1 | 300:1 |
|
|
6.67 |
ASIC, FCA, BaFin FINMA, NFA/CFTC, MAS CySEC, DFSA, FMA JFSA, BMA, FSCA |
1.13 | 1.66 | 1.01 | 0.16 | 0.59 | 0.29 | $6.00 |
|
|
|
174ms | $450 | 100+ | 12+ | 30:1 | 200:1 |
|
|
6.21 |
SEC, NFA/CFTC FINRA |
1.4 | 1.3 | 1.2 | - | - | - | - |
|
|
|
110ms | $2000 | 70+ (Spot) | - | 50:1 | 50:1 |
|
|
7.17 |
ASIC, MAS, FCA CIRO, FMA, BaFin |
1.12 | 1.30 | 1.64 | 0.5 | 0.9 | 0.6 | $2.50 |
|
|
|
138ms | $0 | 338+ | 19+ | 30:1 | 500:1 |
|
|
7.67 |
FCA, FSCA ASIC, FSA-S, CySEC |
1.1 | 1.3 | 1.1 | 0.1 | 0.3 | 0.2 | $3.50 |
|
|
|
161ms | $0 | 46+ | 21+ | 30:1 | 500:1 |
|
Pepperstone is considered the best global broker overall, as it’s a great option for all styles of CFD and forex trading. All the tools and features required to develop successful currency trading strategies are offered by Pepperstone, including low spreads, the best trading platforms, a great product range, and award-winning customer services.
Spreads And Account Types
Regardless of the subsidiary, you register with, Pepperstone offers two account types that are suited to different strategies and levels of trading experience. You can choose between commission-free standard spreads or Razor spreads where you pay a flat rate commission fee.
Razor Account – Great For Active Traders
If you want to execute day trading, scalping or automated trading strategies, Pepperstone’s Razor Account provides an ECN-style trading environment with ultra-tight spreads. As shown below, Pepperstone offers low spreads that most of the world’s best brokers fail to match. For commonly traded forex pairs like the USD/JPY spreads average 0.13 pips with Pepperstone, much less than what brokers such as Tradersway and XTB offer, which average 0.50 pips.
Because you gain access to institutional grade spreads that can be as low as 0.0 pips, you pay a flat rate commission fee on top of the spread. MetaTrader users incur a fee of AUD $3.50 per side per 100k traded, while cTrader has a 7-unit charge per lot. With ECN-like spreads and low commission fees, overall trading costs are low for Razor account holders.
|
Commission Spreads
|
|||||
|---|---|---|---|---|---|
|
0.10 | 0.20 | 0.40 | 1.00 | 0.60 |
|
0.17 | 0.30 | 0.54 | 0.68 | N/A |
|
0.30 | 0.50 | 0.50 | 0.50 | 0.60 |
|
n/a | 0.50 | 0.60 | 0.40 | 0.30 |
|
0.50 | 0.70 | 0.60 | 0.80 | 0.80 |
|
0.10 | 0.20 | 0.30 | 0.50 | 0.30 |
|
0.20 | 0.40 | 0.50 | 0.70 | 0.70 |
|
0.44 | 1.23 | 1.13 | 1.23 | 1.41 |
|
0.20 | 0.20 | 0.40 | N/A | 0.30 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/12/2023
Trading Platforms And Market Access
To access the broker’s diverse range of forex and CFDs Pepperstone clients can use choose either MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, TradingView or Capitalise.ai as their trading platform. All are available as desktop trading platforms for PC and Mac computers, mobile apps for iOS and Android devices and Webtrader platforms for online trading.
TradingView and Capatalise.ai are recent introductions to Pepperstone’s suite of trading platforms. TradingView is available with the Razor cTrader account and has over 100 types of charts for technical analysis. As a bonus, you can trade directly from the charts.
Capitalise.ai is also a full trading platform in its own right but it is the best choice for automating your trading. With this platform, you can create custom Algo’s without knowing any code.
Five different asset classes are available to trade forex, commodities, shares, indices, and cryptocurrencies. As well as major, minor and exotic currency pairs you can also trade currency indices such as the US dollar index (USDX), a weighted basket of six major currencies including the GBP, JPY, and EUR.
Whether you are trading forex, cryptocurrencies, or share CFDs, Pepperstone trading platforms offer a great range of analysis and automation features to help you develop trading strategies and save time.
Tier-1 Regulators
As well as an excellent trading environment and product range, Pepperstone is seen as safe and trustworthy as it’s overseen by top-tier financial authorities. The level of investor protection you receive as a Pepperstone client depends on where you reside and the subsidiary you register with:
Note: Clients in the UK should sign with Pepperstone UK, Clients in Germany and Austria should sign with Pepperstone GmbH, and clients in other mainland European countries should sign with Pepperstone EU.
Education
Pepperstone provides a range of free educational resources (such as webinars) to help you develop trading strategies and conduct market analysis.
| Education | Research |
|---|---|
| Webinars and videos | Market news |
| Trading platform tutorials | Market analysis and commentary |
| Educational articles | Economic calendar |
| Glossary | Trading guides |
| Demo accounts | Trading ideas |
Another key educational resource is the broker’s demo account. As CFDs and forex are complex instruments, trading comes with a high risk of losing money. Demos allow you to practice and build confidence in real-time currency trading conditions but in a risk-free environment. The online broker offers trials for MT4, MT5, and cTrader with both Standard and Razor Account pricing.
To open a real account with Pepperstone, no minimum deposit is required, although the broker recommends at least $200.
View Pepperstone ReviewVisit Pepperstone
FP Markets is a popular broker among high-volume traders thanks to its ECN pricing and ultra-fast order execution. The broker has headquarters in Sydney, Australia, and is regulated by the Australia Securities Investment Commission.
Order Execution
To achieve ultra-tight spreads, FP Markets follows an ECN pricing model where orders are filled using external liquidity providers. Thanks to no dealing desk (NDD) interference, traders gain direct market access (DMA) to the best possible bid-ask prices. FP Markets trading conditions are ideal if you are implementing scalping, day trading, or Expert Advisor strategies, with the broker promoting:
Spreads & Fees
When signing up to FP Markets, you can choose between a Standard or Raw (ECN) Account type and either MetaTrader 4 or MetaTrader 5 as your trading platform. There is little difference between platforms, with MT4 and MT5 both providing access to forex, commodity, index and crypto markets with ECN pricing.
Both account types can be set up with the USD, EUR or GBP as their base currency and require a low minimum deposit of 50 GBP, EUR or USD. Account management fees are low with fee-free funding methods.
FP Markets offer great demo accounts for MT4 and MT5 with standard or raw pricing. You can compare FP Market to other ASIC-regulated brokers on our list of the best fx providers. Otherwise, view the broker’s review or visit their website below.
CMC Markets is a great option if you are looking for a UK broker with access to a wide range of forex markets. Over 338 different spot and forward fx pairs are available to trade, with CMC’s full product range consisting of over 9,500 financial instruments.
When trading forex CMC Markets charges no commission fees and requires no initial minimum deposit. Spreads start from 0.7 pips on major currency pairs like the EUR/USD and USD/JPY. Indices, commodities and cryptocurrencies are also commission-free but if you trade share CFDs, you will pay commission fees starting from 0.1%. At CMC Markets the spread for currency pairs is variable, which changes in tandem with the exchange rate. Other brokers with variable spreads that haven’t made the cut into our top 10 forex brokers in the world include FXCM, Oanda, Saxo Bank and Swiss Markets.
Note: Crypto trading is not available for clients in the UK due to FCA regulations.
Spread Betting
If you are based in the United Kingdom CMC Markets offers spread betting as an alternative to CFD trading. Unlike trading CFDs where profits are subject to Capital Gains Tax (CGT), spread betting is more tax-efficient as profits are exempt from CGT.
When spread betting with CMC Markets you are required to use the broker’s proprietary trading platform, Next Generation. If you are trading forex and CFDs, you can choose either Next Generation or MetaTrader 4 (MT4).
FCA Regulation & Investor Protection
CMC Markets is a UK broker overseen by the highly regarded Financial Conduct Authority (FCA). In addition to the standard requirement of segregated client funds, UK brokers have to follow strict rules set by the FCA to ensure investor funds are protected.
Unlike Singapore or Australia, where leverage can be as high as 500:1 (with brokers like CMC Markets, Plus500, AvaTrade and eToro), the FCA requires all UK brokers to enforce leverage caps with an aim to reduce the high risk of forex and CFDs. Major currency pairs have a maximum of 30:1 while minor and exotic fx pairs are limited to 20:1.
As with all FCA-regulated brokers, CMC Markets provides negative balance protection (NBP) to retail investor accounts in the UK and Europe. NBP ensures you cannot lose more funds than you deposited into your trading account, meaning you cannot end up in debt to CMC Markets.
Additionally, the Financial Services Compensation Scheme (FSCS) is the UK’s compensation fund that provides up to £85,000 if your broker runs into trouble.
Founded in 1989 and listed on the London Stock Exchange, CMC Markets is a well-established and trusted forex broker regulated by the FCA.
TD Ameritrade has been operating for nearly 50 years and is one of the largest US brokers. Customers can access various asset classes and markets, paying no commission fees when trading shares, ETFs, and options.
US Financial Regulation
The online broker is overseen by multiple US financial authorities, including:
In line with CFTC regulation, TD Ameritrade’s product range mainly consists of US financial markets. While most of the broker’s clients are US residents, traders from Singapore, China, Hong Kong, Taiwan, Thailand and Malaysia are eligible to open trading accounts.
Account Management
TD Ameritrade offers a unique range of account types suited to different investment objectives: Managed Portfolios and Standard, Margin Trading, Retirement, Education and Speciality Accounts.
To trade forex and shares with leverage, you will need to sign up to the broker’s Margin Trading account type. US traders do not need to make an initial minimum deposit when signing up for a Standard Account, but Margin Trading Accounts require a deposit of at least $2,000.
International customers need to make an even higher initial deposit, i.e. Malaysia or Singaporean traders must fund their account with at least $3,500 before they can start trading.
Financial Markets
You can trade a wide range of asset classes with TD Ameritrade including forex, shares, ETFs, options, mutual funds, futures and bonds, with cryptocurrency products expected to be available soon. All TD Ameritrade clients can enjoy commission-free fx trading, with 70+ currency pairs offered by the broker.
Keep in mind that market access and pricing varies depending on where you reside, making the broker best-suited to traders based in the United States.
A major perk for US customers is that you can trade exchange-listed US shares, US and Canadian ETFs, as well as options commission-free. Stocks not listed on a US exchange are subject to a $6.95 commission fee.
For the best trading experience, the broker’s proprietary trading platform Thinkorswim is recommended. The software is available as a desktop platform or mobile app with demo accounts available for both versions.
FOREX.com is a global broker that is overseen by the Investment Industry Regulatory Organisation of Canada (IIROC) as well as financial authorities in the UK, US, Hong Kong, Japan and the Cayman Islands.
Canadian traders can access hundreds of financial instruments with over 80 forex pairs and 220 CFDs (shares, commodities, and indices).
Trading Accounts
Active Trader Program
FOREX.com offers rewards to VIP clients who are trading high volumes. Perks include:
Trading Platforms & Features
FOREX.com customers can choose between two trading platforms. The fx brokers proprietary trading platform is available as an advanced desktop platform, online trading platform or mobile app.
Alternatively, the broker offers MetaTrader 4 (MT4) for those wanting to execute Expert Advisors or sophisticated trading strategies. To enhance your trading experience, FOREX.com provides MT4 trading tools such as Autochartist, Trading Central technical analysis and real-time news sourced from Reuters.
MT4 users can download the desktop trading platform, trade online via the webtrader platform, or download Android and iOS trading apps. To help you decide which platform is right for you, Forex.com offers demo accounts with 30 days’ access.
IG is a well-established online broker regulated by 10 different financial authorities, including the Dubai Financial Services Authority (DFSA). IG operates as a market maker, which means they use their own liquidity to fill clients’ orders and set their own spreads.
If you are new to forex trading IG is a great option as it offers a simple pricing structure with commission-free forex spreads as well as easy-to-use trading platforms. In addition to forex, over 17,000 CFD products are available to trade covering stock, commodity, cryptocurrency and forex markets.
Note: Clients of IG UK are not able to trade cryptocurrencies as the FCA banned trading with this derivative.
Trading Platforms & Features For Beginners
IG offers multiple platforms for different levels of trading experience. As a new trader, IG’s proprietary trading platform or MetaTrader 4 (MT4) are the best options. When starting out, risk management and educational tools are vital to building confidence.
Both platforms offer the following trading tools that are great for beginners:
Unlike MT4, the broker’s proprietary platforms offer the added benefit of premium order types. Using guaranteed stop-loss orders is a great risk management tool for beginner traders, as the possibility of losses due to slippage is eliminated for a small fee.
IG Academy
Beginner traders can work through the broker’s online trading courses. Lessons start off covering the basics of forex and trading and lead into more advanced topics like fundamental and technical analysis.
The program is interactive and delivered through a mix of quizzes, videos, and practical exercises that you can complete at your own pace. To make the most of IG Academy, set up a demo account to practice trading while you complete the course.
Interactive Brokers operate a MAS-regulated branch that accepts Singaporean traders. The broker offers a unique range of financial instruments to trade that is accessible via their proprietary trading platforms:
Stock Trading & Range Of Markets
Interactive Brokers is a great option for Singaporean investors’ as you can create diversified trading strategies that include 10 different asset classes.
The broker is particularly popular for share trading and offers 135+ stocks from 33 countries. Pricing is competitive with US stocks, starting from $0.0005 per share.
To trade stocks with Interactive Brokers, you are required to use the Trader Workstation desktop platform or mobile app. You can utilise the IB’s proprietary trading tools when trading stocks, including:
As well as great access to stock markets, IBKR customers can trade a range of popular and unique financial instruments: Forex, options, commodities, Exchange-Traded Funds (ETFs), Exchange for Physical (EFP), mutual funds, hedge funds, bonds and futures. To practise trading different asset classes FP Markets demo accounts provide access to the broker’s full range of products and tools.
As a broker that offers fixed (or mostly) spreads rather than variable spreads, AvaTrade has a distinct point of difference compared to other brokers on this list. Fixed spreads invite a different trading style since you can trade with a fair idea of what the spread will be, for this reason, fixed spreads are good if you are risk-averse or a beginner trader.
Trading Accounts With AvaTrade
Since AvaTrade is a market maker, the broker only has a spread-only (i.e. commission-free) account. Spreads start from 0.9 pip, while this is slightly higher compared to what other brokers have for a ‘Standard Account’ which is also commission, you get the extra security provided with spreads being fixed.
AvaTrade offers the usual range of trading products, where they do differ however is that they also offer options for most forex pairs along with Gold and Silver CFDs. Options trading isn’t a common offering with brokers when it comes to CFD trading, AvaTrade even has a trading platform (AvaOptions) designed specifically for trading this type of financial instrument.
When it comes to fixed spreads, you really only have a choice of 2 brokers you would consider. These are AvaTrade and easyMarkets, as the table below shows, spreads with AvaTrade standout.
PAUL – Fixed Spread Module
Trading Platforms
AvaTrade offers MetaTrader 4 and MetaTrader 5 which are good options for trading all their products, however, they also have a few extra app platforms that are of interest.
One unique feature with AvaTrade compared to many brokers using a market maker model is that they allow automation, scalping and social trading.
AvaTradeGo is an app available via the iOS and Android play stores that allows you to trade AvaTrade’s entire range of products. What makes this app unique is AvaProtect. With this feature, you can protect a specific trade for up to $1,000,000 over a period of time. The wider your parameter and the longer period of time you set for protection, the larger the premium you will pay. Should price movement go outside these parameters during your chosen period of time, then you will be able to recover your investment rather than incur a loss.
If Social trading is more for you, DupliTrade is available via Windows as a download with your MetaTrader 4 account and allows you to follow and copy signals from other traders. ZuluTrade is another copy trading system with over 10,000 traders you can follow and copy, many consider this copy trading app to be the best in the market. AvaSocial App (available via iOS and Android) takes things a step further as it not only allows you to copy other traders but also ask questions and learn from other traders in the community. ZuluTrade
ThinkMarkets South African subsidiary is regulated by the Financial Services Conduct Authority (FSCA). Customers can choose from a good range of account types, trading platforms and financial instruments, all with low spreads and fast execution.
When using MT4 or MT5, you can utilise different trading tools to automate trading and save time.
View ThinkMarkets ReviewVisit ThinkMarkets
*Your capital is at risk ‘71.89% of retail CFD accounts lose money’
eToro is one of the pioneers in the social trading space. Founded in Israel in 2007, eToro is a kind of ‘Facebook’ for traders, because its trading platform is designed to allow you ‘follow’, share ideas with and copy the trades of other traders automatically in the eToro community.
eToro Trading Account and Products
eToro is a market maker, which means you don’t need to worry about paying commission with your trades. Forex spreads start from 1 pip which is in line with most brokers offering this type of account.
To open your account, there is a minimum deposit of $50 USD (or equivalent in your base currency). To make this deposit, eToro allows you to choose from a range of funding methods, beyond the standard methods commonly available. The options include PayPal, Skrill and Klarna.
Residents of countries in the European Union will sign with eToro (Europe) Ltd which is regulated by CySEC. Traders in the UK will sign with eToro (UK) Ltd which is regulated by the FCA. Outside these regions, Australian traders can trade with the ASIC-regulated eToro AUS Capital Limited and all other clients with eToro (Seychelles) Ltd who are regulated by Financial Services Authority Seychelles (“FSAS”).
eToro has no shortage of products to trade with. These include 49 forex pairs, 13 indices and over 200 ETFs. If you wish to buy stocks, you can purchase CFD or even own the underlying instrument. Should you buy stocks, there are no commission costs and you can purchase fractional shares if you wish.
Lastly, it is worth noting the large range of crypto you can buy with eToro. Over 40 cryptos are available.
eToro Trading Platform
Unlike other major trading platforms such as MetaTrader which require a 3rd party tool for social trading, eToro is built from the ground up with social trading in mind.
Not only can you see the trades of those you follow but you can also copy the trades automatically. eToro calls this feature ‘CopyTrader”.
While eToro does have a range of features to help you find the best traders to copy, there is always some risk. To help negate this risk, eToro also has “eToro Investment Portfolios”. This is a type of balanced portfolio that takes the best traders in the eToro social network to form an index of sorts. This means that if one trader in the index is performing poorly, others in the index will (hopefully) counteract this by performing better. Traders that form the index are frequently updated.
Thematic indices are also available, themes include Utilities, Renewable Energies, Cannabis and Battery Technology.
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