The best forex brokers follow rules set by tier-1 regulators such as ASIC in Australia and the FCA in the United Kingdom. As CFD and forex trading comes with high risk, choosing a trusted forex broker and trading platform will help you avoid scams.
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Most Trusted Forex Brokers
These brokers have strong reputations and can be trusted as they are multi-regulated across the world:
| 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 |
|
|
8.50 |
ASIC, FSA-S CySEC |
0.62 | 0.83 | 0.77 | 0.02 | 0.23 | 0.17 | $3.50 |
|
|
|
134ms | $0 | 61+ | 18+ | 30:1 | 500:1 |
|
|
8.17 | ASIC, VFSA | 0.93 | 1.08 | 0.92 | 0.13 | 0.21 | 0.12 | $2.25 |
|
|
|
79ms | $0 | 90+ | 10+ | 500:1 | 500:1 |
|
|
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 |
|
|
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 | 63+ | 4+ | 30:1 | 500:1 |
|
|
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 |
|
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5.42 |
FCA, DFSA, CySEC BaFin, CMNV, KNF |
0.9 | 1.4 | 1.3 | 0.9 | 0.14 | 0.13 | - |
|
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|
160ms | $250 | 49+ | 16+ | 30:1 | 500:1 |
|
To be a trusted forex broker, it’s important to be regulated by one or more tier-1 financial bodies. Some examples of tier-1 regulators include ASIC in Australia and the FCA in the UK. The list below contains some of the most trusted forex brokers globally, based on a specific trading advantage over other brokers.
The Best Multi-Regulated Forex Broker Overall
Pepperstone is an Australian broker that holds financial services licences from multiple major financial authorities around the world. As forex and contracts for difference (CFDs) are complex instruments that come with a high risk of losing money, it is vital that retail investor accounts sign up to a trusted, regulated broker.
Top-Tier Global Regulation
Pepperstone is licenced by five financial regulators, allowing the broker to operate in various locations and accept customers from around the world.
Depending on which of the five Pepperstone subsidiaries you register with, you will be able to trade with different amounts of leverage and receive different investor protections. Although each location offers different levels of protection, the global forex trading community sees all Pepperstone branches as trustworthy because of their transparency and respect for local regulation.
As shown in the table below, the UK’s FCA enforces the strictest financial regulation, with leverage caps of 30:1 and negative balance protection a requirement. Negative balance protection is a risk management policy that ensures you do not end up with a trading account balance in the negatives and consequently indebted to your broker. Likewise, the FCA’s Financial Services Compensation Scheme (FSCS) means if your broker becomes insolvent and you cannot withdraw your trading account balance, you can claim up to £85,000.
| Location and Regulator | Pepperstone UK (FCA), Australia (ASIC), Europe (BaFIN, CySEC) | Pepperstone (SCB) | Pepperstone UAE (DFSA) | Pepperstone Kenya (CMA) |
|---|---|---|---|---|
| Segregated Client Funds | ✔ | ✔ | ✔ | ✔ |
| Financial Compensation Scheme | ✔ (FSCS up to £85) | ✘ | ✘ | ✘ |
| Negative Balance Protection | ✔ | ✘ | ✘ | ✘ |
| Maximum Leverage - Major Forex Pairs | 30:1 | 500:1 | 50:1 | 400:1 |
| Maximum Leverage - Minor Forex Pairs, Major Indices, Gold and Silver | 20:1 | 500:1 | 50:1 | 400:1 |
| Maximum Leverage - Commodities and Minor Indices | 10:1 | 500:1 | 20:1 | 400:1 |
| Maximum Leverage - Shares | 5:1 | 20:1 | 10:1 | 20:1 |
| Maximum Leverage - Cryptocurrencies | 2:1 | 5:1 | 5:1 | ✘ |
When trading with leverage, you are magnifying both your gains and losses, increasing the high risk of forex and CFDs even further. Therefore, depending on the Pepperstone subsidiary you sign up with, the maximum leverage you can trade with will vary. Although ASIC currently allows high maximum leverage of 30:1 for forex trading, the regulatory body is introducing new rules starting Feb 2022, where leverage is capped at 30:1 for major currency pairs and 20:1 for minor FX pairs.
Traders based in the United Arab Emirates (UAE) will face leverage caps of 50:1, while traders based elsewhere can access leverage up to 200:1 through the SCB-regulated subsidiary in the Bahamas.
Trading Account Types
Regardless of the Pepperstone subsidiary you sign up with, you will be able to choose from two main trading account types – a commission-free standard account or a commission, ECN-like Razor account. Both account types provide you with ultra-competitive spreads thanks to Pepperstone’s no-dealing desk execution model.
Unlike market makers that use only one source of liquidity, no dealing desk brokers utilise multiple liquidity providers providing you access to the best forex spreads available at any given time.
Standard Account Type
A great option for beginner traders, standard account types offer a simple pricing structure with commission-free forex trading. While spreads are wider than commission accounts, there are no additional commission fees on top of the spread, removing the need to calculate commission costs as you are trading.
The broker offers minimum spreads starting from 1.0 pips for standard account holders, with average spreads shown in the table below. When compared to other top online forex brokers, Pepperstone provides the tightest spreads across the board. For major currency pairs like the EUR/USD, Pepperstone clients can access no-commission spreads averaging 1.16 pips, while other FX brokers like Forex.com offer 1.30 pips. Again, for the EUR/GBP currency pair, Pepperstone offers 1.35 pips when Tradersway promotes an average spread of 2.50 pips.
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No-Commission Spreads
|
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|---|---|---|---|---|---|
|
1.10 | 1.50 | 1.60 | 1.40 | 2.00 |
|
1.32 | 1.73 | 3.19 | 1.37 | 1.87 |
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1.20 | 1.20 | 2.70 | 1.50 | 1.70 |
|
1.40 | 2.60 | 4.90 | 2.50 | 2.60 |
|
1.20 | 2.60 | 2.30 | 1.50 | 2.80 |
|
2.00 | 2.05 | 1.54 | 1.71 | 2.13 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
If you want to try out commission-free trading prior to signing up to a live account, you can register for a free demo account. To start trading with real money, Pepperstone does not require you to make a specific initial minimum deposit, although they recommend at least $200.
ECN-Pricing Razor Account
With spreads starting from 0.0 pips, the broker offers an excellent ECN-like trading experience via its Razor Account type. As well as competitive spreads, forex traders can enjoy fast execution speeds and minimal slippage with no dealing desk interference. Because spreads are as low as 0.0 pips, to compensate Pepperstone for its brokerage services, you pay a flat-rate commission fee of AUD3.50 per side, per 100k traded.
As with its standard pricing, Pepperstone’s Razor spreads are tighter than other FX brokers. You can trade average spreads of 0.16 pips for the EUR/USD and USD/JPY currency pairs, compared to Tradersway which offers 0.50 pips or Nova FX that averages 0.70 pips.
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Commission Spreads
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|---|---|---|---|---|---|
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0.12 | 0.47 | 0.40 | 0.69 | 0.50 |
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0.30 | 0.50 | 0.50 | 0.60 | 0.60 |
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0.30 | 0.30 | 0.50 | 0.60 | N/A |
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0.50 | 0.50 | 0.60 | 0.50 | 0.80 |
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1.00 | 1.10 | 1.40 | 1.20 | 1.40 |
|
n/a | n/a | 0.60 | 0.20 | 0.30 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
As well as the option of trading commission-free or ECN-like spreads with a trustworthy and highly regulated broker, Pepperstone offers the following key features:
Verdict On Pepperstone’s Trust Factor
We rated Pepperestone as having the best trust factor based on their tier 1 regulation from Australia, Germany to the UK. The provider was rated as the best broker for forex trading based on their published (and tested) lowest standard account spreads, fast execution speeds and award-winning customer service.
View Pepperstone ReviewVisit Pepperstone
The Top Choice Of Trusted Trading Platforms
IC Markets is a multi-regulated forex broker that offers a great selection of top trading platforms and access to financial markets. As well as a competitive trading environment, the broker’s top-tier regulation and customer support means the worldwide forex community sees IC Markets as a trustworthy broker.
Similar to Pepperstone, the broker offers two main account types. A standard account provides commission-free currency trading, while the commission-based raw spread account type will give you access to tight ECN-Pricing spreads.
Regardless of the account type you sign up to, your orders will be executed with no dealing desk (NDD) interference. NDD execution allows for transparency as the spreads a broker is offering are sourced from multiple external liquidity providers. This adds another layer of trust when compared to market makers that set their own bid-ask prices (spreads) and fill orders using internal liquidity sources.
Forex Trading Platforms
As an IC Markets forex trader, you have a choice of three trusted mainstream trading platforms – MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader. Depending on the platform you choose, a different selection of trading tools and CFDs will be available.
The account type you sign up to also determines the trading platforms you can access. You are restricted to MetaTrader platforms as a standard account holder, while raw accounts are available with MT4, MT5 or cTrader.
MetaTrader 4 and MetaTrader 5
MetaTrader4 (MT4) and MetaTrader 5 (MT5) keep their titles as the most trusted forex trading platforms because of their long-standing reputations, advanced analysis tools, large forex community, and automated trading features.
Both MT4 and MT5 are available as a desktop trading platform, webtrader platform, or mobile apps for Android and iOS devices.
cTrader
cTrader is a forex platform that provides an institutional-grade trading environment with high-speed order execution. Ideal for ECN-Pricing trading, you can access level 2 depth of market pricing on cTrader, with prices streamed directly from multiple liquidity providers. To ensure fast order execution, the broker’s cTrader servers are hosted by Equinix’s London Data Centre.
Key features of using cTrader with an IC Market’s raw account includes:
Although in total IC Markets offers 7 different asset classes as listed below, you can only access foreign exchange markets and equity indices when trading CFDs on cTrader. To access a more diverse range of CFDs you will be required to choose a MetaTrader platform.
CFD And Forex Market Access
The financial markets you can access depend on the trading platform you are using. MT4 and cTrader were predominately designed for retail foreign exchange trading, compared to MT5, which is a multi-asset platform where share trading is permitted. When trading CFDs with IC Markets, you will be able to access the following financial markets:
Financial Regulator
The broker operates three subsidiaries, two regulated by tier-1 financial authorities and one offshore.
Customer Support
Being able to get in touch with your broker should be easy. IC Markets have an excellent reputation for efficient customer service with 24/7 availability. You can use email or phone to contact a customer support representative or use the live chat feature online.
IC Markets – Trusted Trading Platforms
With MetaTrader 4, MetaTrader 5 and cTrader available, IC Markets offers the three most trusted trading platforms worldwide.
The Broker That Offers Promise Of The Lowest Commission Fees
Fusion Markets is a top Australian forex broker that is overseen by the country’s top-tier financial regulator. While the majority of clients sign up to the ASIC regulated branch, Fusion Markets is also regulated offshore by the Vanuatu Financial Services Commission (VFSC).
Key Features Of Fusion Markets:
Low Commission Fees
Fusion Markets ZERO account charges ultra-competitive commission fees when compared to other top brokers. As well as low fees, ZERO account holders can trade tight ECN-like minimum spreads of 0.0 pips, meaning overall trading costs are significantly less than other forex brokers.
While most brokers charge AUD $3.50 per side per 100k traded, Fusion Markets ZERO traders pay a mere $2.25 per side. As shown below, regardless of your accounts pay currency, you will pay nearly half of what competing broker’s commission charges.
On top of low trading fees, the broker also charges no account management penalties such as inactivity, deposit or withdrawal fees. Likewise, Fusion Markets enforces no minimum deposit requirements, meaning you can open a trading account with as little as $0.
Fusion Markets – The Lowest Commission Fees
With commission fees of AUD $2.25 per side per 100,000 traded, Fusion Markets charges significantly lower commission fees compared to other top brokers.
One Of The Oldest And Largest Forex Brokers
Established in 1974, IG is one of the oldest forex brokers with over 45 years of industry experience. As a market maker broker, you can sign up to a commission free online trading account that requires no specific initial minimum deposit. As an IG client, you can trade an extensive selection of 17,000+ CFDs derived from the following asset classes:
Global Regulation
Signing up to a reputable broker will help you avoid scams and reduce the high risk of trading CFDs by providing various investor protections (dependent on where you live). Worldwide, IG is seen as a well-respected and global broker with 10 different highly regulated subsidiaries:
As shown above, segregating client funds from IG’s operating capital is a standard investor protection policy offered by the broker. In the unlikely event IG was to become insolvent, deposit compensation schemes are only available for European traders, including those from Switzerland and the UK.
If you are based in the UK, the US or Europe (excluding Switzerland), you will also receive negative balance protection (NBP). This form of investor protection means you cannot lose more than you have deposited into your trading account, eliminating the risk of ending up in debt to IG.
IG – A Large and Established Broker
With nearly 50 years of forex industry experience, IG is one of the oldest and largest brokers. 10 different IG subsidiaries operate globally, each overseen by top-tier financial regulators.
The Transparent Spreads And Low Fees Broker
FP Markets is an ECN-Pricing forex broker that is overseen by multiple financial authorities. FP Markets is a great option if you are looking for a broker that offers ultra-tight spreads while following the regulation set by top-tier financial authorities.
Depending on where you live, you can sign up to one of four FP Markets branches.
As with multi-regulated competing brokers, each FP Markets branch offers different levels of investor protection. ASIC and the FSA require client funds to be kept in segregated accounts, separating client and company funds. But, in Europe, CySEC provides more protection with an investor compensation scheme and the requirement of negative balance protection policies.
Transparent Pricing And Fee
You will be able to access ultra tight spreads while paying low fees regardless of where you live and the FP Markets subsidiary you sign up to.
The broker offers two different trading account types and pricing structures. Both accounts require a minimum deposit of AUD $100 to start trading and can be used with either MetaTrader 4 or MetaTrader 5:
As a no dealing desk (NDD) broker with ECN-pricing and execution, FP Markets offers a transparent pricing structure. The broker sources its liquidity from several external providers, allowing you to gain access to the tightest spreads in the market.
Along with ultra-tight spreads, the ECN pricing model means traders can enjoy low latency execution and minimal slippage when trading on MT4 and MT5.
FP Markets is an ECN-pricing broker that offers ultra-tight spreads thanks to its deep liquidity. The NDD broker utilises various external liquidity sources, meaning traders gain access to competitive aggregated pricing.
The Best Social Trading Platform With A Large Trusted Community
eToro is one of the world’s largest social trading platforms and communities with millions of traders from over 140 countries. The broker provides account mirroring services via its CopyTrader features, allowing you to copy the trading strategies of more experienced eToro clients.
To find trading strategies to copy, you can view traders’ stats and compare their trading history and risk profiles. As well as copy trading, you can communicate with other members of the forex community with the ability to share ideas and learn from one another.
Similarly to other social networks, eToro’s proprietary trading platform has a newsfeed feature where you can keep up to date with others’ strategies and the latest market news. 
eToro Regulators
The social-copy trading broker operates in four major jurisdictions that are overseen by top-tier financial authorities:
eToro – Largest Social Trading Community
As well as social trading, eToro customers gain the advantage of accessing one of the largest forex communities with millions of traders.
*Your capital is at risk ‘68% of retail CFD accounts lose money’
A Good CFD Range, Awarded Best CFD Broker
XTB is an award-winning CFD broker offering impressive access to over 1,500 financial markets. The forex trading community considers the broker trustworthy and one of the best due its oversight from four major European financial authorities as well as an offshore regulator:
CFDs For Online Trading
XTB customers can trade thousands of CFDs derived from six major asset classes:
With a good range of CFDs and strong regulatory oversight, XTB is often recognised as one of the world’s top brokers. Various forex broker review sites have crowned XTB as the best CFD broker for online trading when compared to other brokers such as Saxo Bank, Interactive Brokers, FXCM or OANDA.
XTB – Award-Winning Broker With Good CFD Range
The broker offers over 1,500 different CFD products to choose from. As well as winning various awards for their brokerage services and CFD range, XTB is regulated by multiple financial authorities in Europe and offshore.
The Broker That Displays Execution Stats For Transparency
Markets.com is a multi-regulated forex broker that is known for its high level of transparency. As well as top tier regulation, the broker offers the following key features:
Trust And Transparency
Although a market maker broker, Markets.com follow a straight-through processing (STP) execution model to make sure its spreads align with what ECN brokers offer.
Unlike most market makers, the broker publicly releases execution and slippage statistics to ensure they are transparent about Markets.com trading conditions.
By updating their stats quarterly, forex traders can gauge how often Markets.com customers experience slippage and how consistent the broker is with its order execution. So far in 2023:
In addition to slippage stats, the broker publishes daily and quarterly best execution statistics that can be found on the broker’s website.
Forex Trading Regulation
As well as being transparent about its trading conditions and pricing, Markets.com faces strict disclosure requirements as the broker’s parent company, Playtech, is a publicly listed company and part of the FTSE 250 index.
Like all brokers that operate multiple subsidiaries, the level of protection you receive depends on the branch you sign up to. European and UK traders are protected through Investor Compensation Schemes, yet Australian and South African traders do not.
Markets.com is overseen by a mixture of tier-1, tier-2 and offshore financial authorities:
Markets.com – Transparent Pricing And Execution
Markets.com offers a more transparent pricing structure than most market maker brokers. You can view frequently updated statistics on the broker’s website, including quarterly slippage stats.
View Markets.com ReviewVisit Markets.com
*Your capital is at risk ‘70% of retail CFD accounts lose money’
With oversight from top-tier financial authorities, ultra-tight commission or no commission spreads and a great selection of trading tools, Pepperstone is the most trusted broker overall. You can choose from five Pepperstone subsidiaries, with branches operating and regulated in the UK, Australia, Dubai, Kenya and globally. Depending on where you live, Pepperstone will provide various investor protections, ranging from compensation schemes to negative balance protection. To learn more, you can explore Pepperstone’s account types and trading platforms via a demo account.
View Pepperstone ReviewVisit Pepperstone
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