List of 10 trusted Forex Brokers

Trading with a foreign exchange on the stock exchange is only possible via a Forex broker. He is the interface between you – the private trader – and the foreign exchange market. With the multitude of providers, choosing the right broker can be a challenge, especially for beginners. It is all the more important to know what should be considered in a Forex broker comparison.

Broker:

Rating:

Spreads & Fees:

Advantages: 

Start trading: 

1. IQ Option

IQ Option logo
5 out of 5 stars (5 / 5)

From 0.4 pips

+ $10 min. deposit
+ Best platform
+ 24/7 support

(85% lose money)

2. BDSwiss

BDSwiss Logo
5 out of 5 stars (5 / 5)

From 0.0 pips
+$5 commission

+ Signals
+ Best service
+ MT4/5

(Your capital is at risk)

3. XTB

XTB logo
4.8 out of 5 stars (4.8 / 5)

From 0.5 pips

+ 1,000 assets+
+ $0 min. deposit
+ MT4

(80% lose money)

4. FXCM

FXCM Logo
4.8 out of 5 stars (4.8 / 5)

From 0.2 pips

+ No commissions

+ High liquidity
+ Multiple platforms

(74.74% lose money)

5. RoboForex

FXCM Logo
4.7 out of 5 stars (4.7 / 5)

From 0.0 pips
+$10 commission

+ Bonuses

+ ECN
+ MT4/5

(Your capital is at risk)

6. Tickmill

Tickmill logo
4.6 out of 5 stars (4.6 / 5)

From 0.0 pips
+$2 commission

+ Low costs

+ Fast execution
+ MT4

(Your capital is at risk)

7. Etoro

Etoro logo
4.5 out of 5 stars (4.5 / 5)

From 1.0 pips

+ Social Trading

+ Simple platform
+ Crypto

(71% lose money)

8. XM

XM logo
4.5 out of 5 stars (4.5 / 5)

From 0.0 pips
+$3.5 commission

+ Low costs

+ Free VPS
+ MT4/5

(77.19% lose money)

9. IC Markets

RoboForex logo
4.4 out of 5 stars (4.4 / 5)

From 0.0 pips
+$3.5 commission

+ ECN

+ High liquidity
+ MT4/5

(Your capital is at risk)

10. Plus500

RoboForex logo
4.3 out of 5 stars (4.3 / 5)

From 0.8 pips

+ Simple platform

+ 24/7 support
+ PayPal

(76,4% lose money)

(Risk warning: 70 - 85% of retail investor accounts lose money when trading CFDs.)


Detailed Forex Broker Comparison:

To give you a better overview, we reviewed each Forex Broker in detail. In the following comparison, we will show you the details of the companies behind the brokers and the trading conditions for customers. Read through each section to get more information. If you want to read the ratings and a more detailed review from other traders you should go to the “review pages”. We will also link that below.

List of 10 trusted Forex Brokers for traders:

  1. IQ Option
  2. BDSwiss
  3. XTB
  4. FXCM
  5. RoboForex
  6. Tickmill
  7. Etoro
  8. XM
  9. IC Markets
  10. Plus500

1. IQ Option

IQ Option website

IQ Option is a broker from Cyprus and was founded in 2013. The regulation authority is the CySEC and IQ Option got the license with the number 247/14. The broker is number one on our list because it got the best platform for forex trading. It is very user-friendly and easy to understand how to trade forex there. In addition, trading conditions are very good.

Trade more than 45 currency pairs in one platform. The platform is available for web, desktop, and mobile devices. Furthermore, you can trade forex options with a chance of a high yield of more than 100%+. The spreads are starting from 0.4 pips and you do not have to pay any commissions. The maximum leverage can be up to 1:1000 and can be changed before opening a trade.

IQ Option is available in more than 20 different languages. Many traders like this platform because of the low minimum deposit of $10 and the comfortable charting functions. All in all, IQ Option is the best forex broker for traders and there are no hidden fess or any other disadvantages.

The advantages of IQ Option:

  • Regulated by the CySEC
  • Low minimum deposit of $10
  • Low minimum trade invest of $1
  • Free demo account
  • More than 400 different assets
  • Spreads from 0.4 pips
  • Leverage up to 1:1000
  • 45 currency pairs and more
  • Forex Options with a high yield of up to 100%
  • Support 24/7
  • Educational material
  • Traders chat

Read the full IQ Option review

(Risk warning: 85% of retail investor accounts lose money)


2. BDSwiss

BDSwiss website

BDSwiss is a famous forex broker founded in Switzerland and based around the globe. The company is multi-regulated. Traders can decide if they want to trade with a European regulation or a regulation authority outside Europe. So it is even possible for European Traders to use high leverage of 1:500 for forex trading.

With BDSwiss you can trade more than 1,000 different assets including 40+ currency pairs. The spreads and fees are depending on your account type. You can choose between a spread or commission account with raw spreads. The trading fees are low from our experience.

The software MetaTrader 4/5, BDSwiss App, and Webtrader is offered. BDSwiss is not just a normal forex broker, you can get free signals, coachings, and you can do social trading. The service for clients is very good with this broker.

The advantages of BDSwiss:

  • Regulated by CySEC, FSC, and FSA
  • International company
  • A low minimum deposit of $100
  • Free demo account
  • Different account types
  • Spreads from 0.0 pips +$5 commission
  • Supports MetaTrader 4/5 platform
  • Professional support
  • Signals
  • Social Trading
  • Webinars

Read the full BDSwiss review

(Risk warning: Your capital can be at risk)


3. XTB

XTB website

XTB is an online broker from Poland and listed on the Poland Stock Exchange. The company has multiple regulations and offices around the world. It is mainly active in Europe and Asia. You can trade more than 1,500 markets including 40+ currency pairs.

With XTB you can open a live trading account without any deposit. There is no rule for the amount of minimum deposit. XTB supports the MetaTrader 4 platform and its own software the xStation 5. We recommend everybody who wants to try XTB to use xStation 5.

The spreads for forex trading are depending on the entity you are using. For example, you can use a spread account or commission account. It is depending on your country of residence. The spreads are starting from 0.0 pips. Some traders can use a 0.0 pip account with commission-based around 3.5€ per 1 lot trade.

The advantages of XTB:

  • Multi-regulated forex broker
  • Listed on the Polish Stock Exchange
  • $0 minimum deposit
  • Trade more than 1,500 assets
  • More than 40 currency pairs
  • Low spreads (depending on the regulation)
  • Supports MetaTrader 4
  • Professional platform xStation 5
  • Good support
  • Webinars, coachings, and more
  • Free stock trading (Europe)

Read the full XTB review

(Risk warning: 80% of retail investor accounts lose money)


4. FXCM

FXCM website

FXCM is one of the biggest forex brokers in the world. This company acts as a liquidity provider for many other forex brokers too. It is also a part of a London Stock Exchange-listed company. FXCM is multi-regulated but most customers are trading with FCA (UK) license.

The minimum deposit is just $50 and you can use multiple platforms: MetaTrader 4, NinjaTrader, ZuluTrade, Trading Station, or Tradingview. There are no commissions or hidden fees for forex trading. The spreads are starting from 0.2 pips and are depending on the market.

Overall, FXCM is a reliable broker with high security. The funds are protected up to £85,000. Furthermore, institutional services are offered which makes a good impression on us. Traders are supported by a service via chat, phone, or email around the clock.

The advantages of FXCM:

  • Regulated by the FCA (UK)
  • High security of funds up to £85,000
  • Part of a stock exchange-listed company
  • $50 minimum deposit
  • Free demo account
  • Trade stocks, indices, forex, crypto, and commodities without commission
  • No slippage
  • High liquidity
  • Spreads from 0.2 pips
  • Multiple trading platforms
  • Professional support
  • Institutional service

Read the full FXCM review

(Risk warning: 74.74% of retail investor accounts lose money)


5. RoboForex

RoboForex website

RoboForex is a well-known offshore broker with ECN accounts and multiple advantages for traders. The company is regulated and based in Belize. You can start with a minimum deposit of only $10. There is a huge range of assets that can be traded on RoboForex. More than 50 currency pairs are available.

Traders can choose different account types depending on the trading style. Micro-accounts and ECN accounts are offered. The spreads are starting from 0.0 pips with a commission. The commission is not the cheapest but we think RoboForex is a reliable partner.

You can profit from a deposit bonus or cashback service. For trading, the MetaTrader 4/5 and cTrader is supported. Also, the Rtrader can be used by clients. Surprisingly, cryptocurrency deposits and withdrawals are possible with RoboForex. For questions, you can use the 24/7 support in different languages.

The advantages of RoboForex:

  • Regulated in Belize
  • $10 minimum deposit
  • Free demo account
  • Multiple account types
  • ECN trading
  • High leverage up to 1:2000 for every trader
  • MetaTrader 4/5
  • Support 24/7
  • Bonus program
  • Cashbacks
  • Social Trading

Read the full RoboForex review

(Risk warning: Your capital can be at risk)


6. Tickmill

Tickmill website

Tickmill is a forex broker from the United Kingdom but got also licenses in Cyprus and Seychelles. Most traders are trading with the FCA (UK) regulator. Tickmill is the cheapest forex broker in the world compared to all other providers.

The spreads are starting with only 0.0 pips in the “pro-account” and you pay $2 commission per one lot trade. With the VIP account, you only pay $1. The minimum deposit is just $100 for the “pro-account”. We recommend to use it. With the code “IB60353132” you will get a 5% additional commission rebate.

Tickmill is specialized in forex trading with high liquidity and fast execution. You can trade more than 100 assets with this forex broker. New traders are getting professional and personal support from the Tickmill team. As a disadvantage, Tickmill only supports the MetaTrader 4 platform.

The advantages of Tickmill:

  • Regulated by FCA, CySEC, FSA
  • Cheapest forex broker
  • $100 minimum deposit
  • Spreads from 0.0 pips and only $2 commission
  • VIP account
  • No dealing desk
  • High liquidity
  • Fast execution
  • MetaTrader 4
  • Professional support

Read the full Tickmill review

(Risk warning: Your capital can be at risk)


7. Etoro

Etoro website

Etoro is the biggest and innovative platform for social trading. It also supports forex trading. With more than 2,000 assets you can invest in any market you like. Etoro is multi-regulated and got licenses on every continent. The minimum deposit is just $200.

By creating its own trading platform Etoro shows high expertise in trading. The platform is very user-friendly and easy to use. You can trade currencies with a spread from 1,0 pips and leverage up to 1:200 depending on the regulator.

Etoro is more than just a simple forex trading platform. By using social trading you can copy other traders and their portfolios. In addition, it is possible to invest in asset funds. Etoro is a good platform for diversifying your own portfolio and trade currencies.

The advantages of Etoro:

  • Regulated by FCA, ASIC, CySEC
  • The biggest social trading platform
  • More than 2,000 assets
  • Minimum deposit $200
  • Free demo account
  • Spreads from 1.0 pips without commission
  • Social and copy trading
  • Easy to use
  • Personal support
  • Trade stocks without commissions

Read the full Etoro review

(Risk warning: 71% of retail investor accounts lose money)


8. XM

XM website

XM is a trusted and global forex broker with more than 1,000 different assets. The broker is regulated by the CySEC and ASIC. More than 3.5$ clients are trading with XM. No wonder, the minimum deposit is just 5$. Traders can choose between micro, spread, and zero-spread-accounts.

The spreads are starting from 0.0 pips with a commission of $3.5 per 1 lot trade. The fees are depending on the account type and market. XM supports the famous platform MetaTrader 4 and 5. For more than 10 years it supports a professional service to its clients.

What can you expect from XM? It is a regular forex broker with good conditions. There are no requotes and connection issues when trading forex. In addition, every client gets personal support if he/she wants it.

Advantages of XM:

  • Regulated by CySEC and ASIC
  • More than 10 years in the business
  • 5$ minimum deposit
  • Free demo account
  • More than 1,000 assets
  • Account types
  • Micro accounts
  • Spreads from 0.0 pips and $3.5 commission
  • Personal support
  • Webinars and coachings

Read the full XM review

(Risk warning: 77.19% of retail investor accounts lose money)


9. IC Markets

IC Markets website

IC Markets is an Australian forex broker. It supports raw spreads with high liquidity. Behind IC Markets there are big liquidity providers. In our comparison, IC Markets got the best spreads overall. For example, the spreads are really 0.0 pips when trading EUR/USD.

The minimum deposit is $200 and you can trade more than 200 assets. IC Markets is regulated in Australia and Seychelles. Also, European traders profit from high leverage up to 1:500. The trading fees are starting from $3 when you are using the cTrader. The commissions for MetaTrader 4/5 are $3.5 per 1 lot trade.

IC Markets is popular for the fast execution of trades. It supports automated trading and you can use a VPS server. More than 60 currency pairs are available to trade- Deposits and withdrawals are without any fees.

The advantages of IC Markets:

  • Regulated by ASIC and FSCA
  • $200 minimum deposit
  • Free demo account
  • One of the largest forex brokers
  • Spreads from 0.0 pips and $3 commission
  • More than 200 assets
  • Fast execution
  • Deep liquidity
  • Supports MetaTrader 4/5, cTrader
  • Support 24/7
  • No deposit withdrawal fees

Read the full IC Markets review

(Risk warning: Your capital can be at risk)


10. Plus500

Plus500 website

Plus500 is one of the largest CFD Brokers and listed on the London Stock-Exchange. It support also currency trading. The brand is multi-regulated. Most traders are trading with the FCA or CySEC license. You can start trading with a live-account for $100 only. Also, a free demo account is available.

With Plus500 more than 1,500 assets are available to trade. On the platform, you can find more than 40 currency pairs. The spreads are starting from 0.8 pips. From our experience, the platform is very easy to use and user-friendly. There are no hidden fees and the trading is explained well.

Plus500 has 24/7 support in different languages but only via chat and email. What is so special about this platform? – It got guaranteed stop losses and better risk management for trading.

The advantages of Plus500:

  • Regulated by FCA, CySEC, ASIC
  • Listed on the London-Stock-Exchange
  • $100 minimum deposit
  • Free demo account
  • More than 1,500 assets
  • Spreads from 0.8 pips without commissions
  • Guaranteed stop losses are possible
  • 24/7 support in different languages
  • The platform is easy to use

Read the full Plus500 review

(Risk Warning: 76.4% of the CFD retail accounts lose money)


Points to follow when searching for a reliable Forex provider:

The following points will help you find the best broker for your individual trading needs and strategy. We will discuss the following points:

Trading offer

A good Forex broker is characterized by a handsome selection of tradable assets. As a rule of thumb, he should have 50 or more currency pairs in his offering, sometimes:

Major currency pairs or majors

In the case of so-called majors, the US dollar is always on one side – either as the trading or price currency. As the name suggests, they are the most commonly traded pairs in the Forex market. Usually the majors have the lowest spread and the greatest liquidity. The most traded pair is USD/EUR with a daily trading volume of 30% of the total forex market.

Minor currency pairs or minors

Currency pairs that do not include the US dollar are called minors. They are derived from the three most important currencies besides the US dollar: the British pound, the euro and the yen.

Exotics

Exotic currency pairs are composed of a main currency and another currency of an emerging or strong smaller economy such as Singapore, Hong Kong or a European country outside the euro area.

Because these markets lack liquidity, trading costs are often higher for exotic currency pairs. As a result, they are traded less frequently than the major and minor currency pairs. Nevertheless, they are indispensable as an instrument when, for example, there is little movement in the majors and minors and at the same time volatility is very high, especially in the exotics.

Forex trading with leverage

Leverage plays an important role in foreign exchange trading. Here, the broker provides you with additional capital that you can invest in trading. With leverage of 1:50, you invest an additional 50 dollars of capital when you bet one dollar yourself. This increases your chance of higher profits, but also the risk if you make a loss.

Some brokers offer a maximum leverage of 1:50, while other Forex Brokers offer much higher leverage: At BDSwiss, you can expect 1:500 leverage, while Tickmill offers 1:400 leverage for Forex Trading. RoboForex offers the highest leverage in Europe, with a maximum leverage of 1:200.

Additionally: Shares, CFDs, and options

Of course, the assets offered by a good Forex Broker are not limited to foreign exchange. Popular investment instruments also include shares – the classic among trading transactions -, Forex CFDs or contracts for difference and options. Which form of trading you ultimately choose is entirely up to you: Would you rather have lower returns and greater security, or are you one of those traders who prefer higher returns but also accept a higher risk?

Regulation and security of the Forex broker

Since a lot is at stake and above all your money, a serious Forex Broker is of course essential. First of all, find out how long the Forex broker has been active on the market. Providers who have established themselves in the market over many years may be a better choice than new providers who lure with windy promises.

But not only the date of the foundation decides on the seriousness of the Forex broker. The regulation by a financial supervisory authority promises a minimum of security because the authorities check the business methods and balance sheets of the Forex Brokers annually:

If your Forex Broker is regulated by one of these authorities, you can usually be sure of the integrity of the provider. With a broker regulated by the Cypriot authorities, a certain level of security is also guaranteed, as you are subject to EU law there. Although the regulation does not provide complete security, at least it increases your chances of getting your money in the event of the Forex Broker’s insolvency or other misconduct.

In addition to the regulatory authority of the broker, you should also find out the amount of deposit insurance. In case of insolvency, the state may step in and your money is protected in the range of EUR 20,000 to 100,000. One hundred percent security for your capital is only possible if the broker is a member of a deposit protection fund.

Forex Trading Platform

The trading interface used is also significant. If you prefer to use a browser, look for a provider that offers a sophisticated web-based Forex trading interface. Since you spend most of your time trading with the charts and order entries of the trading platform, this is essential. Also, there should not belong execution times on the part of the broker, since in forex trading even short time spans can decide between success and failure.

Forex Trading platform MetaTrader

However, there is also a choice of special software available, which usually has more functions than a web interface of the broker. However, you should find out in advance whether your broker supports this application. For example, the international online trading brokerage house XTB provides forex traders with a range of technologically leading trading platforms. These offer you both flexibility and mobility regardless of whether you are trading from your desktop, web, mobile, or tablet.

Probably the most famous and intuitive forex trading platform is the MetaTrader 4 (MT4)/5 (MT5), which is available as MetaTrader 4/5 Web for all common operating systems and browsers. Another web-based trading solution is SIRIX Web, which allows you to trade from wherever you are. If you want to manage several MT4/MT5 accounts at the same time, we recommend the forex trading platform multi-terminal.

The trading platforms just mentioned provide you with interactive charting, real-time quotes, or, for example, a wide range of tools for technical analysis. You also have the option of automated trading or copy and social trading.

Free demo account for Forex Trading

Fortunately, most forex brokers now offer their clients a free demo account. So take a look at the Forex Broker Comparison to see exactly what the conditions are. Ideally, you should have access to an unlimited demo account, which you can use as a trader without any time limit.

Forex Trading Demo Account

A demo account is a great advantage for traders who are planning to enter the foreign exchange market as well as for advanced traders. Beginners have the opportunity to take their first steps on the trading floor, to understand the connections in trading, or to understand the principles of risk management. New clients can get to know the in-house trading platform in this way. Depending on the trading platform, order types, indicators, and chart formations are different and as a trader, you must be able to use them quickly. Brokers such as Lynx or Interactive Brokers also offer their customers training on the demo account.

Last but not least, experienced traders also use unlimited demo accounts to develop and test new strategies without risk. The prerequisite for this, however, is that the demo account has a real-time chart (live account!) – at the very least, however, past data should be available.

Customer Service

From time to time, you may have to deal with customer service because of problems with account access or deposits and withdrawals, for example. In such cases, it is an advantage if the customer service is fast, friendly, and solution-oriented. Since it is difficult to check in advance how the customer service will react in case of a problem, you can consult the experiences of other traders. However, contacting the currency broker before or during registration will give you a first insight into the service.

Forex Broker Support

Also pay attention to the contact details at which the broker can be reached: in addition to e-mail support, is there also a live chat and a telephone number that guarantees contact with a competent member of staff 24 hours a day at best?

However, good service also includes the transfer of knowledge. Many Forex Brokers offer their clients a basic framework of trading knowledge, for example through an academy or an extensive FAQ area.

The most brokers are offering:

  • Phone support
  • Chat support
  • E-mail support
  • Video tutorials
  • Analysis
  • Blogs
  • FAQs
  • Webinars
  • Personal trainings

Forex Trading costs: spreads and fees

How much Forex trading ultimately costs you depends on the provider and their market model. There are basically two types of trading fees in Forex trading:

  • Spreads
  • Commissions

Spreads are the difference between the buy and sell price and are expressed in pips, the unit in Forex Trading. Pip is the abbreviation for percentage in point or price interest point. It is the smallest possible price change of a currency pair. If the price of the major currencies – for example, the US dollar – falls from USD 1.2987 to 1.2986, then we would speak of a change of one pip. Sometimes currencies are quoted with only three decimal places. In this case, too, the change of the third decimal place by one unit would correspond to one pip.

Forex Trading Spread

Spreads can also be fixed or variable. If they are variable, the more liquid the underlying market is, the lower they generally are.

Commissions, on the other hand, are Forex Trading costs that are fixed in advance and depend on the volume traded.

In addition, depending on the provider, further fees may be incurred: e.g. for the use of a Forex trading software, the provision of real-time prices, or additional functions of a Forex trading application, occasionally also for the use of a securities account. Some Forex brokers even charge fees for deposits and withdrawals or for calls to customer support, for example.

Forex costs: Market Maker, STP and ECN Broker

There are three different categories of Forex Brokers, between which there are sometimes big differences – not only in the way they operate but also in the way they charge for their services. So before you decide on a particular broker, you should be aware of the differences between them, as not all of these types are suitable for beginners. The types of brokers listed below are further divided into Dealing Desk (DD) Brokers and Non-Dealing Desk (NDD) Brokers.

Forex Broker Liquiditiy Providers

Market Maker (DD)

This type of broker provides quotes for a currency pair, thereby simulating a market. It performs three tasks: Firstly, he makes the supply and demand prices for certain currency pairs available to his traders; secondly, he makes a commitment to enter into deals within a predefined framework at the prices he provides; and last but not least, he bears the initial risk of the respective position in his bookkeeping.

The market maker generates his profit from the spread between the buy and sell price. Put simply, this means The trader’s loss on a transaction is the profit of that forex broker. For this reason, the market maker’s image is rather negative, because the impression can quickly arise that he is interpreting the prices to the disadvantage of his traders. However, since the market maker provides prices in both directions, influencing a price would undermine his own position at the same time. It is therefore also to his advantage if the price works in both directions.

This type of provider can be the right choice for beginners as well as for traders with a small trading volume.

STP Broker (NDD)

STP stands for Straight Through Processing. This is also the characteristic feature of this broker: he forwards your orders directly to the market – more precisely, to a bank or liquidity pool – and thus avoids conflicts of interest. Ideally, several banks will solicit the orders, after which the best available price will be executed.

This type of broker calculates both spreads and commissions. In most cases, the spreads are variable and depend on the liquidity of the respective market. Even if the fixed spreads may seem cheaper at first glance, in the long run, the spreads plus commissions of NDD brokers are much more lucrative. Commissions are calculated per order or traded lot. In principle, they are so low that they are only relevant for a very small trading volume.

STP Brokers also offer their customers the possibility to enter the forex market with a very low budget.

ECN Broker (NDD)

The majority of forex providers are found in this spectrum of forex trading. The primary reason for this is the volatility of the global forex market or its susceptibility to fluctuations in forex rates. A correspondingly important role is also played by rapid settlement. This, in turn, is best implemented when there is no intermediary.

This requirement is fulfilled by the trading system of the ECN Broker. ECN stands for Electronic Communications Network, a special network that enables traders to communicate and participate in trading directly and reciprocally. The traders decide directly on purchases and sales and control the prices with their demand.

Furthermore, these providers usually score points with investor-friendly spreads, which is mainly due to the quick price comparison with other providers within the network. Due to the quick quotes, traders can react quickly and execute their orders.

Unlike market brokers, this type of broker never trades against the client. It is dedicated solely to sorting the orders of the traders who trade foreign exchange through their own systems.

As the spreads in force are usually very low, ECN brokers settle their orders in the form of fixed costs and fees. This ensures fair conditions for both sides.

Conclusion of the List of Forex Brokers in comparison

As you can see, there are a number of aspects to consider when comparing Forex brokers. Take your time in making your decision and test different providers for the time being via a demo account so that you can experience the advantages and disadvantages for yourself. But before you do this, make yourself familiar with the most important terms when trading.


See my other posts about forex trading:

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