11 Best Forex Brokers in May 2024 • Benzinga (2024)

The forex market, also known as the foreign exchange market, is the largest financial market in the world and with the increasing popularity of forex trading, there has been a rise in the number of broker services available to traders. However, not all brokers are created equal and finding the best one for your needs can be a daunting task.

A reliable and reputable broker will provide you with a user-friendly trading platform, competitive spreads, fast execution, trustworthiness, transparent fees and a wide range of trading instruments. In this article, Benzinga researched and reviewed the best forex brokers to help you trade forex safely and meet your platform requirements.

Quick Look: Best Forex Brokers

• Best for a Simplified Trading Platform: Trading.com
• Best for Excellent Trading Tools: Axi
• Best for Mobile Users Trading CFDs: Plus500
• Best for Educational Resources: AvaTrade
• Best Overall for U.S. Traders: FOREX.com
• Best for Trading in the App: Octa
• Best for CFDs and MetaTrader Users: Vantage Markets
• Best for Fast Execution: IG Markets
• Best for Copy Trading: eToro
• Best for Canadian Traders: IFC Markets
• Best for Lowest Spreads: FXCC

Best Forex Brokers

These brokers stand out for forex trading due to their regulation status, transparent fees, low pricing, quality trading platforms, selection of currency pairs and additional features. Here is who made the list:

1. Best for a Simplified Trading Platform: Trading.com

Trading.com is becoming the go-to choice for traders seeking a straightforward yet effective trading platform. Tailored for modern traders, it boasts a user-friendly interface that streamlines trade executions, especially for those who prioritize simplicity over complex features. What distinguishes Trading.com amidst the competitive broker landscape is its highly competitive spreads, ensuring cost-efficiency for users. The platform has an attractive design, easy navigation and provides a seamless trading experience.

Additionally, Trading.com is a registered Retail Foreign Exchange Dealer (RFED) with the Commodity Futures Trading Commission (CFTC) and a member of the National Futures Association (NFA #0516820), ensuring confidence for traders using the platform.While advanced traders may find the platform's features somewhat limited, Trading.com offers a balanced blend of functionality and user-friendliness, making it a compelling option for traders of all levels.

• Accepts U.S. traders
• Minimum deposit: $50
• Inactivity fee: $10 per month after 12 months of inactivity
• Currency pairs: 70+
• Trading platforms: MetaTrader 5
• Maximum leverage: 1:50

2. Best for Excellent Trading Tools: Axi

Axi offers a wide range of trading instruments, including forex, CFDs, commodities, indices and cryptocurrencies, allowing you to diversify their portfolios and take advantage of different market opportunities. They provide competitive spreads, low commissions and offer a secure and reliable trading platform that is user-friendly.

Axi provides access to educational resources, market analysis tools and expert insights. The broker provides great customer support, with a team available 24/5 to assist you with any questions or issues they may have. Axi is regulated by top-tier financial authorities including the UK's Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Dubai Financial Services Authority (DFSA).

• Does not accept U.S. traders
• Minimum deposit: $0
• Inactivity fee: $10 per month after 12 months of inactivity
• Currency pairs: 40+
• Trading platforms: MT4 and WebTrader
• Maximum leverage: Up to 500:1

3. Best for Mobile Users Trading CFDs: Plus500

Plus500 is a derivatives broker based in Europe that offers forex trading (and more) for a host of traders, especially the most advanced traders or those who prefer to trade on mobile. The platform has all the information you need on the assets in which you choose to invest, and you can start buying into the foreign currency market if you’ve always planned to add currency pairs to your portfolio.

Demo accounts allow you to practice if you're new to the platform. Plus500 offers a streamlined trading experience that appeals to beginners seeking a user-friendly experience and offers an expanding selection of educational content. On the flip side there are no stumbling blocks for advanced traders who simply want to sign up and get to work.

• Accepts U.S. traders
• Minimum deposit: $100
• Inactivity fee: $10 or currency equivalent per month after 3 months of inactivity
• Currency pairs: 60+
• Trading platforms: Web Platform
• Maximum leverage: 1:300

4. Best for Educational Resources: AvaTrade

AvaTrade, one of the most secure brokers in the industry, carries 7 regulations across 6 continents (Europe, Australia, Japan, British Virgin Islands, UAE and South Africa). You’ll be pleasantly surprised by its asset availability, leading platforms and generous trading conditions (you can leverage your positions up to 400:1).

• Does not accept U.S. traders
• Minimum deposit: $100
• Inactivity fee: $50 or a currency equivalent per month, after 3 months of inactivity
• Currency pairs: 60+
• Trading platforms: MT4, MT5, WebTrader, ZuluTrade Duplitrade and AvaSocial
• Maximum leverage: 30:1

5. Best Overall for U.S. Traders: FOREX.com

FOREX.com is a subsidiary of StoneX (NASDAQ: SNEX) and ranks as the best overall forex broker for U.S. traders.

FOREX.com caters to forex traders with a wide selection of currency pairs, low account minimums, and a notable trading platform. It's a suitable option for traders seeking a home base for their currency trading. FOREX.com offers a comprehensive education and research center with free forex trading courses for various skill levels.

This broker accepts U.S. clients and is regulated in the U.S. by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). FOREX.com also has oversight from regulators in 6 major world jurisdictions through its subsidiaries.

• Accepts U.S. traders
• Minimum deposit: $100
• Inactivity fee: $15 or currency equivalent per month after 12 months of inactivity
• Currency pairs: 80+
• Trading platforms: MT4, MT5, Advanced Trading (desktop), Web Trading platforms, TradingView and NinjaTrader
• Maximum leverage: Up to 50:1

6. Best for Trading in the App: Octa

Octais a multi-platform forex broker that is designed for traders across the globe, offering service for multiple countries far and wide. MetaTrader 4, MetaTrader 5 and OctaTrader are available in desktop, web, Android and iOS versions. The company has garnered a significant global presence, having facilitated the opening of over 40 million forex trading accounts in more than 180 countries.

Featuring negative balance protection and funds security,Octamakes Islamic accounts available with several other account styles. You can enter contests with the broker and you might want to try their CopyTrading feature if you’re new to the investing space.

• Does not accept U.S. traders
• Minimum deposit: $25
• Inactivity fee: $0
• Currency pairs: 35
• Trading platforms: MT4, MT5 and OctaTrader
• Maximum leverage: Up to 1:500

7. Best for CFDs and MetaTrader Users: Vantage Markets

Vantage Markets is a forex and CFD broker that stands out for its competitive and transparent pricing. They offer tight spreads and low commissions, making it cost-effective for traders to execute their trades. The broker provides a user-friendly and easy to navigate trading platform.

Vantage Markets also offers additional trading instruments, including forex, stocks CFDs, commodities and indices. They’re regulated by the Financial Sector Conduct Authority (FSCA) of South Africa and the Australian Securities & Investment Commission (ASIC) in Australia, demonstrating their commitment to maintaining high standards of security and reliability for their clients' funds and personal information.

• Does not accept U.S. traders
• Minimum deposit: $50
• Inactivity fee: $0
• Currency pairs: 40+
• Trading platforms: MetaTrader 4 and MetaTrader 5
• Maximum leverage: 500:1

8. Best for Fast Execution: IG Group

IG Group accepts U.S.-based clients due to oversight from the CFTC and NFA. IG holds your money in segregated accounts under trustee arrangements for added security. In addition to its proprietary trading platform, IG offers support for 3rd-party forex platforms such as MetaTrader 4 and ProRealTime. It also allows application programming interface (API) trading. IG offers a variety of investment choices for forex trades.

• Accepts U.S. traders
• Minimum deposit: $250
• Inactivity fee: $12 per month after 2 years of inactivity
• Currency pairs: 82
• Trading platforms: ProRealTime, MT4 and L2 Dealer
• Maximum leverage: 50:1

9. Best for Copy Trading: eToro

eToro specializes in social trading, which is ideal for beginners since you can follow the trades of expert traders with a proven track record. In addition to its world-class social trading network, this broker has excellent educational resources for forex beginners. Their intuitive multi-asset trading and social trading platforms and apps can be used by anyone immediately. Unfortunately, they do not support the MetaTrader 4 and 5 (MT4 and MT5) trading platforms.

• Does not accept U.S. traders
• Minimum deposit: $200
• Inactivity fee: $10 per month after 12 months of inactivity
• Currency pairs: 40+
• Trading platforms: N/A
• Maximum leverage: 30:1

10. Best for Canadian Traders: IFC Markets

While investors from over 80 countries can sign up on IFC Markets, it is an amazing place for Canadian traders to work on their portfolios. Because many Canadian traders need specialized accounts, IFC Markets put you in touch with synthetic assets, crypto CFDs and much more. You can also use MT4 or MT5. There’s also NetTradeX for those who prefer that platform.

The higher leverage offered allows you to build a stronger portfolio much faster, and you’ll find that the platform works best for intraday, mid-day and small-volume traders. If you feel like this is you, you can try IFC Markets today.

• Does not accept U.S. traders
• Minimum deposit: $100 for bank cards, $100 for bank transfer, $1 for Perfect Money, $10 for Boleto, $5 for Pasargad Novin, $1 for TopChange, $10 for Bitwallet, $1 for WebMoney and $100 for Unistream
• Inactivity fee: $0
• Currency pairs: 50+
• Trading platforms: NetTradeX and MetaTrader 4
• Maximum leverage: 1:1 to 1:400

11. Best for Lowest Spreads: FXCC

FXCC provides brokerage services for forex and CFD traders with more than 70 currency pairs. The broker supports the popular MetaTrader 4 trading platform with multiple terminal capabilities and a multi-account manager. You can also access the FXCC MT4 platforms on Android and iOS smartphones and tablets. FXCC employs an electronic communications network/straight-through processing (ECN/STP) model, so you get tight forex dealing spreads from top Interbank liquidity providers.

• Does not accept U.S. traders
• Minimum deposit: $100
• Inactivity fee: $5 per month after 12 months of inactivity
• Currency pairs: 70
• Trading platforms: MetaTrader 4 and MAM (multi account manager)
• Maximum leverage: 100:1

What is a Forex Broker?

Retail forex brokers are financial institutions that act as an intermediary between individual trader clients and the foreign exchange market. These FX platforms have an online presence in the form of an official website and they target smaller traders who wish to operate in currency trading on a margin basis.

Online forex brokers generally allow traders to execute forex deals largely using their supported electronic trading platforms. In addition to offering their own proprietary trading software, many online forex brokers support popular 3rd party forex trading platforms like MetaTrader 4 and 5 (MT4/5) from MetaQuotes.

Some forex brokers also offer very useful educational information for beginners you can use to increase your knowledge about trading. They might also provide access to expert forex market analysis and financial news feeds to help you make better trading decisions.

If you choose a forex broker that uses automation, you can try trading bots. These bots are AI-enabled programs that use prevailing information to trade on your behalf, and each bot uses a specific trading plan that is designed to help increase your earnings. However, trading bots are not perfect. You must do your research, set a budget and monitor your account for the best results.

How to Choose a Forex Broker

Choosing the best forex platform can be challenging if you aren't sure where to start. Here is what to look for in the best brokers for forex.

Research and Understand the Types of Forex Brokers Available

You can choose from various types of brokers, including contract for difference (CFD), market makers, Straight Through Processing (STP) brokers and Electronic Communication Network (ECN) brokers. Each type has advantages and disadvantages, so it's important to know which one suits your trading style and needs.

Regulation and Licensing

It’s important to choose a forex broker that is regulated by a reputable financial authority. Regulatory bodies can include the Financial Conduct Authority (FCA), the U.S. Securities and Exchange Commission (SEC), the Australian Securities and Investments Commission (ASIC), the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA), which provide protection to traders and ensure that brokers adhere to certain standards and guidelines. The regulating agency varies depending on the country you are trading from.

Trading Platform's Offered

A reliable and user-friendly trading platform is essential for your trading experience. Look for a broker that offers a platform with a wide range of tools, indicators and charting capabilities. Does the currency broker offer things like technical analysis, scalping, fundamental analysis, spread betting or other financial instruments? Ensure that the platform is stable and allows for smooth execution of trades.

Trading Costs and Fees

Brokers have varying fee structures, including spreads, commissions, overnight fees, withdrawal fees and account inactivity fees. Compare the costs across brokers to ensure that they align with your trading strategy and budget.

Selection of Tradable Assets

Forex brokers offer trading on a variety of currency pairs, but some may also provide access to other markets such as commodities, indices, cryptocurrency, precious metals and futures contracts. Determine if the broker offers the range of tradable assets you are interested in.

Customer Support

As the forex market operates 24/7, it's essential to choose a broker that provides reliable and responsive customer support. Look for brokers that offer multiple channels of communication, such as live chat, email and telephone support. Test their customer service beforehand to gauge their responsiveness and knowledge.

Research the Broker's Reputation and History

Look for reviews and testimonials from other traders to gain insights into the broker's reputation and user experience. Check if the broker has any regulatory actions or legal issues against them.

Educational and Research Resources Available

A good forex broker should offer educational materials, webinars, tutorials and market analysis to help traders enhance their knowledge and make informed trading decisions. These resources can be valuable, especially for beginners.

Deposit and Withdrawal Process

Check the broker's policies and requirements for depositing and withdrawing funds. Look for brokers that offer convenient and secure methods of payment as well as reasonable withdrawal processing times.

Leverage and Margin Requirements.

Leverage can amplify profits and losses in forex trading, so it's important to understand the broker's leverage offerings and margin requirements. Ensure that the leverage offered aligns with your risk tolerance and trading strategy.

Demo Accounts

Many forex brokers offer demo accounts that allow you to practice trading with virtual funds. Use these demo accounts to test out the broker's platform, features and trading conditions before committing real funds.

Reliability and Stability

Look for brokers with a strong financial background and a solid track record in the industry. A reliable broker should have stable servers, minimal downtime and robust risk management systems in place.

Forex Pros and Cons

The foreign exchange market has a unique set of pros and cons for traders that include those listed below.

Pros

• High leverage: Because exchange of currencies at the going market rate has no net value, the use of leverage in foreign exchange trading allows you to control quite large positions with a rather small margin deposit. This increases your risk but also lets you benefit from relatively small exchange rate movements.
• High liquidity: The forex market is the largest financial market in the world, so it has a very high level of liquidity in the major currency pairs. This allows for sizable transactions to be executed in those pairs at virtually any time during normal trading hours.
• Around-the-clock trading: The forex market remains open for trading at all times from 5 p.m. EST on Sunday until 5 p.m. EST on Friday, even during U.S. holidays. This provides constant trading opportunities during market hours.

Cons

• Fewer asset choices: While many stocks can be traded, only a relatively few currency pairs are available to forex traders, and not all of them are highly liquid like the majors.
• Volatility: Strong movements can occur in the forex market as new information is digested by participants. This volatility can result in unexpected gains or losses for traders.
• Unregulated OTC market: The Interbank forex market trades over the counter (OTC) and so it remains largely unregulated. Still, some regulations are put in place in many jurisdictions to protect retail traders making transactions through online brokers.

What is Forex Trading?

Forex trading, also known as foreign exchange trading, is the buying and selling of currencies on the foreign exchange market with the aim of making a profit. Traders speculate on the fluctuating exchange rates between different currencies, aiming to capitalize on potential price movements to generate income. It is a decentralized global market where all the world's currencies trade and is considered one of the largest and most liquid financial markets in the world, with over $6 trillions dollars being traded daily.

Forex trading involves the use of leverage, which allows traders to control larger positions with a smaller amount of capital, but also comes with significant risks. It is important for traders to have a good understanding of the market, technical analysis, and risk management strategies in order to be successful in forex trading.

Master Your Forex Trading Strategy with the Right Trading Broker

Since your forex broker will be your primary trading partner, you want to choose one carefully to make sure they are reputable and will fit your requirements and trading strategies. Open a demo account with an online broker you’re thinking of using to see whether it is a good fit. Demo account trading can also help prevent potentially costly errors that might arise from you being unfamiliar with the broker’s trading platform.

Frequently Asked Questions