10 Best Forex Brokers for 2024 [Reviewed]

Below is the list of the best forex brokers. Many of them accept clients from the US. Keep in mind that most forex brokers will be able to help you open a basic account and get started with your investment journey.

If you're looking for the best forex brokers, look no further. Forex trading is easy to get into and can be very lucrative.

Before you can begin, you will need to open and fund an account with a regulated online broker that offers forex trading. With so many options available, it is important to do your initial research in order to find the one most suitable for your trading needs and experience level.

With over a hundred forex brokers in the market, choosing the best forex trading platform can be overwhelming. But we are here to help. We have compiled the top ten of the best forex brokers to consider using.

Why Do You Need the Right Forex Brokers?

best forex brokers

Choosing the best forex broker is as vital as learning the ropes of the FX market. The reason is that a good FX broker at your back will equip you with a safe trading environment, access to cutting-edge tools, and ample liquidity.

Not only that, but it will also provide quality customer support and competitive pricing. If you're not a forex trader with all these benefits, you are bound to lose money in a volatile market, even if you are a seasoned trader.

Going over a long list of features to look for in rating forex brokers is daunting. However, we have made an unbiased list of the top players in the industry based on our benchmarks. Here are the top 10 forex brokers that made it on our list.

1. TD Ameritrade – Winner

TD Ameritrade was founded in 1975 and is one of the best forex brokers. It has more than 70 currency pairs for traders along with a variety of tools, education, research, and the revolutionary TD Ameritrade thinkorswim platform, giving American traders a superb experience.

Aside from trading forex, it also supports exchange-traded forex instruments like futures and options on various currencies, among them the US Dollar Index. This broker has interest rates, grains, metals, energy, stock indices, soft commodities, and livestock futures that allow the trader to execute on the CBOT, CME, NYMEX, COMEX, ICE US, and CFE.

Commissions and Fees

While it has no commission on US stock trading, it has an above industry average on forex pricing. Traders, however, will find the calculator tool that TD Ameritrade provides to estimate the cost-of-carry for various currency pairs. The rollover costs are also sortable on the platform. The average spread is 1.26 pips. 

TD Ameritrade uses various Liquidity Providers in the US to handle the forex execution. This results in extended hours of forex trading.


The firm’s security and insurance are industry standards. It is considered low-risk and has an overall Trust rating of 99. It is a publicly-traded company and does not operate a bank. It is authorized by 5 Tier-1 regulators, zero Tier-2 regulators, and zero Tier-3 regulators.


  • Commission-free stock, ETF, and options trades
  • Free research
  • No account minimum
  • High-quality trading platforms
  • Large investment selection
  • Good customer service


  • No fractional shares

2. eToro

eToro is well-known for its easy-to-use platform. It is the pioneer in social and copy trading, offering investors the ability to copy the trades of professional traders. However, this is offered only for cryptocurrency trading, which is very volatile.

It offers 2,364 tradable symbols and 47 Forex pairs. 

Commissions and Fees

eToro charges slightly higher pricing than most of its competitors, even with cutting spreads and the introduction of zero-dollar commissions for US stock trading. It lists a typical spread of 1 pip on the EUR/USD, which is slightly higher than the industry average

The minimum trade amount is $20, and the minimum deposit required is $50. It charges trading fees through the spreads depending on the rise and fall of the markets. eToro also charges a round-turn for both buying and selling cryptocurrencies. 


In general, eToro has a good reputation online. It is a safe, regulated, zero-commission FX broker. eToro is authorized by 2 Tier-1 regulators, one Tier-2 regulator, and one Tier-3 regulator. The client’s funds are kept secure in a trusted bank, and their personal information is protected under an SSL certificate. 


  • Low minimum fund requirement
  • Offers across 17 different cryptocurrencies
  • Social Trading or the ability to copy the moves of popular traders


  • Available only in 44 US states
  • Forex and Equity trading are available to other countries

3. IG


A regulated and trusted forex broker across the globe, IG has the combination of excellent trading and research tools, competitive pricing, and an extensive list of tradable products. 

IG was established in 1974 in the UK and regulated in six tier-1 jurisdictions, making it a low-risk (safe) broker for Forex and CFDs. What sets it apart from the rest is its massive opportunity for investors to access the more than 1,000 financial instruments over several markets. 

The range of markets available for its clients will depend on the entity and the availability of the entity they choose. The UK, New Zealand, Japan, and the US have local IG entities.

Aside from 20,000 CFDs, IG also offers exchange-traded securities for residents of the UK, Australia, and Germany to access international stock exchanges. In addition to Forex, IG also offers exchange-traded turbo warrants (as part of Spectrum) in Europe.

Cryptocurrency trading is also available via CFDs, but the underlying asset (Bitcoin) is not available through trading.

Commission and Fees

IG utilizes its size to give traders competitive pricing across the board, regardless of the product being traded.

  • Minimum Deposit: £250 
  • Average Spread: 0.828 (September 2021)
  • All-in Cost EUR/USD- Active: 0.365 (May 2020)


IG is considered low risk with an overall Trust Score of 99 out of 99. It is a publicly-traded company, operating a regular bank, and is authorized by six Tier-1 regulators, three Tier-2 regulators, and one Tier-3 regulator.  


  • Publicly traded company
  • Ample research and trading tools
  • Fully regulated 


  • Expensive fees and other charges

4. Pepperstone

Pepperstone is an online Australian broker that has more than 300,000 traders globally. It offers 100+ trading instruments that include commodities, cryptocurrencies, shares, ETFs, and many more.

This forex firm is regulated in seven jurisdictions and delivers top-quality pricing, products, speed, and service to all its traders all around the globe. It was founded in 2010 by an experienced team of traders who shared one vision of improving the world of online trading. To date, Pepperstone is a successful forex broker with offices in Cyprus, London, Dusseldorf, Dubai, Kenya, and Melbourne.

Commission and Fees

Pepperstone offers four main trading accounts:

  • The Edge Standard Account – comes with a $0 commission. The spread starts at one pip.
  • The Edge Razor Trading Account – comes with $3.50 commissions per 100,000 USD trading volume, but the spread starts at one pip. 
  • Edge Swap-Free Trading Account – an Islamic account with $0 commissions.
  • Edge Active Traders Account – for high-volume trading or corporate traders. Spread starts at 0 pips.

The minimum amount Pepperstone required for trading is $200. It can come in a variety of currencies including AUD, GBP, USD, EUR, JPY, CAD, NZD, SGD, HKD, and CHF.


Pepperstone is a safe broker as it is regulated by high-level financial authorities, including:

  • The UK’s Financial Conduct Authority (FCA), 
  • The Federal Financial Supervisory Authority (BaFin),
  • The Australian Securities and Investments Commission (ASIC),
  • The Cyprus Securities and Exchange Commission (CySEC),
  • The Dubai Financial Services Authority (DFSA),
  • The Capital Markets Authority of Kenya (CMA),
  • The Securities Commission of The Bahamas (SCB).

All the money is held in segregated client bank accounts at regulated banks. 


  • Security
  • Razor-sharp pricing
  • Reliability
  • Seamless trading
  • Exceptional customer support


  • High cost for holding a position overnight

5. XM Group

Another international forex broker on the list is XM Group. This company is the most recognizable as it is a global financial institution founded by the capital market and forex experts in 2009. The company operates from Limassol, Cyprus, but it has clients in more than 196 countries.

It has a rich assortment of more than a thousand financial instruments with 55 currency pairs and CFDs. These are spread across six asset classes namely, FX, equities, precious metals, indices, and energy. Clients of XM can access online trading via two platforms: Metatrader 4 and Metatrader 5. It can be accessed online via PC and Android, and iOS mobile devices.

Commission and Fees

XM has low trading fees for CFDs and charges no withdrawal fee. However, the Forex and Stock index fees it collects are only average, and there is an inactivity fee. 

The trading fees are low, and it differs with each account type. The Standard, Micro, and Ultra-Low accounts charge higher spreads but there without commission. The XM Zero account, on the other hand, has lower spreads but with a commission. 

For Forex Fees, it is average compared to its competitors.


XM is a licensed and regulated broker with licenses from four international financial services authorities:

  • International Financial Service Commission (Belize)
  • Cyprus Securities and Exchange Commission (Cyprus)
  • Australian Securities and Investments Commission (Australia)
  • Dubai Financial Services Authority (Dubai)


  • Minimum Deposit Requirement at $5
  • 1000+ financial instruments
  • Low spreads
  • Excellent customer support


6. Interactive Brokers

Interactive Brokers is well-known to traders for its low-per share pricing, a large selection of tradable securities, low margin rates, and advanced trading platform. It allows you to invest in stocks, mutual funds, bonds, futures, and currencies.

This firm is one of the most widely recognized for its online broker services. Interactive Brokers are perfect for experienced brokers who are aiming to trade in high volumes. However, new traders can also join as it has the most detailed education portals.

Commissions and Fees

Interactive Brokers has a complex scheme when it comes to fees. Its structure differs between two account types. IBKR Lite targets beginner investors while IBKR Pro is for sophisticated traders. 

There is no monthly fee for both IBKR Lite and Pro. However, there is monthly inactivity for traders with account balances of less than $100,000. 

With Interactive Brokers, traders were given two choices for commissions – fixed or tiered rate.  

  • IBKR Lite – fixed or free commission. Charges zero commissions and fees on listed stocks and ETFs.
  • IBKR Pro – fixed for a smaller volume of trades and tiered for higher volumes. Fees of $0.005 per share with a minimum cost of $1. 


For account security, Interactive Brokers is solid and reliable. It has firewalls, 128-bit encryption, two-factor authentication, and mobile security features. It does not have voice recognition technology, a feature that other brokers have.

It provides standard $500,000 of SIPC insurance for the account balance, an additional $30 million of coverage for the investment asset and $900,00 for cash.  


  • Has one of the largest choices of investments available
  • Low trading fees compared to other brokers in the market


  • Slightly hard to navigate trading platforms
  • With transfer and inactivity fees

7. Saxo Bank

For traders who meet the $10,000 minimum deposit, Saxo Bank offers an excellent trading platform, competitive pricing, a wealth of educational and research materials, reliable customer services, and options of 40,000 instruments to trade. 

As a multi-asset broker, it offers traders and investors spot FX, FX options, non-deliverable forwards (NDFs), Contracts for Difference (CFDs), stock, stock options, Exchange Traded Funds (ETFs), futures, and 33,000 bonds.

Commission and Fees

In general, Saxo Brokers offers excellent all-around pricing. Active traders and those with large balances enjoy the lowest pricing in the industry. 

Average USD/EUR spreads were 0.8, 0.7, and 0.6 pips for the Classic, Platinum, and VIP accounts. 

  • Classic Account – requires a minimum deposit of USD 10,000 or GBP500 (UK), SGD 3,000 (Singapore), and AUD 3,000 (Australia.
  • Platinum Account – The minimum deposit is USD 200,000 or AUD 300,000, depending on the country where you reside. Traders enrolled in Classic accounts can upgrade to Platinum by earning volume-related points through Saxo Bank’s Loyalty Program.
  • VIP Account – It requires a minimum deposit of USD 1 Million for those who qualify under the Saxo Bank’s Loyalty Program by earning rewards points. This account offers the most savings in pricing and access to exclusive events and connections to Saxo Bank analysts.

Saxo Bank is commission-free, meaning it makes money off the spread. The customers who trade less than 50,000 in a month are charged with a fee of $3 per side, though.


This Forex broker is considered low risk. It is not publicly traded but does operate a bank. Saxo Bank is authorized by six Tier 1 regulators and one Tier-2 regulator.

Its web-based trading platform has security features that are the best in the industry. Some of them include two-factor authentication and biometric security. 


  • Does not ask for deposit or withdrawal fees
  • Regulated by various licensing bodies
  • Traders can connect their Saxo Bank accounts with third-party platforms


  • Requires minimum deposit 
  • No live chat facility

8. CMC Markets

Another globally recognized FX broker on our list is CMC Markets. It offers excellent pricing, about 10,000 tradable instruments, and an awesome trading platform. 

CMC Markets was established in 1989 and is the leader in low-cost trading as it offers lower trading costs for Forex compared to other brokers. The CMC Markets Next Generation platform offers traders a massive selection of 10,000 tradable instruments, advanced tools, market research, excellent mobile app, and overall great user experience.

Commissions and Fees

One of the biggest advantages of CMC Markets is its trading costs. It has low spread covering for all its account types and customer segments. 

In average spreads, it offers competitive pricing over the industry average at 0.74 pips on EUR/USD. For forex rebates, it offers active traders of $5 per million after surpassing the $25 million notional trading volumes per month. 

It offers traders no forex fees and no withdrawal fees. However, it has a high stock CFDs fee and an inactivity fee if no trading is done in twelve months.


CMC Markets offers secure Two-Step authentication for logins, via text messages or third-party OTP generator apps like Google Authentication.

It is considered safe and low risk with an overall Trust Score of 99. CMC Markets is a publicly-traded company but does not operate as a bank. It is authorized by 4 Tier-1 regulators, two Tier-2 regulators, and zero Tier-3 regulators. 


  • Low forex rates
  • Great online platform
  • Advanced educational and research tools


  • High stock CFD fees
  • Minimal product portfolio
  • Customer support is available from Monday-Friday only.

9. City Index

City Index is a global FX and CFD broker. It was founded in 1983, and it is a trading brand of StoneX Capital, part of a publicly-traded company, StoneX Group Inc. This firm offers a good combination of advanced trading tools and research. 

Like its peers, City Index offers spread betting across the markets. It has cryptocurrency trading through CFDs but not through underlying assets like buying bitcoin. 

Commissions and Fees

The pricing for City Index’s Forex, CFDs, and spread betting products are within the industry average. The trading fees and Forex fees are low, and non-trading fees like withdrawal and account maintenance. 


City Index provides only a one-step login and no other security features. 

It is considered low risk with a Trust Score of 99. City Index is a publicly-traded company and does not operate a bank. It is authorized by 3 Tier-1 regulators, one Tier-2 regulator, and one Tier-3 regulator.


  • Low forex fees
  • Diverse research tools
  • Fast and easy account opening
  • Diverse research tools


  • High CFD fees
  • Limited product portfolio
  • Challenging desktop platform

10. FOREX.com

FOREX.com is well-liked by Forex and CFD brokers all over the world for its excellent trading experience. It is a global CFDs, and forex broker founded in 2011 under StoneX Group Inc. it is regulated by several financial authorities in the US and UK.

The products and services available for traders will depend on which country they are located in. For example, CFDs are not available in the US due to several regulations. However, they are available in countries outside of the US. There are 91 forex pairs available on the platform, along with 4,500 tradable symbols. 

Commissions and Fees

Forex.com requires a minimum deposit of $100. There are three account types: Standard, DMA account, and Commission Account for US clients only.

  • Standard Account – Average spreads of 1.4 pips on the USD/EUR.
  • DMA Account – Typical spread is 0.03 pips for EUR/USD pairs.
  • Commission Only – Requires a $10K deposit and atM in monthly income. This is designed for medium to high-volume traders.

Generally, the trading fees in Forex.com are low. It has no withdrawal fee and has a low stock index CFD fee. However, there is an inactivity fee, which is $15 per month after a year of inactivity.


FOREX.com has only a one-step login system. It is considered safe because of its long track record and is a publicly-traded company. It is authorized by 4 Tier-1 regulators, one Tier-2 regulator, and one Tier-3 regulator.


  • Low forex fees
  • Wide range of currency pairs
  • Helpful research tools


  • Limited portfolio
  • High stock CFD fees
  • One-step authentication for login

How to Choose the Best Forex Broker

Every Forex broker offers unique features that could benefit an investor. Here are some of the parameters that you can use when looking for a forex broker.

  • Regulation – This is the most important parameter when looking for a forex broker. The regulators don’t have the same requirements, but they always look after the welfare of the clients.
  • Customer Support – The primary point of contact for an FX client is the customer support desk. It should be available 24/7 for traders to call when they have questions, issues, or clarifications. The broker should offer multiple channels, quick response time, and resolutions.
  • Financial Products Offered – A firm may offer more than 1000s instruments but may not have your asset class. Check all the individual product offerings before signing up with the broker.
  • Trading Platform – Ensure that the FX broker’s platform has all the trading tools to use. It should also be user-friendly and support the operating systems of your computer and mobile devices and works well without a glitch.
  • Execution of Order – Speed is a critical factor in trading. The execution factor and the venues play a vital role in the speed of order execution. 
  • Trading Cost – This pertains to the spread, commissions, and swap charges for holding overnight positions. Low trading costs ensure greater profits and smaller breakeven. Aside from trading costs, consider other others that are categorized as fees. It includes charges on deposits and withdrawals, inactivity, among others.


Success in FX trading is not just about having an excellent trading strategy. It is also about trading with confidence that the forex broker is regulated and cares for their clients. The article listed the top ten of the best brokers out there. Study them, do your research, and open an account with a broker that ticks all the boxes. 

Top offer pick

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Brian Meiggs
Brian Meiggs
Brian Meiggs is a personal finance expert, and the founder of Smarts, a personal finance site helping you easily explore your best money options. He helps readers follow the smart money in order to increase their earning potential and start building wealth for the future. He regularly writes about side hustles, investing, and general personal finance topics aimed to help anyone earn more, pay off debt, and reach financial freedom. He has been quoted as a top personal finance blogger in major publications including Business Insider, Yahoo! Finance, NASDAQ, Discover, and more.
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