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Best Forex Brokers of 2020

InvestorGreg upholds the most rigorous standards for testing of brokers. We may receive compensation for advertising or for links that feature inside our reviews. Learn more about our methodology and review process.

Online forex brokers can be the most lucrative trading brokerages to trade with. They present vast amounts of opportunity to participate in the largest financial market in the world. With a daily trading volume of over $5.3 trillion, the forex market dwarfs the volume of any other financial market available. Luckily for traders, they have numerous online forex trading platforms to choose from and can benefit from the high liquidity and competition between them. Now that we’ve established an understanding of what forex actually is and the extent of its nature, let’s discover more about online forex brokers and the services they provide.

Minimum Deposit
$10
Types of Trading
Forex, Options, Stock
Country
Seychelles
Regulation
Not Regulated
IQ Option was first founded in 2013 as a binary options trading brokerage but has since rebranded in 2017 to provide the trading of Forex and CFDs on a wide range of asset classes. IQ Option now has 25,580,000 registered users and facilitates around 1,800,000 trades per month accounting for nearly $380 million worth of trading volume. IQ Option is truly a global online trading brokerage by servicing traders from over 60 countries and offering their services in 13 different languages. The IQ Option brokerage is based offshore in the Seychelles with their headquarters located at Global Gateway 8, Rue de la Perle, Providence, Mahe, Seychelles. Unfortunately, the IQ Option broker is not licensed or regulated by any reputable regulatory authorities. Therefore, how do you know if IQ Option can be trusted to provide fair and reliable online trading services and how are the services they provide. Find out in our in-depth IQ Option Broker review where we extensively analyze the IQ Option broker and services they provide.
Minimum Deposit
£100
Types of Trading
CFD, Forex, Options, Stock
Country
Israel
Regulation
FCA, CySEC, FSCA, FMA, MAS, ISA, ASIC
Plus500 is an online broker that focuses on covering a number of different financial markets with a low-cost structure. It first started out in the sector back in 2008 and it is under the watchful eye of the Financial Conduct Authority (FCA) in the UK. As Plus500 is also a publicly-traded company on the London Stock Exchange, this provides further credibility to its offering.  In total, there are more than 2,000 different instruments for you to trade through this platform and it is constantly adding new options. This Plus500 broker review will look through the different parts that make up the Plus500 offering, allowing you to ultimately decide if this broker is a good fit for your needs.
Minimum Deposit
$200
Types of Trading
CFD, Forex, Options, Stock
Country
Cyprus
Regulation
CySEC, FCA, ASIC
The eToro online trading platform is well known in the online trading industry as the platform that changed the way retail traders trade the financial markets. Established in 2006 by 2 siblings Ronen and Yoni Assia together with their business partner David Ring, eToro single handedly revolutionized the concept of social trading with the introduction of their Openbook social trading platform in 2010. Since then, eToro has expanded by leaps and bounds with the acceptance by traders of the idea of harnessing the collective wisdom of the trading community to improve their trading objectives. Since 2017, eToro has achieved more than 8 million registered users on its trading platform.  Today, the eToro brand is managed by different subsidiaries of the eToro Group. For clients in the UK, they are serviced by eToro (UK) Ltd, a company registered with the UK’s FCA with the registration number FRN 583263. For clients based in the European Economic Area (EEA), they are serviced by a Cyprus based company called eToro (Europe) Ltd. The company is authorized and regulated by the Cyprus Securities Exchange Commission (CySEC) under the CIF license # 109/10. For the Australian market, eToro operates under the subsidiary eToro AUS Capital Pty Ltd which is regulated by the Australian Securities and Investments Commission (ASIC) under the license number 491139.
Minimum Deposit
$5.00
Types of Trading
CFD, Forex, Stock
Country
Seychelles
Regulation
International Financial Commission
Binomo is an online binary options trading brokerage that primarily markets themselves towards beginner or inexperienced traders. However, experienced traders will also appreciate Binomo’s trading services due to Binomo’s high-end trading platform and wide range of financial assets. Binomo has a decent amount of experience in the financial markets as they were founded in 2014 and have been serving traders in the binary options trading industry ever since. Binomo is based offshore out of the Seychelles with their headquarters located at Tiburon Corporation Limited Suite 1, Second Floor, Sound & Vision House, Francis Str., Victoria, Mahe, Seychelles. Since Binomo is an offshore online trading brokerage, can they be trusted and how are the services they provide? After all, brokerages based offshore generally do not have the best reputation, however this isn’t always the case. In the following Binomo Broker Review we will discover the truth about the Binomo broker and the quality of services they provide.
Minimum Deposit
$10
Types of Trading
Forex, Options
Country
St. Vincent and the Grenadines
Regulation
Not Regulated
Olymp Trade is a very well recognized online trading brokerage and has won numerous awards from various international publications. The brokerage was founded in 2014 and is owned and operated by Smartex International Ltd. Olymp Trade offers their services to traders from around the world but is based out of St. Vincent and the Grenadines with their headquarters located at Suite 305, Griffith Corporate Centre P.O. box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines. As far as regulation goes, Olymp Trade is a member of the International Financial Commission and is therefore a safe and reliable online trading brokerage. Olymp Trade continues to innovate and grow as a reputable online trading brokerage and now has more than 20,000 active traders trading each day and nearly 32,000,000 trades per month with an average trade value of $4.50. Therefore, Olymp Trade is obviously a reliable and trustworthy online trading brokerage, but are they right for you? Find out in our in-depth Olymp Trade Broker Review where we discover what makes Olymp Trade so special and analyze the quality of services they provide.
Minimum Deposit
$0
Types of Trading
CFD, Forex, Stock
Country
United Kingdom
Regulation
FCA, ASIC, CFTC
CMC Markets is a very well established trading brokerage as they were founded back in 1989 and have grown to become one of the largest and most successful Forex and CFD brokerages in the world. CMC Markets is listed on the London Stock Exchange under ticker CMCX and serves over 60,000 clients from around the world. CMC Markets has won over 50 awards recognizing the quality of their services and dedication to their clients. CMC Markets is based out of the UK with their headquarters located at CMC Markets UK plc, 133 Houndsditch, London, EC3A 7BX. Though they are based out of the UK, CMC Markets serves the international markets and has head offices around the world in Australia, Austria, France, Germany, Ireland, Italy, New Zealand, Norway, Poland, Singapore, Spain, Sweden, and the United Kingdom. CMC Markets is obviously a very well-established and trusted online trading brokerage, but are they the right broker for you? Find out in our in-depth CMC Markets Broker Review where we analyze all aspects of this lucrative broker.
Minimum Deposit
£500
Types of Trading
CFD, Forex, Options, Robo-advisors, Stock
Country
Denmark
Regulation
FCA, FSA, DFSA, ASIC, FSC
Saxo Bank is a brokerage platform that allows its clients to access more than 35,000 different financial instruments from a range of different asset classes. The broker has been in business since 1992 and it was originally started as an investment bank in Denmark. Over the years, it has grown into a comprehensive online broker that offers an extensive range of CFDs and forex trading. The broker has a global offering and it has a great reputation thanks to its many years in business. It is also under the regulation of many leading oversight bodies across the world. This includes the Financial Conduct Authority (FCA) in the UK and the Danish Financial Services Agency (FSA). This Saxo Bank review looks at the different aspects of this offer. This allows you to get an objective insight into what the platform has to offer its clients.
Minimum Deposit
$250
Types of Trading
CFD, Forex, Stock
Country
United Kingdom
Regulation
FCA, IFSC, KNF, CNMV and CMB
XTB is a well-established online Forex and CFD trading broker with more than 14 years of experience and an international presence with offices in more than 10 countries around the world. The XTB brokerage is said to be one of the leading online trading brokerages in the world and has been awarded numerous awards for their trading services. XTB’s primary headquarters are located in the United Kingdom at Level 34, One Canada Square, Canary Wharf, E14 5AA, London, United Kingdom, and their registered company number is 07227848. Since XTB is based out of the UK, they are licensed and regulated by the UK Financial Conduct Authority (FCA) as well as the IFSC, KNF, CNMV and CMB due to their international presence. Though XTB has an excellent reputation and is praised by many, are they the right trading brokerage for you? Let’s find out in our in-depth XTB Broker Review as we uncover the facts and aspects of this lucrative online trading broker.
Minimum Deposit
$10
Types of Trading
CFD, Forex, Options
Country
Australia
Regulation
ASIC
Binary options trading has generated a lot of interest among traders and investors around the world. Most of these binary options brokerages are based out of Europe, but the HighLow brokerage is based out of Australia. The HighLow binary options broker is owned and operated by HighLow Markets PTY LTD with their headquarters located at Level 14, Macquarie House, 167 Macquarie Street, Sydney, NSW 2000, Australia. An impressive aspect of the HighLow binary options broker is that they are licensed and regulated by a reputable regulatory authority. This is uncommon in the binary options industry, yet a very strong asset. HighLow is regulated by the Australian Securities and Investment Commission (ASIC) with their licence number being 364264. With this regulation, the company operates in a very transparent and secure way. Most of the binary options trading industry comes out of Europe, so when there is a broker based out of Australia it spikes a lot of interest. Traders in the industry are well aware of the numerous brokerage scams and fraudulent practices of some binary options companies. So, is HighLow a reputable and competent binary options brokerage? Let’s find out in our in-depth HighLow Broker Review below.
Minimum Deposit
$250
Types of Trading
CFD, Forex, Options
Country
Cyprus
Regulation
CySEC, IFSC
Founded in 2010, 24Option is a leading online brokerage that offers online forex and CFDs trading services to its clients. The 24Option brand was established with the goal of providing online traders with an easy to use trading platform. The brand is managed by two different companies, Rodeler Ltd based in Cyprus and Richfield Capital Ltd based in Belize. In addition, 24Option has also endeavored to provide its clients with a wide range of financial instruments to trade with. The types of financial instruments covered by 24Option include the following: Commodities Cryptocurrencies Forex Indices Stocks The choice of these financial instruments are carefully selected by 24Option in order to cater to a global clientele. Hence, it is not surprising for you to be able to trade in major stocks that are listed on leading exchanges such as the FTSE, NASDAQ and London Stock Exchange. Access to these assets on 24Option is through the web based trading platform or the popular MetaTrader 4 (MT4) trading platform developed by MetaQuotes Software. For a better insight into what 24Option has to offer, let us take a look at the 24Option review below.
Minimum Deposit
$0
Types of Trading
CFD, Forex, Stock
Country
Australia
Regulation
ASIC, FCA
Pepperstone is one of Australia leading forex and CFD brokers, and was established in 2010. The brokerage firm was founded by two individuals by the name of Owen Kerr and Joe Davenport. Pepperstone’s head office is located in Melbourne, Australia. It also maintains an office in London in order to better serve the needs of its European based clients. Pepperstone is regulated by two of the top tiered regulatory bodies in the world, the Australian Securities & Investment Commission (ASIC) and the UK’s Financial Conduct Authority (FCA). Pepperstone specializes in offering online trading services for spot forex and CFDs through a selection of advanced trading platforms. The broker draws its appeal from the fact that it is able to meet the differing needs of traders of different skill levels. Apart from being able to serve the needs of various categories of traders, Pepperstone also cater to institutional investors. Despite being only operational for a less than a decade, Pepperstone has been considered as one of the more successful forex brokers in the industry by many key players. This is hardly surprising as it has always been the broker’s aim to leverage technology, superior services and competitive spreads as the primary driver of growth for the company.a
Minimum Deposit
$0
Types of Trading
CFD, Forex, Options, Stock
Country
United States
Regulation
NYSE, FINRA, SIPC
Interactive Brokers have been in business for more than 40 deals and they currently have capitalised equity capital of over $6 billion. Most of their emphasis is on professional and institutional investors. They now have a presence as a broker-dealer in more than 120 market destinations across the world. They have a wide range of investment products to choose from and they are responsible as a whole for more than 800,000 trades each and every day. Their headquarters is based in Greenwich, Connecticut and they have offices across North America, Europe, Asia and Australia, with more than 1,200 employees. They are regulated by the FCA, NYSE, FINRA and the SEC, as well as other global regulatory agencies. They are constantly looking to innovate and push the boundaries in the broker-dealer space. In 1017, they were one of the first broker-dealers to offer their clients access to trading Bitcoin futures for example. This Interactive Brokers broker review will look at the various aspects which makes the broker stand out from the crowd.
Minimum Deposit
0
Types of Trading
CFD, Forex, Options, Stock
Country
Netherlands
Regulation
AFM, DNB
DEGIRO is brokerage firm that has been on the scene since 2013, starting off its operations in the Netherlands. Since then, it has expanded its operations into 18 different countries across the European Union. In this relatively short space of time, it has managed to develop its offering into one of the biggest on the continent. DEGIRO is focused on pairing financial knowledge with technology in order to create an experience for traders that is cost-effective and efficient. It is always looking at different ways to innovate and improve with its offering. The company is well-respected in the industry and it is under the regulation of the AFM in the Netherlands, as well as the Dutch Central Bank. This DEGIRO review looks a variety of elements, showcasing what areas the broker performs best in and what areas can be improved upon.
Minimum Deposit
£0
Types of Trading
CFD, Forex, Options, Robo-advisors, Stock
Country
1996
Regulation
FCA, FINMA, DFSA, MAS, SFC
Swissquote was started back in 1996 and it is a publicly-traded company in Switzerland. The offering provides you with a great selection of a variety of different tradable asset classes. Swissquote is affiliated with the leading Swiss banks. There are two different aspects to the company. There is the CFDs and forex offering that is based in the UK. Then there is the Swiss arm for futures, options, funds and stocks trading. Swissquote is regulated by the likes of the Financial Conduct Authority (FCA) in the UK and the Swiss Financial Market Supervisory Authority (FINMA). Therefore, you know you are dealing with a safe and fair broker. This Swissquote broker review looks at all the different aspects that make this broker what it is today.
Minimum Deposit
$100
Types of Trading
CFD, Forex, Options, Stock
Country
Ireland
Regulation
Central Bank of Ireland
AvaTrade is a highly respected and reputable online trading brokerage with extensive experience as they were founded back in 2006. Since their establishment, AvaTrade has seen massive growth and now serves more than 200,000 customers around the globe and executes more than 2 million trades a month which account for over $60 billion in monthly trade volume. AvaTrade’s customer base and trading volume is so massive because they are an international trading brokerage with head offices in Italy, France, Japan, Spain, Australia, Mongolia, China, Nigeria, Chile, and South Africa. However, the brokerages primary headquarters are located in Ireland at Five Lamps Place, Amiens Street, Dublin 1, Ireland. The tradable products offered by AvaTrade consists of over 250 tradable instruments including: Forex currency pairs CFD trading on bonds Stocks Indices ETFs Commodities 24/7 cryptocurrency trading. These tradeable products are available to all traders via the suite of sophisticated trading platforms featured by AvaTrade.  Let’s explore more about this broker in the AvaTrade Broker Review.
Minimum Deposit
$200
Types of Trading
Forex
Country
Australia
Regulation
ASIC
Vantage FX is a top Australian Forex and CFDs trading brokerage that provides unparalleled access to the global financial markets to traders around the world. The brokerage is very well-established as they were founded in 2009 and have won multiple awards from numerous publications. Vantage FX is an international trading brokerage but is based out of Australia with their headquarters located at Vantage FX, 29/31 Market St, Sydney NSW 2000, Australia. Since they’re based out of Australia, Vantage FX is licensed and regulated by the Australian Securities and Investment Commission (ASIC). This is a highly reputable regulatory agency and helps to ensure the broker remains transparent and fair with their trading services. With so many viable online trading brokerages to choose from, it can be difficult knowing which one to choose. Especially when there are so many fraudulent brokers in the financial trading industry. To help you better, we have conducted an extensive Vantage FX Broker Review to shine light on whether or not they can be trusted, and to help you decide if they’re the right broker for you.
Minimum Deposit
€100
Types of Trading
CFD, Forex, Options
Country
Cyprus
Regulation
CySEC, ASIC
EasyMarkets is an innovative online trading brokerage who has been revolutionizing how people trade and invest in the financial markets since their establishment in 2001. EasyMarkets was one of the first online trading brokerages to accept low initial deposits of just $25 and offer institutional level tools and services to ordinary traders and investors. Today, EasyMarkets continues to innovate by offering their clients valuable trading tools and favorable conditions such as free guaranteed stop loss, insideViewer, Freeze Rate – and their most innovative tool yet, dealCancellation. The brokerage also provides their clients with a comprehensive education centre, a selection of sophisticated trading platforms, and over 175 tradeable instruments available across the global markets. EasyMarkets serves the international markets and is based offshore with their headquarters located at P.O. Box 53742, Limassol 3317, Cyprus. Though the brokerage is located offshore, they are still trusted among many as they are licensed and regulated by both the Cyprus Securities & Exchange Commission (CySEC) and the Australian Securities & Investments Commission (ASIC). Let’s look in more details in the EasyMarkets broker review.
Minimum Deposit
$100
Types of Trading
CFD, Forex, Stock
Country
Republic of Vanuatu
Regulation
VFSC
UFX is a large and successful international online trading brokerage with extensive experience in the financial markets. The brokerage is very well-established as they were founded in 2007 and have been competently providing STP (Straight-Through-Processing) brokerage services to both retail and institutional traders and investors from around the world. The UFX brokerage is based offshore in the Republic of Vanuatu with their headquarters located at Govant Building, Kumul Highway, P.O.Box 1276 Port Vila, Vanuatu. As such UFX is licensed and regulated by the Vanuatu Financial Services Commission (VFSC) under licence number 14581. Since UFX is an offshore trading brokerage, we should probably be skeptical due to the questionable practices of offshore trading brokerages. However, UFX has built up a viable reputation and have won numerous awards for their excellence over the years. Therefore, how do you know if the UFX trading brokerage can be trusted? And how is the quality of their trading services compared with other reputable trading brokers? Find this out and more in our extensive UFX Broker Review where we analyze all aspects pertaining to this lucrative trading brokerage.
Minimum Deposit
$250
Types of Trading
CFD, Forex, Stock
Country
Belize
Regulation
IFSC
AroTrade is one of the fastest growing online trading brokerages with an asset index of over 1000 stocks, forex, commodities and indices available as CFDs. The brokerage primarily serves the average retail investor by providing low cost investment opportunities, financial education, and sophisticated trading platforms and tools to help their clients succeed. AroTrade was only recently established in 2018 and is owned and operated by Speed Solutions Ltd. The brokerage is an offshore trading brokerage as they are based out of Belize with their headquarters located at 5, Cork St, Belize City, Belize. Though they are based offshore, AroTrade thus far has a good reputation and are licensed and regulated by the Belize International Financial Services Commission (IFSC) with number IFSC/60/391/TS/17. With so many online trading brokerages to choose from and many of them being fraudulent, how do you know which one to choose? We’re here to make your decision easier with our in-depth AroTrade Broker Review where we analyze all aspects of this lucrative broker.
Minimum Deposit
$1.00
Types of Trading
CFD, Forex, Stock
Country
British Virgin Islands
Regulation
BVI FSC
IFC Markets is an internationally recognized online trading brokerage with extensive experience in the global financial markets. IFC Markets was founded in 2006 and have since been operating in compliance with the international standards for brokerage services. The brokerage is registered and incorporated out of the British Virgin Islands with their headquarters located at IFC Markets Corp. Quijano Chambers, P.O. Box 3159, Road Town, Tortola, British Virgin Islands. IFC Markets is known to be a reliable and innovative trading broker as they provide top of the line trading services and exclusive tradable instruments. The broker does their best to accommodate all types of traders whether they are novice traders just starting out or are experienced trading veterans. However, with so many viable online trading brokerages to choose from, how do you know which one is right for you? Well, in the following IFC Markets Broker Review we’ll shine light on all aspects of this lucrative trading broker so that you can decide if they’re right for you.
Minimum Deposit
$100
Types of Trading
CFD, Forex
Country
United Kingdom
Regulation
FCA, CySEC, CIMA
HYCM is a very well-established online trading brokerage who has been providing reputable trading services to clients all around the world since 1977. The brokerage has collected numerous awards over the years and is the broker of choice for traders across the globe. HYCM is owned and operated by Henyep Capital Markets Group and is based out of the UK with their headquarters located at 3rd Floor, 28 Throgmorton Street, London EC2N 2AN, United Kingdom. HYCM also has head offices located in Cyprus, Dubai, Kuwait, and Hong Kong to better serve their international customer base. Though HYCM is a highly reputable and sought after online trading brokerage, how do you know if they are right for you? After all, choosing the best broker for your needs is one of the most important decisions a trader can make. Therefore, we have conducted an in-depth HYCM Broker Review so that you can decide whether or not to trade with HYCM.
Minimum Deposit
$100
Types of Trading
CFD, Forex
Country
Cyprus
Regulation
FCA, ASIC, CySEC, FSB
IronFX is a highly reputable and very well-established online trading brokerage that provides traders with 10 different trading platforms and over 200 tradeable instruments across the global markets. IronFX is based out of Cyprus with their headquarters located at 2, Iapetou Str., Agios Athanasios, 4101 Limassol, Cyprus. Also, due to IronFX’s international presence, the brokerage has 3 other global offices located in London England, Sydney Australia, and Johannesburg South Africa. The IronFX brokerage is very accommodating to different types of traders of all experience levels. They provide more than enough trading platforms, tools, and resources to benefit all traders and help them to become better and more successful traders. All in all, it’s hard to see anything wrong with the IronFX broker, but what exactly makes them so great and what kind of trading services do they provide? Find out in our in-depth IronFX Broker Review where we delve deep into all aspects of this lucrative trading brokerage and lay out the results for your viewing.
Minimum Deposit
$10
Types of Trading
CFD, Forex
Country
St. Vincent and Grenadines
Regulation
Not Regulated
PaxForex is a reputable online trading brokerage that was established in 2014 by a team of professional traders and investors. The brokerage specializes in the trading of Forex, Stocks, CFDs and Options and provides their traders with all of the tools and resources needed to succeed. PaxForex is owned and operated by Laino Group and is based offshore with their headquarters located at 1825, Cedar Hill Crest, Villa, Kingstown, St. Vincent and Grenadines. Though PaxForex is located offshore, the brokerage is still highly reputable and trusted by many as they serve clients from around the world and support their services in 8 different languages. While PaxForex has a good reputation, how do you know if they’re the right online trading brokerage for you and should you choose them? It can be a hard decision and we’re here to make it easier for you with our in-depth PaxForex Broker Review where we analyze all aspects of this lucrative trading broker.

What is a forex broker?

A forex broker is a company or firm that provides traders with a forex trading platform that facilitates the buying and selling of foreign currencies. The forex broker acts as an intermediary between the trader and the interbank- a network of banks that trade foreign currencies with each other.

How do forex brokers work?

Online forex brokers handle a portion of the overall foreign exchange market and offer their clients a forex trading platform to access this 24 hour global currency market. A Forex broker will buy and sell currencies for one another on behalf of a trader and collect the bid/ask spread on the traded currency pair. Some brokers will also charge a fee per transaction.

How to select the best forex broker?

Traders have numerous online Forex brokers to choose from. However, not every forex broker is reputable or right for you. To select the best Forex broker, you must look into all aspects of the broker including commissions and fees, forex trading platforms, reputation, deposit and withdrawal methods, tradeable products, and so on.