9 BEST Forex Brokers For 2023: Reviewed By Dumb Little Man

Having the best forex brokers is an essential requirement for trading successfully in the forex market. Since there are hundreds of forex brokers, choosing the best brokerage is a challenge for beginners as well as pro traders.
Each broker must be carefully vetted for commissions and spreads, leverage and margins, account types, trading platforms, analyzing tools, trading instruments, and more, which requires expert knowledge.
We have curated a list of the top forex brokers that have been compiled after screening several brokers against various criteria. Continue reading to learn more about these online brokers.

What is a Forex Broker and how does it work?

A forex broker is a financial company that provides traders with a platform for buying and selling foreign currencies. In the forex market, trading is between different pairs of currencies of the G10 nations. Profits are made by predicting the direction of these currencies.

Brokers open transactions by allowing traders to buy and sell currency pairs. The role of a forex broker is to provide intermediation between a trader and the network of banks that can allow this transaction.
Essentially, banks have credit and access to buy and sell currency, known as forex liquidity. Using several banks, the broker will make sure you get the best price. You will be offered a price for a currency pair that is slightly higher than the actual price when trading with them. This extra amount is their commission.

How We Rank the Best Forex Brokers?

Each broker has been evaluated by our team of traders based on a variety of factors. A few of these are:

• Trading volume
• Account types
• Trading Costs
• Leverage offer
• Fee structure
• Regulation
• Minimum deposits
• Average Spread
• Experience
• And more…

Most of the information comes from the several retail traders working with us on our panel. Furthermore, we consider the reviews posted by traders on the broker’s website. Lastly, we have designed a unique algorithm that sorts out these companies based on already-defined criteria and provides the overall rating of each company.

Best Brokers For Forex Trading: Overview

9 Best Forex Brokers: Detailed Insight

#1. Best Overall Forex Platform: Avatrade

AvaTrade is the most reliable global brand offering forex and CFD traders with a wide range of trading platforms.
The company is regulated by a number of top-tier financial authorities, making it a low-risk forex broker. It is also highly regarded for the educational content it offers for beginners.
Creating an account is simple and fully digital. You can deposit and withdraw funds to and from your account at AvaTrade with a variety of free methods. In addition, it offers a wide variety of tools for research and education that are easy to use. With AvaTrade, trading is easy because its fees are low. Transparency and simplicity are key features of the fee structure.

☞ How Does It Work?

After creating an account on AvaTrade, you can choose from different base currency pairs like USD, EUR, GBP, CHF, AUD, and ZAR. You will be charged a small conversion fee if you do not have a bank account in the same currency as you are trading in.
Avatrade doesn’t charge any deposit and withdrawal fees. Further, it allows multiple options for depositing money. You can use the following trading platforms: WebTrader, MetaTrader 4, MetaTrader 5, and AvaOptions.
It also offers auto-trading through MT4 and MT5 forex trading platforms and external providers that connect directly to your MT4/MT5 account, Zullotrade, and Duplitrade. These systems can trade automatically and also notify you when a certain price point in the market is reached.
Spreads are the only commission charged by the broker. Through its competitive 30:1 leveraged trading offer, AvaTrade offers opportunities for maximizing profits.

☞ Who Is It Best For?

AvaTrade is perfect for anyone looking to trade forex and CFDs safely. It offers around 44 forex options along with over 1200 CFDs, which are enough to attract professional traders. Moreover, having multiple top-tier jurisdictions, like the Central Bank of Ireland, make it a safe option to trade for beginners as well.
Moreover, they offer a 21-demo account to test out the platform without any risks. It will give you a clearer picture if this forex trader is for you or not.

#2. Best For Advanced Forex Traders: FXChoice

FXChoice in 2010, FXChoice is licensed by the International Financial Services Commission of Belize (FSC) and offers premium trading services on the Forex market. It is best suited to professional traders with free capital.
The trading conditions at FXChoice are good. A low spread (for a pro account) and a good partnership and loyalty program make this company a good choice. The broker has kept their contract specifications transparent, and you will get a detailed product guide entailing fee structure.
FXChoice covers CFD trading in forex, crypto, indices, shares, and commodities. Platforms used for trading are MT4/MT5. Also, it is famous for offering high-leverage opportunities to its users.
This forex trading broker also provides the MyFXBook Autotrade feature that allows you to copy trade profitable trading strategies.
In order to improve transparency, this brokerage platform offers fund segregation so that client funds are kept separate from company funds.

☞ How Does It Work?

With FXChoice, you can choose between two types of accounts: Classic and Pro. With a Classic account, you will have to pay a commission fee, and the spreads are high. The Pro account, however, offers the tightest spreads and excludes commissions.
Like most forex brokers, FXChoice uses the MT4 and MT5 trading platforms. Some of the common functions include real-time quotes, customizable charts, 9 time-frames, one-click trading, and basic analytical objects.
The leverage across both types of accounts is 1:200, which is quite exceptional. In addition to card payments, FXChoice accepts e-wallets and cryptocurrencies, such as Bitcoin (BTC). A $100 deposit is required. You can open an account in USD, EUR, GBP, AUD, and CAD.
With FXChoice, you can deposit with Bitcoin or any other cryptocurrency and get a 65% bonus. You can also receive a 50% bonus on your first deposit. The withdrawals are processed within 24 hours from Monday to Friday, while e-payment withdrawals are completed immediately.

☞ Who Is It Best For?

FXChoice is best suited to professional traders for active and passive trading. You will need to have some kind of experience in forex trading before using this broker. Social trading requires to deposit of $1000, which again requires expertise in trading to minimize the risks.

#3. Best For Beginners: RoboForex

RoboForex is regarded as one of the most reliable partners by the industry’s leading experts.
It was established in 2009 and currently has 3.5 million users in 169 countries. Roboforex offers the most favorable trading conditions to beginners as well as professionals, with a $10 minimum deposit limit and leverage of 1:2000.
It has received numerous awards and acknowledgments from several prestigious financial institutes. With an international license from International Financial Services Commission (IFSC) and a European license from CySEC, the RoboForex group offers forex trading services globally.
You will get a unique investment program in the form of CopyFx, which was given “Best Investment Platform” in 2019. In addition, the platform offers around 12,000 trading instruments and eight asset types.

☞ How Does It Work?

On the Roboforex platform, there are four different types of accounts (Pro, Pro-Cent, ECN, Prime), each with a different specification. Most of them are MT4/MT5 based and have USD, EUR, or ZAR as the base currency.
You will receive a $30 USD bonus when you join. Funds can be deposited and withdrawn easily without any restrictions. In addition to forex trade, Roboforex also allows stock trading with its Roboforex R StockTrader account.
Spread and leverage rates depend on the type of account. The spread ranges from 0 pips to 1.3 pips. And the max leverage is set at 1: 2000.

☞ Who Is It Best For?

The Roboforex platform offers quality products, versatile account types, and valuable educational content for its active traders. Based on the educational resources offered and the types of accounts available, RoboForex is a platform that is suitable for beginners as well as experienced traders.

#4. Best Broker for Copy Trade: Alpari

Alpari allows you to trade actively and invest effectively regardless of your level of experience.
Among brokerage platforms, it has the most amazing Copy Trade feature. You can utilize hundreds of strategies that gain profits through this automated feature.
Founded in 1998, Alpari has gained experience that very few broker companies can match. Moreover, they are considered pioneers of copy trading.
This platform offers a wide range of services, including Forex trading and investment opportunities, to over a million clients in over 150 countries. It is a trustworthy platform that is regulated by the Financial Commission (FSC) and Financial Conduct Authority (FCA). Brokers will be covered for complaints up to €20,000.

☞ How Does It Work?

The company offers four accounts for traders. All these accounts are MT4/MT5 based, with varying deposit fees, spreads, leverage amounts, and commission rates. Each account allows for the use of the following four base currencies: USD, GBP, NGN, and EUR.
In addition to MT4/MT5, Alpari has a Binary option designed for binary trading. You will also get the Copy Trading feature on this platform. New users can utilize this automated feature after the deposit of $100.
The platform offers users to trade in Fores, Cryptocurrencies, commodities, stocks, CFDs, and metals.

☞ Who Is It Best For?

Most of the features and tools on this platform are easy to understand and use. Moreover, the fee structure is kept transparent so that traders can understand the different types of charges on this platform. These features are well-suited for beginners.
This broker also facilitates professional traders by providing ECN Pro and standard accounts. These accounts enable fast order execution.

#5. Best Technical Tools: Exness

The Exness Forex broker provides traders with high-quality services. Exceptional technical support provided by the company contributes to good results for traders working with the broker. These modern tools and services make sure that you get maximum profit.
The premium services and investment instruments can be found on the official website. These include trading platforms, payment methods for replenishing and withdrawing money, analytics, and more.
The company has been operating since 2008. Regulatory licenses include CySEC, FCA, and FSA.

☞ How Does It Work?

Exness offers three types of accounts: Standard Cent Account, Standard Account, and Professional ECN Account. You can also open a demo account. The trading platforms are MT4 and MT5.
There are currently over 120 currency pairs available, along with CFDs on cryptocurrency, stocks, energy, and metals. The trading conditions are kept favorable to support profitable trade. These include fast order execution, low commission rate, tight spread, and instant withdrawal of funds.

☞ Who Is It Best For?

Exness has diverse accounts that offer varying features to satisfy novice traders as well as pro traders. Most of their accounts have narrow spreads for the base currency, which means you don’t have to spend more. Further, excellent customer support is available 24/7 for assistance.

#6. Best for Innovative Trading Technology: Axi

Axi is an Australian company that was established in 2007 by traders.
Traders can increase their profits by analyzing trading patterns, utilizing analytical tools, and avoiding risks with the help of an AI-based PsyQuation platform.
This platform is licensed by three regulators: FCA UK Financial Conduct Authority), ASIC (Australian Securities and Investments Commission), and DFSA (Dubai Financial Services Authority). This brokerage firm is trusted by these regulators, demonstrating its credibility.

☞ How Does It Work?

You will be given three accounts on this platform: Standard, Pro, and Elite. It includes AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, and USD as its base currencies. The broker offers over 140 trading instruments, such as Forex, metals, cryptocurrencies, and CFDs, to traders worldwide.
After opening an account, you have to deposit money. This platform allows a minimum deposit of $1. Once you have replenished your account, select a currency pair to trade. The spread varies with the type of account you are using; the spread for a standard account is 0.4 pips, and for a pro account, it is 0 pips.
The spreads on Axi Trader are lower than those of its competitors. Non-trading commissions reduce traders’ costs. A leverage rate of 1:500 is offered by the company.

☞ Who Is It Best For?

Axi trader is for someone who wants a reliable platform for trading. The presence of three reputable regulators ensures safe and stable trading. Furthermore, this platform offers a variety of trading instruments for beginners and professionals alike.

#7. Best for Bitcoin Trading: FXTM

ForexTime, also known as FXTM, started its operation in 2011. The platform offers the most favorable conditions for Bitcoin and crypto trading. It is regulated by FSCA, CySEC, FCA, and FSC.
The broker is trustworthy and has over 4 million traders in 150-plus countries. It offers MT4/MT5 platforms, automated trading, and efficient analytical tools. Most importantly, FXTM brings the most competitive pricing. It also maintains a degree of transparency.

☞ How Does It Work?

Getting started on this trading platform require opening a digital account. Three types of accounts are available. Each account type has its own pricing, minimum deposit, trading platform, and products available for trading. There are four base currency pairs:  EUR, GBP, USD, and NGN.
You can deposit and withdraw easily via a wide range of options: credit cards, electronic wallets, and bank transfers. You can trade forex, CFD, stock, and crypto.

☞ Who Is It Best For?

This online broker has experience and is regulated by the most reputable institutes, making it suitable for active and passive investment in forex and crypto. If you are looking for a platform for investing rather than trading, FXTM is the ideal choice.

#8. Best for Trading Conditions: Pepperstone

Pepperstone was established in 2010 by traders who were unsatisfied with the services provided by most of the brokers. In doing so, they have established one of the best trading platforms that provide favorable trading conditions and the best technical support globally.
This broker, with its professional tools, not only makes trading easier but also boosts trade efficacy. As for regulator bodies, it is under the regulation of seven authorities, including ASIC and FCA.

☞ How Does It Work?

At Pepperstone minimum trade volume is 0.01 lots, and spreads start at 0.0 pips. In addition, you will get over 1000 advanced trading tools. The order execution takes 30ms, which is pretty fast for a trading platform.
Two types of accounts (Razor and Standard) are available for traders based on the following currencies: AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, and HKD.
You can trade forex, index, stocks, currency indices, and commodities. Also, it is allowed to use scalping, auto copying, hedging, and more.

☞ Who Is It Best For?

This online broker allows an ideal environment for trading CFDs that is encouraging for beginners and pro traders. Trading platforms like MT4, MobileTrading, WebTrader, and cTrader provide excellent interactive and insightful UIs, making the trade easier.

#9. Best for Investment: Instaforex

The InstaForex broker offers retail traders reliability, adaptability, and a set of features that make trading forex easier.
The availability of PAMM investment accounts makes it an ideal trading platform for passive investment. Founded in 2007, InstaForex has been providing to over 7 million traders globally.
The broker offers over 300 trading instruments and tools for copy trading forex and investment like ForexCopy and PAMM accounts. It is regulated by the British Virgin Islands Financial Services Commission (FSC).

☞ How Does It Work?

The traders can open four types of accounts: Standard, Eurica, Cent standard, and Cent Euric. Additionally, PAMM accounts offer different levels of profitability. You can become an investor or manager after opening this account.
A minimum deposit of $1 is required, while spreads range from 0 to 7 pips depending on the account type. Trading platforms available on this platform are MT4, MT5, InstaTrader, WebTrader, multiterminal, and mobile trading.

☞ Who Is It Best For?

The optimal trading conditions of this company favor both novice and professional traders. In the website version, you can easily access and analyze trading information through an intuitive interface. Whenever you have a problem, their customer service is available to help.

How To Choose The Best Broker To Trade Forex?

For a new trader in the foreign exchange market, choosing the right online forex broker can be challenging. While there are many forex brokers, it is important to take into account the following factors when choosing one.

The Best Forex Broker Align with Your Goals

It is essential that you should be clear about what type of transaction you want to do in the foreign exchange market. Find a forex broker that facilitates active trading if you are a retail trader. Likewise, if you are investing passively, you should work with a forex broker who offers favorable trading conditions.

Account Types

The majority of brokers offer a variety of account types. Each account comes with specific features that should be carefully explored before selecting the best forex trader. Things to consider are commissions, spreads, leverage, initial deposits, ease of replenishing the deposits, and withdrawals.

Currency Pair Available

Several trading platforms offer a variety of currencies for trading, but only a few are easy to buy and sell. Select the forex broker that offers currency pairs with the greatest liquidity.

Trading Platforms

The trading platforms are the portals to the foreign exchange markets. Platforms with better user interfaces can enhance the experience. Forex brokers must have trading platforms and analytic tools that improve trading conditions. Additionally, traders can easily enter or leave these platforms.

Spreads, costs, and commission

Trading is generally more profitable when spreads are lower. That is why lower spreads are one of the determining factors when choosing a broker.
Consider the following example: When the EUR/USD currency pair is priced at 1.1715/16, it costs 1.1716 to purchase it. Selling it will get you 1.1715. This difference (.0001 or one pip) is what the broker earns. Spreads are the primary income of the broker.
You should also take into account the commission. Brokers offer several account types with varying fees to accommodate different trading styles.
If one account is charging no commission, they will compensate it by offering higher spreads. Likewise, accounts with lower spreads will charge higher commissions.
This structure allows traders to select the account type that best fits their trading strategy while costing them the least. Things to look at are spreads and commissions.
Overnight currency traders should also consider swaps when opening and holding positions. Depending on the currency pair and whether the trade is long or short, these types of trades incur fees, known as swap rates.

Types of brokers

Understanding how a foreign exchange broker operates should determine the selection process.  Below are some examples of forex brokers:

• Straight-Through-Processing (STP)- means orders (trades) do not require manual intervention from the broker. Clients make money when brokers make money, so they’ll likely trade more and stay with the broker longer if they make money.
• Direct Market Access (DMA)- is similar to STP (Single Transaction Processing). STP brokers facilitate direct order filling and hedge with liquidity providers. DMA, on the other hand, means that orders are sent to the market directly and filled based on the price the liquidity provider receives.
• The Electronic Communication Network (ECN)- is used by ECN brokers to buy and sell orders automatically.

The Effort To Deposit And Withdraw

Forex brokers have varying policies regarding funding and withdrawals. They can allow you to deposit via credit cards, PayPal, credit cards, or personal checks. On the other hand, withdrawals are made through checks or wire transfers. Brokers charge for this service.

Execution speed and slippage

Execution speed is crucial to traders in fast-moving markets since it ensures more accurate pricing. This is particularly important for scalpers or Expert Advisors that process several transactions at once.
Even a millisecond delay in trading can cost you money. It is difficult to compare the execution speed of live trading with the execution speed of demo accounts, which traders can use to test out forex brokers’ services.
Trading slippage occurs when the price of an order is different from the price quoted at trade inception.
For example, a trader who places a stop-loss order at 1.1020 will lose one pip when the order fills at 1.1019.; it is negative slippage. There is also a possibility that a trader ca