10 Best Forex Brokers for Professional Traders in 2024

Broker	IG
Regulated by	ASIC, FCA, FSA, NFA, AMF, FMA, MAS, DFSA
Min. Deposit	$250
Tradable Instruments	Forex,Shares,Indices, Commodities, Thematic and basket,Options trading, Futures trading, Spot trading
Trading Platforms	Online, Mobile, Tablet & Apps
Trading Costs	Forex: Spreads on major FX from 0.6 pipsCFD shares: Spreads on UK and US shares start from £3 or $3 per trade
Max. Leverage	50:1
Demo accounts	✅
Copy Trading	❌
Bonus	❌
Payment Methods	Debit Card, Wire Transfer,  Bank Transfer (Automated Clearing House (ACH))
Customer Support	7/24

IG Group, founded in 1974, is a UK-based company providing trading in financial derivatives such as contracts for difference and financial spread betting, and stockbroking to retail traders. It is recognized and regulated in multiple countries, thereby ensuring a smooth global operation. IG's customers can trade vast instruments including currencies, indices, commodities, stocks, ETFs, and more on its proprietary platform. This user-friendly platform is technologically superior, offering fast and reliable execution, real-time market updates, and advanced charting tools, all accessible on mobile and desktop. IG Group's 24/7 customer support is commendable, with a highly responsive team providing assistance via phone, email, or live chat. Moreover, IG is known for its educational offerings, providing a vast array of financial webinars and detailed market outlook articles.

What makes IG suitable for professional traders also comes from multiple aspects. The diverse range of investment offerings on IG allows for comprehensive portfolio diversification, a feature that most professional traders are seeking. IG also offers direct market access (DMA), ensuring professional traders can trade at real market prices. The company provides sophisticated charting tools along with advanced trading technologies, ideal for experienced traders who need to carry out in-depth market analysis. Additionally, IG furnishes its clients with high-quality educational resources and market insights. This includes webinars, seminars, courses, and an expansive news and analysis section aimed to keep professional traders informed and updated.

✅ Where IG Shines:  

• Globally regulated, IG's services are accessible globally, making them a go-to source for international trading.

• Their proprietary platform stands out with its high reliability, speedy execution, and advanced charting tools.

• FTSE 250 trading is one of IG's standout offerings, with tight spreads, direct market access, and up-to-date FTSE-related news.

• Providing guaranteed stop-loss orders (GSLOs), which lock in a maximum loss limit in advance, which few other brokers can do this.

• 7/24 customer support,  IGs attentive and widely accessible customer support sets them apart in addressing trader queries and issues.

❌ Where IG Shorts:  

• IG charges an inactivity fee of $12 per month after two years of inactivity, unfavourable for long-term investors who trade less frequently.

• Presently, its product range is limited in the U.S with focus largely on forex, causing them to miss out on traders interested in other instruments.

• Some users might find the desktop trading platform complex and difficult to navigate, especially beginners.

•  Some superior research tools and features are available at an extra cost which could be discouraging for some traders.

Broker	Saxo Bank
Regulated by	ASIC, FCA, FSA, SFC, AMF, CONSOB, FINMA, MAS
Min. Deposit	$0
Tradable Instruments	CFDs, Forex, Options, Futures, Crypto FXForex options, CommoditiesStocks, ETFs, Crypto ETFsBonds, Mutual funds
Trading Platforms	SaxoInvestor, SaxoTraderGO, SaxoTraderPRO
Trading Cost	Forex:  spreads varies depending on account, from 0.5 pipsCFD: variable commissionsShares:  Variable spreads depending on the market and stock liquidity
Max. Leverage	30:1
Demo accounts	✅
Copy Trading	❌
Bonus	❌
Payment Methods	debit card deposit, bank/wire transfer, stock transfer
Customer Support	7/24

Saxo Bank, founded in 1992, is a globally recognized Danish investment bank，providing a wide range of tradable instruments, including but not limited to forex, stocks, CFDs, futures, options, ETFs, and bonds. Saxo Bank offers sophisticated trading platform SaxoTraderGO for web and mobile and SaxoTraderPRO for desktop. These platforms are equipped with groundbreaking technology and superior charting tools suitable for all types of traders. Their customer service is rated highly, offering support through email, phone, and live chat, with dedicated account managers for premium clients. The bank is recognized for its comprehensive product portfolio, competitive pricing, excellent trading platforms, and robust regulatory status.

For professional traders, Saxo Bank is a fitting choice for several reasons. Firstly, it provides access to a vast array of global markets, allowing for ample opportunities for diversification. The platform's advanced trading technologies, in-depth market insights, and professional-grade execution are traits highly attractive to professional traders. Saxo Bank's extensive research and market analysis coverage shed light on global financial trends and give traders an edge in decision-making. Additionally, the broker offers algorithmic orders for traders to automate their strategies. Lastly, Saxo Bank assigns a dedicated account manager for premium clients providing professional traders with personalized assistance.

✅ Where Saxo Bank Shines:  

• Saxo Bank is regulated by multiple top-tier financial authorities worldwide, which confers a high level of trust and safety for professional traders.

• It offers powerful platforms that provide professional-grade execution and comprehensive charting tools.

• Premium clients receive dedicated account managers, providing personalized service.

• Saxo Bank boasts a large in-house research team, issuing regular market updates, economic forecasts, and in-depth strategy insights, vital to professional traders.

❌ Where Saxo Bank Shorts:  

• Saxo Bank requires a relatively high minimum deposit to open an account, which may deter entry-level traders.

• Its pricing structure, including commissions, spreads, and other fees, can be somewhat complicated for beginners.

• Saxo Bank doesn't support trading in micro-lots in its forex offerings, which may not suit some trading strategies.

Broker	InteractiveBrokers
Regulated by	ASIC, FCA, FSA, SFC, IIROC
Min. Deposit	$250
Tradable Instruments	global stocks, options, futures, currencies, cryptocurrencies, and more
Trading Platforms	IBKR Trader Workstation (TWS)IBKR DesktopIBKR MobileIBKR GlobalTraderIBKR Client Portal
Trading Costs	Tiered fee structure
Max. Leverage	50:1
Demo accounts	✅
Copy Trading	❌
Bonus	❌
Payment Methods	ACH,  Bank Wire, Bill Pay, Check, Transfer from Wise Balance
Customer Support	5/24

Interactive Brokers LLC, founded in 1978, is a U.S.-based brokerage firm registered in Greenwich, Connecticut. It's a leading platform that offers a vast range of tradable instruments including stocks, options, futures, forex, bonds, ETFs and mutual funds, across over 135 markets in 33 countries. The broker provides powerful trading platforms like Trader Workstation (TWS), IBKR Mobile, and Client Portal, featuring sophisticated tools, charts, and analytics for advanced trading. Customer support involves numerous channels including chat, email, phone, and an extensive library of FAQs and educational resources. Interactive Brokers is widely recognized for its competitive fees, broad product range, and robust trading technology, making it a preferred choice for many seasoned investors and traders worldwide.

InteractiveBrokers is particularly beneficial for professional traders. Firstly, the firm offers direct market access to numerous exchanges worldwide, catering to the global trading needs of professional traders. Secondly, its sophisticated trading platforms, especially the Trader Workstation (TWS), provide a range of advanced tools and features necessary for detailed market analysis and precise trade execution. In addition, Interactive Brokers offers low-cost pricing structures, which is a significant bonus for high-volume traders typically found amongst professionals. The firm also provides useful risk management tools, enabling professional traders to better manage their risk exposures. Furthermore, ongoing education and extensive market research resources offered by IC are enriching for professionals staying at the forefront of market trends.

✅ Where InteractiveBrokers Shines:  

• Heavily regulated by ASIC, FCA, operating in a transparent way, adding extra layer of security.

• Features advanced trading platforms with powerful tools, efficient order routing, and high-speed execution.

•  Its tiered pricing structure is favourable for frequent traders, featuring low commissions and margin rates.

• Interactive Brokers affords investing in different currencies and in international markets, which allows more opportunities for diversification over the long term.

❌ Where InteractiveBrokers Shorts:  

• Charges monthly inactivity fees if certain commission thresholds aren't met, negatively impacting infrequent traders or beginners with smaller portfolios.

• Despite multiple channels, customer support has been reported to be slow at times, possibly impacting traders who require immediate assistance.

• While direct margin rates are relatively low, tiered rates can be higher for some balances compared to competitors.

Broker	eToro
Regulated by	ASIC, FCA, CYSEC
Min. Deposit	$10
Tradable Instruments	Cryptocurrencies, stocks,  ETFs,  and more
Trading Platforms	eToro trading platform
Trading Costs	1% fee for cryptoassets trading
Max. Leverage	30:1
Demo accounts	✅
Copy Trading	✅
Bonus	❌
Payment Methods	Debit Card, Bank Account, PayPal, Wire Transfer
Customer Support	24/7

eToro, established in 2007, is a social trading platform based in Israel, with registered offices in Cyprus, the UK, and Australia. The platform provides a variety of tradable instruments like stocks, cryptocurrencies, commodities, forex, and ETFs among others. eToro is best known for its exceptional social trading platforms available both on web and mobile, where traders can copy trades from other investors automatically. eToros customer support includes assistance via phone and ticketing system, though it does not offer a 24/7 service. The broker is widely recognized for its innovative social trading features, free stock trading, and user-friendly interface.

For professional traders, eToro could be a strong choice because of several unique features. Primarily, its pioneering social trading platform provides traders with the opportunity to follow and replicate trades of top-performing investors, which might be beneficial for professional traders looking to diversify their strategies. The platform also offers ProCharts, a professional charting package, and advanced risk management tools, which are crucial for professional portfolio management. Furthermore, eToro‘s CopyPortfolio feature, allows automatic copying of portfolios created by professional traders, or portfolios oriented towards a specific strategy. However, it’s important to note that due to its social trading focus, eToro might be more beneficial to traders whose strategies involve social interaction and information gathering from others.

✅ Where eToro Shines:  

• eToro's pioneering social trading platform allows traders to follow and copy the trades of successful investors.

• eToro's platform has a highly intuitive and user-friendly interface designed to make trading accessible for both novice and experienced traders.

• eToro is known as one of the pioneers in cryptocurrency trading, offering access to a wide range of crypto assets, a feature which many professional traders find attractive.

• Another key advantage for eToro is their offer of free stock trading, a benefit not seen across all trading platforms.

❌ Where eToro Shorts:    

• eToro charges relatively high forex and CFD trading fees which can eat into trading profits, especially for high-volume traders.

• The platform's customer support is not available 24/7 and some users have reported slow response times.

• eToro charges a fixed withdrawal fee of $5, unlike many other brokers, which can be a drawback for active traders who need to move money frequently.

Broker	CMCMarkets
Regulated by	FCA, FMA
Min. Deposit	$0
Tradable Instruments	Shares,  ETFs, Options, mFunds, warrants, FX Pairs, Indices, Commodities, Shares, Cryptocurrencies, and Treasuries
Trading Platforms	web-based platform, mobile app, MetaTrader 4, Next Generation
Trading Costs	Forex: from 0.7 pipsIndices: from 1.0 pipsCryptocurrencies:  from 35 points for Bitcoin and 3 points for Ripple.
Max. Leverage	30:1
Demo accounts	✅
Copy Trading	✅
Bonus	❌
Payment Methods	Credit/debit card, Online banking, Bank transfer
Customer Support	5/24

CMCMarkets, established in 1989, is a UK-based financial services company that operates as an online broker,  offering vast tradable instrument options including forex, shares, indices, commodities, treasuries, and cryptocurrencies. CMCMarkets provides a proprietary trading platform known as 'Next Generation', which is available on both web and mobile, and it also supports MetaTrader 4 for forex trading. Its customer support is comprehensive, offering 24-hour support via phone, live chat, and email. CMC Markets is highly regarded for its advanced trading platform, competitive spreads, exceptional charting tools, and a strong regulatory reputation.

CMMarkets is often favored by professional traders for a number of reasons. Their 'Next Generation' platform is designed with advanced features such as customizable charting, automated trading strategies, and risk-management features. This comprehensive toolkit facilitates complex market analysis and high-level professional trading. The wide range of tradable instruments offered by CMC Markets ensures professionals can diversify their portfolios according to their own trading strategies effectively. Additionally, CMCMarkets offers competitive pricing and lower forex spreads, which can be vitally beneficial to professionals who often deal with high volume trades. The company also provides extensive educational resources and market analysis updates, that help professional traders stay updated on market trends and refine their trading strategies. So, with its advanced platform, diverse offerings, competitive spreads, and educational support, CMCMarkets is well equipped to meet the needs of professional traders.

✅ Where CMCMarkets  Shines:    

• Their 'Next Generation' platform is well-regarded for its powerful tools, customisable charts, and automated trading features catered towards professional traders.

• Competitive spread pricing is especially beneficial for high volume traders, often equating to significant cost savings.

• CMCMarkets supports a wide variety of order types, including guaranteed stop-loss orders, providing professionals with more control over their trading activities.

❌ Where CMCMarkets Shorts:    

• CMCMarkets doesn't frequently offer promotions or bonuses, which can lessen its appeal compared to other brokers who do.

• While CMCMarketss Forex trading fees are competitive, their stock CFD fees tend to be on the higher side.

Broker	Pepperstone
Regulated by	ASIC, CYSEC, FCA, DFSA, SCB
Min. Deposit	$200
Tradable Instruments	Forex, Commodities,Indices, Currency Indices,Cryptocurrencies,Shares, ETFs,CFD Forwards
Trading Platforms	cTrader，  MetaTrader 4，  TradingView，
Trading Costs	Forex markups of 0.70 pips, average costs of 0.84 pips or $7.00 and $8.40 per 1.0 standard round lot
Max. Leverage	500:1
Demo accounts	✅
Copy Trading	✅
Bonus	❌
Payment Methods	Visa, Mastercard, Bank transfer; PayPal, Neteller,  Skrill, Union Pay
Customer Support	24/7

Pepperstone, founded in 2010, is an online forex and CFD broker based in Australia, with additional operations in the UK. It provides trading in over 150 instruments, spanning forex, index CFDs, commodities, cryptocurrencies, and share CFDs. The broker offers multiple trading platforms including MetaTrader 4, MetaTrader 5, and cTrader available on web, desktop, and mobile for convenient access. Pepperstone's customer support extends to 24/7 live chat, phone, and email services. Pepperstone is recognized for its low-cost access to global forex markets, superior customer service, extensive educational resources, and transparent fee structure.

Pepperstone is a solid option among professional brokers.  Firstly, it allows high-speed execution with ultra-low latency, a vital factor for those implementing high-frequency trading strategies. Secondly, Pepperstone's platform compatibility with MetaTrader and cTrader means professionals can utilize expert advisors (EAs) and cAlgo for automated trading. Furthermore, the broker provides robust analytical tools and technical indicators crucial for in-depth market analysis. Pepperstone also offers a competitive spread and pricing model, which can significantly lower costs for high-volume traders. Lastly, the availability of high leverage up to 500:1, an ideal choice for scalpers and high-frequency traders.

✅ Where Pepperstone Shines:    

• Known for its ultra-low latency and swift trade execution, which is a significant benefit for high-frequency traders.

• Offers MetaTrader 4, MetaTrader 5, and cTrader platforms, all of which are suited to the needs of professional traders.

• Exceptionally competitive forex pricing with low spreads, reducing costs particularly for high-volume traders.

• Providing high leverage up to 500:1 (subject to eligibility), which can enlarge trading capacity.

• Offering robust analytical tools and technical indicators aiding comprehensive market analysis.

❌ Where Pepperstone Shorts:  

• Although Pepperstone offers a broad range of forex pairs, its CFD offerings are not as extensive, which can restrict trading diversification for some traders.

• Pepperstone does not regularly offer bonuses or promotional campaigns, which can lessen its appeal compared to other brokers. 

Broker	Forex.com
Regulated by	ASIC, FCA, FSA, IIROC,  NFA, MAS, CIMA
Min. Deposit	$100
Tradable Instruments	forex, stock CFDs, indices or commodities,
Trading Platforms	MT4, MT5, Mobile App, Webtrader
Trading Costs	Standard account: No commissions are charged on any instruments.RAW account: $$7 per $$100,000 USD traded on all instruments.
Max. Leverage	50:1
Demo accounts	✅
Copy Trading	✅
Bonus	❌
Payment Methods	credit card, debit card, Skrill and Neteller e-wallets and wire transfer
Customer Support	5/24

Forex.com, founded in 1999, is a US-based online broker that operates globally. The broker offers trading in over 80 currency pairs, along with numerous other instruments including indices, commodities, and stock CFDs. Forex.com provides a proprietary platform called “Advanced Trading”, and supports MetaTrader 4 platform, both accessible from web, desktop and mobile devices. Their customer support team is available 24/5 via phone, email, and live chat. The broker is recognized for its performance and reliability, comprehensive research tools, and a well-rounded service in general.

Appropriate for professional traders, Forex.com offers a number of benefits. Its integrated research tools, market commentary, and sophisticated charting capabilities allow professional traders to fully analyze market trends. The broker's proprietary “Advanced Trading” platform includes comprehensive trading features such as advanced order types, customizable charting tools, and automated trading options, which makes it suitable for sophisticated trading strategies. Moreover, Forex.com offers average-to-competitive spreads, and the chance to cut trading costs via an active trader program, which can be particularly advantageous for high-volume traders. Additionally, the broker's robust regulatory infrastructure across multiple jurisdictions brings peace of mind to the professionals.

✅ Where Forex.com Shines:  

• Forex.coms robust regulatory infrastructure across multiple jurisdictions assures professional traders of a safe and secure trading environment.

• The average-to-competitive spreads coupled with an active trader program that cuts costs for high-volume traders is an advantageous offer.

• U.S. based clients cannot trade cryptocurrencies, restricting the options for traders based in the United States.

• Forex.com supports advanced order types such as trailing stops, stop loss, and limit orders, allowing professionals to implement complex strategies.

• Regular provision of market insights and technical analysis helps professional traders plan their strategy more accurately and stay informed about market trends.

❌ Where Forex.com Shorts:    

•  Although the broker offers over 80 currency pairs, it has a relatively limited range of other assets, which might deter traders seeking a diverse asset selection.

•  Forex.com charges inactivity fees of $15 for accounts that have been dormant for a year, which can increase the costs for occasional traders.