Best Forex Brokers in 2024

Saxo - Best overall broker, most trusted

Trust Score		⭐⭐⭐⭐⭐
Founded		1991
Min. Deposit		$0
Regulation		ASIC, FCA, FSA, AMF, CONSOB, FINMA, MAS
Financial Instruments	Investment products	Stocks, ETFs, bonds, mutual funds, crypto ETPs
	Leveraged products	Options, futures, forex, forex options, crypto FX, CFDs, commodities, turbos
Demo Account		✅(20 days with $100,000 virtual fund)
Trading Platforms		SaxoInvestor, SaxoTraderGO, SaxoTraderPRO
Social Trading		/
Max. Leverage		1:100
Fees	Spreads & Commissions (Forex)	From 0.9 pips (Classic account) + commission-free
	Deposit Fee	❌
	Withdrawal Fee	❌
	Inactivity Fee	/
Educational Resources		/
Customer Support		24/5 - Support Center
Open Saxo Account

Why Is Saxo Trustworthy?

Established History: Saxo Bank was founded in 1991, and since then it has built a reputation for being a reliable and stable financial institution.

Regulatory Oversight: Saxo Bank is regulated by several of the world's leading financial regulatory bodies, including the Danish Financial Supervisory Authority (FSA) and the UK's Financial Conduct Authority (FCA). It is also licensed by various regulatory authorities in the countries where it operates.

Transparency: Saxo Bank provides information about its financial performance, is publicly traded, and subject to the corporate governance and disclosure requirements that come with that status.

Client Protection: Saxo Bank offers protection for client funds in the event of bankruptcy or solvency issues, in accordance with regulatory standards.

Technology & Security: The bank uses advanced technological tools to secure transactions and protect users' data. It also provides strong encryption for online trading, ensuring safety and security for its users.

Product Range & Quality: It offers a comprehensive and high-quality range of products and services, and is recognized for its robust trading platforms.

Interactive Brokers (IB) - Best trusted forex broker for professionals

Trust Score		⭐⭐⭐⭐⭐
Founded		1978
Min. Deposit		$0
Regulation		ASIC, FCA, FSA, SFC, CIRO
Financial Instruments		Stocks, options, futures, currencies, bonds and funds
Demo Account		✅
Trading Platforms		IBKR GlobalTrader, Client Portal, IBKR Desktop, IBKR Mobile, Trader Workstation (TWS), IBKR APIs, IBKR ForecastTrader, IMPACT
Social Trading		/
Max. Leverage		1:400
Fees	Spreads & Commissions (Forex)	From 0.1 pips + low commission
	Deposit Fee	❌
	Withdrawal Fee	One free withdrawal request per calendar month
	Inactivity Fee	$0 (IBKR Account), ≥£3/month (ISA Account）
Educational Resources		✅
Customer Support		Live chat, phone, email, FAQs
Open IB Account

Why Is IB Trustworthy?

Long-standing History: Founded in 1978, Interactive Brokers has a long-standing history in the financial markets, which typically suggests stability and reliability.

Strict Regulation: IB is regulated by many high-level financial authorities worldwide, including the Australia Securities & Investment Commission (ASIC), the UK's Financial Conduct Authority (FCA), and others.

Financial Transparency: As a publicly-traded company listed on the NASDAQ, IB is subject to rigorous financial reporting requirements, providing transparency into its financial health.

Customer Protection: Client funds are protected by the Securities Investor Protection Corporation (SIPC) up to $500,000 (including $250,000 for claims in cash).

Technological Superiority: IB provides advanced, secure technology for trading and protecting customer data. Its trading platform, Trader Workstation (TWS), is recognized as one of the best in the industry.

Wide Offerings: IB offers a wide range of financial products for trading, including stocks, options, futures, currencies, bonds and funds from a single integrated account.

Good Reputation: Interactive Brokers has a strong reputation within the industry, and it has won multiple awards for its quality of services.

IG - Best for active traders

Trust Score		⭐⭐⭐⭐⭐
Founded		1974
Min. Deposit		0
Regulation		ASIC, FCA, FSA, NFA, AMF, FMA, MAS, DFSA
Financial Instruments		Forex, shares, indices, commodities, thematic and basket, options, futures, spot, cryptocurrencies
Demo Account		✅ ($20,000 in virtual capital)
Trading Platforms		Online trading platform, Mobile trading app, Progressive web app, ProRealTime, MT4, L2Dealer
Social Trading		/
Max. Leverage		1:400
Fees	Spreads & Commissions (Forex)	From 0.6 pips (EUR/USD)
	Deposit Fee	Visa (1%), MasterCard (0.5%)
	Withdrawal Fee	✅ vary on the method
	Inactivity Fee	✅
Educational Resources		✅
Customer Support		24 hours a day, except from 6am to 4pm on Saturday (UTC+8) - live chat, phone, email, WhatsApp, Help & Support
Open IG Account

Why Is IG Trustworthy?

Extensive Track Record: IG has been a leader in the financial markets since its foundation in 1974, making it one of the longest-operating brokers in the industry.

Comprehensive Regulation: IG is regulated by several well-known regulatory bodies, including the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investment Commission (ASIC) in Australia.

Financial Transparency: IG is a publicly traded company listed on the London Stock Exchange, which means it must meet stringent financial reporting standards, affording clients a high degree of transparency.

Client Protection: IG ensures the safety of client funds through segregated accounts and is a member of the Financial Services Compensation Scheme (FSCS), which can provide compensation to customers if IG is unable to fulfill its financial obligations.

Wide Range of Instruments: IG offers a wide diversity of financial instruments, including forex, shares, indices, commodities, thematic and basket, options, futures, spot, and cryptocurrencies.

Technological Innovations: IG provides a state-of-the-art trading platform that includes advanced charting tools, prorealtime algorithms, and direct market access to help traders effectively navigate the markets.

Good Reputation: IG has a strong reputation in the broking industry, consistently receiving high rating scores in user reviews and industry awards for their service.

XM - Best for customer service

Trust Score		⭐⭐⭐⭐⭐
Founded		2009
Min. Deposit		$5
Regulation		ASIC, CySEC, FSC (Offshore), DFSA, FSCA
Financial Instruments		Forex, indices, commodities, turbo stocks, metals, energies, thematic indices
Demo Account		✅
Trading Platforms		MT4, MT5, XM WebTrader
Social Trading		✅
Max. Leverage		1:1000
Fees	Spreads & Commissions (Forex)	From 1.6 pips + commission-free (Standard account)
	Deposit Fee	❌
	Withdrawal Fee	❌
	Inactivity Fee	✅
Educational Resources		✅
Customer Support		24/7 - live chat, Line, email, Help Center
Open XM Account

Why Is XM Trustworthy?

Regulatory Oversight: XM Group operates under robust regulations via various entities, including the highly respected Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the International Financial Services Commission (FSC, offshore) of Belize, Dubai Financial Services Authority (DFSA) of United Arab Emirates, and the Financial Sector Conduct Authority (FSCA) in South Africa.

Client Fund Safety: XM Group is clear about the importance of client fund safety. They maintain segregated client accounts to ensure that client funds are not used for the company's operational expenses. Additionally, in the unfortunate event the company was to enter liquidation, client funds cannot be used to pay off creditors.

Transparent Trading Conditions: XM Group is well-known for providing clear, transparent information about their trading conditions. This includes everything from spreads to swaps, ensuring that clients fully understand the circumstances of their trades.

Positive Client Reviews: XM Group often receives positive feedback from its clients, citing its customer service, trading conditions, and educational resources as stand-out positives.

Extensive Range of Instruments: XM Group offers trading in more than 1000 instruments, including forex, indices, commodities, turbo stocks, metals, energies, and thematic indices.

Education and Research Tools: XM Group is renowned for its high-quality educational material, including webinars, video tutorials, market research, forex seminars, and trading tools, which are considered a mark of a broker's commitment to its clients' success.

Pepperstone - Best for trading platform and tools

Trust Score		⭐⭐⭐⭐
Founded		2010
Min. Deposit		$0
Regulation		ASIC, CySEC, FCA, DFSA, SCB
Financial Instruments		Forex, commodities, indices, currency indices, cryptocurrencies, shares, ETFs
Demo Account		✅
Trading Platforms		MT4, MT5, cTrader, TradingView, Pepperstone Trading Platform
Social Trading		✅
Max. Leverage		1:200 (Retail)/1:500 (Professional)
Fees	Spreads & Commissions (Forex)	From 1.0 pips on EUR/USD + commission-free (Standard account)
	Deposit & Withdrawal Fee	Most International TTs are approximately $20
	Inactivity Fee	❌
Educational Resources		✅
Customer Support		Live chat, contact form, Help & Support
Open Pepperstone Account

Why Is Pepperstone Trustworthy?

Strong Regulation: Pepperstone Limited is authorized and regulated by the UK's Financial Conduct Authority (FCA) while Pepperstone Group Limited is regulated by the Australian Securities and Investment Commission (ASIC). These are both highly regarded regulatory bodies in the financial industry.

Segregation of Client Funds: Pepperstone maintains segregated client accounts. This means traders' funds are kept in separate bank accounts, ensuring they are not used for any other purpose.

Auditing: Pepperstone's accounts are audited by the prestigious Ernst & Young, providing an extra layer of financial transparency and accountability.

Positive Reputation: Since its establishment in 2010, Pepperstone has quickly gained a strong positive reputation among Forex traders for its competitive spreads, efficient trade execution, and excellent customer service.

Technological Security: Pepperstone uses advanced encryption technology to ensure the safety and privacy of its clients' personal and financial information.

Wide Range of Trading Options: Pepperstone offers a comprehensive selection of financial instruments for trade, including forex, commodities, indices, currency indices, cryptocurrencies, shares, and ETFs.

IC Markets Global - Best for low fees

Trust Score		⭐⭐⭐⭐
Founded		2007
Min. Deposit		$200
Regulation		ASIC, CySEC
Financial Instruments		CFDs on forex, commodities, indices, bonds, stocks, and futures, digital currencies
Demo Account		✅ (free for 30 days)
Trading Platforms		MT4, MT5, cTrader, TradingView
Social Trading		✅
Max. Leverage		1:1000
Fees	Spreads & Commissions (Forex)	From 0.8 pips + commission-free (Standard account)
	Deposit Fee	❌
	Withdrawal Fee	❌
	Inactivity Fee	✅
Educational Resources		✅
Customer Support		24/7 - live chat, contact form, phone, email, Help Centre
Open IC Markets Account

Why Is IC Markets Trustworthy?

Regulatory Oversight: IC Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC). These regulatory bodies have strict guidelines and standards which brokers must adhere to, ensuring that they operate fairly and transparently.

Client Fund Safety: IC Markets hold client funds in segregated accounts with prestigious banks, separate from their own operating funds. This ensures that client money cannot be used for any other activities of the company.

Transparency: They are very transparent with their trading conditions, with detailed information about spreads, leverage, and other trading terms available on their website.

Established History: Founded in 2007, IC Markets has a long-standing history in the forex trading industry, adding to their credibility and reliability.

Positive Client Reviews: IC Markets generally receives positive client feedback, with many users praising its low spreads, fast execution speeds and responsive customer support.

Broad Product Offering: IC Markets offers trading on a wide variety of instruments including CFDs on forex, commodities, indices, bonds, stocks, and futures, digital currencies.

XTB - Best for educational resources

Trust Score		⭐⭐⭐⭐
Founded		2002
Min. Deposit		0
Regulation		CySEC, FCA, CNMV
Financial Instruments		5400+, Forex, Commodities, Indices, Shares, ETFs, Stock CFDs, ETF CFDs
Demo Account		✅
Trading Platforms		xStation 5, xStation Mobile
Social Trading		/
Max. Leverage		1:30
Fees	Spreads & Commissions (Forex)	From 0.1 pips + commission-free
	Deposit Fee	❌
	Withdrawal Fee	Withdrawals smaller than $100/€80/£60 or 12000 HUF will be charged a high fee of around $20/€16/£12
	Inactivity Fee	✅
Educational Resources		✅
Customer Support		24/5 live chat, phone, email
Open XTB Account

Why Is XTB Trustworthy?

Regulation: XTB is regulated by some of the most respected financial regulatory bodies in the world, including the UK's Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Spain's Comisión Nacional del Mercado de valores (CNMV).

Established History: XTB was founded in 2002 and has since maintained a strong reputation within the financial industry, enhancing their credibility and reliability.

Client Fund Protection: XTB holds clients' funds in segregated accounts separate from the company's own funds, ensuring that clients' investments are secure and cannot be used for any other purposes.

Transparency: XTB is known for its transparency when it comes to trading conditions, pricing, spreads, and fees.

Customer Satisfaction: XTB often receives positive client feedback highlighting their customer service, trading platforms, and educational resources.

Wide Range of Offerings: XTB offers a broad product portfolio that includes trading in forex, commodities, indices, ETFs, and equities.

eToro - Best trusted forex broker for beginners

Trust Score		⭐⭐⭐⭐
Founded		2007
Min. Deposit		$10
Regulation		ASIC, CySEC, FCA
Financial Instruments		3000+, Stocks, Cryptocurrencies, Currencies, Commodities, ETFs
Demo Account		✅
Trading Platforms		MT4, eToro proprietary platform
Social Trading		✅
Max. Leverage		1:30 (retail)/1:400 (professional)
Fees	Spreads & Commissions (Forex)	From 0.75 pips on EUR/USD + commission-free
	Deposit Fee	❌
	Withdrawal Fee	$5 withdrawal fee for $30 withdrawal amount
	Inactivity Fee	$10 per month for inactivity of 12 months
Educational Resources		✅
Customer Support		24/5 live chat, email
Open eToro Account

Why Is eToro Trustworthy?

Regulation: eToro operates in compliance with trusted regulatory bodies. It is regulated by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC).

Transparency: eToro operates with high levels of transparency. It clearly outlines its charges and spreads to its customers, ensuring they have all the information they need to make decisions.

Social Trading: eToro has popularized social trading where users can follow and copy trades from experienced traders. This feature is seen as a commitment to customer success.

Security: eToro places a high emphasis on securing users' data and uses industry standard encryption practices to protect users against fraudulent activities.

Customer Feedback: Many users attest to eToro's trustworthiness, often citing positive experiences with the platform's features and support.

Range of Services: eToro offers a wide selection of tradable assets, including stocks, ETFs, Indices, commodities, currencies, and cryptocurrencies.

Forex.com - Best for forex trading

Trust Score		⭐⭐⭐⭐
Founded		1999
Min. Deposit		$100
Regulation		ASIC, FCA, FSA, NFA, CIRO, MAS
Financial Instruments		Forex, indices, stocks, cryptocurrency, commodities, gold & silver
Demo Account		✅(90 days risk-free trading with $50,000 in virtual funds)
Trading Platforms		Web Trader, Mobile App, TradingView, MT4, MT5
Social Trading		/
Max. Leverage		1:200
Fees	Spreads & Commissions (Forex)	From 0.8 pips + commission-free (Standard account)
	Deposit Fee	❌
	Withdrawal Fee	Credit/debit card: ❌
		Wire transfer: additional fees may be applied by receiving bank
	Inactivity Fee	/
Educational Resources		✅
Customer Support		24h live chat, contact form, phone, email
Open Forex.com Account

Why Is Forex.com Trustworthy?

Regulation: Forex.com is a trading name of GAIN Global Markets Inc. which is authorized and regulated by various other global bodies, including the UK's Financial Conduct Authority (FCA), the US's National Futures Association (NFA), and more.

Establishment: As one of the older online forex brokers, Forex.com has been serving clients since 1999. This long track record contributes to its perceived reliability.

Transparency: Forex.com is clear about fees, charges, and spreads, enabling traders to take these into account before making trading decisions.

Client Fund Protection: Forex.com holds client funds in segregated accounts separate from their own operational funds, ensuring that client money isn't used for the brokerage's business activities.

Technological Infrastructure: Forex.com offers robust and reliable trading platforms, including advanced platforms like MT5, and its own proprietary platform.

Wide Offerings: Forex.com offers a broad range of tradable products including forex, indices, shares, commodities, and cryptocurrencies.

Forex trading, also known as foreign exchange trading or currency trading, is the buying and selling of currencies on the foreign exchange market with the aim of making a profit. forex is one of the largest and most liquid markets in the world, with traders including large banks, central banks, institutional investors, currency speculators, corporations, governments, and other financial institutions.

The forex market is open 24 hours a day, five days a week, and currencies are traded worldwide among the major financial centers of London, New York, Tokyo, Zürich, Frankfurt, Hong Kong, Singapore, Paris, and Sydney.

Traders speculate on the price movement of one currency against another, hoping to make a gain from currency fluctuations and market volatility. For example, if a trader believes the US Dollar will increase in value against the Euro, they will buy US Dollars and sell Euros, or vice versa if they believe the opposite will occur.

Understanding forex terminology is crucial for successful trading. Below are some key terms you should be familiar with:

For beginners, eToro is the most suitable because of its social trading feature. This allows beginners to observe and learn from successful traders, which can be helpful when they are starting out and building their knowledge and trading strategy.

For professionals, Interactive Brokers (IB) is a great choice. It offers lower transaction fees which is beneficial for high volume trading. These cost savings can add up over time for an active professional trader. In addition, IB's comprehensive trading platform, Trader Workstation (TWS) can provide advanced tools and features that can be used by professional traders for complex trading strategies.

When choosing a forex broker in 2024, consider the following:

• Regulation and Security: Ensure the broker is regulated by a reputable authority to safeguard your funds.

• Trading Fees: Look for brokers with competitive spreads and low commissions to minimize trading costs.

• Trading Platforms: Check if the broker provides a user-friendly and reliable trading platform, essential for executing trades efficiently.

• Customer Support: Good customer service is crucial for resolving issues quickly and effectively.

• Account Types: Opt for brokers offering account types that suit your trading style and needs, such as those with various leverage options and account features.

To find the best forex broker for your needs, start by evaluating your trading goals and preferences. Below are a few key aspects to consider:

• Type of Trading: Determine whether you prefer day trading, swing trading, or long-term investing. For example, brokers like Saxo and Interactive Brokers (IB) are excellent for traders seeking advanced tools for both short-term and long-term strategies.

• Trading Tools and Features: Look for brokers that offer advanced trading tools and educational resources. IG and XTB are known for their user-friendly platforms and extensive market analysis tools, making them ideal for traders at all levels.

• Leverage and Margin: Choose a broker that offers leverage levels and margin requirements that suit your trading strategy. Pepperstone and IC Markets provide competitive pricing with low spreads, which can be crucial for traders looking for efficient trade execution.

In 2024, some of the best forex brokers include Saxo, Interactive Brokers (IB), IG, XM, Pepperstone, IC Markets, XTB, eToro, and forex.com. Each of these brokers has distinct features that cater to different trading needs, from advanced trading platforms to competitive spreads and extensive educational resources.

Saxo stands out as a top choice for forex trading due to its powerful trading platform and extensive research tools. It caters to both individual and institutional traders by offering a broad selection of forex pairs and advanced trading features.

If youre looking for a broker that provides detailed market analysis and a range of sophisticated tools to support your trading strategies, Saxo is an excellent option.