Best Forex Brokers 2023
Finding the best forex brokers and looking for a reliable forex broker is the first and most crucial step for starting forex trading. Forex trading is perhaps one of the best and most simple financial markets to enter. All you need to do is to make an account and deposit funds with trusted forex brokers. However, selecting good forex brokers to trade FX requires some market survey to find the one most suited to your trading goals and degree of competence. But choosing the safest forex broker with the best trading circumstances may be difficult for both experienced and novice traders. Many traders think that it is difficult and time-consuming to find the best forex brokers. The fact that there are so many options available makes it much more difficult.
Our primary goal is to choose regulated forex brokers offering top Forex trading services. Therefore, we compiled a comprehensive review of the most popular Forex brokers to assist you in making your decision. We created this list of best forex brokers by researching and conducting extensive research to save you time. It will allow you to trade without considering each broker on the market.
The top Forex brokers provide a secure trading system with competitive prices, cutting-edge trading tools, and quick and accurate trade order processing. Searching several Forex brokers and selecting the best is too much effort for the traders, so we did the job for you and narrowed it down to trusted forex brokers.
Is Forex Trading Trustworthy?
The most popular forex brokers are generally trustworthy. Choosing a broker is a personal decision, and reliability is different for every brokers. We are confident that the brokers on our list can protect the funds in your brokerage account. Regarding how trustworthy a broker is, there are additional trust-related aspects. Including if it has the necessary regulatory permits in the nations where it works, keeping with local laws, how long it has been in business, and whether it has sufficient financial operating capital.
However, participating in the foreign exchange market is not limited to risky currency trading via an FX broker. You must think about opening an account with a reliable forex broker only if:
- You have no issues with trading via an online broker through the internet.
- You have no problem accepting short digital agreements instead of lengthy written ones.
- You value the diversity of options above personal interaction with your broker.
- You want to be able to trade with foreign exchange brokers located in other countries (offshore forex brokers).
- You want to be a scalper or a day trader.
- You want to have access to hundreds of currency pairs and CFDs.
- You like working at no extra charge using cutting-edge trading software.
If none of these factors appeal to you, you can trade via your local bank or sign up for a currency futures exchange. However, compared to online Forex brokers, the customer requirements are often stricter. Additionally, they might not have as beneficial trading circumstances as the top forex brokers.
Select Your Broker Carefully:
As your forex broker would be your serious trading partner, you must pick carefully to ensure that they are reliable and meet your trading needs. If you’re a beginner, register a demo account with an online broker you’re considering to see if it’s a suitable fit. Trading on a demo account can also help you avoid possibly wrong decisions caused by your lack of familiarity with the broker’s trading platform.
Best Forex Brokers 2023
This list of best forex brokers was selected for this evaluation for several reasons, depending on whatever aspect we believed they performed best. The criteria included the regulatory environment, excellent reputation, Trading conditions, Customer service, and the number of currency pairs offered for trading.
$100 Minimum Deposit Amount
Performance driven technology and ultra low spreads. Trade Forex, CFDs, Indices, Metals, Commodities, Bonds & more...
FP Markets : Best Forex & CFD Trading Provider
$100 Minimum Deposit Amount
Performance driven technology and ultra low spreads. Trade Forex, CFDs, Indices, Metals, Commodities, Bonds & more...
FP Markets is a forex broker that has offered its services since 2005. If you prefer the MetaTrader platform, FP Markets is a low-cost broker. The Iress program, is another trading platform offered by FP Markets. It provides access to 9,000+ tradable symbols, but it is a stock trading platform and an expensive option.
However, FP Markets offers very competitive rates through Meta Trader. Meta Trader is the world’s most competitive trading platform. Therefore, forex and CFD traders can find affordable Meta Trader trading.
FP Market’s Meta Trader offering is limited to 130 tradable symbols compared to the Iress platform, which proposes a wide range of CFDs. It also offers cryptocurrency trading via CFDs.
The reason we consider it safe is that in addition to not operating a bank and not being publicly listed, FP Markets is approved by regulated by Australia Securities and Investments Commission (ASIC) and Cyprus Securities and Exchange Commission (CySEC).
FP Markets Quick Summary
| 🏢 Headquarters | Australia |
| 🗺️ Regulation | ASIC, CySEC |
| 🖥 Platforms | Web, MetaTrader 4, MetaTrader 5, Specific |
| 📉 Instruments | Currencies, Crypto, Indices, Metals, Energies, Softs, Stocks, ETFs |
| 💳 Minimum Deposit | $100 |
| 📉 Spread | low |
| 🏢 Broker Type | STP | ECN | DMA |
| 📉 Minimum Trade Size | 0.01 |
| 🖥 WebTrader | Yes |
| 🖥 Mobile Trading | Yes |
| 💰 Cryptocurrencies | Yes |
| 💳 CFD | (55+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities |
| 💰 Deposit Methods | Bank Wire (Bank Transfer), Neteller, Skrill, SticPay, VLoad |
| 💰 Withdrawal Methods | Bank Wire (Bank Transfer), Neteller, Skrill, SticPay, VLoad |
| 📚 Education | Learning materials and research through Traders Hub, News, Market Outlook, video tutorials, eBooks |
| 🗺️ Prohibited Countries | United States |
| ☎ Customer Support | 24/7 |
Mobile Trading App:
The mobile app is a significant addition to FP Market’s mobile offerings, but other mobile trading apps do their best.
Learning Content:
FP Markets offers at least 60 archived webinars and many educational videos on its YouTube channel. It also has a large selection of podcasts. They started an essentially primary podcast.
Platform:
FP Markets offers the complete Meta Trader platform suite, including Meta Trader 4 (MT4) and Meta Trader 5 (MT5). The Iress Platform Suite also offers three web-based platforms for active traders. These platforms are the Iress Trader, Iress Investor, and Iress Viewpoint. For Forex trading, Meta Trader is a good choice. On the other hand, the Iress platform is more suitable for stock trading.
Copy Trading:
The broker also offers a social trading platform. At this point, traders can access the Meta Trader Signals market. FP Markets is a low-cost broker. It represents a competitive price available to forex traders with ECN accounts.
FXChoice : Leading Online Forex (FX) Broker
$100 Minimum Deposit Amount
FXChoice has been offering its services since 2010. The broker has become the choice of many investors because it provides quality services for active and passive trading in the forex market. FXChoice has a license from the International Financial Services Commission of Belize (FSC).
In the West, the high demand for global employees, business integrity, and customer focus have made it very popular among merchants. It has also received the Live Help Now Outstanding Customer Service Award in the year 2019. In our opinion, FXChoice is a suitable broker for traders with idle funds.
Geographically, FXChoice has traders across the UK, Colombia, Canada, South Africa, Ecuador, Mexico, Trinidad and Tobago, Spain, and several other countries.
The company allows the use of automated trading advisors. It also allows one to open a MAM account, like a PAMM account. Surprisingly, every investor can transfer their deposit to a professional trader.
Moreover, when we reviewed FXChoice, we found that it offers a variety of tools to execute automated trades. It offers MQL 5 Signals, Expert Advisors, and Myfxbook Auto Trade.
FXChoice Quick Summary
| 🏢 Headquarters | Belize |
| 🗺️ Regulation | FSC |
| 🖥 Platforms | Web, MetaTrader 4, MetaTrader 5 |
| 📉 Instruments | Currencies, Crypto, Indices, Metals, Energies |
| 💳 Minimum Deposit | $100 |
| 📉 Spread | mid |
| 🏢 Broker Type | NDD |
| 📉 Minimum Trade Size | 0.01 |
| 🖥 WebTrader | Yes |
| 🖥 Mobile Trading | Yes |
| 💰 Cryptocurrencies | Yes |
| 💳 CFD | (55+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities |
| 💰 Deposit Methods | Bank Wire (Bank Transfer), Neteller, Skrill, SticPay, VLoad |
| 💰 Withdrawal Methods | Bank Wire (Bank Transfer), Neteller, Skrill, SticPay, VLoad |
| 📚 Education | Learning materials and research through Traders Hub, News, Market Outlook, video tutorials, eBooks |
| 🗺️ Prohibited Countries | United States |
| ☎ Customer Support | 24/5 |
MQL 5 Signals:
This service instantly copies signals through the MT4 platform. The subscription of the selected provider is adjusted for one month. Subscribers pay a flat fee once a week or once a month.
Expert Advisors:
It is an automated program for trading on MT 4. The developers have designed different programs for scalping and short and medium-term strategies.
Trading conditions for FX Choice users:
FX Choice’s conditions are highly appealing for a professional trader. It requires a minimum deposit of $100. For starters, this condition is not suitable. The minimum leverage is 1:200.
There are a few things that set FX Choice apart from other brokers:
Less Market Spread (0.0 pips) on famous currency pairs:
FX options are very beneficial because their spread is low. It starts from 0.5 pips, while the spread is usually 2-3 to 5 pips at most brokers of this kind.
Licensed Broker:
FXChoice is licensed by the FSC (Belize International Financial Services Commission). FX Choice has become the choice of many investors due to its quality services for active and passive trading in the forex market. It has launched mobile trading apps as well, but they lack features. Its spreads are very low. That is why it is very favorable for traders.
Axiory : Best CFDs & Exchange Products
$10 Minimum Deposit Amount
Axiory has been providing its services since 2014. It is an STP broker that offers trading in five asset classes. These asset classes are stocks, metal CFDs (contracts for difference), stock index currency pairs, and energy assets. Axiory’s main office is in Belize. They also have a representative office in the United Arab Emirates.
The International Financial Services Commission of Belize (IFSC) regulates Axiory. It has two trading terminals, Meta Trader 4 and Meta Trader 5.
Axiory is a one-handed trading broker. Geographically, the pioneer traders spread across Egypt, Japan, the Philippines, Tunisia, India, Ethiopia, South Africa, Nigeria, Kenya, and the United Arab Emirates. If we do an Axiory review as a trader, we’ll come to know the following points which make it different from other brokers:
Axiory Quick Summary
| 🏢 Headquarters | Belize |
| 🗺️ Regulation | FSC, IFSC, FSC |
| 🖥 Platforms | MT4, MT5, cTrader |
| 📉 Instruments | Currencies, Indices, Metals, Energies |
| 💳 Minimum Deposit | $10 |
| 📉 Spread | low |
| 🏢 Broker Type | STP | ECN |
| 📉 Minimum Trade Size | 0.01 |
| 🖥 WebTrader | Yes |
| 🖥 Mobile Trading | Yes |
| 💰 Cryptocurrencies | Nil |
| 💳 CFD | (55+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities |
| 💰 Deposit Methods | Bank Wire (Bank Transfer), Neteller, Skrill, SticPay, VLoad |
| 💰 Withdrawal Methods | Bank Wire (Bank Transfer), Neteller, Skrill, SticPay, VLoad |
| 📚 Education | Learning materials and research through Traders Hub, News, Market Outlook, video tutorials, eBooks |
| 🗺️ Prohibited Countries | United States |
| ☎ Customer Support | 24/5 |
Ideal for self-training:
Axiory is the top choice for self-training because it allows you to open a demo account. It enables the customized platform, currency, leverage, and account type. It also provides access to automated indicators and advisors. Moreover, traders can create multiple demo accounts at the same time. They can also use it even after opening a live one because it has no expiration date. Beginners can even use the bonus advertised by the broker to open a real account.
Competitive trading conditions:
There are five account types in the Axiory. It includes Nano, Standard, Tera, Max, and Alpha. Therefore, the trading conditions are highly competitive. Moreover, the minimum deposit is $10. The trading conditions vary for each account type. For example, the typical spread for EUR/USD is 0.2 pips on a Nano account. On the other hand, the trading leverage on the Max account is 1:777, which is also the highest in the market.
No Passive Income Generation:
Axiory does not allow any method of passive income generation. Social trading services, PAMM, and MAM accounts are unavailable to its clients.
Long live technology:
It is a technology that allows you to start trading in minutes. It is because long-live technology makes it quick to open an account.
Fewer customer support hours:
There are fewer customer support hours. It only works 8 hours a day and 5 days a week.
Selecting a Best Forex Broker
There are a few factors that every trader needs in a forex brokerage, even though each trader has distinct goals and approaches:
Regulation and trustworthiness:
When you deal with a regulated broker, you may be confident that the broker has followed the operational criteria established by the regulating organization.
Low fees:
You may retain more of your profits for yourself by using a broker offering a low fee. Commissions and spread markups are two ways that Forex businesses charge you.
Excellent trading tools and platform:
When you connect to your account, you must have access to everything you require to succeed. The popular forex brokers and forex platforms offer pc, mobile, and web-based options for account management, research and position tracking, and trade execution.
Quick trade execution:
If you press the buy or sell key too slowly, it might cost you a lot of money. It is necessary to trade with a platform that provides real-time data and instantaneous executions.
Trading conditions:
Every reliable forex broker provides its customers with several attractive trading conditions, including low spreads, a wide selection of trading instruments, extra services, and rewards. An essential consideration in the selection process is the combination of perks provided.
Customer service:
When evaluating a broker’s dependability, it’s critical to consider how quickly their customer support team answers inquiries. Top forex brokers instantly reply to each customer’s request and work to fix the issues as fast as they can while showing the best professionalism.
Customer reviews:
Customers who have previously worked with certain Forex brokers might reveal information about the broker’s trustworthiness and competence. Before displaying our ratings, we read and confirm each company’s reviews.
Broker offices:
A trustworthy broker must have both regional headquarters and broker offices. A branching network of regional offices defines the company’s performance and dedication to the brokerage industry. However, many good forex brokers prefer online interactions with their clients.
Be aware of scams:
Unfortunately, the Forex trade has long been troubled by scams established by unregulated or very poorly regulated firms. These scam brokers use many techniques to mislead their customers to lose money or make it extremely difficult for consumers to withdraw any amounts. However, we have confirmed that none of the brokers mentioned in our list of best forex brokers fall under this group.
Trade With a Regulated Forex Brokers
$100 Minimum Deposit Amount
Performance driven technology and ultra low spreads. Trade Forex, CFDs, Indices, Metals, Commodities, Bonds & more...
