Best Forex Brokers Reviewed 2024 – With Tightest Spreads

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Forex trading is increasingly becoming popular with retail clients. But which forex broker is best for beginners?

In this comparison guide, we review the best forex brokers in 2024. Read on to discover the best forex trading platforms for low fees, tight spreads, supported pairs, leverage limits, and much more.

The Best Forex Brokers

Listed below are the best forex brokers for 2024:

  1. eToro – Global forex broker offering low spreads, advanced charting software, copy trading, and more. Offers trading on 55 forex pairs and leverage up to 1:30, depending on the country. Regulated by leading bodies in the US, UK and Europe.
  2. XTB – This forex broker supports dozens of major, minor, and exotic currency pairs. Depending on the trader’s location, leverage of up to 1:500 is available. There are no trading commissions to pay at XTB, and spreads start from 0.8 pips.
  3. Pepperstone – A Leading Forex and CFD Broker offering ample of user-centric facilities such as DupliTrade, Meta Trader Signals, and more.  Highly reviewed on Trust pilot and offers a large array of trading platforms, including MetaTrader 5, TradingView, cTrader, and more.
  4. Capital.com – This regulated trading platform supports over 120 forex pairs. All supported markets can be traded at 0% commission, and spreads start from 0.6 pips. Capital.com can be accessed via standard web browsers and its app for iOS and Android. Minimum deposits start at $20.
  5. AvaTrade – This forex broker offers 0% commission across all supported pairs. Traders can choose between leveraged CFDs or options across competitively-priced spreads. AvaTrade supports MT4 and MT5.
  6. Skilling – This user-friendly forex broker offers zero-commission trading on all supported markets. The minimum deposit is considered high at $100. That said, Skilling offers a free demo account that mirrors live market conditions, with no deposit required to gain access.
  7. GO Markets – This broker is popular with forex traders that wish to use MT4 or MT5. Traders have access to a commission-free account with minimum spreads of 1 pip. Alternatively, Go Markets also offers a 0.0 pip account with commissions of $3 per traded lot.
  8. Interactive Brokers – This premium brokerage house supports over 100 currency markets. Spreads start from 1/10th of a pip, and commissions average 0.08 to 0.20 basis points. Interactive Brokers will appeal to experienced forex traders seeking unparalleled real-time data and analysis tools.
  9. TD Ameritrade – TD Ameritrade is another established broker that is popular with US clients. Its forex service is offered in partnership with Charles Schwab and supports dozens of pairs. Its native platform, Thinkorswim, offers high-level analysis tools.
  10. Forex.com – This specialist currency broker is popular with US clients. Leverage of up to 1:50 is available, and over 80 forex pairs are supported. In addition to its own native trading suite, Forex.com also supports MT4 and MT5.
  11. E*TRADE – This regulated broker enables US clients to trade forex futures. All futures contracts are physically settled, and supported currencies include US dollars, euros, Swiss francs, Mexican pesos, and more.
  12. Admirals – 20-year provider with great online reviews, Admirals is a low fee FX brokerage with 1:500 leverage available and a high standard of customer care. FX trades are facilitated through MetaTrader 5 and it also provides a comprehensive knowledgebase as well as detailed tutorials for beginners.

Best Forex Trading Platforms Reviewed

We now review the best brokers for forex trading, discussing fees, spreads, pairs, account types, and much more.

Read on to discover the best forex brokers in the market.

1. eToro – Outstanding Forex Broker with Low Spreads on 55 Trading Pairs

eToro is a global forex broker that offers trading on 55 currency pairs, including all the major and minor pairs. 

With spreads from 1.0 pips, eToro is one of the most competitively priced forex brokers around. You can trade with leverage up to 1:30 depending on the country on select pairs.

eToro FX pairs

Forex traders at eToro will find a wide range of trading tools, including a proprietary charting platform with dozens of built-in technical studies and drawing tools. It supports advanced risk management options for trading like stop-loss and take-profit levels. 

eToro also supports copy trading, which allows you to automatically match the trades of more experienced forex traders. There’s no fee for copy trading and you can copy a portfolio with just a $200 minimum investment.

If you want to trade on the go, eToro offers an outstanding mobile app for iOS and Android. The app makes it easy to execute trades in just a few taps. It also supports price alerts, ensuring you never miss a trading opportunity.

eToro is regulated in more than 100 countries around the world. It’s overseen by top regulators including the Financial Industry Regulatory Authority in the US and the Financial Conduct Authority in the UK.

You can open a forex trading account at eToro with a $200 minimum deposit.

eToro
No. Forex Pairs 55
Pricing System 0% commission. EUR/USD spreads from 1.0 pips
Min. Deposit $200
Top 3 Features
  • Forex copy trading
  • Mobile trading app
  • Up to 1:30 leverage depending on the country

What we like about eToro

  • Strong regulation and reputation
  • Over 130 energy stocks
  • Copy trading tools allow you to copy successful traders
  • Excellent mobile app
  • 24/7 customer service

77% of retail investor accounts lose money when trading CFDs with this provider.

2. XTB – Trade Forex Online With Leverage of up to 1:500 

XTB is the best forex trading platform for high leverage. Put simply, major pairs can be traded with leverage of up to 1:500. This means that a $500 position would require a margin of just $1. That said, not all XTB users can access high leverage, as this is determined by the country of residence.

For instance, retail clients in the UK and Europe will be capped to leverage of 1:30. Nonetheless, XTB also offers competitive trading fees. Not only are all supported markets commission-free but spreads on EUR/USD average 0.8 pips. Moreover, all supported payment methods – apart from Skrill, support fee-free deposits.

XTB review

We also like XTB for its advanced trading suite. xStation 5 offers technical indicators, chart drawing tools, and real-time pricing across multiple device types. This includes desktop software, browser-based trading, and the XTB mobile app. Finally, XTB also supports stocks, ETFs, indices, commodities, and cryptocurrencies.

To learn more about this leading trading platform check out our full XTB review today.

XTB
No. Forex Pairs 60+
Pricing System 0% commission on all markets. EUR/USD spreads average 0.8 pips
Min. Deposit No minimum
Top 3 Features 0% commission on all markets
Advanced trading suite
Leverage of up to 1:500

What we like about XTB

  • Leverage of up to 1:500 when trading major forex pairs
  • More than 60 pairs supported
  • 0% commission on all supported markets

77% of retail investor accounts lose money when trading CFDs with this provider.

3. Pepperstone –  Forex and CFD Broker Supporting Multiple Trading Platforms

Pepperstone is a leading Forex and CFD broker platform that offers a wide array of user-centric utilities within the CFD space. Not only does this platform feature tight spreads as low as 0.0 pips with deep liquidity and no requotes, but it is also considered fast and reliable, ensuring quick CFD trading across forex, indices, commodities, and shares.

The slippage on this forex-focused platform can also be integrated with reliable trading platforms such as TradingView, MetaTrader 4, MetaTrader 5, and cTrader.

Pepperstone

The platform offers consistently competitive spreads that are boosted by pricing from many tier-1 banks. There is a 1:500 leverage available, and its forex services have a 99.9% will rate.

The platform is known to provide some of the best trading conditions in the industry, offering a wide range of available currency pairs and other assets.

Pepperstone
No. Forex Pairs 90+
Pricing System The commission depends on the trading account currency and is taken per 0.01 lots and per 1 lot
Min. Deposit No minimum
Top 3 Features Offers 1:500 leverage, Features advanced copy trading facilities
Fast execution

What we like about Pepperstone

  • Leverage of up to 1:500 when trading major forex pairs
  • More than 90 pairs supported
  • Offers fast execution and has a 99.9% fill rate

81.7% of retail investor accounts lose money when trading CFDs with this provider.

4. Capital.com – Trade Over 120 Forex Pairs on a 0% Commission Basis         

Capital.com is one of the best forex brokers for supported markets, with over 120 currency pairs listed. In addition to all majors and minors, this includes dozens of exotic currencies. Best of all, Capital.com does not charge any trading commissions. Spreads are competitive, too, with EUR/USD averaging just 0.6 pips.

Capital.com does not charge account opening, deposit, or withdrawal fees either. Not only is Capital.com the best forex broker for low fees, but educational tools. For instance, it offers guides, videos, webinars, and even a dedicated educational app. Capital.com also provides user-friendly analysis tools, including real-time charts and technical indicators.

Capital.com review

Capital.com also offers leverage of up to 1:30 on majors. Minors and exotics can be traded with a leverage of 1:20. The minimum deposit is just $20. But this is only the case when depositing funds with an e-wallet or debit/credit card. Capital.com requires a minimum deposit of at least $250 when opting for a bank wire. Finally, Capital.com supports thousands of other CFD assets, including stocks, indices, and commodities. This is in addition to some of the best emerging cryptocurrencies.

Capital.com
No. Forex Pairs 124
Pricing System 0% commission on all markets. EUR/USD spreads average 0.6 pips
Min. Deposit $20 (debit/credit cards and e-wallets). $250 (bank wires)
Top 3 Features No trading commissions or deposit fees
Trade over 120 forex pairs
Lots of educational materials

What we like about Capital.com

  • No commissions to pay on any supported market
  • Huge range of forex pairs
  • Best forex trading app for iOS and Android users

5. AvaTrade – 0% Commission Forex Broker With Regulation in Nine Countries        

AvaTrade is one of the best forex brokers for safety, considering its regulatory status. Put simply, AvaTrade is regulated in nine different countries. Moreover, AvaTrade has been offering brokerage services since 2006. AvaTrade is also popular for its commission-free framework, which is supported for all listed markets.

Forex spreads are also competitive, with EUR/USD averaging 0.9 pips. AvaTrade offers three different ways to trade forex. First, there is the spot trading platform, which will likely appeal to beginners. Second, AvaTrade also supports forex options across over 40 pairs. Third, UK and Ireland clients can spread bet forex. All three trading divisions come packed with suitable analysis features.

AvaTrade review

This includes technical indicators and chart drawing tools. Traders can also connect their MT4 or MT5 accounts to AvaTrade. In terms of payments, the minimum deposit at AvaTrade is $100. The platform accepts debit/credit cards, bank wires, and selected e-wallets. Finally, depending on the trader’s location, AvaTrade offers leverage of up to 1:400.

AvaTrade
No. Forex Pairs 40+
Pricing System 0% commission for all supported markets. EUR/USD spreads average 0.9 pips
Min. Deposit $100
Top 3 Features Regulated in nine different countries
Leverage of up to 1:400
Multiple ways to trade forex – including options and spread betting

What we like about AvaTrade 

6. Skilling – Low-Fee Forex Broker With Tight Spreads     

Skilling is also one of the best forex trading platforms for low fees. No commissions are payable when trading here, and spreads start from 0.7 pips. Skilling also offers a professional account, where spreads start from 0.1 pips. This attracts a commission of $35 for every $1 million traded, or about $3.50 per lot.

We also like that Skilling supports more than 70 forex pairs. This will appeal to those that like to trade exotic currencies. Skilling also supports stocks, indices, commodities, and other asset classes. This top-rated broker supports several trading platforms. This includes cTrader, MT4, and its own native suite. The latter can be accessed via web browsers and an Android/iOS app.

Skilling review

In terms of safety, Skilling is regulated by CySEC and the FSA. The minimum deposit at Skilling is $100, and multiple payment types are accepted. This includes debit/credit cards and e-wallets like Skrill, Paypal, and Google/Apple Pay. Finally, Skilling offers a free demo account that mirrors the live forex markets.

Skilling
No. Forex Pairs 70+
Pricing System 0% commission on the standard account. $35 commission per $1 million traded on the premium account.
Min. Deposit $100
Top 3 Features Native trading suite and mobile app are suitable for beginners
Also supports MT4 and cTrader
Commission-free accounts are available

What we like about Skilling

  • Spreads start from 0.1 pips
  • Multiple payment types accepted
  • User-friendly trading suite will appeal to beginners

7. Go Markets – Popular Forex Broker With Both Commission-Free and Zero-Spread Accounts  

Go Markets is a popular forex broker that offers two account options. First, there is a commission-free account with a minimum spread of 1 pip. Second, there is a zero-spread account that comes with a commission of $3 per traded lot. Both options offer huge leverage limits of up to 1:500. Multiple base currencies are supported, including USD, GBP, AUD, and EUR.

The minimum trade size is just 0.01 lots, which will appeal to beginners. Moreover, both account types offer 24/5 support and a dedicated contact. In total, Go Markets supports 49 forex pairs. The platform permits hedging and expert advisors, not to mention fast execution speeds. GO Markets review

Moreover, Go Markets offers its own native trading platform for browsers and smartphones. It also supports MT4 and MT5. In addition to forex, Go Markets supports a wide range of other CFD assets. This includes stocks from the US, Australia, and Hong Kong. Go Markets also supports indices, bonds, and commodities. However, the main drawback of Go Markets is that it doesn’t support cryptocurrency trading.

Go Markets
No. Forex Pairs 49+
Pricing System Standard accounts offer 0% commission across all markets, with spreads starting from 1 pip. Go Plus accounts offer spreads from 0.0 pips with a $3 commission per traded lot.
Min. Deposit $200
Top 3 Features Supports MT4 and MT5
Commission-free and zero-spread accounts supported
Also supports stocks, indices, and other asset classes

What we like about Go Markets 

  • Simple registration process and no deposit fees
  • Supports nearly 50 forex pairs
  • Trade via MT4 and MT5

8. Interactive Brokers – Top Forex Broker for Experienced Traders            

Experienced traders will likely find that Interactive Brokers is the best forex trading platform for their requirements. The platform supports over 100 currency pairs and industry-leading spreads. In fact, spreads start from just 1/10th of a pip on major pairs. Commissions average 0.08 to 0.20 basis points, which is also very competitive.

Interactive Brokers also offers one of the most advanced trading suites in the forex space – Trader Workstation (TWS). Some of the core features offered by TWS include bespoke order types, support for algorithmic traders, customizable screens, and real-time global market data. Additionally, Interactive Brokers is often considered the best forex broker in the USA.

Interactive Brokers review

Not only are US-based retail clients accepted, but leverage of up to 1:50 is available. Moreover, Interactive Brokers also supports other asset classes. This includes traditional securities like stocks, ETFs, mutual funds, and bonds. This brokerage also supports options and futures, both of which cover the forex markets.

Interactive Brokers
No. Forex Pairs 100+
Pricing System Commissions average 0.08 to 0.20 basis points. Spreads start from 1/10th of a pip
Min. Deposit No minimum
Top 3 Features High-level trading suite is aimed at seasoned forex traders
Low commissions and tight spreads
More than 100 forex pairs listed

What we like about Interactive Brokers  

  • Supports more than 100 forex pairs
  • Spreads from just 1/10th of a pip
  • Also supports forex futures and options

9. TD Ameritrade – 70+ Tradable Forex Pairs via the Thinkorswim Dashboard

TD Ameritrade is an established broker supporting thousands of markets, including over 70 forex pairs. Its forex trading service is offered in partnership with Charles Schwab. Nonetheless, TD Ameritrade offers a spread-only pricing model that has commissions built into the bid and ask prices.

TD Ameritrade enables traders to buy and sell forex pairs 23 hours per day, six days per week. This platform will appeal to experienced traders that seek advanced trading tools. Its native platform, Thinkorswim, is accessible via desktop software, web browsers, and a mobile investment app for iOS and Android.

TD Ameritrade forex suite

Some of Thinkorswim’s top features include side-by-side risk profiles, customized charts, dozens of indicators, and a watchlist. However, do note that TD Ameritrade only offers forex trading to qualified investors. Moreover, currencies are traded in 10,000-unit lots.

TD Ameritrade
No. Forex Pairs 70+
Pricing System Spread-only, so commissions are built into the bid and ask prices
Min. Deposit $2,000 when accessing leveraged products
Top 3 Features Advanced trading suite, Thinkorswim, is packed with features
Spread-only pricing model
Over 70+ pairs supported

What we like about TD Ameritrade  

  • Buy and sell over 70 currency pairs
  • Trade forex on a spread-only basis
  • Great reputation for client safety

10. Forex.com – Leading Forex Broker for US Clients With Over 80 Pairs            

Forex.com is one of the best forex brokers for US clients. The platform supports more than 80 pairs, covering a huge blend of majors, minors, and exotics. US clients can trade with leverage of up to 1:50. Moreover, Forex.com offers three account types. There is a raw spread account that offers 0.0 pip trading with a $5 commission per lot.

This is more expensive than other raw spread accounts, with Go Markets charging just $3. Nonetheless, Forex.com also offers a commission-free account with less competitive spreads. Both of these accounts come with a minimum recommended balance of $1,000. The third option is a direct market access account.

Forex.com review

This provides access to industry-leading spreads, as traders engage directly with market participants. Forex.com supports multiple trading platforms, including MT4 and MT5. Its native trading suite is also popular, supported on web browsers and an Android/iOS app.

Forex.com
No. Forex Pairs 82
Pricing System Depends on the account type. Commission-free and zero-spread accounts are available.
Min. Deposit No minimum, but $1,000 is recommended
Top 3 Features US-friendly forex broker with leverage of up to 1:50
Supports MT4 and MT5
Accepts debit/credit cards and Paypal

What we like about Forex.com 

  • Best US forex broker for retail clients
  • Trade forex with leverage of up to 1:50
  • More than 80 currency pairs listed

11. E*TRADE – Buy and Sell Physically Settled Forex Futures             

While E*TRADE is best known for its stocks and funds, the broker is also one of the best forex trading platforms. This provider specializes in currency futures. This enables traders to speculate on the future value of forex pairs with leverage.

Almost a dozen currencies are supported, including US dollars, British pounds, euros, and Swiss francs. Fees are competitive, too, with E*TRADE charging just $1.50 per futures contract. Best of all, when trading forex futures via E*TRADE, pattern day trading rules do not apply.

E*Trade forex trading

This means that traders do not need to meet a minimum account balance. Moreover, there are no short-selling restrictions. That said, forex futures are physically settled on E*TRADE. This means that those holding futures contracts on the date of expiry will need to take delivery of the respective currency.

E*TRADE
No. Currency Futures 11
Pricing System $1.50 per futures contract
Min. Deposit No minimum
Top 3 Features Trade the forex markets via leveraged futures
No pattern day trading rules
Low contract fees

What we like about E*TRADE

  • Best broker for forex futures
  • Go long or short at just $1.50 per traded contract
  • Also supports other asset classes, including some of the best cryptocurrencies to buy

12. Admirals – Top FX Broker With Low Spreads, Excellent Customer Service, and MetaTrader 5 Integration

Admirals has been in the market for over 20 years, with a great reputation for the quality of its customer service as well as its technical features. Admirals offers Bonds, Stocks, ETFs, Indices, and Commodities, but where it really shines through is for its low fee FX products. 

The only way to trade through Admirals is with a MetaTrader account, and MetaTrader is known to be the best technology when it comes to Forex trading, which is what it has been designed for. MetaTrader is very well integrated with Admirals, and the MetaTrader Supreme edition is also available for traders who want an even richer FX experience. 

FX fees with Admirals are lower than the competition, on average. This is quite a direct advantage when it comes to currency trading, and pretty clear cut across most trading pairs. A total of 82 trading pairs are available for trading through Admirals, including the 5 major pairs, 54 exotic pairs, and 23 minor pairs. Leverage is up to 1:500 and orders are executed within milliseconds.

The total amount you will pay through Admirals depends on the FX pair, volume, and the MetaTrader account you are using. When trading the EUR/USD pair, for example, the trade is commission-free on Trade.MT5 and $3 per lot on Zero.MT5. On both accounts, leverage is 1:500 with a minimum margin of $200. Exotic pairs often come with lower leverage and higher margins. 

Aside from low fees on FX products and fast order execution, Admirals offer other elements to enhance the trading experience. The level of customer service with Admirals is very high and it has a great rating on TrustPilot, something which is often hard for brokers to maintain, with over 1,500 reviews. Admirals even has a specifically designed Islamic Forex account which is 100% swap-free, without having interest fees credited or debited.

Admirals is a great provider with a fantastic track record. The main drawback is that it is not available to residents of Japan, the US, or Canada at the present time. 

Admirals
No. Forex Pairs 82
Pricing System Low fixed-cost spreads; No hidden fees.
Min. Deposit $25
Top 3 Features Real-time news, Market analysis, and Technical indicators.

What we like about Admirals

  • Usability: Great dashboard for both beginner and experienced traders, good mobile experience, excellent MT5 integration.
  • Fees: Some of the lowest FX fees on the markets on average, as opposed to other big names.
  • Trading Features: Real-time news, market analysis, leveraged trading, minimal starting amount, heat maps, etc.
  • Customer Support and Education: 24/5 support team, responsive, positive online reviews.

Top Forex Trading Platforms Compared

Here's a comparison table of the best forex brokers that we reviewed in the sections above:

Broker Number of FX Pairs Pricing Min. Deposit Top 3 Features
eToro 55 0% commission. EUR/USD spreads from 1.0 pips $200 Copy trading tools allow you to copy successful traders

Excellent mobile app

24/7 customer service

XTB 60+ 0% commission on all markets. EUR/USD spreads average 0.8 pips No minimum 0% commission on all markets

Advanced trading suite

Leverage of up to 1:500

Capital.com 124 0% commission on all markets. EUR/USD spreads average 0.6 pips $20 No trading commissions or deposit fees

Trade over 120 forex pairs

Lots of educational materials

GO Markets 49 Standard accounts offer 0% commission across all markets, with spreads starting from 1 pip. Go Plus accounts offer spreads from 0.0 pips with a $3 commission per traded lot. $200 Supports MT4 and MT5

Commission-free and zero-spread accounts supported

Also supports stocks, indices, and other asset classes

AvaTrade 40+ 0% commission for all supported markets. EUR/USD spreads average 0.9 pips $100 Regulated in nine different countries

Leverage of up to 1:400

Multiple ways to trade forex - including options and spread betting

Skilling 70+ 0% commission on the standard account. $35 commission per $1 million traded on the premium account. $100 Native trading suite and mobile app are suitable for beginners

Also supports MT4 and cTrader

Commission-free accounts are available

Interactive Brokers 100+ Commissions average 0.08 to 0.20 basis points. Spreads start from 1/10th of a pip No minimum High-level trading suite is aimed at seasoned forex traders

Low commissions and tight spreads

More than 100 forex pairs listed

TD Ameritrade 70+ Spread-only, so commissions are built into the bid and ask prices $2,000 when accessing leveraged products Advanced trading suite, Thinkorswim, is packed with features

Spread-only pricing model

Over 70+ pairs supported

Forex.com 80+ Depends on the account type. Commission-free and zero-spread accounts are available. No minimum, but $1,000 is recommended US-friendly forex broker with leverage of up to 1:50

Supports MT4 and MT5

Accepts debit/credit cards and Paypal

E*TRADE 11 currency futures $1.50 per futures contract No minimum Trade the forex markets via leveraged futures

No pattern day trading rules

Low contract fees

Admirals 82 Depends on MetaTrader account. Typical spreads around 0.8 pips. $25 Supports MT4 and MT5

Commission-free and zero-spread accounts. MetaTrade Supreme Edition supported. Low spreads overall

How Does Forex Trading Work?

The foreign exchange, or forex, market is the largest investment scene globally. Many trillions of dollars worth of currencies change hands every day. As such, this market offers premium liquidity around the clock.

The objective when trading forex online is to speculate on the future value of a currency pair. Each pair contains two currencies, and traders need to determine whether the exchange rate will rise or fall.

  • For example, EUR/USD focuses on the exchange rate between euros and US dollars.
  • Let's suppose that EUR/USD is currently trading at 1.07.
  • If a trader believes the pair will rise in value, they will place a buy order with their chosen broker.
  • Those believing the pair will decline in value will instead place a sell order.
  • As such, forex enables traders to profit from rising and falling prices.

There are dozens of currency pairs that can be traded online. Most brokers support all major and minor pairs, which attract the most liquidity.

Exotics pairs can also be traded, and these contain at least one currency from an emerging country. For instance, USD/TRY is an exotic pair consisting of US dollars and Turkish lira.

How We Select the Best Forex Brokers

Wondering how we rank the best online forex brokers for 2024?

The key metrics that we follow are discussed below:

Regulation

All of the forex brokers reviewed on this page are authorized and regulated by at least one licensing body. This keeps forex brokers in check and ensures that they follow certain rules, such as client fund segregation and leverage limits.

Range of Pairs

Looking to trade specific forex pairs? Be sure to check whether or not the respective broker supports them before proceeding.

Capital.com stands out in this regard. The forex broker supports 124 pairs across the majors, minors, and exotics.

Fees

The best forex trading platforms offer competitive fees. In terms of trading fees, this is often a commission and/or spread.

For example, Capital.com and XTB offer spread-only forex trading. This means that commissions are built into the spread.

Go Markets, on the other hand, offers two different pricing models. First, there is the commission-free account. Alternatively, there is a zero-spread account with a $3 commission per lot.

It is also wise to check non-trading fees when choosing the best forex platform. This includes deposits and withdrawals, as well as inactivity fees.

Tools and Analysis 

All forex brokers offer access to trading and analysis tools. But some are more suitable for advanced traders, while others are aimed at beginners.

For example, Capital.com is the best forex trading platform for beginners, with its user-friendly dashboard suitable for all skill sets.

On the other hand, Interactive Brokers is the best forex broker for seasoned pros. Its native trading suite is jam-packed with advanced tools that will likely be intimidating for a novice.

Minimum Deposit 

Most forex brokers have a minimum deposit policy but this can vary.

The account minimum at Capital.com is $20, for example, while at XTB, there is no minimum deposit requirement at all. AvaTrade and Skilling, however, have a larger minimum deposit of $100.

Demo Account 

Traders should also check whether their chosen broker offers a forex demo account. This should mirror the live forex prices, enabling traders to replicate actual market conditions.

Most platforms offer a free demo account with paper funds and no expiry date. In fact, traders can replenish their paper trading balance at any time.

Mobile App 

Leading forex brokers offer a native mobile app that supports trading on the move.

The best forex apps in the market offer a user-friendly experience that is suitable for small screens. This means that charting tools and technical indicators should be optimized for smartphones.

After all, new trends in the forex markets can appear at any time. As such, it's important to have access to the markets at all times.

Payment Methods 

We also rank the best forex brokers by their supported payment methods. Most brokers discussed today accept debit/credit cards, e-wallets, and bank wires.

But this should be checked before opening an account, as payment methods can vary depending on the trader's location.

Customer Service  

Finally, the best forex trading platforms offer top-notch customer support. Most platforms offer support on a 24/5 basis. This mirrors standard trading hours.

We prefer brokers offering live chat support with low waiting times.

Things to Consider Before Trading Forex Pairs

First and foremost, it is important that beginners consider the risks associated with the forex markets. Too many losing trades will ultimately lead to sizable losses. As such, a great starting point is to open a demo account. This enables beginners to get comfortable with the forex markets in a risk-free setting.

Beginners should also consider that the best forex pairs to trade are majors, such as EUR/USD and GBP/USD. Major pairs have the most liquidity and are the least volatile.

Newbies should also consider setting up a bankroll management strategy. This means only risking a certain amount of the account balance on each trade. Most traders opt for 1%, but this can be adjusted to meet the trader's financial goals.

First-time forex traders should also remember to respect leverage. While it can be tempting to trade with high levels of leverage, this is a risky trading tool that can lead to amplified losses. This is why retail clients in the US, UK, Europe, and Australia are limited in how much leverage they can trade with.

And finally, it is important to learn the art of technical analysis. This means reading and interpreting chatting patterns via technical indicators. This is the only surefire way of day trading forex. Longer-term traders might consider fundamental analysis, which means entering and exiting trades based on real-world news.

For those interested in day trading currency pairs, find the best day trading platform with low fees is another important aspect of a successful trading strategy.

How to Start Forex Trading

It takes just minutes to get set up with an online forex broker – including the KYC process. Simply choose a suitable platform, deposit some funds, and place a trade.

Some FX traders also use insights from the best forex signals such as Learn2Traded and 1000pip Builder. Read our detailed guide for more information on trading signals for foreign exchange trading.

Step 1: Open an Account

All traders on need to first find their preferred broker and then open an account. Most of those reviewed above have free mobile apps available for both iOS and Android.

Click on 'Sign Up' and fill out the registration form, which requires some basic personal information - some platforms may also ask users to answer a questionnaire.

Most platforms also have a KYC process where they will need to verify their phone number and email, as well as provide a photo ID such as a passport or driver's license. Some may also ask for proof of address.

Step 2: Deposit Funds 

The next step is to deposit some trading funds. Not ready to risk money right now? Consider trading forex via a demo account, which allows users to get a feel for trading and the platform without risking real funds.

Those looking to trade with real money will need to deposit funds via a range of payment methods, including bank transfer, debit card, or e-wallet.

Users should note that different platforms will require a different minimum deposit to get started.

Step 3: Search for Forex Pair to Trade

Forex brokers will also vary wildly in the number of trading pairs they offer, so those with a specific pair in mind should ensure they are able to trade it on their chosen platform.

Users then need to search for their pair and click on 'Buy' or 'Sell' next to the chosen forex pair. Clicking 'Buy' means the trader believes the pair will rise in value, and clicking 'Sell' means the trader believes the pair will decline.

Step 4: Place Forex Trade

An order box should now appear on the trader's screen. First, type in the amount of money to risk on the forex trade - those wishing to trade with leverage can select their preferred multiple, although this is not recommended for beginners.

Stop-loss and take-profit orders are also supported by most platforms. To proceed, click on an 'Open Trade' button, with the platform executing the position instantly at the next best available price.

Conclusion

While forex trading has never been more accessible for retail clients, choosing a suitable broker is crucial. We have reviewed the best forex trading brokers for 2024 and found a variety of platforms to fill different needs depending on the individual user.

For example, eToro offers Copy Trading tools so you can learn from the best. AvaTrade is heavily regulated offering customers peace of mind.

References

FAQs

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Kane Pepi
Editor
Kane Pepi
Editor

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…