Best 5 Forex Brokers For Beginner And Advanced Investors in 2020.

Talks about the best Forex broker reviews and what suits for beginners.
Author: Edith Muthoni
Last Updated: March 31, 2020

Looking for Best Forex broker reviews? What is the best Forex broker for beginners and advanced traders?.

We have compared the top 7 Forex trading brokers and presented our top online forex brokers for you.

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    Trade with Forex.com - Best Mobile Platform for the US

    Our Rating

    Forex.com company logo
    • Prices and overall cost of trading become cheaper based on the number of trades and the traded volume
    • Top notch trading platform and apps
    • Regulated by one of the toughest entities in the world
    • Built-in charts only available in high-end brokers
    Forex.com company logo

    What are Forex Brokers?

    Online Forex brokers are financial firms that provide Forex traders access to buy or sell currency pairs online.

    This is made possible by providing traders access to trading platforms that create an interface between the trader and broker (market makers) or between the trader, broker and the Forex interbank market (ECN/STP brokers).

    In the mid-90s, there were no individual or retail Forex traders.

    The Forex market was exclusively for big banks, hedge funds or high net-worth firms. This is because it was capital intensive with a minimum trading size was $1 million.

    With time, the market was decentralized and access was granted to investors with smaller capital. The liquidity gap created by the smaller capital from retail traders and the large trading requirements of the interbank market was filled by market makers.

    Today, we have numerous online Forex brokers operating from different parts of the world. With as little as $1, individual traders can access the Forex market from the comfort of their homes.

    PRO TIP: Ask yourself a few questions before choosing an online forex broker: Is your broker secure? Are you fine with their costs and fees? Do they offer your preferred trading platforms such as MT4 and above all, how easily can you access your invested capital.

    The Best Forex Brokers 2020 – Forex Brokers Compared

    Who are the best Forex brokers in 2020 and who wins the best Forex exchange comparison? This table shows the best Forex brokers and the pros and cons of each one.

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    forex list

    1 eToro

    Our rating

    What we like

    • Paypal available
    • Licensed broker
    • Real crypto tokens
    • User-friendly mobile app
    • Has own wallet


    webtrader, tablet, app



    Deposit method

    • Wire transfer
    • Credit cards
    • Bank transfer
    • PayPal
    • Neteller
    • Skrill
    Wire transfer, Credit cards, Bank transfer, PayPal, Neteller, Skrill,
    Trade Now

    eToro is a multi-asset platform offering equity and cryptocurrency investments and CFD trading. CFDs are complex financial instruments. Because of the leverage they carry a high risk of losing money quickly. 75% of private investor accounts lose money when trading CFDs with this provider. Please note that you should be informed in advance about the risks of CFD trading as high losses can not be ruled out. Cryptocurrencies are unregulated and their prices can vary widely. Therefore, cryptocurrencies are not suitable for all investors. The trading of cryptocurrencies is not subject to any supervision by the EU regulatory authorities. Your capital is exposed to risks. Past performance is not indicative of future results.

    Show details

    Account Information

    Min Trade$4000
    Min Deposit$200
    Micro account
    Standard account
    Zero spread account
    VIP account
    Managed account
    Islamic account


    eur/usd3 Pips
    gbp/usd4 Pips
    oil5 Pips
    gold45 Pips
    sp50075 Pips
    ftse 100150 Pips
    google0 %
    facebook0 %

    2 Plus500

    Our rating

    What we like

    • Supports PayPal deposits
    • User-friendly app
    • European License


    mt4, app



    Deposit method

    • Credit cards
    • Bank transfer
    • PayPal
    • Skrill
    Credit cards, Bank transfer, PayPal, Skrill,
    Trade Now

    Trading CFDs carries considerable risk of capital loss. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.4% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.

    Show details

    Account Information

    Min Deposit€100
    Micro account
    Standard account
    Zero spread account
    VIP account
    Managed account
    Islamic account


    ftse 100Variable

    Factors to Consider in Choosing a Forex Broker

    • Minimum Deposit Requirement

    How much is required as a basic minimum to open an account?

    You need to consider how much money you can spare to start off a Forex brokerage.

    Usually, traders are advised to make a transition from a demo account to a small live account and ultimately a larger Forex account.

    Many Forex brokers now have very low minimum deposit requirements; some as low as $10. This is great for the transitional live account which new traders with budgetary constraints will find useful. Some accounts (such as STP accounts) may require as much as $50,000 as the minimum deposit.

    If you are a trader who has such money and wants to trade with an ECN account, then this is the direction to go. So knowing your minimum deposit requirement will help narrow your search.

    Best Forex Brokers For...

    • What are the spreads and commission structure like?

    How low are the spreads and commissions on one FX broker’s platform when compared to another?

    Spreads and commissions are a trader’s business costs.

    Obviously, the lower the costs, the more profit can be retained. Spreads need to be kept low and competitive.

    Imagine trading with a broker that offers a spread of 1.4 pips for EUR/USD and another which offers 0.8 pips on the same asset.

    The difference of 0.6 pips, on 50 Standard Lot trades in a month ($10 per pip), equates to a savings of $300. Trade this in a year, and this goes up to $3,600.

    Can you see the impact that a decision as simple as broker choice based on the competitiveness of spreads can make?

    • Does the Forex brokers offer swap-free accounts?

    If you are a Muslim trader (and there is a large population of traders of the Islamic faith in the MENA region) and you want a swap-free account that complies with the tenets of the faith, then you would want a broker that offers this option.

    So this is a key point of consideration in broker selection.

    • Is the Forex broker regulated?

    Regulation in the forex market is all about trader protection.

    You need to have an independent body you can go to if you are not satisfied with your broker’s services.

    This underscores the importance of making sure the Forex broker you use is a regulated broker.

    • What has been the experience of other traders?

    A very good way of knowing what your own experience on a brokerage platform will be like is to get first-hand information about the experience of other traders on the same platforms you desire to use. Such information can be obtained from online forums.

    • Quality of customer support among Forex Trading Brokers 

    In order to avoid frustrating experiences, it’s good to know if your preferred broker has good customer support.

    A quick search can show you whether their customer support staff treat their clients well, or just as if they are doing them a favor.

    How Forex Brokers Are Rated? 

    This article will present a list of the Best Forex brokers for 2020 that you can use now.

    How were these brokers selected and rated? The following points present the basis for our broker selection:

    a) Regulatory Forex Broker Status

    All the brokers in our list are regulated and in good standing with regulators.

    They present their traders with trader insurance in the form of investment compensation fund registration with the respective regulators.

    b) Ease of Software Use

    The brokers in our list present their traders with trading software and applications that are easy to use and which do not present obstacles to the trader’s profit potential.

    Trading software should be user-friendly.

    They should not constitute an extra layer of work for the trader to unravel before engaging in core trading.

    Best Forex Brokers For...

    c) Presence of Mobile Trading Apps

    Some trading opportunities come at the most inopportune of times.

    It is only with mobile trading apps that these times can be converted to periods of opportunity.

    All brokers in our list allow their traders to trade on the go with easy to use mobile applications and website interfaces optimized for mobile devices.

    d) Trader Education

    Traders come to the market with little education about trading.

    Providing their clients with proper market-based education boosts the trader’s knowledge of the trading platforms, the forex market itself and also simple processes involved in the trading process.

    e) Market Research

    Market research is a critical tool for profiting from Forex.

    The brokers in our list provide outstanding market research using in-house experts and also in partnership with Trading Central.

    f) Ease and Affordability of Account Opening

    Account opening is a breeze with the brokers in our list.

    Some of them allow you to open accounts using your existing email or social media profiles.

    Top 7 Forex Brokers for 2020 – Best Forex broker for beginners and advanced traders List!

    The list below represents our top 7 forex brokers for 2020.

    These brokers have stood the test of time and have provided extra features that benefit their clients.

    1) Plus500: Great for advanced traders | Web-based Forex Broker,  c Forex Broker

    Founded in Israel over a decade ago, Plus500 has earned a spot for itself on the list of top Forex brokers of 2020.

    This is due to its technological innovations, consistency and global mission which have led to its expansion.

    Today, the broker is listed on the London Stock Exchange and it is also part of the UK FTSE 250.

    It boasts of over 300,000 clients from all over the world.

    Best Forex Brokers For...

    Disclaimer: The value of the commodities in the table above are illustrative prices and not a representation of their currency market values. Open your trader account to monitor the prices of these commodity prices in real time.


    Plus500 is regulated in the following jurisdictions:

    • Plus500UK Ltd is authorized and regulated by the Financial Conduct Authority FCA(#509909).
    • Plus500CY Ltd is authorized and regulated by CySEC (#250/14).
    • Plus500AU Pty Ltd (ACN 153301681), is licensed by: ASIC in Australia, AFSL #417727

    The company employs the use of modern security best practices to secure user information and create a safe trading environment.

    The proprietary Plus500 trading platform is available as a WebTrader, downloadable windows 10 desktop application and also as mobile apps on Android, Windows phones and iOS mobile devices.

    The platform is simple, innovative and loaded with analytical tools. It features real-time SMS and email alerts based on price movement earlier customized by the trader. Although user friendly, It is worth noting that Plus500 platform is suitable for experienced traders only.

    Traders here can trade CFDs on underlying financial instruments such as currency pairs, commodities, ETFs, Options, and shares.

    The EU offering of Plus500 provides maximum leverage is 1:30 for retail traders while professional traders get up to 1:300.

    The spreads are tight and no commissions are charged on trades.

    • Over 2500 assets can be traded on the Plus500 platform.
    • Regulated in multiple jurisdictions.
    • A proprietary platform that can be customized to send SMS/email alerts based on predetermined market conditions.
    • No commissions are charged on trades.
    • New clients can integrate their Facebook or Google accounts and use the login details from those accounts on Plus500.
    • The Plus 500 online trading platform does not support certain strategies hedging and scalping.
    • Traders do not receive any bonuses, rebates or rewards.
    • No training package is available.

    3) AvaTrade Forex Broker – Attractive regional offering with local branches all over the world.

    AvaTrade is multiple award-winning brokers with a presence across the globe.

    Regulated across six jurisdictions, AvaTrade has proved itself to be a reliable and reputable broker, hence qualifying as one of our top brokers for 2020.

    The broker was established in 2006 and the headquarters is in Dublin, Ireland.

    The tradable instruments available are currency pairs, cryptocurrencies, ETFs, commodities, indices, stock, and bonds.

    Best Forex Brokers For...

    AvaTradeGO is the broker’s proprietary mobile app that is simple yet sophisticated enough to handle all the essential needs of a trader. The MT4 platform is also available.

    The Guardian Angel is a customizable trade assistant designed for a beginner or advanced traders. It is an MT4 plugin that alerts the trader on predetermined conditions such as excessive risk, setting a stop-loss, trading volatility, market conditions, etc.

    The Autochartist tool is also provided for the MT4 platform.

    Best Forex Brokers For...

    ZuluTrade, the renowned social trading platform is available through this broker.

    Clients can copy the trades of expert traders and make profits. Duplitrade; another social trading platform is also available.

    The broker also provides trader education via ‘SharpTrader’ which provides training videos and articles for registered clients.

    AvaTrade boast of 200,000 traders with over 2million monthly trades.

    • The broker is regulated across 5 continents.
    • Over 250 trading instruments are available which includes cryptos, ETFs and bonds.
    • Social trading is available via Zulutrade and Duplitrade platforms.
    • Withdrawals can be made with Ava Debit Master Card.
    • Multiple trading platforms across all devices.
    • The demo account expires after 21 days.
    • The premium account type “Ava Select” has an opening balance of $100,000 which is very high.

    4) 24Option FX Broker – Great mobile app with strong trader educational content

    24Option was launched in Cyprus in the year 2010 as a binary options brokerage.

    It had to shut down binary options operations as an EU-wide ban loomed, choosing instead to focus solely on forex/CFD brokerage.

    The international arm operates from Belize while the European arm operates from Cyprus.

    They are regulated by the IFSC and CySEC respectively.

    Best Forex Brokers For...

    The web-based 24Option proprietary platform is intuitive, powerful and packed with trading aids and tools.

    The popular MT4 platform is also provided. The 24Option mobile app is developed for Android and iPhones and can be downloaded from their respective stores.

    There are over 120 tradable assets which include forex, commodities, indices, cryptocurrencies and stock shares.

    24option has partnered with “Trading Central”, to bring its customers quality market analysis reports, news, signals, etc.

    Trading Central is a financial market research firm that specializes in analysis, strategies, information, and advice on financial assets and investments.

    Best Forex Brokers For...

    The broker provides training resources and frequently organizes seminars to equip traders with the knowledge to make them more successful.

    By offering quality services, intuitive platforms and cutting edge technologies, 24option made its way into the list of top brokers in 2020.

    • Advanced market analysis from Trading Central.
    • The first deposit bonus is available for new customers.
    • Cutting edge platforms loaded with essential tools for analysis and order management.
    • Quality customer support in different languages.
    • Adequate educational resources especially for beginners.
    • Exorbitant inactivity fees of $40 per month, which increase after 3 months.
    • High withdrawal charges.
    • A monthly maintenance fee of $10 is charged.

    5) Naga – AI-driven Advanced Trading tools

    Though a relatively new player in the industry, Naga Markets has already achieved the status of a top broker.

    The brand began operation in 2015 and it is based in Limassol, Cyprus.

    The EU arm of the brand is operated by Naga Markets Ltd, a company based in Cyprus while the international brand is operated by Naga Capital Ltd which is based in St Vincent and the Grenadines.

    Both companies are part of the Naga Group which is a financial technology company listed on the Frankfurt Stock Exchange in Germany.

    Best Forex Brokers For...

    Naga offers currency pairs, ETFs, index CFDs, crypto assets, futures, and stock shares.

    The proprietary ‘Naga Trader’ platform features a social trading function (Autocopy) where traders can view the trading statistics of experts and easily choose whose trades to copy.

    The platform also has risk management tools and a charting package courtesy of ‘Trading View’. ‘Naga Cybo’ is a customizable trading robot built into the Naga trader and powered by Artificial Intelligence (AI) technology.

    The Naga Trader mobile app is downloadable for Android and iOS devices.

    The Naga card, powered by MasterCard is a debit card which can be used to deposit or withdraw from your trader accounts. It can also be used for online payments and cash withdrawals from any ATM anywhere in the world.

    The Naga Coin (NGC) is Naga’s native cryptocurrency created on the Ethereum blockchain. NGC can be bought or sold from popular exchanges like Changelly, Cryptology, Bittrex, etc.

    With cutting edge technologies and a secured digital environment, Naga has entrenched itself as a reputable broker. Trusted by over 500,000 clients, Naga is one of the top-rated brokers in 2020.

    • The Crypto Forex broker provides access to trade over 750 tradable assets.
    • Innovative proprietary “Naga Trader” which has garnered industry awards.
    • Regulated by the CySEC.
    • Traders can benefit from Social trading using Autocopy.
    • Access to Naga Card and NGC cryptocurrency.
    • Account opening deposits are high. Eg. To open the Crystal Trader account requires a minimum deposit of EUR 100,000.
    • No service to traders from USA, Canada, Cuba, Iran, etc.
    • Relatively high trading costs.

    6) IG.com USA Forex Broker – Strong Presence in USA

    IG is a well known brand in the industry. Established in the UK in 1974, IG provides its services to over 195,000 clients from all over the world.

    IG is the trading name of IG US LLC which is registered in Delaware with registration number 6570306.

    IG is a registered Retail Foreign Exchange Dealer (RFED) and Introducing Broker (IB) with the Commodities Futures Trading Commission (CFTC) and member of the National Futures Association (NFA) with the ID 0509630.

    Best Forex Brokers For...

    The IG Forex broker provides over 80 currency pairs tradable on the MT4 platform, WebTrader and on various mobile devices.

    IG provides educational courses and a demo account in order to help beginner traders jumpstart their trading career.

    The provided MT4 platform comes with add-ons such as the Autochartist tool which scans the market and alerts the trader when it finds trading opportunities.

    A plugin that extends the features of the MT4 is also provided at no extra cost. The plugin adds over 12 extra tools to the MT4 platform.

    Best Forex Brokers For...

    Daily analysis, market news, and other trader tools are equally provided through DailyFX, which is owned by IG.

    With the myriad of technological tools, experience, and integrity, IG is one of the top brokers in the United States and the world in general.

    • Features of the MT4 can be expanded with add-ons for better user experience.
    • The Autochartist assist traders in their daily analysis and trade decisions.
    • Comprehensive IG academy is suitable for new traders for knowledge acquisition.
    • Expert analysis is provided though dailyfx.com.
    • IG is a broker with huge capital base, decades of experience and global presence.
    • The tradable assets are limited.
    • Deposits cannot be made through PayPal and other e-wallet options.
    • The minimum deposit of $250 is high when compared to other brokers.

    7) Forex.com – Best Forex broker for US traders

    Forex.com is a broker that promises to earn traders’ loyalty by delivering an extraordinary trading experience with superior execution and low trading costs.

    Since 2001, the broker has grown in technology, strength, and excellence. Today, Forex.com is one of the leading brokers in the United States and the world at large.

    USA Forex Broker

    Forex.com is an arm of Gain Capital Holdings Inc; a financial investment firm with headquarters in New Jersey, USA and a global presence that spans across Asia, Europe, and North America.

    Gain Capital Holdings Inc. is publicly traded in the New York Stock Exchange (NYSE: GAP). Forex.com is a registered Futures Commission Merchant (FCM) and RFED with the CFTC. It is also a member of the NFA.

    Over 80 currency pairs, metals and futures options can be traded on the platforms.

    The Advanced Trading, web trading, MT4, and the forex.com mobile are the trading platforms provided. The platforms are sophisticated, technological and replete with useful trader tools. Forex.com also has a plugin that improves the features of the MT4 platform by adding more useful tools like a market manager, correlation matrix, alarm manager, etc.

    The broker also provides market analysis and an organized education center with lessons categorized for beginners, intermediate and advanced traders. Forex.com is indeed one of the leading forex brokers of 2020.

    • Regulated in 7 jurisdictions which includes USA, Canada, UK, Australia, etc
    • Ultra-fast trade executions on modern platforms.
    • High volume traders can save up to 15% with cash rebates.
    • Advanced charting package powered by Trading View.
    • Access to platform analysis tools from Autochartist and Recognia.
    • Demo account expires after 30 days.
    • Credit cards cannot be used for deposits and withdrawals.
    • Paypal and other electronic payment gateways like Skrill and Neteller are not accepted.

    How Forex Brokers Operate? Forex Brokers Working Model!

    The modus operandi of forex brokers is related to how they execute customer transactions. Here are the popular forex broker models.

    i) ECN Forex Brokerage model

    Electronic Communications Networks (ECN) brokers give their clients direct market access (DMA). Traders access the interbank forex market directly through the brokers’ ECN network.

    There is no dealing desk (NDD) and the broker only acts as an agent between the client and the interbank forex market.

    ECN brokers transmit the actual currency quotes to their clients in real-time and the trades are executed at the market. This reduces or eliminates requotes.

    The spreads are usually very low and in some cases, zero spreads are incurred. This is why most ECN brokers prefer to collect a commission on each side of a trade.

    ii) STP Forex Broker Model

    Straight Through Processing (STP) brokers are Non-Dealing Desk (NDD) brokers that operate an automated system where trades are routed to liquidity providers for execution at competitive prices.

    The liquidity providers are interbank forex market participants. Most times, the liquidity providers are top tier brokers, investment companies, payment aggregators or major banks.

    The advantage of the STP brokerage model is that there is more liquidity from different sources; hence, orders are promptly fulfilled. The whole process is automated without broker intervention eliminating human errors, costs or delays.

    iii) Market Makers Forex Broker 

    These brokers operate a dealing desk (DD) brokerage model.

    Most market makers quote the bid and ask price with fixed spreads and execute trades by taking the opposite side of a client’s trade.

    Market makers can adjust the spread, delay trade executions and even manipulate traders’ positions to trigger a stop-loss.

    The advantage of this brokerage model is that orders are executed instantly as it is not routed to another source but executed by the broker.

    They also charge low trading fees and offer very high leverages. Because many beginner traders believe the illusion that forex trading can bring quick money, many scam brokers operate this brokerage model.

    Most beginner traders lose money and these scam brokers easily make the money by trading against the newbie, manipulating trades and closing winning trades.

    That is why it is always advisable to trade with a regulated broker.

    iv) Hybrid Forex Broker Model

    This involves the combination of two or more broker models in operation.

    Most ECN brokers also add a dealing desk to their operations which caters to low volume traders with small capitals.

    They usually specify different account types and tie the execution type to the account type. The Hybrid model is arguably the best brokerage model as it benefits both the new and professional traders.

    Expert traders with huge capitals are given special accounts, favorable benefits and have their orders executed at the market. Tyros and low volume traders are offered a dealing desk with instant executions.

    In this guide, we look at the best forex brokers with the most attractive leverages. We, however, start by looking at how it works and the criteria used to rank the best high leverage brokers.

    Note: Leverage allows you to take control of large trade positions with minimal capital. And with the right set of skills, strategy, and mindset, leverage will help amplify your gains. However, this works both ways. Just as it amplifies your gains, leverage also amplifies your losses. And the need to protect most Forex traders from these amplified losses forms the primary reason why some regulators capped the maximum leverage in their jurisdiction.

    High Leverage Forex Brokers:

    Leverage is a form of investment loan given to an investor by the brokerage firm. It serves to inflate your trading account balances, making it possible to enter into larger trading positions with the hope of scoring higher returns. To access this loan, you will need first to open a margin account with your preferred broker. The leverage advanced is then expressed as 1:50, 1:100, 1:200, or 1:500.

    Best Forex Brokers For...

    But what does this mean? In the case of 1:200, it implies that for every one base currency you are willing to stake into a trade, the broker will loan you two hundred more. If you, therefore, wished to enter into a $200,000 trade, you would only need $1,000 in your trading account.

    What are the pros and cons of using a Broker’s Leverage?


    • Provides you with additional albeit loaned trading capital
    • Helps you enter into larger trade positions that magnify your gains
    • The leveraged (loaned) trading capital is interest-free
    • Allows a trader to enter into any trade with low capital


    • Can easily wipe out your trading capital (staked amounts)
    • It exposes you to margin call risks
    • Higher leverages (free money) encourages reckless trading

    Best High Leverage Broker For 2020:

    1. PaxForex – Best for U.S Forex investors (1:500)

    PaxForex stands out with their non-discriminative and high leverage of 1:500. This is now available to all types of trading accounts availed by the acclaimed broker.

    Best Forex Brokers For...

    In addition to the high leverage, there are several other reasons PaxForex tops our list of high leverage brokers. And we are especially drawn in by the fact that they maintain over five types of trading accounts. They also expose you to more than 20 trading pairs and maintains a highly affordable minimum deposit of $10. It also is compatible with the all-popular desktop and Mobile versions of the MetaTrader (MT4) platforms. Note that this attractive leverage is, however, capped at the CFTC recommended 1:50 ratio for their U.S. clients.


    • Charges attractively low spreads both fixed and floating
    • All trader accounts are commission-free
    • Offers you a variety of account types


    • The broker is not regulated
    • Has a limited choice of trading platforms
    2. AvaTrade – Best for Non-U.S investors (1:400)

    AvaTrade has an established presence in over 150 countries around the world. It is thus operated under the strict guidance of all major financial regulatory agencies in Europe, Canada, Japan, and Australia. This, plus the fact that it offers highly attractive leverages of up to 1:400 makes it a preferred broker for most international traders.

    Best Forex Brokers For...

    Apart from the leverage, you will also be interested to note that the broker runs one of the most advanced and user-friendly trading platforms. Some key features availed by the broker include a professional in-house trading software, Forex APIs, and lucrative trading strategies – all of which are available freely on the site. Plus the broker is also one of the few that provides you with adjustable trading algorithms and Forex trading APIs that let you automate your trades from scratch.


    • Support a host of payment processing companies and free deposits and withdrawals
    • The advanced auto trading algorithms and APIs are availed to you free of charge
    • Exposes you to automated risk management tools like negative balance protection
    • Free training and access to Forex educational materials make it most appealing for beginner traders


    • Doesn’t accept U.S clients
    • Consumers have often complained of delayed withdrawals – can take up to 10 days
    3. Crypto Rocket – Best For Free deposits (1: 500)

    CryptoRocket stands out from the competition in the industry because of its attractive leverage of up to 1:500. But we also like it because of its zero-fee policy on deposits.

    Best Forex Brokers For...

    But these aren’t the only reasons the broker makes it here. Other unique features that drew us to the Forex CFD trader include the fact that it exposes you to over 55 Forex trading pairs. Plus their ultra-tight spreads and the highly advanced trading platform are available in both the web trader, P.C., and mobile apps.


    • Their straight-through trade execution eliminates slippage and requotes
    • Their trading platform comes with numerous advanced trading tools that appeal to both beginner and advanced traders
    • It doesn’t charge transaction fees when live trading


    • CryptoRocket is a non-regulated exchange
    • There are limited financial products you can trade here – mostly cryptocurrencies
    4. Eagle FX – Best for the High number of Forex Trading Pairs (1:500)

    Eagle F.X. appeals most to experienced traders looking for an advanced platform that gives them access to huge investment opportunities and attractive leverage. The broker exposes you to over 53 forex trading pairs (including all the major currencies). And these can be executed with leverage of 1:500.

    Best Forex Brokers For...

    Beginner traders looking to gain a deeper understanding of the Forex market can do so within the Eagle Fx demo account. It is free and has no limit to the amount of time or virtual currency you can spend there. Others factors that make it stand out from the competition, despite being a few months old, include its zero-fee approach to deposits and withdrawals. Plus the fact that you only need $10 to open a real trading account.


    • Available in both the web and mobile trading versions
    • Beginner-friendly as it supports social trading and copy trading
    • A low minimum deposit of $10 and high leverage that starts from 25:1 to 500:1


    • Not regulated
    • Not available to U.S. clients

    5. XM Global - Best for Account Management Support (1:888)

    X.M. Global ranks highly on the list of the most reputable online  trading brokerages. Here, traders are treated to highly attractive leverages of 1:888. Not to mention that they also offer one the broadest list of trading pairs and other financial investment products. And these can be executed within one of their several retail client trading accounts that cater to both the beginner and expert traders.

    Best Forex Brokers For...

    Note, however, that the 1:888 leverage is only available to international traders operating outside the U.S. and Europe. X.M. isn’t available in the United States but operates through a Proxy – XM-UK in Europe. And in this FCA controlled financial district, leverage is capped at 1:30. In addition, traders are treated to ultra-tight spreads of as low as 0.6 pips for all the major trading pairs. You might also be interested to note that all X.M. trading platforms are expert advisory friendly. You will also be treated to 50%+20% bonus on your initial deposit upon verifying your trading account.


    • Every account is matched with a supportive account manager
    • Highly adaptive trading platform and a friendly user interface
    • Regulated in Europe, Canada, Australia, and the U.K.
    • Fastest trade execution speeds, eliminating requotes and slippage.


    • Limited deposit and withdrawal options
    6. Forex.com – Best for longstanding reputation (1:400)

    Forex.com features on this list majorly because of its relatively attractive leverage of 1:400. But we also liked the solid reputation of trust and reliability it has established over the years. Having been actively involved in the industry for close to two decades, Forex.com has morphed into a market leader and is dominating different aspects of forex trade.

    Best Forex Brokers For...

    It, for instance, hosts one of the highest numbers of currency trading pairs (80+). It also has one of the most advanced and adaptive trading platforms as well as the broadest collection of technical analysis and trade automation tools. In addition to this, the broker has in its staff a host of highly polished industry insiders and pro analysts. And they are constantly reviewing the markets and publishing actionable tips on possible market movements and price actions.


    • Have the web and mobile trading apps that allow you to trade on the go.
    • CFTC accepts U.S. clients
    • Supports both MT4 and NinjaTrader platforms
    • Beginner-friendly


    • Huge spreads push up the trading costs
    • Maximum leverage is not uniform on all trades
    7. InstaForex – Best in Eastern Europe (1:1000)

    InstaForex is headquartered in Russia, making it one of the few most successful brokerages in Eastern Europe. It stands out because of its support for huge leverage that currently stands at 1:1000, and an equally large number of currency trading pairs – including all the major currencies.

    Best Forex Brokers For...

    Others factors ensuring InstaForex makes it to the list of the reputable high leverage brokerages include its near-instant customer support services. Plus a wide range of technical analysis tools on an elaborate trading platform. Here, a client is also free to maintain up to three different trading accounts.


    • The broker supports both the MT4 and MT5 trading platforms
    • One-click trading technology guarantees fast trade execution
    • The low minimum deposit for real account – stands at $1


    • Not available to both the U.S. and E.U. markets
    • Limited and relatively slow withdrawal options
    8. FBS – Best for High Leverages (1:3000)

    FBS maintains the highest leverage in the global forex trading industry – currently set at 1:3000. It also is one of the most versatile brokers we have come across with a unique approach to the industry. It also has a long list of trading account types, and each is specially designed to suit a particular class of traders.

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    The most popular account type is the micro-lot trading (CENT) account for beginners, and the high-volume (ECN) account for scalpers. The broker further takes pride in hosting a huge collection of trading tools as well as highly effective automated trading systems. More importantly, forex transactions are commission-free while spreads range from 0.0 pips for the Zero-Spread trading account to 3.0 pips for least popular forex pairs.


    • Hosts Sharia law compliant accounts for Islamic traders
    • Boasts of the highest leverage in the world
    • Advanced trading technology eliminates any incidences of slippage and requotes
    • Supports expert advisers and other automated trading tools


    • Not available to U.S. residents
    • Poor risk management practices where some accounts, such as ECN, don’t have a stop-loss feature
    9. OctaFX – Best for Social Trading (1:500)

    On paper, OctaFX has its leverage set at 1:500 for MT4 platform traders and 1:200 for the MT5 traders. And in a world where major Forex hubs are constantly coming up with regulations that seek to shrink leverages further, we consider this high and attractive. However, OctaFX is regularly holding promotions that allow traders from different parts of the world to adjust this leverage upwards manually. In most cases, MT4 traders leverage moves from the standard 1:500 to 1:1000 while leverage for MT5 trades moves from 1:200 to 1:500.

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    In addition to this, we liked the superior social trading feature on their website that supports copy trading for beginners. Plus the fact that the broker also operates the one-click trading feature that guarantees fast trade execution speeds.


    • No deposit or withdrawal fees
    • Beginner-friendly through social trading and educational resources
    • OctaFX supports multi-platform trading on MT4, MT5, Web and OctaFX app trading platforms.
    • Multilingual customer support


    • Sluggish withdrawals
    • Limited payment processing options as it does not support debit and credit cards or PayPal
    10. NordFX – Best for versatile trading platforms (1:1000)

    NordFX also features on our list of high leverage brokers majorly because of its high leverage of 1:1000. But we are also impressed by the level of technology the broker has integrated into their trading platform.

    Best Forex Brokers For...

    This is evidenced by the fact that Nord FX runs one of the most advanced trading platforms with sophisticated analysis tools, indicators, and trading strategies. It also takes pride in having one of the fastest payment processing systems that have resulted in minimal complaints.


    • Highly affordable spreads that start from 0.0 pips
    • Exposes you to different types of accounts that require low minimum deposit amounts – from $10
    • Stellar customer support team


    • Limited number of forex trading pairs
    • Slow processing of withdrawals

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    • Prices and overall cost of trading become cheaper based on the number of trades and the traded volume
    • Top notch trading platform and apps
    • Regulated by one of the toughest entities in the world
    • Built-in charts only available in high-end brokers
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    How do Forex brokers make money?

    Their primary means of making money is from the bid-ask spread. But brokers have other means of making money such as charging commissions on trades, withdrawal fees, inactivity fees, etc.

    How do I choose a Forex broker?

    Consider the following factors: security, trading costs, trading platforms, customer service, deposit/withdrawal methods, and asset listing. Check the broker’s website for the above-listed services. Read broker reviews and try to avoid unregulated brokers.

    Why do Forex brokers offer leverage?

    Brokers offer leverage so that traders can increase their capital, trade larger currency volumes, make more profits and of course, pay larger trading fees to the broker.

    Are online Forex brokers safe?

    Yes, especially the brokers that are regulated by reputable agencies like FCA, ASIC, etc. These brokers abide by strict rules in order to provide a safe trading environment for their clients. They segregate traders’ funds from their brokerage funds and use modern security software and firewalls to ensure a secure digital environment.

    What is an ECN Forex broker?

    An ECN broker uses Electronic Communications Network to give its clients direct access to other participants in the currency markets. They usually charge a commission for every trade executed.

    What is a Market maker Fx Broker ?

    A market maker is a broker who acts as a liquidity provider. They have an electronic dealing desk where they execute clients’ orders.

    What is NDD?

    NDD stands for Non-Dealing Desk and it means that the broker does not execute trades in-house, rather it is executed at the interbank market or by a liquidity provider. In this case, the broker only acts as an agent to transmit prices and orders for execution at the interbank market.

    What is the Forex interbank market?

    The forex interbank market is the forex electronic market where liquidity providers, top-tier brokerages and major financial banks converge to trade world currencies.

    How can I open a Forex broker account?

    Visit any of the broker websites listed above. Complete account opening forms and upload verification documents. The brokerage account will be opened.


    See Our Full Range Of Broker Resources – Brokers A-Z

    All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.

    Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, commodities, forex, indices, bonds, and cryptocurrency investments. She holds a Masters degree in Economics with years of experience as a banker-cum-investment analyst. She is currently the chief editor, learnbonds.com where she specializes in spotting investment opportunities in the emerging financial technology scene and coming up with practical strategies for their exploitation. She also helps her clients identify and take advantage of investment opportunities in the disruptive Fintech world.

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