By Jeffrey Cammack Author Information Updated: June 30, 2020

While Australia’s leading brokers are all regulated by ASIC, many of the industry giants remain regulated by other reputable global entities and should be considered. Australians are not legally required to select a Forex broker that is ASIC regulated, so the best Forex brokers available in Australia extend beyond those regulated locally.

These are the best Forex brokers in Australia. They have a mix of varied platform support, competitive trading conditions and support for beginner traders.

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  • Broker
    FP Markets

    FP Markets  - Best FX Broker in Australia

    REGULATED BY
    ASIC ASIC
    CySEC CySEC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    AUD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    FP Markets has a leading product offering for Forex traders in Australia, offering a generous range of trading ECN accounts, support for multiple leading software platforms, and a strong reputation in the Australian Forex industry.

    While there are 3 IRESS trading accounts on offer, the two most common trading account for MT4 and MT5 are the Standard and the RAW accounts. The standard account has a 100 AUD minimum deposit, leverage up to 500:1 and spreads starting at 0.0 pips, and best suited for the beginner trader. The RAW account has the same minimum deposit of 100 AUD but tighter spreads starting at 0 pips plus a trading commission of 3.5 AUD each way (7 AUD round trip) per lot traded.

    FP Markets won multiple awards for their customer service in 2019 from the Help Now Challenge, in large part because of their commitment to 24/5 client support. Customer service can be contacted via telephone, email or live chat on their website in 12+ languages.

    ASIC regulation (license: 286354), backed by CySEC regulation (license: 371/18) from Europe shows that FP Markets takes client fund safety seriously and that they strive to create a safe and supportive trading environment for their clients.

    Pros

    • Well regulated
    • Tight spreads
    • Good range of accounts
    • Great customer support

    Cons

    • Expensive withdrawals
    AccountSpread FromCommissionExecutionMin. Deposit
    Standard IRESSN/A pips$10 AUD min, then 0.1%STPAUD 1,000 Account Details
    Platinum IRESSN/A pips$9 AUD min, then 0.09%STPAUD 25,000 Account Details
    Premier IRESSN/A pipsNo min, then 0.08%STPAUD 50,000 Account Details
    RAW0.0 pips$3.50STPAUD 100 Account Details
    Standard1.0 pipsNoneSTPAUD 100 Account Details
  • Broker
    Pepperstone

    Pepperstone  - Most Trusted Broker

    REGULATED BY
    FCA FCA
    ASIC ASIC
    DFSA DFSA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    AUD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Regulated by the two prominent regulators, the FCA and ASIC, in addition to competitive ECN trading conditions, and comprehensive educational package, Pepperstone is one of the best Forex brokers for 2020.

    cTrader is on offer for traders who want a more straightforward software setup and updated look and feel, or stick with the MT4/MT5 product suite if you wish for the familiarity of the MetaTrader product line and EAs from their marketplace.

    Beginners will find the education package rather complete as it helps the newbie with more technical trading-specific questions as well as helps traders understand more of the fundamental issues that relate getting started as a trader. And as a beginner, you can rely on knowing that adequate customer support is available to ensure the transition from newbie to trader is achievable.

    Pros

    • Well regulated
    • Tight spreads
    • Great platform choice
    • Wide range of assets

    Cons

    • High minimum deposit
    • Limited market analysis
    AccountSpread FromCommissionExecutionMin. Deposit
    Razor0.0 pipsAUD$ 7ECNUSD 200 Account Details
    Standard1.0 pipsNoneECNUSD 200 Account Details
    Swap-free1.0 pipsNoneECNUSD 200 Account Details
  • Broker
    MarketsX

    MarketsX  - Most Assets Available

    REGULATED BY
    CySEC CySEC
    ASIC ASIC
    FSCA FSCA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    AUD 250
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Markets.com is a global playing the Forex market and has strong brand recognition. With strong International regulation and feedback from the industry, they have built a client base of over 5 million accounts since 2010.  The trading conditions are reasonable for Markets.com being a market maker, and it was a positive step to see this broker adopt the MetaTrader suite of tools.  We recommend Markets.com as traders enjoy trading with them. They are a broker to set up a serious trading account on trusted software and regulation.

    Pros

    • Well regulated
    • Tight spreads
    • Wide range of assets
    • Fast and free withdrawals

    Cons

    • High minimum deposit
    AccountSpread FromCommissionExecutionMin. Deposit
    Live0.9 pipsNoneInstantUSD 100 Account Details
  • Broker
    AvaTrade

    AvaTrade  - Best Trading Conditions

    REGULATED BY
    ASIC ASIC
    FSCA FSCA
    B.V.I FSC B.V.I FSC
    FSA FSA
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    AUD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    AvaTrade is an all-around broker, which makes them attractive for the beginner trader who wants a little bit of everything. With support for MT4 and MT5, a 100 AUD minimum deposit, and EUR/USD spreads from 0.9 pips, we see why this ASIC regulated brokers has built a brand and a large following.

    Pros

    • Good for beginners
    • Well regulated
    • Low minimum deposit

    Cons

    • Dealing desk
    • Limited education
    AccountSpread FromCommissionExecutionMin. Deposit
    Islamic1.2 pipsNoneInstantUSD 100 Account Details
    Professional0.9 pipsNoneInstantUSD 100 Account Details
    Retail0.9 pipsNoneInstantUSD 100 Account Details
  • Broker
    FxPro

    FxPro  - Best Trading Platforms

    REGULATED BY
    FCA FCA
    CySEC CySEC
    FSCA FSCA
    DFSA DFSA
    SCB SCB
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    AUD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    FxPro is one of the most prominent brands in the Forex trading industry, having sponsored English Premier League football teams since 2012, and winning over 70 international awards since their founding in 2006.

    As one of the few International brokers with support for MT4, MT5 and cTrader, plus their proprietary trading platform, FxPro offers accounts with a reasonable minimum deposit, with the oversight of numerous regulators around the world. Traders looking for comprehensive courses and educational material, however, will not find that at FxPro, but if all other aspects appeal, finding separate learning material should not be too hard to find.

    Pros

    • Well regulated
    • Great platform choice
    • Tight spreads

    Cons

    • Limited education
    AccountSpread FromCommissionExecutionMin. Deposit
    FxPro cTrader0.45 pips$4.50MarketUSD 100 Account Details
    FxPro MT41.2 pipsNoneMarketUSD 100 Account Details
    FxPro MT51.52 pipsNoneMarketUSD 100 Account Details
    Islamic1.2 pipsVariableMarketUSD 100 Account Details
  • Broker
    IG Markets

    IG Markets  - Best Education

    REGULATED BY
    FCA FCA
    ASIC ASIC
    FSCA FSCA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 250
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    If you're a beginner Forex trader, you can't find a much better broker than IG Markets. Despite being a market-maker with a single account, IG is one of our highest rated brokers for good reason. Spreads are very tight considering the low minimum deposit and the educational support and market analysis are probably the best in the industry. A wide choice of platform (including MT4) is also available and customer service is world-class.

    All of this is coupled with regulation from the FCA and ASIC and a long history of satisfied clients. As the winner of the Broker of the Year 2018 (UK Forex Awards) and Best CFD Provider 2017 (Investment and Wealth Management Awards), IG Markets is an attractive choice for both beginner and experienced traders.

    Pros

    • Well regulated
    • Tight spreads
    • Great platform choice
    • Excellent education
    • Excellent market analysis

    Cons

    • High minimum deposit
    AccountSpread FromCommissionExecutionMin. Deposit
    Live Account0.6 pipsNoneInstantUSD 250 Account Details
    Spread Betting0.6 pipsNoneInstantUSD 250 Account Details
  • Broker
    Admiral Markets

    Admiral Markets  - Most Assets Available

    REGULATED BY
    ASIC ASIC
    CySEC CySEC
    FCA FCA
    Trading Desk Type
    Trading Conditions
    11110
    Minimum Deposit
    AUD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Founded in 2001, Admiral Markets offers reliability, market leadership and simple modern trading. A global presence, a large Australian and international client base, flexible trading accounts, competitive trading conditions, and peerless educational material have attracted both beginner and experienced traders to the brand.

    Pros

    • Well regulated
    • Excellent education
    • Wide range of assets

    Cons

    • Expensive withdrawals
    AccountSpread FromCommissionExecutionMin. Deposit
    Trade.MT40.5 pipsNoneMarketUSD 100 Account Details
    Trade.MT50.5 pipsNoneMarketUSD 100 Account Details
    Zero.MT40.0 pips$1.8-$3.0MarketUSD 100 Account Details
    Zero.MT50.0 pips$1.8-$3.0MarketUSD 100 Account Details
  • REGULATED BY
    CySEC CySEC
    ASIC ASIC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    AUD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    EasyMarkets offers three simple account types, a 50% deposit bonus for new accounts up to $2000, and offers MT4 alongside its proprietary platform. EasyMarkets is fully regulated by CySEC and ASIC in Australia, ensuring compliance with the highest client protection standards. With a minimum deposit of $200, you can trade Forex, commodities, agriculture, metals and other stocks allowing a diversified portfolio of investments.

    Customer accounts have a dedicated account manager, 24/5 customer support from their offices around the world, fast withdrawals and a stacked learning centre. EasyMarkets is one of our favourite online Forex brokers.

    Pros

    • Well regulated
    • Wide range of assets
    • Innovative trading tools

    Cons

    • Limited platform choice
    • Limited account options
    AccountSpread FromCommissionExecutionMin. Deposit
    Islamic1.9 pipsNoneInstantUSD 100 Account Details
    Standard1.9 pipsNoneInstantUSD 100 Account Details
    Premium1.4 pipsNoneInstantUSD 2000 Account Details
    VIP0.9 pipsNoneInstantUSD 10000 Account Details
    Super VIP1.2 pipsNoneInstantUSD 50000 Account Details
  • REGULATED BY
    CySEC CySEC
    FCA FCA
    FSA-Seychelles FSA-Seychelles
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    USD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Built by traders, for traders, Tickmill offers low spreads and commission on both ECN and traditional accounts. All accounts feature ultra-fast STP execution (0.15s on average and no requotes) and support for the MT4 platform with all strategies allowed.

    Regulated by the FCA in the UK, CySEC in Europe, and the Seychelles FSA internationally - and a regular winner of trade execution and trading conditions awards - Tickmill also offers 80+ instruments to trade alongside dedicated multi-lingual support and negative balance protection.

    Pros

    • Tight spreads
    • Well regulated
    • Fast and free withdrawals
    • Wide range of assets

    Cons

    • MT4 only
    AccountSpread FromCommissionExecutionMin. Deposit
    Classic1.6 pipsNoneMarketUSD 100 Account Details
    Pro0.0 pipsVariableMarketUSD 100 Account Details
    VIP0.0 pipsVariableMarketUSD 50000 Account Details
  • REGULATED BY
    ASIC ASIC
    FCA FCA
    MAS MAS
    FMA FMA
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    AUD 5
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    CMC Markets are a well-known market maker broker, based in London and operating globally. While it currently only offers a single live account, spreads are tighter than most of its competitors and the required minimum deposit is low enough for all beginner traders. The focus on new traders continues with CMC Market's education and analysis sections, which are insightful, well-structured and updated frequently.

    We also like the proprietary New Generation trading platform, wide asset choice and responsive customer service. Overall, an excellent broker for all traders and one of our highest rated.

    Pros

    • Well regulated
    • Tight spreads
    • Good for beginners
    • Excellent education
    • Excellent market analysis

    Cons

    • No swap-free account option
    AccountSpread FromCommissionExecutionMin. Deposit
    CFD Account0.7 pipsNoneInstantUSD 5 Account Details
  • REGULATED BY
    FSCA FSCA
    FCA FCA
    ASIC ASIC
    Trading Desk Type
    Trading Conditions
    11100
    Minimum Deposit
    USD 5
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    ThinkMarkets is a very well-regulated ASIC-regulated broker and headquartered in Melbourne and London since 2010. It offers support for MT4, MT5 and its own ThinkTrader platform on two account types: One with a very low minimum deposit and the other a commission-based ECN account for more experienced traders.

    Education is well-structured and useful for beginners, though market analysis is mainly left to in-platform third parties. Customer support is excellent and provided locally and execution times are world-class, perfect for automated trading.

    Pros

    • Low minimum deposit
    • Well regulated
    • Great platform choice

    Cons

    • Limited market analysis
    • Non-transparent spreads
    AccountSpread FromCommissionExecutionMin. Deposit
    Standard0.4 pipsNoneMarketUSD 5 Account Details
    ThinkZero0.0 pips7 USDMarketUSD 500 Account Details

We pride ourselves on giving good advice, and we always put our readers first. When choosing partners, we do our research according to our review process which covers areas such as regulation, trading conditions, and the product offering.

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To pay the bills, and keep the lights on, we need a business model. That business model makes use of affiliate programs whereby we get a commission from partners featured on our website.

Our business model never influences our opinion of any partner, and partner selection and review processes are separate. The compensation we receive from partners may affect how our lists are arranged, but the reviews are genuine, and the data is accurate. Our opinion can not be bought, and we always put our readers and their financial livelihoods first.

Open

Choosing From The Best Forex Brokers

There are a countless number of Forex brokers online, and to choose the one for you, you need to know what makes them different. We only review reputable brokers according to strict editorial guidelines, where our goal is to highlight their differences and educate the trader.

Verified broker regulation is the most critically important aspect of choosing a broker. Regulation is the safety net that protects traders from mismanagement of funds and poor businesses practices at the broker. The Australian regulator is ASIC, but other top tier brokers are the FCA (United Kingdom) and MAS (Singapore).

Trade execution method is different between brokers, where one major difference separates them. A direct market access (DMA) broker will execute all trades on the currency market, finding buyers and sellers as clients open and close positions. In contrast, a market maker broker will create the market themselves and act as the counterparty on all client trades. While DMA brokers do not interfere with client trades, market makers can have a dealing desk that may intervene with the trades under their supervision. A dealing desk creates a conflict of interest between client and broker.

Trading costs should match your expectations of the broker. Trading costs are the sum of the spread price and the commission for the volume you are trading. Market maker brokers will typically include all the fees in the spread. In contrast, DMA brokers will have tighter spreads and a commission based on the volume traded.

It is generally the case that market makers have higher trading costs. While some traders will advise finding the broker with the lowest spread/commission combination, there could be a reason for a broker charging higher fees. It would be acceptable to pay higher trading costs in exchange for offering superior trading material, access to a trading community, or for using a unique trading platform.

The majority of brokers support industry-standard software, such as MetaTrader 4, MetaTrader 5, and cTrader. There are few exceptions, but these are typically providers like eToro or Plus500 who are trying to add additional features like social trading or break away from the traditional trading experience.

Learning to trade will take study and practice, so ensure that your broker meets your expectations for education material and demo accounts.  Beginners are strongly advised to use a demo account until they are comfortable with both the trading software and the risk management needed for successful trading.

Speedy withdrawals are one of the highest priorities for professional traders, so the rules, fees, and the timeline for getting your money back should be communicated. The majority of scams in the Forex market are related to withdrawals. Finding the best broker is a combination of all of these factors. In comparing brokers, we rate the above aspects of each broker between 1 to 5, and then weight each of the ratings. Reviewed brokers receive a score which we include on the review and in our State of the Market Report alongside the full methodology.

What not to worry about

Because Forex brokers are quite similar in many ways, what often sets them apart is the marketing and an intent to out-do each other. It is common to see brokers trying to compete on minimum deposit requirements, maximum leverage allowances and bonuses.

The minimum deposit for a committed trader should be equivalent to 200 USD (300 AUD). Forex trading is margin trading, which means traders borrow money using leverage to make bigger trades. The downside to borrowing capital means it leaves the trader responsible for the entire loss should the trade go in the wrong direction.

Should a trader deposit the 5 USD minimum required, there will be no account capital available to use as collateral for using leverage. In the case that a trader uses leverage while maintaining a small account balance, there will be a higher chance that the broker will close the trade in a margin call.

Some brokers use leverage as a marketing tool, offering upwards of what is reasonable to traders who have little understanding of the markets. You are probably only going to use up to 100:1 leverage for most of your trades, so don’t go straight for the broker with the highest leverage.

Some regulators continue to allow brokers to offer deposit bonuses to clients. In 2016, CySEC was the first major regulator to put a complete stop to using bonuses to attract and encourage traders. Bonuses always come with many conditions, and a tiny percentage of traders ever qualify to withdraw the funds.

In short, brokers with low minimum deposits are not better than those with $200 minimums, traders don’t need 3000:1 leverage on an account, and never sign up with a broker because of the bonuses they offer.

Forex Trading Platforms

Best Forex Trading Platforms

There are a number of Forex trading platforms, and selecting which Forex broker to use from a platform-first perspective means we first need to look at the difference between the two major types of platforms – cross-broker platforms and proprietary trading platforms.

A cross-broker platform is one that you will be able to use with different brokers – there are a couple of advantages to doing this. Firstly, using a platform that moves with you between brokers means setting up with a new broker doesn’t mean learning new software.

Another advantage of using cross-broker platforms is that there is a large community using them. This means a lot of support with troubleshooting, and developer communities building add-ons, known as EAs (Expert Advisors) or trading algorithms.

A proprietary trading platform is one that a broker has developed for use by their clients.  Many proprietary trading platforms have won awards for speed of execution or additional features.  An advantage to using proprietary trading platforms is that they often look better and are easier to use.  While these platforms are often great trading tools, the drawback is that if you change broker, you will need to change software too.

Frequently Asked Questions

What do Forex brokers do?

Forex brokers connect a trader with a market, in addition to offering live data, research and educational material to help the trader make better trading decisions. When a trader issues a buy or a sell order, it is the broker who is transacting that order on the market.

Depending on if the broker is a market maker or an ECN, the broker will be either finding or creating the liquidity need to open the trades. Market makers operate the market where the trades are placed, while ECN brokers work with 3rd party liquidity providers like banks to find a counterparty in the shortest time possible.

Which Forex brokers are the best?

To establish which broker is best, we chose to focus on seven different aspects. Each aspect is scored out of 5 and graded, giving a total score. The most value is placed on Trust and Regulation and Trading Conditions. For more detail on how we do this, and the full list of the best rated read our State of the Market report.

Who regulates Forex brokers?

There are several active regulators around the world, which we group into four tiers based on their credibility, regulations and regulatory enforcement. ASIC is the Australian regulator which oversees ASIC regulated brokers.

Forex Regulation Licenese Tiers

ASIC (Australia)

ASIC is a tier-one traditional regulator. They are not usually the first to set new policies, but they have a robust auditing procedure and have a strong track record of protecting clients. ASIC Website

CySEC (EU)

CySEC is a leading regulator as it relates to policy. They were the first to outlaw bonuses and aggressive marketing to new clients, which has had a strong positive impact on the industry. CySEC is the fastest to adapt to the changing market and works alongside other major regulators to maintain a safe trading environment. CySEC Website

FCA (UK)

Another traditional and some would argue, the best regulator of the group. Stringent policies surround FCA regulated brokers, and this is seen as the best regulation you can get. FCA Website

What is MetaTrader?

MetaTrader is the biggest name in CFD trading software. With the more popular MetaTrader 4, and the newer MetaTrader 5, MetaQuotes has a commanding market share in the market.

A majority of brokers support MetaTrader 4, where few brokers support MetaTrader 5 but with the numbers growing fast. The biggest competitor to MetaTrader is cTrader by Spotware and has an enthusiastic user base.

What is an ECN Forex broker?

ECN brokers offer market execution by using a network of independent liquidity providers – usually large banks or other financial institutions. They are distinct from market maker brokers in that the counterparty to your trades is never the broker themselves, thus removing any conflict of interest inherent in the market maker model.

The downside of these broker types is that if you put in an order and there is no liquidity available at the original price, the trader is going to get requoted for a different price, or a partially filled position.

Here is our list of the best ECN brokers for traders to compare.

How Much Should I Deposit?

The first decision a trader is going to have to make is how much money they want to invest in an account.  Some brokers take deposits as small as $5 and some take a minimum of $1000.  Forex trading does carry risk, so consider that all the money that you deposit can be lost.

Advісе given tо new trаdеrѕ is tо ѕtаrt оut small, whісh mеаnѕ looking fоr a Forex brоkеr who wіll lеt уоu ореn an account with about $250-$500.  Micro accounts with a lower minimum deposit are available, but if you are going to use leverage in your trades, you will need to have deposited funds to be able to take the potential loss.

ASIC has good advice for those considering the amount to deposit into an account.  It needs to be per your trading plan.

If you want to develop your plan, start by writing down your goals or setting up a simple spreadsheet. Think about what you want, when you want it and why. Work out how much you need to reach your goals and how much you need to set aside each pay period.

Source: ASIC’s Moneysmart Guide to Investing Between the Flags (pdf)- Page 26

If you are considering borrowing money to invest in this market, they continue with their warning as it comes with additional risk.

Borrowing to invest is a high-risk investment strategy for experienced investors only. If you are looking to use this strategy, ask yourself these questions:

  • Do you have secure income from other sources such as your salary to top up the loan if you get a margin call?
  • Do you have a high marginal tax rate to make the most of any tax benefits?
  • Are you in it for the long haul? Gearing is generally a medium- to long-term strategy (at least 5 to 10 years).
  • Is your strategy flexible enough to allow for changes in your circumstances, such as having children or a drop in income?
  • Will you lose sleep at night if your investment performs poorly?

Source: ASIC Moneysmart Guide – Risks of borrowing to invest

Can I Only Trade Forex?

Forex brokers are technically CFD Brokers, and Forex pairs are one of many different assets that can be traded. It is common for CFD brokers to offer CFDs in commodities, indices, stocks, EFTs and cryptocurrencies.

While cryptocurrencies are the newest introduction at most CFD brokers, there is an increasingly larger focus on expanding the selection of coins that are available to trade.

Is Customer Support Important?

Most customer service offices are open 24/5 and closed on weekends, and some are open 24/7.  Some brokers will offer a designated account manager for VIP account types.  The most common issues that customer service answers are questions about deposits, withdrawals, and information related to their trading conditions.

Do brokers charge for deposits & withdrawals?

Forex traders value easy access to money in their trading wallets, and brokers have made changes to make withdrawals faster and free.  It is now relatively standard for brokers to process a withdrawal request within one business day, but time until receipt of funds can vary as this is dependent on the transfer method.

Most brokers accept PayPal and other e-wallets like Neteller and Skrill for deposits, however, deposits using this method will require withdrawals to be made to the same account.  This is to prevent any money laundering or tax evasion that could take place.

How do Forex Brokers Make Money?

Forex brokers make money by taking a commission either as a part of the spread, or commission per lot traded.  This will also vary between accounts as well.

Thе ѕрrеаd іѕ thе dіffеrеnсе in price between the buy price and sell price in the quotes оf thе сurrеnсу pairs.  The spread is not everything when it comes to choosing a broker, but you do want to make sure that their spreads are competitive.  If your broker has wide spreads on the pairs you often trade, this will mean smaller profits on your trades.

Do Forex Brokers Trade Against You?

Where the broker is the counterparty to your trade, they are trading against you. Market maker brokers, opposed to DMA brokers, are creating the market, and thus provide the liquidity. When traders lose, they win. And with 70-90% of retail Forex traders making a loss, market makers can earn significantly.

Also, most market maker brokers will have a dealing desk that can interfere with the trade. Interference can mean any adjustment to the position, including choosing not to send it to market, adjusting the size of the trade, or even closing the position without warning.

DMA/Pure ECN will not have a dealing desk as they are just a middleman, and cannot create a conflict of interest or trade against the client base. 

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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