AuthorBy Jeffrey CammackAuthor InformationUpdated: November 27, 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. Brokers can be difficult to easily compare, so we have tested the leading brokers in the world so we can present the best of them for Aussie traders.

To test these Forex brokers, we opened both demo accounts and real accounts, set up the trading software, read the educational material, deposited and traded A$350 of our money, and created all kinds of trouble for the customer service teams. Plus we put the withdrawal procedures to the test to see how long it took to process and receive our money. While experimenting with these brokers, we rate the quality of their financial regulation, trading platform choice and read the fine print to get a grasp of the trading conditions and how transparent the broker is with sharing them. 

These are the best Forex brokers in Australia for 2020, according to our testing and our research. 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.


Best Forex Brokers in Australia 2020

Last updated on 27 Nov 2020
Updated 27 Nov 2020
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
FP Markets
Min. Deposit
AUD 100
Min. Spread
0 pips
Fx Pairs
11110.54.17/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.
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FP Markets is a leading ASIC-regulated STP broker, providing tight spreads on their RAW account, coupled with the choice of MT4, MT5 and IRESS trading platforms. A standard commission-free account is available for entry-level traders looking for a lower minimum deposit.

Relative to other Forex brokers, FP Markets has made a serious investment in new traders with award-winning customer service and a lightweight education section, which includes daily email updates of the latest financial news impacting the currency markets.

  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
  • Expensive withdrawals
Read More About FP Markets
Min. Deposit
AUD 100
Min. Spread
0 pips
Fx Pairs
11110.54.51/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.16 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA.
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Pepperstone is a renowned Australian Forex broker, fully-regulated by ASIC and popular worldwide for its fast ECN execution of trades, tight spreads and a wide choice of trading platforms. Award-winning 24-hour support anchors their customer support, where a personalised service for individual customers is available through numerous channels.

Founded in 2010, Pepperstone won the fastest-growing company award (2014) in Australia, from BRW Magazine and emerged as the 2014 Winner of the Governor of Victoria Export Awards cementing their reputation as a strong newcomer with well-appreciated trading conditions.

  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
  • High minimum deposit
  • Limited market analysis
Read More About Pepperstone
IG Markets
Min. Deposit
USD 250
Min. Spread
0.60 pips
Fx Pairs
11110.54.63/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 250:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.
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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.

  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
  • High minimum deposit
Read More About IG Markets
Min. Deposit
AUD 250
Min. Spread
0.60 pips
Fx Pairs
11110.54.39/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.
Show Details 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 being a market maker, and it was a positive step to see this broker adopt the MetaTrader suite of tools.  We recommend as traders enjoy trading with them. They are a broker to set up a serious trading account on trusted software and regulation.

  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
  • High minimum deposit
Read More About MarketsX
Min. Deposit
AUD 100
Min. Spread
0.90 pips
Fx Pairs
11110.54.18/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.90 pips. Minimum initial deposit 100 AUD. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
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Hugely respected worldwide, AvaTrade is one of the largest and best value brokers in the Forex industry. AvaTrade has built its reputation on providing a secure and innovative trading environment for beginner traders; it continues to add to that reputation with the recent addition of AvaProtect – an automated loss-protection tool – to its product lineup.

With support for the leading trading platforms and top-quality multilingual support, AvaTrade offers trading in Forex, commodities, cryptocurrencies, exchange-traded funds, options, bonds, and equities.

  • Good for beginners
  • Well regulated
  • Low minimum deposit
  • Dealing desk
  • Limited education
Read More About AvaTrade
Min. Deposit
AUD 50
Min. Spread
1 pips
Fx Pairs
1110.503.33/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. Only eToro proprietary trading platform supported. eToro is regulated by CySEC, FCA, and ASIC.
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eToro is one of the largest brokers in the world and is well-known as the pioneer, and industry leader, in social trading. Also ASIC-regulated, eToro’s spreads are on par with other market maker brokers and the minimum deposit is only 50 USD for Australian traders.

The social trading experience is quite different from traditional Forex trading and eToro offers an unlimited demo account for traders to try the platform and social trading concept; setting up a live account is a simple instant process.

  • Well regulated
  • Good for beginners
  • Innovative trading tools
  • Limited education
  • Wide spreads
Read More About eToro
Admiral Markets
Min. Deposit
AUD 100
Min. Spread
0.10 pips
Fx Pairs
11110.54.18/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admiral Markets is regulated by ASIC, CySEC, and the FCA.
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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.

  • Well regulated
  • Excellent education
  • Wide range of assets
  • Expensive withdrawals
Read More About Admiral Markets
Min. Deposit
Min. Spread
0 pips
Fx Pairs
11110.54.43/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.20 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA
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Founded in 2008 in Sydney, AxiTrader is an ASIC and FCA regulated ECN broker for serious traders. While trading platform choice is limited to MT4, Axitrader’s platform setup and support have received multiple awards including Best MT4 Broker 2018 (Compare Forex Brokers Australia) and Best MT4 Provider 2018 (UK Forex Awards).

Neither account at AxiTrader requires a minimum deposit, spreads are tight and all clients receive AutoChartist for free; as an ECN broker all trades are posted directly to market and educational and analytical support is good for beginners.

  • Low minimum deposit
  • Wide range of assets
  • Well regulated
  • Tight spreads
  • Poor customer service
  • Limited demo account
Read More About Axitrader
Min. Deposit
AUD 200
Min. Spread
0.90 pips
Fx Pairs
11110.54.24/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & the proprietary easyMarkets platform are supported. easyMarkets is regulated by CySEC, ASIC, and the FSA in Seychelles.
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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, FSA 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.

  • Well regulated
  • Wide range of assets
  • Innovative trading tools
  • Limited platform choice
  • Limited account options
Read More About easyMarkets
CMC Markets
Min. Deposit
Min. Spread
0.70 pips
Fx Pairs
11110.54.68/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & CMC Proprietary platforms supported. CMC Markets is regulated by the ASIC, FCA, MAS and the FMA.
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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.

  • Well regulated
  • Tight spreads
  • Good for beginners
  • Excellent education
  • Excellent market analysis
  • No swap-free account option
Read More About CMC Markets

🏆 FP Markets – Best Forex Broker in Australia

Winner of the 2020 Best Broker in Australia Award, FP Markets is the all-around best broker for beginner and experienced traders. FP Markets excels for: 

  • MetaTrader suite and professional proprietary platform support.
  • Tight spreads on the RAW account.
  • Entry-level trader account with a lower minimum deposit.
  • Traders Hub which features daily analysis and education.

✔️ FP Markets Has Great Trading Platforms

FP Markets supports the older and most popular MT4 version, as well as the newer and more feature-filled version MT5. For professional traders, the Iress platform is available. It is a highly customisable web-based platform that offers the trader custom alerts, news feeds and a range of other settings for fine-tuning the trading experience. 


✔️ Tight spreads bring out the best in the trading conditions.

With averages spreads for EUR/USD at 0.1 pips, GBP/USD at 0.2 pips and USD/JPY at 0.1 pips, has made it nearly impossible for other brokers to compete. Commission on this account is 6 USD commission round turn. 


✔️ Entry-level trader account with a lower minimum deposit.

With a minimum deposit of 100 AUD, traders can open a commission-free trading account with 60++ FX pairs, metals, indices and commodities to trade. Use leverage up to 500:1 when trading Forex pairs on this account, using either the MT4 or MT5 platform. 

✔️ Education and daily analysis at the Traders Hub.

The Traders Hub portal gives beginner CFD traders the education they need to get started and includes eBooks, video tutorials and trading courses. This section also features market analysis, so traders get an expert opinion on current market movements and a view ahead into the week ahead. 


AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.

🏆 Pepperstone – Best ECN Trading Execution

Pepperstone is the leading Australian ECN/STP Forex broker. Overall a great broker but especially well known for:

  • Fast market execution
  • Tight spreads
  • Trading platform choice
  • Regulated
  • Award-winning customer support
  • Great education

Most trades on Pepperstone have execution in less than 30ms, which is ideal for scalpers and clients who run expert advisors. Both accounts offer market execution with some of the tightest spreads in the industry – the Razor Account has spreads down to 0 pips for the EUR/USD and 7 USD commission. Furthermore, Pepperstone supports all three major trading platforms – MT4, MT5 and cTrader.

Live Spreads Pepperstone

✔️Regulated on 4 Continents

At Pepperstone clients can rest assured that their money is in safe hands. Not only is Pepperstone regulated in Australia, UK, Cyprus, Dubai, the Bahamas, and Kenya, but all client funds are kept in segregated accounts at Tier 1 banks.

Regulated Offices Pepperstone

✔️Customer Support and Education

Pepperstone’s award-winning, 24-hour support provides the foundation for its excellent customer service, where personalised assistance is available via several methods. For beginners who are interested in ECN trading, Pepperstone’s also has of the better education sections offered by a market execution broker.

🚩Summary: Why Should Traders Use Pepperstone?

Pepperstone offers high-speed market execution with tight spreads and the detailed education for beginners that most ECN brokers are lacking. With all three major trading platforms available, along with their online and mobile app counterparts, traders have the power of technology and the trading conditions that have earned Pepperstone their reputation.

AlertAccepts Australian Clients. Average spread EUR/USD 0.16 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA.

🏆IG Markets – Best All-around Beginner Broker

Beginners brokers focus on education, onboarding and design a rookie trading experience that acts as a springboard to a successful trading career. IG Markets is the best all-around beginner broker because:

  • Single ASIC-regulated trading account for all traders, with tight spreads and a low minimum deposit.
  • Educational support and market analysis are probably the best in the industry.
  • World-class customer service.

✔️Safe beginner account with good trading conditions.

While a demo account is central to any beginner trading experience, a valid demo account is available at almost all Forex brokers. A beginner trader needs to know that what lies beyond the demo account is as a competitive offer at a well-regulated brokerage.

IG Markets is most suitable for beginners owing to their ASIC broker regulation (AFSL: 220440), and their trading costs are low with EUR/USD spreads from 0.6 pips, retail margin at 0.5% and no additional commission on the trade.


✔️Education for the beginner trader.

IG Markets has a well-structured and beautifully produced beginner course (with a continuation for advanced traders), and live video lessons in the form of webinars or seminars. An inhouse markets research team publishes frequent updates to the blog giving traders fresh analysis and trade ideas.


✔️World-class customer service sets IG Markets apart.

Customer service and onboarding will make or break the beginner experience. IG Markets has multilingual service available on a toll-free phone number, email and live chat every day of the week but Saturday, in addition to the Peer Support forum that connects IG staff and traders to help with general support and trading discussions.

AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 250:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.

🏆MarketsX – Best Proprietary Trading Platform

Few brokers put the resources into developing, and of those who did, MarketsX won our award for Best Trading Platform 2020. Marketsx is the best for:

  • Packed full of features with outstanding usability
  • Comprehensive drawing tools and advanced charting

✔️Usability a significant improvement over other platforms.

Marketsx is packed full of features but has been built from the ground up with the user in mind. Each tool has integrated buy and sell buttons so traders can act instantly upon the information presented. In the chart view, traders can see their orders, related instruments and open positions with a single click. Marketsx offers a clean, well-designed UI that puts the trader usability first.


✔️Advanced trading features and tools.

Advanced charting, including drawing tools to plot trendlines, channels, pitchforks, Fibonacci Retracements help traders spot trends and direction of the market. Marketsx can overlay up to 5 of each type of indicator on the chart, including overlaying multiple assets onto one chart or compare up to 8 instruments side-by-side.

AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.

🏆AvaTrade – Best Mobile Trading Experience

Winner of the award for the best Forex broker of 2020, ASIC-regulated AvaTrade offers the best online trading experience for Australian forex traders:

  • Low spreads
  • An excellent mobile trading platform, AvaTradeGo
  • Great trading tools like AvaProtect
  • Award-winning customer service
  • ZuluTrade copytrading

✔️Tight Spreads and a Huge Range of Assets

AvaTrade has low spreads across Forex, commodities, stocks, indices, crypto, bonds and ETFs. Leverage is set at 1:400 and spreads are some of the tightest we have seen for an account with only 100 AUD minimum deposit and no commission – as low as 0.9 pips on the EUR/USD.

AvaTrade Spreads

✔️Innovative Trading Tools and a Great Trading App

AvaTrade’s reputation as a client-focused broker was enhanced with the launch of the AvaProtect tool, which allows traders to purchase loss-protection for a time. Any losses during that time are fully refunded, but any gains are the traders to keep. In a further benefit, AvaProtect is available on the award-winning AvaTradeGo app.

🚩Summary: Why Should Traders Use AvaTrade?

In addition, AvaTrade offers full support for MT4 and MT5 (including EA’s, indicators, scalping and hedging) and provides free access to the integrated Trading Central dashboard for both platforms.

It is one of the most regulated brokers in the world, with regulation in Europe, Japan, the UAE, South Africa, British Virgin Islands, and Australia. Education for beginners is detailed and helpful and copytrading is available via both ZuluTrade and Duplitrade. With over 200,000 active traders around the globe and awards for its trade execution, AvaTrade is a good partner for all types of trader.

AlertAccepts Australian Clients. Average spread EUR/USD 0.90 pips. Minimum initial deposit 100 AUD. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

🏆eToro – Best ASIC-regulation Copy Trading Broker

Copy trading is what eToro has always done, and remains the leading ASIC regulated social trading broker for Australians. They excel for:

  • Unlimited demo account and a low minimum deposit
  • Easy-to-use trading platform
  • Copy successful traders or prosperous portfolios

✔️Free unlimited demos and low minimum deposits.

eToro offers a free unlimited demo account on its proprietary platform, and for traders who want to start trading with a live account, the minimum deposit is a low 50 AUD. Few brokers offer a small trading account to Australian clients, so eToro deserves recognition for being a standout.


✔️Point and click platform

eToro’s web-based platform, also available as a mobile app, is a very intuitive trader platform. Many of the complex trading features found on other platforms like MetaTrader and cTrader are either removed or blend into the trading experience in a more natural way. This point-and-click platform is straightforward needing little introduction before opening trades.

eToro AUDUSD Pair

✔️Copy successful traders or portfolios.

Few things are more attractive to beginner traders than having a coach, and copy trading is the closest that most will ever come to this salvation. eToro lets traders copy individual traders or algorithmically managed investment portfolios following a selected strategy named CopyPortfolios. 


AlertAccepts Australian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. Only eToro proprietary trading platform supported. eToro is regulated by CySEC, FCA, and ASIC.

🏆Admiral Markets – Best ASIC MT4 Broker

Admiral Markets is an international broker with regulation and support teams in most geographic locations. Their product offering is attractive to Australians. They have:

  • Flexible trading accounts and competitive trading conditions.
  • World-class education and free Trading Central access.
  • MetaTrader 4 Supreme Edition.

✔️Trading Conditions that have attracted lots of Australians.

Admiral Markets has four accounts, two of which focus on the MT4 platform – Trade.MT4 and Zero.MT4. Both MT4 trading accounts have a 100 AUD minimum deposit, a large variety of CFD products to trade (including 37 and 45 currency pairs respectively) and attractive trading conditions. 

The Trade.MT4 account has a minimum spread from 0.10 pips with no commission and the Zero.MT4 account has spreads from 0 pips with commission varying between 1.8 to 3.0 USD per lot. The cost of trading 1 lot of EUR/USD with the Zero.MT4 account is 7 USD round turn, which is at the lower end of what other brokers can offer.


✔️Top-quality education for all levels

Indulging beginners with the free Zero to Hero program where clients learn to trade in 20 days, and accompanying webinars Admiral Markets has created a wonderful onboarding experience. With intermediate and advanced trading education for experienced traders and access to Trading Central delivering trading insights, quality learning material is front and centre for all clients.


✔️Unique MetaTrader 4 Extension – MetaTrader Supreme

Available for both demo and live accounts, MetaTrader Supreme (newly available for MT5 as well) has advancements in technical analysis, improved trading widgets, the trader terminal, charts and indicators that update the antiquated standard versions of the software with both functionality and usability. 


AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admiral Markets is regulated by ASIC, CySEC, and the FCA.

🏆 Axi – Best ECN broker on MT4

Built by traders, for traders, Axi is an ASIC and FCA regulated ECN broker with some great features:

  • ECN Execution
  • Full MT4 Support
  • Great Trading Tools
  • Simple Account Options

✔️MT4 Perfection with ECN Execution

Axi likes to keep things simple, only offering support for the MT4 platform. But this singular focus has allowed Axi to offer the best ECN MT4 experience in the world. Axi offers a range of tools for MT4, but one of the highlights is its MT4 NexGen plugin. MT4 NexGen offers a sentiment indicator, a correlation trader, a more intuitive terminal window, and an automated trade journal.

MT4 NexGen

In addition, Axi’s pricing model connects to over 20 liquidity sources, so traders experience fewer slippages and requotes. Spreads on the Pro Account start at 0 pips (with a 7 USD commission) and leverage maximum is 1:500.

✔️Powerful Tools and Simple Account Options

Apart from MT4 NexGen, traders at Axi have access to a range of tools. These include AutoChartist, the powerful automated technical analysis tool, and PsyQuation, an AI diagnostic that tracks your trading style and coaches you into more profitable trades. VPS hosting is also available, along with all the trading algos you wish to install to your MT4.

Axi Pysquation

🚩Summary – Why Should Traders use Axi?

Axi keeps things simple when it comes to its trading accounts and platform. Two great accounts, market execution, and the best version of MT4 you will find at an ECN broker. The complexity is left to the trader – the range of powerful trading tools to choose from at Axi really seals the deal. For serious ECN traders on the MT4 platform, this is a no-brainer.

AlertAccepts Australian Clients. Average spread EUR/USD 1.20 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA

🏆 easyMarkets – Best Trading Tools

Regulated by ASIC since 2003, CySEC since 2007 and the FSA since 2020, easyMarkets states their values as simple, honest, and transparent. easyMarkets has always innovated, introducing tools like negative balance protection and guaranteed stop-loss back in 2001 – these tools are now industry standards: easyMarket offers:

  • Innovative tools
  • Tight, fixed spreads
  • MT4 support
  • ZAR Accounts

✔️Always Innovating to Save Traders Money

easyMarkets offers the unique Freeze Rate, dealCancellation and EasyTrade tools, all intended to help new traders manage their risk. Freeze Rate allows traders to freeze a price for a few seconds to make a trade, crucial in a volatile market. dealCancellation lets traders cancel a trade either one, three or even six hours after it was made. EasyTrade is a simple trading tool that allows traders to set their risk level and hold a trade for a one, three, or six-hour period. A simple binary choice between up and down is all the trader needs to manage.


✔️ZAR Accounts with Fixed Spreads and MT4 Support

Spreads at easyMarkets are fixed but tight, with the EUR/USD at 0.9 pips on the MT4 platform and 1 pip on the easyMarkets web platform. Minimum deposit is only 25 USD and the easyMarkets MT4 platform comes with a range of features, including pre-installed indicators and the choice of ZAR as a base currency.


🚩Summary – Why Should Traders Use easyMarkets?

easyMarkets is a great broker for new traders who want to manage their risk. The innovative tools and simple account options, when combined with tight spreads and MT4 support, makes for an uncomplicated and low-risk trading experience. ZAR Accounts are available for South African traders, too – and with a low minimum deposit and great regulation, easyMarkets are an easy choice for those looking for a good market-maker.

AlertAccepts Australian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & the proprietary easyMarkets platform are supported. easyMarkets is regulated by CySEC, ASIC, and the FSA in Seychelles.

🏆CMC Markets – Best ASIC Low-Deposit Broker

One of our highest rated brokers, this London based broker is the best broker for low deposit traders because of:

  • Multiple supervisory approvals from top tier regulators.
  • Low minimum deposit requirement on the live trading account.
  • Competitive trading conditions for smaller deposits.

✔️Regulation to the gills.

Regulated by the FCA (United Kingdom), ASIC (Australia) and MAS (Singapore) means all tier 1 regulators supervise CMC Markets, in addition to their FMA (New Zealand) license. These multiple leading licenses mean traders get the ultimate security of funds for traders.

✔️5 AUD Minimum Deposit

Few brokers have a minimum deposit as low at 5 AUD, in exchange for all the features available at the brokerage. The company vision “to provide the most superior and unrivalled trading experience for our clients” definitely comes in at a reasonable level for beginner traders.


✔️Very fair trading conditions for the 5 AUD minimum

While CMC Markets currently only offers a single live account, spreads are tighter than most of its competitors with a minimum spread for EUR/USD at 0.7 and GBP/USD at 0.9 (no commission per lot) keeping trading cost at 7 USD per lot. Max leverage is 500:1 , and margin rate is 0.20% on this account. 


AlertAccepts Australian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & CMC Proprietary platforms supported. CMC Markets is regulated by the ASIC, FCA, MAS and the FMA.

Choosing From The Best Forex Brokers

Though most brokers might appear to be similar at first, they are quite different once you dig a little deeper. To make an effective comparison, our research team judges every Forex broker by the same standards. This makes it easier to spot the poor-quality brokers and makes it easier for you to compare them. The main areas we look at are:

  • Regulation: Your funds will only be safe with properly licenced brokers
  • Cost: What kind of fees you will be charged by a broker
  • Trading Conditions: How a broker’s business model will affect your trading experience
  • Customer Support: How well does a broker treat its clients who need help
  • Trading Platforms: What kind and how many trading platforms does a broker offer

We also look at a few other things, but these are the most important to consider when choosing a Forex broker. We will go through each of these areas in more detail and then jump into a few FAQs.

If you have any questions after reading through this guide, please get in touch with us in the comments at the bottom of the page or via our contact page.

1. Regulation: How to Avoid Scam Brokers

The single most important aspect of judging a Forex broker. Regulation ensures the security of your funds and offers protection against fraud, broker manipulation and broker bankruptcy.

Simply put, having a regulated broker is not optional.

Some traders believe that unregulated brokers are rare, but sadly this is not the case. Unregulated brokers will often claim to be regulated, so you should always check what they say is true. We know that unregulated brokers like to contact people on Facebook and via messaging apps, so be especially careful if this happens.

Checking a broker’s regulatory status is a similar process for all the major regulators and only takes a couple of minutes (and could save you a lot of money and heartache!)

In this section, we will have a brief look at the most common regulators in the Forex industry and how to find out if a broker is regulated. Once you are finished reading this section you will be able to check if a broker is licenced with all the following regulators:

  • The UK’s Financial Conduct Authority (FCA)
  • The Australian Securities and Investment Commission (ASIC)
  • The Cyprus Securities and Exchange Commission (CySEC)

UK Financial Conduct Authority (FCA)

The UK’s Financial Conduct Authority is seen as the best financial regulator in the world. It’s no surprise that their search function is the easiest to use and the most thorough, you can access it here:

Like other major regulators, all brokers with an FCA licence are required to publish their FCA reference number on their website, here is Axi’s FCA number at the bottom of their website:

AxiTrader FCA Number

AxiTrader is the trading name of a larger financial group, in this case, the FCA licence holder is AxiCorp Limited. Using the FCA reference number, we can search the FCA’s database of registered companies and find AxiCorp Limited’s entry:

AxiTrader FCA Entry

Notice that the FCA also warns of unregulated brokers that are attempting to use AxiCorp’s identity to scam unwary traders.

Australian Securities and Investment Commission (ASIC)

The Australian financial regulator has an excellent global reputation and is continually active in combatting broker fraud and manipulation. Many of the most respected Forex brokers in the world are Australian, and ASIC is an important part of their reputation for trustworthiness.

Checking a broker’s regulatory status with ASIC is a very similar process to the South African FSCA’s, the ASIC search tool can be found here:

Unfortunately, detailed information on each company in the ASIC database is only available via purchase. See below for Pepperstone’s ASIC entry:

Pepperstone ASIC Entry

All ASIC regulated brokers are required to publish their ASIC licence on their homepage. We have had a few reports of unregulated brokers claiming to be based in Australia and using the names of regulated financial companies, so it is always best to check thoroughly.

Cyprus Securities and Exchange Commission (CySEC)

CySEC is the foremost regulator in the EU and Cyprus has a long history of regulating online Forex brokers. As a European regulator, all brokers with a CySEC licence must abide by the EU’s MiFID II legislation. Among other things, this requires limits on leverage and the removal of trading bonuses.

CySEC’s broker search tool functions much like the FCA’s and all CySEC licenced brokers are required to publish their licence number on their website. CySEC’s database and search tool can be found here:

Below, we can see the entry for AFX Capital Markets, which went bankrupt last year and is suspected of several wrongdoings, including using client money to cover operational costs.

AFX Capital Markets CySEC Entry

CySEC makes it clear that AFX Capital Market’s license has been suspended. A clear sign not to trust a broker.

Other Regulators

There are many other small regulators around the world, and Forex brokers will hold licenses with them to avoid the restrictions placed on them by ASIC, CySEC and the FCA.

Commonly seen small regulators include the South African FSCA, Seychelles FSA, the Mauritius FSC, St Vincent and Grenadines FSA, the Belize IFSC and the Bahamas SCB. While being regulated by one of these smaller regulators does not mean that a broker is bad, it does mean that traders are not as well protected.

The best and most trustworthy brokers are regulated by at least one of the three major regulators (FCA, CySEC, ASIC) or the FSCA. It is common for brokers to have multiple regulators, one for each region in which they operate. A good example of this is FXTM, below is a screenshot from the bottom of their website:

FXTM Regulation

We can see that FXTM and its subsidiary companies are regulated by CySEC, the South African FSCA, the FCA and the Mauritius FSC. This allows FXTM to offer its services to traders all over the world.

IOSCO Investor Alerts Portal

There is one final tool which you might find useful. The International Organization of Securities Commission (IOSCO) maintains a list of every investor warning issued by every regulator in the world, and this is available here:

This list contains a huge number of entries so the easiest way to search is using the keyword option, see below:

IOSCO Search

We recently had a question from a trader regarding a broker called RedfordFX, they had contacted him out of the blue and he was suspicious. So, let us run a search for this company using the IOSCO keyword tool.


As you can see, the CNMV (the Spanish financial regulator) released a warning about RedfordFX on August 3, 2020. Obviously, not a broker to trust!

If you are concerned about a broker for whatever reason, do check this database before you part with any funds.

2. How Much Does It Cost to Trade Forex?

Forex trading is famously low-cost, but Forex brokers still charge fees for their services. The most obvious fee is the spread (the difference between the buy and sell price) and some brokers also charge a commission per trade. But brokers also charge rollover fees, and some charge deposit and withdrawal fees. Finally, there is also a minimum deposit to consider.

To have a good idea how much it will cost you to trade with a broker you will need a clear understanding of these fees and how they will affect your profits.

The Spread

The spread is the difference between the buy and sell price of a currency pair and is measured in pips (the smallest amount by which a currency can change). The lower (or “tighter”) the spread, the less of your own money you will be spending when you trade.

All good brokers will publish their spreads for all the currency pairs they offer. A good example is AvaTrade’s product information sheet below:

AvaTrade Spreads

Here we can see that AvaTrade’s spread on the EUR/USD is 0.9 pips. Avatrade also publishes the exact buy and sell price for each currency pair as well as the daily change in the price of each currency pair. You will also see the leverage and margin listed, which we will discuss later.

Now that we know what AvaTrade’s spreads are, let us have a look at IG Markets’ spreads so we can compare the two.

IG Markets has floating spreads which means that they can get lower or higher (“tighter” or “wider”), depending on market movements.

IG Markets Spreads

IG Markets also presents us with more information than AvaTrade did, but the figure we are interested in is the Average spread (00:00-21:00) for the EUR/USD.

We can see that the average spread on the EUR/USD for most of the trading day is 0.86 pips, not much of a difference with the 0.9 pips at AvaTrade. But we can also see that sometimes spreads are as low 0.6 pips, which is quite a gap. What we can say from this research is that both AvaTrade and IG Markets are good brokers with tight spreads.

When researching a broker, you want to make sure that they publish their spreads and that the spreads are low for the currency pairs you want to trade. If you find a broker that does not publish its spreads or does not publish its spreads in detail, you should be instantly suspicious.

Brokers that do not publish their spreads often have something bad to hide and brokers with wide spreads are often just greedy.

Brokers with wide spreads or unpublished spreads are marked down in our reviews.


Another fee that brokers can charge is a commission per trade. Known as ECN brokers, these brokers provide direct market access and will have incredibly low spreads (sometimes as low as 0 pips). The commission varies between brokers, but the cost is usually between 4-7 USD per 100,000 USD traded.

Some brokers will offer both standard accounts (with no commission and a wider spread) and ECN accounts (with a commission and a tight spread).

A good example of this is Tickmill, let’s have a look at their account types:

Tickmill Commission

As you can see, the Tickmill Classic Account charges no commission but spreads start at 1.6 pips. But the Pro Account has spreads starting from 0 pips (no difference between the buying price and selling price) but commission is charged at 2 USD per side per 100,000 traded (2 USD for opening the position and 2 USD for closing the position, so 4 USD in total).

If you decide to trade with an ECN account, you will want a low commission (like Tickmill’s above) and an average spread close to 0 pips.

ECN brokers who charge more than 7 USD total commission and have average spreads over 0.3 pips should be avoided and we mark them down in our reviews.

Rollover Fees

The rollover fee or swap rate is a small fee charged by brokers for holding a trading position overnight and is usually charged at 17:00 EST (New York time). This fee is based on the interbank interest rate for each currency in a currency pair. Sometimes these interest rates can work in your favour and you will gain interest on your position rather than be charged by the broker.

All brokers will charge rollover fees, they are an inescapable part of trading and can only be avoided by opening and closing your trades on the same day.

Deposit and Withdrawal Fees

The best brokers will charge no fees for deposits and withdrawals, and the worst brokers use them as major cash-making operations. Instead of charging a flat fee, some brokers will charge a percentage of the amount, which can get expensive if you are planning on making large deposits and withdrawals.

Most brokers will charge no fees for transactions via online payment systems like Skrill or Neteller. Credit and debit card transactions are also often free, but bank wires will usually be charged by your bank for both deposits and withdrawals. 

One of the best Forex brokers when it comes to deposits and withdrawals is FxPro. In the screenshot below you can see that FxPro charges no fees for deposits and withdrawals – though processing times vary depending on the method.

FXPro Deposit and Withdrawal

Beware of brokers who charge large amounts for withdrawals. The most infamous example is eToro, who used to charge 25 USD for every withdrawal. They have now reduced this to 5 USD per withdrawal, but this is still expensive compared to eToro’s competitors.

eToro Withdrawal Fees

When you are looking for a new broker, always make sure to check the fees for deposits and withdrawals for your preferred payment method. Just because a broker charges fees do not mean that they are bad, but it is always something to be aware of.

Brokers that charge high fees or take a long time to process withdrawals are marked down in our reviews.

Minimum Deposit

Aside from the fees listed above, most brokers will also require a minimum deposit to open a live trading account. For some brokers this will be 100 USD, for others, it may be 500 USD or even 1000 USD where larger deposits unlock improved trading conditions. 

A good example of this improvement in trading conditions with higher minimum deposits is the HotForex accounts structure:

HotForex Accounts

As you can see, with each increase in the minimum deposit there is some benefit. From Micro to Premium you have can have more simultaneous open orders. From Premium to Zero Spread you have a sharp drop in the spread and another increase in open orders.

What level of minimum deposit you are comfortable with is a very personal choice.  But it is unfair for a beginner trader to be expected to part with large amounts of money to open an account when they are just starting out.

We do not mark down brokers for having accounts with higher minimum deposits, but we do think it is important for beginner traders to have an account that is not too expensive to open. 

3. Trading Conditions: Not All Forex Brokers Are Created Equal

Apart from the spread, there are several other trading conditions which will affect your trading experience. One of the most important to consider is the leverage offered by a Forex broker.

Leverage is how much you can borrow from a broker to make a trade; this is a risky but necessary aspect of Forex trading. Leverage also directly affects the margin or the amount of your own money you must risk when opening a trading position.

Other trading conditions to consider are the broker’s execution method and speed, the base currency of your trading account, what assets are available to trade and whether scalping and hedging are allowed.

Leverage: Risky Business

Leverage is money borrowed from your Forex broker to increase the size of a Forex trade. Leverage is essential in Forex trading because the movements of the market are too small to make a decent profit unless you place thousands of dollars on each trade.

Leverage is always presented in a ratio format, such as 30:1, 100:1, 300:1, etc. With 300:1 leverage if you put 10 USD of your own money into a trade you can borrow 300 times that amount and your actual trading position will be 3000 USD.

Leverage means you can make large profits with little investment, but it also means that you can quickly lose more than your original investment.

You are still personally responsible for the full amount of your trade (all 3000 USD of it!) and if you cannot cover your losses, the broker will take any unused money in your trading account to do so. If this is still not enough to cover your losses, you may end up owing your Forex broker money, unless they offer negative balance protection.

In the example below, we can see the amount of leverage OctaFX offers changes depending on which account you have and which asset you are trading. Notice that cryptocurrencies have exceptionally low levels of leverage, this is because they are so volatile that the risk involved is extremely high for both the trader and the broker.

OctaFX Leverage

Because using high leverage significantly increases risk, some regulators like CySEC and the FCA now restrict leverage to 30:1 in Europe and the UK. Brokers in the EU and the UK are also required to offer negative balance protection.

In other locations around the world, there are no restrictions on leverage and negative balance protection is not mandatory, so it is important to be careful. Always check with your broker that they provide negative balance protection before you start trading.

Outside of Europe and the UK, maximum leverage varies among brokers. When you are thinking about signing up with a broker, you want to see that they offer enough leverage to make Forex trading profitable, but not so much that it is dangerous. If a beginner trader opens an account with 5 USD and 1000:1 leverage, it is likely they will lose all their money very quickly.

There is a fine line between sufficient and excessive leverage and the best brokers will restrict high leverage to experienced traders or those with larger account balances. 

Execution Speeds and Execution Methods: Market Makers vs ECN and STP

Execution speed is how fast a broker will place your trade and is often linked to execution method. Many brokers will offer instant execution, thus preventing changes in price while your trade order is processed (slippage) or the rejection and return of your trade order (requotes).

Brokers who offer instant execution are known as market maker brokers. When you trade with a market maker broker, they do not place your trade on the Forex market, but instead, act as counterparty to your trade. While there is a conflict of interest in this business model (because when a trader loses, the broker profits) market makers take their prices from the large banks and regulation prevents them from manipulating market data.

Brokers who offer market execution are either ECN (Electronic Communication Network) brokers or STP (Straight Through Processing) brokers. ECN brokers operate as a hub for a network of liquidity providers and will automatically find the best price for your trade from the members of their network. STP brokers have more control over which liquidity provider to use and generally have faster execution speeds. Some market execution brokers are hybrid ECN/STP brokers, though this is rare.

All types of market execution brokers can often suffer from both slippage and requotes, especially in times of high market volatility or low market volume. The best market execution brokers have invested in expensive infrastructure and have multiple liquidity providers to prevent this.

One such is broker is XM, an STP broker famous for its high-speed execution. XM never offers requotes, despite offering market execution only:

XM Execution Policy

While we do not mark brokers down in our reviews for their execution method, we always mention it as many traders have a strong preference for either market execution or instant execution.

Base Currency

The base currency, also called trading account currency, is the currency that your money in your trading account will be held in. The most common base currency is the US Dollar (USD). Many brokers will also offer Euro (EUR) or Pound Sterling (GBP) accounts too.

Some brokers have a wide range of base currency options. The Micro Account at IronFX has no less than 11 base currencies to choose from:

IronFX Base Currencies

But one of the questions you should ask is whether a broker offers your local currency as a base currency.

The advantages of having your account denominated in your local currency are:

  • You will not have to pay any broker conversion fees when sending money from your local account
  • You will not have to pay any conversion fees that your bank or credit card may charge when making a fund transfer or withdrawal
  • Brokers with ZAR accounts usually use South African bank accounts, so withdrawals and deposits are much faster and often happen instantly.

Trading Assets: It is not always about Forex

In principle, the number of currency pairs you could trade is only limited by the number of currencies in the world. The reality is that most Forex brokers only offer a small portion of these. But it is important that a Forex broker offers you a real choice. A good Forex broker will offer at least 50 different Forex pairs to trade.

Many Forex brokers are also multi-asset brokers, especially the larger ones. This means that you can also trade other financial instruments such as cryptocurrencies, equities, commodities, precious metals, indices, and bonds.

We think that a good Forex broker should have 50+ Forex pairs to trade and those that have less will be marked down in our reviews. We also mark down brokers who do not offer at least a few other financial instruments to trade.

Hedging and Scalping

A Forex scalping strategy is where a trader seeks to profit from rapid price changes in a short period. Scalping opportunities are usually created when significant unexpected news events happen, or when the equity markets open. A scalper, a trader who employs a scalping strategy, enters and exit trades several times a day, and closes all trades on the day they were opened. Not all brokers allow scalping, but those that do must have fast execution.

Hedging is protecting yourself against adverse price movements that would affect open trades and is a form of insurance. Direct hedging is a common strategy, where a trader buys a currency pair and then sells the same pair at the same time. Not all brokers allow hedging on their platforms, but most market execution brokers do.

4. Customer Support

Having a Forex broker with great customer support is crucial. It is one of those things that you hope you never need; but when you do need it, it must be easily available, fast, and genuinely helpful. When your money is on the line, you need your problem fixed as soon as possible.

The best Forex customer support will be available 24 hours a day (Monday-Friday) via live chat, telephone, messaging services and email. It is also important that a broker has great IT support, as setting up a trading platform can be tricky for new traders. Many new traders cannot find the time during the workweek to get set up, so weekend support can be invaluable but is rare.

Aside from local customer support, we also highly rate brokers that offer 24-hour support and weekend support.

5. Platform Choice

Brokers will always offer you a trading platform to access the Forex market. Some brokers have their own software, but many use programs like MT4MT5 or cTrader that you can download to your computer or mobile phone.

One of the brokers with the widest range of platforms is IC Markets, which offers MT4, MT5 and cTrader across all devices:

IC Markets Platforms

MetaTrader 4 is the most common Forex trading platforms however, its older interface and complex setup make it less accessible to beginners. MetaTrader 5 and cTrader, on the other hand, have a more modern interface and are easier for beginner traders to set up.

If you are an experienced trader with a particular software choice in mind, or if you are a beginner seeking to learn more about platform options, we have put together a list of the best Forex trading platforms for traders and the brokers that support them.

All brokers have mobile trading apps, and some will have developed proprietary apps, but a vast majority rely on the MetaTrader app for IOS and Android.

We know that Forex traders value choice and when we judge brokers, those with a full range of platforms will be rated higher in our reviews.

6. Other Things to Consider

So, we have looked at Regulation, Fees, Trading Conditions, Customer Support and Platform Choice – but there are a few other things to think about when choosing a broker.

  • Brokers for Beginners: Some brokers are better than others for beginners. The best brokers for beginners will have clear and practical educational material, insightful market analysis and top-notch customer support. Some brokers will also offer one-on-one training, live webinars and real-world seminars.
  • Demo Accounts: It is important for beginner Forex traders to also have a demo account that will not expire, so you can be completely comfortable with the market and the trading platform before you start trading with your own money.
  • Swap-Free (Islamic) Accounts: Islamic accounts, or swap-free accounts, are an optional trading account type which allows Forex traders to be compliant with the principles of Sharia law. In Sharia law interest is prohibited, so swap-free accounts do not pay or earn overnight interest (rollover fees) on open positions.
  • Managed Accounts: Some brokers will operate a managed account for you, but this is rare. There are independent money managers who can manage your account while they are trading for themselves. It is vital that you read our article on managed accounts and understand the minimum deposit requirements and additional risks involved when trading CFDs.


What is the best Forex broker?

The best brokers are IG Markets, Pepperstone and IG Markets is a great all-round broker with low fees and tight spreads. Pepperstone is trusted by thousands of traders across the world and has a great range of account types. has a wide range of assets to trade, top-class customer support and education for new traders, and the new Marketsplatform is a great piece of design.

I am a beginner trader, what should I look for in a broker?

As a beginner trader, choose a broker with an unlimited demo account, as this will give you the opportunity to practice before making a deposit. Limited demo accounts usually expire after 1-3 weeks, which is not enough time to learn how to profit from CFD trading.

Beginner traders should get educational support when starting, and each broker varies significantly in what material they provide. The minimum you should accept is some general videos and articles, but some brokers have invested in creating small trading universities that include video material as well as live webinars hosted by experts.

Each of our reviews has a section on the educational content to help beginner traders decide the best path forward.

Which is the best Forex brokers for beginners?

The Forex broker for beginners is XTB.  Customer service is available 24/7 with both one-on-one mentoring and dedicated account managers provided for new traders. Educational material is excellent and is presented via XTB’s Trading Academy, which is both well-structured and clear. Finally, minimum deposit requirements are low, and spreads are tight.

How do I know I can trust a Forex broker?

Four things should be considered when determining if a broker may be trusted – regulation, trade execution method, client funds management, and industry recognition of their achievements.

The more major regulators the broker group is regulated by, the more oversight the group has. The number of regulators overseeing their processes gives a strong indication of the level of trust the government regulatory agencies have in them.

The execution method of trades is another component because if the broker profits from your loss – as is the case with market maker brokers – this can be seen as making the broker less trustworthy.

This is more of a concern if fewer major regulators regulate a market maker. Therefore, a heavily regulated market maker is considered more reputable than one with lesser regulation. It is noteworthy that some market makers have strong reputations and lots of client resources.

Most regulators require strict processes to keep client funds safe. This process includes placing client funds in segregated accounts at major banks in the local jurisdiction. Segregated bank accounts that are audited every evening means that client funds are protected against any bankruptcy.

Industry awards are given to brokers from journalists, financial watchdog organisations and their peers. While it can be argued that these award ceremonies are biased, they remain the best gauge industry recognition.

Do brokers trade against you?

If the broker is a market maker, then they are the market and will be trading against you by being the counterparty to your trade to create the liquidity you need. Since a vast majority of trades by retail traders are lost, a market maker is making money in most client trades. DMA brokers do not have any conflict of interest and do not trade against you.

How do brokers make money?

Market Makers will make money only from the spread – the difference between the buying and selling price of the currency pair. Since a Market Maker will become the counterparty to any trade, they will also make money when clients lose trades.

DMA brokers will make money from a tight spread and a commission, which is calculated on a per lot amount.

How to deposit with a broker?

Each broker is going to have different deposit methods, but all will have a deposit by credit/debit card and bank transfer option. Most brokers will also accept Neteller or Skrill, which are favoured by many traders because deposits and withdrawals are instant and usually free.

Some will accept regional payment methods and, on occasion, brokers will accept Bitcoin deposits.

Which broker should I choose?

Traders have different requirements of Forex brokers, and thus there is no single best choice. This is how we compare them, and we offer insight into your choices. At the top of this article, there is a list of those that we believe are the best brokers for traders based on their reputation, platform, trading conditions and resources available to beginners.

How can I report scam brokers?

If you believe you have been scammed by your broker, the first thing to do is warn others and tell your story.  We have a report a scam broker form which we use to gather information so that we get the word out.  If you have been scammed, please complete the form.

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 Rating & Review 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.