Contributor, Benzinga
August 29, 2023
verified by Jay and Julie Hawk

Benzinga readers often choose or eToro are the best forex brokers.

Want the best forex brokers? Forex trading is arguably one of the easiest financial markets to begin trading in. To get started, you just need to open and fund an account with a regulated online broker. Choosing the best forex broker to trade forex does require some initial research to find the one most suitable for your trading needs and experience level.

Benzinga’s picks for the best forex brokers appear below along with details about each broker and their trading platforms. As you read through your options, remember that the majority of forex trading platforms can help you open a basic account and begin your investing journey.

Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

15 Best Forex Brokers

With these brokerage options, you are choosing based on the services and extras they provide above and beyond what a traditional broker would do. Some brokers include advanced trading tools like TradingView, as well as a CRM system to manage your forex trades, currency pairs, and foreign exchange rates. Here is who made the list:

1. Best for Earning Cash Back:

  • securely through's website
    securely through's website
    Best For:
    Forex Trading
    Read Review

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. is a subsidiary of StoneX (NASDAQ: SNEX) and ranks as the best overall forex broker. caters to forex traders with a wide selection of tradable currencies, low account minimums, and a notable trading platform. It's a suitable option for brokers seeking a home base for their currency trading. offers a comprehensive education and research center with free forex trading courses at various skill levels, which both new and experienced traders can benefit from.

This broker accepts U.S. clients and is regulated in the U.S. by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). also has oversight from regulators in 6 major world jurisdictions through its subsidiaries.


  • Available for U.S. clients
  • Easy-to-navigate platform
  • Extensive educational resources and research tools
  • 90+ currencies to buy and sell
  • Leverage available up to 50:1
  • MetaTrader 4/5


  • Cannot buy and sell other securities (like stocks and bonds)
  • MetaTrader 5 only available outside the U.S.
  • No account protection for U.S. clients

2. Best for Long Term Traders: Vantage Markets

Vantage Markets is an online broker that specializes in forex and CFD trading. They offer three account types and the ability to trade on 9 different markets. When you qualify, you can register right away and begin to look into the features offered, including low spreads, educational tools and even Islamic accounts.

Vantage caters to different trading styles and offers low fees along with leverage up to 1:500 and 24/7 customer support that is quite helpful for global traders. While there could be more trading instruments on the platform—especially for fund managers—non-US users can still diversify their investments through CFDs that touch on a range of indices, commodities and other underlying investments.


  • When you visit the site, you will see the most popular pairings of the moment, allowing you to jump into hot investments right away
  • A $50 minimum deposit allows you to get started on the ground floor where you can learn what to do and how to do it
  • You can pool funds in specialized accounts


  • Fund managers wishing to use the site may want more trading offerings simply because they are tasked with building robust portfolios for their clients

3. Best for Leverage: (Non US) AvaTrade

AvaTrade, one of the most secure brokers in the industry, carries 7 regulations across 6 continents (Europe, Australia, Japan, British Virgin Islands, UAE and South Africa). You’ll be pleasantly surprised by its asset availability, leading platforms and generous trading conditions (you can leverage your positions up to 400:1).


  • Controlled by regulatory agencies of multiple countries
  • Support available in 14 languages and trading platforms can be accessed in 20 languages
  • Demo account available
  • Variety of trading assets
  • Fast and easy account opening


  • Average trading costs
  • High inactivity fees
  • Transferring funds may take up to five days; withdrawals could take up to 10 days

4. Best for Mobile Users: Plus500

  • securely through Plus500 CFD's website
    securely through Plus500 CFD's website
    Best For:
    Mobile Users
    Read Review

    86% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Plus500 is a derivatives broker based in Europe that offers CFDs (Contracts for Difference) for a host of traders, especially the most advanced traders or those who prefer to trade on mobile. The platform has all the information you need on the assets in which you choose to invest, and you can start buying into CFDs if you’ve always planned to add them to your portfolio.

Demo accounts help you practice if you’re new to the platform, but you will find that there are not as many educational tools as you need to start afresh. Therefore, new traders may want to look elsewhere while the experts use Plus500 to profit more from these unique assets.


  • Gaining access to more than one side of the forex market is helpful for advanced traders
  • There are no stumbling blocks for advanced traders who simply want to sign up and get to work


  • You may feel that CFDs are far too complex for you to manage

5. Best for Non-US Currency Traders: (Non US) eToro

  • securely through eToro Forex's website
    securely through eToro Forex's website
    Best For:
    Demo Accounts
    Read Review

    CFD trading is not available to U.S. users. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

eToro specializes in social trading, which is ideal for beginners since you can follow the trades of expert traders with a proven track record. In addition to its world-class social trading network, this broker has excellent educational resources for forex beginners. Their intuitive multi-asset trading and social trading platforms and apps can be used by anyone immediately. Unfortunately, they do not support the MetaTrader 4 and 5 (MT4 and MT5) trading platforms.


  • Platform is straightforward and user-friendly.
  • CopyTrader feature that allows new traders to copy the same strategies used by professionals
  • Virtual dummy account that gives you $100,000 to practice trades
  • Advanced trading features in the mobile app


  • High non-trading fees
  • No crypto-to-crypto trading pairs
  • Customer support needs improvement

***Disclaimer: 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing money.

6. Best for Trading in the App: OctaFX

  • securely through OctaFX's website
    securely through OctaFX's website
    Best For:
    Trading in the App

Offering over 200 assets with which you can trade, OctaFX, allows you to diversify your portfolio and build value all in one interface.

You have access to trade multiple assets including crypto CFDs, 40 forex pairs, and copy trading. You can use this platform to look into other investment choices as your budget allows, making it possible for you to learn, study and invest in your own time. When you want to try something new, you can start with Octa FX and begin a new investment journey or keep many of your most unique investments in one place.


  • 80 currency pairs
  • Metatrader 4/5 available
  • Low account minimum
  • All accounts are SWAP free
  • Negative balance protection for European clients


  • Limited number of tradable assets
  • Lack of deposit and withdrawal methods
  • regulated by one top-tier regulator Cysec

7. Best for a Straightforward MetaTrader Experience: HYCM

HYCM is at top-rated forex trading broker offering investors access to 69 currency pairs. In addition to forex trading, HYCM provides its customers with leverage stock trading, ETFs, commodities and more. Signing up for an account is fast and easy — you can open a foreign exchange account in just 10 minutes.

With a customizable fee system, this FX trading platform has something to offer everyone, including experienced and new investors. The platform contains plenty of educational materials and investing resources for all its users. Unfortunately, HYCM does not serve customers in the USA; however, it is a great choice for individuals living in 140 other countries.


  • Customizable fee schedule
  • MetaTrader 4/5
  • Islamic accounts are available for traders who need swap-free accounts
  • Leverage 1:500
  • Mobile app with a simple trading experience
  • Excellent selection of educational and research tools


  • Inactivity fees
  • No customer support on the weekend
  • Limited opportunities for passive trading

8. Best for Advanced Forex Traders: Interactive Brokers

  • Securely through Interactive Brokers’ website
    Securely through Interactive Brokers’ website
    Best For:
    Active and Global Traders
    Read Review

Interactive Brokers is a premier broker for trading forex, stocks, ETFs, cryptocurrency, bonds, options, futures, and more. Clients have access to 100+ tradeable currency pairs, tight spreads as narrow as 1/10 PIP, real time quotes from 17 of the world’s largest FX dealers, and low commissions with no hidden spreads or markups.


  • Comprehensive desktop trading platform
  • Mobile app offers the same functionality as the desktop version.
  • Access to a massive range of tradable assets
  • Low margin rates
  • Easy-to-use and enhanced screening options
  • ASIC regulated broker


  • For new investors, trading platforms can be daunting
  • Forex trading is not available for U.S. residents
  • Very restrictive trading permissions

9. Best for Execution: IG Markets

  • securely through IG Markets's website
    securely through IG Markets's website
    Best For:
    Forex Execution
    Read Review

    Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose.

IG Markets gives clients access to trade up to 80 different currency pairs. The broker requires a $250 minimum deposit.

IG Group accepts U.S.-based clients due to oversight from the CFTC and NFA. IG holds your money in segregated accounts under trustee arrangements for added security. In addition to its proprietary trading platform, IG offers support for 3rd-party forex platforms such as MetaTrader 4 and ProRealTime. It also allows application programming interface (API) trading. IG offers a variety of investment choices for forex trades.


  • Available for U.S. traders
  • 80+ currency pairs
  • Platform is designed to be user-friendly for beginners.
  • Mobile and tablet platforms provide the same level of functionality as the desktop version.
  • Margin rates are easy to understand and affordable


  • U.S. traders can currently only trade forex
  • Customer service options are lacking
  • No 2-factor authentication on mobile devices

10. Best for Eco-Conscious Traders: CedarFX

  • securely through CedarFX's website
    securely through CedarFX's website
    Best For:
    Investors interested in 0% commission or eco conscious trading
    Read Review

    CedarFX is not regulated by any major financial agency. The brokerage is owned by Cedar LLC and based in St. Vincent and the Grenadines.

CedarFX believes in combining the finest market conditions with excellent pricing and technology so clients can grow their accounts in the foreign exchange market.

This forex broker provides traders with access to various investment choices such as stocks, futures, major and exotic forex pairs, and cryptocurrencies. However, additional educational resources could be beneficial. Overall, CedarFX is a distinctive choice for traders interested in philanthropy.

CedarFX offers 2 account types: 0% commission accounts and eco accounts.


  • Allows users to offset their carbon footprint
  • 0% commission investing
  • Demo account available
  • 24/7 customer service available through live chat
  • Eco client accounts (10 trees planted for each lot traded)


  • Lack of educational resources for new investors
  • Broker is not licensed or regulated.
  • Withdrawals can only be made in Bitcoin, with a minimum of $10.

11. Best for Canadian Traders: IFC Markets

While investors from over 80 countries can sign up on IFC Markets, it is an amazing place for Canadian traders to work on their portfolios. Because many Canadian traders need specialized accounts, IFC Markets put you in touch with synthetic assets, crypto CFDs and much more. You can also use MT 4 or MT5 if you would prefer. There’s also NetTradeX for those who prefer that platform.

1:8 leverage allows you to build a stronger portfolio much faster, and you’ll find that the platform works best for intraday, mid-day and small-volume traders. If you feel like this is you, you can try IFC Markets today.


  • Proprietary pricing models make it much easier for you to get the information you need
  • It’s much easier to complete a full technical analysis through this platform
  • Leverage helps you build a portfolio on your own terms
  • Low minimums help any Canadian investor get in on the action


  • While this is not available in the U.S., it could impact some traders who like to mix with the Canadian markets from time to time

12. Best for Spread-Based Accounts for Beginner Traders: JustMarkets

JustMarkets, formerly Justforex, was founded in 2012. JustMarkets offers four types of accounts for you to choose from. The services and instruments offered depend on your jurisdiction. Two account types allow you to start with as little as $1, while the other two require a minimum deposit of $100.

With over 170 trading instruments and availability in 200 countries, JustMarkets is a global platform with low fees. It allows you to try forex trading without investing a large amount. Additionally, it has customer service available 24/7 in English, Indonesian, and Malaysian.


  • 170+ trading instruments
  • High leverage of up to 1:3000 (up to 1:30 for retail clients and up to 1:300 for professional clients on
  • MetaTrader 4/5 offered (MT5 only for EU)
  • Order execution from 0.01 seconds
  • Up to 11 base currency options depending on license type
  • Scalping, hedging, forex robots EA allowed


  • Not available in the U.S., U.K. or Japan and some EU countries
  • Educational materials are limited
  • No cTrader or TradingView
  • No banking license

13. Best Bonus:(Non US) FXCC

FXCC is the best brokerage for non-U.S. users, allowing you to choose from 70 currency pairs, several CFD options, spot metals and the top 8 cryptocurrencies. Bitcoin, Ethereum and Litecoin are just a taste of the popular cryptocurrencies that are available. You might also invest in 12 popular stock indices, spot WTI and Brent crude oil.


  • ECN/STP broker model
  • Free Virtual Private Server (VPS)
  • Supports MetaTrader 4
  • Has an offshore subsidiary for high leverage trading


  • Supports only one trading platform
  • No customer support on weekends
  • MetaTrader 5 not available

14. Best for CFD Trading: RoboForex

RoboForex is a global multi-asset trading platform that runs on MT4 and MT5. It operates in various countries and claims more than 10,000 users. Traders can trade forex and contracts for difference (CFDs) — and do so in multiple languages. The platform was started in 2009 and is located in Belize.


  • Low account minimum
  • No deposit or inactivity fees
  • Negative balance protection
  • Supports multiple trading platforms
  • Copy trading available
  • Free VPS server


  • May not scale to your needs
  • Small number of currency pairs offered
  • Lack of crypto tools

15. Best for Easy-to-Use Forex Platform: Trade Nation

  • securely through Trade Nation's website
    securely through Trade Nation's website
    Best For:
    Easy-to-Use Forex Platform
    Read Review

    67.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Trade Nation is a unique and powerful forex and CFD broker that offers fixed spreads and a transparent fee schedule. This means that you know how much you’ll be spending, you can calculate your overhead costs and taken better control of your portfolio.

The platform is all online, and you can easily set up your demo account if you need to practice. There’s over 1000 markets where you can trade, and you can even experiment with CFDs if they are new to you. Just remember that the market is always fluctuating and you want to come back to use the Signal Centre as often as possible.


  • The platform is all digital and the mobile version is just as seamless and simple
  • Easy to calculate your overhead costs and fees, making it simpler to balance your trading budget


  • Remember that CFDs can be very risky

What is a Forex Broker?

Retail forex brokers are financial institutions that act as an intermediary between individual trader clients and the foreign exchange market. These FX platforms have an online presence in the form of an official website and they target smaller traders who wish to operate in currency trading on a margin basis.

Online forex brokers generally allow traders to execute forex deals largely using their supported electronic trading platforms. In addition to offering their own proprietary trading software, many online forex brokers support popular 3rd party forex trading platforms like MetaTrader 4 and 5 (MT4/5) from MetaQuotes.

Some forex brokers also offer very useful educational information for beginners you can use to increase your knowledge about trading. They might also provide access to expert forex market analysis and financial news feeds to help you make better trading decisions.

If you choose a forex broker that uses automation, you can try trading bots. These bots are AI-enabled programs that use prevailing information to trade on your behalf, and each bot uses a specific trading plan that is designed to help increase your earnings. However, trading bots are not perfect. You must do your research, set a budget and monitor your account for the best results.

Why Trade Forex

Making a forex transaction involves the simultaneous purchase of 1 currency and the sale of another at a given rate of exchange known as an exchange rate. Forex traders make a profit by buying 1 currency pair low and selling it high, or by selling 1 currency pair high and buying it low.

Many people like to trade forex because they can get started so easily by opening up a trading account and downloading a free forex platform like MetaTrader. You can get in and out of positions rather quickly, easily trade at your pace and make money based on your trading objective. This is often the place where investors start so they can get a handle on the currency market without feeling confused over the asset they’re trading.

Forex Pros and Cons

The foreign exchange market has a unique set of pros and cons for traders that include those listed below.


  • High leverage: Because exchange of currencies at the going market rate has no net value, the use of leverage in foreign exchange trading allows you to control quite large positions with a rather small margin deposit. This increases your risk but also lets you benefit from relatively small exchange rate movements.
  • High liquidity: The forex market is the largest financial market in the world, so it has a very high level of liquidity in the major currency pairs. This allows for sizable transactions to be executed in those pairs at virtually any time during normal trading hours.
  • Around-the-clock trading: The forex market remains open for trading at all times from 5 p.m. EST on Sunday until 5 p.m. EST on Friday, even during U.S. holidays. This provides constant trading opportunities during market hours.


  • Fewer asset choices: While many stocks can be traded, only a relatively few currency pairs are available to forex traders, and not all of them are highly liquid like the majors.
  • Volatility: Strong movements can occur in the forex market as new information is digested by participants. This volatility can result in unexpected gains or losses for traders.
  • Unregulated OTC market: The Interbank forex market trades over the counter (OTC) and so it remains largely unregulated. Still, some regulations are put in place in many jurisdictions to protect retail traders making transactions through online brokers.

Forex Markets Explained

In the forex market, traders agree to exchange 1 currency for another to make a transaction in that currency pair at a particular level known as the exchange rate. Like stock prices, this exchange rate fluctuates based on supply and demand factors, as well as on the forex market’s overall expectations of future events.

Forex traders can make money on a currency transaction in 2 ways. First, if they buy or go long a currency and it goes up in value versus the sold currency, then they earn a profit. Second, if they sell or go short a currency and it goes down versus the bought currency, then they also profit.

Many currency pairs quoted in the forex market show substantial volatility or fluctuations, which can result in gains or losses for traders. You can review the EUR/USD pairing over the past week, month, year or more. Seeing the history of the pairing gives you quite a bit of information, and you can compare the stock’s movements to current events in either the U.S. or European Union.

During the comparison process, you may notice that the pairing moves inverse to the news you’re reading. As you read further, you learn how to anticipate where currencies will move based on current events.

Risk and Reward in Forex Trading

Rewards are generated in forex trading when you take a long or short position in a currency pair that subsequently appreciates in value. The high level of risk in doing a forex transaction is when the market doesn’t perform as expected once you have done a forex trade.

Many brokers allow traders to magnify the gains or losses they take on a position via the use of leverage. Leverage is typically expressed as the ratio of the size of a position you can control by placing one unit of base currency on deposit as margin. Hence, a 500:1 leverage ratio would mean that you can control a $500 position with a $1 margin deposit.

Furthermore, most successful traders have a minimum risk/reward ratio for a trade before they will consider taking it, such as 1:2 or 1:3. For example, if you think the chances of a trade making 20 pips is around the same as the chances of it losing 10 pips, then your risk/reward ratio of that trade is 1:2. If that meets your risk/reward ratio criteria, then you might consider that trade worthy of executing.

Master Your Forex Trading Strategy with the Right Trading Broker

Since your forex broker will be your primary trading partner, you want to choose one carefully to make sure they are reputable and will fit your requirements and trading strategies. Open a demo account with an online broker you’re thinking of using to see whether it is a good fit. Demo account trading can also help prevent potentially costly errors that might arise from you being unfamiliar with the broker’s trading platform.

Frequently Asked Questions


Can I trade forex with $10?


Yes, some online forex brokers will accept clients with a very low minimum deposit like $10 or even less.


Can I trade forex without a broker?


Yes, you can trade in the over the counter (OTC) forex market with major financial institutions using credit lines if you are a high net worth individual or corporation. If you’re a retail trader with a modest amount of risk capital to use as margin, you’ll need an online forex broker to trade currency pairs through.


Is forex good for beginning investors?


Investors can diversify their portfolios by trading currencies and other forex assets, despite the potential complexity of forex trading. It is recommended to approach trading with caution and to thoroughly research the assets you plan to invest in. Forex trading platforms offer a variety of educational and research resources for you to utilize. Take advantage of these resources to expand your knowledge.


These top brokers were chosen for this review for various reasons depending on the specific category in which we felt they excelled. Baseline requirements included the strength of their regulatory environment, their generally good overall reputation with clients earned over an extended period and a substantial number of currency pairs available for trading. 

People's Choice
Best Forex Broker

Get a Forex Pro on Your Side, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets plus spot metals with low pricing and fast, quality execution on every trade. 

You can also tap into:

  • EUR/USD as low as 0.2 with fixed $5 commissions per 100,000
  • Powerful, purpose-built currency trading platforms
  • Monthly cash rebates of up to $9 per million dollars traded with’s Active Trader Program

Learn more about’s low pricing and how you can get started trading with