Best Forex Options Brokers

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Contributor, Benzinga
May 22, 2023

Check out IG Markets or eToro as trusted forex options brokers.

Many traders use forex options to express specific views on positions and potentially diversify their portfolios. Options trading adds leverage and can support trading with defined risk parameters.

The best forex options brokers offer traders a choice of currency pairs and a platform that facilitates quick and easy trades. They also supply training materials and research and analysis tools to help traders to make informed decisions. 

Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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.

6 Best Brokers for Forex Options

Here are the best brokers for forex options.

1. Best for Traders who Prefer an Intuitive Options Trading Platform: IG Markets

  • IG Markets
    Best For:
    Fast Execution for U.S. Traders
    securely through IG Markets's website

    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Launched in 1974, IG Markets offer traders a choice of more than 80 currency pairs. The company charges no commission, relying instead on market-related spreads. There are no transaction costs.

The award-winning IG mobile and web-based app caters to a broad range of traders because it is easy for beginners but offers all the features that advanced traders need. These include excellent market analysis and charting tools.

Traders can access online courses, webinars and the newsfeed or use the demo account.


  • More than 80 currency pairs
  • Excellent research resources
  • Great web and smartphone apps
  • Free deposit and withdrawals


  • Limited product portfolio
  • Slow customer support

2. Best for Beginners: eToro

  • eToro Forex
    Best For:
    Copy Trading
    securely through eToro Forex's website

    CFD trading is not available to U.S. users. 51% 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.

Headquartered in New Jersey, eToro is a social investing platform that allows traders to copy trades move by move as they learn the ropes. Like most forex brokers, eToro charges no commission. There are also no contract fees. Active traders can earn rewards.

The eToro platform is intuitive and easy to master. Traders can buy options for 49 currency pairs. A copy trading feature, social media-like chatrooms and a virtual account give beginners all the assistance they need to become seasoned traders


  •  A simple platform that is easy to navigate
  • eToro charges no commission or contract fees
  • 49 currency pairs
  • Copy trading allows traders to copy advanced trader moves
  • A virtual account with $100,000 for practice
  • Social trading


  • Withdrawal fees of $5 per transaction
  • Limited availability in the U.S.

3. Best for Intermediate and Advanced Traders: TD Ameritrade

TD Ameritrade has been active in the industry for almost 50 years. Traders can choose from 70 forex pairs, trading through the proprietary thinkorswim® platform with its excellent analysis and charting features. There are no data or platform fees. Options contract costs are similar to most competing products.

Opening an account is easy. It’s all done online, and you could start trading on the same day. TD Ameritrade ensures that new account specialists and customer service support are available 24/7 to help you to open your account.


  • Outstanding trading platform
  • 70 forex pairs and a wide variety of other asset types
  • No minimum deposit
  • Multilingual support
  • Excellent learning resources


The trading platform can be daunting for those new to trading

4. Best for U.S. Forex Traders: Interactive Brokers

In business since 1977, Interactive Brokers is a multinational broker based in the U.S. With over 100 currency pairs on offer, Interactive Brokers also boasts one of the best software applications in the industry. Trader Workstation mirrors the mobile app functionality and offers traders of every level all they need to trade.

Resources include charting, advanced market analysis tools and an excellent learning library. With all its advanced functions, navigating the platform takes some getting used to.

Interactive Brokers charge competitive spreads and no commission.


  • Over 100 forex pairs
  • An excellent desktop platform that fully mirrors the mobile app
  • Excellent market analysis and charting tools
  • Low spreads
  • Demo trading


  • A complex trading platform that takes time to master

5. Best for Copy Trading: AvaTrade

Founded in 2006, the award-winning platform AvaTrade offers traders a diverse range of assets, including more than 50 currency pairs. The broker has an in-house platform and supports several others, including MT4 and automated trading software for copy trading. The AvaTrade Web Trader platforms have 90 indicators and three chart formats for customizable platform options.

AvaTrade offers users a wide range of educational support and has a website called SharpTrader dedicated to trader education and training.


  • Over 50 currency pairs
  • Low fees
  • Copy trading
  • Minimum $100 deposit
  • Multilingual support
  • Demo account


  • Unavailable across all U.S. states
  • Inactivity fees apply after three months

6. Best for Excellent Market Analysis: Saxo Bank

No Items

Trading since 1992, Saxo Bank offers traders all they need to make informed decisions. This European company is renowned for its forex platform, offering trades in options and spot contracts.

Over 180 forex pairs offer every trader a broad assortment of choices. No commissions and highly competitive spreads keep fees low. Saxo Bank’s mobile app, SaxoTraderGO is mirrored on the desktop version, with all functionalities intact. It offers in-depth analysis and market research tools and charts.

The company has customer service teams in 180 countries.


  • Over 180 forex pairs
  •  Extensive market analysis tools
  • Fast and easy-to-use platform
  • Excellent educational resources
  • Multilingual customer service


Not available in the U.S. and Canada

What is a Forex Options Broker?

A forex options broker is an individual or firm that enables trade in foreign exchange options. Forex, or currency options, are derivative contracts that give traders the option to buy or sell a currency pair at an agreed price (strike price) within a specified time.

A forex options broker is an intermediary between the options market and traders. It provides an options trading platform for traders to enter options contracts, track market performance and buy and sell.

How Do Forex Options Work?

Forex options are derivative contracts that give traders the right to buy or sell currencies at an agreed price (strike price) on an agreed date. They allow traders to speculate on or hedge against future movements in currency exchange rates. When you buy a forex option, you plan to buy one currency and sell another, believing the relative price will change by the expiry date. 

As a buyer of an option, you have the right but no obligation to buy or sell the underlying assets. If you are a seller, you may be assigned an obligation to buy or sell the underlying forex.

The two main types of options are call options and put options. Buy options give the holder the right to buy the underlying asset at an agreed price on an agreed date. A put option allows the holder to sell an asset at a specified price at an agreed time.

Traders pay an upfront cost known as the option premium to get the option. The current exchange rate, time to expiration, volatility and interest rates affect the price.

The profit or loss from a forex option depends on several factors, including the option premium, the spot exchange rate when the option is exercised and any transaction costs. If the option expires out-of-the-money (meaning it is not profitable) the buyer of the option loses the option premium paid.

Diversify Your Investments with Forex Options

Forex options have become popular as hedge and speculation tools. As a forex options trader, you need a broker that will give you the best chance of making a profit from forex options. The best forex options brokers give users access to several currencies and the tools to make educated trading decisions. They also provide an intuitive and responsive trading platform.  

Frequently Asked Questions


Can you buy options on Forex?


Yes, you can buy options on forex.


How much do FX options traders make?


How much FX options traders make will depend on how good they are at trading. Most will earn several thousand dollars a month.


Can I trade options on MT4?


Yes, you can trade options on MT4 if you collaborate with a broker that supports the platform.

Get a Forex Pro on Your Side, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets 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
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  • 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