Best International Forex Brokers

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Contributor, Benzinga
January 12, 2024

Benzinga's favorite international forex brokers are FOREX.com and eToro.

If you’re looking for strong liquidity and low transaction costs, forex is one of the most accessible asset classes for large and small investors alike. The foreign exchange market is a truly international market where traders take advantage of global currency movements. Are you looking to trade forex internationally but unsure of what platforms to use? In this article, we discuss the top international forex brokers in the market that can meet your forex trading needs.

Quick Look: Best International Forex Brokers

Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% 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.

Best International Forex Brokers

It's important for forex traders to find a broker that is reliable, trustworthy and offers a wide range of currency pairs. Here are some of the top international FX brokers.

1. Best for all Types of Traders: FOREX.com

  • securely through Forex.com NON US's website
    securely through Forex.com NON US's website
    Best For:
    Forex Trading in and Outside the U.S.
    Rating:
    Read Review

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% 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.

FOREX.com is a top-tier forex broker founded in 2001 and has offices in New Jersey, London and Tokyo. The company is regulated by several financial regulatory authorities, including the National Futures Association (NFA) and Commodities Futures Trading Commission (CFTC) in the United States, the FCA in the U.K., the JFSA in Japan and IIROC in Canada. The broker offers trading in various financial instruments, including over 80 currency pairs, cryptocurrency pairs, contracts for difference (CFDs) on indexes, metals, energy, commodities and individual stocks. 

FOREX.com provides several different trading platforms, including the Advanced Trading Platform with integrated trading strategies, MetaTrader 4 and 5 and proprietary web and mobile platforms. The company has a minimum deposit requirement of $100 and offers customer support through designated phone numbers in the countries where it has a presence. FOREX.com also provides educational resources and video tutorials to help novice traders get started.

The broker requires a minimum deposit of $100 that can be made via debit card, credit card or bank transfer. Withdrawals occur within 48 hours of the original request and funds are returned to the originating bank or credit card account. FOREX.com offers novice traders an extensive FAQ section and video tutorials on how to use its trading platforms. Customer support is provided by designated phone numbers in the countries where the firm has a presence.

Pros

  • Large selection of market options
  • Regulated by reputable agencies such as the NFA, CFTC and FCA
  • Easy-to-navigate platform
  • TradingView advanced charting is available on the Web Trader

Cons

  • No MetaTrader 5 platform for U.S. traders
  • Less-extensive educational resources for American traders

2. Best for Beginners: eToro

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

    CFD trading is not available to U.S. users. 76% 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 is an international forex broker that has been in operation since 2006. The company is based in Limassol, Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC). They offer a wide range of forex trading services, including spot trading, contract for difference (CFD) trading, social trading and copy-trading.

One of the main benefits of trading with eToro is its user-friendly trading platform, which makes it ideal for beginner traders. The platform has a modern interface, making the process of executing trades and managing your account simple and straightforward. Additionally, their copy-trading feature allows you to view and copy the trades of other successful traders on the site.

Pros

  • Simple easy to use platform
  • CopyTrader feature allowing new traders to copy the same strategies used by professionals
  • Virtual demo account

Cons

  • High non-trading fees

3. Best for Trading Experience: Pepperstone

  • securely through Pepperstone FX's website
    securely through Pepperstone FX's website
    Best For:
    Trading Experience
    Rating:
    Read Review

    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.6% 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.

Pepperstone is based in Australia and offers quality regulation and excellent customer service for professional and novice traders. You can learn to trade on the site, get up to 500:1 leverage (30:1 for newer traders), try Autochartist and API trading, algo trading and buy in with no minimum deposit.

There are over 60 currency pairs, and you can use MT4, MT5, cTrader, Web Trading Platforms and the Mobile App to handle your transactions.

Pros

  • There are several dozen currency pairs
  • You can trade in any place you like to make your life easier
  • You can adapt to a number of strategies

Cons

  • You may prefer more leverage on your account

4. Best for Non U.S. Forex Trading: AvaTrade

AvaTrade is a broker with a large reach from Europe and South Africa to the Middle East, Australia, the Caribbean, Japan and much more. You can easily trade CFDs based on several assets like stocks, forex, indices, crypto, and much more. 

AvaTrade is unique in that it works best for both beginners and advanced traders who want to volume trade. You can get service in 20 languages, and you will have more than enough variety to keep your portfolio both up-to-date and profitable. 

The international nature of the platform alone, will appeal to travelers, ex-pats and those who otherwise do not have quality access to forex and CFDs. Make sure that AvaTrade is available where you are and try it out, often in your native language.

Pros

  • This platform works very well for international travelers and ex-pats who want the best of both worlds
  • You can get service in your native language in many cases

Cons

  • This platform is not available to all international traders, so make sure your territory is covered

5. 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
    Rating:
    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 money.

When you get started with Trade Nation , you can trade with a CFD and forex broker that offers:

  • Fixed spreads
  • Transparent fees
  • No account minimums
  • Multiple trading tools
  • No extra fees for deposits or withdrawals
  • No inactivity fees
  • A fully-digital experience
  • Educational tools
  • 1,000 markets
  • Real-time news
  • Daily reports on your assets
  • Demo accounts for practice purposes
  • Negative account protection

No, Trade Nation is not available to U.S. investors, but this is a simple way for you to buy into forex or manage client funds.

Pros

  • This platform gives you access to a range of forex pairs that will help you diversify your portfolio in your preferred style
  • Learning on the go is much better for newer investors
  • At the same time, you can add forex to client accounts with segregated account options

Cons

  • Many traders feel that forex is confusing because of the constant shifting of currency prices, the impact of world events and the pairings that are available

6. Best for Trading in the App: OctaFX

OctaFX is designed for international traders, offering you access to MetaTrader 4 and 5, cTrader and versions that work on Android, iOS, web and desktop machines. You have the negative balance protection that everyone wants, funds security is paramount on this platform and you can even open an Islamic account, if needed. CopyTrading is helpful for those who are still learning, you can earn more through the referral program and earn more from contests and giveaways while you’re trading.

Pros

  • Low minimum deposit
  • Several trading platforms available
  • Low spreads from 0.6 pips

Cons

  • You may accrue small conversion fees
  • Deposits and withdrawals are not always simple

7. Best for Multi-Asset Traders: BlackBull Markets

As you begin using BlackBull Markets, you will discover that it is easier for you to get results when you have a full-service platform at your fingertips. Advanced traders can use this platform to transition to a new space or expand their existing holdings. Beginning traders can learn as they go and start slow so that they are ready to bear the heavy burden of a large portfolio they have built over a long period of time, depending on the individual investor’s needs. Pips start at 0.0, 500:1 leverage is available and speeds are high, making the platform perfect for any type of trader.

Pros

  • Costs can remain relatively low
  • You can take leverage that allows you to grow your portfolio faster
  • Execution speeds are very high, allowing you to tackle market movement in real-time

Cons

  • Sadly, U.S. traders cannot open accounts on this platform

8. Best for International Forex and CFD Trading: Exness

  • securely through Exness's website
    securely through Exness's website
    Best For:
    International Forex and CFD Trading
    Rating:
    Read Review

Exness is a multi-asset broker that offers traders a place where they can get the best market conditions for forex and CFD trading. The platform also offers flexible leverage, fast deposits and withdrawals. There’s a mobile app that makes it easier to get your trading done when you walk away from your desktop, and you can remain as active as you need to ensure that your portfolio is as strong as it can be.

You can choose from a Standard or Pro account depending on the spreads you’re looking for and access that you need. There are several trading instruments that you can choose from, especially with forex pairs and CFDs that are not always available to traders on every platform.

Plus, Exness is a good option for scalpers and algo traders who want to join a platform that was designed for professionals such as themselves. This means that you can much more easily access the forex sphere so that you can add to your portfolio and move a significant part of your portfolio to this platform.

Pros

  • Choosing your account type helps you get into the markets where you prefer so that you can save money or get the volume trading support you need
  • Scalpers and algo traders can use this platform to make the most of their strategies
  • While CFDs are risky, they can also be a unique way to diversify your portfolio

Cons

  • CFDs can be extremely risky, and traders should be careful with their investments, only spending money they can afford to lose

9. Best for CFD Trading: City Index

  • securely through City Index Singapore's website
    securely through City Index Singapore's website
    Best For:
    CFD Trading
    Rating:
    Read Review

    Investors should keep in mind that 70% of CFD accounts lose money.

City Index is a trading platform that has offices in Singapore, the UK and Australia, meaning that there is someone to reach out to no matter where you are in the world. You can trade the forex market on this platform, grow your portfolio and take advantage of several options that include:

  • Fixed and variable spreads
  • Raw spreads
  • CFDs
  • Spread betting
  • Several trading platforms
  • A connection with Trading View
  • A range of analytics, signals and charts
  • Demo accounts and more

Pros

  • This platform allows you to do all the work you need to grow your portfolio without opening even more accounts
  • Because you can trade worldwide, many investors can open accounts and get started, even if they’re in underserved areas
  • The customer service team is easy to reach and quite friendly

Cons

  • Unfortunately, you will need to pay an inactivity fee if you don’t trade all that often

10. Best for Advanced Traders: IG

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

    Spread bets and 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 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.

IG is a comprehensive FX broker that offers full access to the currency market and support for over 80 currency pairs.

The broker only offers forex trading to its U.S.-based customers, and the brokerage does it spectacularly well. Advanced traders will revel in the platform’s selection of indicators and charting tools, and its margin rates are easy to understand.

IG’s mobile app continues its commitment to simplicity. It offers full trading capabilities in a streamlined, powerful platform. IG is also one of the few forex brokerages offering a native tablet interface on both iOS and Android platforms. 

Pros 

  • Easy-to-navigate platform
  • IG provides comprehensive educational resources and user-friendly research tools
  • Mobile and tablet platforms with same functionality as the desktop version
  • Regulated
  • Over 80 currency pairs are available

Cons

  • High CFD fees for shares
  • Poor customer support
  • ; No account protection for U.S. clients

11. Best for Educational Resources: HYCM

HYCM (Henyep Capital Markets) is an international forex and CFD broker. HYCM offers trading in various financial instruments, including currency pairs, commodities, indices, cryptocurrencies, ETFs and metals. The FCA, CySEC, CIMA and DFSA regulate HYCM international brokers. The company offers MetaTrader 4 and MetaTrader 5 platforms and a proprietary web-based platform.  HYCM provides various educational materials and training resources for traders, including webinars. It offers several account types to suit the needs of different traders, including standard, VIP and Islamic accounts.

Pros

  • Wide range of trading financial instruments
  • Outstanding educational materials
  • User-friendly platform

Cons

  • Inactivity fee
  • No U.S. clients
  • CFDs on cryptocurrencies only for offshore entities (the Cayman Islands and SVG)

How Trading Forex Internationally Works

The NFA is a self-regulatory organization that regulates U.S. derivatives, including the foreign exchange market. It imposed limits on the maximum leverage allowed on forex positions for U.S.-based forex traders, though the exact limits vary depending on the currency pair. As a result, many international forex brokers stopped accepting clients from the U.S. Also, because of the restrictions, international forex brokers increased in popularity relative to American brokers because they typically give traders better terms than U.S.-based forex brokers.

For example, forex brokers in the United States only allow a maximum leverage ratio of 50:1, while some international brokers offer client leverage up to 500:1 on major currencies. This high amount of leverage, while extremely profitable when you’re on the right side of the market, could be disastrous if you hold a losing position, especially if you have limited capital.

Another example is the FIFO regulation. FIFO stands for “first in, first out,” and this rule requires you to liquidate positions in the same currency pair in the order they were established instead of choosing which opposing transaction to liquidate.

New U.S. legislation also banned hedging a forex position by taking an opposing position in the same currency pair as one already established. Doing this means you effectively hedge the original position and can trade out of both sides individually, which is no longer allowed for U.S.-based forex traders.

Do International Forex Brokers Accept U.S. Clients?

If you’re U.S.-based and trade forex through an international broker licensed in the United States, your account will be subject to CFTC and NFA rules and restrictions.  Regardless of the amount of leverage or other features offered by the international broker, you must adhere to the 50:1 U.S. leverage limit, the FIFO rule, the no-hedging rule and any other relevant U.S. forex account restrictions.  

But just because you live in the United States doesn’t mean you can’t trade forex. 

Although many international brokers don’t accept U.S. traders because of the additional regulations, several brokers still service the U.S. client base. Many top-tier forex brokers, such as FOREX.com or IG, are based in the United States and also fully comply with the relevant regulations of the NFA and the CFTC.

Keep in mind that when a forex broker lacks oversight from a reputable financial regulatory agency, you run a considerable risk when you open an account with it. You could lose your entire deposit without even making a trade.

What Makes the Best International Forex Brokers?

International forex brokers that offer their services to U.S. clients tend to be the largest and best capitalized since the process of registering and complying with CFTC and NFA regulations requires a significant initial investment and cash reserve amount. Keep in mind that not all forex brokers are created equal, so make sure you carefully consider your needs before you open an account.

The best international forex brokers give traders an easy platform to navigate this highly traded market. One factor that sets the best international forex brokers apart is regulation. Choose a broker regulated by a reputable financial authority, such as the U.K.’s FCA or the NFA in the U.S. This process ensures that the broker is held to high standards of conduct and follows strict rules and procedures to protect client funds.

Another important factor to consider is the trading platform. Reputable forex brokers will offer a user-friendly and reliable trading platform suitable for traders of all levels of experience. Benefits may include advanced charting tools, customizable layouts, and the ability to execute trades quickly and efficiently.

The best forex brokers also offer customer service in multiple languages to accommodate international traders. They also provide educational resources and support to help traders improve their skills and knowledge. 

Maximize Your Trading Success: Choose the Best International Forex Brokers

Finding the best international forex brokers can be a challenging task given the many choices available in the market. By considering factors such as regulation and trading options, you can select a reliable and broker well-suited to your trading goals. With the right forex trading platform, you can access the global forex market and benefit from tools and resources that prepare you for the world of forex trading. 

Frequently Asked Questions

Q

Who is the biggest forex broker in the world?

A

This metric can be ranked differently based on various criteria, such as trading volume, number of clients and regulatory status. Some of the largest forex brokers in terms of trading volume and market share include IG Group, IC Market, Oanda, CMC Markets and FOREX.com.

Q

Which country has the most forex traders?

A

It is difficult to determine which country has the most forex traders because there is no central data on the number of traders in each country.  Some countries with the largest forex markets include the United States and the United Kingdom.

Q

Which app is best for international trading?

A

Different forex apps may better suit traders because of needs, preferences and strategies. Research and compare different apps to find one that meets your needs and fits your trading style.

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