Top ten forex trading floor in the world

Cutting-edge WebTrader platform. Competitive commissions. Wide range of futures markets. Standard, Mini and Micro contracts. $100 minimum deposit.

Best brokers for international traders

• Exness – Best Overall Multiple account types. MT4, MT5, Exness Terminal. Competitive trading fees. Exness Academy and research.
• MultiBank – Best for Professional Traders 20,000+ financial instruments. 1:500 leverage for Forex. ECN trading account. Accounts insured up to $1,000,000.
• Eightcap – Best for Cryptocurrency Trading 100+ cryptocurrencies. MT4, MT5, TradingView. Crypto Crusher dashboard. Zero commission, low crypto spreads.
• IC Markets – Best Low Spreads Low spreads, low commissions. Zero requotes, no minimum order distance restriction. MT4, MT5, cTrader platforms. Trading Central, Autochartist, social trading.
• OCTA – Best for Beginners Demo trading account. Commission-free trading account. Extensive educational materials. Regular live webinars.
• Swissquote – Best Forex Trading Platform MT4, MT5, Swissquote Advanced Trader platforms. Access Autochartist and Trading Central. Trade 3 million+ financial products. Real-time pattern recognition detector.
• FP Markets – Best Forex Trading App FP Markets Trading App for iOS and Android. MT4, MT5, cTrader mobile apps. Large range of exotic and emerging market currency pairs. 50+ technical indicators in the app.
• BDSwiss – Best MT4 MT4 fully synchronized with BDSwiss Web Trader. Trading Central and Autochartist MT4 plugins. Extensive educational materials. High leverage.
• Tickmill – Best Research Tools Autochartist, Acuity Trading, Signal Centre ideas and research. Market Sentiment dashboard for 80,000+ instruments. Trading signal plugin for MT4 and MT5. Tickmill Traders Club.
• IronFX – Best Account Offering 7 account types. Floating, fixed, STP/ECN accounts. Wide range of base currencies. IronFX Academy.

How did FX Empire choose the best forex brokers and forex trading platforms?

• We only selected brokers that achieved an overall top score from our 250-point data broker reviews.
• We checked the authorization and regulations of each broker.
• We opened real trading accounts to test the live spreads for the broker’s tradable instruments.
• We ensured the broker provides access to secure forex trading platforms.
• We conducted hands-on testing of each forex trading platform, searching for the most user-friendly and feature-rich on the market.
• We analyzed each forex broker to ensure they offer the maximum leverage allowed by its regulatory authority.
• We researched the number of tradable instruments available to ensure a good selection.
• We performed a live test of its customer support methods to test the broker’s response time and knowledge.

Our has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. .

This analysis, combined with my personal trading experience, has led to the findings and research presented below. These highlight the best forex brokers across various categories, tailored to your specific trading needs.

Now let’s dive into the selected brokers.

How to Choose the Best Forex Broker?

Choosing a safe, well-regulated broker that has competitive fees and easy to access to the markets is essential to competing in the world’s foreign exchange market. On top of the factors already discussed in this guide, you should also pay attention to the following points outlined below.

How do you choose a safe forex broker?

The safety and trustworthiness of a broker should be the most important factor when choosing a forex broker to trade with. After all, it is the broker who will be holding your trading funds and executing your trades.

Choosing a regulated broker is essential to keeping your funds safe and ensuring your broker has no conflicts of interest in executing your trades. A regulated broker must adhere to strict rules which, if broken, will result in fines or the loss of their licence to operate.

In our broker rating reviews, we classify regulators under the following tiers:

• Tier-1 financial regulators are those situated in well-known financial centres and include bodies such as the Australian Securities and Investment Commission (ASIC) and the UK Financial Conduct Authority (FCA), among others.
• Tier-2 financial regulators are those situated in established but smaller financial centres and include bodies such as the Financial Markets Authority of New Zealand (FMA), among others.
• Tier-3 financial regulators are those typically situated in offshore countries and include the International Financial Services Commission of Belize (IFSC), among others.
• Unregulated. Some brokers will base their company offshore in a jurisdiction where there is no requirement to be regulated or have a licence and include brokers situated in St. Vincent and the Grenadines and St. Lucia.

There is a growing list of brokers that will have multiple entities around the world, with each one regulated by a different financial body or not regulated at all. I would advise you to check which entity you are actually opening a trading account with and confirm what protections – if any – are available to you. This can be done by reading the broker’s terms and conditions document and confirming with customer support in writing. To save your time we also created detailed guides on the best CySEC regulated brokers, best ASIC regulated brokers and best FCA regulated brokers.

Brokers regulated by Tier-1 financial regulators, the UK FCA, CySEC and ASIC offer the highest level of protection as it is a legal requirement for them to segregate client funds from their own to ensure they are not using your funds to run the business and offer a negative balance protection policy to ensure your account does not go below zero from any adverse movements in the market.

The FCA and CySEC regulators take investor protection one step further and make it a legal requirement for brokers regulated by them to be part of a compensation scheme which protects your capital up to a certain amount in the event of the broker becoming insolvent.

From my own experience, I would recommend avoiding unregulated brokers at all costs. There is no legal recourse should they run away with your funds or handle your capital negligently.

What fees should you be aware of when choosing a forex broker?

There is a range of fees that you should be aware of and check when choosing a forex broker to trade with. The fees can be categorised into trading and non-trading fees.

Trading fees

These are fees charged for opening, closing and holding a trade and include:

• Spread. This is the difference between the buy price and sell price of a financial instrument, and should be as low as possible. In our broker rating reviews, we conduct a live spread test with each broker. A spread of less than 1.0 pip – with zero commission – on EUR/USD is considered to be the industry average. See our guide for the best forex brokers with lowest spreads.
• Commission. This is the cost of opening and closing a trade and should be as low as possible. In our broker rating reviews, we conduct a live fee test with each broker. A commission of $3.50 per lot, per side on MT4 and MT5 and $3.00 per lot, per side on cTrader is considered to be the industry average.
• Swaps. This is the cost of holding a leveraged or margined, position overnight. The swap fee is based on the two different interest rates of the currency pair you are trading on, plus a broker’s markup.

The best way to test the fees for yourself is to use a demo trading account or open a live account with the minimum deposit first. Alternatively, you can read the review of a broker from the FX Empire website, in which our team of analysts have tested the spreads for you.

Non-trading fees

Non-trading fees can include charges for account maintenance, account inactivity, deposits and withdrawals. It is wise to review the deposit and withdrawal methods and their respective fees so you are not surprised by any high charges.

Many brokers will advertise fee-free deposits but then may charge for withdrawals. This information is usually found on the broker’s website, but you can also check with customer support.

What is the best type of forex trading account?

Most brokers will offer a variety of trading accounts which can be generally split into a commission-free account or a commission-based account with lower spreads. This is due to the different execution methods that the broker may offer you, which can include:

• Dealing desk. Not as common anymore, but still around. This is where the broker takes the other side of your trade, expecting the majority of their clients to lose.
• STP. Straight Through Processing is now more common among regulated brokers. This is where the broker sends your orders directly to their liquidity providers for at-market execution. Spreads are usually marked up by the broker but usually without any other commission. Check out the list of Best STP Forex Brokers, carefully selected by FX Empire.
• ECN. Electronic Communications Network. This is where a wide range of different liquidity providers and banks compete for your orders in an anonymous network. As price quotes are sourced directly from the interbank market, these accounts typically have the lowest spread but usually charge a commission per trade. Explore our guide on the Best ECN Forex Brokers.

In my experience, each account type may come with a different minimum deposit. Generally speaking, the higher the minimum deposit is, the better the trading terms, products, and services will be.

Investigate each account type thoroughly to find the one that aligns with your needs the most. Usually, you can test each account first using a demo trading account before opening a live trading account.

What factors should you consider when choosing a leverage level?

One reason foreign exchange trading has grown in popularity over the years is because of CFD trading accounts. A ‘contract for difference’ trading account allows you to trade long and short using leverage.

Leverage allows you to open a larger position using a smaller deposit and helps to amplify winnings but also losses. If a broker offers 1:30 leverage, this means you can open a position 30 times the size of the capital you put up. For example, you would only need $1,000 to open a $30,000 position.

The leverage amount offered by a broker depends on your categorization as a client with them (retail or professional) and which financial regulator the broker falls under.

In 2018, the MiFiD II European Market Act Directive legally requires Tier-1 regulators to impose a 1:30 leverage restriction on retail clients trading foreign exchange. This is because, up until this point, many retail traders were wiping out their trading accounts using too much leverage.

If you are categorized as a professional trader, then brokers regulated by Tier-1 regulators can offer higher leverage, sometimes up to 1:200 on forex, but you may lose some other protections afforded to retail traders, such as negative balance protection.

There are some brokers that may advertise 1:1000 leverage or more. These brokers will be based offshore in low-regulated jurisdictions. There is a reason Tier-1 regulators imposed leverage restrictions on retail traders, so beware of brokers advertising very high leverage.

How to choose the best forex trading platform?

There are a variety of forex trading platforms that a broker will offer you. Choosing the best one will depend on your individual trading style and level of experience. However, there are some ‘go-to’ forex platforms that are well-known for their reliability and excellent range of features.

Some of the most common trading platforms include:

• MetaTrader 4: This platform is the ‘go-to’ forex trading platform known for its superior charting technical analysis and drawing tools.
• MetaTrader 5: This is an updated version of MT4, which has more features such as extra timeframes and indicators.
• cTrader: This platform is designed for high-frequency day traders and scalpers and comes with advanced algorithmic trading capabilities.
• TradingView: This platform is fast becoming a leader in the industry as it is fully browser-based with advanced research tools and charting tools for all financial instruments.
• In-House Proprietary Software: Some brokers may invest in having their own proprietary trading software.

Read more about the platforms in our detailed guides on the best MT4 brokers, best MT5 brokers, and best cTrader brokers. You can test each trading platform using a demo account to identify the one that is most suitable for you.

What to avoid when choosing a forex broker?

It is wise to steer clear of brokers that aren’t regulated by a reputable authority, as there is no legal recourse if they take your capital and handle your funds fraudulently. Also, beware of brokers that promise high returns and that trading is easy.

Brokers regulated by well-established financial regulators have the highest level of investor protection and must follow strict rules to protect your capital. The safety of your funds should always be the number one priority.

How to avoid forex trading scams?

Unfortunately, there are many scam brokers out there nowadays. You can protect yourself by adhering to the following:

• Always trade with a regulated broker from a well-established financial jurisdiction.
• Ensure the broker has physical offices in a well-known country and city.
• Speak to customer support to check they are easy to reach.
• Use a demo trading account first.
• Check the legal terms and conditions document carefully and the entity you are trading with.
• When ready for a live account, start with a small amount of capital.

Our Methodology

In identifying the top forex brokers and trading platforms, we relied on the results of our advanced proprietary methodology. All of the brokers listed were among the leaders in our tests. Since pioneering the broker rating review industry, FX Empire’s review process has expanded and diversified over the years. It now includes 250 data points covering nine core categories which include:

• Trust
• Fees
• Platforms and tools
• Tradable instruments
• Customer service
• Deposit and withdrawals
• Account types
• Research
• Education

Through opening live trading accounts and testing the broker’s products, services, and customer support, as well as drawing on my own personal trading experience, our team of analysts identified the best forex brokers to trade with this year. We also took the following factors into consideration:

• The overall top score from our comprehensive 250-point data broker evaluation system.
• The trustworthiness of each broker, substantiated by authorization from top-tier regulators.
• Competitive spreads for the available tradable instruments.
• Access to secure, user-friendly and feature-rich trading platforms.
• The maximum leverage allowed by the broker’s regulatory authority.
• A wide selection of tradable instruments.
• Efficient, reliable, and prompt customer support.

Meet Our Writers

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

What does a forex broker do?

A forex broker provides you with the ability to speculate on the price direction of currency pairs by providing a trading platform to route your orders to the forex market in exchange for a fee.

Can I trade forex without a broker?

You can trade forex without a broker by going to a currency exchange. However, you would need to use physical cash to do this, which is not safe and not practical. Trading forex with a broker means you can trade on margin allowing your capital to go further.

What are the top 10 forex brokers in 2023?

The top 10 forex brokers in 2023 discussed in this article include Exness, MultiBank Eightcap, IC Markets, OCTA, Swissquote, FP Markets, BDSwiss, Tickmill, IronFX, and IG US.

What's the best forex broker for beginners?

The OCTA and IronFX entities regulated by CySEC have good offerings for beginner traders but beware of their unregulated entities, which provide lower investor protections.

What's the best forex broker for professional traders?

MultiBank provides an excellent range of products for professional traders with multiple platforms, a wide range of markets and research tools, and ECN trading accounts.

Which forex broker has the best trading platform?

Swissquote has one of the most advanced proprietary forex trading platforms. The Advanced Trader and e-Trading platforms come packed with a wide range of technical trading indicators and access to more than 3 million investment products.

Which forex broker is the best for trading crypto?

Eightcap provides an excellent range of 100+ crypto CFDs to trade on commission-free from three different trading platforms and access to crypto-specific research tools.

Which forex broker has the lowest spreads?

IC Markets is one of the brokers that has the lowest spreads. We found the spread on EUR/USD averaged 0.6 pips on a commission-free trading account which is much better than the industry average of 1.0 pips.

What is the best forex broker for US traders?

IG US is one of the best forex brokers for US traders. Established in 1974, IG US is a member of the NFA and registered with the CFTC.

What are ECN, STP, and market maker brokers?

A market maker broker is a broker who creates the market you trade in. An STP broker sends your trades directly to their liquidity, and provides with an at-market execution. An ECN broker sends your orders to a wide range of liquidity providers to compete for your price, providing the lowest spreads.

How do forex brokers make money?

Forex brokers make money in a variety of ways. They can mark up the spread you trade with, which comes from the interbank market. They can charge a commission to buy and sell, and they can markup the overnight swap fee. They may also charge non-trading fees such as account maintenance and inactivity fees.

What are spreads and pips in forex trading?

The spread is the difference between the buy price and the sell price of a currency pair. A pip is the most common unit of measurement used in the forex market, and for most non-JPY currency pairs, 1 pip is the equivalent of 0.0001.

What is a forex demo account?

A forex demo account allows you to trade in a risk-free environment without using any real money and is a useful way to practice your trading skills.

Can I start trading forex with a small amount of money?

Yes, thanks to CFD leverage, you can start trading forex with a small amount of money.

Is forex trading legal?

Yes, forex trading, or the trading of foreign currencies, is legal in many countries around the world. However, the level of regulation and oversight can vary greatly from one country to another. However, there are countries where forex trading is either restricted or banned, and others where regulation is minimal or non-existent. It's also worth noting that while forex trading itself is legal, there are many scams associated with it. Potential traders should be wary of any scheme promising guaranteed returns or "no-risk" investments. Before getting involved in forex trading, it's important to thoroughly research the regulatory environment in your country and the reputation of the broker or platform you plan to use. It's also a good idea to seek independent financial advice.

What is the role of regulation in forex trading?

A financial regulator will ensure a forex broker is adhering to strict standards regarding the safety of your capital and trade execution.

What is negative balance protection in forex trading?

Negative balance protection is a policy in which your broker will close out your trades in a black swan event to ensure your account does not go below zero.

How can I verify that my broker has negative balance protection?

You can check the broker’s terms and conditions. If it is not written in it, then it is unlikely they segregate your funds from their own. Brokers regulated by Tier-1 regulators such as the FCA, CySEC, and ASIC have a legal requirement to segregate funds.

Who is the number 1 forex trader in the world?

1. George Soros. George Soros, often referred to as the «Man Who Broke the Bank of England», is an iconic figure in the world of forex trading. His net worth, estimated at around $8 billion, reflects not only his financial success but also his enduring influence on global markets.

Who is the world's largest forex?

China has by far the largest foreign currency reserves with over two and a half times more than the second-largest reserve holder, Japan. When China's and Hong Kong's reserves are considered together, the total is nearly $4 trillion.

Who has the biggest forex trading profit?

Probably the greatest single trade in history occurred in the early 1990s when George Soros shorted the British Pound, making over $1 billion on the trade. Most of the greatest trades in history are highly leveraged, currency exploitation trades.

How to get 50 pips per day?

Essential Rules when using the 50 pips a day strategyWait for 7 a.m. GMT candlestick to close and immediately open buy stop order (2 pips above the high) and sell stop orders (2 pips below the low). The price will move towards high or low and activate one of the pending orders. Then, you may cancel the another order.