We found 11 online brokers that are appropriate for Trading Forex.
What is the Forex spot? Is it different too Forex CFDs?
It is important to understand what makes them different because it could make or break your investment.
One can pick either way to trade Forex: using margin Forex or Forex CFDs.
It is safe to assume that CFD brokers are newer compared to the conventional Forex brokers.
Trading Forex on a CFD account is pretty similar to trading conventional Forex apart of the added leverage a CFD trade brings. Be aware that leveraged trades carry risks.
In Spot Forex, trading of Forex will be based on the current currency rate.
Spot Forex, as the name suggests, requires the direct exchange between the pair currencies. Traders must get involved with the swap transaction in the Forex pair.
Forex CFDs are a little different. The CFD follows asset movements in the market. This means the products of assets can be in the form of shares or assets.
The big difference here is that the Forex traded with CFD accounts is not common on exchanges. They are usually traded over the counter.
To put it in simple terms, when you technically trade with a Forex CFD account, you will not trade with the actual currency.
Rather than the current currency rate, you would work around the brokerages prices. From here, there is a takeaway to consider as the currencies might not be the same as prices or spreads into the underlying.
Forex trading in a CFD account does not give out your opportunity to hedge over a certain inflation.
When you have a successful a trade, the provider will lose out. On the other hand, when your CFD trade is not successful the provider would profit from the trade.
As the prices are issued by the provider, these will not follow the real rates. The prices issued by the provider will be the base price.
You will not need to worry about the ups or downs of the value of the currency pair that you are looking at. The only concerns are when the price of the currency is above or below the contract.
Here is an example taken from a case study. Lets take an example from a Forex spot trader who trades with the account size of $100,000.
The trader for this account managed to make a profit of 1,000,000 YEN which is around $931,095.
Therefore, in the traders account, the user will have two balances to represent each currency.
One would retain their original account size which comes as $100,000. Meanwhile, the other balance is 1,000,000 YEN.
Therefore, it is right to presume that the total account balance is $10,931,085.
If you are going to take part in Forex spot trading, it is crucial to realize that these pairs are affected by fluctuation.
The value of the US dollar against Japanese yen is affected by currency rate fluctuations.
When the currency rate is constant, it will be safer. If the US dollar is weakened, the same Yen will be worth less than before.
Even Though you hold it, you could lose your dollars due to the fluctuation. The only way to avoid this risk is by quickly converting all of the currency values back to your primary currency.
In this study case, you will immediately want to convert your YEN profits back to $ after closing your trade.
It is important to know that Forex CFDs are traded on margin. The leverage possibility for it is 500:1.
With a CFD account, you will be able to execute multiple trades in multiple markets from your account.
And you will not need to create multiple accounts to proceed. You just need to do it from a single brokerage account.
The CFD trades are dynamic. Your current positions can possibly rise or fall in value. This means you will need to implement various strategies from other instruments.
CFDs are a great instrument for experienced traders. Do not trade CFDs if you are unsure about it.
Before proceeding to understand the risks. Make sure to use the correct risk management tools to minimize the loss and make full use of all educational resources and research tools.
We've collected thousands of datapoints and written a guide to help you find the best Forex Spot for you. We hope this guide helps you find a reputable broker that matches what you need. We list the what we think are the best Forex below. You can go straight to the broker list here.
There are a number of important factors to consider when picking an online Forex trading brokerage.
Our team have listed brokers that match your criteria for you below. All brokerage data has been summarised into a comparison table. Scroll down.
We compare these features to make it easier for you to make a more informed choice.
Here are the top Forex.
Compare Forex min deposits, regulation, headquarters, benefits, funding methods and fees side by side.
All brokers below are Forex. Learn more about what they offer below.
You can scroll left and right on the comparison table below to see more Forex that accept Forex clients
Broker |
eToro
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IC Markets
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XTB
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AvaTrade
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Roboforex
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FP Markets
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Trading212
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Plus500
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Pepperstone
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EasyMarkets
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XM
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Rating | |||||||||||
Regulation | Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID), Australian Securities and Investments Commission (ASIC) | Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) | Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comisión Nacional del Mercado de Valores, Komisja Nadzoru Finansowego, Belize International Financial Services Commission (IFSC) under license number IFSC/60/413/TS/19, Polish Securities and Exchange Commission (KPWiG) | Central Bank of Ireland, Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), British Virgin Islands Financial Services Commission (BVI) | Cyprus Securities and Exchange Commission (CySEC) | Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC) | Financial Conduct Authority (FCA), Financial Supervision Commission (FSC) | Plus500UK Ltd authorized & regulated by the FCA (#509909), Plus500CY Ltd authorized & regulated by CySEC (#250/14), Plus500AU Pty Ltd (ACN 153301681), ASIC in Australia AFSL #417727, FMA in New Zealand, FSP #486026 and Authorised Financial Services Provider in South Africa FSP #47546 | Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217 | Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) |
Min Deposit | 200 | 200 | No minimum deposit | 250 | 1 | 100 | 1 | 100 | 200 | 100 | 5 |
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Used By | 17,000,000+ | 180,000+ | 250,000+ | 200,000+ | 10,000+ | 10,000+ | 14,000,000+ | 15,500+ | 10,000+ | 142,500+ | 70,000+ |
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Platforms | Web Trader, Tablet & Mobile apps | MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader, Mac | MT4, Mirror Trader, Web Trader, Tablet & Mobile apps | Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, Mac, Mobile Apps, ZuluTrade, DupliTrade, MQL5 | MT4, MT5, Mac, Web Trader, cTrader, Tablet & Mobile apps | MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, ZuluTrade, Web Trader, cTrader, Tablet & Mobile apps | MT4, Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps |
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Learn More |
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Up with etoro |
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Up with icmarkets |
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Up with xtb |
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Up with avatrade |
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Up with roboforex |
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Up with fpmarkets |
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Up with trading212 |
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Up with plus500 |
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Up with pepperstone |
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Up with easymarkets |
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Up with xm |
Risk Warning | 67% of retail investor accounts lose money when trading CFDs with this provider. | Losses can exceed deposits | 79% 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. | 72% of retail investor accounts lose money when trading CFDs with this provider | Losses can exceed deposits | Losses can exceed deposits | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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. | 76.4% 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. | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.3% 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 | Your capital is at risk | Your capital is at risk |
Demo |
eToro Demo |
IC Markets Demo |
XTB Demo |
AvaTrade Demo |
Roboforex Demo |
FP Markets Demo |
Trading 212 Demo |
Plus500 Demo |
Pepperstone Demo |
easyMarkets Demo |
XM Demo |
Excluded Countries | IR, KP, BE, CA, JP, SY, TR, IL, BY, AL, MD, MK, RS, GN, CD, SD, ZW, ET, GH, TZ, LY, UG, ZM, BW, RW, TN, SO, NA, TG, SL, LR, GM, DJ, CI, PK, BN, TW, WS, NP, SG, VI, TM, TJ, UZ, LK, TT, HT, MM, BT, MH, MV, KZ, GD, FJ, BB, BM, BS, AG, AI, AW, LB, SV, US, PY, HN, GT, PR, NI, VG, AN, | AF, GN, SL, BW, IR, SY, MM, IQ, TG, KH, LS, YE, CI , LR, ZW, CU, LY, TZ, CG, ML, BO, LR, NE, AO, GM, NG, AG, GH, KR, KG, GN, SN, NA | US, IN, PK, BD, NG , ID, BE | BE, BR, KP, NZ, TR, US, CA, SG | US, JP | US, JP, NZ | US | MY, BE, US, CA, CN, ID, PH, TG, NG, DO, MA, ZW, PR, TZ, TN, UG, BW, AO, AE | BR, KR, IR, IQ, SY, JP, US | US | US, CA, IL, KR, IR, MM, CU, SD, SY |
You can compare Forex ratings, min deposits what the the broker offers, funding methods, platforms, spread types, customer support options, regulation and account types side by side.
We also have an indepth Top Forex for 2021 article further below. You can see it now by clicking here
We have listed top Forex below.