Legal Forex for 2021

We found 11 online brokers that are appropriate for Trading Forex Investment.

Legal Forex Guide



LEGAL Forex TRADING

What is the Forex Market?

The Forex market is the largest trading market globally, with more than five trillion U.S. dollars traded daily. The market is available 24 hours day on weekdays. For example, when trading begins in Hong Kong and Tokyo, it closes in New York. Currencies are usually traded in pairs, for instance, USD/EURO. With the help of frequent price changes, the Forex market can allow investors, institutions, and companies to generate a huge amount of money.

The Forex market (FX) is where individuals or institutions can exchange, purchase, speculate, and sell global currencies. Participants in the FX market can be brokers, hedge funds, investors, commercial companies, banks, and investment management firms. Some Forex trading occurs in the Forex market, which is not the same as the Futures market, in that currencies are exchanged physically when there is a transaction going on. While in the Futures market, the day the currency is exchanged is different from the day the trading price is decided. When an investor goes to the bank to exchange, they are said to be involved in the Forex market.

Is Forex Trading Legal?

Yes, Forex trading is legal. The FX market is a legal market where truthful and trustworthy traders carry out their business. Forex trading is not a fraud, but it gets bad reviews because of the many external scams that can be involved. Many frauds are based on the less rigid rules of the FX market, making it easy for people to become victims of scammers. The Forex trading market is difficult to control, as it is one of the largest markets worldwide. There is no unified force regulating the trading of currencies, and it is open to trade every hour of the workday.

In 1999, when the Forex trading market was initially introduced to traders, the most famous fraud that happened involved brokers who obtained funds from investors and then took the money without carrying out any trades. Most of these brokers are found in ungoverned countries, making it difficult to sue them. A well-known civilized fraud is called a 'Signal Seller Scam'. 'Signal Providers' are companies, or individuals, who are experts in predicting the right period to carry out trading transactions. They earn their income by making inexperienced traders fund them for their expert advice in trading. Even though some providers choose excellent trades, others only choose randomly.

Another one of the most recent scams is called a 'Robot Scam', which originated with the elevated use of artificial intelligence. 'Robot Scams' deal with individuals who are said to be experts in creating software that can help in generating money at the right time by trading automatically. These scammers earn their income by selling this software to beginners or unskilled traders. Much of this software has not been professionally evaluated and normally provides random trades leading to traders performing actions similar to speculating.

The frauds involved with trading in the Forex market usually make people believe that the Forex market on its own is a scam. Trading in the Forex market is wholly legal, but traders need to be cautious of scammers to avoid getting scammed. Every trader is advised to carefully go through the researched information of brokers and only pick respectable brokers found in governed countries. Traders need to be extra careful of people introducing unrealistic trading schemes. No AI, scheme, or expert is without flaws.

How To Prevent Getting Scammed

The essential thing a person can do to prevent falling victim to scams is to increase their knowledge and skills for trading on the Forex market. The only major problem in this is tracking down reputable experts, or brokers, involved in Forex trading. As diligence is essential here, beginners must ensure that the expert, or broker, shows them the evidence of money earned from previous trades. The Forex trading market is not a speculating place, but a real market, where large sums of currency units are traded every day. Register a trial or demo account to get familiar with the skills involved in long-term trading.

You should be aware that similar to any other professional skill, mastering Forex trade can take up to several years before one can start trading properly. Do not just believe any claims made by others. Make time to research on your own and make your own decisions. A novice trader should be cautious in studying statistics, generating their uses, and implimenting the plans they have initially used successfully in their registered demo account. Thus, it can take a lot of time, but it is very beneficial for beginners to use, rather than automated software.

Another important factor that needs to be checked is the proof of the organization's authenticity in introducing trades or selling their courses and/or expertise. This search should check for the region or location where the business is based or registered, as many scammers can carry out trades from a place where local laws will make it difficult or impossible to be sued internationally.

We've collected thousands of datapoints and written a guide to help you find the best Legal Forex 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 investment brokers below. You can go straight to the broker list here.

Reputable Legal Forex Checklist

There are a number of important factors to consider when picking an online Forex Investment 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.

Our brokerage comparison table below allows you to compare the below features for brokers offering Forex Investment Brokers.

We compare these features to make it easier for you to make a more informed choice.

Top 15 Forex Investment Brokers of 2021 compared

Here are the top Forex Investment Brokers.

Compare Forex Investment Brokers min deposits, regulation, headquarters, benefits, funding methods and fees side by side.

All brokers below are Forex investment brokers. Learn more about what they offer below.

You can scroll left and right on the comparison table below to see more Forex investment brokers that accept Forex investment clients

Broker eToro IC Markets XTB FP Markets Trading212 Plus500 Pepperstone EasyMarkets XM FXPrimus SpreadEx
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) 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) Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID) Financial Conduct Authority (FCA)
Min Deposit 200 200 No minimum deposit 100 1 100 200 100 5 100 1
Funding
  • Bank transfer
  • Credit Card
  • Paypal
  • Bank transfer
  • Credit Card
  • Paypal
  • Bank transfer
  • Credit Card
  • Paypal
  • Bank transfer
  • Credit Card
  • Paypal
  • Bank transfer
  • Credit Card
  • Paypal
  • Bank transfer
  • Credit Card
  • Paypal
  • Bank transfer
  • Credit Card
  • Paypal
  • Bank transfer
  • Credit Card
  • Paypal
  • Bank transfer
  • Credit Card
  • Paypal
  • Bank transfer
  • Credit Card
  • Paypal
  • Bank transfer
  • Credit Card
  • Paypal
Used By 17,000,000+ 60,000+ 250,000+ 10,000+ 14,000,000+ 15,500+ 10,000+ 142,500+ 70,000+ 10,000+ 10,000+
Benefits
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection
  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Offers Negative Balance Protection
  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection
  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection
  • Low min deposit
  • Offers Negative Balance Protection
  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection
  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection
  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Offers Negative Balance Protection
  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Guaranteed stop loss
Accounts
  • Demo account
  • Standard account
  • Islamic account
  • Demo account
  • Mini account
  • Standard account
  • Zero spread account
  • Raw Spread account
  • Islamic account
  • Pro account
  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Islamic account
  • Demo account
  • Mini account
  • Standard account
  • Zero spread account
  • ECN account
  • Managed account
  • Islamic account
  • Demo account
  • Demo account
  • Standard account
  • Islamic account
  • Demo account
  • Mini account
  • Standard account
  • ECN account
  • Islamic account
  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Islamic account
  • Demo account
  • Micro account
  • Standard account
  • Zero spread account
  • Islamic account
  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • ECN account
  • Managed account
  • Islamic account
  • Demo account
  • Standard account
Spreads
  • fixed spreads
  • variable spreads
  • fixed spreads
  • variable spreads
  • fixed spreads
  • variable spreads
  • fixed spreads
  • variable spreads
  • fixed spreads
  • variable spreads
  • fixed spreads
  • variable spreads
  • fixed spreads
  • variable spreads
  • fixed spreads
  • variable spreads
  • fixed spreads
  • variable spreads
  • fixed spreads
  • variable spreads
  • fixed spreads
  • variable spreads
Platforms Web Trader, Tablet & Mobile apps MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader, Mac MT4, Mirror Trader, Web Trader, 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 MT4, Mac, Mirror Trader, Web Trader, Tablet & Mobile apps Web Trader, Tablet & Mobile apps
Support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
Learn More Sign Up with
etoro
Sign Up with
icmarkets
Sign Up with
xtb
Sign Up with
fpmarkets
Sign Up with
trading212
Sign Up with
plus500
Sign Up with
pepperstone
Sign Up with
easymarkets
Sign Up with
xm
Sign Up with
fxprimus
Sign Up with
spreadex
Risk Warning 71% of retail investor accounts lose money when trading CFDs with this provider. Losses can exceed deposits 82% 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. 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 Losses can exceed deposits Losses can exceed deposits
Demo eToro
Demo
IC Markets
Demo
XTB
Demo
FP Markets
Demo
Trading 212
Demo
Plus500
Demo
Pepperstone
Demo
easyMarkets
Demo
XM
Demo
FXPrimus
Demo
SpreadEx
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 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 AF, CI, CU, IQ, IR, LY, MM, KR, SD, PR, US, AU, SY, DZ, JP, EC. US, TR

All Forex investment brokers in more detail

You can compare Forex Investment Brokers 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 Investment Brokers for 2021 article further below. You can see it now by clicking here

We have listed top Forex investment brokers below.

Legal Forex List

eToro
(4/5)
Min deposit : 200
eToro was established in 2006 and is used by over 17000000+ traders. 71% of retail investor accounts lose money when trading CFDs with this provider. eToro offers Stocks, Commodities, Forex, CFDs, Social Trading, Indices, Cryptocurrency, Index Based Funds, Exchange Traded Funds (ETF). Cryptocurrency availability with eToro is subject to regulation.

Funding methods

Bank transfer Credit Card Paypal

Platforms

Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID), Australian Securities and Investments Commission (ASIC)
IC Markets
(4/5)
Min deposit : 200
IC Markets was established in 2007 and is used by over 60000+ traders. Losses can exceed deposits IC Markets offers Forex, CFDs, Spread Betting, Share dealing, Cryptocurrencies. Cryptocurrency availability with IC Markets is subject to regulation.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader, Mac

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC)
XTB
(4/5)
Min deposit : 0
XTB was established in 2002 and is used by over 250000+ traders. 82% 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. XTB offers Forex, CFDs, Cryptocurrency. Cryptocurrency availability with XTB is subject to regulation.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, Mirror Trader, Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by 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)
FP Markets
(4/5)
Min deposit : 100
FP Markets was established in 2005 and is used by over 10000+ traders. Losses can exceed deposits FP Markets offers Forex, CFDs.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC)
Trading212
(4/5)
Min deposit : 1
Trading 212 was established in 2006 and is used by over 14000000+ traders. 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. Trading 212 offers Stocks, Forex, Commodities, Indices.

Funding methods

Bank transfer Credit Card Paypal

Platforms

Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Financial Conduct Authority (FCA), Financial Supervision Commission (FSC)
Plus500
(4/5)
Min deposit : 100
Plus500 was established in 2008 and is used by over 15500+ traders. 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. Plus500 offers CFDs.


Plus500 offer a 100% Free and Unlimited Demo account 0 Commissions Tight Spreads

Funding methods

Bank transfer Credit Card Paypal

Platforms

Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by 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
Pepperstone
(4/5)
Min deposit : 200
Pepperstone was established in 2010 and is used by over 10000+ traders. 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 Pepperstone offers Forex, CFDs, Social Trading.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, Mac, ZuluTrade, Web Trader, cTrader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by 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
EasyMarkets
(4/5)
Min deposit : 100
easyMarkets was established in 2001 and is used by over 142500+ traders. Your capital is at risk easyMarkets offers CFD, Forex, Commodities, Indices, Shares, Crypto. Cryptocurrency availability with easyMarkets is subject to regulation.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC)
XM
(4/5)
Min deposit : 5
XM was established in 2009 and is used by over 70000+ traders. Your capital is at risk XM offers Forex, CFDs.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, Mac, Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC)
FXPrimus
(4/5)
Min deposit : 100
FXPrimus was established in 2009 and is used by over 10000+ traders. Losses can exceed deposits FXPrimus offers Forex, Social Trading.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, Mac, Mirror Trader, Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID)
SpreadEx
(4/5)
Min deposit : 1
SpreadEx was established in 1999 and is used by over 10000+ traders. Losses can exceed deposits SpreadEx offers Forex, CFDs, and spread betting.

Funding methods

Bank transfer Credit Card Paypal

Platforms

Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Financial Conduct Authority (FCA)