We found 11 online brokers that are appropriate for Trading Forex.
Whether you have just started to get interested in Forex trading, or it is just your curiosity that brought you here, it does not hurt to understand the role of the Forex broker if you are going to spend any time on the financial markets.
Forex brokers are also known as retail Forex brokers or currency trading brokers.
We can define a broker as a financial and commercial platform that helps their clients to buy and sell financial assets for commission, or for specific fees.
The Forex broker facilitates their traders allowing them to conduct their trading activity through their unique broker platforms.
The Forex broker is similar to the brokers in other fields such as equities, insurance, property, and many others.
The clients are in contact with the Forex broker and ask the broker to manage their transactions. In practice, the brokerage acts on these trading instructions and receive commission.
Thanks to the Internets advancement technology, the clients are able to access their trading accounts and trade through modern web platforms as well as mobile apps.
Some of the reputable brokers have provided the applications which the clients can install on computers.
These apps allow you to trade while on the go so there is no need for you to turn your PC to check your account.
Simply tap the app and use the features just like you do in the brokerage sites, and you are good to go.
Conventionally, only the larger clients like exporters, importers, banks, as well as multinational companies are trading in currencies, however, the trends have switched to the smaller or individual investors, although larger investors are still viable in the market.
The most appropriate term to describe this practice is retail Forex. Retail Forex is commonly traded by the individual investors, or smaller investors. This includes small businesses, institutions, etc.
Retail Forex brokers are the medium-sized party for this activity.
If you are investing as an individual investor, then you cannot go wrong with the retail Forex brokers.
The retail Forex brokers allow the trader to set up a trading account with certain limitations. The traders can then trade on the platforms that are provided and the platform can be on the website, or added with the apps for mobile phones.
The Forex trading is a popular choice among the individuals because they can use the margin accounts to trade. it is where the perks are irresistible.
As we have mentioned before, there is no requirement to prepare large capital to get involved in Forex trading. These brokers allow you to borrow capital to make the trade.
When it comes to the Forex brokerage, it is important to comprehend that the main role of the Forex broker is to become the dealer. Their role is to provide liquidity for the traders.
The brokers would make money by charging a small fee through the spreads. In all of the transactions, these fees are mostly enough to cover their operational costs.
This is why most brokers do not work with the commission-based services as without the retail brokers, the markets for the individual investors would be silent.
The retail Forex traders can only access the market through brokers. Here is where the broker works as the dealer for all of the activities.
In the first deal, the broker will take the opposite position of the trader. Obviously, it is sensible because you are using their service to trade the Forex.
The traders would then pay large spreads on average. Keep in mind that this practice is relevant to dealing-desk trading.
The other alternative is no-dealing-desk trading. In this instance, you will not access the market through your broker. Instead, your broker will give you direct access to the interdealer market so that you can trade independently.
Be aware as they could still charge you for this service as they provide you with access and it is their responsibility for the safe transactions that you will conduct with the other parties. You can also get exposed to the wider spreads.
The Brokers main core service is to facilitate the clients to buy and sell but they also offer other kinds of relevant services which are also useful.
Services that may be included in their offers are as follows:
Different brokers have many different offers and features. You would want to compare them first before picking one that works for you.
We have conducted extensive research and analysis on over multiple data points on What is a Forex Broker to present you with a comprehensive guide that can help you find the most suitable What is a Forex Broker. Below is a list of what we consider to be the best Forex after careful consideration and evaluation. We hope this list will assist you in making an informed decision when researching What is a Forex Broker.
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 |
IC Markets
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Roboforex
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eToro
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XM
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Pepperstone
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NordFX
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XTB
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AvaTrade
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FP Markets
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Trading212
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EasyMarkets
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Regulation | Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) | Cyprus Securities and Exchange Commission (CySEC) | FCA (Financial Conduct Authority) Etoro (Europe) Limited FCA reference 523775, eToro (UK) Ltd FCA reference 583263, ASIC (Australian Securities and Investments Commission) eToro AUS Capital Limited ASIC license 491139, CySec (Cyprus Securities and Exchange Commission under the license 109/10), MiFID (Markets In Financial Instruments Directive), FSAS (Financial Services Authority Seychelles) eToro (Seychelles) Ltd license SD076 | Financial Services Commission (FSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), 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), License No: 209/13, VFSC registration number 15008 | FCA (Financial Conduct Authority reference 522157), CySEC (Cyprus Securities and Exchange Commission reference 169/12), FSCA (Financial Sector Conduct Authority), XTB AFRICA (PTY) LTD licensed to operate in South Africa, KPWiG (Polish Securities and Exchange Commission), DFSA (Dubai Financial Services Authority), DIFC (Dubai International Financial Center), CNMV (Comisión Nacional del Mercado de Valores), KNF (Komisja Nadzoru Finansowego), IFSC (Belize International Financial Services Commission license number IFSC/60/413/TS/19) | Australian Securities and Investments Commission (ASIC), ASIC (406684), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), The Financial Services Agency (JAPAN FSA), Financial Futures Association of Japan (FFAJ), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), Polish Financial Supervision Authority (KNF), Israel Securities Association (ISA), British Virgin Islands Financial Services Commission (BVI), BVI (SIBA/L/13/1049), Central Bank of Ireland | Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), FSCA (FSP Number 50926) | Financial Conduct Authority (FCA), Financial Supervision Commission (FSC) | Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), British Virgin Islands Financial Services Commission (BVI) |
Min Deposit | 200 | 1 | 50 | 5 | 200 | 1 | No minimum deposit | 100 | 100 | 1 | 100 |
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Used By | 180,000+ | 1,000,000+ | 30,000,000+ | 3,500,000+ | 400,000+ | 10,000+ | 581,000+ | 300,000+ | 10,000+ | 15,000,000+ | 142,500+ |
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Platforms | MT4, MT5, Mirror Trader, Web Trader, cTrader, Windows, Mac, iOS, Android | MT4, MT5, Mac, Web Trader, cTrader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | MT4, MT5, TradingView, DupliTrade, myFXbook, Mac, Web Trader, cTrader, Tablet & Mobile apps | MT4, MT5, Tablet & Mobile apps | MT4, Mirror Trader, Web Trader, Tablet & Mobile apps | Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, DupliTrade, ZuluTrade, Mobile Apps, ZuluTrade, DupliTrade, MQL5 | MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | MT4, MT5, Web Trader, Tablet & Mobile apps |
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Learn More |
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Up with icmarkets |
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Up with roboforex |
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Up with etoro |
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Up with xm |
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Up with pepperstone |
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Up with nordfx |
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Up with xtb |
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Up with avatrade |
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Up with fpmarkets |
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Up with trading212 |
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Up with easymarkets |
Risk Warning | Losses can exceed deposits | Losses can exceed deposits | 79% of retail investor accounts lose money when trading CFDs with this provider. | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.74% 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. | 74-89 % of retail investor accounts lose money when trading CFDs | Losses can exceed deposits | 81% 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. | 71% of retail investor accounts lose money when trading CFDs with this provider | 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. | Your capital is at risk |
Demo |
IC Markets Demo |
Roboforex Demo |
eToro Demo |
XM Demo |
Pepperstone Demo |
NordFX Demo |
XTB Demo |
AvaTrade Demo |
FP Markets Demo |
Trading 212 Demo |
easyMarkets Demo |
Excluded Countries | US, IR, CA, NZ, JP | US, JP, IR, RU | ZA, ID, IR, KP, BE, CA, JP, SY, TR, IL, BY, AL, MD, MK, RS, GN, CD, SD, SA, 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, PT, BB, BM, BS, AG, AI, AW, LB, SV, PY, HN, GT, PR, NI, VG, AN, CN, BZ, DZ, MY, KH, PH, VN, EG, MN, UA, JO, KR, | US, CA, IL, KR, IR, MM, CU, SD, SY | AF, AS, AQ, AR, AM, AZ, BY, BE, BZ, BT, BA, BI, CM, CA, CF, TD, CG, CI, ER, GF, PF, GP, GU, GN, GW, GY, HT, VA, IR, IQ, JP, KZ, LB, LR, LY, ML, MQ, YT, MZ, MM, NZ, NI, KP, PS, PR, RE, KN, LC, VC, WS, SO, GS, KR, SS, SD, SR, SY, TJ, TN, TM, TC, US, UY, VU, VG, EH, YE, ZW | US, CA, EU, RU, SY, KP, CU | US, IN, PK, BD, NG , ID, BE, AU | BE, BR, KP, NZ, TR, US, CA, SG | US, JP, NZ | US, CA | US, IL, BC, MB, QC, ON, AF, BY, BI, KH, KY, TD, KM, CG, CU, CD, GQ, ER, FJ, GN, GW, HT, IR, IQ, LA, LY, MZ, MM, NI, KP, PW, PA, RU, SO, SS, SD, SY, TT, TM, VU, VE, YE |
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 2023 article further below. You can see it now by clicking here
We have listed top Forex below.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 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.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorised and regulated by the Cyprus Securities and Exchange Commission.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.