Starting your journey into forex trading? The first thing you’ll need to do is pick a good broker. This decision is incredibly important because a reliable and efficient broker with the right features can make your trading experience smoother and more enjoyable. On the flip side, choosing the wrong broker can lead to disaster. Unfortunately, there are plenty of scam brokers out there just waiting to take your money, so it’s crucial to be careful. Even if a broker isn’t a scammer, it still might not be the best fit for you.
Some brokers come with hidden costs and potential drawbacks that you may not notice until you’re already trading with them. Others might be great brokers but more suited for experienced traders due to high deposit requirements or a lack of educational resources. Our forex broker reviews aim to help you find safe and trusted brokers and provide all the information you need to make the best choice based on your needs, budget, and experience level.
Our Top Rated Forex Broker: AvaTrade
AvaTrade is a top pick for good reason. They continue to strengthen their position in the market by offering traders exactly what they need to succeed.
Their secure trading environment is backed by top-notch infrastructure, ensuring low-cost trading and impressive access to the financial markets. If you want to learn more, check out our full review of AvaTrade.
Ready to Take the Next Step? Here’s How to Choose a Safe Forex Broker
When you’re on the hunt for the best forex broker, it’s crucial to ensure that the brokers you consider are regulated by a recognized authority, such as the FCA or CySEC. Most brokers will mention their regulatory status on their websites, but beware—scam brokers might falsely claim to be regulated. To be sure, visit the regulator’s official site and confirm that the broker is listed. Watch out for brokers trying to imitate regulated firms, and always make sure the website URLs and contact details match what’s on the regulator’s site.
Additionally, ensure your broker has solid site security to keep your data safe and offers client compensation and deposit protection.
Safest Forex Brokers 2024
When we review forex brokers, we prioritize safety. We ensure that the brokers we recommend are licensed, regulated, and free from any obvious red flags. Our list of top brokers features those we consider the safest to trade with. However, we review many brokers, and some that don’t make our top list can still be suitable for certain traders. You can find these reviews on our site, and we encourage you to comment and share your experiences with them.
| Broker | Features | Min Deposit | EURUSD Spread |
|---|---|---|---|
| Blackbull | – US Clients: No – Regulated: Yes – Flexible leverage up to 500:1 – Multi award-winning New Zealand broker – Institutional-grade spreads from 0.1 pips | $200 | From 0.1 |
| AvaTrade | – US Clients: No – Regulated: Yes – 40% New Member Bonus – MIFID, ASIC, FSA & FSCA regulated – Free Online Trading Coach | $100 | Fixed |
| FxPro | – US Clients: No – Regulated: Yes – CySEC, FCA, FSCA, SCB Regulated – MetaTrader4, MetaTrader5, cTrader, FxPro SuperTrader – 15+ Years in business – 90+ International Awards | $100 | Variable |
| XM | – US Clients: No – Regulated: Yes – CySEC, IFSC, ASIC Regulated – MT4, MT5, WebTrader platform – 50% and 20% deposit bonus up to $5,000 (t&c apply) | $5 | From 0.0 pips |
| eToro | – US Clients: No – Regulated: Yes – Social Trading Platform – FCA & CySEC Regulated – Minimum Deposit $50 (varying across region) – Demo Account – Copy Trading | $50 | From 1 |
Note: 73%-89% of retail CFD accounts lose money.
FCA Regulated Brokers
London is one of the world’s major financial centers, and many forex brokers are based in the UK capital. All UK brokers should be registered with and licensed by the Financial Conduct Authority (FCA), one of the strictest regulatory bodies. FCA brokers are highly aware of best business practices and compliance issues, which makes them a solid choice for traders. However, you need to be cautious when selecting a broker that claims to have offices in London. Due to the marketing appeal of a London address, some overseas brokers set up a “shell” presence in the UK to gain your trust, without offering the genuine benefits of a UK-based broker. If you prefer to use a UK broker, make sure they are genuinely headquartered in London and have a significant presence there.
| Broker | Features | Min Deposit | EURUSD Spread |
|---|---|---|---|
| TICKMILL | – 73% of retail CFD accounts lose money. – US Clients: No – Regulated: Yes – Ultra-fast execution from 0.2s – Low spreads from 0.0 pips – All trading strategies allowed – No restrictions on profitability – Top trading conditions | $100 | From 0.0 pips |
| PLUS500 | – 82% 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. – US Clients: No – Regulated: Yes – FCA (FRN 509909), ASIC, FMA, and FSCA Regulated – Multi Asset Trading Platform – No Time Frame For Demo Accounts – The provider offers CFD trading only – Only the demo account and educational resources are suitable for beginners | 100GBP/AUD/EUR/USD | Variable |
| PEPPERSTONE | – US Clients: No – Regulated: Yes – FCA, CySEC, DFSA, BaFIN, SCB, CMA & ASIC Authorized and Regulated – 24 Hour Support – Negative Balance Protection | $200 | NDD 0.09 / Standard 0.69 |
| Oanda | – 77% of retail CFD accounts lose money – US Clients: Yes – Regulated: Yes – No Minimum Deposit – Over 100 instruments – Web, desktop, mobile platform, and MT4 – Best Retail FX Platform 2018 – FCA & ASIC Authorized and Regulated – Founded in 1996 with HQ in Toronto, CA | None | From 1.2 |
CySEC Regulated Brokers
Many EU brokers are regulated by the Cyprus Securities and Exchange Commission (CySEC), another strict regulatory body. Cyprus is often seen as the forex trading capital of Europe. Due to low corporate tax rates and excellent infrastructure, it has become a popular place for forex brokers and other financial companies. CySEC regulates financial brokers in the country and provides a safe and efficient regulatory framework that aligns with EU directives and European MiFID regulations. CySEC brokers are generally safe to trade with, but once again, make sure they are genuinely registered with CySEC and not just falsely claiming to be.
| Broker | Features | Min Deposit | EURUSD Spread |
|---|---|---|---|
| TICKMILL | – 73% of retail CFD accounts lose money. – US Clients: No – Regulated: Yes – Ultra-fast execution from 0.2s – Low spreads from 0.0 pips – All trading strategies allowed – No restrictions on profitability – Top trading conditions | $100 | From 0.0 pips |
| PLUS500 | – 82% 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. – US Clients: No – Regulated: Yes – FCA (FRN 509909), ASIC, FMA, and FSCA Regulated – Multi Asset Trading Platform – No Time Frame For Demo Accounts – The provider offers CFD trading only – Only the demo account and educational resources are suitable for beginners | 100GBP/AUD/EUR/USD | Variable |
| PEPPERSTONE | – US Clients: No – Regulated: Yes – FCA, CySEC, DFSA, BaFIN, SCB, CMA & ASIC Authorized and Regulated – 24 Hour Support – Negative Balance Protection | $200 | NDD 0.09 / Standard 0.69 |
| eToro | – 76% of CFD traders lose money – US Clients: No – Regulated: Yes – Social Trading Platform – FCA & CySEC Regulated – Minimum Deposit $50 (varying across region) – Demo Account – Copy Trading – 2000+ Instruments | $50 (varying by Country) | From 1 |
| XM | – Your capital is at risk – US Clients: No – Regulated: Yes – CySEC, IFSC, ASIC Regulated – MT4, MT5, WebTrader platform – 50% and 20% deposit bonus up to $5,000 (t&c apply) *Clients registered under the EU-regulated entity of the Group are not eligible for the bonus | $5 | From 0.0 pips |
ASIC Regulated Brokers
If you are forex trading in Australia, you will find that the Australian Forex, CFD, and Cryptocurrency landscape is diverse, with at least three different types of brokerages offering their services. These include unlicensed, unregulated brokerages with a global reach, financial service providers not based in Australia but licensed by the Australian Securities and Investments Commission (ASIC), and Australian-based operations entirely under the authority of ASIC. If you are looking for a forex broker in Australia or one that offers services for Australians, check out our ASIC brokers page.
| Broker | Features | Min Deposit | EURUSD Spread |
|---|---|---|---|
| PEPPERSTONE | – Between 74-89% of retail investor accounts lose money when trading CFDs – US Clients: No – Regulated: Yes – FCA, CySEC, DFSA, BaFIN, SCB, CMA & ASIC Authorized and Regulated – 24 Hour Support – Negative Balance Protection | $200 | NDD 0.09 / Standard 0.69 |
| Vantage | – Your capital is at risk – US Clients: No – Regulated: Yes – ASIC Regulated – Well Established – No Fees – 24 hour support | $200 | From 0.1 pips |
| AvaTrade | – Your capital is at risk – US Clients: No – Regulated: Yes – 40% New Member Bonus – MIFID, ASIC, FSA & FSCA regulated – Free Online Trading Coach | $100 | Fixed |
| eToro | – 76% of CFD traders lose money – US Clients: No – Regulated: Yes – Social Trading Platform – FCA & CySEC Regulated – Minimum Deposit $50 (varying across region) – Demo Account – Copy Trading – 2000+ Instruments | $50 (varying by Country) | From 1 |
| VT Markets | – Your capital is at risk – US Clients: No – Regulated: Yes – Access the market depth window to view the top bids and offers – Place trading alerts – Execute trades with the assistance of robots (Expert Advisors) – No minimum deposit | From 0.0 pips |
FSCA Regulated Brokers
The Financial Sector Conduct Authority (FSCA) is an independent institution established to oversee the non-banking financial industry within South Africa, including forex brokers and many other kinds of brokers. The FSCA operates within South Africa with the mandate to enhance the efficiency and integrity of financial markets, promote fair customer treatment, provide financial education and financial literacy, and assist in maintaining financial stability. The FSCA regulates brokers based in South Africa and those with a presence in the country or offering services to residents. If you are a forex trader resident in South Africa, it is recommended that you trade with a registered FSCA broker.
| Broker | Features | Min Deposit | EURUSD Spread |
|---|---|---|---|
| FXTM | – Your capital is at risk – US Clients: No – Regulated: Yes – Regulated by FSCA, IFSC and FSC – Over 1M Registered Accounts – More than 250 Trading Instruments – MT4, MT5 and Web Trader Platforms – No dealing desk – Crypto-trading only available for Exinity Limited | $200 | ECN 0.1, Standard 1.6 |
| TICKMILL | – 73% of retail CFD accounts lose money – US Clients: No – Regulated: Yes – Ultra-fast execution from 0.2s – Low spreads from 0.0 pips – All trading strategies allowed – No restrictions on profitability – Top trading conditions | $100 | From 0.0 pips |
| AvaTrade | – Your capital is at risk – US Clients: No – Regulated: Yes – 40% New Member Bonus – MIFID, ASIC, FSA & FSCA regulated – Free Online Trading Coach | $100 | Fixed |
| PLUS500 | – 82% 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. – US Clients: No – Regulated: Yes – FCA (FRN 509909), ASIC, FMA, and FSCA Regulated – Multi Asset Trading Platform – No Time Frame For Demo Accounts – The provider offers CFD trading only – Only the demo account and educational resources are suitable for beginners | 100GBP/AUD/EUR/USD | Variable |
What to Look for in a Safe Forex Broker
When choosing a forex broker, several key factors can help you ensure safety and reliability:
- Regulation: Make sure your broker is licensed by a reputable financial authority. Regulated brokers provide an extra layer of security since their operations are overseen to protect client interests.
- Data Security: Ensure your broker uses strong encryption and secure data storage methods to protect your personal information.
- Commissions, Fees, and Spreads: Watch out for hidden costs, like commissions or fees for transactions and withdrawals. Competitive spreads are crucial to maintaining a successful trading strategy.
- Risk Management Tools: Look for brokers that offer advanced risk management tools, such as different order types and automated trading options. Negative balance protection is also a plus.
- Customer Support: For new traders, access to good customer support is vital. Ensure the broker’s support hours and channels work for you.
- Educational Resources: If you’re new to trading, choose a broker that offers educational materials, market commentary, and news feeds to help you stay informed.
- Leverage and Margin: Understand the leverage and margin requirements offered by your broker, and make sure they align with your trading strategy. Be cautious with high leverage as it can amplify both gains and losses.
Check out our on Best Forex Brokers to know more about this topic
Check out the most crucial steps that you need to take when choosing your forex broker
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