Best Forex Brokers

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Best Forex Brokers

By far the biggest and most frequently traded financial market in the world is the global foreign exchange (FX) market. Both novices and experienced traders search for various essential qualities and advantages while looking for the “best” forex broker. The overall trading experience, the breadth and depth of product offerings (currencies, CFDs, indexes, commodities, spread betting, cryptocurrencies, etc.), fees (including spreads and commissions), trading platform(s) (web-based, downloadable software, mobile, charting, and third-party platforms), customer support, trading education and research, and trustworthiness are among the most important.

We selected the best forex brokers in all of these categories and more by intensive study and rigorous adherence to our comprehensive methodology, resulting in our top rankings below. Our objective has always been to assist individuals in making the best choices possible regarding how, when, and where to trade and invest. Given recent market volatility and changes in the online forex brokerage business, we are more dedicated than ever to provide our readers with impartial and professional assessments of the leading trading platforms for traders of all levels and in all markets.

Best Forex Brokers

  • CMC Markets: Best Overall Forex Broker and Best for Offering Variety
  • Best Forex Broker for Beginners: London Capital Group (LCG)
  • Best Forex Broker for Advanced Traders: Saxo Capital Markets
  • XTB Online Trading: The Lowest-Cost Forex Broker
  • IG: The Best Forex Broker for Traders in the United States
  • Pepperstone: The Best Forex Broker in Terms of Trading Experience

CMC Markets: Best Overall and Best for Range of Offerings

  • Account Minimum: $0
  • Fees include the spread cost, a price for assured stops, commissions, overnight financing expenses, and inactivity fees.
  • Best for: Overall Forex Broker and Offering Variety

CMC Markets (CMC), formed in 1989, is a well-established, publicly listed, and highly rated forex broker in the United Kingdom that has effectively adapted to the ever-changing online brokerage scene. CMCX is the ticker symbol for the corporation on the London Stock Exchange (LSE). CMC, like many other forex brokers, does not allow US traders.

CMC Markets caters to all sorts of traders, from rookie retail traders eager to dip their toes into the online trading arenas of forex, CFDs, and spread betting to seasoned veterans looking for exposure to a diverse range of products. The firm’s fees are industry-competitive, and it rates high on numerous of our lists. In 2020, the firm was named Investopedia’s Best Overall Forex Broker as well as Best Forex Broker for Range of Offerings.

  • Extensive range of offerings

  • Regulated by FCA (U.K.)

  • Emphasis on education & customer service

  • Research amenities are industry leading

  • Offers protection for client accounts

  • Does not accept U.S. clients

  • Differences between Next Generation and MT4

  • High CFD spreads for certain indices

  • No back-testing or automated trading capabilities

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London Capital Group (LCG): Best for Beginners

  • Standard Account Minimum: $0; $10,000 (ECN)
  • Fees include the spread cost, an extra fee for guaranteed stops, and a premium paid to each side of the bid/ask price for shares. Overnight financing expenses; Inactivity penalties
  • Best for: Beginners

London Capital Group (LCG), formed in 1996, has remained competitive in the online brokerage industry. LCG Trader, the company’s most recent rebranding attempt, was launched in 2016. LCG’s whole internet offering to the user is comprised of this, the ubiquitous MT4 (downloadable) platform, and a working mobile application. LCG offers a diverse range of CFDs and spread betting products across many asset classes. LCG, like the majority of the companies on this list, does not welcome traders from the United States.

LCG, being one of the top UK-based forex brokers, provides a diverse selection of asset classes and a smooth trading experience. The firm’s costs are industry-competitive, and it scores high on our list for customer service. With these good characteristics, as well as its apparent emphasis on practical simplicity, LCG is well-suited to new traders. Aside from receiving outstanding overall ratings, the firm was named Investopedia’s Best Forex Broker for Beginners in 2020. Although you do not have to be a novice to profit from LCG’s offers, it is difficult to beat if you are just getting started.

  • Emphasis on customer service

  • Regulated by FCA (U.K.)

  • Offers protection for client accounts

  • Account and trading incentives available

  • Website maintenance substandard

  • Does not accept U.S. clients

  • Differences between LCG trader and MT4

  • No back-testing or automated trading capabilities

Saxo Capital Markets: Best for Advanced Traders

  • Minimum balance: £500 (Classic – UK)
  • Fees: Competitive FX spread fees; A slew of extra expenses
  • Best for: Advanced Traders

Saxo Bank Group (Saxo Bank), headquartered in Denmark, describes itself as “a leading Fintech expert focusing on multi-asset trading and investing and offering ‘Banking-as-a-Service’ to wholesale customers.” In 1998, the firm took advantage of late-90s technical advances by developing one of the first online trading platforms. Saxo Bank has been operating in the United Kingdom via its subsidiary Saxo Capital Markets U.K. Ltd (SCML) since 2006, and it, like many forex brokers, does not allow US traders.

Saxo Capital Markets caters to experienced traders. It provides a wide range of brokerage services to skilled active traders, investors, professionals, and institutions. Smaller account holders will face a number of peculiar challenges, including higher account minimums, a variety of fees, and fewer alternatives for customer service. Tiered accounts reduce trading expenses and offer rewards as equity develops, but most retail traders will struggle to reach the top customer levels. The firm was named Investopedia’s Best Forex Broker for Advanced Traders in 2020.

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  • Lack of emphasis on customer service

  • Confusing instrument fee structures

  • Does not accept U.S. clients

  • No MT4

XTB Online Trading: Best for Low Costs

  • Account Minimum: $0
  • Fees include the spread cost, commissions, overnight lending expenses, and inactivity fees.
  • Best for: Low Costs

X-Trade, Poland’s first leveraged foreign exchange trading business, was renamed X-Trade Brokers in 2004 to conform with new Polish rules. It was later relaunched as XTB Online Trading (XTB) in 2009 and became public, debuting on the Warsaw Stock Exchange in 2016 with the ticker code XTB. The company does not accept traders from the United States.

XTB is a good option for traders who wish to save expenses, whether it’s the cost of making a transaction (bid/ask spread) or not having to pay superfluous fees like wire fees. Non-UK accounts can acquire up to 500:1 leverage, while UK accounts can get up to 30:1 leverage. The company prioritizes customer service and provides pertinent instructional materials and research resources that would be beneficial to a new trader. This firm was named Investopedia’s Best Forex Broker for Low Costs in 2020.

  • Does not accept U.S. clients

  • Non-FX spread costs are high

  • No guaranteed stop loss

  • No automated trading capabilities

IG: Best for U.S. Traders

  • Account Minimum: $250
  • Fees include spread expenses, overnight finance costs, and inactivity fees.
  • Best for: U.S. Traders

IG Group (IG), established in 1974 by Stuart Wheeler as “the world’s first spread betting business,” is a subsidiary of IG Group Holdings Plc, a publicly listed (LSE: IGG) conglomerate that “enables knowledgeable, decisive, and adventurous individuals to tap opportunities in financial markets.” Unlike the majority of the brokers on our list, IG accepts US forex traders, and has done so since early 2019, when the business re-entered the US market.

IG is for anybody who wants to trade CFDs globally. It is for customers who desire to trade the foreign currency markets in the United States. That’s all there is to it. To do this, IG has opted to follow the time-honored adage, “go big or go home,” because, well, it can. This broker is well-suited to compete in the online forex broker industry due to its low spread costs, emphasis on client service and education, actionable research, and practical user interfaces. This firm was named Investopedia’s Best Forex Broker for US Traders in 2020.

  • Extensive range of offerings

  • Accepts U.S. clients

  • Regulated by FCA (U.K.) & CFTC, NFA (U.S.)

  • Emphasis on education and research

  • Offers protection for U.K./E.U. client accounts

  • No account protection for U.S. clients

  • No guaranteed stop losses for U.S. clients

  • No copy trading or back-testing integration on IG platform

  • High share-CFD fees

Pepperstone: Best for Trading Experience

  • Minimum balance: 200 units of the base currency
  • Fees include spread fees and overnight finance costs.
  • Best for: Trading Experience
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Pepperstone Group, founded in Australia, has emerged as a top-tier player in the online brokerage market since its inception in 2010, developing a highly competitive and full-featured trading site that concentrates on forex, shares, indices, metals, commodities, and even cryptocurrencies.

Pepperstone provides simple market access, allowing the customer to concentrate on the more difficult process of effectively trading the markets. Pepperstone is suitable for traders who desire a reasonable selection of low-cost services, a variety of user interfaces and account kinds, and responsive customer service. Pepperstone was named the Best Forex Broker for Trading Experience in 2020 by Investopedia’s rating system, which took these factors into account.

  • Website maintenance substandard

  • Does not accept U.S. clients

  • Limited account protection for non-U.K./E.U. clients

  • No guaranteed stop loss

Are You New to Forex Trading?

Do You Have Limited Forex Trading Funds?

Many forex brokers provide low-to-zero minimum deposits, which may be a wonderful choice for traders with small finances; many brokers also offer extremely cheap transactional fees and spreads.

Do You Need a Mobile Platform for Forex Trading?

Several forex brokers have complete mobile applications that include virtually all of the functionality found on their desktop versions.

Are You an Intermediate or Advanced Forex Trader?

Some forex brokers include extra bells and whistles for seasoned traders, such as complex order types and full-featured charting interfaces with a plethora of analytical tools.

Do You Trade a Wide Range of Instruments?

The goods supplied by forex brokers vary, and you should select a broker that offers a larger choice of tradeable services, such as currency pairs, indices, commodities, shares, and cryptocurrencies, among others.


Investopedia is committed to delivering honest, detailed evaluations and ratings of online brokers to traders and investors. Our ratings are the result of months of examining every area of an online broker’s platform, including trading experience, trade execution quality, products accessible on their platforms, pricing and fees, security, mobile experience, and customer support. We created a rating scale based on our criteria and collected thousands of data points to use into our star scoring system.

Furthermore, each broker we surveyed was required to complete a detailed survey regarding all parts of their platform that we utilized in our testing.

Our reviewers were industry specialists who created this best-in-industry technique for grading web platforms for consumers of all levels. To read our whole process, please click here.

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