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The Best Forex Brokers for 2023

Since 2010 we have reviewed and traded with over 100 global Forex brokers. We judge the quality of each broker’s trading platform and verify their regulation to ensure the safety & security of traders.

This is how we extensively tested these brokers.

We signed up with each of the brokers below & analyzed multiple factors including minimum deposit, trading fees (average/typical spread for major instruments, commissions & even fees on deposits/withdrawals), maximum leverage, the convenience of the trading platform (mobile & desktop), ease of withdrawals, technical support. We also considered the actual user reviews & ratings of real traders.

No single Forex broker is the best option for all traders. For this reason, we have chosen the best brokers that we think will appeal to a wide variety of traders.

Rather than just choosing the “best forex broker”, we have selected the best brokers for traders with different tastes in trading platforms and with different budgets and priorities.


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How To Choose The Top Forex Brokers

To test each broker’s trading platform, we opened an account, set up the trading software, read through the educational material, and deposited and traded $500 of our money. We also created all kinds of trouble for the customer service teams, read through the fine print in the client agreements, and tested how long it took to withdraw our money. In our test, we investigated:

Broker Regulation: Regulators keep an eye on Forex brokers to make sure they’re behaving legally and ethically. Some regulators, such as ASIC, the FCA, and CySEC, are better at keeping brokers honest than others. 

Broker Trading Conditions and Costs: Better Forex brokers will often have lower trading costs, meaning that spreads are tight and minimum deposits are low. Trading execution should be lightning-fast and with little or no intervention. Forex brokers should also publish their spreads, execution policy, and a list of all CFDs available to traders. We often see that trading conditions and negative balance protection availability change depending on a trader’s country of residence.  

Broker Education and Analysis: Brokers should offer beginner traders a coherent and well-structured trading course alongside a demo account. Brokers should supply detailed market analyses to highlight trading opportunities and provide a complete learning experience.

Broker Trading Platform: Brokers will have their own trading platform or provide support for a third-party platform, such as MT4, MT5, or cTrader. Some brokers will do both. Most Forex traders generally have a platform preference, so brokers with multiple platforms are more likely to have the platform a trader wants to use.  Platform availability may vary between countries of residence.

HFM (HotForex) – Best Overall  Forex Broker 

Who HFM is for: Traders who want a trading account with a low minimum deposit and fast and free withdrawals.

Why we like HFM: HFM is a fantastic all-around broker. The Micro Account has a low $5 minimum deposit requirement and decent trading fees starting at 1 pip spreads on the EUR/USD. The HFM demo contest is also a good way for traders to test their skills with the chance of winning $2000.

hfm demo contest

The three standard accounts have access to trading on Forex, cryptocurrencies, commodities, indices, shares, bonds, and ETFs, and with FSCA regulation since 2015, HFM clients can rest assured of local protection of their trading accounts.

Traders always want to deposit and withdraw their funds as fast and as cheaply as possible, and HFM excels over other brokers with instant deposits and 2-day withdrawals, all with no extra charge.

Beginners and those with little time to trade should note that HFM also has two copy-trading accounts – clients can copy the trades of experienced and profitable traders.

hfm demo contest

HFM drawbacks: HFM is popular for its range of CFDs and while the Micro Account has a low minimum deposit, a starting spread of 1 pip is a bit higher than other brokers. Copy traders should also be aware that the HFCopy account is only available on the MT4 trading platform, and trading is restricted to Forex, indices, and gold.

HFM Pros

  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts

HFM Cons

  • Limited base currencies
  • Wire transfer is available at high fees
Visit HFM Broker                        Read Review

XM – Lowest Trading Fees

Who XM is for: Traders who want a low-cost trading account on MT4 that has some good bonuses

Why we like XM: The main draw at XM is the Ultra-Low Account, which has some of the lowest trading fees in the world. The Ultra-Low Account has spreads starting at 0.6 pips on the EUR/USD and no commission.

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The Ultra-Low Account has a minimum deposit of 50 USD, but XM also has two accounts with a minimum deposit of 5 USD which may be more suitable for beginners.

Beginners will also benefit from XM’s great education section and a demo account that never expires. XM clients will also benefit from a choice of the MT4 or MT5 trading platforms, and a selection of trading assets including commodities, precious metals, indices and 1200+ shares.

xm Education

XM’s drawbacks: While the XM Ultra-Low Account is cheap in terms of ongoing trading fees it’s still relatively expensive to get started, with a minimum deposit of 50 USD.

Those wanting to trade shares will be forced to use the MT5 platform on XM.

XM Pros

  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Dealing desk
  • Wide spreads on its entry-level accounts

Visit XM Broker           Read Review

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FBS – High Leverage Trading & $1 Minimum Deposit

Who FBS is for: With a wide range of accounts, FBS will appeal to both experienced traders looking for high leverage and low fees or beginners looking for low minimum deposits and cryptocurrency trading

Why we like FBS: FBS’ strength is in its range of accounts, with trading conditions for all types of traders.

Beginners will focus on its Cent Account with its 1 USD minimum deposit or the Micro Account with a 5 USD minimum deposit, more experienced traders will be interested in the ECN account with a 1000 USD minimum deposit, raw spreads, and a 6 USD commission.

Other accounts include a Standard Account with a 100 USD minimum deposit and Zero Spread Account with a 500 USD minimum deposit. Experienced traders will appreciate the high leverage available, with all accounts except the ECN account offering a leverage of 3000:1.

Beginners will also like the low trading fees on the entry-level accounts, with Cent Account spreads starting at 0.8 pips on the EUR/USD. Cryptocurrency trading is also a big draw here, with 37 cryptocurrencies available to trade, many more than most other brokers.

FBS drawbacks: As most traders will know, high leverage is a double-edged sword. While it can greatly increase profitability, it also greatly increases risk.

An FBS trading account with only a few dollars in it but 3000:1 leverage can be wiped out in an instant. And while FBS lets clients use both the MT4 and MT5 trading platforms, its cryptocurrency products can only be traded using the FBS Trader mobile app.

As many people already use their phones to trade this isn’t the end of the world, but the FBS Trader app is currently only available on Android devices, not iPhones.

FBS Pros

  • Tight spreads
  • Low minimum deposit
  • Excellent education
  • Excellent market analysis

FBS Cons

  • Limited range of assets
  • Extreme leverage
Visit FBS Broker                        Read Review

Deriv – Popular For Synthetic Indices

Who Deriv is for: Traders who want to trade 24/7 on assets with fixed volatility

Why we like Deriv: The main attraction to Deriv is its unique synthetic indices that are not affected by fundamental issues like news releases.

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Deriv offers three account types i.e synthetic indices account, financial account and financial STP account. The minimum deposit on Deriv is $5 making it very cionvinient.

Deriv has also reduced its spreads on forex accounts thus reducing the trading costs.

Deriv lower forex spreads

Deriv also offers trading on a wide range of assets including cryptocurrencies and stocks on a variety of platforms like DMT5 and Deriv X. Another big advantage is the DP2P platform and payment agents which allows traders to fund and deposit from their accounts using local payment methods like mobile money.

Deriv’s drawbacks: The broker is regulated by a few authorities. The broker is also not available to traders in the UK and EU.

Deriv Pros

  • 24/7 trading
  • Low minimum deposits
  • Convinient peer-to-peer transfers
Deriv Cons

Visit Deriv Broker           Read Review

Frequently asked questions on Forex Brokers

Which is the best forex broker for beginners?

As a beginner in Forex Trading, you must look for a broker that offers a free demo account, is regulated with FSCA, and also offers good education material. We have done our research and here are our top picks:

  1. Best overall broker for beginners: (HFM) HotForex Premium Account
  2. Best low spread broker: XM Trading Ultra Low Account
  3. Best NDD or ECN/STP broker: FBS Pro account

How should you choose a forex broker?

Ultimately this depends on your trading requirements, like the currency pair that you want to trade, your deposit methods, leverage requirements, if you require a raw spread ECN account broker etc. However, there are some general guidelines that you should check before depositing your money with any broker.

Always choose a broker that is regulated by top-tier regulators like FCSA, FCA or ASIC. Another thing that matters is the spread, the lower the better.

Also, check if your desired broker offers a platform of your choice. Most traders prefer MT4 & MT5, so you should see if your broker offers these 2 platforms.

Plus, some other considerations are customizable leverage between (1:10 to 1:50), various trading platforms options on mobile & web, 24/5 responsive Support and easy deposit & withdrawals.

How can you check if your forex broker is regulated or not?

For a start, you must only choose a broker that is regulated by a top-tier regulator. But not every regulation is the same, as many brokers claim to be regulated, but are actually regulated by some Offshore regulators to avoid compliance. So you should check with your broker if they are regulated with respected regulations like FCA, FSCA, CySEC or ASIC.

You can find the regulation information on a broker’s website. Almost all brokers add this information at the bottom section of their websites or their about pages.

Further, all regulators like FCA and FSCA also have a public search on their website to check broker’s regulation & license number. Moreover, all the brokers that we have reviewed on our website are regulated by top regulators. Also, we have given links to their registration number in our reviews.

Which forex brokers are regulated with FSCA?

There are around 1000+ FSCA-regulated entities dealing in FX & other derivative instruments. To make your search simple, we have checked & found that HFM, FBS, and XM performed best in our ranking parameters & user reviews.