Top 10 Forex Brokers

Forex Brokers play a crucial role in currency trading and help you throughout the process by providing all you need for trading. Selecting a forex broker can be a complex task. In this article, we will learn about the top 10 forex broker and their key features.

Top 10 Forex Brokers in the world

What is Forex Broker?

A forex Broker is a place where buyers and sellers go to exchange currencies in order to make a profit. It is a platform that acts as a middleman between the traders and the market. 

In simple words, FX Brokers buy and sell currencies on behalf of the trader. They charge a commission for facilitating a currency exchange for a trader.

Is it necessary to have an FX Broker?

If a person wants to trade in the forex market, then it is a must to have a broker. A person cannot trade in forex without a broker. To start forex trading, a trader needs to open a trading account with a broker. To open an account, you need to do some paperwork and document verification which may take some days. 

You have to deposit a certain amount in your Forex account to start trading. For a new trader, it is better to open demo accounts that allow him first to understand the market and its working before investing.

A quick glance

A forex Broker is a place where buyers and sellers go to exchange currencies in order to make a profit. It acts as a middleman between the traders and the market

Fundamental or technical analysis can be used to develop Forex trading strategies. A currency trader’s strategy is usually based on trading signals.

  • Forex. Com, IG Markets, Saxo Bank, Interactive Brokers, CMC Markets, Pepperstone, TD Ameritrade, Hycm, City Index, and Roboforex are amongst the top and most trusted brokers.
  • Regulation
  • Trading cost
  • Reviews & previous performance
  • Research, educational, and technical analysis tools

Saxo Bank was founded in 1992. It is amongst the best trading platform for advanced or experienced traders.

What does a forex broker do?

Forex broker provides you with a platform for trading. It gives you excess to trade in currencies. It gave you the leverage to trade in large amounts with a small account balance. A forex broker will help you with consumer education and research materials and guides you to predict the market better. Forex trading is a complex process; therefore, you need a forex broker to transact on your behalf.

Top 10 Forex Brokers

Top 10 Forex Broker

Forex. Com: Great to get cash back gets first place in our top 10 Forex broker list as it offers a wide range of products across the globe. It was founded as a part of GAIN Capital Holdings in 2001. 

It is an award-winning platform that provides tight spreads customer education, research tools, quality executions, multiple user interfaces and 24-hour live support.


  • It offers US clients access to over 80 currencies pairs It offers competitive spreads for account types.
  • The services and fees are fully disclosed on its website. No hidden charges.


  • It does not offer US clients negative balance protection.
  • It does not offer US clients guaranteed stop-loss orders.

IG: Best and most trusted for Beginner

IG is amongst the most popular forex broker platforms. It was founded by Stuart Wheeler in 1974. The FX Brokers platform uses its size to provide traders with its wide range of services. 

It offers MetaTrader and premium MT4 with 76 tradeable instruments on its platform. It provides traders with customer service and education, research materials, functional user interfaces and an efficient trading system.


  • It has been accepting US forex traders since 2019.
  • Best platform for beginners.
  • It protects UK and EU clients.


  • It offers a High share of CFD fees
  • Not for copy trading
  • Lacks in Customer Service Options

Saxo Bank: Best for experienced traders

Saxo Bank was founded in 1992. It is amongst the best trading platform for advanced or experienced traders. It provides its customer with a competitive fee structure, proper research, and customer service. 

It offers more than 60,000 instruments for traders to trade. It is only for the traders who can have a minimum deposit of $2,000.


  • Wide range of offering
  • Great research and consumer service work
  • Effective User interface


  • Only for VIP clients
  • Complex fees structures
  • Not for US traders

Interactive Brokers: Best for experienced Traders

Interactive Brokers was Founded in 1977. It is amongst the most renowned platform for trading in forex, cryptocurrency, bonds, options, futures, stocks, indices, ETF and other financial instruments. 

The trading platform charge commission instead of spreads. Interactive Brokers offers traders research reports, research materials, global market access, tools, calculators, and educational materials.


  • It has desktop software and mobile trading app.
  • Easy to understand leverage system with affordable margins
  • It offers superior trade execution


  • Trading system is complicated for new traders.
  • Fees structure is complex

CMC Markets: Best for all kinds of traders

It was founded in 1989 by Peter Cruddas. The best part about this platform is it is suitable for both experienced and non-experienced traders. CFD offers exposure to a variety of products with range trading. 

It offers advanced tools for traders to understand the market better. It has more than 300,000 clients globally. It provides traders with Research and educational tools.


  • It provides a competitive spread.
  • It also offers protection to client accounts
  • Great customer service and research.


  • Charges Inactivity fees
  • Not for Islamic Account
  • It does not accept US clients

Pepperstone: For Quality customer services.

Pepperstone is an Australia-based Forex Brokerage Platform. The trading platform deals in forex, shares, metals, commodities, and cryptocurrencies. It is best for traders who want a manageable range of low-cost offerings.  It provides services like multiple choices of user interfaces, efficient customer support and different account types. Pepperstone’s third-party tools are best. It offers TradingView, cTrader, MetaTrader and other wide variety of services. Pros
  • Wide range of offering
  • Low spreads
  • Protection of UK clients
  • It does not accept US clients
  • Does not provide a guarantee to stop loss

TD Ameritrade: Best for US clients

As the name suggests, it is a financial broker services firm in the USA. It provides the best customer support team, relevant answers to the queries of traders, free research tools, multiple trading platforms and other services.

It is an appropriate platform for both advance and beginner traders. TD Ameritrade is available on web and mobile platforms and is regarded as the best desktop trading platform.


  • Best desktop trading platform
  • Offers low trading fees


  • Only for US clients
  • It does not accept electronic wallets for transactions.
  • It does not provide direct access to cryptocurrencies

Hycm: Best for Meta Traders

HYCM is one of the most popular forex platforms globally. It provides trading in 69 currency pairs. It offers financial services such as leverage, stock trading, ETFs, commodities and more. HYCM provides its services to 140 countries in the world.


  • It provides the best education and research materials.
  • It has low CFD and competitive fees


  • It charges inactivity fees
  • Not for US clients
  • Services limited to forex and CFDs

City Index: Best for UK clients

Citi Index is regulated by the top financial authorities of the UK. It was founded in 1983 in London. It provides spread-betting services to UK residents. 

This platform offers forex, CFDs and crypto trading. It offers fast account opening, advanced trading tools, and great research tools.


  • Offers low forex trading fee
  • High-quality research tools


  • High CFD fees
  • Less friendly desktop trading system
  • Shortage of withdrawal methods

Roboforex: Great in Technology

Roboforex is situated in Cyprus, Greece. It was founded in 2009. The platform has traders across the globe. It is available on MT4 and MT5.

Roboforex works for both beginners and experienced traders. It provides the facility for Stock Trading and ECN Accounts. It also provides tight spreads and low commissions.


  • Facility of Demo account
  • No inactivity and deposit fees.
  • It offers zero commissions on pro accounts
  • Spreads starting at 0 pips.


  • It does not accept US clients.
  • Lacks of cryptocurrency tools

Factors to keep in mind before selecting a Forex broker

Check whether your forex broker platform is well-regulated or not.The trade execution procedure smooth or not Trading cost is expensive or affordable. Select a trading platform with reasonable cost and quality services. Check reviews on social media platforms and websites. Check the previous performances of the company. Consider research, educational and technical analysis tools before selecting your Fx broker.


There are many forex broker platforms available in the market. Some of these are well-regulated and authorized; meanwhile, there are a few scammers in the market. Traders needs to review and compare the forex brokers’ platforms. 

They have to conduct research about the fees, including spreads, commissions, customer support policy, regulatory safeguards policy, and trustworthiness, in order to select the right Forex Broker.

In the beginning, it is common for a trader to look for cheap forex brokers with lower fees and commissions. However, do not compromise the quality of services for price. 

Select a forex broker that provides the best services at an affordable price. Your broker can reduce or increase the risk of loss in trading. So select wisely.

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