List of the best 20 Forex Brokers 2023 | Real reviews and comparison

See the comparison in the table below: 

Forex Broker:
Free account:
1. RoboForex
RoboForex Logo
Starting 0.0 pips + $ 4.0 commission per 1 lot traded
(40+ currency pairs)
+ Huge variety
+ Micro accounts
+ Bonus program
+ Leverage 1:2000
+ ECN accounts
Live-account from $ 10(Risk Warning: Your capital can be at risk)
2. logo
Starting 0.0 pips + no commission per 1 lot traded
(70+ currency pairs)
+ Best platform
+ TradingView charts
+ MT4
+ Best education
+ Personal support
Live-account from $ 20
(Risk warning: 84.00% of retail CFD accounts lose money)
3. Vantage Markets
VantageMarkets logo
Starting 0.0 pips + $ 2.0 commission per 1 lot
(40+ currency pairs)
+ Leverage 1:500
+ ECN Broker
+ Personal service
+ MT4/MT5
+ Crypto payments
Live-account from $ 200(Risk warning: Your capital can be at risk)
4. BlackBull Markets
BlackBull Markets logo
Starting 0.0 pips + negotiable commission per 1 lot
(64+ currency pairs)
+ ECN Broker
+ Deep pool execution
+ High liquidity
+ Best execution
Live-account from $ 200(Risk warning: Your capital can be at risk)
5. IQ Option
IQ Option logo
Not regulated
Starting 0.0 pips variable (low commission)
(40+ currency pairs)
+ Easy to use
+ Binary Trading
+ Support 24/7
+ Min. Deposit 10$
+ Low spreads on main trading hours
Live-account from $ 10(Risk warning: Your capital might be at risk.)
6. Pepperstone
Pepperstone logo
Starting 0.0 pips + $ 3.5 commission per 1 lot
(40+ currency pairs)
+ Fast execution
+ Large FX Broker
+ Good service
+ MT4/MT5
Live-account from $ 200(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
7. Etoro
Etoro logo
Starting 1.0 pips variable (no commission)
(52+ currency pairs)
+ Best for beginners
+ Social Trading
+ Cryptocurrencies
+ PayPal
+ No commissions
+ Copy portfolios
Live-account from $ 5079% 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.
8. Tickmill
Tickmill logo
Starting 0.0 pips + $ 2.0 commission per 1 lot
(60+ currency pairs)
+ VIP conditions
+ Fast execution
+ Personal service
Live-account from $ 100(Risk warning: 70% of retail CFD accounts lose)
9. XM Forex
XM logo
Starting 0.0 pips + $ 3.5 commission per 1 lot
(55+ currency pairs)
+ Huge variety
+ Micro accounts
+ Daily webinars
+ Personal service
Live-account from $ 5(Risk warning: 75.59% of retail CFD accounts lose)
10. OctaFX
OctaFX logo
Starting 0.3 pips – No commissions
(45+ currency pairs)
+ Support 24/7
+ Crypto payments
+ Free bonus
+ Contests
+ Copytrading
Live-account from $ 100(Risk Warning: Your capital is at risk)
11. IC Markets
IC Markets logo
Starting 0.0 pips + $ 3.0 commission per 1 lot
(50+ currency pairs)
+ Good conditions
+ RAW Spreads
+ High liquidity
+ High leverage
Live-account from $ 200(Risk Warning: Your capital can be at risk)
12. FXCM
FXCM logo
Starting 0.2 pips variable
(50+ currency pairs)
+ NDD/ECN Broker
+ High liquidity
+ Institutional service
Live-account from $ 50(Risk warning: 74% of CFD accounts lose money)
13. XTB
XTB logo
More than 10
Starting 0.0 pips + 3.5$ commission per 1 lot
(50+ currency pairs)
+ Huge variety
+ Good platform
+ Best service
+ Personal service
Live-account from $ 0(Risk warning: 72% of retail CFD accounts lose money)
14. FxPro
FxPro logo
Starting 0.0 pips variable
(50+ currency pairs)
+ High liquidity
+ NDD Broker
+ No requotes
+ No commissions
Live-account from $ 100(Risk warning: 72.87% of CFD accounts lose money)
Marketscom logo
From 0.6 pips variable (no commission)
(67+ currency pairs)
+ Easy to use
+ PayPal
+ Professional tools
+ Low spreads
+ Personal support
Live-account from $ 100(Risk warning: 67% of retail CFD accounts lose money)
16. logo
Starting 1.0 pips variable
(40+ currency pairs)
+ Trade with 1$
+ Options & Forex
+ Broker since 1999
Live-account from $ 10(Risk Warning: Your capital can be at risk)
17. Libertex
Libertex logo
0.0 pips + 0,01% commission of the trading volume
(40+ currency pairs)
+ Beginner-friendly
+ No spread trading
+ 50+ Cryptocurrencies
+ Professional charting
Live-account from $ 100(Risk warning: 70.8% of retail investor accounts lose money when trading CFDs with this provider.)
18. Admiral Markets
Admiral Markets logo
Starting 0.0 pips variable + $ 3.0 commission per 1 lot
(40+ currency pairs)
+ Multi-regulated
+ Huge variety
+ Special offers
+ DMA access
Live-account from $ 100(Risk warning: 76% of retail CFD accounts lose money)
19. InstaForex
InstaForex logo
Starting 0.0 pips + 0.02% – 0.07% commission per 1 lot
(107+ currency pairs)
+ Good conditions
+ Personal service
+ Bonus program
Live-account from $ 1(Risk Warning: Your capital can be at risk)
20. AXI
Axi logo
Starting 0.0 pips + 3.5$ commission per 1 lot
(40+ currency pairs)
+ Multi regulated
+ Fast execution
+ High security
Live-account from $ 0(Risk warning: 73.4% of retail CFD accounts lose money)

Are you looking for a good and serious forex broker? – Then this page is the right place for you. Thanks to the large selection on the Internet, it is often difficult to make the right decision. With more than 9 years of experience in the financial markets, we present you with the best providers with top service and without hidden costs. Find out in the following texts how to select a secure forex provider and which online broker offers the best conditions.

Trading with a forex broker
Trading with a forex broker

See our full video review here: 

The following list of brokers we have reviewed and which are the best for forex trading: 

  1. RoboForex – Free bonus and cashback
  2. – The best platform and offers for beginners and professionals
  3. Vantage Markets – High leverage ECN trading
  4. BlackBull Markets – Deep liquidity and high leverage
  5. IQ Option – Start forex trading with only $1
  6. Pepperstone – Fast execution and low spreads
  7. Etoro – The best choice for beginners
  8. XM – Micro accounts are possible
  9. Tickmill – Best trading conditions
  10. OctaFX – Crypto payments available
  11. IC Markets – 0.0 pips real spreads
  12. FXCM – Many platforms are available
  13. XTB – Professional platform
  14. FxPro – No requotes with no dealing desk
  15. – Big player in the forex industry
  16. Deriv – Supports automated trading
  17. Admiral Markets – Overall, good conditions
  18. Libertex – Trade without spread
  19. InstaForex – Bonus and contests
  20. AXI – Competitive broker

Our strict criteria for the forex broker reviews:

In contrast to many other comparison sites, we present you on this website only the safest providers with the best conditions for traders. As experts with many years of experience, we have tested many forex brokers and still use some of them. A good provider should have certain characteristics that guarantee good and safe investing.

It is not uncommon to hear of fraud on the Internet. This is to be avoided by this comparison. In addition, one would like to save on charges as a trader because the costs for the trade reduce, of course, the actual profits. Also, the security of customers’ money is of high priority. A regulation or license, for example, is urgently needed for secure trading with international brokers. All these criteria and many more are included in the test. Therefore we can present to you on this page the best forex brokers in a list.

Proven facts for a good forex broker: 

  • Regulation and license of an official finance authority
  • High safety of customer funds
  • Fast and reliable market execution
  • Small Forex Trading fees and no hidden fees
  • No requotes (high liquidity)
  • User-friendly trading platform
  • Free and unlimited demo account
  • Professional support
  • Fast deposit and withdrawal methods

How does a forex broker work?

A forex broker is an intermediary between a client (trader) and the interbank market for currencies (Wikipedia). In addition, the broker can lend capital to the trader so that he can trade with leverage. The broker’s income is generated by the spread and the cost of financing the leveraged positions.

example of live spreads for Forex Brokers
example of live spreads for Forex Brokers

Market maker:

This broker does not place the trader’s orders directly into the real interbank or spot market. There is an internal matching system between the positions of the traders. Of course, the broker can hedge himself on the real markets so that there are no distortions in supply and demand. In most cases, this system can be opaque, and only as a broker employee do you know the exact functions. A market maker forex broker is not bad or a scam. Nowadays, most providers offer good and exact executions.

ECN broker:

ECN (Electronic Communication Network) means direct access to the interbank market through various liquidity providers and other traders. These are large banks or very large forex brokers. The provider places the trader’s orders directly into the real market. So the customers get direct and real market prices for trading. With this model, there is no conflict of interest between trader and broker. Also, you will get the best trading conditions with these types of brokers.  You can read our ECN forex broker comparison here.

No dealing desk broker:

Most forex brokers have no dealing desk. That means there is no influence from the broker on the trader’s orders. NDD brokerage is safe to use, and there is also no conflict of interest. You will have no requotes with a no-dealing desk broker like with an ECN broker. Dealing desk brokers can manually influence the spreads and execution of traders. You can read our NDD broker comparison here.

STP broker:

STP stands for straight thought processing and is a well-known term in forex and CFD trading. It is similar to an ECN and NDD broker. STP means you have no dealing desk, and all orders are executed directly on the market or by liquidity providers. You can read our STP broker comparison here.

Forex broker with high leverage:

Not all forex brokers offer high leverage for currency trading. The regulators in Europe and Australia limit the leverage for retail clients to 1:30. To get higher leverage, and you have to be a professional trader. Most retail traders can not achieve this status because there are hard requirements for it. The solution is to switch to a forex broker with another regulation authority that has no restrictions to high-leverage trading. You can read our comparison of forex brokers with high leverage here.

Forex broker with cent accounts:

The standard forex trading order size is determined in lots. There are 1.00 lots (standard), 0.10 lot (mini), and 0.01 lot (micro). One lot means 100,000 units of the base currency. There are opportunities to trade with a smaller order size like 0,01 lot. It is called cent accounts. 0.01 lot means 1,000 units of the base currency. With a cent account, it means only 100 units. Cent accounts are suitable for traders who want to start with very small amounts of money. You can read our comparison of cent accounts here.

Forex broker with zero spreads:

Zero spread accounts are offered by ECN or NDD brokers. That means you will get raw spreads from the markets. Depending on the broker, it can be really 0.0 pip spread. This type of trading account is suitable for scalp traders and traders who are using a high order volume. Read our comparison of zero-spread accounts here.

Warning: Only trade with regulated and licensed forex brokers

Security has the highest priority in online trading. When it comes to trading leveraged financial products, you have to be able to trust the forex broker. It is not uncommon for large sums of money to be used to generate a large profit. For example, brokers in Europe must have regulations or licenses if they want to offer their services. The regulation can be in any European country. The same or almost the same requirements apply to brokers everywhere. In order to avoid fraud, it is important to look for such a license.

Licenses are only issued under certain conditions and criteria. If a broker violates these conditions, the license may be withdrawn immediately. All tested companies in mine are always concerned about keeping the highest criteria and guaranteeing a safe trade. Many brokers, for example, are regulated in Cyprus. This has tax advantages. Nevertheless, there are also forex brokers with more than one regulation. The various regulatory authorities can be seen in the table above.

Facts of reliable and secure companies:

  • Regulation and license
  • Separated customer funds
  • Regulated deposit and withdrawal methods
  • Using well-known banks
  • Large liquidity providers

Another important point for serious trading is the security of customer funds. Payouts of winnings or the deposited amount should work smoothly. It was not uncommon for some brokers to speculate on customer funds themselves. In the end, withdrawals were refused, or delays occurred.

The most popular regulators are: 

ASIC regulation for forex brokers
ASIC regulation for forex brokers
FCA regulation for forex brokers
FCA regulation for forex brokers
CySEC regulation for forex brokers
CySEC regulation for forex brokers

How risky is forex trading?

Forex trading is managed by leveraged financial products. That means you are able to trade a bigger contract size than the amount of money in your account. Some brokers offer leverage up to 1:3000. Many traders are afraid of the obligation to make margin calls, and this is not without reason, as the past has shown. Account balances could slip into negative balances. This is possible due to extreme market situations and too large a position size in relation to the account balance.

The providers shown above all have no obligation to make additional contributions (except IC Markets and Vantage Markets). With the providers in the upper table, you are therefore protected against such a scenario. In our experience, this can only happen if the account is too heavily leveraged. You should always beware of sensible risk management.


Beginners should always start with the free demo account to practice forex trading.

A demo account is essential for successful trading. The trading column form and conditions can be tested extensively with this account. It is a virtual credit account that simulates real money trading. It can be traded without risk. This means that new strategies can be developed or new markets tested. The demo accounts of the compared providers are completely free and unlimited. This account is best suited for entry into forex trading.

How to deposit and withdraw money:

For most traders, the first deposit into their account is very exciting. It should work smoothly and be highly secure. Forex Brokers offer well-known and proven payment methods. Capitalize the trading account with electronic methods (credit card, e-wallet, PayPal, crypto) or with the classic way of bank transfer. Electronic methods work in real time, and the money is credited directly to the trading account. Trading can be started immediately. The minimum deposit at the compared brokers is very low. For example, you can open an account for as little as 1$. If this is worth it, you have to decide for yourself. There are no fees for deposits.

example of payment methods of a Forex Broker
example of payment methods of a Forex Broker

The payout is also very uncomplicated. With a few clicks, you can request a withdrawal on the menu. This is then released in 1-3 working days. However, most brokers payout customer money in less than 24 hours. All presented brokers passed this test. The fees can be high for small payouts. With payments over 200$, most forex brokers take over the fees, but some brokers do not charge any commissions.

Facts about the payments:

  • Instant deposit of money
  • Fast withdrawal within 1 – 3 working days
  • Electronic Methods (Skrill, Neteller, PayPal, and more)
  • Cryptocurrencies
  • Bank wire

Not every country is available for forex trading

Not every country is available for Forex Brokers and trading. This is because there are some restrictions and special regulations. For example, in some countries, an international broker needs a special license for that specific country. So it is too much to afford for some companies to get the license, and they stop taking clients from these countries. You can clearly see on the homepage which clients they accept. Not many brokers accept clients from the United States of Amerika.

From my experience, the fastest-growing countries are in Africa and Asia. Because of the development of the mobile internet, more people get connected to the forex market. India, Nigeria, the Philippines, Malaysia, and China are, at the moment, the fastest-growing countries.

Is forex trading legal?

Forex trading is fully legal if there is not any ban from the government. Forex trading is just changing money into another currency. This is not an illegal practice. The brokers on my review got official regulations, so they act fully legally.

Review conclusion: Start trading with a reliable Forex Broker like

On this page, we have presented you with our current list of the top 20 Forex Brokers in comparison. Now you have a selection of good and reputable companies in front of you. It was particularly important to us that we only present providers here, which we have tested by ourselves with real money. This is not the case with most comparisons.

Profit now from the most favorable fees and the best conditions through our experience of many years. With these providers, you are 100% safe and can take your Forex trading to the next level.

We hope you can learn something from this comparison and act now with better providers through my recommendations. If you can’t make up your mind, please also read the reviews.

Successful forex trading requires a good and reliable broker. In this review, we showed you the top 20 secure forex brokers. Now you can choose your professional trading partner.

For secure forex trading, choose a regulated forex broker. On our website, you will find the best ones.

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Trusted Broker Reviews

Experienced and professional traders since 2013

FAQ – The most asked questions about Forex Broker :

Can I get scammed by a Forex Broker?

Yes, you can get scammed by a forex broker who is targeting beginners with no experience. These are no real forex brokers. Scammers are imitating websites or operating illegally without licenses. Most of the time, there are account managers who try to convince you to invest more money, and when you want to make a withdrawal, you can not do it. Be careful where you sign up and only use regulated fx brokers. If you are using a regulated one, you are 99% safe not being scammed. Check the CFTC Red List to find scamming brokers:

Is a Forex Broker free to use?

Forex Brokers are free to use, and this includes account sign-up, trading platforms, market data, demo accounts, and live accounts most of the time. If you want to trade with real money, the forex broker will charge an additional spread or commission for each trade.

How are Forex Brokers regulated?

Trustworthy forex brokers are regulated by an official finance authority like the CFTC or CySEC. The authority gives licenses to forex businesses which are applying to the common standards for investments and trading. Through these licenses, the forex broker is allowed to offer its service to retail clients. However, some forex brokers are operating unregulated.

Do Forex Brokers offer a demo account?

Yes, most forex brokers are offering free demo accounts, which are filled up with virtual money. There are only a few cases of brokers who are not offering practice accounts. Feel free to sign up for a demo account with the forex broker of your choice.

Find the right forex broker in our other comparisons:


Last Updated on March 3, 2023 by Arkady Müller