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Best Forex Brokers 2024


Finding the best forex brokers can be a difficult task as there are many out there to choose from. With so many brokers, how is one to decide?

Thankfully, our BrokerTrending broker experts have created this forex brokers comparison table to narrow down your choices and make it easier for you to find the right forex broker in no time. We have gathered information on the different brokers such as their spreads, trust (check its BT Index Score), fees, platforms, regulations and more!

This forex brokers comparison table below will make it much easier to compare and select the broker that fits your forex trading needs best.

Segregated Accounts
Max. Leverage (PRO)
New Jersey (US)
Min. Deposit
Average Execution
0.05 sec
MT4, MT5, Web Based, iOS and Android
Max. Leverage (Retail)*
1:30 (UK/EU/AU) / 1:50 ( US/International)
Negative Balance Protection
EUR/USD Spread
GBP/USD Spread
EUR/USD Spread
Inactivity Fees
Yes, $15/month
Demo, MT4, Standard, Commission, STP Pro, DMA
Forex, CFDs*(commodities, indices, shares, crypto*)
This broker is under review by our team

Risk Warning: your capital is at risk

What Makes a Good Forex Broker?

Forex trading or Foreign Exchange trading is a separate field of investment where people trade over currencies of different countries, and based on the markets, they earn from the transaction. The result, unlike regular shares, can take more time, since the currency valuations usually fluctuate a little slower. However, for both short and long-term trading, Forex is a productive way of earning. Here are the points to consider for having a successful time in trading Foreign Exchange.

  1. Capital: A generic Forex trading account charges an average of 300 USD for opening an account. For the safe side, starting with at least 1000 USD, having a decent backup amount is a safer trade guarantee. The reason for doing so ensures you have adequate slack to compromise in case of losses.
  1. Look for Pro-Guidance: Reading valuable books and articles on how to trade in forex is a good way to start successful trading. This information plays a big part when you are trading in some volatile currencies with a better chance of earning profits.
  1. Use Demo Accounts for Practice: There is no alternative to the phrase “Practice Makes a Man Perfect,” and this is 100% applicable to trading as well. Understanding the use of a Forex demo account helps in experimentation, without actually losing any money in the process.

What is Forex Trading?

In a nutshell, trading Forex means exchanging any currency into another currency.

If you ever visit outside Australia, you would need to convert your Australian Dollars into the local currency of your destination country. Or if you visit a friend in the United Kingdom, you need to purchase some British Pounds to buy a gift for your friend.

To do so, you need to hand in your Australian Dollars to a foreign exchange broker/dealer and he or she will hand you the New Zealand Dollar in exchange. The amount of New Zealand Dollar you will receive will depend on the exchange rate of the day.

Now, the price of each currency is set by people and institution buying and selling national currencies in a virtual international marketplace called the foreign exchange (Forex or  FX ) market. The Forex market is the largest market by volume in the world. In 2014, the Forex market had an average daily volume of as much as $5.5 trillion!

Making Profits from Trading Forex

The sheer volume of trading in the Forex market presents us with a unique opportunity to profit from the currency pairs price movement in the market.

For example, right now (as of January 10, 2023) the rate for each Australian Dollar (AUD) against the New Zealand Dollar (NZD) is 1.08, which means if you hand in 1 AUD to a foreign exchange dealer, he or she will hand you 1.08 NZD.

However, this rate can either go up or down over the next few days based on the supply and demand of these two national fiat currencies.

Let’s say the rate of the fx pair AUD/NZD goes down to 1.0000 next week, and you still have few NZD left after your trip ended. Since you cannot pay for coffee in Melbourne with New Zealand Dollar, you need to convert it back to the Australian Dollar.

Since the rate has gone down to 1.0000 from 1.1000, you will receive 1 AUD back for each 1 NZD.

But, remember that initially, you received 1.08 NZD for each AUD.

So, you just made a profit of $0.08 NZD on your way back home!

This is a very simple example of how you can make profits from buying and selling foreign exchange from the comfort of your home.

The Secret if Marking Huge Profits if You are a FX Professional Trader

But wait, mate, we haven’t told you the secret about why Forex trading has become so popular over the last few years…

The broker/dealers offer to trade on margin, which is called leverage. Some of the top Forex brokers are offering up to 500:1 leverage to professional traders! It means you can buy 500 USD with a deposit of only 1 USD! With leverage, a small fluctuation in the price can magnify your profits by 500 times!

So, the 0.08 NZD profit would become 40 NZD if you were trading as professional trader that offers 500:1 leverage

What are the risks that a trader should consider in the Forex market?

All investments involve always a  risk. Trading in the Forex market involves significant risks due to leverage.  Also, to the sudden market volatility even if the trader’s point of view is correct in the global currency markets.

There are also interest rate risks that affect the exchange rates of countries’ currencies and the risks of a trading investor as it can cost you to lose all your money

However, there are several ways that can be used to avoid or reduce these risks, such as: