Forex Brokers

Regulation: Hellenic Capital Market Commission HCMC Greece, Financial Sector Conduct Authority FSCA South Africa

Regulation: Vanuatu Financial Services Commission (VFSC)

Regulation: CySEC Cyprus, Financial Service Commission (FSC) in Mauritius

Regulation: FCA, Dubai Financial Services Authority

Regulation: ASIC Australia

Regulation: Financial Conduct Authority (FCA)

Regulation: UAE Central Bank

Regulation: not regulated

Regulation: ASIC Australia, Financial Conduct Authority FCA UK

Regulation: Central Bank of UAE

Regulation: CBR (Russia)

Regulation: Financial Commission (Hong Kong) and  CRFIN (Russia)

Regulation: Cyprus Securities Exchange Commission (CYSEC)

Regulation:  Financial Services Authority FCA, Dubai Financial Service Authority DFSA, The Central Bank of Lebanon BDL, Cyprus Securities and Exchange Commission CySEC and Labuan International Business and Financial Centre LFSA Malaysia

This broker is not regulated

Regulation: International Financial Services Commission of Belize

Regulation: Financial Conduct Authority (FCA). Additional entity is based in the Cayman Islands which is regulated by the Cayman Islands Monetary Authority (CIMA).

Regulation: Financial Conduct Authority UK FCA

Cyprus Securities and Exchange Commission (CYSEC), Financial Services Authority of Seychelles (FSA)

Regulation: Central Bank of Ireland, ASIC, FSCA, Japan, Abu Dhabi Global Markets (ADGM) Financial Regulatory Services Authority (FRSA) Cyprus Securities and Exchange Commission, Israel Securities Authority

Axi

Regulation: ASIC Australia, FCA UK, Financial Services Authority in Saint Vincent and the Grenadines

Regulation: Cyprus Securities and Exchange Commission CySEC

Regulation: Financial Services Commission (FSC) and the Financial Services Authority (FSA) of SVG

Regulation: authorised in seven EU Member States and fifteen jurisdictions worldwide

Regulation: FMA New Zealand

Regulation: Financial Conduct Authority FCA

Regulation: ASIC Australia, VFSC Vanuatu

Regulation:  Financial Conduct Authority (FCA) and the Dutch Authority for the Financial Markets (AFM)

Regulation: South African Financial Sector Conduct Authority (FSCA), Cyprus Securities and Exchange Commission (CySEC)

Regulation: not regulated

Regulation: VSFC (Vanuatu Financial Services Commission)

Regulation: Financial Conduct Authority (FCA)

Regulation: Financial Conduct Authority (FCA).

Regulation FSCA (Financial Sector Conduct Authority of South Africa) and the FCA (Financial Conduct Authority of Seychelles)

Regulation: Cyprus Securities and Exchange Commission CySEC

Regulation: Financial Conduct Authority (FCA) United Kingdom, Financial Sector Conduct Authority (FSCA) South Africa, Belize International Financial Services Commission

Regulation: not regulated

Regulation: FCA (Financial Conduct Authority)

Regulation: The Financial Conduct Authority FCA (United Kingdom), Federal Financial Supervisory Authority FFSA (Germany), Financial Markets Authority FMA (Netherlands)

Regulation: not regulated

Regulation: FINMA (Switzerland), FCMC (Latvia), JFSA (Japan), MiFID (Europe)

Regulation: no regulation

Regulation: Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), British Virgin Islands by the Financial Services Commission (FSC)

Regulation: Securities Commission of The Bahamas SCB, Australian Securities and Investments Commission ASIC, Financial Conduct Authority FCA United Kingdom, Cyprus Securities and Exchange Commission CySEC

Regulation: not regulated

Regulation: Financial Conduct Authority (FCA), Cyprus Securities Exchange Commission (CySEC), Organismo Agenti e Mediatori Italy (OAM), Malta Financial Services Authority (MFSA), Australian Securities & Investments Commission (ASIC), Financial Services Authority Seychelles (FSAS), Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN) in the United States, Gibraltar Financial Services Commission (GFSC)  

Regulation: MFSA Malta and CySEC Cyprus

FBS

Regulation: IFSC (Belize)

Regulation: Seychelles Financial Services Authority (FSA)

Regulation: US Commodity Futures Trading Commission CFTC, National Futures Association NFA, FCA (UK), ASIC (Australia), ILLROC (Canada), SFC (Hong Kong), FFAJ (Japan)

Regulation: no

Regulation: CySEC

Regulation: Financial Services Authority of the Seychelles FSA

Regulation: Financial Conduct Authority (FCA) UK, Canadian Investment Regulatory Organization (CIRO), Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), National Bank of the Republic of Belarus (NBRB), Financial Services Commission, Mauritius (FSC)

Regulation: ASIC (Australia), Financial Services Authority (FSA) in Seychelles, Financial Services Commission in Mauritius, Mwali International Services Authority (MISA), First Prudential Markets Ltd - authorized by CySEC (Cyprus)

Regulation: Financial Conduct Authority FCA

Regulation: Financial Services Authority of Saint Vincent and the Grenadines

Regulation: Saint Vincent & the Grenadines

Regulation: Federal Agency for Financial Services Supervision (BaFin)

Financial Services Commission of Belize (IFSC)

Regulation: Financial Services Authority (FSA)

Regulation: UK by the Financial Conduct Authority FCA , Australian Securities and Investments Commission ASIC, Cysec Cyprus, Financial Sector Conduct Authority South Africa FSCA

Regulation: FXDD Europe licensed by Malta Financial Services Authority (MFSA)

Regulation: Financial Conduct Authority United Kingdom (FCA), Australia Securities and Investments Commission (ASIC)

Regulation: VFSC Vanuatu, FSCA South Africa

Regulation: NO

Regulation: Cysec, MiFID, FCA, BaFin, HCMC

Regulation: no

Regulation: FCA Financial Conduct Authority United Kingdom

Regulation: Cyprus Securities and Exchange Commission CySEC

Regulation: Vanuatu Financial Services Commission VFSC

Regulation: FCA Financial Conduct Authority United Kingdom, CySEC Cyprus Securities and Exchange Commission, FSCA Financial Sector Conduct Authority South Africa, SCB Securities Commission of Bahamas 

Regulation: not regulated

Regulation: Australian Financial Services License (ASIC),  Vanuatu (VFSC)

Regulation: FinaCom Financial Commission Russia

Regulation: FSC Financial Services Commission of the Republic of Mauritius

HFM

Regulation: FCA Financial Conduct Authority (United Kingdom), DFSA Dubai Financial Services Authority, SCA Financial Sector Conduct Authority (South Africa), FSA Financial Services Authority (Seychelles), CMA Capital Markets Authority (Kenya)

Regulation:  Republic of Seychelles, Financial Conduct Authority (FCA) UK

Regulation: Financial Conduct Authority FCA UK, Cyprus Securities and Exchange Commission Cysec, Cayman Islands Monetary Authority CIMA, Dubai Financial Services Authority DFSA, Saint Vincent and the Grenadines VGFSA

Regulation: FSA is the financial services regulator in Seychelles

Regulation: Financial Conduct Authority UK (FCA), Financial Services Commission of Mauritius FSC, Financial Services Authority of Labuan LFSA, Financial Services Authority of Saint Vincent and the Grenadines SVGFSA, Financial Sector Conduct Authority (FSCA) of South Africa

Regulation: Cyprus Securities and Exchange Commission CySEC, British Virgin Islands’ Financial Services Commission BVI

Regulation: Financial Services Commission (FSC) of Mauritius, Securities Commission of The Bahamas (SCB), Financial Conduct Authority FCA UK

Regulation: Financial Services Commission (FSC) under the Securities and Investment Business Act (SIBA), the British Virgin Islands (BVI)

 

Regulation: US Securities and Exchange Commission and the Commodity Futures Trading Commission

Regulation: not regulated

Regulation: Cyprus CySEC, Spain CNMV, Vanuatu VFSC

Regulation: Vanuatu Financial Services Commission (VFSC)

Regulation: Financial Services Commission of Mauritius (FSC)

Regulation: MAS Singapore

Regulation: Securities Commission of Bahamas (SCB)

Regulation: VFSC Vanuatu

Regulation: not regulated

Regulation: CySEC

Regulation:  FCA

Regulation: not regulated

Regulation: not regulated

Regulation: not regulated

Regulation: Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (“CySEC”),  Australian Securities and Investments Commission (“ASIC”), Financial Sector Conduct Authority (“FSCA”), Saint Vincent and The Grenadines (“SVG”)

Regulation: Australian Securities and Investment Commission ASIC

Regulation: ASIC Australian Securities and Investments Commission, CIMA Cayman Islands Monetary Authority, FSC Financial Services Commission Mauritius 

Regulation: Financial Sector Conduct Authority (FSCA) of South Africa 

Regulation: ASIC in Australia, BaFin in Germany, CIMA in the Cayman Islands, Cysec Cyprus, FSC in the British Virgin Islands, FMA in Austria, MAS Singapore, VFSC Vanuatu

Regulation: Financial Services Authority Seychelles FSA

Regulation: SCA Securities and Commodities Authority Abu Dhabi, DED Department of Economic Development Abu Dhabi

Regulation: MFSA in Malta, BaFin The Federal Financial Supervisory Authority Germany, ACP The French Prudential Supervisory Authority, The Comisión Nacional del Mercado de Valores (CNMV) Spain, Danish FSA

Regulation:  FCA in the UK, CIRO in Canada, and ASIC in Australia

Regulation: CySEC Cyprus, FSA St Vincent, FSCA Financial Sector Conduct Authority South Africa

Regulation: FSC Mauritius Financial Services Commission, FSA Seychelles Financial Services Authority

Regulation: not regulated

Regulation: not regulated

Regulation: not regulated

Regulation: Capital Markets Authority CMA Kenya

Regulation: CySEC Cyprus, ASIC Australia, FMA New Zealand, FCA UK, ISA (Israel)

Regulation: not regulated

Regulation:  Investment Industry Regulatory Organization of Canada (IIROC)

Regulation: not regulated

Regulation: FSA of St. Vincent and the Grenadines

Regulation: IFSC Belize

Regulation: Cyprus Securities and Exchange Commission (CySEC)

Regulation: not regulated

Regulation: Danish Financial Supervisory Authority, ASIC, Banque de France, FCA UK, SFC Hong Kong, Japanese Financial Services Agency, Dubai Financial Services Authority, FSB South Africa, CMBT Turkey, Monetary Authority of Singapore, Swiss Federal Banking Commission, Bank of France

Regulation: not regulated

Regulation: Cyprus Securities and Exchange Commission (CySEC)

Regulation: Cyprus Securities and Exchange Commission Cysec

Regulation: Mauritius Financial Services Commission FSC

Regulation: not regulated

Regulation: International Financial Services Commission of Belize

Regulation: ASIC , FCA (UK), FSA (Japan), FSCA (South Africa), FSA (Seychelles), CySEC 

Regulated: FCA UK, FSA Seychelles, DFSA

Regulation: Malta Financial Services Authority

Regulation: U.S. Securities and Exchange Commission (SEC), Australian Securities and Investment Commission (ASIC), Monetary Authority of Singapore (MAS)

Regulation: Saint Vincent and the Grenadines

Regulation: Malta Financial Services Authority MFSA

Regulation: Cyprus Securities and Exchange Commission Cysec

Regulation: FCA in the UK, the ASIC in Australia,  FSCA in South Africa and the SCB in the Bahamas

Regulation: not regulated

Regulation: CySec and VFCS

Regulation: Financial Conduct Authority FCA

Regulation: Cyprus Securities and Exchange CySec

The broker is closed.

Regulation: IFSC

Regulation: FCA

Regulation: no regulated

Regulation: Labuan Financial Services Authority LFSA, Australian Securities Investment Commission ASIC

Regulation: ASIC (Australia), FSC (Mauritius)

Regulation: IFSC (Belize)

XM

Regulation: CySEC, ASIC

XTB

Regulation: CNMV (Spain), FCA Financial Conduct Authority United Kingdom , FSA (Poland), International Financial Services Commission in Belize

Reviews of Online Forex Brokers

Forex brokers are vital for both retail and institutional Forex traders success and it’s also very important to trade using a reliable trading platform. Forex trading is not restricted to professional traders or a few specially chosen people in the market. And top rated FX brokers are able to cater to a wide variety of needs, beginners and amateurs included. All Forex brokers, both good and bad, are free to be used by any trader, regardless of their experience, budget, or type of investment. 

The way to find the best and most reliable Forex brokers is to find good resources for honest opinion and trading experience in order to take good and bad brokerage apart. In this section we collect all online Forex trading companies in one big list with their details rated and discussed. Finding the reliable broker to trade with is not so difficult anywhere because with the right knowledge you can filter out the bad seeds out of the top rated Forex brokers in the fx industry in the matter of seconds. The agenda in this section is to bring awareness about all types of forex brokers in the industry, compare their trading conditions to generally accepted standard of good conduct among such firms and choose best Forex brokers to trade with for both experienced an beginner traders today. Within the following list you can find platforms that are scam, along side with recommended and highly reputable brokerages.

How Do We Decide Which Ones are Best Forex Sites in 2024

and Which Ones are Fraud

The main agenda for this resource has always been to provide a reliable Forex trading broker guide. There are just too many firms offering their services and without proper guidance it is almost impossible to figure out who is playing by the rules, and which one is scamming their customers. At the first glance, most brokers look reliable and attractive, however in some cases after trying out the platform, checking out the features, researching about each and every broker, receiving feedbacks from real traders, you can filter the top Forex brokers from the bad apples.

We are a team of experienced traders with over 10 years of experience in the industry. We have seen it all, traded with many, got burned by rotten Forex brokers, profited with the secure ones. Our experts of traders have the right set of mind and understanding of the industry in order to identify and rate the available material and present it to the public. 

As we rate all of the listed Forex trading broker, we make sure to research about their reputation among other traders online. We need the real comments and feedback from people who have experience with the platforms in order to create reliable information for those who seek genuine reviews. We collect the general information, verify the facts listed on each brokers’ website, follow up with the customers who have traded or are currently using each and every broker.

At the end we have this section of review Forex Brokers from various countries including US, UK, Australia, France, Germany, South Africa, India, Cyprus, Spain and more.  This is an ultimate guide and hand-picked collection of information and rating from our team of experts and other traders like yourself, so make a best use of it!  

If you have experience with any of the listed online brokers below, please leave your own Forex Broker review to grow the awareness and help other traders to make the right choice.

Importance and Purpose Of Forex Broker Reviews

And How We Review Forex Trading Companies Listed Here

Forex brokers reviews are created to list down the performance, level of trust, customer satisfaction and overall grade of a broker. In order to make proper assessment of the available information you get from the websites, feedbacks, forums and social media, you have to understand the industry and the market really well. In other words, you have to be an experienced trader with significant amount of trading hours to support your claims and expectations.

At Forex Explore we stand by fairness and unbiased Forex broker rating and opinion. Each review consists of not only the advantages of each broker but reviews negative points and the lack of certain features you would expect a Forex trading broker to have. We make sure to follow Forex review checklist with every broker in question to create quality information for our viewers and reliable resource of brokers yellow pages of a sort. 

All of the available Forex trading brokers reviews are conducted by expert traders and market reviewers who are strongly involved in currency market for many years. Our overall experience in trading and investment gives us over the top understanding of how brokers should do business and what information is relevant when it comes to choosing the best Forex broker in the industry today for forex or bitcoin crypto trading.

The Best Forex Brokers

How to Select A Top Rated Forex Broker from the Database

Whether you are searching for reliable Forex broker or your prime agenda is to analyse a complete list of all the top rated trading brokers available today online – the task to too great and time consuming to do it on your own from the very beginning. There are just way too many brokers governing the internet at this point.

For a complete beginner in the currency trading, this can be a huge turn off. While you still don’t have proper knowledge and experience to determine whether the broker is good or scam. Therefore the following section is a deal come true, because here you can find all that broker review pros and cons you have been searching for to help you investigate and choose the right brokerage from the huge bunch.

Best Forex Brokers

Let’s make that confusion go away and state the obvious – here are the best forex brokers in the world: 

  • Octa – Best Overall, Most Trusted. 
  • XM – Best Web Platform, Research and Wordwide Seminars. Various Account Types including Cent Account suitable for beginners
  • Litefinance – Easy to use platform, fast payment processing
  • Avatrade – Great Customer Service, Easy to Use Platform
  • Instaforex – Responsive customer support, lots of promotional bonuses and competitions, payment with bitcoin

Why Low Cost Forex Brokers are a great choice?

First of all, let’s try to understand what low costs mean when it comes to trading online. There is the obvious – spread – and you want to find the lowest option possible on the currency pair you trade. What happens when you are offered with either fixed spreads or variable spreads? How do you compare the two and decide? Fixed spread is pretty obvious and includes commissions per each lot traded, so here you have to find a broker that has low fixed spreads plus cheap commissions. In case of variable spreads, you don’t want to trade with a broker that has crazy wide spreads which can wipe your account clean in one blink of an eye.

Then comes not so obvious – all sorts of execution policies and requirements within the brokerage terms and conditions, such as slippage and rejections. Some brokers are not what they seem like, aka market makers, where you basically trade against the broker. This is not something you want to get involved with because broker is earning money on your losses. You got the picture, didn’t you!? 

Best Forex Trading Platforms

Forex trading platforms are your link and necessity towards online currency market. No matter what your trading plan is, how many currency pairs you choose to get involved with, what is your financial situation – your selected platform will effect you and your trading experience every single day. You want to choose a forex trading platform with awesome analytical tools, advanced but easy to read charts, various versions to work both on desktop, web and mobile, so you can access your trading account any time, any where. 

We have tested and reviewed over 300 forex brokers and while there are various trading platforms out there, Metatrader 4 and 5 are still majorly outstanding when it comes to performance, innovation, analysis and features. It might not be a simple as your toddler’s toy phone, and yes you will have to master it to make the best out of it.  All in all, a great platform must provide traders with solutions during the trading hours.  

How to Choose a Forex Broker in 2024?

There are ranking factors involved in choosing a forex broker and it is used by many traders to define an ultimate brokerage firms. Obviously not all traders seek the same thing, hence there is still the element of choosing what you want, however there are basic factors which you have to take under consideration and below we have listed them for you.

1. Spreads and Commissions

Spreads is what the broker gets paid with. At the same time, lower spreads means more profits for traders, and less risky trading experience. Today brokers compete with each other through spreads they offer because this is one of the important factors when choosing one. Reduced spreads are what you have to aim for.

2. Leverage

Leverage in forex is what makes trading interesting. Keep in mind that US brokers suffered a major blow by the Commodities and Futures Trading Commission (CFTC) when it reduced the maximum leverage to 1:30 from leverage up to 1:500. This has significantly altered the margin requirements and made the whole trading experience mediocre.

On the bright side, some offshore brokers outside CFTC regulatory claws, continue to offer high leverages and attract many traders.  Some of the UK/EU brokers have also opened international divisions allowing traders to move to international account and explore the perks of maximum leverage.  Overall, you can now go for low leverage brokers, or find the ones that offer high leverage. The choice is yours.

3. Regulation

Regulation is definitely one of the important ranking factors when you choose a broker. Regulation keeps brokerages at bay with various requirements and security demands. Within our Reviews of the brokers on this site, we make sure to mention whether the broker is regulated or not and by which regulatory body. This way you can make a decision without doubt. 

4. Trading Resources and Educational Material

Trading resources could be extremely valuable to a new trader. Daily market analysis, tips, commentary on major currency pairs, seminars, webinars and mentoring. It is a big plus when the broker is strongly involved in supporting the traders with market analysis, news and trading tutorials.

5. Payment methods

We put major emphasis on payment options offered by each broker because there is literally nothing more annoying than unable to fund and withdraw money at ease. In our reviews we favor brokers with various payment options including online ewallets such as Skrill, Neteller, Paypal, Bitcoin and more.

5. Customer Support

Customer support must be available at all times with technical and fundamental knowledge of platform and forex trading. Social media channels such as Facebook, Twitter and even Whatsapp and Telegram should be included within the options of communication of a reputable broker. The bottom line is that you have to be able to get your answers within minutes 

The list below features best forex brokers selected by traders and reviewed by our team of experienced traders for 2023 year. We have ranked the brokers based on their performance and factors mentioned above and more. In this list, you will find many brokers that are offshore brokerages with high leverage, EU/UK brokerages  with various payment methods, Metatrader 4 and MT 5 platforms and web-based options, various minimum deposits and more. Take full advantage of the forex broker reviews and make an informed choice.

© ForexExplore.com 2007 – 2024 Trading financial instruments carries high level of risk to your capital with the possibility of losing more than your initial investment. This site will not be held liable for any loss or damage in result from using the information within the site including forex Broker reviews 2024, market analysis, trading signals, learning resources and comparison tables. The data within this website is not necessarily real-time nor accurate and do not represent the recommendations of the employees. Currency trading is not suitable for all investors. Before deciding to trade currency or any other financial instrument please consider consider your investment objectives, level of experience, and risk appetite. While we do our best to provide up-to-date information, we strongly encourage you to verify it directly with the broker of your choice.