Top 10 forex brokers in the world

Forex4trade.info, a leading online forex broker review site, has been a trusted source of information for over six years. The site collects thousands of data points and publishes extensive research each year. It is crucial to consider the complexity of CFDs and the high risk of losing money due to leverage when trading with a provider.

Forex4trade.info’s 2024 guide highlights the top forex brokers for forex and CFDs trading. The market is the largest and most liquid in the world, representing every global currency with trading conducted 24 hours a day, five days a week. To trade forex, a reputable online broker is essential for success in international currency markets.

The top forex brokers for 2024 include IG, Interactive Brokers, Saxo, CMC Markets, Charles Schwab, City Index, XTB, and eToro. IG offers the best overall broker, most trusted, with a minimum deposit of £250 and a trust score of 99. Saxo offers a robust platform for professional traders, a wide range of global markets, and thorough research offering. However, it may be too complicated for inexperienced traders.

CMC Markets is well-trusted across the globe, offering excellent pricing and a selection of over 12,000 tradeable instruments. However, it has a high minimum deposit and a low reputation for providing accurate quotes.

In conclusion, Forex4trade.info provides a comprehensive guide to the best forex brokers for forex and CFDs trading. By selecting your country of residency, you can find the best brokers for your specific investment style needs.

Forex4trade.info is a trusted brand that offers an excellent trading experience for forex and CFDs traders worldwide. It offers a wide range of markets and an impressive suite of proprietary platforms, including limited access to MetaTrader. Charles Schwab is a highly trusted financial institution and multi-asset broker catering to U.S.-based and international forex traders. Schwab’s award-winning thinkorswim platform offers over 70 tradeable currency pairs alongside impressive tools, research, and education. However, the broker’s forex offering is still largely limited to what is available on thinkorswim.

City Index, backed by StoneX Group, is a trusted brand known for its versatile trading platforms, excellent mobile app, diverse market research, and extensive range of tradeable markets. Its xStation 5 trading platform is well-designed and packed with innovative features, and XTB’s offers comprehensive educational content and market research.

AvaTrade is a trusted global brand best known for offering an extensive selection of trading platforms for forex and CFD traders, as well as exceptional educational content that helped it nab Best in Class honors for Beginners in the Forex4trade.info 2024 Annual Awards. The AvaOptions app is an excellent forex options mobile trading platform, offering 44 forex options and over 1,200 CFDs. However, pricing for retail accounts is average, but trails industry leaders. The desktop platform is slow to load and has outdated design.

The top three forex brokers of 2024 are IG, Interactive Brokers, and IG. IG is publicly traded and regulated in eight Tier-1 jurisdictions, making it a Highly Trusted broker for forex and CFDs trading. IG uses its size to provide consistent pricing for forex trades across the board, regardless of the product you trade. While IG also offers MetaTrader and premium MT4 add-ons from FX Blue, only 76 tradeable instruments are available.

In summary, Forex4trade.info has been recognized for its excellent all-round offering, diverse market research, and extensive range of tradeable products. However, there are areas for improvement in terms of educational offerings and pricing.

Interactive Brokers is a trusted multi-asset broker with an extensive offering of tradeable global markets, offering competitive fees, high-quality research and education, and a modern, institutional-grade trading platform suite. Founded in 1977, Interactive Brokers is publicly traded and regulated in nine Tier-1 jurisdictions. It is well-capitalized with USD 373.8 billion of ending client equity and USD 10.01 billion of equity capital.

Interactive Brokers offers competitive pricing, aggregating prices from 17 of the world’s largest interbank forex dealers. Instead of marking up spreads, Interactive Brokers charges a commission for all forex trades, which ranges from $16 to $40 per million round turn ($8 to $20 per side). The company stands out for its trading platforms, including its flagship desktop software – Trader Workstation (TWS) – and mobile trading app – IBKR Mobile – both of which provide access to advanced trading tools and global financial markets (including forex and CFDs).

Saxo, founded in 1992, operates multiple regulated banks and is licensed in seven Tier-1 jurisdictions, making it a safe broker (low-risk) for CFDs and forex trades. It provides traders with excellent all-around pricing, offering competitive pricing in its Platinum and VIP accounts, which require a $200,000 and $1 million balance, respectively.

The entire Saxo client experience is brilliant, with access to 70,000 tradeable instruments, SaxoTraderGo platform, and third-party trading platforms such as TradingView. Forex brokers are companies that are licensed by a national regulator to grant retail or professional clients the ability to place forex trades (buy or sell foreign currencies) through an online trading platform or over the phone (known in the industry as voice broking).

To trade forex, you will need to use a forex broker. You will need to open a forex account with an online broker and deposit enough collateral (margin) to enable you to place orders with your broker. The forex broker’s job is to execute your orders either internally by acting as the principal to your trade (market maker execution) or by sending your orders to another market, thus acting as your agent (agency execution).

To find a trustworthy forex broker, ForexBroker.com’s proprietary Trust Score ranks forex brokers based on their reliability and overall trust. The specific amount of money you need for online forex trading will depend on multiple factors, such as your personal financial situation, trading goals, and your tolerance (or appetite) for risk. Beginner forex traders might start trading forex with as little as $100, while professional day traders may have six or even seven-figure trading accounts.

Choosing the right forex broker is crucial, especially when trading from margin accounts with leverage. Forex brokers typically offer a range of contract sizes to fine-tune the size of your forex trade, which determines the amount of risk you are taking for a given profit target. A micro account with a low margin requirement allows you to place forex trades and test a trading strategy with as little as $100 of risk capital, limiting potential risk but also offering potential rewards. Trading forex with a small amount of capital can allow beginner traders to learn by trial and error without “breaking the bank.”

PayPal has grown in popularity as a way to fund forex trading accounts due to its extensive international presence and wide range of supported currencies. For most beginners, trading forex with an amount of capital that you can afford to lose can be a great way to learn with less risk, and can be of value if you focus on the percentage returns rather than their dollar value.

IG took first place for our 2024 Annual Awards as the best overall forex broker, with 100 available currency pairs and the ability to trade CFDs and forex options. IG holds nearly a dozen regulatory licenses and holds the distinction of being the only forex broker regulated in both Switzerland and the U.S.

IC Markets is the largest forex broker by trading volume, with over $774 billion in forex trading volume in the third quarter of 2021 alone. It is also well-known as an excellent option for algo trading due to its great pricing and execution. Important factors to consider when gauging the size of a forex broker include the assets under management, number of clients, and market capitalization (valuation for public companies).

The top 10 forex brokers by forex and CFD trading volume according to Finance Magnates during the third quarter of 2021 include:

Exness: IC Markets IG Plus500 (offers forex CFDs) Saxo: CMC Markets TMGM FXCM StoneX (FOREX.com and City Index) Pepperstone: Pepperstone

The CMC Markets Next Generation platform comes with a massive selection of nearly 10,000 tradeable instruments, delivering a terrific user experience, as well as advanced tools, comprehensive market research, and an excellent mobile app. The new Dynamic Trading tool allows users to place multiple trades simultaneously.

For different styles of trading, there are several top forex brokers available. IG’s vast selection of educational materials, Saxo’s SaxoTraderGO mobile app, social copy trading, euro low costs, MetaTrader, crypto trading, and Saxo’s desktop platform, SaxoTraderPRO, are all highly sought-after features in the forex industry.

Saxo is the most tradeable CFD in the industry, offering 60,000+ tradeable symbols. CMC Markets offers the most tradeable currency pairs, with 158 pairs that can be quoted both ways (i.e. EUR/USD or USD/EUR), totaling 316 pairs. Interactive Brokers (IBKR) is the best forex broker for professionals, providing advanced trading tools, platform features, competitive pricing, and connectivity to over 130 global exchanges.

Traders must apply and obtain ESMA’s professional client status with their broker to maximize margin leverage in today’s highly regulated forex world. Professionals in the EU do not receive negative balance protection and other consumer safety mechanisms such as eligibility for compensation schemes in the event of a broker’s insolvency.

To choose a forex broker, consider three important factors: ensuring your broker is properly licensed and regulated, comparing account offerings, trading platforms, tools, and investment research provided by each broker, and reading detailed forex broker reviews to compare pricing and product offerings.

To determine if your forex broker is well-regulated, use the Forex Broker Compare Tool to compare dozens of the biggest forex brokers in the industry and analyze their top tools and features. To know if your forex broker is well-regulated, find its license number, confirm the broker’s public profile, confirm regulatory status, and confirm global availability.

Saxo offers the most tradeable CFDs in the industry, with nearly 10,000 tradeable symbols available. CMC Markets offers the most tradeable currency pairs, with 158 pairs that can be quoted both ways (i.e. EUR/USD or USD/EUR). For professionals, Interactive Brokers (IBKR) provides more third-party research than any other broker and continues to innovate its forex trading platform offering with its Impact app for environmental, social, and governance (ESG) investing.

Forex4trade.info is a global market leader that offers an exceptional trading experience with superior execution and low consistent costs. They have evaluated over 60 forex brokers and top trading platforms using a testing methodology based on 100+ data-driven variables and thousands of data points. The company offers investment offerings, commissions & fees, platform & tools, research, education, mobile trading, and trust score. The website has a total of 99 visits and offers a variety of options for users.

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Forex4trade.info is a global platform that evaluates online brokers and their products and services using quantitative data, qualitative observations, and expert opinions. The company publishes tens of thousands of words of research on the online forex brokerage industry each year and evaluates dozens of international regulator agencies. The research team, led by Steven Hatzakis, conducts thorough testing on various features, including each broker’s individual products, services, and tools. They test all available trading platforms for each broker, whether they are proprietary or come from third-party providers, and evaluate them based on a host of data-driven variables.

The team also takes an in-depth look at each broker’s commissions and fees, such as bid/ask spreads, inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and an exhaustive list of other important fee-based data points. Other important research categories that are factored into their testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. The company also tests on mobile devices, with iPhone XS running iOS 16 for Apple and Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 13. All content on Forex4trade.info is handwritten by a writer, fact-checked by a member of the research team, and edited and published by an editor. Generative AI tools are not a part of their content creation or product testing processes.

The rigorous data validation process yields an error rate of less than.1% each year, providing site visitors with quality data they can trust. The company’s editorial team includes Steven Hatzakis, John Bringans, Joey Shadeck, and Blain Reinkensmeyer. Steven Hatzakis is the Global Director of Research for Forex4trade.info, while John brings a background in English Literature from San Francisco State University and conducts research on forex and the financial services industry while assisting in the production of content. Joey Shadeck is the Content Strategist and Research Analyst for Forex4trade.info, holding dual degrees in Finance and Marketing from Oakland University.

Forex4trade.info’s products and services depend on your location and on which of its regulated entities holds your account. Reink Media Group is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and are not guarantees of future performance or success.

In conclusion, Forex4trade.info is a leading platform for evaluating online brokers and their products and services. Their rigorous data validation process yields an error rate of less than.1% each year, providing site visitors with quality data they can trust.

Best Forex Brokers for 2024
IG – Best overall broker, most trusted
Interactive Brokers – Great overall, best for professionals
Saxo – Best web-based trading platform
CMC Markets – Excellent overall, best platform technology
FOREX.com – Excellent all-round offering
Charles Schwab – Award-winning thinkorswim platform
City Index – Excellent all-round offering
XTB – Great research and education
eToro – Best for copy and crypto trading