Best OTC Forex Brokers

filippo ucchino Filippo Ucchino calendar Last Updated: October 2022 timer 4 Min Read

At InvestinGoal, we adhere to strict standards to ensure an unbiased review process. We conduct our reviews by examining each broker’s offering and performance across 4 key categories. A final rating is produced for each forex broker based on a total of 187 data points. Learn more about our review process and methodology.

The interbank forex market is the largest OTC market in the world. Only large banks and brokers, who act as intermediaries, have direct access to this market.

In this article, we have included the most trusted brokers for traders who wish to be part of this OTC market.

To make a choice, we considered many factors, including:

  • The number of OTC forex pairs;
  • The total number of OTC derivatives;
  • The regulation of the broker;
  • The overall quality of the service.
Table of Content

Round-up

BROKERS OTC DERIVATIVES REGULATED BY
XM 1.000+ ASIC, CySEC, DFSA, IFSC
IG Markets 17.000+ FCA, ASIC, BaFiN, DFSA, FSCA, MAS, FMA, FINMA, JFSA, NFA, BMA
AvaTrade 200+ ASIC, CBI, FSCA, JFSA, FFAJ, BVI
Pepperstone 180+ FCA, ASIC, CySEC, DFSA, CMA, SCB
Saxo Bank 40.000+ FCA, ASIC, MAS, FINMA, UAE Central Bank, JFSA
CMC Markets 10.000+ FCA, ASIC, BaFiN, MAS, FMA, IIROC
FP Markets 10.000+ ASIC, CySEC,SV
FXTM 250+ FCA, CySEC, FSCA, FSC
HF Markets 1.000+ FCA, CySEC, DFSA, FSCA, FSC
FXCM 100+ FCA, ASIC, CySEC, FSCA

WARNING

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Between 74-89% of retail investor accounts lose money when trading CFDs.
You should consider whether you can afford to take the high risk of losing your money

Top 10 OTC forex brokers: 2022 review

1. XM

  • With XM you can trade over 1000+ OTC derivatives in total from different markets.
  • Among the markets available there is forex, stocks, commodities, and indices.
  • There are 57 forex pairs available to be traded.
  • With XM spreads on EUR/USD start from 0.1 pips.

Visit XM
73.57% of retail CFD accounts lose money

2. IG Markets

  • IG markets offer over 17,000 derivatives in total. The amount can be slightly lower depending on where the trader is based.
  • These include markets such as forex, indices, shares, commodities, interest rates, bonds, turbo warrants, and other assets for professional traders.
  • There is a good number of tradable forex pairs (80 in total), and spreads on forex start from 0.6 pips.
  • UK traders can also have access to spread betting.

Visit IG Markets
(76% of retail investor accounts lose money)

3. AvaTrade

  • With AvaTrade you can engage in OTC forex trading with fixed spreads.
  • Spreads with this broker start at 0.9 pips, but they are even lower for professional traders.
  • Apart from 60 forex pairs, you can also trade over 200 OTC derivatives which include indices, stocks, bonds, and cryptocurrencies.
  • UK AvaTrade traders can spread bet on forex as well.

Visit Avatrade
(79% of retail CFD accounts lose money)

4. Pepperstone

  • Pepperstone is known for their extremely low spreads across the derivatives they offer.
  • Spreads start from 0 pips, with an average of 0.09 pips on the EUR/USD pair.
  • More than 60 OTC forex pairs are available to trade, with more than 100 additional instruments across different markets.

Visit Pepperstone
(75.9% of retail CFD accounts lose money)

5. Saxo Bank

  • Saxo Bank has a wide range of OTC derivatives of 40,000 tradable instruments, including commodities, indices, stocks, bonds, options, and mutual funds.
  • Forex CFDs are also available with over 200 tradable pairs.
  • Spreads on forex are kept very low starting at 0.6 pips.

Visit Saxo Bank
72% of retail CFD accounts lose money

6. CMC Markets

  • CMC Markets is a broker known for offering a huge number of forex pairs traded as CFDs. These are 330 in total, and are traded with low spreads starting from 0.3 pips.
  • There are also other over 10,000 tradable OTC derivatives at CMC.
  • For UK traders who want to engage in spread betting, it is available.

Visit CMC Markets
78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.

7. FP Markets

  • With FP Markets you can trade OTC derivatives with extremely low spreads and very fast order execution of 66ms on average..
  • Over 4,000 derivatives are made available in total, and among these, you can find 61 forex pairs.
  • Spreads on forex start from 0.2 pips.

Visit FP Markets
74-89% of retail CFD accounts lose money

8. FXTM

  • FXTM is an OTC derivatives broker regulated in many countries. In the EU, however, they accept professional traders only.
  • They offer a limited amount of tradable derivatives of around 250 instruments across different markets.
  • When it comes to forex, they offer 60 tradable pairs with spreads from 0.3 pips.

Visit FXTM
81% of retail CFD accounts lose money

9. HF Markets

  • HF Markets offers a good range of over OTC derivatives, including 50 forex pairs.
  • Among these, you can also trade other 1000 derivatives from different markets: indices, stocks, commodities, bonds, and cryptocurrencies.
  • Spread on EUR/USD from 0.1 pip.

Visit HF Markets
(70.77% of retail CFD accounts lose money)

10. FXCM

  • Over 100 tradable derivatives which include: forex, shares, indices, commodities, bonds, and cryptocurrencies.
  • More than 30 tradable forex pairs in total with spreads from 0.2 pips.
  • UK traders have access to spread betting.

Visit FXCM
69% of retail CFD accounts lose money


About The Author

Filippo Ucchino

Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

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Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk. The present page is intended for teaching purposes only. It shall not be intended as operational advice for investments, nor as an invitation to public savings raising. Any real or simulated result shall represent no warranty as to possible future performances. The speculative activity in forex market, as well as in other markets, implies considerable economic risks; anyone who carries out speculative activity does it on its own responsibility.
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