Top 10 Best Forex Brokers Review 2020 - The very best Forex Broker

Filippo Last Updated: June 2019 20 min read
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Well, apparently you’re looking for the best forex broker in the world, right?

Our Top 10 of the best forex brokers it’s right for you then.

Over time we have created several lists and comparisons on the best forex brokers in every category (find them at the bottom of this post).

But here we have gathered the very best of the best, the biggest trusted forex brokers in the world, with peaks of excellence in the quality of services.

This order is not necessarily a ranking, we’re talking about the most popular top forex brokers, the biggest, most regulated, legitimate and reliable international forex brokerage firms and companies for day trading, the quality is very high in all cases, and it is therefore very difficult to find a real ranking.

There are all brokers with very low minimum deposit or even with no minimum deposit at all.

Most of them also offer access to other instruments, like the stock market or cryptocurrency market, either via CFD or even by purchasing the real asset.

Anyway, here is our list of the top 10 forex brokers renowned all over the world, which is also basically a top 10 of the best forex trading platforms for day trading, with a short review too.


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

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Top 10 list of the best Forex brokers in the world and Review

Here is our top 10 best FX brokers review 2020:

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74-89 % of retail CFD accounts lose money

1 IC Markets

IC Markets, founded in 2007 and based in Sydney, is the first Australian forex broker, and one of the biggest in the world. They have also been booming in recent years. IC Markets is renowned for its cutting-edge ECN technology, a factor that has enabled it to become one of the best brokers in terms of spread. For this reason, IC Markets is often the first choice of scalpers and day traders, i.e. traders with a high volume of daily operations.

Added to this attraction is the fact that IC Markets are very well-regulated by ASIC and CySEC, two of the most recognized regulatory bodies in the forex trading industry. They also boast some of the very lowest spreads for forex traders. This means that the spreads start from 0 pips on trading in many major markets. IC Markets also offer lightening fast order execution which has them widely considered as one of the best brokers for forex trading.

Rated: Excellent
security 95
cost 86
trading 74
education 80

Platforms: cTrader desktop, cTrader web, Mirror Trader, ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web Regulations: ASIC, CYSEC, Offshore Minimum Deposit: $0
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78.6% of retail investor accounts lose money

2 Pepperstone

Founded in 2010 Pepperstone has quickly become one of the largest and most important Australian brokers (in 2016 they reported an annual growth of 20% each year). Their headquarters is in Melbourne, but they also have offices in Dallas and Shanghai. The most important Pepperstone features is without a doubt the ECN trading system, one of the best in the industry. Pepperstone offers various types of accounts to fill all client’s needs, from the more “normal” trader, to the “high volume” one, to the EA user, and more.

You have the Standard account, the Razor, the Swap Free account and the Active Trader Program account. These accounts are available with MT4, MT5 and cTrader trading platforms. To be noted also is the broker’s partnership with Equinix, a Nasdaq company. They are a financial network placed near Wall Street, a strategic place to be able to get the best prices. Thanks to this partnership, Pepperstone can offer very low spreads starting from 0 pips

Rated: Excellent
security 96
cost 72
trading 69
education 82

Platforms: cTrader desktop, cTrader web, ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: FCA, ASIC, DFSA, Offshore Minimum Deposit:
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79% of retail investor accounts lose money

3 AvaTrade

AvaTrade are a top international forex broker who are based in Ireland and well regulated there and in Europe by the Central Bank of Ireland. They are one of just a few top forex brokers to offer fixed spread trading opportunities. At AvaTrade you have a choice of account types that includes a retail account for standard trading, an account for options trading, and a dedicated spread betting account.

The minimum deposit across the board here is an accessible $100 and both demo accounts and an AvaTrade Islamic account are available. You can fund your account through a wire transfer, credit card deposit, oe eWallet and most of these methods feature no fees. When you are trading, you have the choice of MT4, MT5, or Webtrader, and the fixed spreads mentioned start from 0.9 pips.

Rated: Excellent
security 93
cost 74
trading 75
education 63

Platforms: Mirror Trader, ZuluTrade, MT4 Web, MT5 Web, Proprietary Web Platform, MAC Platforms Regulations: FSA, MIFID-ESMA, ASIC, IIROC, FSCA, Offshore, FSC (British) Minimum Deposit: 100
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73.57% of retail investor accounts lose money

4 XM

XM, founded in 2009 in Cyprus, is one of the largest forex brokers in Cyprus, and the XM Group enjoys a high level of client retention. They have had an important rate of growth in recent years. In terms of platforms, XM only offers both MT4 and MT5, and over 99% of all trading orders are executed in less than one second, with no re-quotes and no rejections. They can also potentially offer a very high leverage of up to 1:888 (under IFSC) that can appeal to some.

Added to these positive are the fact that XM provides a very wide range of deposit methods, currencies, and available base currencies to choose from. You can also get started on a range of different account types that number 5 in total. The minimum deposit on these account types can be very competitive starting at just $5 for standard and micro accounts, $50 for XM Ultra Low, $100 for XM Zero, and rising to $10,000 if you want to open a shares account. Please note that these last 3 account types are not available to all the entities of the Group.

Rated: Excellent
security 96
cost 75
trading 55
education 81

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: FCA, MIFID-ESMA, ASIC, CYSEC Minimum Deposit: $5
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80.5% of retail investor accounts lose money

5 Plus500

Another giant of the Forex sector, well known all over the world and based in Cyprus, Plus500 is a CFD Provider, market maker type of forex broker. With Plus500, in addition to the major forex currency pairs, you can access around 2000 tradable CFDs. Plus500 does not offer trading through the classic MT4 or MT5 platforms, but only through its own web, desktop and mobile platforms, expressly designed to improve the CFD trading experience. Plus500 can be a good choice for those who want to start trading, given the ease of use of its proprietary platforms.

Plus500 offers you as a forex trader, both fixed and floating spreads depending on the assets you are trading. The Plus500 minimum deposit for you as a forex trader is a flat $100. Before you make this deposit, you are also free to check out their full unlimited demo account. This can really help you in getting to know the proprietary trading platform that is on offer from this top broker.

Rated: Medium
security 97
cost 56
trading 48
education 65

Platforms: Proprietary Web Platform Regulations: MAS, FCA, MIFID-ESMA, ASIC, FMA, CYSEC, ISA, Offshore Minimum Deposit:
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75.54% of retail investor accounts lose money

6 FxPro

Founded in 2006, the English broker FxPro has always been one of the key brokers in the NDD category. This is a category in which many traders are particularly interested. Speaking of award winning forex brokers, FxPro has won several of these over the years for its trading platforms. These platforms are MetaTrader to the cTrader. In fact, the broker are one of the most decorated in the sector having won more than 70 awards over the years.

FxPro also proposes several new technologies that make it a very state of the art broker from this point of view, particularly for those users who prefer automated trading. Services like cAlgo Algorithmic Trading, FxPro Library, FxPro Quant Strategy Builder and FxPro VPS are definitely worth trying if you want to automate your strategy.

Rated: Excellent
security 96
cost 51
trading 63
education 100

Platforms: cTrader desktop, cTrader web, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: FCA, MIFID-ESMA, FSB, CYSEC, Offshore Minimum Deposit:
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72% of retail investor accounts lose money

7, founded in 1999 in New Jersey, it’s another attractive alternative for US customers. In fact, this broker, thanks to the closure of the US market to foreign competition, is now the largest broker in terms of daily trading volumes. In addition to size, is also distinguished by the large number of regulatory bodies around the world it complies with. These include some of the most respected in the form of FCA and ASIC and is an indication of their high level of safety and professionalism.

In addition to MT4, the customers can also access the GTX – Forex ECN (for large or institutional clients). Trading with the broker you will also be pleased to find that the minimum deposit stands at only $50 for an account. This is considered low in the sector andthe broker also offers fixed spreads if you are trading on commodities.

Rated: Excellent
security 98
cost 52
trading 60
education 100

Platforms: MT4 Dekstop, MT4 Web, Proprietary Desktop Platform, Proprietary Web Platform Regulations: FSA, FCA, CFTC, MIFID-ESMA, IIROC, SFC Minimum Deposit: $250
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73.5% of retail investor accounts lose money

8 Oanda

Broker of Canadian origin, founded in 1995, Oanda is among the biggest players regarding specifically the Forex market. It has been estimated that about 20% of spot forex daily operations passes through the Oanda servers. In addition to the classic MT4, Oanda provides its own WebTrader with which you can operate with a Cent Account, i.e. you can trade with very little quantities (fractions of microlots).

This feature allows you to work with good money management and even open accounts with as little as $10 and the accounts here feature no minimum deposit. These are some of the key reasons why it is a great choice for new forex traders. This, in addition to the comprehensive regulation and excellent range of choice particularly in the forex area, makes Oanda a top broker in the sector.

Rated: Excellent
security 97
cost 53
trading 51
education 100

Platforms: Proprietary Desktop Platform, Proprietary Web Platform Regulations: FSA, MAS, FCA, CFTC, MIFID-ESMA, ASIC, IIROC Minimum Deposit: $0
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76% of retail CFD accounts lose money

9 IG Markets

Among the “old English brokers” in the industry, founded back in 1974, IG Markets is renowned for the reliability and the quality of service it offers traders. They are among the brokers with the highest number of CFDs an investor can have access to, more than 16,000 to be precise. Until a few years ago this broker was one of the few not supporting the MetaTrader platform, but just the ProRealTime one. Today though, it also integrates the most popular MT4 and the L2 Dealer, to better meet the needs of many customers.

IG markets are well known for their top quality education section. This offers 60 free trading lessions, a host of webinars, and more, making it the ideal place for new and experienced  traders to improve. The minimum IG Markets deposit is $300 that may seem comparatively high however fot that, you get access to the huge IG CFD market which includes 90 forex pairs with a spread starting at 0.6 pips.

Rated: Excellent
security 98
cost 47
trading 72
education 100

Platforms: Proprietary Web Platform, MAC Platforms Regulations: FSA, MAS, FINMA, FCA, CFTC, MIFID-ESMA, ASIC, FMA, FSB, DFSA Minimum Deposit: £250
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72% of retail investor accounts lose money

10 Saxo Bank

More than a broker, we are in the presence of a bank, so much so that it is regulated as such. Saxo Bank, a Danish company founded in 1992, is definitely not for all budgets. Once inside, however, you can have access to a broker with very high levels of  professionalism and the ability to trade also on real instruments such as futures, options, ETFs, shares and bonds.

Here you will find there to be three account types available where the minimum deposit starts from $10,000 and can reach up to a cool $1,000,000 for big time trading depending on the account you choose. For this level of deposit though, you certainly get options. Saxo Bank provides you a vast range of trading options with in excess of 40,000 assets to choose from. Beyond that, the spread is also not bad. This starts at just 0.3% on some of the popular forex trading markets.

Rated: Excellent
security 97
cost 47
trading 64
education 100

Platforms: Proprietary Desktop Platform, Proprietary Web Platform, MAC Platforms Regulations: FSA, MAS, FINMA, FCA, MIFID-ESMA, ASIC, SFC, FSB, DFSA, CYSEC Minimum Deposit: 2000

Forex Brokers Types and Categories

As a forex trader, you want to be assured of dealing with the very best leading and trusted forex broker in each and every category. That is why our list of the best foreign exchange brokers is not just limited to one area.

We understand that your needs as a forex trader are unique, and subject to change. That is why we have identified a number of niche categories and focused on bringing you the top currency brokerages from each of those areas.

Here is a listing of the different forex broker categories we have compiled, together with some information to help you find the best forex brokers 2020 from these categories.

– USA NFA CFTC SEC regulated

When you are searching for the best forex broker in 2020 or any other year, one of the most challenging areas in USA. Finding the best USA forex brokers is not easy. This is because of more stringent regulations set out by regulators like the SEC.

This is changing though. Major forex brokers in 2020 are starting to break into the US forex broker market in a big way. Our expert team is also there to help you. We have recently collected a listing and review on top 5 of the best US forex brokers for 2020. This should be really helpful in your search

– UK FCA regulated

If you are based in the UK or Europe, you will want to select the safest and most transparent forex broker possible. The best UK forex brokers are often regulated by the FCA in the UK.

Choosing a top forex broker in the UK often means checking the licensing to confirm that they are FCA regulated. This can be a time consuming task. This is time you could spend profiting with the best UK Forex brokers.

For that reason, our review team have saved you the time and difficulty. We have searched the industry, and created a list of the top 10 best UK regulated forex brokers 2020.

– Canada IIROC regulated

Similar to the challenges you face when choosing a top US forex broker, Canada also imposes some strict regulatory requirements on major forex brokers. Finding the best forex broker in Canada for 2020 is not a simple task. It is getting easier though.

As regulation becomes more open, an increasing number of top forex brokers in Canada are opening their doors to help make you money when trading forex.

How do you find the best forex brokers Canada has to offer?

You simply follow our expert teams guide. This starts with the top 10 of the best forex broker in Canada for 2020.

– Australia ASIC regulated

The land down under is an awesome place to trade forex. This is why many are on the look out for the top Australian forex broker. 2020 was a huge growth year for forex trading in Australia. Top forex brokers continue to expand their features and trader support.

ASIC regulation is among the most respected in the world. This makes the top Australian forex brokers some of the best in the world.

If you are looking for a trustworthy broker, with the best customer support, and operating in the most transparent way, then you definitely need to check out our top 10 forex brokers Australia post. This should help you find the best Australian broker possible.

– EU CySEC regulated

Are you searching for the safest and secure forex broker of 2020?

If you are, then they are most likely regulated by CySEC. This represents the pinnacle of regulatory authority in the world of top forex brokers. The top CySEC regulated forex brokers are among the largest brokers in the world.

These CySEC regulated brokers have gathered millions of traders thanks to their transparency of operation alone.  In short, if you are searching for the top EU CySEC regulated forex brokers in 2020, our professional team can undoubtedly help you.


ESMA (European Securities and Markets Authority) has really changed how top forex brokers in Europe operate. These rules came into effect from August 2018. The biggest change for many traders was the limitation on leverage.

With an ESMA broker you can only access leverage of 1:30 along with other restrictions. If you want to find a top No ESMA forex broker though, we can help.

We have compiled a list of the very best no ESMA brokers. Our top 10 best forex brokers no ESMA should be your first stopping point. This will help you find the best forex broker in 2020 which can skirt around the ESMA regulation and provide access to higher leverage.

– High Leverage

High leverage can be your ticket to making big money in forex trading if managed properly. This is not always so simple though. Many top CySEC regulated forex brokers in 2020 are now subject to ESMA. This means they have to restrict leverage.

There is another way though. If you are still looking for the best forex brokers with high leverage, you can follow our simple guide to the top 10 best high leverage brokers. This should give you access to the best forex broker with the highest leverage you need to maximize your benefit from trading forex.

– Low Spread

Finding the best low spread forex brokers is key to your trading success. Spreads and other fees can vary greatly between brokers. Naturally, the lower the spread, the more profit you can potentially make.

We recognize that this is not always easy. Sometimes you register with a forex broker and you forget to check the spreads. Then you feel like you should stay with this broker.

We are here with our expert team to help you find the best forex brokers with a low spread possible. This is why we have collected all the data and compiled our top 10 best lowest spread forex brokers. Check it out if you want to start reducing you spread and getting the best deals now.


ECN/STP brokers are among the top forex brokers which every experienced trader wants to access.

Why do you need a top no dealing desk broker?

Without getting weighed down by technical terms, the answer is simple. An ECN, STP, NDD broker will not act as a counterpart to your trade. This means the top NDD brokers work only with your best interest at heart. They have nothing to benefit from you losing a trade.

So, the best way you can find a true ECN/STP/NDD broker is through us. Our professional review team has completed a top 10 best ECN STP forex brokers list. This is just for you, so you can benefit from lower spreads and the best possible trades from top ECN/STP brokers.


What is a DMA broker? How does choosing a top DMA forex broker in 2020 benefit me?

These are both questions which many traders have. A DMA (Direct Market Access) broker aims to provide just that. Direct access to the best prices around. They often do this by making deals with liquidity providers to provide their traders with the best prices.

The best prices from your top DMA forex broker means, more potential profits. This is a key reason why you should check out our listing on the top 7 best DMA forex brokers.

This will help you make the best choice and increase your potential of making more money overall.

– Market Maker

We have already mentioned our top NDD brokers of 2020. That does not mean that all market maker execution style brokers are bad. In fact, there are many top market maker forex brokers at work in the industry.

These top market maker brokers can provide you with excellent spreads, fantastic incentives, and an amazing educational infrastructure. This can really help you get started as a forex trader. It is very important that you choose your top forex broker carefully though.

That is exactly why we have put together our top 10 best forex market maker brokers list. This is the very best place you can start to search for the best forex market maker broker which fits your style.

– MT4 – MT5

MT4 and MT5 are among the best and most respected trading platforms in the industry. This is why the majority of top forex broker in 2020 make MT4 and MT5 available to traders.

These platforms give you the best chance to be successful and learn how to be a top forex trader at the same time. Most major forex brokers want you to be successful.

Identifying the best MT4 and MT5 forex brokers is not easy though. With so many options available for top forex brokers in 2020, our expert team has stepped in to help.

They have completed the best MT4 forex brokers list for those who want to choose the best MT4 forex broker.

Also available for those who prefer MT5 is the top 10 best MT5 forex brokers. Both will help you reach your goal of being a successful Metatrader forex professional in 2020.

– cTrader Platforms

cTrader is another top forex trading platform. It is instantly recognizable and provides a lot of the same amazing features and options as you will find with a top MT4 forex broker.

cTrader has been popular with many top forex brokers for years. It is now becoming more and more popular with all traders. Therefore, if you are looking for the best cTrader forex broker, you would be wide to check a list which our experts have completed.

This list features is the top 10 best cTrader forex brokers list. Here you will be able to find only the top cTrader forex brokers for 2020.

– For Beginners

Are you new to the forex trading industry and looking for the best forex broker for beginners?

If the answer is yes, then do not fear. It is time to embrace the industry and become a top forex trader. Our team of professionals is here to help you.

They have taken the first step by creating a detailed review of the best forex brokers & online trading sites for beginners.

This should not only help you find a top forex broker for beginners, but also to increase your education and knowledge about the industry, and how to find a top forex broker in 2020.

– For Scalping

Are you a forex scalper or interested in forex scalping?

If you are, then you will need to find the best forex broker for scalping. Scalping is a technique which allows you to profit from the smallest and most subtle movements in the market.

No all top forex brokers allow scalping. Therefore, we sent our professional team on a mission to help you find the very best forex brokers for scalping in 2020. They returned from a successful mission and completed a list of the top 10 best scalping forex brokers.

This list should be perfect in helping you find a top forex broker for scalping.

Forex Brokers Reviews

Our expert team is busy creating more than just lists of the top forex brokers. Of course, these should be your very first stop when you are searching for the best forex brokers of 2020 in any category, but once you have selected your broker, we also have more useful content.

Our range of individual forex broker reviews is extensive. These reviews go in-depth beyond anything else you will find in the industry. They examine every aspect of each top forex broker in 2020.

The aim of this is very simple. We want you to have the very best forex broker in 2020 and every other year beyond. In order to help achieve that, we are willing to dedicate all of our professional resources to your forex success.

Keeping you better informed

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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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