15 Best Forex Broker: Top Trading Platforms in 2024

How to Choose the Best Forex Broker in 2024

The following factors should guide your decision-making process when choosing a forex broker.

• Regulation: Choose brokers regulated by trusted authorities like FCA, ASIC, or CySEC for a secure trading environment.

• Trading Costs: Opt for low spreads, transparent commissions, and minimal fees to keep more profits.

• Platform Features: Ensure the platform is user-friendly and offers advanced tools like charts, indicators, and real-time data.

• Leverage Options: Look for flexible leverage tailored to your trading experience and risk level.

• Deposits & Withdrawals: Check for fast, secure, and convenient payment methods with no hidden fees.

• Customer Support: Reliable 24/7 support via live chat, email, or phone is essential.

• Education Resources: Brokers offering tutorials, webinars, and analysis tools are great for learning.

• Asset Variety: Choose brokers with a wide range of instruments, including forex, commodities, and stocks.

• Account Types: Look for diverse account options and minimum deposits that suit your budget.

• Execution Speed: Prioritize brokers with fast and reliable trade execution to avoid slippage.

• Fund Security: Ensure segregated accounts and insurance protection for your funds.
   

The 15 Best Forex Brokers of 2024

Here’s a detailed look at the 15 best forex brokers of 2024, highlighting their key features, benefits, and what makes them stand out in the competitive forex market.
 

XS.com

At XS.com, we pride ourselves on being a trusted global multi-asset forex broker, catering to both beginner and professional traders. Since our inception in 2010 as a liquidity provider in Australia, we have grown into a comprehensive brokerage, serving clients worldwide.

With operations spanning regions like Cyprus, Seychelles, and the MENA area, we strive to provide a secure and seamless trading experience for all.

Key Features

• Global Presence: Operating in multiple regions, including Cyprus, Seychelles, and the MENA region.

• Regulation: Licensed by ASIC, CySEC, FSA, LFSA, and FSCA for secure trading.

• Account Options: Cent, Standard, Pro, Elite, and VIP accounts are available on MT4 and MT5 platforms.

• Dynamic Leverage: Offers up to 1:2000 leverage with adjustable levels for risk management.

• Wide Asset Range: Trade forex, commodities, crypto, indices, metals, and more.

• Insurance Coverage: Lloyd’s of London-backed protection up to $5,000,000.

Pros

• Highly regulated and trustworthy.

• Multiple account types for beginners and professionals.

• Advanced security protocols, including segregated accounts.

• Multilingual 24/7 customer support in 11+ languages.

• Low minimum deposit (as little as $15) and flexible funding options.

Cons

• Not available in the USA, North Korea, or Iran due to regional restrictions.

• Limited proprietary platform options (only MT4 and MT5).
   

IG Trading Platform

IG is a globally renowned multi-asset broker, offering an extensive range of markets, industry-leading tools, and educational resources, making it one of the best forex brokers in 2024. Established in 1974 and publicly traded, IG provides a secure and feature-rich trading environment suitable for both beginner and advanced traders.

Key Features

• Extensive Market Access: Over 19,000 tradeable instruments, including forex, CFDs, indices, and shares.

• Regulated and Trusted: Licensed in eight Tier-1 jurisdictions with a Trust Score of 99/99.

• Innovative Platforms: Award-winning proprietary web and mobile platforms alongside MetaTrader 4 and ProRealTime.

• Advanced Tools: Integrated risk management, Autochartist, and trading signals.

• Education and Research: Comprehensive learning resources and market analysis tools.

Pros

• Industry-leading platforms with superior charting and trading tools.

• Extensive investment options, including listed derivatives and share dealing.

• Highly regulated, offering exceptional security and trustworthiness.

• Competitive pricing for active and professional traders.

• Multilingual customer support and easy-to-navigate interfaces.

Cons

• Limited MetaTrader 4 offerings with fewer tradeable symbols.

• MT5 platform is not yet available.

• High initial deposit requirement (~$300).
   

Interactive Brokers

Interactive Brokers (IBKR) is a top choice for experienced traders seeking a professional trading platform. With access to global markets and advanced tools like Trader Workstation (TWS), it’s perfect for active and institutional traders. However, its platforms can be complex and challenging for beginners.

Key Features

• Global Market Access: Trade across 150 markets in 34 countries with over 8,500 symbols.

• Regulated and Trusted: Licensed in nine Tier-1 jurisdictions with a Trust Score of 99/99.

• Advanced Platforms: Offers Trader Workstation (TWS), IBKR Desktop, and web-based Client Portal for trading.

• Flexible Pricing: Low commission rates with discounts for high-volume traders.

• Diverse Assets: Forex, stocks, options, futures, cryptocurrencies, and more.

• Rich Research: 176 services from 70 providers, including Trading Central and Reuters.

Pros

• Extensive global market coverage.

• Highly trusted, publicly traded, and well-capitalized.

• Advanced tools for professional and algorithmic traders.

• No minimum deposit requirement for most accounts.

• Educational resources for skill-building.

Cons

• Platforms like TWS may be too complex for beginners.

• No MetaTrader 4 or MetaTrader 5 support.

• $2 minimum commission per side for smaller forex trades.
   

eToro

eToro is a top choice for traders who value simplicity, social trading, and access to a diverse range of assets. With an intuitive platform and innovative copy trading features, it caters to beginners and casual investors. Founded in 2007, eToro is regulated in three Tier-1 jurisdictions and offers a highly trusted trading experience.

Key Features

• Social and Copy Trading: Copy trades from top investors or share your strategies to earn perks.

• Wide Asset Range: Over 5,000 symbols, including CFDs, forex, stocks, and cryptocurrencies.

• User-Friendly Platform: Easy-to-use web and mobile platforms designed for beginners.

• Comprehensive Education: eToro Academy offers videos, courses, and webinars for all skill levels.

• Regulation and Security: Licensed by ASIC, FCA, and MiFID with insurance coverage up to €1 million.

Pros

• Best in class for social and copy trading.

• Beginner-friendly platforms with strong mobile integration.

• VIP perks for high-tier members and active traders.

• Expanding range of cryptocurrencies and spot Bitcoin ETFs.

• Enhanced research tools, including Trading Central and sentiment data.

Cons

• Higher trading costs compared to some competitors.

• Limited support for algorithmic and technical trading strategies.

• Research tools are restricted to higher-tier members.
   

Saxo

Saxo is a multi-asset broker known for its premium trading experience and extensive market access, making it one of the best forex brokers in the industry.

Offering over 70,000 tradeable instruments and cutting-edge platforms like SaxoTraderGO and SaxoTraderPRO, Saxo stands out as a top-rated forex trading platform for active and professional traders.

Key Features

• Vast Market Access: Access over 70,000 instruments, including forex, CFDs, stocks, ETFs, and crypto derivatives.

• Advanced Platforms: SaxoTraderGO (web) and SaxoTraderPRO (desktop) provide powerful tools for professional trading.

• Global Regulation: Trusted by traders worldwide, regulated by ASIC, FCA, MAS, and five other Tier-1 authorities.

• Flexible Account Options: Classic, Platinum, and VIP accounts tailored to traders’ needs, with competitive pricing.

• Comprehensive Research: Includes Autochartist tools, daily insights, geopolitical coverage, and quarterly reports.

Pros

• Exceptional platform usability with advanced charting and trading tools.

• Unmatched market access with 190 forex pairs and diverse instruments.

• Highly trusted broker with robust regulation and security measures.

• VIP accounts offer exclusive perks and competitive pricing.

• Extensive research and educational resources for informed trading.

Cons

• High minimum deposits for Platinum ($200,000) and VIP ($1,000,000) accounts.

• SaxoTraderPRO requires time for customization and lacks predefined layouts.

• Limited availability of crypto trading on physical assets (crypto derivatives only).
   

CMC Markets

CMC Markets is globally trusted and is among the best forex brokers in 2024. It is known for its low-cost trading, excellent research, and innovative tools. Founded in 1989 and regulated by five Tier-1 jurisdictions, CMC Markets offers nearly 12,000 tradeable instruments and delivers an exceptional trading experience through its proprietary Next Generation platform.

Key Features

• Extensive Market Access: Over 11,900 instruments, including forex, CFDs, indices, and crypto derivatives.

• Advanced Platforms: Next Generation platform and MetaTrader 4, equipped with powerful charting tools and research features.

• Regulation and Trust: Licensed in five Tier-1 jurisdictions, with a Trust Score of 99.

• Competitive Pricing: Tight spreads starting at 0.61 pips for EUR/USD, with active trader discounts.

• Research and Education: Comprehensive insights via CMC TV, Opto magazine, and trading strategies.

Pros

• Low trading costs and tight spreads for forex trading.

• Excellent platform with advanced tools and custom layouts.

• Rich research offerings, including videos, podcasts, and daily market analysis.

• No minimum deposit requirement for accounts.

Cons

• Fewer symbols available on MetaTrader 4 compared to the proprietary platform.

• Educational resources lack progress tracking and interactivity.

• No cryptocurrency trading for the underlying asset (crypto CFDs only).
   

FOREX.com

FOREX.com, backed by the publicly traded StoneX Group, is one of the best forex brokers for traders prioritizing platform quality, research, and education. With a Trust Score of 99 and access to over 5,500 tradeable symbols, FOREX.com combines reliability with a robust trading environment.

While pricing may not be the lowest, its advanced tools and award-winning Trading Academy make it a strong contender for traders at all levels.

Key Features

• Extensive Asset Range: Access to forex, CFDs, cryptocurrencies (via derivatives), and more across 5,500 symbols.

• Trusted Regulation: Licensed by seven Tier-1 authorities, including ASIC, MAS, and FCA.

• Comprehensive Platforms: Advanced Trading, Web Trading, and MetaTrader (MT4 & MT5) platforms with TradingView integration.

• Educational Excellence: Award-winning Trading Academy with interactive courses and progress tracking.

• Research and Analytics: Integrated tools like Market Buzz, Trading Central modules, and daily updates from in-house analysts.

Pros

• Strong regulatory backing and maximum Trust Score of 99.

• Robust platform suite featuring TradingView-powered charts.

• Excellent educational resources, including interactive courses and videos.

• No minimum deposit is required for U.S. clients.

Cons

• Spreads can be higher than some competitors.

• Fewer symbols are available on MetaTrader compared to FOREX.com's platforms.

• Stock and futures trading requires a different login on the StoneXone platform.
   

Pepperstone

Pepperstone stands out as one of the best forex brokers for traders looking for flexibility and cost-effectiveness. With no minimum deposit requirement and a variety of funding options, Pepperstone makes it easy for traders to get started.

Regulated across multiple jurisdictions, the broker prioritizes security and transparency while offering a smooth trading experience.

Key Features

• Zero Minimum Deposit: Traders can open an account without any initial deposit.

• Multiple Funding Options: Supports credit/debit cards, bank transfers, and e-wallets like PayPal, Neteller, and Skrill.

• Global Regulation: Licensed by ASIC (Australia), FCA (UK), CySEC (EU), and more for a secure trading environment.

• Wide Currency Support: Deposits accepted in major currencies like USD, EUR, GBP, AUD, and others.

• Safety Measures: Client funds are held in segregated accounts with negative balance protection (UK/EU).

Pros

• No minimum deposit is required to start trading.

• Free deposits with multiple convenient funding methods.

• Accepts deposits in several major currencies.

• Regulated by top-tier authorities for enhanced security.

Cons

• Currency conversion fees may apply.

• Limited cryptocurrency payment options compared to competitors.

• Bank transfers can take up to 7 days to process.
   

Exness

Exness is a globally recognized multi-asset broker offering advanced trading solutions, competitive pricing, and a secure trading environment. With cutting-edge infrastructure and a wide range of assets, Exness is designed for experienced traders looking for flexibility and reliability.

Key Features

• Low Trading Fees: Spreads start at 0.0 pips on Raw Spread accounts, with minimal commission costs.

• Advanced Trading Platforms: Supports MT4, MT5, Exness Terminal, and the Exness Trade App for mobile users.

• Flexible Leverage: Offers leverage up to 1:unlimited (depending on jurisdiction) with negative balance protection.

• Diverse Asset Range: Trade forex, cryptocurrencies, commodities, and indices with over 100 instruments available.

• Instant Transactions: Most deposits and withdrawals are processed instantly for verified accounts.

• Strong Regulation: Overseen by multiple reputable regulators, including FCA, CySEC, and FSCA.

Pros

• Ultra-low fees on specific accounts.

• No internal fees for deposits or withdrawals.

• Wide range of account-based currencies supported.

• High-speed execution and low latency for trades.

• Comprehensive partnership and affiliate programs.

Cons

• Limited educational materials for beginner traders.

• Pro accounts require a higher minimum deposit ($200).

• Not available to traders in certain countries, including the U.S. and the U.K.
   

FxPro

FxPro offers a user-friendly trading experience with a low minimum deposit of $100, making it accessible for beginner and intermediate traders. With a range of payment methods and strong regulatory oversight, FxPro combines convenience, security, and robust trading tools for traders globally.

Key Features

• Minimum Deposit: $100, with flexibility for various account types.

• Deposit Methods: Bank transfers, credit/debit cards, and e-wallets (PayPal, Skrill, Neteller, UnionPay).

• Fund Security: Segregated accounts, SSL encryption, €20,000 compensation fund.

• Regulation: FCA (UK), CySEC (Cyprus), SCB (Bahamas), FSCA (South Africa), FSC (Mauritius).

• Trading Platforms: Supports MT4, MT5, and a proprietary platform with advanced features.

Pros

• Wide range of deposit methods with fast processing times.

• No internal fees for deposits.

• Offers Islamic swap-free accounts for eligible traders.

• Multi-currency support minimizes conversion fees.

• Strong regulatory compliance and fund security.

Cons

• Bank transfers may take up to 7 days to process.

• Currency conversion fees may apply depending on the payment method.

• Third-party fees from banks or e-wallet providers might occur.
   

City Index

Another one of the best forex brokers in 2024 is City Index. Part of the publicly traded StoneX Group, it is a highly trusted broker offering an extensive range of tradeable markets, robust trading platforms, and advanced research tools. With over 13,500 symbols available, it is well-suited for traders seeking versatility and a rich trading environment.

Key Features

• Minimum Deposit: £100, providing accessibility for most traders.

• Regulation: Authorized by seven Tier-1 regulators, including FCA, MAS, and CFTC.

• Trading Platforms: Proprietary Web Trader platform, mobile app, and MetaTrader 4.

• Tradeable Instruments: 13,500+ assets, including forex, CFDs, and cryptocurrencies (via CFDs).

• Innovative Tools: SMART Signals generates 200+ trading signals weekly.

Pros

• Highly regulated, offering a secure trading environment.

• Advanced trading tools like PlayMaker for risk management.

• Comprehensive proprietary platform with integrated research.

• Competitive spreads for active traders and Premium Trader perks.

• Award-winning mobile app with seamless user experience.

Cons

• MetaTrader 5 is unavailable, and the MT4 offering is limited.

• Research content lacks consistent video updates.

• Pricing, while competitive, falls behind some low-cost brokers.
   

IC Markets

IC Markets is a highly regarded broker offering robust trading platforms, tight spreads, and exceptional execution speeds, making it a preferred choice for forex traders worldwide.

Key Features

• Minimum Deposit: $200, suitable for a wide range of traders.

• Trading Platforms: Supports cTrader, MetaTrader 4, MetaTrader 5, and mobile apps.

• Account Options: Choose from cTrader, Raw Spread, and Standard accounts to match trading preferences.

• Wide Asset Range: Trade forex, commodities, indices, cryptocurrencies, and more.

• Deposit Methods: Includes credit/debit cards, PayPal, Skrill, Neteller, bank transfers, and cryptocurrency.

• Strong Regulation: Overseen by ASIC, CySEC, FSA, and other reputable regulators.

• No Deposit Fees: Deposits are free of internal charges across all methods.

Pros

• Extremely low spreads starting at 0.0 pips on Raw Spread accounts.

• Wide variety of flexible deposit options with multi-currency support.

• Advanced trading tools and fast execution speeds.

• Highly secure client funds in segregated accounts.

• Comprehensive educational resources and customer support.

Cons

• Bank wire transfers may take several days to process.

• $200 minimum deposit may be high for beginner traders.

• Currency conversion fees may apply for deposits in unsupported currencies.

• Verification process can be stringent and time-consuming.
   

XTB

XTB is a well-established multi-asset broker, recognized globally for its exceptional trading platform, xStation 5, and its extensive range of tradeable assets. Founded in 2002 and publicly traded, XTB offers a transparent and secure trading environment backed by Tier-1 and Tier-2 regulatory authorities.

Key Features

• Innovative Trading Platform: XTB’s proprietary xStation 5 platform offers advanced trading tools, an intuitive interface, and robust features for both desktop and mobile users.

• Diverse Asset Range: Access CFDs on forex, indices, commodities, cryptocurrencies, ETFs, stocks, and cash equities, with over 6,200 symbols available.

• Regulatory Compliance: Regulated by top-tier authorities such as the FCA (UK) and CySEC (Cyprus), ensuring strict adherence to safety and transparency.

• Zero Minimum Deposit: Start trading without a minimum deposit requirement, making XTB accessible for traders of all levels.

• Comprehensive Education: Features over 200 lessons in the Trading Academy, along with integrated tutorials and advanced educational videos.

• Mobile Trading: The xStation 5 mobile app provides a seamless trading experience with integrated research, watchlists, and charting tools.

• Customer Support: Offers multi-language support and 24/5 availability to assist traders worldwide.

Pros

• Publicly traded and highly regulated broker.

• Offers an innovative and powerful trading platform.

• Zero minimum deposit, allowing easy market access.

• Extensive educational materials for all experience levels.

• Transparent fee structure with competitive spreads.

Cons

• No MetaTrader (MT4/MT5) support.

• Advanced tools such as social trading are only available in limited regions (e.g., XTB Social is currently restricted to Poland).

• Limited integration of videos and other educational resources into a single cohesive library.
   

Octa

Octa is one of the best forex brokers with a low $25 minimum deposit. With multi-currency support, user-friendly platforms, and a transparent fee structure, Octa ensures a seamless trading experience. Its 50% deposit bonus further enhances trading capital, making it a preferred choice for traders globally.

Key Features

• Low Minimum Deposit: Trade with an initial deposit of just $25.

• Multi-Currency Support: Accepts deposits in USD, EUR, GBP, ZAR, and cryptocurrencies.

• Deposit Bonus: Offers a 50% bonus on every deposit, which can be withdrawn after fulfilling trading volume requirements.

• Secure Fund Management: Client funds are stored in segregated accounts for added safety.

• No Deposit Fees: Internal fees for deposits are waived, keeping costs low.

• Diverse Platforms: Compatible with OctaTrader, MetaTrader 4, and MetaTrader 5.

Pros

• Low minimum deposit allows easy market entry.

• Multi-currency support for flexible deposits.

• No internal deposit fees.

• 50% deposit bonus boosts trading capital.

• Funds kept in segregated accounts for security.

Cons

• Limited deposit methods compared to competitors.

• Withdrawal restrictions apply to bonus funds.

• Geographic limitations for certain deposit options.

• Potential currency conversion fees.
   

AvaTrade

AvaTrade is a globally trusted forex and CFD broker renowned for its diverse platform options, robust educational offerings, and copy trading features. With competitive spreads for professionals, a $100 minimum deposit, and strong regulatory oversight.

However, its research tools and retail pricing could be enhanced to compete with industry leaders.

Key Features

• Wide Platform Selection: Offers proprietary platforms (AvaTrade WebTrader, AvaOptions, AvaFutures) and MetaTrader (MT4/MT5).

• Copy Trading: Supports AvaSocial, ZuluTrade, and DupliTrade for seamless social trading experiences.

• Diverse Instruments: Trade 1,260+ symbols, including forex, CFDs, cryptocurrencies, and futures.

• Educational Excellence: AvaAcademy features video courses, articles, quizzes, and tutorials.

• Risk Management Tools: Includes AvaProtect and Guardian Angel for enhanced trading safety.

• Global Regulation: Licensed by Tier-1 regulators like ASIC, CIRO, and JFSA.

Pros

• Offers multiple trading platforms tailored to different trader types.

• Strong educational resources for beginner and advanced traders.

• Integrated tools from Trading Central for analysis and signals.

• Supports a wide range of tradable assets and options.

• Includes AvaProtect for partial trade risk hedging.

Cons

• Retail account pricing is average and less competitive than leaders.

• AvaOptions desktop platform has an outdated design.

• Inactivity fees of 50 units per quarter after 3 months of no trading.

• Some symbols are unavailable on MetaTrader and WebTrader platforms.
   

Conclusion

Choosing the best forex brokers in 2024 is essential for navigating the fast-paced and competitive forex market. The brokers listed here offer diverse features, advanced platforms, and robust educational tools to meet the needs of traders at every level. Select a broker that aligns with your trading goals to maximize your potential in the global forex market.

Join XS today and start your trading journey!