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Best Forex Brokers for 2023

Best Forex Brokers

Want the best forex brokers? Forex trading is arguably one of the easiest financial markets to begin trading in. To get started, you just need to open and fund an account with a regulated online broker. Choosing the best forex broker to trade forex does require some initial research to find the one most suitable for your trading needs and experience level.

What is a Forex Broker

Retail forex brokers are financial institutions that act as an intermediary between individual trader clients and the forex market. These forex brokers have an online presence in the form of an official website, and they target smaller traders who wish to operate in the forex market on a margin basis. 

Online forex brokers generally allow traders to execute forex deals largely using their supported electronic trading platforms. In addition to offering their own proprietary trading software, many online forex brokers support popular 3rd party forex trading platforms like MetaTrader (MT4/5).

Some forex brokers also offer very useful educational information for beginners you can use to increase your knowledge about trading. They might also provide access to expert forex market analysis and financial news feeds to help you make better trading decisions.

If you choose a forex broker that uses automation, you can try trading bots. These bots are AI-enabled programs that use prevailing information to trade on your behalf, and each bot uses a specific trading plan that is designed to help increase your earnings. However, trading bots are not perfect. You must do your research, set a budget and monitor your account for best results.

Why Trade Forex

Making a forex transaction involves the simultaneous purchase of 1 currency and the sale of another at a given rate of exchange known as an exchange rate. Forex traders make a profit by buying 1 currency pair low and selling it high, or by selling 1 currency pair high and buying it low.

Many people like to trade forex because they can get started so easily by opening up a trading account and downloading a free trading platform like MetaTrader. You can get in and out of positions rather quickly, easily trade a your pace and make money. This is often the place where investors start because they can get a handle on the market without feeling confusion over the asset they’re trading.

Risk and Reward in Forex Trading

Rewards are generated in forex trading when you take a long or short position in a currency pair that subsequently appreciates in value. The risk in doing a forex transaction is when the market doesn’t perform as expected once you have done a forex trade. 

Many brokers allow traders to magnify the gains or losses they take on a position via the use of leverage. Leverage is typically expressed as the ratio of the size of a position you can control by placing one unit of base currency on deposit as margin. Hence, a 500:1 leverage ratio would mean that you can control a $550 position with a $1 margin deposit. 

Furthermore, most successful traders have a minimum risk/reward ratio for a trade before they will consider taking it, such as 1:2 or 1:3. For example, if you think the chances of a trade making 20 pips is around the same as the chances of it losing 10 pips, then your risk/reward ratio of that trade is 1:2. If that meets your risk/reward ratio criteria, then you might consider that trade worthy of executing. 

9 Best Forex Brokers

Benzinga’s picks for the best forex brokers in 6 key categories appear below along with details about each broker and a screenshot of their trading platforms. As you read through your options, remember that the majority of forex brokers can help you open a basic account and begin your investing journey. With these 6 brokerage houses, you are choosing based on the services and extras they provide above and beyond what a traditional broker would do.

1. FOREX.com

This broker accepts U.S. clients and is regulated in the U.S. by the Commodities Futures Trading Commission (CFTC) and the National Futures Association (NFA). FOREX.com also has oversight from regulators in 6 major world jurisdictions through its subsidiaries.


Impressive, easy-to-navigate platform

Wide range of education and research tools

Access to over 80 currencies to buy and sell

Leverage available up to 50:1


Cannot buy and sell other securities (like stocks and bonds)






HYCM is a top-rated forex broker, offering investors access to 69 currency pairs. In addition to Forex trading, HYCM provides its customers with leverage, stock trading, ETFs, commodities and more. Signing up for an account is fast and easy — you can open an account in just 10 minutes.

With a customizable fee system, HYCM has something to offer everyone, including experienced and new investors. The platform contains plenty of educational materials and investing resources for all its users. Unfortunately, HYCM does not serve customers in the USA; however, it is a great choice for individuals living in 140 other countries.


Wide range of currency pairs offered

Extensive education tools

Streaming forex news headlines via the MetaTrader platform suite

Competitive pricing 

Up to 200:1 leverage on many pairs


Not currently accepting US Clients

Inactivity fees


$100 USD (or equivalent)



3. CedarFX

CedarFX believes in combining the finest market conditions with excellent pricing and technology so clients can grow their accounts. A low spread generally indicates that volatility is low and liquidity is high and CedarFX prides itself

CedarFX offers 2 account types: 0% commission accounts and eco accounts.


Allows users to offset their carbon footprint

0% commission investing

Offers demo account access

24/7 customer service available through live chat

Eco Account Option (10 trees planted for each lot traded)

Fast deposits/withdrawls with Bitcoin


Limited number of educational resources for new investors


$50 USD



CedarFX is not regulated by any major financial agency. The brokerage is owned by Cedar LLC and based in St. Vincent and the Grenadines.

4. IG Markets

IG Markets gives clients access to trade up to 80 different currency pairs. The broker requires a $250 minimum deposit.

IG accepts U.S.-based clients due to oversight from the CFTC and NFA. IG holds your money in segregated accounts under trustee arrangements for added security. In addition to its proprietary trading platform, IG offers support for 3rd-party forex platforms such as MetaTrader 4 and ProRealTime. It also allows application programming interface (API) trading.


Easy-to-navigate platform is easy for beginners to master

Mobile and tablet platforms offer full functionality of the desktop version

Margin rates are easy to understand and affordable

Access to over 80 currency pairs


U.S. traders can currently only trade forex

Customer service options are lacking

No 2-factor authentication on mobile

IG Markets

More Details





5. AXI

Axi Trader is a unique platform that focuses on helping you sharpen your skills. When you sign up, you get $50,000 to use for paper trading so that there’s no risk as you learn more about the forex and CFD markets.

Axi Trader also makes it easy to learn as you go, providing you with:


More than 70 forex pairs

CFDs on stocks, indices, oil, precious metals, commodities and crypto

User-friendly MetaTrader 4 platform

Copy trading to learn from professional traders

Good educational material including a demo account, tutorials and videos

Advanced analytics driven by AI and ML



MT4 Traders



securely through Axi's website

6. Interactive Brokers

Best for Advanced Forex Traders: Interactive Brokers

Interactive Brokers is a premier broker for trading forex, stocks, ETFs, cryptocurrency, bonds, options, futures, and more. Clients have access to 100+ tradeable currency pairs, tight spreads as narrow as 1/10 PIP, real time quotes from 17 of the world’s largest FX dealers, and low commissions with no hidden spreads or markups.


Comprehensive, quick desktop platform

Mobile app mirrors full capabilities of desktop version

Access to massive range of tradable assets

Low margin rates

Easy-to-use and enhanced screening options are better than ever


Trading platform may be intimidating for new investors

IBKR International

More Details


Active and Global Traders

7. (Non US) eToro

eToro specializes in social trading, which is ideal for beginners since you can follow the trades of expert traders with a proven track record. In addition to its world-class social trading network, eToro has excellent educational resources for forex beginners. eToro’s intuitive multi-asset trading and social trading platforms and apps can be used by anyone immediately. Unfortunately, eToro does not support the MetaTrader 4 and 5 (MT4 and MT5) trading platforms. 


imple platform that is easy to master

CopyTrader feature that allows new traders to copy the same strategies used by professionals

Virtual dummy account that gives you $100,000 to practice trades


High non-trading fees


$50 USD



eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.

8. (Non US) AvaTrade

AvaTrade, one of the most secure brokers in the industry, carries 7 regulations across 6 continents (Europe, Australia, Japan, British Virgin Islands, UAE and South Africa). You’ll be pleasantly surprised by its asset availability, leading platforms and generous trading conditions (you can leverage your positions up to 400:1).


Controlled by regulatory agencies of multiple countries

Choice offered in terms of trading platforms

Support available in 14 languages and trading platforms in 20 languages

Practice/demo account available for trying out

Breadth of trading assets


Does not accept customers from the U.S. as it isn’t regulated in the U.S.

Transferring funds to the account may take up to five days; withdrawals could take up to 10 days



100 EURO



9. (Non US) FXCC

FXCC is the best brokerage for non-U.S. users, allowing you to choose from 70 currency pairs, several CFD options, spot metals and the top 8 cryptocurrencies. Bitcoin, Ethereum and Litecoin are just a taste of the popular cryptocurrencies that are available. You might also invest in 12 popular stock indices, spot WTI and Brent crude oil.


ECN/STP broker model

100% first deposit tradable bonus

Free Virtual Private Server (VPS)

Supports MetaTrader 4

Has an offshore subsidiary for high leverage trading


Does not accept U.S. based traders or U.S. citizens as clients

Only supports 1 trading platform

Choose Your Forex Broker Wisely

Since your forex broker will be your primary trading partner, you want to choose one carefully to make sure they are reputable and will fit your requirements as a trader. Open a demo account with an online broker you’re thinking of using to see whether it is a good fit. Demo account trading can also help prevent potentially costly errors that might arise from you being unfamiliar with the broker’s trading platform.