Best Forex Brokers for 2020

FxBrokersRanking Research
  • Ic Markets
  • Cmc Markets Lg
    Xtb 1
    Gain Capital Holdings, Inc. Logo
  • Pepperstone
    Saxo Bank
    Ig Group Logo

Are you looking for your first Forex broker or second because youโ€™re disappointed in the first? There are a lot of websites showing different tables with digits that probably mean nothing to you. They are just data that shows hypothetical parameters in perfect conditions.

Unfortunately, the FX market is far from that perfect condition. Finding the best Forex broker for you is not a simple task. A large amount of your trades will be opened, closed in a large market movement which happens during the news. In such moments broker parameters are far beyond all that parameters shown in the tables. The parameters canโ€™t show you how will be your overall experience with support, or with the finance team. For example, your broker can have an awesome trading environment, but to be not regulated and dangerous. To help you with your choice, we tried to make one complete review of the most popular Forex brokers in the industry and choose the best Forex brokers from them.

Do you expect a strong dollar and a weak euro or do you know how the pound will be affected by Brexit? Then the Forex market is for you. You can trade all major currencies such as EUR/USD, GBP/USD, USD/JPY and also all the minors and crosses around the globe.

If you want to trade in the Forex market, you need to use a broker. The right choice can significantly increase your performance by minimizing transaction fees. There are also factors such as execution speed, platform type, and options.

Sometimes even the best broker is not suitable for a certain style of trading, so you will have to look for a broker knowing what you need. So when our team is looking for a broker, we take in mind several trader profiles - from the casual trade to an algo trader.

Best Forex Brokers

Here is the list of top Forex brokers tested in our research 
IC Markets Review

IC Markets

IC Markets is a Forex and CFD broker established at 2007. The company provides competitive spreads and fast execution. IC Markets offers three platforms โ€“ Meta Trader 4, Meta Trader 5 and C Trader. IC Markets is regulated by the Australian Securities and Investment Commission (ASIC) and by the Seychelles Financial Services Authority (FSA).
Pros ๐Ÿ‘
Low ECN spreads,Good platforms for automated trading,ASIC and FSA regulated, 1:500 leverage available, wide range of payment methods, micro lots, PAMM
No rebates
Pepperstone Review


Pepperstone is one of the largest forex brokers and it was founded in 2010. The main advantages of the broker are low spreads, fast execution, and high-level support. Pepperstone offers three platforms โ€“ Meta Trader 4, Meta Trader 5 and C Trader. The company is regulated by Financial Conduct Authority (FCA) in the United Kingdom.
Pros ๐Ÿ‘
Low spreads, good platforms for manual and automated trading,FCA regulated  
US traders not allowed
Alpari Review


Alpari is one of the most rated forex brokers with more than 20 years of history. The company offers two platforms โ€“ Meta Trader 4 and Meta Trader 5. One of the products that differentiate the company is PAMM - account service allows you to gain profits on the Forex market by investing in the accounts of experienced traders. Alpari is regulated by the Financial Services Authority of Saint Vincent and the Grenadines and by the Financial Services Commission of The Republic of Mauritius.
Pros ๐Ÿ‘
Low costs, big variety of account types, social trading, fast execution, ECN spreads 
Only MetaTrader, No Islamic account  
XM Review


XM has been established at 2009. The company services his client at 30 languages in three jurisdictions. The clients could choose to trade between Meta Trader 4 and Meta Trader 5 at very competitive spreads. The instruments set include forex, stocks commodities, metals, energies, metals and shares.
Pros ๐Ÿ‘
Over 25 deposit methods, tight spreads, variety of regulations
Only MT4 and MT5 platforms
Plus500 Logo


Plus500 was founded in 2008 in Israel. The company offers various CFDs based on Forex, Indices, Commodities, Shares, and ETFs. Plus500UK Ltd is authorized & regulated by the FCA (#509909), Plus500CY Ltd is authorized & regulated by CySEC (#250/14), Plus500SG Pte Ltd is licensed by the MAS (#CMS100648-1) and IE Singapore (#PLUS/CBL/2018). The company attracts clients with the proprietary developed platform.
Pros ๐Ÿ‘
Low spread, user friendly platform
Limited research tools   
XTB Review


XTB was founded in 2002 in Warsaw, Poland. The company is in the forex business for more than 15 years with offices in over 13 countries. XTB offers 48 forex instruments over 20 indices, commodities, ETFs and crypto. The company offers two platforms - xStation 5 and Meta Trader 4. Financial Conduct Authority (FSA) United Kingdom KNF and CMB regulate XTB.
Pros ๐Ÿ‘
Quick account opening, multiple trading platforms,  Low costs
Only forex and CFD products  
Gain Capital Review

Gain Capital

GAIN Capital was found in 1999. The company is global Forex and CFD brokers which included brands and City Index. The company provides over 12 500 instruments to over 140 000 customers. Gain Capital is regulated in seven jurisdictions worldwide. The company offers a proprietary developed platform with a big amount of options.
Pros ๐Ÿ‘
One of the most regulated brokers, competitive conditions  
Doesn't have platform that allows trading robots   
Saxo Bank Review

Saxo Bank

Saxo Bank was founded in 1992 in Denmark. The company services to clients in over 170 countries and offers more than 35 000 instruments. The company offers two platforms: Saxo Trader GO and Saxo Trader Pro. Saxo Bank is under the supervision of the Danish FSA
Pros ๐Ÿ‘
Trustable , with some of the lowest costs  
No environment for automated trading   
Read full review
IG Markets Review

IG Markets

IG Markets is the biggest CFD provider in the world. The company was established in 1974 in the United Kingdom. IG Markets offers more than 16 000 products to over 175 000 clients. The company offers two platforms โ€“ developed in house platform and Meta Trader 4. Financial Conduct Authority (FCA), United Kingdom, regulates IG Markets.
Pros ๐Ÿ‘
Good spread (as low as 0.7 for EURUSD), multiple trading platforms,  swap free accounts
No negative balance protection   
Read full review
CMS Markets Review

CMC Markets

The company was established in 1989. CMC Markets offers more than 300 forex instruments, 60 indices, 15 cryptocurrencies, and 9000 shares. The company services his clients in own developed platform. CMC Markets is authorized and regulated by the Financial Conduct Authority in the United Kingdom.
Pros ๐Ÿ‘
Low costs ,FCA regulated
No automated trading   
Read full review Review is a forex brand of GMO Internet Group. It was found in 1991. The company is the biggest Asian and world Forex and CFD broker with more than 700 000 traders on-boarded. offers over 80 instruments in Meta Trader 4 platform. The company is regulated in several jurisdictions including the United Kingdom and Japan.
Pros ๐Ÿ‘
Low costs, minimal deposit to start trading, multiple trading platforms,  
Low amount of trading instruments   
Read full review


The transaction fees affect every trade, they stack up and after hundreds of trades, they make a huge difference:

  • Spread (Ask-Bid): The spread is different in all the brokers and also it can vary depending on the market state (news, low liquidity hours, swap time);
  • Commissions: some brokers have bigger commissions, some have lower and some don't have, but this is an important factor;
  • Slippage: Forex market is very fast and every time we send a trade this price can change and our trade can be executed at a different price.
    The difference between this two prices is called slippage and based on the technology used by the broker this can vary in a very big range;
  • Swaps: All the national banks have a very specific interest rate, but the rollover for the forex pairs can vary in the different brokers. Having a smaller difference between long and short swaps or having the best swap for the direction you trade is important.

Again, the trading style is very important. If you make one buy&hold trade - spread, commissions, and slippage will not affect your trading and only swap matters. But if you are an intraday trader and open and close many trades, then it the opposite - the swap is not important and the spread, commission, and slippage play a major role.

IG Markets

IG Markets Broker
IG is offering competitive forex spreads, good swaps, but if you are interested in something more than forex, they can offer you a huge amount of shares and stocks. You can trade with spread betting accounts to improve your tax efficiency, use margin for trading shares, low currency conversion fees, and you will have direct market access to be able to see the market depth and all the order book info available.


Alpari Broker
Alpari PRO ECN MT4 and ECN MT5 accounts are offering one of the lowest spread on EURUSD - only 0.7 points. Many brokers claim that they offer spreads as low as 0 points on their ECN accounts but they require the average commission of 3.5$ for  each direction. This combined with the fact that there is no 0 spread, makes it close to 0.9 points. In Alpari, there is no such commission and 0.7 is the average spread you will get.

IC Markets

IC Markets Broker
If you are a long term trader, you must check this broker swaps. It is offering one of the most attractive swaps in the forex market for EURUSD. It offers 0.49 for short and only -0.90 for a long position. For example, Alpari offers 0.35 for short and --1.26 for long, XTB offers 0.35 for short, and  -0.96 for long. The broker is also offering competitive trading conditions, good spreads and some of the best trading platforms.

Top Forex Brokers by Trading Platforms

The trading platform is what connects you to your FX broker. Every platform can offer different features, different views, indicators, charts, instruments for automation trading, alerts and so on.ย 

Let's not forget that nowadays we have different Operation Systems, different devices who can do different things. The best thing is when a broker is offering several trading platforms so you can use the trading system that fulfills your needs the most.

But even if you need a specific sophisticated desktop platform you may need a simple mobile platform which you can use just to check things from your phone.


Pepperstone Broker
Metatrader 4/5 and cTrader are platforms that offer everything from manual trading to automated trading. There are a lot of social libraries, expert advisors, custom indicators, social trading integration. Both platforms MT and cTRader also support every device and operating system. Only the desktop platforms offer automated trading. Pepperstone is supporting both trading platforms, which gives the traders the opportunity to choose, change, or use what they are used to.
SELECT Pepperstone


Saxo Bank Broker
SAXO BANK are offering their own fully customizable trading platform SaxoTraderPRO. They offer innovative multi-monitor display (up to 6). There is a functionality for quick order placement, advanced charting elements, and level II market display. There is also one innovative feature - Algorithmic orders. They can be executed on specific user-defined conditions and they are integrated in the order. They don't require the platform to run. For example - you can have much more complex order management in MetaTrader, but you must have the platform running.

IG Markets

IG Markets Broker
The own web-based platform of IG Markets doesn't have automation abilities, but it is extremely user-friendly. Even if you are new to financial software, you will know what to do. The other plus of that platform is that it is fully customizable. You can quickly change it from a simple trading platform for a beginner to a fully functional complex platform that can suit even the most advanced traders. The users of the IG platform will be able to access advanced tools like AutoChartist and PIA First. 

How to choose your Forex broker

The bad choice of your broker can turn your profitable strategy into losing one. You should choose a broker with relatively low costs - spreads, swaps, commission if there are any.

In addition, the platform has to be good enough to allow you to place orders fast, support different orders and a rich amount of different trading instruments. If you are a fan of algorithmic trading, find a broker that supports such type of trading and has a good possibility for back-testing to develop a profitable system. If you are a manual trader and follow technical analysis, it is better if the platform supports a variety of indicators. For the traders that use fundamental analysis, the broker needs to have a big amount of data. Fast news announcement also is very important.

Depending on the importance of leverage for your strategy, check this too. According to the latest regulation in the European Union, there is an applied cap for the leverage for retail traders. There is a similar restriction in United States and Japan. If you search for higher leverage you should search between Australian brokers or some of the offshore brokers.

Last but perhaps one of the most important things when choosing a Forex broker is the regulations. The regulations protect you if you disagree with your broker for execution or any other problem you may complain to the regulator and it is important how strong the jurisdiction of the regulation is.

Forex Brokers Ranking

Looking for an independent and professional Forex brokers review? Our researches will help you find a broker supporting all financial instruments you may need. It will also help you choose the best trading platform for your manual or automated trading.

Disclaimer: Trading Forex (foreign exchange) or CFDs (contracts for difference) on margin carries a high level of risk and may not be suitable for all investors. Please note that do not provide any kind of financial advices or recommendations.

Advertiser Disclosure: is free for everyone, but earns a commission from some of the brokers. We get a commission, with no additional cost to you.

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