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Arincen’s Best FOREX Brokers 2024

With many years of meticulous FOREX broker testing, Arincen stands out as a voice of authority. Our analyses, shaped by exhaustive data collection, are trusted by many. Each year, we gather 120 data points from more than 100 brokers. Our team of more than 20 people collaborate extensively to produce high-quality broker reviews like this one. For a detailed explanation of how we test brokers, navigate to the bottom of this article.

You’re here because you want to know who the best FOREX brokers are in 2024. You may be a new trader, or you’ve been in the game for some time, and you just want to see if you are getting the value you need from your broker
We understand the importance of finding the best deal, especially with time and money being such important commodities. You can’t afford to waste either commodity on a broker that does not serve you. That’s why we take our broker research seriously. In what follows, we list the best FOREX trading platforms today. These findings are based on in-depth research by Arincen experts. We’ve left no stone unturned in our effort to point you in the direction you need to go.

Best FOREX Brokers 2024

Company name ICM Capital
Regulations
Minimum deposit 500$
Main branch United Arab Emirates
Company name FXDD
Regulations
Minimum deposit $450
Main branch USA
Company name XTB
Regulations
Minimum deposit 500$
Main branch UK
Company name IG
Regulations
Minimum deposit 500$
Main branch UK
The FOREX market is the largest and most actively traded financial market in the world, by a wide margin. Think of it as a superhighway for currency trades between different players, such as large institutions and even retail traders like yourself. When shopping for the “best” FOREX broker, traders – beginners and experienced alike – typically look for specific features and benefits. You should be checking how comprehensive the broker’s product offerings are by verifying if they give you access to diverse currencies, contracts for differences (CFD), indices, commodities, spread betting, cryptocurrencies, and more.
The Best FOREX Brokers

Best FOREX Brokers and Platforms For 2024

Take a look at our experts' top 7 FOREX brokers for 2024. With so many choices out there, it's tough to select the best online brokerage. In this case, we've done the work for you. Here is a summary of each broker according to specific criteria, along with their pros and cons:
  1. FXDD 92.15: Best Overall Broker
  2. ICM Capital 91.10: Best Deposit and Withdrawal Broker
  3. XTB 85.55: Best Customer Service Broker
  4. IG 85.45: Best Regulations Broker plus Convenient Platform
  5. Saxo Bank 80.09: Excellent Private Trading Platform
  6. CMC Markets 80.07: More than 9,000 Assets
  7. ThinkMarkets 80.05: Aimed at the Audience of Traders
ICM capital Broker

ICM capital Broker

ICM Capital is considered the industry leader in deposits and withdrawals, whereby each withdrawal does not take more than five business days. Moreover, the company offers its customers a handy credit card to withdraw their profits, in addition to enabling customers to use various deposit methods. The company, which is licensed by the UK's FCA, has several branches around the world. Among other things, it has a rich portfolio of assets, especially stocks, offers a low spread, as well as the ability to use MT4.
Broker Evaluation 8.11
Regulatory Bodies
Minimum Deposit 500$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks - Crypto
Main Branch United Kingdom
Customer Service 24/5
Demo account yes
Trading Platforms MT4 - MT5 - C TRADER -Web Platform

Pros

  • Segregated client funds.
  • Regulated by the UK’s FCA.
  • Established in 2009.
  • More than 10,000 ICM Capital users and traders.
  • Reasonable minimum deposit from $500.
  • Decent funding options.
  • No swaps.
  • MetaTrader4 (MT4) desktop and mobile download.

Cons

  • Does not allow scalping.
  • Not ASIC-regulated.
  • Relatively limited range of instruments.
  • Slow live-chat service.
  • Relatively high trading fees.
  • Limited range of trading tools and resources
FXDD Broker

FXDD Broker

FXDD received the highest score in our survey (92.15). One of the first FOREX companies to offer a credit card in order to allow traders to withdraw their profits, this New York-based company has the UK's FCA license under its belt. It also has a rich portfolio of assets, offers a relatively low spread, in addition to the MetaTrader4 (MT4) platform. Further, it has excellent and fast customer service, and also offers traders a variety of ways to deposit money.
Broker Evaluation 7.22
Regulatory Bodies
Minimum Deposit $450
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks - Crypto
Main Branch United States of America
Customer Service 24/5
Demo account Yes
Trading Platforms MT4 - MT5 - C TRADER -Web Platform

Pros

  • Established in 2002.
  • Segregated client funds.
  • Low minimum deposits.
  • No commissions on the Standard Account.
  • A choice of two account jurisdictions.
  • Multiple platform support and comprehensive market data and analysis.
  • A good range of currency pairs and other assets to trade.

Cons

  • Not available to traders in the US.
  • Relatively limited range of instruments.
  • EU-client leverage restricted to 1:30.
XTB Broker

XTB Broker

What distinguishes XTB is the fact that it offers the best customer experience among all the companies we have surveyed. Indeed, it boasts the fastest response rate from all the companies under investigation. This is especially relevant, since the market is always on-the-go, and so you need to act fast. XTB offers lots of asset classes, as well as the ability to use the MT4 trading platform. Finally, it maintains a relatively low spread, which is suitable for quick deals.
Broker Evaluation 8.55
Regulatory Bodies
Minimum Deposit 500$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks
Main Branch United Kingdom
Customer Service 24/5
Demo account yes
Trading Platforms MT4 - MT5 -Web Platform

Pros

  • Long history of operation.
  • Globally recognized, having won multiple awards.
  • Some of the lowest FOREX spreads in the market.
  • Regulated by the FCA (UK).
  • Offers protection for client accounts.
  • Emphasis on customer service.
  • Excellent support, learning and research tools.

Cons

  • Does not accept US clients.
  • Non-FOREX spread costs are relatively high.
  • No GSLO.
  • No back-testing or automated trading capabilities.
  • Conditions vary according to regulation and entity.
ig markets Broker

ig markets Broker

IG is arguably the best broker when it comes to security and trust, boasting, as it does, licenses from 10 regulatory bodies, including the all-important FCA from the UK. The company is also a bank and is a publicly traded company in London. It is known for offering more than 10,000 asset classes of currencies, commodities, future contracts, ETFs, indices, cryptocurrencies etc. Further, it has its own state-of-the-art trading platform and offers a relatively low spread.
Broker Evaluation 7.54
Regulatory Bodies
Minimum Deposit 250$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks
Main Branch United Kingdom
Customer Service 24/5
Demo account Yes
Trading Platforms Proprietary Platform -MT4 - Web Platform

Pros

  • Easy-to-navigate platform that is simple for beginners to master.
  • Margin rates are easy to understand and affordable.
  • Mobile and tablet platforms offer full functionality of the desktop version.
  • Accepts US clients.
  • Access to more than 100 currency pairs
  • Emphasis on education and research.
  • Regulated by the FCA (UK), as well as the CFTC and the NFA (US).
  • Offers protection for UK/EU client accounts.

Cons

  • US traders can currently only trade FOREX.
  • No GSLO for US-based traders.
  • No account protection for US clients.
  • Relatively high share-CFD fees.
  • No copy trading or back-testing integration on IG platform.
SAXO BANK Broker

SAXO BANK Broker

Saxobank is considered one of the best investment banks in the area of financial markets and currencies, as it offers the very best trading platform and tools from all the companies we have reviewed. Meanwhile, its spread is very low and, as such, suitable for short-term deals; and it offers a large number of asset classes, including currencies, commodities, indices etc. Finally, its customer service is excellent and very responsive to traders' needs.
Broker Evaluation 6.09
Regulatory Bodies
Minimum Deposit 10000$
Islamic Account No
Payment Methods Bank transfer - credit card
Main Branch Copenhagen, Denmark
Customer Service 24/5
Demo account No
Trading Platforms SaxoTrader

Pros

  • Extensive range of offerings.
  • Regulated by the FCA (UK) and other top regulators.
  • Great trading platform.
  • Among the industry’s best research.
  • Superior user interface.
  • Offers protection for client accounts.

Cons

  • High bond, options and futures fees.
  • Lack of emphasis on customer service.
  • Confusing instrument fee structures.
  • High minimum deposit.
  • Does not accept US clients.
  • No MT4.
  • Lacks live chat.
CMC MARKETS Broker

CMC MARKETS Broker

CMC Markets is thought of as one the best companies, offering some 9,000 asset classes that encompass currencies, commodities, indices, cryptocurrencies, bonds and stocks. The company offers a relatively low spread, the MT4 platform, and fast customer service. It is most suited for traders looking for diversity in asset classes.
Broker Evaluation 7.07
Regulatory Bodies
Minimum Deposit 0$
Islamic Account No
Payment Methods Bank transfer - credit card - Electronic Banks
Main Branch United Kingdom
Customer Service 24/5
Demo account not
Trading Platforms Proprietary Platform -MT4 - Web Platform

Pros

  • Extensive range of offerings.
  • Regulated by the FCA (UK).
  • Low FOREX fees.
  • Emphasis on education and customer service.
  • Great Web and mobile platforms.
  • Offers protection for client accounts.
  • Research amenities are industry leading.

Cons

  • Does not accept US clients.
  • Limited product portfolio.
  • High stock CFD fees.
  • High CFD spreads for certain indices.
  • Differences between Next Generation and MT4.
  • Complicated account verification.
  • No back-testing or automated trading capabilities.
think markets Broker

think markets Broker

Originally founded in New Zealand in 2010, and moving to Australia within the space of their first two years, Think Markets is a global online brokerage focusing on FOREX and CFD trading. In addition to a range of major and minor currency pairs. Think Markets has an array of CFDs on offer. This includes indices, as well as hard and soft commodities.
Broker Evaluation 8.05
Regulatory Bodies
Minimum Deposit 0$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks - Crypto
Main Branch Australia
Customer Service 24/5
Demo account not
Trading Platforms Proprietary Platform -Web platform-mt4- mt5

Pros

  • Beginner assistance offered through 24/6 channels.
  • Spreads are as low as 0.0 pips.
  • 24/7 expert customer service.
  • CFD shares and indices come at no extra fee.
  • Zero broker fees for FOREX trading.
  • Technical analysis and quality market information.
  • Percentage allocation management module (PAMM) and Multi-account manager (MAM) accounts available.

Cons

  • Direct share trading is on a separate platform.
  • No binary options offered.
  • Commissions charged for two account types.
  • After a strong early start, ThinkTrader user ratings have slid to 3.4 stars.
  • No US, Canada or Japan clients allowed.

There is a high degree of risk involved in trading securities like FOREX, or CFDs, which are highly complex instruments. As a trader, you could be exposed to excessive leverage, questionable broker tactics, market volatility, and limited regulatory protection. Despite your best trading techniques and risk management strategies, your efforts may not be profitable, and you could suffer losses.

What is FOREX and Why Do We Need a Broker?

The FOREX market involves participants from all over the world, including banks, financial institutions, governments, corporations, and individual traders. It is a global decentralized marketplace for trading currencies. This market, which determines foreign exchange rates for every currency, includes all aspects of buying, selling, and exchanging currencies at current prices. 
In terms of trading volume and liquidity, the FOREX market is by far the largest in the world, at some six trillion dollars daily, followed by the credit market. The FOREX market operates 24 hours a day and five days a week (Monday through Friday), except for international holidays. 
By trading FOREX online, you can make extra income, which has made retail trading highly popular in recent years. FOREX trading is facilitated by the best online brokerage firms, which enable clients to buy and sell through a trading platform. Many users enjoy the sheer thrill of partaking in this global network of buyers and sellers where transactions are conducted electronically within fractions of a second.

How to Open a Trading Account to Start Trading FOREX

This is where the fun starts! Thanks to advances in the safety and convenience of modern computing, opening a FOREX trading account is easy. Once you have chosen your preferred broker, you must start by filling out an application form as part of the “open account” process. Normally, you will be asked to provide your
This is part of standard Know Your Customer (KYC) regulations. Remember that some brokers have slightly different requirements from others. Muslim traders, in particular, may be asked by Shariah-compliant brokers to show that they are followers of Islam.
Once your account has been approved, usually one to two days after you make the application, you will be able to fund your account by making the first deposit. After your account is funded, you can start to trade!

How Much Should Beginners Start to Trade With?

You don’t need much to get started. Some of the best FOREX brokers for beginners allow you to start trading with as little as $1. Of course, you need to capitalize your account with at least some money that will allow you to place trades. The amount is up to you. However, it is recommended that you start by placing small trades to get to grips with the practice of trading. Trading with small amounts of money means you can trade without fear of losing heavily. The extra benefit of doing things this way is that you can get familiar with your broker’s website before you move on to placing trades with more money.

How to Start Learning about FOREX Trading

A trading website like en.Arincen.com is a great place to start. We have a large list of curated articles that can give you all the information you need on common FOREX trading terms, like
That said, we will cover some of these topics later in this article. We have also taken the time to prepare detailed articles on important topics, such as FOREX trading strategies and risk-management strategies. Additionally, once on our website, you will find helpful video courses that cover the basics of FOREX trading. With this range of knowledge, you will be well on your way to trading success.
Remember also that your broker will normally have developed a detailed education and research repository themselves. That is also a good place to bolster your FOREX knowledge, with the extra benefit that your broker’s information will be slanted toward their own platform and resources, which makes it useful. Although this is not the primary aim of this article, we will let you know about some of the most important terms you will come to understand as your trading journey unfolds:
Pips 
A pip is the condensed version of the term "percentage in point." A pip is a measure of how much the value between two currencies changes. The relative value between currency pairs is shown in number form with four decimal places. A pip represents the last of those four decimals and is therefore a small unit of change. 
Lot
In FOREX trading, the term “lot” refers to the standardized size of a trade. It is the unit of measurement used to describe the volume or size of a FOREX trade. There are three main types of lots in FOREX trading: standard lot, mini lot, and micro lot.
Position
A position size in FOREX trading refers to the number of lots or units of a particular currency pair that a trader buys or sells in a trade. Position size is an important aspect of FOREX trading as it directly affects the potential risk and reward of a trade.
Spread
A term you will encounter most often is the spread, which is broadly defined as the difference between your FOREX broker's sell rate and buy rate when exchanging or trading currencies. We will tell you more about spreads later.
Japanese Candlesticks 
A Japanese candlestick is a visual representation of price movements within a certain trading period. In the realm of retail trading, candlesticks can provide a clear, visual understanding of market dynamics. Each candlestick on the chart provides information on the opening, closing, high and low prices of the currency pair during that timeframe.
Technical Analysis
Technical analysis is the study of historical price and volume data to identify patterns, trends, and potential future price movements. Technical analysts use various tools and indicators, such as chart patterns, moving averages and oscillators to analyze market data and make trading decisions.
Fundamental analysis
This type of analysis involves the careful study of 
These may influence the value of a currency or other financial instrument. You can get this information by reading news articles to analyze such factors as 

Tip: Invest in Your knowledge
For every aspiring retail trader, knowledge is key to a successful trading journey. We invite you to delve into Arincen's goldmine of insights, strategies, and expert analyses. Whether you're just embarking on your trading venture or trying to level up your trading game, our resources are designed to give you all the information you need. Visit our educational resources here.

Can You Trade Without Prior Experience?

It is always advisable to keep expanding your experience in the world of trading. The Arincen network was created for those who don’t have enough experience to trade on their own. This is because you can follow the experts on our network and apply their signals and strategies in your trading account with ease, and you can review the statistics of the experts and review their performance to ensure they are good for trading the assets you want. For example, if you prefer to trade only in gold or any other group of assets, you can assess the best gold experts and traders on the network.

Tip for those who have no experience
We believe that a solid foundation in education and research is essential for every successful trader. That’s why we’ve created a set of resources specifically for you. Our comprehensive articles provide an understanding of the basics, while our videos offer insights from industry insiders. Stay updated with the latest developments in the market through our newsfeed, signals, and detailed analytics.

How Do I Choose the Best FOREX Broker?

When selecting an online broker for retail trading, especially in the FOREX market, there are several key factors to consider. We’ve made the list of the most important “holy grail” factors for you to pay the closest attention to:

Regulatory compliance:

No matter where you live, you need to choose a broker based on how well they are regulated. In developed nations in Europe, and North America, as well as in parts of Asia, the quality of regulation is in line with the quality of the overall financial infrastructure. We’ll tell you more about the best regulators in the next section.

Account security:

Look for brokers that offer high levels of security for your funds and personal information. This includes data encryption and two-factor authentication.

Range of assets:

Not only should your broker give you access to a healthy slate of currency pairs drawn from major, minor, and exotic, but the best multi-asset online brokers also give you access to other financial assets, such as crypto, commodities, bonds, CFDs, ETFs, and indices.

Trading platform and tools:

The trading platform should be user-friendly, reliable, and equipped with the right tools for analysis (like charts, indicators, and newsfeeds).

Costs and fees:

Fees eat away at your profits. That’s why you should understand the broker's fee structure, including spreads, commissions and any other charges that might apply. Compare these across different brokers to find competitive rates.

Execution speed:

Fast execution speeds are crucial in FOREX trading to ensure that you get the price you expect without significant slippage.

Customer service:

Good customer support can be vital, especially for new traders. Look for brokers that offer timely and helpful support via various channels (phone, email, live chat).

Educational resources and research:

Access to comprehensive educational materials, tutorials, webinars, and up-to-date market research can be extremely helpful for new traders to learn and make informed decisions.
Expanding on some of the important points mentioned above:

What are FOREX Regulations and How to Ensure Your Broker is Licensed?

Online brokers who offer their services to FOREX traders must be regulated by a top-notch oversight body. Regulated brokers are compelled to stick to common best practices, like keeping their operating funds separate from client funds, complying with strict leverage rules as we have mentioned and staying away from offering bonuses and overly generous promotions.
Tier-1 regulators can be found in the most advanced countries. Prime examples of these include but are not limited to, the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities Exchange Commission (CySEC) in Cyprus, the Australian Securities and Investments Commission (ASIC), the Financial Services Agency (FSA) in Japan, and the National Futures Association (NFA) in the US.
Tier-2 and tier-3 regulators in lesser economies do not provide you with the right level of oversight that will ensure your interests as a trader are protected in times of trouble. However, based on where you live, if you have no choice but to work with a broker that is not based in a developed economy, it is still better to choose a regulated broker over an unregulated broker. This will give you the opportunity to raise the alarm if you have been scammed or if the broker becomes insolvent.
If you want to learn more about some of the best-regarded regulators, read our article on regulation here. To ensure that your broker is legit, you can follow these steps:
Here’s a list of major reasons your broker must be regulated:
Safety of funds
A regulated broker must comply with strict regulations to protect client funds, including segregating client funds from the company's own funds.
Fair trading practices
A regulated company must adhere to strict guidelines ensuring products and services are offered fairly and without manipulation, helping create a level playing field for all clients.
Transparency
The law compels regulated brokers to be transparent with clients, which assures you of safe, fair trading. In practice, this looks like brokers admitting openly that FOREX trading is highly risky, and you could lose your money.
Protection from fraud
Regulatory authorities protect clients from fraudulent activities and scams and ensure that FOREX brokers operate within set guidelines that safeguard their clients' interests.
To check if a FOREX broker is regulated by the appropriate regulator, you simply need to find the regulator registration number on the broker's homepage. From there, you can look up the licensing number on the financial register available on the regulator’s Website to confirm if the broker is currently licensed correctly. It may require that you verify that several competing brokers in the same country are regulated by the same broker. This way you can establish who the most common regulator is. You can also visit the “About Us” section of the regulator’s Website. They will normally discuss their mandate in detail.

Be Careful of Non-Regulated Brokers
Your broker should be regulated by a reputable authority who has a history of strong oversight. Your broker does not have to be regulated by an overseas watchdog, you can also go with a regulator in your jurisdiction. To check if your broker is registered with a regulator, navigate to the regulator’s official website.

What Assets and Instruments Can FOREX Brokers Offer?

Although this article focuses on FOREX brokers, retail trading offers a diverse range of financial instruments, each with its own set of opportunities and challenges. Here are the most common tradable assets and instruments:
With the largest trading volume globally, the FOREX market allows you to speculate on the future movements of currency prices, trading pairs like EUR/USD, GBP/JPY and many more.
Whether it's precious metals like gold and silver, or energy commodities like oil and natural gas, commodities trading offers a chance to profit from the tangible assets that drive global economies. Be sure to check which ones are Sharia-compliant first.
CFD trading allows you to speculate on the rising or falling prices of fast-moving global financial markets, such as shares, indices, commodities, currencies, and treasuries. You don’t own the underlying asset and you can go short or long. CFDs are traded on margin, meaning the broker allows you to borrow money to increase leverage or the size of the position to amplify gains. Brokers will require traders to maintain specific account balances before they allow this type of transaction. CFD brokers typically provide a wide range of financial instruments across different asset classes, allowing traders to diversify their portfolios with ease.
These represent ownership in a company and constitute one of the most popular avenues for retail traders, given their potential for substantial returns and the thrill of being a part of the corporate world.
These are baskets of stocks representing a particular market or sector, like the S&P 500 or the Nasdaq, giving you exposure to broader market movements.
Digital coins like Bitcoin, Ethereum, and countless altcoins offer both high rewards and volatility.
These debt securities offer periodic interest to holders and return the principal amount at maturity. Bonds are best for those interested in fixed returns.
These derivative products allow traders to hedge against potential losses or speculate on price movements without owning the underlying asset.
Brokers Currency pairs Stocks Indices Commodities Crypto ETFs
FXDD 67 Pairs 1100 Shares 45 Indices 10 Commodity 30 Coins 1200 ETFs
ICM Capital 67 Pairs 89 Shares 17 Indices 12 Commodity 6 Coins Unavailable
XTB 57 Pairs 1848 Shares 36 Indices 22 Commodity 22 Coins 135 ETFs
IG 108 Pairs 20000 Shares 200 Indices 20 Commodity 5 Coins 200 ETFs
Saxo Bank 320 Pairs 22000 Shares 200 Indices 200 Commodity 9 Coins 6700 ETFs
CMC Markets 330 Pairs 8000 Shares 80 Indices 100 Commodity 18 Coins 200 ETFs
Think Markets 46 Pairs 3750 Shares 15 Indices 11 Commodity 21 Coins 350 ETFs

What are Competitive Fees at the Best Brokers?

Here are the explanations of some of the most common fees and costs associated with retail FOREX trading:
Spreads:
There are two main kinds of spread, one is fixed, and the other is variable. The first step in FOREX trading is identifying the spread differential, defined as the difference between the bid (sell) price and the ask (buy) price of a currency pair. While many FOREX currency pairs are traded without commission, the spread is one “cost” that applies to any trade that you place. This is, indeed, the biggest source of profit for the FOREX broker.
The spread refers to the difference between two prices, such as the bid/ask rate in a currency exchange rate. An example of a good spread is 1.4 pips for the EUR/USD (the narrower the better, this means that a spread of 1.4 pips is better than a spread of 2 pips). You can learn more about this concept in this article.
Commissions:
As for commissions, some brokers charge a commission on trades in addition to the spread.
The commission can be a fixed amount per lot or a percentage of the spread. Commission-based accounts are typically used by professional traders who require tighter spreads.
Rollover fees:
Rollover fees, also known as swap rates, are charged when a trader holds a position overnight
The fee is based on the interest rate differential between the two currencies in the pair
Rollover fees can be positive or negative, depending on the direction of the trade and the interest rate differential. A word of caution, Islamic trading does not permit traders to pay rollover fees, making Shariah-compliant swap-free accounts the way to go for Muslim traders.
Inactivity fees:
Some brokers charge inactivity fees if you do not make any trades for a certain period. The fee can be a fixed amount or a percentage of the account balance. You can swerve inactivity fees by making at least one trade within the specified period.
It's important to note that different brokers have different fee structures, and you should carefully review the fee schedule of any broker you are considering. Additionally, always consider the total cost of trading, including spreads, commissions, and other fees, when evaluating the profitability of your trades.
Spread Commission Swap Islamic Account
Currencies Starting from 1.3 Pips 0$ No Available
Stocks Starting from 18 Pips 0$ Yes Unavailable
Commodities Starting from 2.3 Pips 0$ No Available
Indices Starting from 4 Pips 0$ Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.4 Pips 0$ No Available
Stocks Starting from 0.04 Pips 0$ Yes Unavailable
Commodities Starting from 0.17 Pips 0$ No Available
Indices Starting from 1.30 Pips 0$ No Available
Spread Commission Swap Islamic Account
Currencies Starting from 0.2 Pips 0$ No Available
Stocks Not Mentioned 0$ Yes Unavailable
Commodities Starting from 8 Pips 0$ No Available
Indices Starting from 4 Pips 0$ Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.6 Pips 0$ Yes Unavailable
Stocks Starting from 2.4 Pips 0$ Yes Unavailable
Commodities Starting from 0.1 Pips 0$ Yes Unavailable
Indices Starting from 0.2 Pips 0$ Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.9 Pips $0 Yes Unavailable
Stocks Starting from $0.02 $6 Yes Unavailable
Commodities Starting from $0.6 $6 Yes Unavailable
Indices Starting from $0.7 $6 Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.5 Pips $0 Yes Unavailable
Stocks Starting from $0.2 $10 Yes Unavailable
Commodities Starting from 0.2 Pips $0 Yes Unavailable
Indices Starting from 0.5 Pips $0 Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.4 Pips $0 Yes Unavailable
Stocks Starting from 0.1% $0 Yes Unavailable
Commodities Starting from $0.19 $0 Yes Unavailable
Indices Starting from 0.4 Pips $0 Yes Unavailable

What You Need to Know About Payments, Deposits, and Withdrawals

Depositing funds into and withdrawing funds out of your FOREX account should be very easy. After all, you have done your bit by following Know Your Customer (KYC) processes and depositing funds in good time and good faith. You should, therefore, be able to transact just as speedily when you need to withdraw your earnings or deposit more funds. 
If your broker operates in a country with a mature banking industry that is safe and organized, then you should have no worries. Most major payment providers should be accommodated in the financial ecosystem in which your broker operates and they should be able to offer comprehensive services. These include:
Most brokers do not charge deposit fees, but traders can be charged by their payment provider or bank when making deposits. As to withdrawal fees, the broker’s fees depend on the withdrawal method used. Your broker’s website should be filled with helpful information about the costs you can expect to encounter for each action.
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission 1.9% 2.5% Unavailable 3.75%
Withdrawal fee 0$ $15 1% $0 Unavailable 2%
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee $0 $0 + Bank commission 0$ 0$ 0$ Unavailable
Withdrawal fee $30 $30 $30 $30 $30 Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission 1% 1% Unavailable Unavailable
Withdrawal fee 1.5% 30$ 1% 1% Unavailable Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable 3.4% + fixed fee
Withdrawal fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable 3.4% + fixed fee
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Withdrawal fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Withdrawal fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission 0$ 2.5% Not mentioned Unavailable
Withdrawal fee 0$ $0 + Bank commission 5.50$ 0-7.5% Not mentioned Unavailable

What is The Best Customer Service Provided by FOREX Brokers?

You must pick a brokerage firm that can provide good customer support around the clock. This most notably includes the company representatives being easy to reach through a variety of means. They should be knowledgeable and polite, which will make dealing with them that much more rewarding and pain-free. When you need customer service assistance, you normally do not have time to go around in circles looking for the right people with whom to deal. 
Email Live Chat Phone WhatsApp
Available Available Available Available Available
Quick response Very Fast Very Fast Very Fast Very Fast
Email Live Chat Phone WhatsApp
Available Available Available Available Available
Quick response Very Fast Very Fast Very Fast Moderate
Email Live Chat Phone WhatsApp
Available Available Available Available Not Available
Quick response Very Fast Moderate Moderate Not Available
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What Tools and Platforms Should FOREX Brokers Offer?

The best FOREX brokers offer platforms that can be used by traders with different requirements. Be they web-based or downloadable, platforms must be customizable with good technical indicators and strong risk-management tools.
Professional traders will be looking for sophisticated platforms with exceptional performance and a seamless trading experience featuring a range of charts, market indicators, and drawing tools. Beginner traders will be looking for an intuitive design, clear action labels, and helpful tips and prompts.
When choosing a trading platform, you should consider a range of features that cater to both novice and seasoned traders. Here are some elements to keep in mind:

Which FOREX Broker has the Best Platform?

Many traders find they cannot go wrong with MetaTrader’s powerful and robust MT4 platform. It is well-loved for good reason. Common features include excellent charting tools and insightful analytical packages. However, if you want to try something new, you can go for a proprietary platform. If you choose to do this, Saxo Bank offers advanced trading features and high-performing tools with unrivaled market analysis.

Which FOREX Broker Charges the Lowest Fees?

You will find that FXDD’s ECN account comes with the lowest fees. No matter your trading experience level, there is a pricing tier that caters to your needs.

Which FOREX Broker offers the Most CFDs?

For brokers that deal in the most CFDs, look no further than CMC Markets and IG, both of which offer a multitude of CFD selections.

Which FOREX Broker Offers the Most Assets?

CMC Markets and IG are the two FOREX brokers we would not hesitate to praise for the widest and most comprehensive range of financial assets.

Which is the Best FOREX Broker for Professionals?

Professional traders have worked hard to be successful in their field. As such, they are always on the lookout for online brokerages that have worked just as hard to offer the best features they can. These features normally include fast execution speeds, deep liquidity, and responsive customer support. Research and educational resources are two key areas that experienced traders try to make the most of as they can make better and faster decisions with reliable and expertly drafted information. In this case, you should look to brokers that use MT4, an industry stalwart of a platform that offers all the above. 

Pro Tips for Choosing the Best FOREX Broker

What are some ways to get the most out of the broker you have carefully chosen? One of the most powerful tools you can use as a trader is leverage. This is a situation where your broker allows you to access larger positions than you would have with your capital. Understanding leverage and associated terms, like stop-outs and margin, will give you an advantage in the market. Here’s what the terms mean:

Leverage:

Leverage allows you to control a large position with a small amount of invested capital. It is often expressed as a ratio, such as 50:1, indicating how much larger the trade can be compared to your own capital. Depending on the regulatory framework within which your broker operates, you'll encounter varying leverage rules. Several key regulators have introduced specific guidelines to safeguard retail traders.
Let's look at some of these leverage rules set by major regulators:
ASIC in Australia:
30:1 for major currency pairs
20:1 for non-major currency pairs, gold, and major stock market indices
10:1 for commodities other than gold and minor stock market indices
5:1 for equities (stocks) and other underlying assets
Swiss Financial Market Supervisory Authority (FINMA) in Switzerland:
FINMA doesn't specify leverage limits as does ASIC. However, Swiss brokers must strictly adhere to robust capital and risk management requirements, ensuring that they do not offer excessively high leverage that could endanger their financial stability or their clients' funds.
CySEC in Cyprus:
CySEC regulations fall closely in line with the European Securities and Markets Authority (ESMA) guidelines and the Markets in Financial Instruments Regulation (MiFIR).
30:1 for major currency pairs 
20:1 for non-major currency pairs
10:1 for major indices such as the S&P 500
5:1 for equities (stocks) and other underlying assets
FCA in the UK:
30:1 for major currency pairs
20:1 for non-major currency pairs, gold, and major indices
10:1 for commodities (excluding gold) and non-major equity indices
5:1 for individual equities and other reference values

Leverage, while offering handsome profits, significantly increases potential losses. Engaging in high leverage trading without a robust risk management strategy is like navigating treacherous financial waters without a safety net. Approach leverage with caution, employ sound trading strategies, and always try to develop a comprehensive understanding of market behaviors and how they affect your portfolio when you trade on leverage.

Stop out:

In retail FOREX trading, a stop out is a process where a broker automatically closes one or all of a trader's open positions when their margin level falls to a specific percentage level. The stop-out level is like the margin call level, except that it’s much worse
Margin refers to the amount of money that a trader needs to deposit with their broker to open and maintain a trading position. It is a percentage of the total value of the position, and it acts as collateral for the broker. The margin is calculated based on the leverage that the trader is using, which is the ratio of the trader's own funds to the amount of money that they are borrowing from the broker. The higher the leverage, the lower the margin requirement, and vice versa. 
The stop-out level is when the equity is lower than a specific percentage of the margin used. What does this mean to me? Stop-out and margin levels are the points at which a broker starts liquidating existing positions, so you need to pay close attention to how you are trading. 
There are three levels of stop outs in retail FOREX trading:
0% Stop out
This means that the broker will not automatically close a trader's positions, even if their Margin Level falls to 0%. This is the most favorable stop-out level for traders, but it is rare.
50% Stop out
This is the most common stop-out level in retail FOREX trading. If a trader's margin level falls below 50%, the broker will start closing their positions automatically until the margin level goes above 50%.
100% Stop out
This means that a trader's positions will be automatically closed by the broker if their margin level falls to 100%. This is the most unfavorable stop-out level for traders.
Here's an example of a Stop out level at 50%:
Let's say a FOREX broker has a stop out level at 50%. If your margin level falls below 50%, the broker will start closing your positions automatically until the margin level goes above 50%. It's important to note that once the liquidation process has started, it is usually not possible to stop it since the process is automated. 
Your broker's customer support team will not be able to help you reverse the process.  As such, using protective measures, like stop-loss orders and not over-leveraging, is always a good idea. Additionally, the specific percentage and the order in which positions are closed can vary among brokers, so traders need to be aware of their broker's policy on stop-out levels.

Margin:

Margin trading in FOREX is the term we use to say you have opened a position with leverage. A margin requirement is the amount of money you must deposit to open a leveraged position, often a percentage of the full value of the position. For example, a 1% margin requirement on a $100,000 position would mean that $1,000 must be deposited.
If the market moves against your position and the account value falls below a certain level, known as the maintenance margin, the broker may issue a margin call. This requires you to deposit additional funds to maintain the open positions or the broker may close the positions to avoid heavy losses. 
Different brokers have different policies regarding margin trading, including margin requirements, margin call and stop-out practices, and the time given to meet margin calls. For this reason, you must familiarize yourself with your broker's specific policies and you must always implement risk management strategies, such as stop-loss orders to limit potential losses when trading on margin.

Technical Aspects of the Broker’s Website

When it comes to sharing sensitive personal information online, such as a credit card, cyber security is paramount. You should, therefore, always be on the alert for SSL certification and two-factor authentication (especially when registering with a new site).   

Ask Other Traders on Our Network

Arincen has tried its best to create a supportive environment where traders of all backgrounds come to meet. After all, Arincen’s goal is to simplify the world of trading! Our website provides an excellent set of tools, like our market-leading signals, rolling news coverage, and a bustling community where traders from all sides of the experience spectrum can learn from each other. 

FOREX Trading Scams and How to Avoid Them

The best regulators take an active role in monitoring scam activity and publicizing information about brokers that are operating in their jurisdiction illegally. Be sure to subscribe to the consumer information service provided by your broker’s main regulator. You will receive regular information on the latest scam activity.
By subscribing to this information service, you should also receive details on how to access channels through which you can initiate complaints and tip-offs relating to suspicion of fraudulent activity or scams. This is the best way for you to be well-protected against common FOREX scams.

A regulated broker adheres to a stringent set of guidelines and operational standards, designed to ensure transparency, security, and integrity in all transactions. Electing to trade with an unregulated broker amplifies the risk of financial loss, fraud, and exposure to unethical practices. For a list of the best regulators, read our article here.

Will Your Money Be Protected if Your Broker Becomes Insolvent?

Some tier-1 brokers, like the FCA and the CySEC, operate compensation schemes that offer investment repayments up to a predefined level to traders affected by broker insolvency or malfeasance. Note that not all regulators, let alone all tier-1 regulators, offer access to compensation schemes. Be sure to ask your broker directly what they offer in terms of investor protection. Some brokers take out private, third-party insurance, and compensation facilities that can prove just as useful if the in-country regulator does not mandate compensation.

The Dos and Don'ts of FOREX Brokers

One of the first things a new FOREX trader should do is check the extent to which the FOREX company abides by the rules and regulations governing its operation. Emphasis must be placed on what it can and cannot do. 
There are seven things brokerage firms cannot do:
In short, the role of brokerage firms is strictly confined to facilitating buyers and sellers to come together toward an agreed-upon commission. FOREX brokerage firms that violate any of the seven rules should be avoided.

What is the Difference Between a Dealing-Desk and an Agency Broker?

Upon choosing your FOREX broker, you must understand the trade structure under which you will be operating. In short, you need to understand whether you are using a “Dealing Desk” FOREX broker or an “Agency Broker.” Understanding the differences and identifying them beforehand can significantly impact whether you feel comfortable using the broker you choose eventually. The last thing you need is for your broker to be trading “against” you. In what follows, we will define both in short, while pointing to their differences.
A Dealing Desk FOREX broker, also referred to as a Market Maker, is a broker that takes the other side of a client’s trades. He does so by pre-setting the bid-and-ask price and waiting for a trader who would be willing to take advantage of these terms. There are two ways Dealing Desk brokers make their profit: 
Most of the time, Dealing Desk brokers keep trades safely within their own liquidity pools, thus not requiring external liquidity providers. Though critics claim that these types of brokerage firms “exploit” the trader, others appreciate the fixed spreads that come with them.
By sharp contrast, the exact opposite of a Dealing Desk broker is an Agency Broker. While these brokers differ slightly in their offerings from those of a Dealing Desk FOREX trader, they do share some similarities, including not taking the other side of their clients’ trades. As a substitute, they 
Further, Agency Brokers tend to have lower spreads than Dealing Desk FOREX brokers, which, depending on the trader, can be an advantage or a disadvantage, as the spreads, in this case, aren’t fixed. 

Who is Arincen and What Are Our Services?

Put simply, Arincen is a social networking platform that brings together traders and experts to exchange expertise and ideas. Collectively, we evaluate the best FOREX brokers in the world while offering a comprehensive suite of services and tools, all in one place. The services provided by Arincen are wide. The range: 
The platform is so rich that you can create your own private portfolio of traders and experts you like and, at the same time, follow their recommendations and investment sentiments. Further, thanks to Arincen, users can keep an eye on market-price developments, as well as the latest news. Users can also benefit from the network’s educational courses on offer, to say nothing of exciting Webinars – all done in a modern and fast-paced work environment. Get all that you need in one place. Arincen: We Meet to Simplify the Trading World

Conclusion

Any new trader entering the FOREX market is heading into a space that is much more vibrant, competitive, and safe than at any time in our history. It's an exciting time to be starting out this adventure. Like any such enterprise, you need to make sure you are safe from pitfalls. That's why we will always reiterate our key message which is that any of the top online FOREX brokers you pick must be legally licensed and well-regulated.
Next, be sure to vet the best FOREX broker's tools, platforms, and reputation. Make sure that you can get customer service in your local language whenever you need it. If at any stage you are unsure about what steps to take when vetting the best brokerage accounts, you can always refer back to this article.

Methodology

The expert team at Arincen collected more than 120 pieces of data covering more than 100 licensed FOREX companies. Data collection was done in three ways:
  1.  Companies’ websites.
  2.  Other websites that have ranked FOREX companies.
  3. A survey questionnaire (referred to here as Survey “1”) was sent to the companies invited to participate in the exercise. We have identified thirteen criteria for our assessment, each containing several aspects and carrying its relative weight. These include licensing, deposits and withdrawals, number of assets, etc.     
Afterwards, we validated the data by:
  1.  Registering with FOREX companies as a secret shopper and/or as Arincen.
  2.  Survey number “2,” in which we asked these companies’ customers for important feedback and experience.
The next step saw us evaluate and rank each company, relying on the arduous work of 15 Arincen employees. We were careful in ensuring the most accurate assessment possible, including considering different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung etc.
To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies to evaluate our research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%.  To learn more about how we came up with the evaluation, please click here.

Forex Risk Disclaimer
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

FAQ

What is FOREX?

The FOREX market is the largest financial market in the world at some six trillion dollars daily, only followed by the credit market. The market operates 24 hours a day and five days a week (Monday through Friday), except international holidays.

How do you ensure the trustworthiness of a broker?

FOREX firms must at least obtain one license from a relevant regulatory authority. Otherwise, they should be avoided at all times. In this context, we present the five most important FOREX market regulatory bodies from around the world. 1. The Financial Conduct Authority (FCA), UK; 2. The Swiss Financial Market Supervisory Authority (FINMA); 3. The Australian Securities and Investments Commission (ASIC); 4. The Financial Markets Authority, New Zealand; and 5. The National Futures Association (NFA), US.

What do the dos and don’ts of brokerage companies include?

One of the first things a new FOREX trader ought to do is to check the extent to which the FOREX company abides by the rules and regulations governing its operation. Emphasis must be placed on what it can and cannot do, details on which were outlined at length above.

What are the associated costs and commissions associated with FOREX trading?

A first step in FOREX trading is identifying the spread differential, defined as the difference between the bid (sell) price and the ask (buy) price of a currency pair. While most FOREX currency pairs are traded without commission, the spread is one “cost” that applies to any trade that you place. This is, indeed, the biggest source of profit for the FOREX company. Good companies typically offer a EUR-USD spread of three basis points. As for commissions, FOREX trading companies can be placed in three categories. The first offer fixed spreads, while the second tender variable spreads, with a third category of companies offering low-cost spreads but that come with a (relatively high) fixed commission.

How important is good customer service in FOREX trading?

As timing is key to FOREX trading, you must pick a brokerage firm that is able to provide good customer support around the clock. This most notable include the company representatives being easy to reach, fast and polite, which will, in turn, spare you of having to worry about problems down the road.

Do FOREX traders pay tax?

FOREX trading is taxable in many countries. Traders are compelled to keep a close eye on their earnings as profits above a certain level are likely to attract taxes. Speak to a tax expert for more information.
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Marwan Kardoosh
The Editorial Department at Arincen makes an important contribution to the world-class content that can be found on the site. Arincen’s Head of Content and Chief Economist Marwan A. Kardoosh brings with him over 24 years of experience working in the...
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Adrian Ashley
Adrian Ashley is a seasoned business and finance writer. With a corporate career spanning over 20yea...
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Bahaa Khateeb
 Bahaa Khateeb is currently the CEO of Arincen, a start-up Fintech company based in Haifa. Baha...
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