Best Forex Brokers for 2020

Best Forex Brokers for 2020 (our top picks)

Forex broker lists

Our picks for the best forex brokers are:

  • IG.
  • CMC Markets.
  • OANDA.
  • London Capital Group (LCG)
  • X-Trade Brokers (XTB)
  • Forex.com.
  • Pepperstone.
  • Saxo Bank
  • Dukascopy
  • XTB
  • FXCM
  • City Index
  • eToro
  • Plus500

Our picks for the best forex brokers are:

  1. IG.
  2. CMC Markets.
  3. OANDA.
  4. London Capital Group (LCG)
  5. X-Trade Brokers (XTB)
  6. Forex.com.
  7. Pepperstone.
  8. Saxo Bank
  9. Dukascopy
  10. XTB
  11. FXCM
  12. eToro
  13. Plus500

Our picks for the best forex brokers are:

Forex BrokerStar RatingYear Founded
IG.4.92011
CMC Markets.4.82009
OANDA.4.82005
London Capital Group (LCG)4.72004
X-Trade Brokers (XTB)4.72013
Forex.com.4.62001
Pepperstone.4.52014
Saxo Bank4.52011
Dukascopy4.72010
XTB4.42009
FXCM4.82006
eToro4.32003
Plus50042001

#1 Best overall broker

  • Web based Platform
  • Publicly traded and licensed
  • Broad range of markets

#2 Best overall broker

  • Plus500 is in fact a CFD broker
  • Competitive Forex spreads
  • Regulated in multiple major markets 

76.4% of retail CFD accounts lose money

#3 Best overall broker

  • Largest selection of currency pairs
  • Regulated in major markets & listed in UK
  • Powerful charts & pattern tools

Forex.com Snapshot - #1 best Forex broker

  • FOREX.com is publicly-traded & regulated in four tier-1 jurisdictions, this makes it a safe broker (low-risk) for forex and CFDs trading
  • Pricing at FOREX.com is simple and easy to understand. It is also competitive because it uses a tiered discounts approach based on your total monthly trading volume. FOREX.com also offers tight spreads on cryptocurrency CFDs.
  • Excellent customer service (less than one minute to service)
  • Excellent research both in house and third party. Read full review.

Plus500 - #2 best Forex broker

  • Is regulated by top-tier financial authorities, like the UK FCA and the Australian ASIC so is safe.
  • No withdrawal fee & low trading fees
  • Platform is extremely customizable which is great for charts etc. However not available to US traders.

Note: Not available in USA

Etoro - #3 best Forex broker

  • eToro was founded in 2007 and is regulated in two tier-1 jurisdictions and one tier-2 jurisdiction, this makes it a safe broker (low-risk) for forex and CFDs trading.
  • eToro is excellent for crpyotcurrency and social copy trading. eToro also offers a user-friendly web platform and mobile app that is great for less experienced traders.
  • For regular CFDs and forex spot trading, eToro is pricier than most of their competitors, they also charge wide spreads, despite offering a premium account for high deposit clients. Additonally, while eToro offers traders unique research for social trading, in our experience we thought its market research tools were slight below par.

Best Forex Brokers

Choosing your forex broker is an important decision that will affect your trading returns and overall experience.

Today we’ll be looking at the 6 best forex brokers in terms of fees and commissions, platform user experience, research, trading app performance, and customer service.

All brokers listed in the article have been tested rigorously by our team, who came up with an overall winner, announced at the end of the article.

Best Forex Broker for Low Costs

Trading costs will vary according to your trading volume and strategy.

You can choose to trade with a no-commission platform, which will charge you a fixed spread per trade, or go with a commission charging platform, which will charge a fixed commission per trade, plus a variable spread, that is generally lower than the spread offered by no commission brokers.

The choice of commission type will be largely dependent on the volume and type of instrument traded.

Best Commission Charging Broker: FOREX.com

If you’re trading in very liquid markets and with a relatively high volume, commission charging brokers are the way to go.

And according to our experience, FOREX.com is the pick of the litter in this category.

With a very modest charge of 5$ per 100 000 units traded, they offer one of the most competitive forex commission structures in the market.

The web-based trading interface offered by FOREX.com does not stand out from the competition, though we did enjoy the dashboard, which features a symbol search bar for quick access to pricing information on any given security.

Overall, we found that FOREX.com offers some of the best spreads + commission structure, with the USD EUR/USD going as low as 0.2 pip.

Best Forex Trading Platform – Forex.com

Of all the tested platforms, Forex.com had the most intuitive and user-friendly layout.

Some of the standout features we enjoyed included:

  • Drag and drop customizable dashboard “widgets”. With a few clicks and drags, you can setup your own dashboard with currency pair charts, an economic calendar which can be filtered according to currency, a feed of the latest relevant news, an overview of your open positions, a list of current dealing rates for all major currency pair, and much more.
  • A very simple order execution layout, with optional advanced features.
  • Reports, research, market data, tutorials, and more, all easily accessible from the left bar menu.

All of this at lightning fast speed. Even with slower internet connections, we were able to trade and receive quotes at an impressive speed.

This is, undoubtedly, the most user-friendly trading platform in the market.

They also offer a fixed spread that varies with trading volume, making it perfect for all types of trader: high and low volume.

Best Forex Trading App- ThinkorSwim Mobile

One of the perks of trading forex for a living is that it can be done from anywhere in the world. You don’t even need a laptop anymore; your smartphone is enough.

Order execution time might be a bit slower and fat finger errors may become an issue if you’re not careful, but at the very least, a good mobile app will allow you to track your trades from anywhere in the world.

And the very best mobile forex trading app is, in our opinion, is the one provided by thinkorswim.

The dashboard is centered around a watchlist, which requires you to add symbols to be tracked continuously.

We quite enjoyed this design as it allows you to quickly get information on the currencies you are trading.

One of disadvantages of using thinkorswim / TDAmeritrade is the opaqueness of their fees. They charge a variable spread that cannot be quickly or publicly consulted.

However, overall, the trading experience is quite good.

If your trading strategy isn’t too reliant on tight spreads and requires you to be constantly connected, we encourage you to give thinkorswim a try.

Best Customer Service- Forex.com

There are only two types of traders: Ones who have had issues with their trading platform, and those who will have issues with their platform in the future.

When that happens, the difference between average customer service and excellent customer service can mean savings in the several thousands of dollars.

Forex.coms customer service stood out as they offer live chat, 24 hours phone support, a peer support forum, and dedicated support social media accounts. They really got all angles covered.

The trading interface is simple and clean, just how we like it, and the variable spread offered is quite competitive.

Overall, a solid choice for users trading complex financial instruments and requiring an above-average level of customer support.

Final Thoughts and Overall Winner

According to our analysis, Forex.com is the best overall forex broker.

Here’s why:

  • Its interface is highly intuitive.
  • It offers industry-leading customer support.
  • Includes a great mobile trading app.
  • Forex.com is an exchange listed company with solid financials.
  • It offers a huge variety of financial instruments to trade.

If you're looking for a solid broker for the long-term, Forex.com is your broker.

We hope that this overview of the best forex brokers in the market has helped you take the plunge into forex trading.

As you choose your broker, remember that in the long run your strategy will be more important than your broker.

So, although you should thoroughly research your broker, it is more important to take action and start trading without obsessing over minute details.

Overall, a solid choice for users trading complex financial instruments and requiring an above-average level of customer support.

Forex trading involves risk. Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. You may lose more than you invest. We recommend that you seek independent advice and ensure you fully understand the risks involved before trading

Best forex broker FAQ

How do I choose the best forex broker for me?

There are two important things to keep in mind when choosing an online broker for forex trading. Number one, ensure your broker is properly regulated. The safety of your deposit should always be the top priority. Secondly, compare the brokers trading platforms, tools, and investment research. Luckily for you we have already done a big breakdown of the best forex broker for you(e.g., number of forex pairs and CFDs available to trade).

How do I know if a forex broker is regulated?

The best way to check if a forex broker is regulated is to first identify the register number from the disclosure message at the bottom of the homepage on the broker's website. Second step is to validate that number on a regulators website. You should ensure that the broker is regulated in your country. If you want read reviews from regulated safe brokers then read our page here.

What is the minimum deposit for Forex?

This varies from broker to broker but it averages out around $100. See a full list of recommended brokers and their breakdown here.

What is the best forex trading platform?

In short it really depends on your needs. I have tested a lot of brokers and brought my list down to the top three brokers.

​Jack Morgan

​Author: Jack Morgan

Jack Morgan is the senior broker tester at Financeeo. Bringing more than 20 years experience from the online broker industry. Jack has spent many hours rigorously testing brokers.

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