​Best Forex Brokers for 20​20 (our top picks)

Our #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 Review - #1 best Forex broker

  • ​Propriety web based platform suitable for all levels
  • ​Competitive commissions and fees. See all
  • ​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.

​​Etoro - #​3 best Forex broker

  • ​​Next generation HTML5 trading program, super fast and reliable. See screenshots.
  • ​Competitive commissions and fees. See all
  • ​​Great customer service (less than one minute to service)
  • ​Nice research ​offering Insights News, CMC markets blog and its own print magazine.

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 No-Commission Broker: Dukascopy

No-commission brokers with variable spreads work best for smaller trading volumes and less liquid instruments.

These will allow you to optimize your trading to account for periods of less or more liquidity, giving you control of your spread costs.

In this category, Dukascopy is our broker of choice.

One particularity of their trading platform is that they require users to download a desktop app, as opposed to the standard browser-based interface offered by competitors.

From our personal experience, this led to some issues, particularly with app update downloads. On the other hand, we found this to be one of the most technical and complete trading platforms, offering API access for algorithmic trading.

The interface looks and works great, which is why this is our low-cost choice for low volume traders.

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.

To check out their current spreads, click here.

Best Forex Trading Platform – FXCM

Of all the tested platforms, FXCM 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- IG

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.

IGs 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, IG 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.
  • IG 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, IG 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.

​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.