Best forex brokers in 2024

Written by
Krisztián G.
Fact checked by
Tamás D.
Updated
3w ago
Dive into our toplist of regulated and trusted brokers that we tested with real money. Every broker is available in the United States.

Find below the strengths of the best forex brokers available in the United States, updated for 2024:

  1. Forex.com is the best forex broker in 2024 - Excellent selection of currency pairs. Competitive forex spreads. Diverse technical research tools.
  2. Oanda - Great trading platforms. Outstanding research tools. Fast and user-friendly account opening.
  3. IG - First-class web trading platform. Superb educational tools. Great deposit and withdrawal options.
  4. Interactive Brokers - Low trading fees and high interest on cash balances. Wide range of products. Many great research tools.
  5. eToro - Free stock and ETF trading. Seamless account opening. Social trading.
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Overview of the best forex brokers

While many forex trading brokers offer an excellent service, the ones in our toplist go the extra mile.

Broker
FX commission per lot
Minimum deposit
Forex.com
No commission is charged
$100
Oanda
No commission is charged
$0
IG
No commission is charged
$0
Interactive Brokers
Trade value less than $1 billion: 0.2 bps * trade value; min. $2
$0
eToro
No commission is charged
$10
Best forex brokers key data compiled for March 2024

Popularity of the best forex brokers

Interested in what others think? Here's how many people chose these brokers at BrokerChooser in the last 6 months.

Forex spread comparison

In most cases, the key broker selection criteria is how much you have to pay for a trade in spreads, commission and other trading costs, so we collected the most important forex spreads in the table below to help with your calculations.

Broker
EURUSD spread
GBPUSD spread
Forex.com
1.2
1.5
Oanda
1.0
1.5
IG
0.6
0.9
Interactive Brokers
0.2
0.4
eToro
1.0
2.0
Spreads at the best forex brokers in March 2024
We collect spreads regularly, please check the tooltip for the date of the data collection.
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If you are unsure how brokerage fees work, check out this article on the various fees, charges and costs.

Other fees at forex brokers

Non-trading fees are charges not directly related to a given trade and typically include the account maintenance fee, deposit/withdrawal fees, and the inactivity fee.

Broker
Withdrawal fee
Inactivity fee
Forex.com
$0
Oanda
$0
IG
$0
Interactive Brokers
$0
eToro
$5
Non-trading fees at the best forex brokers in March 2024

Can I trust these forex brokers?

Yes, BrokerChooser exclusively recommends legit brokers, overseen by at least one globally acknowledged regulator. We track more than 30,000 brokers and trading platforms that we don't recommend. To make sure that a broker is reputable and reliable, use our Scam Broker Shield tool.

Key criteria determining a broker's trustworthiness are: regulation, availability of investor protection, as well as a long and spotless track record. Explore the interactive table below, encompassing this array of vital data.

Broker
Top-tier regulators
Trusted broker
Forex.com
CFTC in the US, FCA in the UK, and ASIC in Australia
Oanda
FCA in the UK, CIRO in Canada, and ASIC in Australia
IG
FCA in the UK, BaFin in Germany, and ASIC in Australia
Interactive Brokers
FCA in the UK, SEC in the US, and ASIC in Australia
eToro
FCA in the UK, SEC in the US, and ASIC in Australia
Trust metrics for the best forex brokers in 2024
We label a broker as trusted if it has reliable regulation.

How to choose the best forex broker?

There is no universally declared best forex broker. Even the winner of our best FX broker toplist may not be suitable for certain traders. Here's why we say that.

What you look for in an FX broker depends on your experience as a forex trader as well as your trading strategy and other personal preferences. Regardless whether you are a novice or a seasoned trader, you will need to carry out some research and consider various factors to ensure you choose a reliable and suitable platform.

Here are some key aspects you should always take into account when selecting a forex broker:

  1. Regulation and licensing: Never compromise when it comes to safety. Make sure the broker you work with is regulated by a reputable financial authority such as the US Commodity Futures Trading Commission (CFTC), the UK Financial Conduct Authority (FCA), or the Australian Securities and Investments Commission (ASIC). Being overseen by a top-tier regulator means the broker operates with transparency and adheres to strict financial standards. Also find out whether your local financial market regulator requires brokers operating in your country to be licensed locally.
  2. Spreads and fees: Your trading costs can easily add up in forex. Compare the spreads and other trading fees (such as commission and financing rate) the broker charges with some other brokers. Lower spreads are generally more favorable for traders. Some brokers charge lower spreads but add a commission to each trade. Examine the fee structure thoroughly.
  3. Leverage: Leverage can be your best friend or your arch enemy in forex. It depends on you. Leverage allows you to control a larger position by borrowing money from your broker. You can open a larger position with a smaller amount of capital, which is great as it can multiply your gains. The huge risk here is that leverage also increases your losses. Make sure the offered leverage is in tune with your risk tolerance. Our analysts, forex traders themselves, prefer brokers that allow clients to set the leverage level on their trades manually.
  4. Trading platform: Whether a beginner or an experienced trader, the trading platform a broker offers is a key issue. As a beginner, you will want a platform that is easily understandable and comes equipped with straightforward navigation/functionalities. Advanced traders will typically look for the availability of more complex technical analysis tools. The MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms - offered by many forex brokers - are the most popular in the forex universe.
  5. Deposit and withdrawal options: Look into the available deposit and withdrawal methods. Ensure the broker supports convenient and secure payment methods for both funding and withdrawing from your trading account.
  6. Demo account: This is a must have if you are just starting out as a forex trader. Demo accounts simulate real trading accounts but you use virtual money to trade. These are perfect for practicing and learning a few tricks without risking your money.

As you can see, there are quite a few selection criteria you should consider before committing to a broker. Nevertheless, if you don't find the perfect match at first, you can always go ahead and open another account at a different broker. What's truly important is that you avoid scam brokers that will trick you to steal your money.

What's truly important is that you avoid scam brokers that will trick you to steal your money.

And now, let's see the top forex brokers in detail one by one, starting with the winner, Forex.com.

Recommended for forex traders looking for low fees and great research tools

Visit broker
68% of retail CFD accounts lose money

Forex.com snapshot
Minimum deposit $100
Mobile app score 4.5 stars
Withdrawal fee $0
Currency pairs 84
Inactivity fee Yes
Deposit method Bank transfer, Credit/debit cards, Skrill, Neteller
Withdrawal method Bank transfer, Credit/debit cards, Skrill, Neteller
Read review For a detailed analysis of Forex.com services, check out our review for 2024.

Recommended for forex traders who value a user-friendly platform and great research tools

Visit broker
78.3% of retail CFD accounts lose money

Oanda snapshot
Minimum deposit $0
Mobile app score 4.9 stars
Withdrawal fee $0
Currency pairs 68
Inactivity fee Yes
Deposit method Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller
Withdrawal method Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller
Read review For a detailed analysis of Oanda services, check out our review for 2024.
IG Logo

IG

Recommended for traders of any experience level looking for an easy-to-use trading platform

Visit broker
71% of retail CFD accounts lose money

IG snapshot
Minimum deposit $0
Mobile app score 5.0 stars
Withdrawal fee $0
Currency pairs 98
Inactivity fee No
Deposit method Bank transfer, Credit/debit cards, PayPal
Withdrawal method Bank transfer, Credit/debit cards
Read review For a detailed analysis of IG services, check out our review for 2024.

Recommended for traders looking for broad market access and a professional trading environment

Visit broker

Interactive Brokers snapshot
Minimum deposit $0
Mobile app score 4.3 stars
Withdrawal fee $0
Currency pairs 100
Inactivity fee No
Deposit method Bank transfer
Withdrawal method Bank transfer
Read review For a detailed analysis of Interactive Brokers services, check out our review for 2024.

Recommended for traders interested in social trading (i.e. copying other investors’ trades) and zero-commission stock trading

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

eToro snapshot
Minimum deposit $10
Mobile app score 4.9 stars
Withdrawal fee $5
Currency pairs 52
Inactivity fee Yes
Deposit method Bank transfer, Credit/debit cards, eToro Money, Neteller, Skrill, Trustly, iDEAL, Przelewy 24, RapidTransfer, Klarna, Giropay
Withdrawal method Bank transfer, Credit/debit cards, eToro Money, Neteller, Skrill, Trustly, iDEAL, Przelewy 24, RapidTransfer, Klarna, Giropay
Read review For a detailed analysis of eToro services, check out our review for 2024.

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How did BrokerChooser select the best FX brokers?

  • We checked whether the broker is regulated by a trusted regulator,
  • Compared fees (including spreads, withdrawal fee, commission),
  • Compared the number of currency pairs,
  • Checked order routing and research,
  • Opened an account and tested the platform (charting, features, usability, customer service).


Save hours of research!

Our expert team has done all the work for you, and reviewed brokers based on BrokerChooser's unique methodology.

BrokerChooser evaluates 9 key areas for all brokers including fees, safety, ease of account opening, education, and trading platforms. We check more than 600 criteria for each broker and finetune our methodology every year based on our own and our users' experiences. We have more than 100 brokers reviewed on our site and our team of analysts examines more than 60,000 data points overall.

FAQ

Which are the top forex brokers in the world?

These are the best forex brokers in the world in 2024:

  1. Forex.com - Low forex fees. Great variety of currency pairs. Diverse technical research tools.
  2. Oanda - Great trading platforms. Outstanding research tools. Fast and user-friendly account opening.
  3. IG - First-class web trading platform. Superb educational tools. Great deposit and withdrawal options.
  4. Interactive Brokers - Low trading fees and high interest on cash balances. Wide range of products. Many great research tools.
  5. eToro - Free stock and ETF trading. Seamless account opening. Social trading.

Is forex good for beginners?

Forex trading can be alluring for beginners due to its potential for high returns. However, it comes with a unique set of risks and complexities that might not make it the best choice for all beginners. Trading currencies involves high risk, mostly because it is highly leveraged, meaning that you can control a larger position size with a relatively small amount of capital by borrowing money from your broker. While this can amplify potential profits, it also magnifies potential losses.

Forex trading involves a steep learning curve. Understanding how currency pairs work, interpreting charts, using technical and fundamental analysis, and developing effective trading strategies requires time, effort, and dedication. Beginners need to invest considerable time in educating themselves about the market and trading techniques.

In addition, you will need strong emotional discipline if you are to be a successful forex trader. You will need to manage their emotions, avoid impulsive decisions, and stick to your trading plans even in the face of losses. The psychological pressures of trading can be overwhelming for beginners.

These are just some of the risks and copmplexities of forex trading, the list is actually much longer.If you are interested in forex trading, take the time to educate yourself, practice with a demo account, and start with a small amount of capital that you can afford to lose. Additionally, consider seeking advice from experienced traders or financial professionals before diving into the world of forex trading.

What does a forex broker do?

A forex broker, short for foreign exchange broker, is a financial intermediary that helps retail investors, corporations and other entities trade foreign currencies in the forex market. These brokers provide access to the market, execute trades, provide trading platforms and liquidity, offer leverage and margin trading, as well as analytical and educational tools. As a retail trader, forex brokers are your bridge to trading currencies.

Reputable forex brokers are regulated by relevant financial authorities in their respective jurisdictions. Regulatory oversight helps ensure that brokers adhere to industry standards, follow ethical practices, and provide a fair trading environment for their clients.

How much money do I need to begin forex trading?

There is no fixed amount of money that applies to everyone when it comes to forex trading. It's crucial to assess your financial situation, risk tolerance, and trading goals to determine the appropriate amount of capital for you to start trading.

One thing to consider is the minimum deposit requirement of your broker. Some brokers allow you to open an account with as little as $50 or $100, while others might require a higher initial deposit.

You can start trading forex with as little as $10 or $50 and still be able to open larger prositions due to leverage. Leverage is the practice of borrowing money from your broker to trade. Be extremely careful with this possibility, as leverage multiplies not only your gains but also your losses. Aside from the initial deposit, consider trading costs such as spreads (the difference between buying and selling prices), commissions, and overnight financing costs (swap rates). These costs can impact your overall profitability.

When deciding how much capital you need, consider trading costs such as spreads (the difference between buying and selling prices), commissions, and overnight financing costs (swap rates). These costs can add up and impact your overall profitability.

Remember that forex trading involves risk, and it's best to start with a smaller amount and gradually increase your capital as you gain experience and confidence in your trading abilities.

Can I trade forex without a broker?

No, you cannot directly trade forex without a broker. The forex market operates through a decentralized network of banks, financial institutions, and brokers who facilitate currency trading.

You need a broker to gain access to the forex market, to have a platform on which to trade and prices to go by. These are all provided by your broker.

Forex is traded with leverage. Leverage is the practice of borrowing money from your broker to be able to open larger prositions. This possibility is also provided by brokers. A word of caution: be extremely careful with leverage, as it will multiply not only your gains but also your losses.

If you want to trade forex, you will need to open a trading account at a forex broker and deposit enough money to be able to start trading. Make sure you choose a well-regulated broker as the forex universe is awash with scams.

Want to understand forex trading in more detail?

Check out these articles written by our broker and trading experts:

Got questions?
Engage with our growing community of traders and investors like you to find your answers.
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Author of this article

Krisztián Gátonyi

Forex • Market Analysis • Stock Market

I have 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. I'm actively involved in reviewing the 100+ brokers listed on our site. I personally open accounts with real money, execute trades, test customer services. I hold an MSc in International Business from the University of Middlesex. My purpose is to help people find the best investment provider.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

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