Best forex brokers in Cayman Islands in 2024

Take a look at the interactive table below to compare the key services each broker in our toplist offers. We personally checked and tested all the features and services we consider most crucial for users.

The fees you pay for a trade play a critical role in selecting a broker. While trading fees are super important in our rankings, they aren't the only ones. Although we prioritize low-cost or even zero-fee brokers, our experience tells us that the cheapest option isn't always the best choice. We collected the most important fees for you in the following interactive table.

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.

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.

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, CMC Markets.

Recommended for forex and CFD traders looking for an advanced trading platform with many research tools

Visit broker
71% of retail CFD accounts lose money

Recommended for forex traders looking for low fees and a chance to use the MetaTrader 4 platform

Visit broker
74-89% of retail CFD accounts lose money

Recommended for forex and CFD traders who are familiar with the MetaTrader trading platforms

Visit broker
74-89% of retail CFD accounts lose money

Recommended for forex and CFD traders who value easy account opening and free deposit/withdrawal options

Visit broker
70.64% of retail CFD accounts lose money

Recommended for forex traders familiar with the MetaTrader trading platforms

Visit broker
74-89% of retail CFD accounts lose money

Recommended for forex and CFD traders familiar with the MetaTrader trading platforms

Visit broker
74-89% of retail CFD accounts lose money

Recommended for forex and CFD traders familiar with the MetaTrader trading platforms

Visit broker
74-89% of retail CFD accounts lose money

Recommended for forex traders looking for low fees who are familiar with the MetaTrader 4 platform

Visit broker
72% of retail CFD accounts lose money

Recommended for forex traders who prefer the MetaTrader platform

Visit broker
74-89% of retail CFD accounts lose money

Recommended for forex and CFD traders familiar with the MetaTrader and IRESS trading platforms

Visit broker
72.5% of retail CFD accounts lose money

Answer a few questions and get a personalized broker list!

Get a personalized broker recommendation

125,500 people have already found a broker using this tool!

Each answer refines your broker toplist.

Where do you live?

Why it matters

United States

Start matching me with the best 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.

Which are the top forex brokers in the world?

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

1. CMC Markets - Low forex fees. Great web and mobile platforms. Advanced research and educational tools.
2. Fusion Markets - Low trading and non-trading fees. Fast and easy account opening. Great customer service.
3. Global Prime - Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
4. IC Markets - Low forex fees. Easy and fast account opening. Free deposit and withdrawal. Offers standard and raw spread accounts.
5. VT Markets - Low trading fees. Easy and fast account opening. Great email and live chat support.
6. Vantage - Low non-trading fees. Super fast account opening. Seamless deposit and withdrawal.
7. Moneta Markets - Low forex fees. Easy and quick account opening. Seamless deposit and withdrawal.
8. Tickmill - Low forex fees. Fast and easy account opening. Free deposit and withdrawal.
9. FXTRADING.com - Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
10. FP Markets - Low forex fees. Easy and fast account opening and funding. Great education tools.

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:

• Forex trading explained
• Top forex trading strategies
• Is forex trading legit? How to spot a scam
• How to trade forex - a practical example