The Most Trusted Forex Brokers List [Guide for 2024] (2024)

Written byJustin Grossbard

Edited byDavid Levy

Fact Checked byRobert Payne

What Changed?

Each month we update average spreads data published by the brokers the retail brokers lose %

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We think Pepperstone use of seven regulators, including four Tier 1 authorities like ASIC and the FCA plus long term presence (since 2010) instills trust.

Notably, the broker delivers fast execution speeds, averaging 77 ms in our tests, and have low average spreads (0.1 pips for the Razor account). Along with MT4, MT5, cTrader and TradingView platforms Pepperstone has a compelling blend of trust, speed, and cost-effectiveness which led to our high 98/100 review score.

The Best Multi-Regulated Forex Broker Overall

Pepperstone is an Australian broker that holds financial services licences from multiple major financial authorities around the world. As forex and contracts for difference (CFDs) are complex instruments that come with a high risk of losing money, it is vital that retail investor accounts sign up to a trusted, regulated broker.

Top-Tier Global Regulation

Pepperstone is licenced by five financial regulators, allowing the broker to operate in various locations and accept customers from around the world.

• UK Traders: Regulated by the Financial Conduct Authority (FCA).
• Australian Traders: Regulated by the Australian Securities and Investments Commission (ASIC).
• UAE Traders: Regulated by the Dubai Financial Services Authority (DFSA).
• Kenyan Traders: Regulated by the Capital Markets Authority of Kenya (CMA).
• Global Traders: Regulated by the Securities Commission of The Bahamas (SCB).

Depending on which of the five Pepperstone subsidiaries you register with, you will be able to trade with different amounts of leverage and receive different investor protections. Although each location offers different levels of protection, the global forex trading community sees all Pepperstone branches as trustworthy because of their transparency and respect for local regulation.

As shown in the table below, the UK’s FCA enforces the strictest financial regulation, with leverage caps of 30:1 and negative balance protection a requirement. Negative balance protection is a risk management policy that ensures you do not end up with a trading account balance in the negatives and consequently indebted to your broker. Likewise, the FCA’s Financial Services Compensation Scheme (FSCS) means if your broker becomes insolvent and you cannot withdraw your trading account balance, you can claim up to £85,000.

When trading with leverage, you are magnifying both your gains and losses, increasing the high risk of forex and CFDs even further. Therefore, depending on the Pepperstone subsidiary you sign up with, the maximum leverage you can trade with will vary. Although ASIC currently allows high maximum leverage of 30:1 for forex trading, the regulatory body is introducing new rules starting Feb 2022, where leverage is capped at 30:1 for major currency pairs and 20:1 for minor FX pairs.

Traders based in the United Arab Emirates (UAE) will face leverage caps of 50:1, while traders based elsewhere can access leverage up to 200:1 through the SCB-regulated subsidiary in the Bahamas.

Trading Account Types

Regardless of the Pepperstone subsidiary you sign up with, you will be able to choose from two main trading account types – a commission-free standard account or a commission, ECN-like Razor account. Both account types provide you with ultra-competitive spreads thanks to Pepperstone’s no-dealing desk execution model.

Unlike market makers that use only one source of liquidity, no dealing desk brokers utilise multiple liquidity providers providing you access to the best forex spreads available at any given time.

Standard Account Type

A great option for beginner traders, standard account types offer a simple pricing structure with commission-free forex trading. While spreads are wider than commission accounts, there are no additional commission fees on top of the spread, removing the need to calculate commission costs as you are trading.

The broker offers minimum spreads starting from 1.0 pips for standard account holders, with average spreads shown in the table below. When compared to other top online forex brokers, Pepperstone provides the tightest spreads across the board. For major currency pairs like the EUR/USD, Pepperstone clients can access no-commission spreads averaging 1.16 pips, while other FX brokers like Forex.com offer 1.30 pips. Again, for the EUR/GBP currency pair, Pepperstone offers 1.35 pips when Tradersway promotes an average spread of 2.50 pips.

If you want to try out commission-free trading prior to signing up to a live account, you can register for a free demo account. To start trading with real money, Pepperstone does not require you to make a specific initial minimum deposit, although they recommend at least $200.

ECN-Pricing Razor Account

With spreads starting from 0.0 pips, the broker offers an excellent ECN-like trading experience via its Razor Account type. As well as competitive spreads, forex traders can enjoy fast execution speeds and minimal slippage with no dealing desk interference. Because spreads are as low as 0.0 pips, to compensate Pepperstone for its brokerage services, you pay a flat-rate commission fee of AUD3.50 per side, per 100k traded.

As with its standard pricing, Pepperstone’s Razor spreads are tighter than other FX brokers. You can trade average spreads of 0.16 pips for the EUR/USD and USD/JPY currency pairs, compared to Tradersway which offers 0.50 pips or Nova FX that averages 0.70 pips.

Pepperstone Spread Comparison

As well as the option of trading commission-free or ECN-like spreads with a trustworthy and highly regulated broker, Pepperstone offers the following key features:

• Three of the most popular trading platforms worldwide – MetaTrader 4, MetaTrader 5 and cTrader.
• The broker’s trading platform options can be accessed via a desktop trading or WebTrader trading platform, as well as mobile apps for Android and iOS devices.
• Automated trading features on all trading platforms, with social-copy trading and algorithmic trading tools (Expert Advisors or cBots).
• Charting tools for advanced technical analysis.
• A wide range of CFDs, including forex, indices, commodities, shares, and cryptocurrencies asset classes.
• Fee-free deposit and withdrawal options.
• Award-winning customer support with 24/5 live chat, phone, and email contact methods.

Verdict On Pepperstone’s Trust Factor

We rated Pepperestone as having the best trust factor based on their tier 1 regulation from Australia, Germany to the UK. The provider was rated as the best broker for forex trading based on their published (and tested) lowest standard account spreads, fast execution speeds and award-winning customer service.

View Pepperstone ReviewVisit Pepperstone

Established in 2007 and regulated by ASIC and CySEC and having reliable, low spreads, we think IC Markets has earned a spot on our most trusted broker list and a rating of 84/100.

With an average RAW spread on EUR/USD at 0.02 pips—significantly lower than the industry average of 0.22 pips—in our opinion IC Markets stands out. We also liked that you can trade with MT4, MT5, and cTrader.

The Top Choice Of Trusted Trading Platforms

IC Markets is a multi-regulated forex broker that offers a great selection of top trading platforms and access to financial markets. As well as a competitive trading environment, the broker’s top-tier regulation and customer support means the worldwide forex community sees IC Markets as a trustworthy broker.

Similar to Pepperstone, the broker offers two main account types. A standard account provides commission-free currency trading, while the commission-based raw spread account type will give you access to tight ECN-Pricing spreads.

• Standard Account (Commission-Free): Spreads from 1.0 pip with no commission fees.
• Raw Spread Account (Commission): Spreads from 0.0 pips + $3.50 commission fee per side, per 100k traded.

Regardless of the account type you sign up to, your orders will be executed with no dealing desk (NDD) interference. NDD execution allows for transparency as the spreads a broker is offering are sourced from multiple external liquidity providers. This adds another layer of trust when compared to market makers that set their own bid-ask prices (spreads) and fill orders using internal liquidity sources.

Forex Trading Platforms

As an IC Markets forex trader, you have a choice of three trusted mainstream trading platforms – MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader. Depending on the platform you choose, a different selection of trading tools and CFDs will be available.

The account type you sign up to also determines the trading platforms you can access.You are restricted to MetaTrader platforms as a standard account holder, while raw accounts are available with MT4, MT5 or cTrader.

MetaTrader 4 and MetaTrader 5

MetaTrader4 (MT4) and MetaTrader 5 (MT5) keep their titles as the most trusted forex trading platforms because of their long-standing reputations, advanced analysis tools, large forex community, and automated trading features.

• An inbuilt charting package designed for advanced technical analysis.
• Algorithmic trading with Expert Advisers (EAs).
• Back-testing to optimise EA strategies.
• Low latency and fast order execution because of MetaTrader servers in Equinix’s New York data centre.
• Different order types to maximise profits and minimise losses.
• Social trading with ZuluTrade and Myfxbook’s account mirroring services.
• No restrictions on CFD trading with hedging and netting permitted.
• Flexible lot sizes as small as 0.01 lots (1 micro lot).
• An exclusive and free IC Markets MetaTrader add-on tools package.

Both MT4 and MT5 are available as a desktop trading platform, webtrader platform, or mobile apps for Android and iOS devices.

cTrader

cTrader is a forex platform that provides an institutional-grade trading environment with high-speed order execution. Ideal for ECN-Pricing trading, you can access level 2 depth of market pricing on cTrader, with prices streamed directly from multiple liquidity providers. To ensure fast order execution, the broker’s cTrader servers are hosted by Equinix’s London Data Centre.

Key features of using cTrader with an IC Market’s raw account includes:

• Level II market depth with tight spreads as low as 0.0 pips.
• Multiple order types to manage the high risk of trading with no limit order restrictions.
• Automated trading with trading robots (cBots).
• Easy to use, one-click trading.
• Micro lot trading with no maximum lot size.

Although in total IC Markets offers 7 different asset classes as listed below, you can only access foreign exchange markets and equity indices when trading CFDs on cTrader. To access a more diverse range of CFDs you will be required to choose a MetaTrader platform.

CFD And Forex Market Access

The financial markets you can access depend on the trading platform you are using. MT4 and cTrader were predominately designed for retail foreign exchange trading, compared to MT5, which is a multi-asset platform where share trading is permitted. When trading CFDs with IC Markets, you will be able to access the following financial markets:

• 60+ foreign currency markets, with major, minor and exotic forex pairs available.
• 23+ major global indices.
• 19+ commodities against the US dollar or as commodity futures.
• 5+ bonds derived from Japanese, European, United Kingdom and US Governments.
• 10 cryptos including Bitcoin, Ethereum, Dash and Litecoin.
• 4 futures like the CBOE VIX Index or ICE Dollar Index (MT4 only).
• 120+ stocks across NASDAQ, NYSE and ASX stock exchanges (MT5 only).

Financial Regulator

The broker operates three subsidiaries, two regulated by tier-1 financial authorities and one offshore.

• Australian traders can open an account with the IC Markets Pacific entity, regulated by the Australian Securities and Investments Commission (ASIC).
• European traders can register with the EU branch regulated by the Cyprus Securities and Exchange Commission (CySEC), which is a member of the European Securities and Markets Authority (ESMA)
• Global traders can sign up to the offshore IC Markets subsidiary regulated by the Seychelles Financial Services Authority (FSA).

Customer Support

Being able to get in touch with your broker should be easy. IC Markets have an excellent reputation for efficient customer service with 24/7 availability. You can use email or phone to contact a customer support representative or use the live chat feature online.

IC Markets – Trusted Trading Platforms

With MetaTrader 4, MetaTrader 5 and cTrader available, IC Markets offers the three most trusted trading platforms worldwide.

We say Fusion Markets is one of the most cost-effective brokers not just for spreads but commissions too and they are regulated by ASIC for added trust.

Our research reveals the broker’s commission is only $2.25 per lot, significantly below the industry average of $3.48. The RAW account boasts exceptionally low spreads, averaging 0.22 pips on EUR/USD, surpassing the industry average of 0.49 pips.

Platforms to trade with include the popular MT4, MT5 and cTrader.

The Broker That Offers Promise Of The Lowest Commission Fees

Fusion Markets is a top Australian forex broker that is overseen by the country’s top-tier financial regulator. While the majority of clients sign up to the ASIC regulated branch, Fusion Markets is also regulated offshore by the Vanuatu Financial Services Commission (VFSC).

Key Features Of Fusion Markets:

• Two account types – a Classic Account for commission-free trading or an ECN-Pricing, ZERO Account.
• ZERO Spreads starting from 0.0 pips for the EUR/USD and averaging 0.09 pips.
• MetaTrader 4 (MT4) provides access to a wide range of forex pairs, commodities, indices, cryptocurrencies and share CFDs.
• Automated trading with Expert Advisors and Myfxbook AutoTrade.
• Fast execution speeds averaging 0.02ms on MT4.
• Advanced charting tools inbuilt into MT4 for sophisticated technical analysis.
• An economic calendar to aid with fundamental analysis.

Low Commission Fees

Fusion Markets ZERO account charges ultra-competitive commission fees when compared to other top brokers. As well as low fees, ZERO account holders can trade tight ECN-like minimum spreads of 0.0 pips, meaning overall trading costs are significantly less than other forex brokers.

While most brokers charge AUD $3.50 per side per 100k traded, Fusion Markets ZERO traders pay a mere $2.25 per side. As shown below, regardless of your accounts pay currency, you will pay nearly half of what competing broker’s commission charges.

On top of low trading fees, the broker also charges no account management penalties such as inactivity, deposit or withdrawal fees. Likewise, Fusion Markets enforces no minimum deposit requirements, meaning you can open a trading account with as little as $0.

Fusion Markets – The Lowest Commission Fees

With commission fees of AUD $2.25 per side per 100,000 traded, Fusion Markets charges significantly lower commission fees compared to other top brokers.

IG Group has the most extensive range of trading products we’ve seen, with over 17,000+ markets ranging from forex to indices. The broker is regulated by 13 authorities, including five Tier-1 regulators like CySEC, FCA, and ASIC – the most regulated broker we’ve reviewed.

The broker has decent average spreads at 1.13 on EUR/USD with no commission on trades. We were impressed by the range of trading features IG Group offers for its low fees, scoring them 81/100 in our reviews.

One Of The Oldest And Largest Forex Brokers

Established in 1974, IG is one of the oldest forex brokers with over 45 years of industry experience. As a market maker broker, you can sign up to a commission free online trading account that requires no specific initial minimum deposit. As an IG client, you can trade an extensive selection of 17,000+ CFDs derived from the following asset classes:

• Forex
• Commodities
• Indices
• Cryptocurrencies
• Shares
• Bonds
• Interest Rates
• Options
• ETFs

Global Regulation

Signing up to a reputable broker will help you avoid scams and reduce the high risk of trading CFDs by providing various investor protections (dependent on where you live). Worldwide, IG is seen as a well-respected and global broker with 10 different highly regulated subsidiaries:

• UK: Regulated by the Financial Conduct Authority (FCA)
• Switzerland: The Swiss Financial Market Supervisory Authority (FINMA)
• Europe (elsewhere): Germany’s Federal Financial Supervisory Authority (BaFin).
• Australia: The Australian Securities and Investments Commission (ASIC)
• New Zealand: The Financial Markets Authority (FMA)
• Singapore: The Monetary Authority of Singapore (MAS)
• Japan: Japan’s Financial Services Agency (JFSA)
• Dubai: The Dubai Financial Services Authority (DFSA)
• The United States: The Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA)
• South Africa: The Financial Sector Conduct Authority (FSCA)

As shown above, segregating client funds from IG’s operating capital is a standard investor protection policy offered by the broker. In the unlikely event IG was to become insolvent, deposit compensation schemes are only available for European traders, including those from Switzerland and the UK.

If you are based in the UK, the US or Europe (excluding Switzerland), you will also receive negative balance protection (NBP). This form of investor protection means you cannot lose more than you have deposited into your trading account, eliminating the risk of ending up in debt to IG.

IG – A Large and Established Broker

With nearly 50 years of forex industry experience, IG is one of the oldest and largest brokers. 10 different IG subsidiaries operate globally, each overseen by top-tier financial regulators.

Licenced by ASIC and CYSEC, FP Markets has been in operation nearly 20 years. Our research found the broker offers low average RAW spreads, starting at 0.1 pips on major pairs like EUR/USD and USD/JPY—considerably tighter than competitors.

Our tests done by Ross Collins also found FP Markets is good for scalpers due to its fast execution speeds, averaging 99 ms for market orders. Trading can be done using MT4 or MT5 trading platforms.

The Transparent Spreads And Low Fees Broker

FP Markets is an ECN-Pricing forex broker that is overseen by multiple financial authorities. FP Markets is a great option if you are looking for a broker that offers ultra-tight spreads while following the regulation set by top-tier financial authorities.

Depending on where you live, you can sign up to one of four FP Markets branches.

• Australian traders: The brokers Australian branch is licenced and regulated by the Australian Securities and Investments Commission (ASIC)
• European traders: In Europe, FP Markets is regulated by the Cyprus Securities and Exchange Commission (CySEC)
• Global traders: Traders living elsewhere have the option of the brokers international branches, overseen by either the Saint Vincent and the Grenadines Financial Services Authority (FSA), or the Securities Commission of the Bahamas (SCB).

As with multi-regulated competing brokers, each FP Markets branch offers different levels of investor protection.ASIC and the FSA require client funds to be kept in segregated accounts, separating client and company funds. But, in Europe, CySEC provides more protection with an investor compensation scheme and the requirement of negative balance protection policies.

Transparent Pricing And Fee

You will be able to access ultra tight spreads while paying low fees regardless of where you live and the FP Markets subsidiary you sign up to.

The broker offers two different trading account types and pricing structures. Both accounts require a minimum deposit of AUD $100 to start trading and can be used with either MetaTrader 4 or MetaTrader 5:

• Standard Account: Commission free trading with forex spreads from 1.0 pip + no commission fee.
• Raw Account: Tight spreads starting from 0.0 pips + $3.00 commission fee per side, per 100k traded.

As a no dealing desk (NDD) broker with ECN-pricing and execution, FP Markets offers a transparent pricing structure. The broker sources its liquidity from several external providers, allowing you to gain access to the tightest spreads in the market.

Along with ultra-tight spreads, the ECN pricing model means traders can enjoy low latency execution and minimal slippage when trading on MT4 and MT5.

FP Markets is an ECN-pricing broker that offers ultra-tight spreads thanks to its deep liquidity. The NDD broker utilises various external liquidity sources, meaning traders gain access to competitive aggregated pricing.

We think eToro stands out with its CopyTrader platform as it allows easy replication of trades from experienced investors—an invaluable resource for beginners.

With low average spreads, starting from 1 pip on EUR/USD, eToro proves more cost-effective from other copy trade platforms that have added markups for copy trading.

eToro is Regulated by six authorities, including FCA, ASIC, and CySEC, eToro’s trustworthy regulation, innovative social trading tools, and competitive spreads make it a top choice for a social trading platform.

The Best Social Trading Platform With A Large Trusted Community

eToro is one of the world’s largest social trading platforms and communities with millions of traders from over 140 countries. The broker provides account mirroring services via its CopyTrader features, allowing you to copy the trading strategies of more experienced eToro clients.

To find trading strategies to copy, you can view traders’ stats and compare their trading history and risk profiles. As well as copy trading, you can communicate with other members of the forex community with the ability to share ideas and learn from one another.

Similarly to other social networks, eToro’s proprietary trading platform has a newsfeed feature where you can keep up to date with others’ strategies and the latest market news.

eToro Regulators

The social-copy trading broker operates in four major jurisdictions that are overseen by top-tier financial authorities:

• eToro UK: regulated by the Financial Conduct Authority (FCA)
• eToro Europe: regulated by the Cyprus Securities and Exchange Commission (CySEC)
• eToro USA: registered with FinCEN as Money Services Business (MSB)
• eToro Australia: regulated by the Australian Securities and Investments Commission (ASIC)

eToro – Largest Social Trading Community

As well as social trading, eToro customers gain the advantage of accessing one of the largest forex communities with millions of traders.

XTB is a top broker that provides decent research and education resources for free while being regulated by CySEC and the FCA, two of the top regulators in the world. What impressed us was the extensive catalogue of educational resources available, covering everything from basic market terminology to trading strategies.

Interestingly, the broker has low average spreads from 0.9 pips on EUR/USD, one of the lowest we’ve seen.

A Good CFD Range, Awarded Best CFD Broker

XTB is an award-winning CFD broker offering impressive access to over 1,500 financial markets. The forex trading community considers the broker trustworthy and one of the best due its oversight from four major European financial authorities as well as an offshore regulator:

• The United Kingdom: Regulated by the Financial Conduct Authority (FCA)
• Poland: Regulated by the Polish Financial Supervision Authority (KNF)
• Spain: Regulated by the National Securities Market Commission (CNMV)
• Cyprus (and rest of Europe): Regulated by the Cyprus Securities and Exchange Commission (CySEC)
• Belize: Regulated by the International Financial Services Commission (IFSC)

CFDs For Online Trading

XTB customers can trade thousands of CFDs derived from six major asset classes:

• Forex Pairs: Major, minor and exotic currency pairs.
• Indices: Global stock indices like the EU50, UK100 and US500.
• Commodities: Precious metals, softs, oil and gas.
• Stocks: Such as JP Morgan, Facebook and BP.
• Exchange-Traded Funds (ETFs): Baskets created around factors such as Country, Energy and Emerging Markets.
• Cryptocurrencies: I.e. Bitcoin, Dash, Ripple and Ethereum.

With a good range of CFDs and strong regulatory oversight, XTB is often recognised as one of the world’s top brokers. Various forex broker review sites have crowned XTB as the best CFD broker for online trading when compared to other brokers such as Saxo Bank, Interactive Brokers, FXCM or OANDA.

XTB – Award-Winning Broker With Good CFD Range

The broker offers over 1,500 different CFD products to choose from. As well as winning various awards for their brokerage services and CFD range, XTB is regulated by multiple financial authorities in Europe and offshore.

Our extensive tests awarded OANDA a perfect score of 100/100 in the Trust category, which is a testament to its long-standing operation since 1996 (one of the oldest brokers). The broker is regulated by several major authorities across many jurisdictions, particularly the NFA/CFTC, MAS, CIRO, FCA, and ASIC.

With OANDA, you are trading with a broker that has stood the test of time and regulatory scrutiny.