Welcome to Best Online Forex Brokers. If you have come here to find the best online forex broker for you, then you have come to the right place. We have put in hundreds of hours of research into the worlds online forex brokers so you don't have to. Happy hunting and here's to you finding your best online forex broker!
Top Ten Forex Brokers
Below are the online forex brokers that are highly recommended. Why do we highly recommend these forex brokers? Well first of all, we don't. The retail forex traders of the world do. Our opinion plays no role in deciding which brokers make this list. See our notes below the list for details on how this list was compiled.
There are 10 online forex brokers on this list and we have over 400 brokers identified on this website.
(The number in parenthesis behind the broker name is their independent trader rating)
| Headquarters: Port Louis, Mauritius |
Founded: 2007 |
| Business Model: ECN / STP |
Forex Online Since: 2010 |
| Regulated by: FSC |
Platform: Metatrader 4, Currenex |
| Minimium Account: $25 |
Typical Spread on Majors: 0.3-2 pips |
| Minimum Transaction: 1000 units |
Maximum Leverage: 500:1 |
| Headquarters: Limassol, Cyprus |
Founded: 2009 |
| Business Model: STP |
Forex Online Since: 2009 |
| Regulated by: FSA, BaFin, CySec |
Platform: Metatrader 4 |
| Minimium Account: $1 |
Typical Spread on Majors: 1-3 pips |
| Minimum Transaction: 10 units |
Maximum Leverage: 500:1 |
| Headquarters: Sofia, Bulgaria |
Founded: 1998 |
| Business Model: Market Maker |
Forex Online Since: 2001 |
| Regulated by: FSA, FSC, BNB, & CNVM |
Platform: Delta Trading |
| Minimium Account: $100 |
Typical Spread on Majors: 0.1–2 pips |
| Minimum Transaction: 1000 units |
Maximum Leverage: 200:1 |
| Headquarters: Limassol, Cyprus |
Founded: 2006 |
| Business Model: STP |
Forex Online Since: 2007 |
| Regulated by: CySEC, ASIC, NFA, CFTC |
Platform: eToro |
| Minimium Account: $50 |
Typical Spread on Majors: 3-4 pips |
| Minimum Transaction: 10,000 units |
Maximum Leverage: 400:1 |
| FastBrokers (Fast Trading Services LLC) (6.89) |
| Headquarters: Glendale, CA, USA |
Founded: 2004 |
| Business Model: ECN/NDD |
Forex Online Since: 2005 |
| Regulated by: NFA, CFTC |
Platform: Meta Trader 4, Currenex ECN, PathFinder Trader ECN |
| Minimium Account: $1000 |
Typical Spread on Majors: 1 pip (variable) |
| Minimum Transaction: 10,000 units |
Maximum Leverage: 200:1 (50:1 US) |
| Headquarters: Limassol, Cyprus |
Founded: 2006 |
| Business Model: STP |
Forex Online Since: 2006 |
| Regulated by: CySec, FSA, BaFin |
Platform: MetaTrader 4 |
| Minimium Account: $500 |
Typical Spread on Majors: 1-4 pips |
| Minimum Transaction: 5000 units |
Maximum Leverage: 500:1 |
| MB Trading (MBTFS) (8.02) |
| Headquarters: El Segundo, CA, USA |
Founded: 1999 |
| Business Model: ECN |
Forex Online Since: 2004 |
| Regulated by: CFTC, NFA, FCM, SPIC, FINRA |
Platform: MBT Navigator |
| Minimium Account: $400 |
Typical Spread on Majors: 1-2 pips |
| Minimum Transaction: 1000 units |
Maximum Leverage: 100:1 |
| Windsor Brokers,Ltd. (8.03) |
| Headquarters: Limassol, Cyprus |
Founded: 1998 |
| Business Model: Market Maker |
Forex Online Since: 2005 |
| Regulated by: FSA, CySEC |
Platform: Windsor Direct 4 |
| Minimium Account: $300 |
Typical Spread on Majors: 2-5 pips |
| Minimum Transaction: 10,000 units |
Maximum Leverage: 200:1 |
| Headquarters: Geneva, Switzerland |
Founded: 1998 |
| Business Model: ECN |
Forex Online Since: 2004 |
| Regulated by: ARIF |
Platform: Swiss FX Marketplace, JForex |
| Minimium Account: $1,000 |
Typical Spread on Majors: 0.5-1 pip |
| Minimum Transaction: 1,000 units |
Maximum Leverage: 100:1 |
| Alpari (UK) Limited (7.41) |
| Headquarters: London, UK |
Founded: 1998 |
| Business Model: Market Maker |
Forex Online Since: 2004 |
| Regulated by: FSA |
Platform: Metatrader 4/5, Qtrader, Alpari Direct, Systematic, L2 Dealer |
| Minimium Account: $200 |
Typical Spread on Majors: 1.6-3 pips |
| Minimum Transaction: 1,000 units |
Maximum Leverage: 500:1 |
Criteria for Inclusion on the Best Forex Brokers List
Here is the criteria that is used to determine which brokers make this list -
The forex broker must have an independent trader rating of at least 6.8 (out of 10) based upon the data we have collected from individual forex traders from numerous websites worldwide. Please see our Top Rated Online Forex Brokers page for a full listing and details of our rating methodology. The broker must also be one of the 50 most popular online forex brokers per our popularity rankings. You can see the entire popularity rankings and a detailed explanation of how we determine these rankings on our Most Popular Online Forex Brokers page.
Each forex broker on our Best Online Forex Brokers List must show solid evidence of being regulated by at least one legitimate government regulatory agency overseeing the retail forex trade and must not have been sanctioned in any way in the past by regulatory agencies. The final requirement is that they must have provided us with at least the miminum required set of information for the broker snapshots above.
CFTC Sues 14 Forex Brokers
In its first action using the new powers given by the Dodd-Frank bill, the CFTC sued 14 forex firms alleging that they illegally solicited investors to participate in forex trading because they were operating without being registered as forex dealers with the CFTC. The suits were filed in Federal District Courts in Chicago, Kansas City, New York and the District of Columbia. The following firms are being sued as part of this action -
EuroForex Development LLC
FIG Solutions Limited, Inc.
ForInvest
FXOpen Investments Inc.
FXPRICE
GIGFX, L.L.C
InovaTrade, Inc.
InstaTrade Corporation dba InstaForex
InvesttechFX Technologies, Inc.
J&K Futures, Inc.
Kingdom Forex Trading and Futures, Ltd.
Prime Forex, LLC
Wall Street Brokers, LLC
ZTrade FX LLC
In 12 of the cases, the CFTC alleges that the companies, acting as retail foreign exchange dealers, offered to take the opposite side of forex transactions with their customers, in other words acting as a market maker, without being registered with the CFTC. In the other two cases against ZTradeFX LLC and FXPRICE, the CFTC is just alleging that the companies solicited customers to place forex trades without being registered with the CFTC.
Of the 14 forex brokers being sued, 11 were listed on the Best Online Forex Brokers website. Below is what we know about these brokers.
FIG Solutions Limited, Inc. (FigFX) - FigFX is contending that they have never had any offices, branches, employees, agent, affiliates or introducing brokers in the United States and that they have never done any forex related business with any resident of the U.S.
ForInvest Group - ForInvest has been on our list since 2009. They are obviously a quite small broker. As far as we know there has never been any information on their site as far as regulation goes. They list their address as Tortola, British Virgin Islands but the CFTC is maintaining that they are registered as a Delaware corporation.
FXOpen Investments Inc. (FXOpen) - FXOpen is a quite popular broker whose main market is the Middle East and Arabic speaking customers. FXOpen has offices in Cairo, Paris, Kuala Lampur, Jakarta, Moscow, Kazakhstan and Mauritius. Again, the CFTC is alleging that they are a Delaware registered corporation. We do not know if this would be the parent corporation or a subsidiary. As of now, FXOpen in not accepting accounts from US residents. We do not know if they did before this action by the CFTC.
FXPRICE - FXPRICE has been around a long time and been on our list since 2008. While not one of the major brokers they are highly rated by our individual trader ratings. They list their address as Tortola, British Virgin Islands but again the CFTC is alleging they are a Delaware corporation. Their website now says they don't offer services in English and they do not accept clients from the United States or Quebec. We know they used to offer services in English and had an English version of their website, although we do not know if they offered services to US customers before.
GIGFX (Global Investment Gate) - GIGFX had been on our list since 2009, although recently we took them off because their website is no longer operational. Our information has them based in Cyprus but again the CFTC is saying they were a Delaware registered corporation.
InovaTrade, Inc. - InovaTrade is a small broker based in Panama. We do not know much else about them other than the CFTC is saying that they maintained offices in Florida.
InstaTrade Corporation dba InstaForex - InstaTrade (InstaForex) is a major Russian forex broker, licensed in Russia with offices in the British Virgin Islands, according to the CFTC. We're not entirely sure what gives the CFTC jurisdiction over them but I guess we'll find out when they go to court.
InvesttechFX Technologies, Inc. - InvestTechFX, while not a major broker is a reasonably large broker with offices in Canada and Hong Kong. We haven't found any information about their regulation. The CFTC is also saying they are a Toronto, Canada firm so exactly why they think they have jurisdiction, we're not entirely sure.
J&K Futures, Inc. - J&K Futures is a small brokerage firm that has been around for quite some time with offices in Los Angeles and New York. We have no information on their regulatory situation.
Prime Forex, LLC (Prime4x) - Prime4x is a mid-sized forex broker that has been around since 2005. According to our information they are based in Cyprus. According the CFTC, they are a Delaware registered corporation.
Wall Street Brokers, LLC (WSBrokers) - Wall Street Brokers is a relatively small broker. The information we have is that they are based in the US, however looking at their site currently, we cannot find a physical address. The CFTC maintains that they are a Delaware registered corporation.
There are three other forex brokers, EuroForex Development LLC, Kingdom Forex Trading and Futures, Ltd., and ZTrade FX LLC, listed in the CFTC suit which we had never heard of. That somewhat surprised us because we thought we knew about almost every broker in the world, but after further research, while it appears that these three companies at one time had websites, they now appear to be either non-operational or semi-operational. All of them very minor players for sure. We do have a company named EuroForex on our list but this is an Italian company and as far as we know, not related to EuroForex Development LLC, the company named in the CFTC's suit.
