Find the Best Online Forex Brokers of September 2023

Why use TopRatedForexBrokers?

At TopRatedForexBrokers, we have one goal and that is to bring you relevant and accurate information so that you can choose the best forex broker for your needs. Here’s why you can trust our services:

We are a team of experts with over 10 years of trading experience. In this time, we've reviewed over 200 brokers and have come across the good, the bad and the ugly.
Our experience means that we know exactly what you need from a forex broker, and which brokers deliver it.

All of our reviews focus on over 200 criteria points. This includes considering trading platforms, bonuses, account types, fees and more.
Our reviews allow you to select the best forex broker for you, based on what’s most important to your trading activities.

We help you to save time, money and stress. Our experts spend several days carefully reviewing each broker we come across so that you don’t have to.

We help traders to not only find great brokers but to progress in their trading career.
Our industry insiders and news reporters bring you educational guides, up to date market analysis, and more.

With our help, you’ll avoid scam and rogue brokers. Our accurate methodology ensures that we will never recommend an unlicensed or disreputable broker - they simply won't pass our testing process.

Who we are

Our team is comprised of professional traders with extensive experience in the forex market. We have been trading for over 10 years and have helped over 600,000 readers to find the most reliable forex broker for them.

So, why do we do it? For starters, we were once in your position. As new traders, we were confused by the sheer number of forex brokers around and we struggled to understand the fees and the jargon that brokers use in their terms and conditions. We’d also heard horror stories (and experienced a few ourselves) of seemingly legit forex brokers who turned out to be less genuine than they appeared. We knew there had to be a better way.

After having gained several years of trading experience, we developed a reliable way of testing brokers that gave us consistent results. We’d also started receiving questions from other traders. Which brokers do we prefer? Which brokers are the very best? How can you tell?

And so, TopRatedForexBrokers was born.

Our mission became to share our foolproof methodology with everyone so that you can access all the information you need to select a trusted forex broker. We also wanted to make forex trading accessible to all by offering transparent and clear guides written by industry experts.

We’ve now been doing this successfully for over 5 years.

We regularly refine our process to make it even better, paying attention to new products, industry developments, and regulatory rules. We also monitor all of our recommended brokers to ensure they’re continuing to meet our standards and we also listen carefully to our readers.

We are no longer a single team of experts, but a community bolstered by thousands of satisfied traders worldwide.

Understanding regulatory bodies

Different countries have different regulatory bodies that ensure international forex brokers abide by fair and ethical business practices.

These organizations institute different rules, programs, and services that are meant to ensure traders are safe, while also assisting the brokerage firms themselves to maintain full compliance with the regulations that govern trading in the country where they are located.

So, these regulatory bodies make sure that you, as a trader, are treated fairly and can be certain you are safe when working with any of their member brokers.

Unlike with other markets, though, forex brokers are not obligated to get a license. They can still operate without one. However, we don’t recommend brokers without licenses because it throws up a huge red flag.

If they are above board and are only interested in providing great services, why haven’t they obtained their license? Is it because their services and practices aren’t good enough for them to get one?

Even if they do have a license, you should consider that some regulatory bodies are more forgiving than others. For example, it’s quite likely that the BVI Financial Services Commission in the British Virgin Islands is not going to be quite as strict as the National Futures Association in the United States.

Below is a list of countries and the associated forex regulatory bodies:

How to sign up with a broker

If you are opening a demo account, you’ll only have to input your email address, name, and provide a password. If you’re opening a live account, things are a little more complicated.

First, you will have to fill in some personal information, including your address and phone number, your net worth, your income, how much you expect to trade, and more.

In some cases, you will have to answer some questions about forex trading so the broker can determine how much you know. If you can’t answer, or get the answers wrong, some legit forex brokers will refuse to open a live account for you.

Once you get past this stage, you will have to provide proof of identity and address, which usually means uploading two official documents, one of which must include your name and address, while the other must include your name and photo. These can be your passport, national ID card, driver’s license, and/or utility bill. For example, you can upload your driver’s license and your national ID card, or your national ID card and a utility bill.

The broker will then check your documents and if everything is in order, they’ll open the account for you. At this point, you can make a deposit, and once the funds become available, you can start trading.

The benefits of demo trading

Demo trading is basically when you trade with virtual money. Everything else on the demo account is identical to a live account in terms of how you trade, except you use virtual money.

This is a great way to learn how to trade forex hands-on. It’s also an excellent way for you to test different strategies to see how effective they are.

Discover forex robots

Want to trade without having to monitor your positions? Want to reduce your risk with guaranteed stop losses and profitable trading strategies designed by professionals? Explore our trusted forex robot reviews to find an automated trading system to suit your needs. 
Our experts test all of our top-rated forex robots and EAs thoroughly, to ensure that we only ever recommend the best of the best. They download the robot, use it to make trades, assess its performance, and weigh up its pros and cons so that you don’t have to. The reviewing process considers the robot’s backtesting data, live trading results, and price. Our expert team also inspects the robot’s compatibility with popular trading platforms and asset classes, as well as what limitations the robot may have. This allows them to give an unbiased and accurate verdict. Discover the best forex robots and EAs now or read our ultimate guide to auto-trading to learn how they could help to improve your trading results.