Find the Best Online Forex Brokers of October 2024

Ready to trade safely? Since 2015, TopRatedForexBrokers.com has helped over 635,000 new traders find the best online forex broker. To do this, our experts have reviewed over 200 forex brokers, focusing on over 200 criteria points.

Select your trading experience level and your location from the drop-down menus below to generate a list of the best forex brokers for you.

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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.

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.

Forex trading involves the purchase and/or sale of currencies. Just like with stocks, you buy a currency and then sell it when its value has increased or vice versa. It sometimes might seem a little more difficult because currencies are traded in pairs, which means you will be using one currency to purchase another. So, if you are trading EUR/USD, for example, you will buy EUR for USD.

In binary trading, you are basically betting that the underlying asset will go either up or down over a certain period of time. The only way you can make a profit is if you’re right. If you’re wrong, you lose. The profit is also fixed.

Conversely, in forex trading, you can still make a profit even if you are partially right. So, with binary trading, if you bet on the fact that the EUR/USD will rise over 1.3250 over the next three days, even if it rises continuously but experiences a momentary drop to below 1.3250 precisely at the moment when your trade closes, you’ve lost. With forex trading, you can exit the market the moment you see the trade starting to go in the opposite direction and still make a profit.

No dealing desk

This type of broker, also referred to as an NDD broker, does not have a dealing desk, which means that they provide their clients direct access to the interbank market, i.e. where the big providers trade, such as banks, hedge funds, mutual funds, etc.

What the NDD broker does is pick the best offers from the various providers, add a spread so they can make a profit, and then present you with the final offer.

ECN brokers

ECN brokers are also NDD brokers, but they are brokers who connect traders directly with other participants in the electronic communications network. Thus, you will be trading directly with banks, hedge funds, and other retail traders without the addition of a spread. Instead, you pay the forex broker a commission.

Market makers

Market makers are also known as dealing desk brokers. They generally take the other side of a trade without providing your direct access to the interbank market. In other words, they put up a rate they’re offering, and you can choose to take it or not. In other words, you’re trading with the broker directly, rather than the broker being simply an access platform to a wider market.

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.