Forex Brokers Reviews

Are you looking for the best forex broker to trade with? The forex market is the biggest and busiest market worldwide. It includes trading every global currency and operates 24 hours a day, five days a week. Wondering whether to choose a Forex Broker or the Best Forex Trading platform? Choosing a reliable forex broker or trading platform is crucial. At Topforex, our team tests the major players in foreign exchange and puts together a guide to the best forex brokers for trading. Here’s what we found for 2024.

What is a Forex Broker?

A forex broker is a company that helps people buy and sell foreign currencies. Forex stands for foreign exchange. When you trade in forex, you’re always dealing with two different currencies. Forex brokers are also called retail forex brokers or currency trading brokers. Anyone can do forex trading, but the job of a forex broker is to give people access to trade in the forex market or other financial instruments. They serve both regular traders and professionals, and you can start trading even with a small amount of money.

Forex brokers need to be regulated strictly because the forex market is decentralized. This means it’s crucial to have trust and reliability. Top-tier regulations like ASIC, CFTC, or FCA ensure this trustworthiness. Fair trading conditions are also important, which we’ll talk about more in our reviews. If you choose a broker that isn’t reliable or regulated, you could end up getting scammed and losing your money. That’s why it’s best to avoid brokers from places like St Vincent & The Grenadines.

10 Best Regulated Forex Brokers for 2024

Here are the top Forex brokers for 2024:

• IG – This broker is the best overall and most trusted. You need to deposit at least £250. They offer trading for 19537 symbols.
• Interactive Brokers – They’re great overall and best for professionals. You don’t need to deposit any money to start. They offer trading for 8500 symbols.
• HFM – This broker is the best overall. You can start trading with no minimum deposit. They offer high leverage of up to 1:2000 and support various trading platforms like MT4, MT5, and their own app. 
• Saxo Bank – They offer the best web-based trading platform. You don’t need to deposit any money to start. They offer trading for 70000 symbols.
• CMC Markets – They’re excellent overall and have the best platform technology. You don’t need to deposit any money to start. They offer trading for 12074 symbols.
• BDSwiss – They’re the best Forex broker in India. You need to deposit at least $100 to start. They offer high leverage of up to 1:500 and support various trading platforms like MT4, MT5, and their own web trader and app. 
• eToro – They’re best for copy and crypto trading. You can start with a deposit ranging from $10 to $10,000. They offer trading for 3479 symbols.
• BlackBull Markets – They offer the lowest spreads. You don’t need to deposit any money to start. They offer high leverage of up to 1:500 and support MT4 and MT5 platforms. 
• FP Markets – They’re the best Forex broker for beginners. You need to deposit at least $100 to start. They offer trading with leverage up to 1:30 and support various trading platforms like IRESS, MT4, MT5, and cTrader. 
• Eightcap – They’re the best MT5 Forex broker in the UK. You need to deposit at least $100 to start. They offer high leverage of up to 1:500 and support MT4, MT5, and TradingView platforms. 

Which broker is the best for trading forex?

IG won the top spot in our 2024 Annual Awards as the best overall forex broker. They offer 100 different currency pairs and allow trading CFDs and forex options, giving traders lots of choices. IG has nearly a dozen regulatory licenses and is the only forex broker regulated in both Switzerland and the U.S. In simple words, IG is one of the most trusted brokers in the industry.

How do I pick a forex broker?

Here are three important things to consider when choosing an online broker for forex trading. Make sure your broker has the right licenses and is regulated properly. Keeping your deposit safe is the most important thing.

Compare what each broker offers in terms of accounts, trading platforms, tools, and research. Read reviews of forex brokers to compare prices and what they offer (like the number of forex pairs and CFDs available) to find what’s most important for your forex trading and investment needs.

How can I check if my forex broker is regulated? 

It’s important to make sure your forex broker is trusted and regulated to avoid scams. You can find reputable regulatory agencies on our Trust Score page. Also, read our detailed reviews of forex brokers to know their regulatory status.

Here’s a simple steps to follow if your forex broker is regulated:

• Find their license number: Look for the registration number on the broker’s homepage.
• Confirm their profile: Check the regulator’s website with the entity name to verify the registration number.
• Check regulatory status: We rate brokers across 20+ regulators, listed on our Trust Score page.
• Global availability: Ensure the broker can accept clients from your country.
• Verification: Contact the regulator if you’re unsure about a broker’s legitimacy.
• Having confidence in your broker lets you focus on analysis and strategies. Researching your broker beforehand increases your chances of success in forex trading.

Final Thought

At Topforex, we review online brokers and their products based on data we gather and the opinions of our expert researchers. Here are our top picks for regulated forex brokers. There are lots of online forex brokers trying to get your attention. When you check financial news sites, you’ll see a bunch of ads from them. If you trust your forex broker, you can focus more on analyzing and making forex plans. Doing a bit of research before picking a broker really helps. It can boost your chances of doing well in the tough forex market.