8 Best Forex Brokers for Beginners in June 2024

According to the Bank for International Settlements, trillions of dollars worth of forex trades take place every day. Therefore, retail clients have plenty of options when choosing a forex broker.

This guide compares the best forex brokers for 2024. We rank the best forex platforms for trading fees, supported pairs, analysis tools, account minimums, safety, and much more.

Top 8 Forex Brokers Ranked

Listed below are the 9 best forex brokers for 2024:

XTB: In our view, XTB is the best forex broker for 2024. XTB offers 0% commission on 48 forex pairs and spreads start from 0.1 pips. Leverage of up to 1:500 is available on major pairs and you can trade online, via desktop software, or the XTB mobile app. XTB doesn’t have a minimum account balance, so casual traders are welcome.
AvaTrade: Multi-asset trading platform supporting over 60 forex pairs. AvaTrade also lists forex options, which will appeal to more experienced traders. No trading commissions are charged and EUR/USD spreads start from 0.9 pips. Regulated by nine licensing bodies, AvaTrade is a top-rated broker for security.
IG: Offers a dedicated forex trading platform for US clients. More than 80 pairs are supported and multiple account types are available. This includes DMA accounts that offer the best forex spreads in the industry. IG’s native platform offers advanced analysis tools and demo trading facilities.
Libertex: A popular forex broker for high leverage, Libertex offers up to 1:999 on selected currency pairs. Minimum EUR/USD spreads start at 0.0 pips but average 0.4 pips. 49 forex pairs are supported and trading commissions of 0.007% apply at all times. Libertex offers a user-friendly dashboard, available online or via an iOS/Android app.
Capital.com: This forex trading platform supports 125 currency pairs, plus thousands of stocks, commodities, and cryptocurrencies. Those depositing funds with a debit/credit card or e-wallet can get started with just $20. Capital.com offers 0% commission trading on all supported markets. EUR/USD spreads start from 0.6 pips.
IC Markets: Offers 0% commission trading on 61 forex pairs and spreads start at 0.0 pips. IC Markets also offers leverage of up to 1:1000 and deep liquidity levels. While a native trading dashboard isn’t available, IC Markets supports MT4 and MT5. Other listed markets include cryptocurrencies, bonds, indices, stocks, and commodities.
Skilling: Standard accounts come with a minimum deposit requirement of just €25. There are no trading commissions to pay and EUR/USD spreads start from 0.7 pips. This can be reduced to 0.1 pips when opening a premium account, although the minimum balance increases to €5,000.
Pepperstone: This forex broker supports TradingView, MT4, MT5, and cTrader. More than 90 forex pairs are supported via CFD and spread betting instruments. Standard accounts are commission-free. Razor accounts attract a $3.50 commission but spreads start from 0.0 pips.

Best Online Forex Brokers Reviewed

Read on for our in-depth reviews of the leading forex trading brokers:

1. XTB – Overall Best Forex Broker for 2024

We found that XTB is the overall best forex trading platform for casual traders. There is no minimum deposit requirement and payment types include debit/credit cards, e-wallets, and bank wires. XTB also offers a demo account, should you wish to start with ‘paper trading funds’. Either way, the minimum forex trade is 0.01 currency lots.

This will appeal to beginners on a budget. XTB supports 48 forex pairs, covering a range of majors, minors, and exotics. All forex markets are backed by CFDs, meaning you can trade with leverage. Majors can be traded with leverage of up to 1:500, although lower limits will be offered if you’re based in the UK, European Union, or Australia.

XTB’s native trading platform helps users make informed decisions. It offers real-time currency quotes, customized charts, and technical indicators. XTB’s platform can be downloaded on Windows/Mac desktops or iOS/Android smartphones. Alternatively, you can trade via a desktop or mobile web browser. XTB also supports MetaTrader 4(MT4).

We found that XTB is also one of the best forex brokers for low fees. Not only are Visa/MasterCard payments processed free of charge, but there are no trading commissions. Moreover, EUR/USD spreads start from just 0.1 pips. However, expect higher spreads outside of core trading hours.

In addition to forex, XTB is also one of the best stock brokers. It supports thousands of commission-free stocks, plus cryptocurrencies, commodities, ETFs, and indices. XTB, which was founded in 2004, is regulated in the UK, Brazil, Poland, and Spain. What’s more, XTB is listed on the Warsaw Stock Exchange and keeps client funds in segregated accounts.

Number of Forex Pairs	48
Pricing System	0% commission on all forex pairs. Spreads on EUR/USD from 0.1 pips.
Account Types	Standard and swap-free accounts.
Supported Platforms	Proprietary trading platform via browsers, desktop software, and an iOS/Android app. Also supports MT4.
Account Minimum	None
Max. Leverage	1:500
Standout Feature	Trade EUR/USD from 0.01 pips without paying commissions
Our Rating	5/5

Pros

Overall best forex broker for 2024
Trade 48 forex pairs at 0% commission
Spreads on EUR/USD start at 0.1 pips
Free demo platform mirrors live forex prices
Premium trading tools including technical indicators
Also supports stocks, commodities, and some of the best cryptocurrencies to buy

Cons

E-wallet deposits cost up to 2%
$30 withdrawal fee on balances under $50
Doesn’t offer any passive trading features

Visit XTB

2. AvaTrade – 0% Commission Broker Supporting FX Spot and Options Markets

AvaTrade is a multi-asset platform that supports over 60 forex pairs. It also lists stocks, commodities, cryptocurrencies, bonds, ETFs, and indices. AvaTrade also supports forex options. Permitted strategies include risk reversals and straddles. All supported markets can be traded at 0% commission.

Forex spreads are competitive; EUR/USD can be traded from just 0.9 pips. The minimum trade size is 0.01 lots. AvaTrade offers leverage of up to 1:400. We also like that AvaTrade offers Islamic trading accounts. This removes overnight swap fees for a slightly wider spread. The minimum first-time deposit at AvaTrade is $100.

AvaTrade has developed several native trading platforms. This includes AvaTradeGO – a mobile app for iOS and Android. It also offers a proprietary forex options platform. AvaTrade also supports MT4 and MT5. Safety is assured when trading forex on AvaTrade; the broker is regulated by nine licensing bodies.

Number of Forex Pairs	60+
Pricing System	0% commission on all forex pairs. Spreads on EUR/USD from 0.9 pips.
Account Types	Standard, Islamic, and professional accounts.
Supported Platforms	Proprietary trading platform via browsers and an iOS/Android app. Also supports MT4, MT5, and DupliTrade.
Account Minimum	$100
Max. Leverage	1:400
Standout Feature	0% commission forex trading with 1:400 leverage
Our Rating	4/5

Pros

No trading commissions when buying and selling FX pairs
Minimum trade size of 0.01 lots
Maximum leverage of 1:400 on majors
Trade FX spot or options markets
Accounts take under 1 minute to open
Regulated by 9 licensing bodies

Cons

Does not accept US clients
First-time deposit requirement of $100

Visit AvaTrade

3. IG – Dedicated Forex Trading Platform for US Clients With DMA Accounts

IG is an established forex broker that offers a dedicated trading platform for US clients. There are several account types to choose from, including Direct Market Access (DMA) plans. This removes the middleman, ensuring that traders get the most competitive currency quotes. IG supports over 80 forex pairs, including all majors and minors.

Trading fees are very competitive. There are no commissions when trading forex and spreads start from 0.8 pips. We also found that IG offers premium liquidity and average execution speeds of just 16 milliseconds. One of the main drawbacks is that US clients can only trade forex. This is due to IG’s licensing conditions with the National Futures Association.

Nonetheless, the minimum deposit at IG is just $50 when using a debit/credit card. The minimum is scrapped when transferring funds from a bank account. IG has a native trading platform that comes with advanced features. This includes technical indicators, breaking news from Reuters, and customizable charts. IG also supports MT4.

Number of Forex Pairs	80+
Pricing System	0% commission on all forex pairs. Spreads on EUR/USD from 0.8 pips.
Account Types	Standard and DMA accounts.
Supported Platforms	Proprietary trading platform via browsers and an iOS/Android app. Also supports MT4.
Account Minimum	$50 (debit/credit cards), $0 (bank transfers).
Max. Leverage	1:50 (US clients)
Standout Feature	US-centric forex trading dashboard with DMA accounts
Our Rating	4/5

Pros

US-friendly forex broker approved by the NFA
0% commissions on over 80 forex pairs
EUR/USD spreads start from 0.8 pips
No minimum deposit requirements on bank transfers
One of the best stock alerts services for custom notifications
Real-time news streaming from Reuters

Cons

US clients can only trade forex
Demo account is capped at $10,000

Visit IG

4. Libertex – 1:999 Leverage on Major FX Pairs and Spreads From 0.4 Pips

Libertex is one of the best forex brokers for high leverage. Selected major forex pairs, including EUR/USD and GBP/USD can be traded with leverage of up to 1:999. This means a $999 trade would require just $1 in margin. Libertex offers competitive commissions and spreads. EUR/USD can be traded at 0.007% per slide and an average spread of 0.4 pips.

During busy market hours, the spread often drops to 0.0 pips. The minimum trade size is 0.01 lots and the Libertex platform comes with various tools. This includes currency-specific news feeds, market sentiment, and technical indicators. Libertex’s platform is available on web browsers and an iOS/Android app.

Libertex also supports MT4 and MT5. First-time traders can get started with the Libertex demo account. This is free to open and comes with $50,000 in virtual funds. The minimum real-money deposit is $100. Accepted payment methods include Visa, MasterCard, bank wires, and selected e-wallets. Libertex also supports stocks, commodities, indices, and cryptocurrencies.

Number of Forex Pairs	49
Pricing System	Forex commissions cost 0.007% per slide. EUR/USD spreads start from 0.0 pips but average 0.4 pips.
Account Types	CFD and professional accounts.
Supported Platforms	Proprietary trading platform via browsers and an iOS/Android app. Also supports MT4 and MT5.
Account Minimum	$100
Max. Leverage	1:999
Standout Feature	One of the highest forex leverage limits of 1:999
Our Rating	4/5

Pros

Trade selected forex pairs with leverage of 1:999
Minimum EUR/USD spreads of 0.0 pips
User-friendly trading tools including market sentiment and technical ratings
Choose from a native trading platform or MT4/5
Also supports real stock investments
Established more than 25 years ago

Cons

Does not accept US clients
First-time deposit requirement of $100
High leverage isn’t available in all regions

Visit Libertex

Comparing the Top Forex Brokers

Let’s summarize our platform reviews and forex brokers ratings:

Stock Broker	Number of FX Pairs	Pricing System	Account Types	Supported Platforms	Account Minimum	Max. Leverage	Standout Feature	Our Rating
XTB	48	0% commission on all forex pairs. Spreads on EUR/USD from 0.1 pips.	Standard and swap-free accounts.	Proprietary trading platform via browsers, desktop software, and an iOS/Android app. Also supports MT4.	None	1:500	Trade EUR/USD from 0.01 pips without paying commissions	5/5
AvaTrade	60+	0% commission on all forex pairs. Spreads on EUR/USD from 0.9 pips.	Standard, Islamic, and professional accounts.	Proprietary trading platform via browsers and an iOS/Android app. Also supports MT4, MT5, and DupliTrade.	$100	1:400	0% commission forex trading with 1:400 leverage	4/5
IG	80+	0% commission on all forex pairs. Spreads on EUR/USD from 0.8 pips.	Standard and DMA accounts.	Proprietary trading platform via browsers and an iOS/Android app. Also supports MT4.	$50 (debit/credit cards), $0 (bank wires)	1:50 (US clients)	US-centric forex trading dashboard with DMA accounts	4/5
Libertex	49	Forex commissions cost 0.007% per slide. EUR/USD spreads start from 0.0 pips but average 0.4 pips.	CFD and professional accounts.	Proprietary trading platform via browsers and an iOS/Android app. Also supports MT4 and MT5.	$100	1:999	One of the highest forex leverage limits of 1:999	4/5
Capital.com	125	0% commission on all forex pairs. Spreads on EUR/USD from 0.6 pips.	Standard and professional accounts.	Proprietary trading platform via browsers and an iOS/Android app.	$20 (debit/credit cards, e-wallets). $250 (bank wires).	1:30	Trade forex online from just $20	3.5/5
IC Markets	61	Depends on the account. Commissions and spreads start from 0% and 0.0 pips.	Standard, Raw, and Islamic accounts.	MT4 and MT5.	$200	1:1000	Popular with forex day traders and scalpers	3.5/5
Skilling	70+	Depends on the account. Commissions and spreads start from 0% and 0.1 pips.	Standard, premium, MT4, and MT4 premium accounts.	Proprietary trading platform via browsers and an iOS/Android app. Also supports MT4 and cTrader.	€25	1:30	Premium accounts offer 0.1 pips on EUR/USD	3/5
Pepperstone	90+	Depends on the account. Razor ($3.50 commission and 0.0 pips). Standard (0% commission and 0.7 pips).	Standard, Razor, and professional accounts.	MT4, MT5, cTrader, and TradingView.	None	1:200	Razor accounts offer institutional spreads and premium liquidity	3/5

How to Pick the Right Forex Trading Account

In general, you’ll want to pick a forex trading account that comes with low commissions and tight spreads. In addition to strong regulatory protections, explore trading tools, minimum deposit requirements, and customer service.

This section will help you pick the best forex broker account for your requirements.

Regulation and Safety

Trillions of dollars worth of forex is traded every day. Therefore, forex brokers operate in a heavily regulated market. Licensing requirements will vary considerably depending on your country of residence. For example, UK traders must use forex brokers that are approved and regulated by the FCA.

Conversely, US traders can only use forex brokers regulated by the NFA. As explained in the NFA rulebook (9066), regulated forex brokers must keep client funds in segregated accounts. Other reputable licensing bodies include CySEC (EU clients) and ASIC (Australian clients).

Even if you’re based elsewhere, it’s best to stick with forex brokers that are regulated by at least one of these bodies. In doing so, you can be sure you’re trading forex in a safe and secure environment. We’d suggest avoiding forex brokers that are licensed in jurisdictions with weak regulatory guidelines.

The best forex brokers are members of consumer protection schemes. For instance, FCA brokers usually offer FSCS protections, covering account balances up to £85,000 in the event of a collapse. In general, you don’t need to be from the respective country to be eligible. However, the rules will vary depending on the program.

Range of Forex Markets

The majority of forex brokers offer major and minor pairs. These are the most sought-after currencies globally, ensuring that there’s always sufficient liquidity and volume. Forex brokers will usually offer a selection of ‘exotic’ pairs.

This offers access to developing markets like South Africa (ZAR) and Thailand (THB). However, some forex brokers offer more exotics than others. If you’re looking to trade a specific pair, this needs to be checked before proceeding.

What’s more, some forex traders like to trade other asset classes. In this regard, XTB stands out; it also supports thousands of stocks and ETFs, not to mention commodities, indices, and cryptocurrencies.

The best forex pair to trade as a beginner is EUR/USD. You’ll get the lowest spreads, the highest liquidity levels, and the least amount of volatility.

Trading Fees

There are three important trading fees to explore when researching the best forex market brokers:

Commissions: Trading commissions might be charged when opening and closing a forex position. This will depend on the account type. Commissions are often charged per lot, meaning you only pay for what you trade. For example, Pepperstone’s Razor accounts charge $3.50 per traded currency lot. In contrast, Libertex charges 0.07% of the traded amount.
Spreads: Considering most forex traders target small profit margins, spreads are equally as important. This is the difference between the ‘bid’ and ‘ask’ prices of the pair being traded. EUR/USD comes with the lowest spread; you shouldn’t need to pay more than 1 pip. Some forex brokers offer 0.0 pips on EUR/USD, although you’ll need to pay a commission. Otherwise, the broker won’t be able to make any money.
Overnight Financing (Swap Fees): Overnight financing is charged when forex positions are kept open after a certain time. This will vary depending on the broker. Nonetheless, overnight financing can eat away at trading profits – especially if you’re a swing trader. Fees will increase in line with leverage, as you’re effectively borrowing funds from the broker. Overnight financing is also referred to as ‘swap fees’.

We found that some forex brokers will offer multiple account types. This is often a choice between 0% commission and higher spreads, or tighter spreads and a small commission. If you’re a beginner, we’d suggest opting for a 0% commission forex broker – especially if you’re trading small amounts.

Non-Trading Fees

Brokerage fees can also apply even when you’re not trading. Some brokers charge deposit and/or withdrawal fees. This can depend on the currency and the payment type. Avoid brokers that aren’t upfront about specific charges.

In addition, even the best forex trading platforms charge inactivity fees. This means your account will be charged a monthly fee after a certain amount of inactivity. This is often 12 months but ensure you check before proceeding.

Tools and Analysis

Irrespective of your prior experience, you’ll need some trading tools to correctly speculate on forex exchange rates. That said, which tools are suitable will depend on your skillset.

Copy trading doesn’t appeal to everyone. If you’re more of a hands-on trader, consider XTB. Its native dashboard – xStation 5, comes with dozens of drawing tools and technical indicators. Charting screens can be customized and you’ll have access to risk management orders.

We also like forex brokers that offer real-time financial news. IG, for example, has integrated live Reuters streaming into its trading dashboard. This means you’ll be notified about interest rate hikes, GDP announcements, and other economic data.

Account Types

Although some forex brokers come with just one account type, others offer multiple options.

For instance, Libertex offers a standard account with a small minimum deposit of just €25. This account offers 0% commission trading and minimum spreads of 0.7 pips.
Libertex also offers a premium account. This comes with a much higher minimum deposit requirement of €5,000. However, it reduces the minimum spread to just 0.1 pips.

Another popular offering is professional accounts. These are aimed at experienced traders who meet various criteria, such as a minimum number of annual trades and net worth requirements. Professional forex accounts usually come with significantly higher leverage limits.

Leverage Limits and Eligibility

Leverage is used by the vast majority of forex traders. Otherwise, you’ll be required to meet high minimum trade requirements.

For example, the best platforms for forex trading set a minimum trade size of 0.01 currency lots.
That’s $1,000 when trading forex pairs quoted in US dollars.
Now suppose the trader applies leverage of 20x.
This reduces the 0.01 lot minimum from $1,000 to just $50 ($1,000 / 20).

However, while you might be interested in high-leverage limits, you could be restricted based on where you live.

For instance:

US traders are capped to leverage of 1:50 on major pairs, and 1:20 on minors.
As per the FCA, UK traders are capped at leverage of 1:30 on majors and 1:20 on minors.
Traders in Australia and the European Union are capped at the same limits as those in the UK.

Outside of the regions mentioned above, retail clients are rarely limited in how much leverage they can apply. This is why XTB can offer many nationalities leverage of up to 1:500. At Libertex, eligible clients can trade with leverage of 1:999 on selected majors.

Unless you’re an experienced forex trader, you should avoid high leverage levels. The more leverage applied, the higher the chance of receiving a margin call. This means you’ll need to add more funds or risk having the trade closed.

Minimum Deposit and Trade Requirements

Account minimums are another important factor when choosing a forex broker. Most providers have a minimum first-time deposit requirement. At the upper end, IC Markets requires at least $200. AvaTrade and Libertex each require $100.

If you’re on a budget, consider XTB or Pepperstone, which don’t have a minimum deposit threshold.

You should also check the minimum trade requirement. We mentioned earlier that this is usually 0.01 currency lots. That said, the minimum can be reduced considerably by applying leverage.

Mobile App

Seasoned forex traders will use a desktop device for most of their trading needs. However, a mobile app is also crucial for urgent requirements; such as entering or exiting a position while on the move. Avoid forex brokers that only offer browser-based mobile trading.

This can be cumbersome, meaning mistakes are increasingly likely. Instead, opt for a mobile app that has been optimized for your operating system. We like the XTB, which offers xStation 5 for iOS and Android. The XTB app has excellent ratings, including a 4.7/5 score on the App Store.

Other popular forex trading apps include AvaTrade, and Libertex. Each offers full functionality for iOS and Android users, including trading, deposits, and customer support.

Payment Methods

Most forex brokers support plenty of convenient payment methods. However, the specifics will vary from one broker to the next. This includes deposit times, fees, and accepted currencies.

XTB is the best option for other currencies, such as euros and pounds. No fees apply when using a debit/credit card. However, XTB charges up to 2% on e-wallet payments.

We found that bank wires are often the least favorable option. Not only do some forex brokers implement higher minimum deposits but processing times can take several days. In contrast, debit/credit cards and e-wallets should be processed instantly.

Customer Service

Forex is traded around the clock globally, so your chosen broker should offer sufficient customer support. In most cases, this means 24/5 support to mirror global exchange opening times.

If you’re using a broker located overseas, live chat is crucial. This will avoid expensive toll charges and long waiting times.

Our Methodology for Testing Forex Brokers

We spent countless hours testing dozens of forex brokers for this guide. Before the testing phase began, we shortlisted forex brokers with strong regulation and consumer protections. Any brokers with weak or nonexistent licenses were ignored. We then researched key metrics, including account types, minimum deposit requirements, and accepted payment types.

We also explored minimum trade requirements. Anything above 0.01 currency lots was deemed too high for beginners. Low fees are also prioritized for our readers. We prefer forex brokers with low or zero commissions. Tight spreads also played a major role. We gave preference to forex brokers with EUR/USD spreads below 1 pip.

How to choose the best forex broker account?

Once the testing process was initiated, we compared minimum and average spreads over the course of a trading session. We also tested average liquidity levels and execution speeds. In addition, we tested each trading platform for analysis tools. This included the availability of technical indicators, drawing tools, real-time pricing, and customizable charts.

Other important metrics included customer service, supported markets (forex and non-forex), mobile-friendliness, and maximum leverage limits. All of these factors were analyzed to generate an impartial scoring system. This is how we ranked the best forex brokers for this comparison page. That said, you should conduct your own research when choosing a broker.

Conclusion

We’ve explored the market extensively and have revealed the 10 best forex brokers for 2024. Overall, we like XTB, which lists dozens of forex pairs at 0% commission.

The minimum EUR/USD spread is just 0.1 pips and you’ll get a free demo account with $100,000 in virtual funds. When you’re ready to trade with real money, there’s no minimum deposit requirement.

Visit XTB

FAQs

How do I trade forex online?

Once you’ve opened and funded a forex trading account, search for a currency pair to trade (e.g. EUR/USD). Enter a stake and place a buy or sell order, depending on your market prediction.

Which is the best forex broker?

XTB is ideal for more experienced traders, considering its advanced dashboard and analysis tools.

How do I choose a good Forex broker?

Your chosen forex broker should be regulated by a tier-one body, such as the NFA, FCA, or ASIC. Other important factors include supported currencies, leverage, trading fees, analysis tools, and deposit methods.

How much money do I need to trade forex?

You can often open a forex account without needing to meet a minimum deposit requirement. The minimum trade size is usually 0.01 lots, or about $1,000. However, when applying leverage, this can be reduced to just a few dollars.

Which forex broker has the lowest spreads?

Libertex is one of the top low spread forex brokers – EUR/USD spreads start from 0.0 pips. On average, you’ll pay 0.4 pips outside of core trading hours.

Which forex broker has the most currency pairs?

CMC Markets offers over 330 forex pairs, meaning you’ll have access to more than 200 exotic currencies. Capital.com also offers a huge range, with 125 available pairs.

How do I know if a forex broker is regulated?

Visit the forex broker’s homepage to assess its regulatory status. Copy its licensing number(s) into the regulator’s website to verify the license is still valid.

Do I need a broker for forex?

Yes, if you’re looking to trade forex for a living, you’ll need a regulated broker with fast execution speeds and low fees. The broker will connect you with global liquidity pools, ensuring you get the best exchange rates possible. You’ll also have access to leverage when using a broker.