List Of All The Best Forex Brokers In 2023 [Updated] – Forex trading is the exchange of one currency for another on the global market. It is a popular and lucrative form of investing that requires a reliable and trustworthy broker to facilitate transactions and provide access to the best trading platforms and tools.
Choosing a forex broker can be challenging, especially for beginners or U.S. residents who have limited options due to strict regulations. To help you find the best forex broker for your needs, we have reviewed and compared some of the top-rated brokers based on various criteria, such as regulation, fees, currency pairs, platforms, customer service, and more.
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List Of All The Best Forex Brokers In 2023 [Updated]
IG – Best overall broker, most trusted
IG is our top choice for the best overall forex broker in 2023. IG is regulated by the CFTC and NFA in the U.S., as well as by several other authorities around the world. IG is also publicly traded and well-capitalized, which adds to its credibility and transparency.
IG offers over 100 currency pairs and a wide range of trading platforms and tools, including its flagship web-based platform, MetaTrader 4 (MT4), ProRealTime, and L2 Dealer. IG also has excellent research and education resources, such as daily market analysis, webinars, podcasts, and courses.
IG charges competitive fees based on a spread markup or a commission account, depending on your trading volume and preferences. The minimum deposit to open an account with IG is $250.
Saxo Bank – Best web-based trading platform
Saxo Bank is another reputable and well-regulated forex broker that offers a great web-based trading platform called SaxoTraderGO. This platform is user-friendly, customizable, and feature-rich, with advanced charting, trading signals, news feeds, risk management tools, and more.
Saxo Bank also offers MT4 and SaxoTraderPRO, a professional-grade platform for experienced traders. Saxo Bank has over 180 currency pairs and other asset classes, such as stocks, ETFs, bonds, commodities, and options.
Saxo Bank charges variable spreads based on your account type and trading volume. The minimum deposit to open an account with Saxo Bank is €2,000.
Interactive Brokers – Great overall, best for professionals
Interactive Brokers is a well-known and respected broker that caters to professional and active traders. Interactive Brokers is regulated by the CFTC and NFA in the U.S., as well as by many other authorities globally. Interactive Brokers is also publicly traded and has a strong financial position.
Interactive Brokers offers over 100 currency pairs and access to its proprietary platform called Trader Workstation (TWS), which has advanced trading tools, analytics, order types, and execution algorithms. Interactive Brokers also supports MT4 and other third-party platforms via API.
Interactive Brokers charge low commissions based on your monthly trading volume and the currency pair you trade. The minimum deposit to open an account with Interactive Brokers is $0.