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.
Comparison Of The Best Brokers
Here is a possible table that summarizes some of the key aspects of each broker:
| Broker |
Regulation |
Fees |
Currency Pairs |
Platforms |
Customer Service |
| IG |
CFTC, NFA, FCA, ASIC, MAS, JFSA and others |
Spread markup or commission account |
Over 100 |
Web-based, MT4, ProRealTime, L2 Dealer |
24/5 phone, email and live chat |
| Saxo Bank |
FCA, ASIC, MAS, FINMA and others |
Variable spreads |
Over 180 |
Web-based, MT4, SaxoTraderPRO |
24/5 phone and email |
| Interactive Brokers |
CFTC, NFA, FCA, ASIC, IIROC and others |
Low commissions |
Over 100 |
TWS, MT4, API integration |
24/7 phone and live chat |
In conclusion, forex trading is a complex and risky activity that requires a reliable and trustworthy broker. We have reviewed and compared some of the best forex brokers in 2023 based on various criteria, such as regulation, fees, currency pairs, platforms and customer service. Depending on your trading style and preferences, you may find one of these brokers more suitable for you than the others. However, before you start trading, make sure you understand the risks involved and practice with a demo account first.
Frequently Asked Questions (F&Qs) List Of All The Best Forex Brokers
Who is the number 1 forex trader?
Some of the most well-known and successful forex traders include:
- George Soros: Soros is a Hungarian-American investor who is considered to be one of the most successful investors of all time. He is best known for his short sale of the British pound in 1992, which earned him a profit of over $1 billion.
- Stanley Druckenmiller: Druckenmiller is an American investor who worked for George Soros at Quantum Fund. He is known for his quantitative trading style and his ability to generate large profits in both bull and bear markets.
- Paul Tudor Jones: Jones is an American hedge fund manager who is known for his successful trading of currencies, commodities, and interest rates. He is the founder of Tudor Investment Corporation, which has over $10 billion in assets under management.
- Bill Lipschutz: Lipschutz is an American trader who is known for his scalping trading style. He is the founder of Managed Funds Association, which is a trade association for professional traders.
- Bruce Kovner: Kovner is an American hedge fund manager who is known for his successful trading of currencies and commodities. He is the founder of Caxton Associates, which has over $10 billion in assets under management.
Can we trust OctaFX?
OctaFX has a good reputation and has been praised for its customer service, trading conditions, and variety of trading instruments. However, there have been some complaints about the company’s withdrawal process. Some users have reported that it can take several days for withdrawals to be processed.
Which forex is most profitable?
Some of the most popular and potentially profitable forex pairs include:
- EUR/USD: The euro is the most traded currency in the world, and the US dollar is the second most traded currency. This makes the EUR/USD pair one of the most liquid and tradable pairs, which can lead to higher profits.
- GBP/USD: The British pound is the third most traded currency in the world, and the US dollar is the second most traded currency. This makes the GBP/USD pair another liquid and tradable pair, which can lead to higher profits.
- USD/JPY: The US dollar is the most traded currency in the world, and the Japanese yen is the fourth most traded currency. This makes the USD/JPY pair another liquid and tradable pair, which can lead to higher profits.
- AUD/USD: The Australian dollar is the fifth most traded currency in the world, and the US dollar is the second most traded currency. This makes the AUD/USD pair another liquid and tradable pair, which can lead to higher profits.
- NZD/USD: The New Zealand dollar is the seventh most traded currency in the world, and the US dollar is the second most traded currency. This makes the NZD/USD pair another liquid and tradable pair, which can lead to higher profits.
Which broker is cheapest?
The cheapest broker depends on your individual needs and trading style. Some factors to consider include:
- Commissions: How much does the broker charge in commissions?
- Fees: What other fees does the broker charge, such as account fees or inactivity fees?
- Margin rates: What are the margin rates?
- Trading platforms: What trading platforms are available?
- Customer service: How good is the customer service?
Which broker to choose for forex?
There are many different forex brokers to choose from, so it can be difficult to decide which one is right for you. Here are a few factors to consider when making your decision:
- Fees: How much does the broker charge in fees? This includes commission fees, spreads, and overnight fees.
- Features: What features does the broker offer? This includes things like research tools, charting tools, and educational resources.
- Customer service: How good is the broker’s customer service? This is important if you have any problems or questions.
- Platform: What trading platform does the broker offer? This is the software that you will use to trade forex.
- Regulation: Is the broker regulated by a reputable financial authority? This is important to protect your money.
Here are some of the most popular forex brokers:
- IG: IG is a well-established broker with a wide range of features and platforms.
- eToro: eToro is a popular broker with a social trading platform.
- Oanda: Oanda is a well-respected broker with a focus on research and education.
- XTB: XTB is a popular broker with a focus on trading CFDs.
- FBS: FBS is a popular broker with a focus on providing low fees.
Once you have considered these factors, you can start to narrow down your choices. It is important to choose a broker that is right for your individual needs and trading style.
Here are some additional tips for choosing a forex broker:
- Do your research: Read reviews of different brokers before you make a decision. This will help you get an idea of what other traders think of the broker.
- Start with a demo account: Many brokers offer demo accounts that allow you to trade with virtual money. This is a great way to try out a broker before you commit any real money.
- Ask questions: Don’t be afraid to ask questions to the broker before you open an account. This will help you understand the broker’s fees and features.
List Of All The Best Forex Brokers