The Most Trusted Forex Brokers List

Key to Markets
Trading Platform:
MT4
Max Leverage:
500:1
Markets:
FX, Precious Metals, Indices, Commodities, Stocks & Crypots
Regulations:
FCA, DMCC & FSC
Min Deposit:
$100
Open an account
AvaTrade
Trading Platform:
MT4/5,
Max Leverage:
1:400
Instruments:
Forex, Crypto, Stock CFD, Indices CFD, Commodities CFD
Regulation:
CBI, ASIC, FSCA, FSA, BVI
Min. deposit:
$100
Open an account
XM
Trading Platform:
MT4/5
Max Leverage:
1:888
Instruments:
Forex, Indices, Commodities, Stock CFD
Regulation:
CySEC, ASIC, IFSC
Min. deposit:
$5
Open an account
Degiro
Trading Platform:
Proprietary
Max Leverage:
1:1
Instruments:
Stocks, CFDs, Options, Crypto
Regulation:
AFM, DNB
Min. deposit:
0
Open an account
Robinhood
Trading Platform:
Proprietary
Max Leverage:
1:1
Instruments:
Stock, ETF, Options, Crypto
Regulation:
FINRA
Min. deposit:
$0
Open an account
FreeTrade
Trading Platform:
Custom Mobile
Max Leverage:
1:1
Instruments:
ETFs, Stocks
Regulation:
UK FCA
Min. deposit:
0
Open an account
BUX
Trading Platform:
BuxApp
Max Leverage:
1:30
Instruments:
Stock, ETF, Forex, CFDs, Options, Futures
Regulation:
FCA, HSE
Min. deposit:
€50
Open an account
Interactive Brokers
Trading Platform:
MT4, MT5
Max Leverage:
1:888
Instruments:
Stock, ETF, Forex, Fund, Bond, Options, Futures, Crypto
Regulation:
FCA, FINRA
Min. deposit:
$0
Open an account
XTB
Trading Platform:
MT4, xStation 5
Max Leverage:
1:500
Instruments:
CFDs, FX, Crypto, Stock and ETFs*
Regulation:
FCA, CySEC, IFSC
Min. deposit:
$250
Open an account
TD Ameritrade
Trading Platform:
Proprietary
Max Leverage:
1:1
Instruments:
Stock, ETF, Forex, Fund, Bond, Options, Futures
Regulation:
SEC, FINRA
Min. deposit:
$0
Open an account
United Traders
Trading Platform:
Aurora
Max Leverage:
1:20
Instruments:
Stocks, IPOs, ICOs, Crypto
Regulation:
CBR
Min. deposit:
$300
Open an account
Milton Prime
Trading Platform:
MT4/5
Max Leverage:
1:500
Markets:
Forex, Crypto CFD, Indices CFD, Stock CFD
Regulations:
FSA, CySEC
Min Deposit:
$400
Open an account
AvaTrade
Trading Platform:
MT4/5,
Max Leverage:
1:400
Instruments:
Forex, Crypto, Stock CFD, Indices CFD, Commodities CFD
Regulation:
CBI, ASIC, FSCA, FSA, BVI
Min. deposit:
$100
Open an account
United Traders
Trading Platform:
Aurora
Max Leverage:
1:20
Instruments:
Stocks, IPOs, ICOs, Crypto
Regulation:
CBR
Min. deposit:
$300
Open an account
Key to Markets
Min deposit: $100
Deposit to Qualify
€800
ECS
EAs discounts, Portfolio ECS PAMM
Key To Markets
Flexible leverage & money management focus
Sponsorships Remaining
12
Open an account

Key to Markets

Located in London, Key to Markets also known as KTM is one of the leading FX brokers offering financial services in Forex and CFDs on Stocks, Cryptocurrencies and Indices markets. KTM is regulated by FCA, FSC and DMCC providing licensed and regulated access to different markets. This brokerage is famous for its algorithmic trading solutions 

The brokerage offers two types of accounts MT4 Standard and MT4 Pro. Both of the versions offer true ECN execution via the MetaTrader 4 platform, the key difference is how the commissions are charged. KTM broker fees are fixed and the total spread is variable as is the case for any interbank liquidity pool and centralized market.

With the Standard account, the clients have no commission per lot. The only thing traders pay is the interbank market raw spread + 1 pip. Meaning that on the MT4 platform clients are going to see a wider spread (1 pip / 10 MT4 points) compared to the PRO account, but there won’t be a commission per lot charge. 

When it comes to the Pro version of the KTM account, the execution commission is paid separately. Traders have the access to paid commissions in the “commission” column right on the MT4 platform. The commissions are fixed costs of €6 or $8 per traded lot round turn (€3/$4 to open, €3/$4 to close). These fees are proportional to the trade value. 

For example, if the trade volume is 0.10 the fees would be €0.60 or $0.80 and so on. The Pro account is best suited for traders willing to view the tight raw spread on their screen.

Both Pro and Standard accounts have a low minimum initial deposit of €100 which is suitable for beginner traders. Having high leverage up to 1:500 and no restrictions in Scalping and news trading.

Like most of the trusted Forex brokers, Keys to Market also offers a Percentage Allocation Management Module also referred to as the PAMM system. The main difference from Multiple Account Management (MAM) is that, unlike MAM, PAMM keeps all of the funds in one money manager’s account, leaving an investor without the options to impact the trading on their side. With PAMM technology professional traders can maximize their profits and build a certified track record thus helping them to jet start a career path in professional fund management. 

With KTM brokerage you get to have SWAT rental for free and on top of that 3 months of free ecs.LIVE forex trading signals. Clients joining Portfolio ECS will also get a reduced profit share until the software reaches a new all-time high.

XM
Min deposit: 100
Deposit to Qualify
€600
ECS
EAs discounts, Portfolio ECS PAMM
XM
Deposit Bonus, Live Education
Sponsorships Remaining
10
Open an account

XM

With over 5 million clients all over the world, XM is one of the famous brokerages offering educational content and market research on top of regular financial services. Just like most of the trusted Forex brokers, XM operates only on MetaTrader platforms.  The company offers more than a thousand CFDs including 50+ Forex pairs. 

Since 2009, having numerous awards tied to its name, the company takes pride in how massive its impact is in the financial industry. Having more than 600 professionals working under the company, with all of the experience combined XM supports over 30 languages which makes it the best choice for any level of traders all over the world. This resulted in the XM having the best customer support from any FX brokers on the market. The company offers support 24/7 with a helpful and personalized approach.

XM Group is licensed by numerous regulatory companies such as ASIC in Australia, CySEC in Cyprus, DFSA and FSC in Belize. The company strives to adhere to the highest standards on the market and provide the ultimate quality for its customers. 

This brokerage makes sure to provide the best trading conditions to its customers. Opening an account on XM takes only 2 minutes. The company has Micro, STANDARD, and Ultra-Low accounts. In a Micro account, 1 trading lot equals 1000 units of the base currency with Standard which is 100,000 units. 

Ultra-low accounts have the same contract size respectively (Ultra Low Micro: 1000 units, Ultra-Low Standard: 100,000). All of the accounts have negative balance protection and no commission with a maximum of 300 positions per client. The minimum deposit through the accounts is $5.

Besides these accounts, the company has a Shares Account for more experienced traders. The minimum deposit for this account is $10,000 and the base currency is just USD. XM does not provide leverage on this account. Commission ranges from 1 to 9 US dollars. 

Since it takes a lot of time and energy to look up the best brokerage companies that can be trusted in the Forex industry, we regularly search for them and provide detailed information on their services, availability, prices, benefits, and educational opportunities. The article below will serve as a guide on how to find the most reliable Forex broker today.

AvaTrade
Min deposit: 100
Deposit to Qualify
€800
ECS
EAs discounts, Portfolio ECS PAMM
AvaTrade
Tailored Support, Fund Segregation & Overall Security
Sponsorships Remaining
8
Open an account

AvaTrade

Founded in 2006, AvaTrade has established itself as one of the safest, low-risk CFDs, Forex and Crypto brokerage companies. This trusted Forex broker offers its services not only on MetaTrader but also on their special unique platforms such as AvaTradeGO and AvaTrade WebTrader. AvaTradeGO is an application that lets investors manage their trading activities from their mobile devices.

One of the main attractions of AvaTrade is Crypto Trading. This market got more attention in the last decade and the element of safety became the dominant determining factor when deciding how to trade Crypto. AvaTrade takes lead in its so-called “uncompromised” safety by offering traders a reliable and most importantly regulated ways to trade Cryptocurrencies around the world. There is no risk of hacking or sign of theft with AvaTrade’s high-security measurements.  What makes AvaTrade stand out from different FX brokers is the bottomless resources helping investors in their trading activities.

 The brokerage offers different add-ons such as Guardian Angel which acts as a risk management tool for popular platforms like MetaTrader 4 and MetaTrader 5. On top of that, the company has numerous financial instruments available on its website that help traders better understand the markets they are trading in, where its Forex, Indices, Crypto or CFDs.

When trading AvaTrade does not expect to encounter any hidden fees, the company has zero commissions for Crypto Trading and no Bank fees on transactions which is rare to come by. The brokerage offers generous leverage of up to 2:1 for EU residents and 25:1 for other clients. Even though leverage can increase your risk in trading, AvaTrade has good risk management built within their platform that lets investors have innovative orders such as buy/sell stop orders and buy/sell limit orders. 

An important aspect to look forward to with trusted brokers is the variety of Crypto Pairs available to the investor. With AvaTrade, the investor has the ability to trade with Crypto/Crypto pairs as well as Crypto/Fiat pairs like USD, EUR, JPY, etc. Which in the end diversifies the traders’ portfolio.

Regulation plays an important role when deciding on FX brokers. AvaTrade is regulated on 6 continents and continues to monitor the transparency and quality of its financial services through 3rd party audit institutions. 

When it comes to account types, AvaTrade offers Pro and Retail versions with different commission rates. The retail version is available for everyone, but for the Pro version, you have to qualify and be elected as a professional trader. For that, you need to have sufficient trading activity for the past year, relevant experience in the relative field and a portfolio of over €500,000.  The retail version has a spread of 0.9 pips which can be considered the market average, but for the Pro account, AvaTrade offers more competitive spreads at 0.6 pips. The minimum deposit to start trading is $100 for any type of account.

What Does a Trusted Forex Broker Look Like?

The top trusted Forex brokers will share several common features including the regulation, trader guarantees, Negative Balance Protection, segregated accounts, KYC/AML guidelines, and GDPR compliance. At the same time, they will provide opportunities for low-cost trading on the Forex market with tight spreads and low or no commission fees, flexible leverage and margin requirements, promotional campaigns or other traders’ benefits, and free educational packs and trading tools. Some of these features are crucial to the successful trading performance of an individual and should never be overlooked. We will discuss the significance of each of the mentioned characteristics of a trusted broker in greater detail below.

License & Regulation

The most trusted Forex brokers have essentially regulated brokerage companies. In the Forex industry, regulation is the only guarantee that traders can get for safe trading and the security of their trading capital. These Forex brokers will take extra measures to protect you against various frauds, market crashes, cyberattacks, and even your inexperience. Most of them achieve the safety standard levels by offering Negative Balance Protection, segregated client accounts, GDPR Compliance, commission-free or low-cost trading, etc.

These brokers are regularly audited and monitored by their respective regulatory authorities meaning that in case of non-compliance with regulations and safety standards brokers will face legal consequences. Furthermore, with the best trusted Forex brokers, traders also get investor protection against the losses caused by force majeure situations. In case of any complaints with the legal performance of the broker, traders can always file against the company within the regulatory body itself.

Since it takes a lot of time and energy to look up the best brokerage companies that can be trusted in the Forex industry, we regularly search for them and provide detailed information on their services, availability, prices, benefits, and educational opportunities. The article below will serve as a guide on how to find the most reliable Forex broker today.

You will not be able to find any trusted Forex brokers in the US who do not have licenses or are not regulated by the local authorities such as the Commodities Futures Trade Commission (CFTC) or the National Futures Association (NFA). Similarly, there are dozens of regulatory authorities within different jurisdictions across the globe that monitor the performance of individual Forex brokers. Therefore, it is highly recommended to trade with a broker that holds a regulation from your regional market regulator.

In Europe, the main market regulators are Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority in the United Kingdom (FCA). If you come across a European broker with no licenses from any of these two regulatory bodies it is better to avoid trading with the broker. The most trusted Forex brokers list in Europe will feature only FCA or CySEC regulated companies.

The same applies to other regions, as well. In Asia, the notable regulatory authorities are the Financial Services Agency in Japan (FSA), the Dubai Financial Services Authority (DFSA), the Monetary Authority of Singapore (MAS), the Securities and Exchange Board of India (SEBI), etc. On the other hand, Africa and Australia are two regions with a single renowned regulatory authority for each. The brokers based in South Africa should hold a license from the Financial Services Conduct Authority (FSCA) of South Africa and the Australian-based brokers must be regulated by the Australian Securities and Investments Commission (ASIC). The most trusted Forex brokers list in the world will feature brokers that are regulated in multiple jurisdictions by several regulatory authorities.

Trader Guarantees

Trader guarantees are usually the protections from the losses that are caused by anything else other than the trading performance of an individual. No one can guarantee that you will profit from your trades. However, the brokers will offer investor protection programs that cover any losses arising from the company’s insolvency or financial crisis-induced losses. The best thing is that traders do not have to pay any fees for their fund’s protection. If the broker is a member of any protection fund whatsoever, the program automatically covers eligible losses.

For instance, the top ten trusted Forex brokers in Canada will provide trader guarantees under the Canadian Investor Protection Fund (CIPF). The CIPF covers up to 1 million US dollars for all general accounts registered with its member broker under its coverage policy. Hence, those individuals trading with a CIPF member broker will have guaranteed protection of the funds in case the company goes broke or there is a financial market crash.

NBP – Negative Balance Protection

Negative Balance Protection is a relatively new concept that became a strong requirement of numerous regulatory authorities after the financial crisis of 2008-2009. Many traders were losing much more financial resources than they had available in their account balance due to the rapidly moving market against their trades. Not all Forex brokers provided NBP back then. Hence, these traders were burdened by heavy loans eventually.

Negative Balance Protection ensures that no matter how strong the market movement is against your trades your account balance will not enter a negative zone. On the person’s loss-making trades as the balance of the account rapidly falls, margins call will save the trader from going into debt. The margins will automatically close such trades. NBP is a strong requirement for the regulated Forex brokers in many jurisdictions globally.

Account Segregation

The notion of segregated client accounts also came into light quite late in the Forex industry. However, nowadays all the companies on the list of trusted Forex brokers have segregated client accounts. The regulatory authorities oblige brokerage companies to hold the funds of their customers on separated accounts from the company’s account. Account segregation ensures that the financial resources of a client deposited on a broker’s account remain untouched no matter how the broker performs financially. Even if the brokerage company goes broke and goes into liquidation the funds on client accounts will be returned to traders.

Account segregation is one of the first signs of the reliability of the brokerage company. Furthermore, it will be impossible to find any regulated Forex broker that does not keep traders’ funds on a separate account. All the brokers from the top 100 Forex brokers list keep company accounts separate from the traders’ accounts.

KYC/AML Guidelines

KYC and AML are the most important guidelines that regulated and trustworthy Forex brokers implement. KYC stands for the ‘Know Your Customer concept, whereas AML is a term for Anti-money Laundering. These two concepts carry different meanings and purposes but remain integral parts of Forex trading globally. KYC is important for verifying the identity of the trader to avoid identity theft or related crimes. Whereas AML is a requirement of regulatory authorities which employ legal processes to avoid cyber-crimes and scam schemes.

Both AML and KYC have to be in place to prevent the unlawful usage of financial services by various individuals or organizations. Hence, the top 10 Forex trading platforms will feature AML and KYC during the registration procedures. During the registration, the brokers will require the trader to upload supporting documents verifying the identity of the individual (such as IDs, Driver’s licenses, or Passports). Whereas AML procedures (placement, layering, and integration) are carried out independently not involving the trader.

GDPR Compliance

GDPR is a General Data Protection Regulation which was enforced in the European Union in 2018. It became a requirement for Forex brokers to comply with GDPR. The regulation covers everything related to the digital safety of the users from e-privacy to data encryption. The most trusted forex brokers in the UK, for example, follow the best-practice guidelines provided by the NIST cybersecurity framework. This framework operates with five pillars of identifying the risk, protecting against the potential events, detecting incidents quickly, responding to the occurring cyberattacks, and recovering seamlessly.

GDPR is an extensive 88-page guide on how to protect the private data of clients. All Forex brokers must comply with GDPR since the traders provide the most sensitive private information online such as the bank account or card details, personal identification documents, information on private equity, etc. Hence, be it trusted Forex brokers in Nigeria, the Philippines, or the United States the company must have GDPR compliance in place.

Industry Standard Features

The Forex industry is the largest financial sector in the world. Therefore, the competition between the participating companies is extremely high. This competition has a very positive effect on the quality of the brokerage services available on the market. It sets out certain market standards that the brokers are obliged to follow to attract customers and retain the existing ones on their trading platforms. However, it also causes a significant diversity on the market in terms of various fee structures, available financial instruments, account types of the brokers, and trading platforms offered to the clients.

Some brokers will be operating with commissions, while others will implement the cost within the spreads. The best Forex broker for beginners, for instance, would offer commission-free trading on special Micro, Cent, or Ultra-low trading account types. Furthermore, they will be providing free educational resources, promotional campaigns, flexible trading conditions, and other trader benefits, which we will cover below.

Spreads/Commissions

Spreads and commissions are two main revenue resources of brokerage companies. Therefore, you cannot expect an ultra-tight spread Forex broker to operate completely commission-free. However, most of the brokers have now switched to commissioned trading accounts to attract more traders and their spreads are not inconvenient, as well. For example, you would easily come across trusted Forex brokers in SA that offer spreads from 1 to 3 pips on Forex currency pairs. Some international brokers might even offer spreads starting as low as 0.6 pips on the Forex assets while not charging any commission fees.

When choosing a broker it is important to calculate your trading costs. Several options allow you to trade with 0 pip spreads on currency pairs but if they come with a commission rate of $10 or more per lot per trade, eventually, your 0 spread trading would be much more costly than commission-free with average spreads.

Leverage/Margin

Many regulatory authorities restrict or introduce a leverage cap in the Forex trading industry, or otherwise have strict margin requirements that reflect on maximum leverage available for the traders. For example, in the European Union, there is a regulation that restricts leverage on Forex currency pairs up to 1:30. The cryptocurrencies can be traded with a maximum leverage of 1:2, etc. However, since the top 10 Forex brokers in the world operate in multiple jurisdictions globally they will offer different leverage limits to traders from different countries.

Those brokers with the regulations from the Australian Securities and Investment Commission (ASIC), or the Financial Services Conduct Authority in South Africa (FSCA) will often offer flexible leverages that can go maximum of up to 1:1000. Hence, depending on the region where you are currently residing you might trade with leverage from 1:30 up to 1:1000 on Forex currency pairs.

Bonuses & Promotions

Bonuses and promotions are the favorite part of Forex traders. However, some regulatory authorities restrict the bonus offerings in Forex, as well. The European Union has one of the strictest regulations regarding promotional campaigns. The brokers are not able to offer bonus schemes or encourage and reward traders monetarily in the EU. But it is not the case in every jurisdiction worldwide. For instance, the best Forex broker in South Africa will offer several promotional campaigns which will include deposit bonuses, no deposit bonuses, loyalty programs, performance-based trading contests, rescue or support margin bonuses, referral programs, etc.

However, it has to be noted that these bonus programs come with complex terms and conditions frequently. None of the trading bonuses are withdrawable immediately and instead require traders to satisfy trading volume requirements before they can withdraw any profits generated with bonus money.

Free Education & Tools

Knowledge and experience are some of the key factors that decide the performance of every individual trader. Without education or understanding of market movements, platform functioning, and usability of the tools, Forex trading would very much be like gambling. That is why every company from the top Forex brokers list will put a great effort into developing the educational resources and tools for its clients. Some of the best brokers will provide numerous materials such as eBooks on Forex trading, webinars held by experts in the industry, video tutorials on how to use the MetaTrader or proprietary platforms, glossaries and terms, infographics, and so on.

It is an absolute necessity that the broker provides these educational resources free of charge for its registered clients. That is why frequently you will come across questions related to your trading experience during the registration process with the broker. The absolute best brokers will assess your knowledge and experience in advance to later support you in any way they can.

Frequently Asked Questions on Trusted Brokers

How do I know if a Forex broker is legit?
The legitimacy of a Forex broker is expressed in the regulatory and legal framework of the company. The broker should hold at least one official license or regulation by the official financial authority. You should be able to double-check the license of the broker within the database of a market regulator. Additionally, the broker should be offering legit and the best Forex trading platform, such as MetaTrader 4 or 5 along with access to various exchanges. Some Forex brokers will also have industry awards for their service excellence which is another indicator of the broker’s legitimacy. Don’t forget to read the reviews of individual brokers to be completely safe.
What is a good brokerage fee?
The ideal case scenario is that a broker offers different fee structures on different account types. Some accounts can operate with commissions but ultra-tight spreads, while others should offer commission-free trading with considerably low spreads. Commissionable ultra-tight spread accounts are Zero Spread account types but the commission should not exceed 3.5 US dollars per lot per trade. The Standard or Micro accounts of the most trusted Forex brokers with 0 commissions should offer spreads between 0.6 pips and 1.2 pips on the most popular Forex currency pairs. There should be no deposit or withdrawal fees applicable on payments with the broker and no hidden or administrative fees.