Choosing the right Forex broker can impact the quality of your trading experience and ultimately lead to profitability or loss. In this article, we compare and review the best and most reliable brokers serving investors and market speculators globally.
AvaTrade | XM | Exness | VT Markets | Key To Markets | HYCM | |
Trading Platform | MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade | MetaTrader 4, MetaTrader 5 | MetaTrader 4, MetaTrader 5, Exness Terminal | MetaTrader 4, MetaTrader 5 | MetaTrader 4, MetaTrader 5 | MetaTrader 4, MetaTrader 5 |
Max Leverage | 400:1 | 1000:1 | Unlimited | 500:1 | 500:1 | 500:1 |
Markets | Forex, Stock CFDs, ETFs, Commodities, Indices, Cryptocurrencies | Forex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Metals, Energies, Shares | Forex, CFDs on stocks, Indices, Commodities, Cryptocurrencies | Forex, Commodities, Indices, Shares as CFDs | Forex, Commodities, Indices, Cryptocurrencies, Shares as CFDs | Forex, Stocks, Indices, Cryptocurrencies, Commodities |
Regulations | Australia, British Virgin Islands, Ireland, Israel, Japan, South Africa, UAE | Australia, Belize, Cyprus, UAE, UK | British Virgin Islands, Curaçao, Cyprus, Kenya, Mauritius, Seychelles, UK | Australia, South Africa, St. Vincent and the Grenadines | Mauritius, UK | Cayman Islands, Cyprus, UAE, UK |
Min. Deposit | 100 USD | 5 USD | 10 USD | 100 USD | 100 USD | 100 USD |
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Finding a trustworthy Forex broker is crucial to the success of any FX trader. Here are some key factors to consider when looking for a trustworthy broker, including:
- Regulation: Make sure your broker is regulated. All of the brokers that we have picked are licensed in various countries. Regulation ensures that the broker operates within the guidelines set by the regulatory body, which includes maintaining segregated client accounts, offering negative balance protection, and keeping client funds safe.
- Trading platforms: Make sure that your broker offers reliable and user-friendly software. The platform should have advanced charting tools and features, technical analysis indicators, and real-time market data. It should be mentioned that some traders prefer to use different software for charting and trading. On the other hand, when trading using high-frequency trading strategies, it’s very difficult to use various platforms simultaneously.
- Trading fees: Ensure that your broker has low trading fees and no hidden costs. A trustworthy broker should offer transparent and competitive pricing. Trading fees might seem low at first glance, but they accumulate, especially if you are a high-frequency trader.
- Trading instruments: Before opening an account, make sure that the broker offers trading assets that you are interested in.
To aid in finding the broker that best suits your needs, we’ll compare features of the top trusted Forex brokers in each category and provide you with a brief review of each broker.
Best trusted Forex broker with tight regulations
Regulations for Forex brokers vary by country and jurisdiction, but they generally require brokers to meet certain standards, such as minimum capital requirements, client fund segregation, and regular reporting and audits. These regulations are designed to protect investors by ensuring that brokers are financially stable, transparent, and accountable.
Brokers that are authorized and regulated by reputable financial regulators are considered to be trustworthy and reliable, as they are subject to strict supervision and high standards.
Regulator country | AvaTrade | XM | Exness | VT Markets | Key To Markets | HYCM |
Australia (The Australian Securities and Investments Commission) | ✅ | ✅ | ❌ | ✅ | ❌ | ❌ |
BVI (British Virgin Islands Financial Services Commission | ✅ | ❌ | ✅ | ❌ | ❌ | ❌ |
Ireland | ✅ | ❌ | ❌ | ❌ | ❌ | ❌ |
Israel (the Israel Securities Authority) | ✅ | ❌ | ❌ | ❌ | ❌ | ❌ |
Japan (the Financial Services Agency) | ✅ | ❌ | ❌ | ❌ | ❌ | ❌ |
South Africa (the Financial Sector Conduct Authority) | ✅ | ❌ | ❌ | ✅ | ❌ | ❌ |
United Arab Emirates | ✅ | ✅ | ❌ | ❌ | ❌ | ✅ |
Belize (the International Financial Services Commission (IFSC)) | ❌ | ✅ | ❌ | ❌ | ❌ | ❌ |
Cyprus (the Cyprus Securities and Exchange Commission (CySEC)) | ❌ | ✅ | ✅ | ❌ | ❌ | ✅ |
UK (the Financial Conduct Authority (FCA)) | ❌ | ✅ | ✅ | ❌ | ✅ | ✅ |
Curaçao | ❌ | ❌ | ✅ | ❌ | ❌ | ❌ |
Kenya | ❌ | ❌ | ✅ | ❌ | ❌ | ❌ |
Mauritius (Financial Services Commission) | ❌ | ❌ | ✅ | ❌ | ❌ | ❌ |
Seychelles (Financial Services Authority) | ❌ | ❌ | ✅ | ❌ | ❌ | ❌ |
St. Vincent and the Grenadines | ❌ | ❌ | ❌ | ✅ | ❌ | ❌ |
Cayman Islands | ❌ | ❌ | ❌ | ❌ | ❌ | ✅ |
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Top trusted Forex brokers with low trading fees
Traders that are looking for ways to reduce their trading costs are attracted to brokers with low fees. Here are some of the things to know before deciding on the broker:
- Brokers typically offer commission-based and spread-based fee accounts. Some brokers charge a commission on trades instead of adding a markup to the market spread. Commission-based trading is especially beneficial for frequent traders. On the other hand, speculators and investors that trade less often prefer a spread markup-based fee system.
- Some brokers have hidden fees. You need to make sure you pick the broker that fully explains the fee structure to you in a clear way. It should be noted that some charge traders with inactivity fees and fees on deposits and withdrawals, while others do not have such fees.
Let’s take a look at the comparison table below to find the best trusted Forex broker with the lowest fees.
AvaTrade | XM | Exness | VT Markets | Key To Markets | HYCM | |
Trading fees on Forex pairs | From 0.3 pips | From 0.6 pips | From 0.3 pips | From 1.2 pips | From 1 pip | From 1.2 pips (Raw account EUR/USD fees start from 0.1 pips. The commission is 4 USD per round turn |
Trading fees on CFDs on Stocks | From 0.13% | From 0 | From 0.1 | From 0 | From 0.01 | From 0.6% |
Trading fees on Shares | N/A | From 0 | N/A | N/A | N/A | N/A |
Trading fees on Crypto derivatives | From 0.20% (Commissions on BTC/USD start from 0.20%) | From 0.0017 | From 4.2 | N/A | From 0.01 | From 0.00162 pips |
Trading fees on indices | From 0.03 | From 0.3 | From 3 | From 0.1 | From 0.01 | From 0.02 |
Trading fees on commodities | From 0.0015 | From 0.003 | From 2 | From 0.056 | From 0.001 | From 1.5 pips |
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Trusted FOREX brokers with a wide range of tradable instruments
Forex brokers that offer various asset classes such as FX, shares, commodities, indices, and cryptocurrencies, are also known as multi-asset brokers. There are many advantages to trading with a multi-asset broker, including:
- Diversification: Traders can spread their investments and diversify their portfolios by trading different asset classes, and in turn, that can help reduce risks.
- More trading opportunities: Trading various assets enables traders to take advantage of opportunities that are unique to certain markets. For example, commodity markets become very popular during high inflation periods, as precious metals are viewed as a hedge against inflation.
- Trading with a multi-asset broker can be convenient and less pricey. When your broker offers everything you are looking for, you do not have to open accounts with multiple brokers.
We compared the number of available instruments in each asset class to make it easier for you to find the broker that fits your needs the best. XM offers the widest selection of tradable instruments, but Exness provides access to trading the most FX pairs.
AvaTrade | XM | Exness | VT Markets | Key To Markets | HYCM | |
Number of Forex pairs | 64 | 57 | 98 | 49 | 65 | 71 |
Number of CFDs on Stocks | 629 | 1261 | 100 | 800 | 65 | 153 |
Number of Shares | N/A | 100 | N/A | N/A | N/A | N/A |
Number of Crypto derivatives | 19 | 31 | 35 | N/A | 4 | 29 |
Number of indices | 30 | 14 | 10 | 24 | 15 | 28 |
Number of commodities | 17 | 8 | 13 | 22 | 7 | 20 |
Total | 1250+ | 1471+ | 256 | 1000+ | 156 | 301 |
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It should be mentioned that different asset classes require different skills and knowledge to trade profitably. Some traders fail to become FX traders, while successfully trading shares or indices, and vice versa. Another advantage of opening an account with multi-asset brokers is that beginner traders can test their interests and skills in various markets.