list of best forex brokers

Coronavirus Update: Please be aware that the markets are in a period of increased volatility, similar to that of an economic crash. These are times where having a regulated broker is not optional. The Coronavirus death toll and vaccinations seem to make the markets move dramatically in either direction, which could lead to margin calls should you overleverage on your trading accounts. When selecting a Forex Broker, please consider the following:

• Make sure your broker is regulated by your country's financial regulatory body, i.e. FCA, SEC, etc.
• Ensure your broker is answerable to investors, i.e. registered on the Stock Exchange.
• The broker you select should have been in the markets for 15 years as an absolute minimum.
• The Market Cap of your broker should be at least 25%.
• The Asset Value of a broker less than $250 million should be off your radar.

*The FSCS Will cover you for up to £50,000 on retail accounts in the United Kingdom.

How to choose a forex broker?

Once a forex trader has completed the rigorous process of developing and testing a trading strategy that is consistently profitable, the next step is to implement the strategy and generate profits. An important element of this step is selecting the best forex brokers that allow for the successful implementation of a trading strategy. A potentially profitable trading idea or strategy that shows great promise when traded on a trading simulator may sometimes fail when traded on a real account with real capital. Trading transaction costs including commissions, fees, and spreads become especially important. Quality and speed of execution, liquidity, technology, and customer service are also some of the important factors that must be considered when selecting a broker. When selecting a broker due diligence is highly recommended. A simple Google search for “best forex brokers” will provide a plentiful list of credible online resources and broker reviews to use to research and compare forex brokers before selecting and opening an account with one. Below is a more detailed list of important elements that should be researched and compared with several brokers.

How much do forex brokers charge?

Cost associated with trading can often undermine a trading strategy. If trading costs become excessive the risk/reward characteristics of the strategy may render it untradeable. All the best forex brokers in the retail forex industry aggressively compete for trader’s business, consequently, trading costs are kept in check. However, traders must shop and seek out the best forex brokers in terms of lowest trading costs. Trading costs include spreads, commissions, and fees. All three vary from broker to broker and should be closely scrutinized.
Spread Costs is one of the ways that brokers generate revenue. All forex brokers quote a bid and an asking price for all currency pairs that they deal with. Traders buy at the ask (higher price) price and sell at the bid price(lower price). The spread is the difference between the two prices and may vary significantly depending on market conditions. Every trade will incur a cost for the trader in the form of a spread on both the entry and exit. The best forex brokers offer the lowest spreads.

How do I calculate forex trading costs?

Commission Costs are the result of commission fees charged for each trade. Some brokers will give customers a choice of paying commission fees on a per-trade basis in exchange for tighter fixed spreads, or wider spreads with no commissions. Some Brokers will offer different types of accounts with different options that have advantage and disadvantages. A broker that operates as a dealing-desk provides liquidity to its customers by having a market-maker constantly list bid and ask prices for the currency pairs that it deals in, and taking the opposite side of a trade from a customer. These brokers may charge a premium for this type of account. By contrast, an agency broker will serve as an agent to the customer and simply pass on the buy or sell order to a network of dealers on behalf of the customer. Traders need to weigh the options and select the type of account that is best suited for generating profits with the specific type of trading strategy being implemented. Lower trading costs result in higher profits.

Another direct trading cost is Swap/Roll-Over Interest fees. Many forex brokers will charge a swap/rollover fee when a position remains open overnight and is carried into the next trading day. This fee accounts for the interest rate differential between the underlying interest rates of the two currencies that make up the pair. This fee may be positive (a credit) or negative (a charge) depending on the currency pair and the position (long or short) that is carried over. Many of the best forex brokers do not charge this fee at all. The best way to calculate the trading fees associated with a broker is to trade on a demo account and keep track of the accumulated fees.

Administrative fees should not be overlooked. These may include fees for making a withdrawal or deposit, using technology, of for lack of trading activity. While these fees may seem trivial and negligent, they could add up. Most of the best forex brokers do not charge these types of fees.

How are forex currency pairs traded?

The best forex brokers offer quotes and make-markets for all the Major currencies and the crosses currency pairs. These are the most popular and widely traded currency pairs. Consequently, spreads are very competitive for these currency pairs amongst the best forex brokers. Most brokers also list and trade the exotic currency pairs. The spreads and volume for exotic currency pairs are very often different from the major or cross currencies. Traders need to ensure that the brokers being considered to offer all the currency pairs to be traded. This information should be readily available on the websites of all the best forex brokers.

How to find the best forex brokers?

Quality of Execution

The quality of execution refers to the amount of price slippage that is experienced when an order is placed and executed. During volatile market conditions, executions may take too long and slippage can become excessive and may result in trading losses. Slippage is limited to a tolerable amount amongst the best forex brokers. Stop and limit orders restrictions should also be taken into account. Some brokers require a specified price interval from the current inside market from which stops, and limit orders can be placed. Another important factor is whether a broker allows hedging; not all brokers do.


The amount of leverage offered by a brokerage will ultimately determine the capital requirements necessary to trade at the desired scale. The amount of leverage allowed will vary from broker to broker and by the size of an account. Larger accounts are allowed less leverage. Almost all the best brokers offer various lot size denominations in addition to a standard lot of 100,000 units. These include mini-lots of 10,000 units, micro-lots of 1,000 units, and some go as small as nano-lots of 100 units. These allow traders to trades with smaller size and gradually scale up.


Computerized trading platforms and tools have become an important part of trading all financial markets, especially the forex market. Traders that make effective use of trading technology have a tremendous advantage. Most of the best forex brokers offer multiple trading platforms to their customers. Perhaps the most popular trading platform used by forex traders is MetaTrader4 (MT4). It contains comprehensive technical analysis capabilities, excellent trade execution, and is fully mobile. It also includes the Meta Editor and its MQL4 Programming Language. With this component custom trading strategies can be developed, back-tested, and automated. Some brokers also offer MetaTrader5 (MT5), which is an upgraded version of MT4. Additionally, many of the best forex brokers also offer in-house proprietary trading platforms. Many of these proprietary platforms are as good as or better than MT4. Quality market data and research are made available by the higher end best forex brokers.

A trading simulator is critical to a novice trader for learning and developing trading skills and strategies. Most of the best forex brokers offer demo accounts to their customers with fully operational trading simulators. Some brokers may have limitations on how long a trader can have a demo account without having a real account. This should be researched in order to prevent having a demo account discontinued while testing a trading strategy. The best forex brokers provide their customers with educational materials such as tutorials, trading courses, seminars, and one-on-one coaching.

How do I know if my broker is regulated?

There are numerous forex market regulatory agencies throughout the world that serve to protect customers from unscrupulous brokers that seek to perpetrate fraudulent deeds on unsuspecting customers. The United States has the National Futures Association (NFA) and the Commodities Futures Trading Commission (CFTC). Britain has the Financial Conduct Authority (FCA). Japan has the Financial Services Agency (FSA) just to name a few. All the best forex brokers proudly display on their website that they are governed by and adhere to the regulations on a reputable regulatory agency. This gives their customers a sense of security. Brokers are also very transparent about the banking and security arrangements they have for their customer’s funds, another very important issue that attracts business to the best forex brokers.

Customer Service

The level of customer service is what separates the best forex brokers from mediocre brokers. In the course of trading, there will inevitably be issues with bad trade executions and technical problems. How a forex broker’s customer service department handles the problems will determine if customers continue to trade with them. While phone and email support are fine, live customer service agents provide the highest level of satisfaction and are only provided by the best forex brokers.

Broker’s Reputation

Today’s use of social media makes it possible for customers to publicize any dissatisfaction or bad experiences with a brokerage. Consequently, brokerages make an effort to protect their reputations. The brokerage’s executive management, its corporate structure, background, and history is usually posted on their website and is made public and transparent. In today’s competitive forex brokerage environment, all brokerages have to contend with good and bad reviews posted on social media. Reading some of these reviews, good and bad, will highlight any red flags.

Forex trading is an exciting and fast-paced world where you have to constantly have your finger on the pulse of everything that is new and trending. One crucial aspect is finding reliable and reputable forex brokers who you can trust.

If you are a forex beginner who is just trying to find your footing in the world of forex, then one of the things you need to think seriously and patiently about your forex broker and the best stock trading platform for you.  A forex broker is essential to serve as the middleman or the platform between you, the forex trader, and the forex market.

The forex broker is in charge of letting you buy or sell currency pairs without all the hassle. Gone are the days when you needed a huge amount of money for investment since forex brokers allow even those who only want to dip their toe in the venture to try it out.

The way these top forex brokers make money is by taking a percent whenever you make a trade. Since you are sharing your profits with them, it is vital that you find the one that will help you make the most out of your new business venture.

Finding the right forex broker that will meet all your needs can be challenging. This is why we have compiled a list of the top 10 best forex brokers for 2020!

Whether you are a beginner or an experienced trader, it is still good to know about any up-and-coming brokers to keep an eye on. Who knows, with our best forex broker comparison you may find your ideal candidate on the list! Read on to get to know the best of the best in brokerage.

Forex Brokers Reviews for 2020

1. is one of the most well-known forex brokers around, and for good reason. It is reputable and has been around since 2001. It is also monitored in a lot of countries around the world. It offers a wide variety of options for Forex and CFD traders. It is one of the safest forex brokers bets in terms of risk and is user-friendly as well. It offers versatility and ease-of-access too since it features a flexible desktop and mobile interface.

You will also be able to easily monitor your forex trades through the TradingView charts incorporated into the platform. This convenient feature allows for beginners to ease into their newfound roles as forex traders with as much help as they can get.

2. IG


Founded in 1974, IG is the frontrunner in the world of online trading. It is famous for spearheading the offering of contracts for difference and spread betting, helping solidify its foothold in the forex industry.

IG covers a vast area as their traders have access to over 15, 000 products that encompass multiple asset classes. These include bonds, commodities, forex, CFDs on shares, among many others. 

It is a well-trusted company that fostered the trust of around 130, 000 clients globally, with 350, 000 transactions being made every day. IG also offers competitive rates that are worth looking into if you are in the market for a new forex broker.

3. Saxo Bank

saxo bank

Focusing more on retail forex and multi-asset brokerages, Saxo Bank boasts of more than a million transactions per day and has around $16,000,000 just in assets.

Its winning points are that of competitive pricing, responsive and reliable customer service, quality output, easy and comprehensive trading platforms, and the fact that it offers 30,000  CFDs. 

Saxo Bank is the best fit for a web-based platform, which will fully showcase the high-quality market research they have, along with their corresponding commentaries. Its edge is also that it has enticing forex spread and commissions that has truly set it in the top 10 forex brokers in the world.

4. XTB


While XTB is first and foremost a CFD and forex broker, you can also utilise this powerhouse of a platform to trade with stocks. It also has a global presence that is present in over 10 offices all over the globe.

We recommend this platform if you are a forex or CFD trader that is on the lookout for great funding that is complemented by an efficient withdrawal process and detailed research tools.

For those that are beginners in forex trading, this will also be a great entry point as it features a fast and user-friendly way in which you can open your account. Forex trading can be confusing and daunting enough on its own, so the accessibility offered by XTB may give you some respite.



FXCM directs its spotlight onto retail trading. It has been a pioneer in forex offerings in terms of retail traders since 1999, and we do not see them losing this dominance any time soon. 

This is the perfect trading platform for those who identify themselves as high-volume traders, algorithmic traders, and traders that simply have a knack for premium quality market research and dynamic charting tools.

However, FXCM may be a bit daunting for newcomers to the forex scene. Since it is equipped with a trading station platform that has algorithmic trading tools in its arsenal, a beginner may get confused with what all those words mean.

In spite of that, it can also be its greatest strength. FXCM offers top-notch educational resources that will definitely aid you on your journey to becoming a brilliant forex trader. A great contribution to our top forex brokers list.

6. Dukascopy


Founded by a mathematician in 2004, Dukascopy was built out of a Swiss brokerage house and remains to be one of the top forex brokers in the world. 

Dukascopy focuses on forex and CFD traders and offers competitive pricing. In spite of its competitive rates, it still offers more than your money’s worth by giving you access to 375 CFD markets. Since it was founded by a mathematician, it only follows that the platform supports algorithmic trading as well. Even if it packs in such amazing features, Dukascopy ensures that the platform will be smooth and accessible throughout all operating systems and devices.

7. Ameritrade


TD Ameritrade features a thinkorswim platform that is boosted by around 80 currency pairs, and further enhanced by formidable trading tools and research materials.

Ameritrade is still one of the very few brokerages that offer retail forex trading in the United States. This platform particularly caters to only US-based traders but, despite its sole focus, it houses more than 11.5 million funded client accounts. On top of that, it even offers investors stocks, mutual funds, futures, forex trading, bonds, ETS, and options.

8. CMC Markets

cmc market

CMC Markets has steadily become one of the leaders when it comes to CFD brokerages and retail forex. This forex broker boasts of almost 10, 000 CFD instruments encompassing major asset classes which include securities markets, forex, and commodities.

CMC Markets really does have a strong foothold in the forex world since it even has the numbers to back up the claim. With an astounding 60, 000 clients worldwide and 15 global offices, there is no doubt as to why CMC Markets made it to the best of 2020.

Here’s the standout fact about this forex broker: it has the largest selection of currency pairs in the industry right now!

9. Oanda


Whenever you mention Oanda in the company of veteran forex traders, you will most likely hear recognition coming from them. This is because this forex broker has been offering investors a means for spot forex and CFDs as early as 1996.

Oanda definitely has the enticing traits of a reliable trading platform and attractive trading costs, yet it sets itself apart by swearing by its quality and transparency. It may be for these reasons why it has customers from virtually every continent in the world.

Its flexibility should also be given merit since it offers more leeway in terms of lot sizes in comparison to regular brokers.

10. Alpari


Just because Alpari is the 10th on our top forex brokers list, does not mean that this broker is lacking. It simply means that these providers are going neck-to-neck to reach number one.

Alpari is definitely one of the big names in the trading industry and considered extremely reliable. It is proud to have 20 years of history under its belt, and claiming two million cents and 8 global offices throughout three continents with pride.

It now dubs itself as Alpari International since it is popularly known for its amazing dedication when it comes to keeping their customers happy and satisfied. Alpari seems to be improving in all aspects with every month that passes, and there really is no way but up for this forex powerhouse.

While we have mentioned the top 10 of the best forex brokers in 2020, we believe that it’s time to give due acclaim to those who showcase the most potential as well.

In the following list, we picked out two of the fresh new forex brokers who we see the most potential in. It may be a good idea for you to check them out and test the waters!

Watch this video: Looking for the best forex brokers in the world? (05mins 27secs)

Two More Hot Forex Brokers

1. HotForex


HotForex is distinct already just by its fresh take on a forex name, yet it had only been around since 2008. Their focus is on a stellar customer service platform that will address the needs of their clients. 

This is a good strategy for them since one of the most compelling elements of a good broker is receiving feedback from their clients. By gearing their business model towards the needs of their customers, they may be taking all the right steps.

2. Pepperstone


Launched in Australia, Pepperstone only materialized in 2010 and has stayed strong in the forex market nine years later. Their focus is on being a forex and CFD broker, whilst juggling to incorporate good customer service.

It also features an easily understandable and easy-to-use platform that will be perfect for beginners.

Now you have the top forex brokers list, its time to master your skill! Whatever level of experience, Platinum Trading Academy has the course perfect for your needs. 
1) The Platinum Forex Foundation Course
2) The Platinum Forex Masters Course
3) The Platinum Forex Elite Course
4) The Platinum Cryptocurrency Courses

Thank you for reading our best forex broker 2020 blog, and if you are looking for the best and most trusted Broker for trading forex, we hope our detailed reviews and guides assist you in making the correct decision. All forex brokers are evaluated based on their spreads, commissions, trading platforms and currency pairs. Remember to always take low spreads, commission and costs in trading, real-time data and trading tools into consideration. Generally, Professional Traders choose their forex broker according to their own trading style. If you need advice on which forex broker in 2020 is the perfect match for your trading style and goals, then book a free forex trading consultation with us today!

Top 3 Points for clients based in the UK to bear in mind when selecting the best forex broker in 2020!
1) Make sure the FCA- Financial Conduct Authority regulates you Forex broker. (If you forex broker goes down you will be protected by the FSCS for £50,000)
2) Make sure you’re that you Broker has been around for at least ten years
2) Make sure your Forex broker is registered on the stock exchange.

The Platinum Formula:

Perfect Fundamentals + Perfect Technical Analysis + Perfect Logic + Perfect Risk Management = Perfect Trade


At Platinum Trading Academy, United Kingdom, we teach all individuals from different walks of life to become a full-time trader or create a secondary revenue stream by trading part-time. We trade in an Institutional Way by letting the market come to us and being patient. Using Platinum’s Trading system you can take many Pips out of the market. We can ensure using this style of trading your trading will make a turnaround as you will become much more consistent.

If you want to trade like the professionals do, making consistently profitable returns from your trading, get in touch with us and we will demonstrate live exactly how we approach the markets.

Download our free ebook to read about the various Trading Patterns that work in the Financial Market. Watch Trades of the Week Videos in our video gallery. Subscribe to Platinum’s Forex Newsletter.

Hopefully, you have enjoyed today’s article. Thanks for reading!

Have a fantastic day!

Nisha Patel

Live from the Platinum Trading Floor.

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