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Forex Brokers | Forex Broker Reviews & Ratings

One of the most important factors that determine a forex trader's success is the broker(s) he or she chooses to do business with. There are many aspects to consider when choosing between the many forex brokers out there, some of which are difficult to find out until you have traded real money with them, at which point it may be too late. In this section, we give you that information up-front, with no bias. Our forex broker reviews are written after doing extensive testing of the brokers' forex platform and trading conditions, using real-money accounts. You will not find this type of information anywhere else. We hope it helps you make an informed decision on who you can trust with your money, and which forex brokers are best suited to you and your trading style.

To help you narrow down your search, we have also categorized our database of forex brokers, so if you have a pretty good idea about what you are looking for, you can start by opening the broker search box on the right side of this page and checking off all the criteria you are looking for in a forex broker. Otherwise, feel free to browse through our full list of forex brokers below.

 

Compare Forex Brokers

Alpari Review



Charting: Four and Half star Charting Rating
Execution: Four and Half star Execution Rating
Spreads: Five star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Five star Platform Reliability Rating
Support: Four star Customer Support Rating
Swap Rates: Four star Rollover interest rates Rating
Transactions: Four star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

Alpari NZ (not the same company as Alpari UK or US), enjoys one of the best reputations for honesty among all retail forex brokers. There are numerous reports on the internet about Alpari spontaneously returning customers' money on orders that didn't get filled properly as a result of some error on Alpari's part. This is almost unheard of in the retail forex world, as most traders have to fight tooth-and-nail with their brokers for every pip. If this is the sort of service you value, and you should, then look no further than Alpari.


Location:New Zealand
Guaranteed stop losses:No
Swap-free accounts:$10 per standard lot (100,000) round turn trade. Trade can be held for unlimited time period.
Typical spread on EUR/USD:0.5 pips (0.00005) - widens overnight Moscow time
Order processing:ECN on pro.direct accounts

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InstaForex Review



Charting: Four and Half star Charting Rating
Execution: Three and Half star Execution Rating
Spreads: Four star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Four and Half star Customer Support Rating
Swap Rates: Five star Rollover interest rates Rating
Transactions: Four and Half star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

If you are looking for a strong Asian forex broker offering, you are well advised to at least consider InstaForex, as it is one of the most successful brokers to come out of Russia (and that is saying a lot when considering that Alpari and EXNESS are both originally Russian). In fact, InstaForex was named the best broker in all of Asia in 2009 and 2010, beating out some fairly tough competition.


Location:Russia
Guaranteed stop losses:No, all orders are executed at best available price
Swap-free accounts:Yes - no extra fees are incurred on Islamic style accounts
Typical spread on EUR/USD:3 pips (0.0003) FIXED
Order processing:ECN

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EXNESS Review



Charting: Four and Half star Charting Rating
Execution: Four and Half star Execution Rating
Spreads: Five star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Five star Platform Reliability Rating
Support: Five star Customer Support Rating
Swap Rates: Four star Rollover interest rates Rating
Transactions: Five star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

EXNESS is a fairly new entrant into the forex arena, and it offers some very interesting trading conditions. Though there is no actual relationship between the two (as far as we are aware), EXNESS and Alpari which is also of Russian origin, thrive in a jurisdiction where the rule of law is not always respected. While EXNESS is regulated by Russian law, this in itself is not a great comfort for foreign traders. No doubt EXNESS management, much like Alpari, is aware of this and therefore goes well above the call of duty to ensure that clients are treated fairly.


Location:St. Petersburg, Russia
Guaranteed stop losses:No, all orders are executed at best available price
Swap-free accounts:Yes - no extra charges and available to everyone, not just Islamic traders
Typical spread on EUR/USD:0.1 pips (0.00001) on Expert Accounts, 0.4 pips (0.00004) on Classic Accounts, 0.7 pips (0.00007) on Mini Accounts
Order processing:STP (Straight Through Processing)

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FXCM Review



Charting: Four and Half star Charting Rating
Execution: Five star Execution Rating
Spreads: Four star Transaction Costs (spreads) Rating
User-friendly: Four star User-friendliness Rating
Functionality: Five star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Four star Customer Support Rating
Swap Rates: Four star Rollover interest rates Rating
Transactions: Four and Half star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

FXCM is one of the largest (over $100 million in firm capital) and best known forex brokers in the business. Featuring straight-through processing, multiple trading platforms including the popular MetaTrader 4 (MT4), FXCMs own downloadable FXCM Trading Station or Active Trader, as well as a Java platform that is compatible with Macs. Each platform has its own advantages, depending on your trading style.


Location:New York City, USA
Guaranteed stop losses:All orders are executed at best available price.
Swap-free accounts:
Typical spread on EUR/USD:2.3 pips (0.00023)
Order processing:Straight-through to multiple liquidity providers

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ICM Trading Review



Charting: Five star Charting Rating
Execution: Four star Execution Rating
Spreads: Four star Transaction Costs (spreads) Rating
User-friendly: Five star User-friendliness Rating
Functionality: Four and Half star Platform Functionality Rating
Reliability: Five star Platform Reliability Rating
Support: Four star Customer Support Rating
Swap Rates: Three star Rollover interest rates Rating
Transactions: Three and Half star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

ICM Trading (iTrade Capital Markets) is an offshore broker (BVI) that deals primarily in spot forex, but also offers some common CFDs as well as forex options, which is a very nice feature. The number of tradable instruments is not staggering, since the spot forex pairs are limited to 19 pairs, with nothing exotic on offer. These are the most liquid pairs and are the staples of most professional traders, since the low liquidity, high spreads and less reliable research make exotics all but untradable for many traders. Please be sure to also read the WARNING at the bottom of this review.


Location:British Virgin Islands (BVI)
Guaranteed stop losses:Yes, all stop and limit orders are guaranteed against slippage.
Swap-free accounts:All accounts are Shariah compliant, but a charge of $1/mini-lot/day is applicable to all overnight positions
Typical spread on EUR/USD:2 pips (0.0002) FIXED
Order processing:Market Maker

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FXcast Review



Charting: Four and Half star Charting Rating
Execution: Three and Half star Execution Rating
Spreads: Four star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Three star Customer Support Rating
Swap Rates: Four star Rollover interest rates Rating
Transactions: Four star Withdrawal processing Rating
Avg. Rating: Three and Half star Average Rating

FXcast is an offshore forex broker, based in the small island country of Mauritius. Using a highly automated dealing system, FXcast is able to use advanced risk algorithms to decide whether or not to trade against its clients or to pass client trades on to a higher tier. This ensures that the back-end runs quickly and efficiently, eliminating a lot of unnecessary costs and lags. It is a double-edged sword however, because not all traders are treated equally - when the algorithm decides that a trader is unprofitable, the system trades against that trader, creating a conflict of interest (the company profits if the trader loses). The result is a mixed bag of fairly low fixed spreads AND guaranteed limit order execution with NO slippage, but a noticeable amount of price manipulation.


Location:Mauritius
Guaranteed stop losses:Yes - all limit orders experience NO slippage
Swap-free accounts:Swap-free accounts incur a $0.05 fee per 1,000 unit round-turn trade.
Typical spread on EUR/USD:2 pips (0.0002)
Order processing:Market Maker or Straight-Through Processing based on lots traded and risk profile as determined by FXcast risk server

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DeltaStock Review



Charting: Five star Charting Rating
Execution: Five star Execution Rating
Spreads: Five star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Five star Platform Functionality Rating
Reliability: Five star Platform Reliability Rating
Support: Five star Customer Support Rating
Swap Rates: Four and Half star Rollover interest rates Rating
Transactions: Four star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

DeltaStock offers some of the best trading conditions available, even among other premier forex brokers. In fact, we were so impressed with DeltaStock, that it is actually difficult to find anything negative to say about them. The only borderline negatives are that the Delta Trading platform is a bit complicated and difficult to manage with all those separate windows flying around, but really, for a platforms with so much functionality, it is a very minor complaint. Any trader that considers himself/herself a professional, cannot at the same time say that they are put off by slightly steeper learning curve in exchange for a wealth of functionality. Despite this however, MT4 is on offer if you prefer simplicity (or auto trading).


Location:Sofia, Bulgaria
Guaranteed stop losses:No, all orders are executed at best available price.
Swap-free accounts:No swap-free accounts available
Typical spread on EUR/USD:0.5 pips (0.00005)
Order processing:ECN,STP (Straight Through Processing)

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AvaTrade Review (formerly AvaFX)



Charting: Four star Charting Rating
Execution: Five star Execution Rating
Spreads: Three and Half star Transaction Costs (spreads) Rating
User-friendly: Four star User-friendliness Rating
Functionality: Four and Half star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Four star Customer Support Rating
Swap Rates: Three and Half star Rollover interest rates Rating
Transactions: Four star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

AvaTrade is based in Israel with a presence in the British Virgin Islands and a major office in Ireland. Established in 2006, the organization appears to be making headway towards becoming an attractive forex dealer. AvaTrade hasn't always had a stellar reputation, but has recently made serious strides in improving their trading conditions, as well as payment processing and customer support.


Location:Tel Aviv, Israel
Guaranteed stop losses:No - orders executed at best available price
Swap-free accounts:Yes - no extra charges and available to everyone, not just Islamic traders
Typical spread on EUR/USD:3 pips (0.0003)
Order processing:Market Maker

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Marketiva Review



Charting: Three star Charting Rating
Execution: Three star Execution Rating
Spreads: Three star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Three star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Four star Customer Support Rating
Transactions: Four star Withdrawal processing Rating
Avg. Rating: Three and Half star Average Rating

Marketiva is a good, easy to use forex trading platform for smaller account holders. Its main focus is on newer traders, who have somewhat different needs from experienced traders. It is also an excellent choice for Islamic traders because Marketiva is a "swap-free" forex broker


Location:British Virgin Islands
Guaranteed stop losses:Yes
Swap-free accounts:Yes - no extra fees are incurred on Islamic style accounts
Typical spread on EUR/USD:2 pips (0.0002)
Order processing:Market Maker

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MIG fx Review



Charting: Four and Half star Charting Rating
Execution: Three and Half star Execution Rating
Spreads: Four star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Four star Customer Support Rating
Swap Rates: Four star Rollover interest rates Rating
Transactions: Three and Half star Withdrawal processing Rating
Avg. Rating: Four star Average Rating

MIG fx is one of the top Swiss forex brokers, regulated by ARIF, offering one of the most highly regulated and secure environments in which to trade spot forex, silver and gold, without any restrictions based on traders' place of residence - traders from any country in the world are welcome to have real accounts.


Location:Neuchatel, Switzerland
Guaranteed stop losses:Stop orders executed at best available price.
Swap-free accounts:No swap-free accounts available
Typical spread on EUR/USD:2 pips (0.0002) on Standard and Professional Accounts. 1 pip (0.0001) on Institutional Accounts.
Order processing:Market Maker

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Saxo Bank Review



Charting: Five star Charting Rating
Execution: Four and Half star Execution Rating
Spreads: Four star Transaction Costs (spreads) Rating
User-friendly: Five star User-friendliness Rating
Functionality: Five star Platform Functionality Rating
Reliability: Five star Platform Reliability Rating
Support: Five star Customer Support Rating
Swap Rates: Four star Rollover interest rates Rating
Transactions: Three and Half star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

Saxo Bank is an international investment bank that focuses on providing its clients access to online trading across a variety of financial markets in a variety of countries. Included, of course, is the mother of all markets - spot forex. Saxo Bank is a fully regulated European Bank, based in Copenhagen, Denmark, and as such, provides a level of service that few other forex dealers can claim, as well as one of the best online trading platforms in the world.


Location:Copenhagen, Denmark
Guaranteed stop losses:All orders are executed at best available price.
Swap-free accounts:No swap-free accounts available
Typical spread on EUR/USD:2 pips (0.0002)
Order processing:Market Maker

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AskOBid Review



Charting: Four and Half star Charting Rating
Execution: Five star Execution Rating
Spreads: Four star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Five star Platform Reliability Rating
Support: Four star Customer Support Rating
Swap Rates: Four star Rollover interest rates Rating
Transactions: Four star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

If you are looking for a quality European forex dealer, you may be delighted by what AskOBid has to offer. The variety of tradable instruments is substantial, and includes several rare exotics as well as XAU and XAG (Gold and Silver). You can see the full list of tradable instruments below. With account sizes starting at $100, fixed spreads, and decent order execution even at times of low market liquidity and strong (but not stifling) regulation, it's easy to see why AskOBid is becoming the dealer of choice for many smaller investors.


Location:Limassol, Cyprus
Guaranteed stop losses:Yes, stop loss orders are guaranteed against slippage.
Swap-free accounts:No swap-free accounts available
Typical spread on EUR/USD:3 pips (0.0003) FIXED (depending on account type)
Order processing:Market Maker

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Sigma Forex Review



Charting: Four and Half star Charting Rating
Execution:
Spreads: Five star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support:
Transactions:
Avg. Rating: Two and Half star Average Rating

Sigma Forex is a relatively new MT4 broker offering very low 1 pip spreads on 12 different pairs. Please be WARNED however, that its reputation among traders is fairly poor, with some calling Sigma Forex an outright scam. There are several reports cirulating around the internet about traders not being able to withdraw their profits, and even being denied withdrawals of their original deposits.


Location:Oslo, Norway
Guaranteed stop losses:No
Swap-free accounts:- All accounts are swap-free
Typical spread on EUR/USD:1 pip (0.0001)
Order processing:Market Maker

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IBFX Review



Charting: Four and Half star Charting Rating
Execution: Four star Execution Rating
Spreads: Four star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Four and Half star Customer Support Rating
Swap Rates: Three and Half star Rollover interest rates Rating
Transactions: Four star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

IBFX is widely regarded as one of the premier brokers in the retail forex market, and there is a reason for this reputation. Guaranteed fills on stop and limit orders, combined with very low spreads, straight-through order processing (no dealing desk) to multiple liquidity providers, industry-standard MetaTrader 4 (MT4) trading platform


Location:Utah, USA
Guaranteed stop losses:Orders are executed at best available price.
Swap-free accounts:Yes, but some extra fees apply
Typical spread on EUR/USD:2 pips (0.0002)
Order processing:Straight-through to multiple liquidity providers

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HY Markets Review



Charting: Four and Half star Charting Rating
Execution: Four star Execution Rating
Spreads: Two star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Four star Customer Support Rating
Swap Rates: Three star Rollover interest rates Rating
Transactions: Three and Half star Withdrawal processing Rating
Avg. Rating: Three and Half star Average Rating

Henyep Investment (UK) Limited, the father of HY Markets, has been around since 1977, making it one of the most established players in the game. The company is also regulated by the FSA in the United Kingdom, adding another layer of security to clients who conduct business with HY Markets.


Location:London, UK
Guaranteed stop losses:Yes
Swap-free accounts:
Typical spread on EUR/USD:3 pips (0.0003) for Premium, 5 pips (0.0005) for Standard, 7 pips (0.0007) for Mini Accounts
Order processing:Market Maker

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Oanda Review



Charting: Two star Charting Rating
Execution: Four star Execution Rating
Spreads: Four star Transaction Costs (spreads) Rating
User-friendly: Three and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Three star Platform Reliability Rating
Support: Three star Customer Support Rating
Swap Rates: Five star Rollover interest rates Rating
Transactions: Four and Half star Withdrawal processing Rating
Avg. Rating: Three and Half star Average Rating

Oanda is a very well respected forex broker among large and small account holders. Oanda is known for being an innovative company that offers traders some unique features such as hourly swap payments and single unit positions sizing - your positions can be as small as 1 unit, which greatly improves traders' ability to apply sound money management rules correctly without having to round down your position sizes. Oanda also offers a great deal of transparency.


Location:Toronto, Canada
Guaranteed stop losses:No
Swap-free accounts:No swap-free accounts available
Typical spread on EUR/USD:0.9 pips (0.00009)
Order processing:Market Maker

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Forex Yard Review



Charting: Four star Charting Rating
Execution: Four star Execution Rating
Spreads: Three star Transaction Costs (spreads) Rating
User-friendly: Four star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Three and Half star Customer Support Rating
Swap Rates: Three star Rollover interest rates Rating
Transactions: Four star Withdrawal processing Rating
Avg. Rating: Three and Half star Average Rating

Forex Yard offers a very nice trading package for intermediate level traders: good charting, combined with great execution - guaranteed stop orders, no slippage, no requotes - as well as the ability to trade oil, gold and silver.


Location:Cyprus
Guaranteed stop losses:Yes (some restrictions apply)
Swap-free accounts:
Typical spread on EUR/USD:3 pips (0.0003)
Order processing:Market Maker

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ForexGen Review



Charting: Four and Half star Charting Rating
Execution:
Spreads: Four and Half star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support:
Transactions:
Avg. Rating: Two and Half star Average Rating

ForexGen appears to be either an outright scam, or a very very badly run business, with scam being the much more likely scenario. The original deposit was returned to our traders only after a long battle, and the profits, which were significant in relation to the amount of the deposit, were never allowed to be withdrawn. ForexGen first disabled the trading accounts, and later nullified all the trades that had been made in the accounts. In addition, this broker is not regulated, and has already been investigated by Norwegian police, so we must recommend to everyone to stay away from ForexGen. You have been WARNED!


Location:Oslo, Norway
Guaranteed stop losses:No
Swap-free accounts:- All accounts are swap-free
Typical spread on EUR/USD:1 pip (0.0001)
Order processing:Market Maker

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Easy Forex Review



Charting: One star Charting Rating
Execution: Five star Execution Rating
Spreads: Three star Transaction Costs (spreads) Rating
User-friendly: Four star User-friendliness Rating
Functionality: Three star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Four and Half star Customer Support Rating
Swap Rates:
Transactions: Five star Withdrawal processing Rating
Avg. Rating: Three and Half star Average Rating

Easy Forex is one of the few brokerages that you either love or you hate. There are some things about it that are the best in the business, and some that are very frustrating. Depending on your trading style, you are bound to belong to one of the extreme camps.


Location:Limassol, Cyprus
Guaranteed stop losses:Yes
Swap-free accounts:
Typical spread on EUR/USD:3-7 pips, depending on account type
Order processing:Market Maker

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Finexo Review



Charting: Four star Charting Rating
Execution: Two star Execution Rating
Spreads: Three star Transaction Costs (spreads) Rating
User-friendly: Four star User-friendliness Rating
Functionality: Four and Half star Platform Functionality Rating
Reliability: Four and Half star Platform Reliability Rating
Support: Three and Half star Customer Support Rating
Swap Rates: Three and Half star Rollover interest rates Rating
Transactions: One star Withdrawal processing Rating
Avg. Rating: Three and Half star Average Rating

Finexo used to be a "white-label" partner of Saxo Bank, a well known and respected investment bank offering among other things, spot forex trading. They have since been bought out by an Israeli outfit with a company in Cyprus. Unfortunately, the result has been less than positive. Finexo is now a full-fledged bucket shop that any serious investor is advised to steer clear of.


Location:Israel
Guaranteed stop losses:Yes, for orders less than 3 million and outside a pre-determined range
Swap-free accounts:
Typical spread on EUR/USD:3 pips (0.0003)
Order processing:Market Maker

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