Top 10 Forex Brokers [Update 2023]

A broker is one of the most significant and determinative pillars in the whole process of forex trading. This is why choosing the right broker is such a prominent decision for any trader, as your forex broker is directly tied to the safety of your assets, amount of fees you pay, and the speed of your trades.

To make the process of decision making a bit easier for you, we will list the top 10 forex brokers in 2023. Although there are so many honorable mentions, here are some of the best and top tier forex brokers.

FXTM

FXTM is one of the biggest names in the forex market. Some of its prominent upsides include its transparent process of pricing based on commission and fees for forex pairs. Also, it is compatible with the latest versions of the MetaTrader 4 and 5. And to make things easier for traders who want to trade on the go and always have access to the market, FXTM offers its own proprietary mobile trading app.

It also offers excellent educational material and tutorials for traders who do not have enough experience in the market. In addition to that, FXTM provides traders with its unique copy trading platform and also provides them with high leverage. In fact, the maximum leverage provided by this broker can be as high as 1:2000. Additionally, to make trading more accessible, FXTM has a rather low minimum deposit amount.

FP Markets

One of the biggest advantages of FP Markets is its proper regulation and observance but legal entities in Australia. As such it is under the direct regulation of the Australian Securities and Investments Commission.

Furthermore, it offers a wide range of instruments across various financial markets. For instance, more than 10,000 stocks and shares. But as far as forex is concerned, FP Markets provides 60 foreign currency pairs for trading.

Eightcap

Usually when brokerage firms are under heavy regulation, certain regulatory bodies would put a cap on the maximum leverage that a broker can provide. But with Eightcap, forex traders can receive a leverage of up to 1:500 which is very high of course.

In addition to that, the education material that is provided to the users is quite cutting edge and practical. Not only that, but tutorials are provided on a daily basis. The fees and commissions at Eightcap are also quite competitive.

AvaTrade

AvaTrade is considered as one of the most highly regulated brokerage firms in the world. The reason for this high degree of regulation is that they have offices in a variety of countries both inside and outside Europe. So safety is one of the biggest upsides this broker can provide to traders.

Because it is also regulated in Europe, the leverage provided in those jurisdictions are of course limited. But the leverage ratio outside European jurisdictions such as South Africa and Japan can be as high as 1:400.  Plus, AvaTrade offers 55 currency pairs to forex traders.

BlackBull Markets

BlackBull Markets

BlackBull is a rather newly founded brokerage firm in New Zealand dating back to 2014. As such it is under the regulation of the country’s Financial Services Providers Register or the FSPR. This broker can provide 27 foreign currency pairs and a leverage of 1:500 at most.

But the biggest advantage of BlackBull Markets is the fact that it has been able to provide commissions and fees at the level of institutional investors and traders to micro and individual traders, which is really something. This feat has been possible through BlackBull Markets’ very own price aggregation program.

MultiBank Group

With MultiBank Group we get to yet another heavily regulated broker. And the reason for this high level of regulation is the fact that MultiBank Group is registered in 20 different countries. So the biggest advantage of this broker could be the amazing level of safety that you can receive for your trades and your assets.

The width of operations and offices for this broker also means that it can provide a very high degree of liquidity across different markets. MultiBank Group also offers more than 55 foreign exchange pairs across forex markets.

Plus500

Another broker from the land down under on our list of top 10 forex brokers. Plus500 was established in 2008 in Sydney. And it offers an amazingly wide range of financial instruments to traders and investors. In fact, Plus500 provides upwards of 2000 instruments across different markets. Other than being registered in various locations, including Sydney and Haifa, Plus500 is also publicly traded as part of the London Stock Exchange market.

OctaFX

Similar to almost all brokers that are listed here, OctaFX is compatible with the most popular trading platforms of MetaTrader 4 and 5, in addition to its own proprietary mobile trading app.

Interesting fact about OctaFX is that it remains unregulated.

So, how can it obtain the trust of brokers and make its way among top tier brokers?

Well, the answer can actually be found in the biggest advantage of this broker. OctaFX offers unique and unparalleled bonus campaigns to its users. This is how users keep coming back to this broker even though it is not regulated. In fact, OctaFX has so far paid out millions of dollars as part of their bonus campaigns to their clients.

eToro

etoro

To the more seasoned traders, eToro might be the biggest name on our list, given its huge popularity among traders in various financial markets especially the crypto market.

eToro has registered offices in Cyprus and the United Kingdom in addition to Australia and the US. Though one of the best brokers worldwide, eToro is more adapted to crypto trading than any other instrument. Nevertheless, its copy trading and social trading mechanisms have proven quite practical to traders.

Pepperstone

Pepperstone can be regarded as the most prominent ECN forex broker worldwide with extremely competitive pricing plans. They also have a variety of account types that are specifically designed to meet the demands and needs of various investors and traders with any level of experience and equity. It also provides traders with above average fast execution on their orders.

Pepperstone is regulated by the UK’s Financial Conduct Authority as well as the Dubai Financial Services Authority or the DFSA.