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Best Forex Brokers and Online Trading Platforms in 2024
Swen Keller
- Last Updated 23 August, 2024
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This article comprehensively lists the best forex brokers and online trading platforms in 2024. We explore the key factors to consider when choosing forex brokers such as unique features, trading costs, regulations, and pros and cons.
To come up with our list we got firsthand knowledge of all brokerage platforms listed, studied user reviews, and took into consideration expert opinion about each broker.
Best CFDs Broker: Our Opinion
Our pick for the best CFD forex broker in 2024 is Plus500. The broker stands out for its proprietary trading platforms, zero commissions, and a robust analytical feature called Insights with valuable in-house market data.
Founded in 2008 and headquartered in Israel, Plus500 offers over 2800 trading instruments including CFDs of popular shares such as Google, Apple, Amazon, and Tesla.
Plus500 also supports CFDs on cryptocurrencies, commodities, forex trading currency pairs, and indices. Popular CFDs offered include Bitcoin, Ethereum, EUR/USD, GBP/USD, NASDAQ 100 (NA), S&P 500 (ES), Oil, Silver, Gold, etc.
The Plus500 CFD broker made it to our list of the best forex brokers for its zero commissions on all trades and in-depth market data feature called Insights.
Insights: Key Feature of Plus500
The Plus500 Insights feature allows CFD forex traders to boost their forex trading strategy by analyzing the trading data of millions of Plus500 customers in real-time. Insights is available on both the web forex trading platform and Plus500 mobile app for Android and iOS.
The Insights feature provides traders with the “wisdom” of the crowd to see what other users are doing. Users can select a trend to analyze and the tool will reveal the top 10 results based on customer forex trading activity.
Plus500 Security
Plus500 operates via its fully regulated and authorized subsidiaries in different jurisdictions. For instance, Plus500CY is regulated by the Cyprus Securities and Exchange Commission, which covers its operations in more than 20 nations. It is also under regulation in the United Arab Emirates, the United Kingdom, Seychelles, Australia, South Africa, Singapore, Israel and Estonia. Plus500 US is also registered with the Commodity Futures Trading Commission.
Beyond regulation, Plus500 keeps client funds in segregated accounts and offers negative balance protection, as well as, risk management tools for forex traders.
Plus500 Fees
Plus500 does not charge commissions on trades. Rather, it is compensated for its service via industry-average dynamic spreads. Other charges include:
- Overnight Funding: This is either subtracted or added to your account when you hold a position long-term.
- Currency Conversion Fee: A 0.7% fee charged on trades that include instruments denominated in a currency different than your account.
- Inactivity fee: Plus500 charges forex traders an inactivity fee of $10 if you haven’t logged into your trading account for 3 months.
Other charges include a wider spread when you use the Guaranteed order feature. Plus500 forex trading broker does not charge withdrawal fees.
Pros
- Negative balance protection
- Fully regulated
- Insights data tool
- Zero commissions
- Competitive spreads
Cons
- Not beginner friendly
Review from Our team (Direct Feedback from Our Employee who Personally Uses Plus500)
The Insights feature was the highlight of the broker. It made trading decisions more informed and helped generate viable strategies.
OQtima - Best Online Forex Trading Platform for High Leverage on ETFs
OQtima was founded in Limassol Cyprus in 2021. It is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), as well as, the Seychelles Financial Services Authority (FSA) as a securities dealer.
The forex trading broker made it to our list for its high leverage of up to 1:1000 on offered instruments. OQtima supports more than 1000 financial products enabling users to trade currency pairs, ETFs, indices, shares, energies, metals, and cryptocurrencies.
Key Features of OQtima
Islamic Swap-free Account
Swap is the interest credited from an account if you hold a position open overnight. Islamic Sharia law forbids interest in all forms and the OQtima swap-free account was created for followers of the principle.
The swap-free accounts mimic the normal standard trading accounts from the forex broker but operate without interest-related fees.
So traders using the forex broker can be guaranteed of no interest or swap fees during a rollover. They can also keep positions open for up to 7 days without attracting any commission. Note though that extended holdings beyond the stipulated period attract fees.
This feature is not available for cryptocurrency trading.
Security of OQtima
OQtima uses segregated bank accounts to store customer funds in a 1:1 ratio. This means that the trading platform does not keep your deposits with its operational funds. Also, like most forex trading platforms, OQtima is regulated in Cyprus and Seychelles, which covers its operation in all supported regions. Concerning trading forex and other supported instruments, OQtima offers negative balance protection.
Fees of OQtima
OQtima charges dynamic spreads on Forex, Metals, Cryptocurrencies, and Indices. The forex broker charges commissions only on its ECN+ accounts. The commissions differ based on the currency involved as seen below:
- USD: $3.00 per lot traded ($6 round turn)
- EUR: €3.00 per lot traded (€6 round turn)
- GBP: £2.50 per lot traded (£5 round turn)
OQtima also charges users trading forex and other assets swap fees (those not on Islamic accounts). The swap fee is calculated with this formula: Market Price (*EOD) X Trade size in lots X Swap rate / 100 / 360 = Swap charge per night in USD
Pros
- Up to 1:1000 leverage
- 1000+ tradable intrusments
- Islamic swap-free account available
Cons
- Limited trade platforms
Review from Our team (Direct Feedback from Our Employee who Personally Uses OQtima)
OQtima is an excellent choice for high-leverage trading and offers a wide range of tradable assets.
Pepperstone - Best Forex Broker for Large Selection of Trade Platforms
The Pepperstone platform made it to our list of top forex brokers in 2024 for its support of multiple trading platforms. It supports MetaTrader 4, MetaTrader 5, cTrader, and its proprietary platform Pepperstone. The broker also supports TradingView directly from its platform enabling users to gain access to advanced charting tools, a trading interface, and a community of over 30 million active traders.
Another stand-out feature of the trading platform is its no deposit minimum feature. This means that traders can start trading forex even with a dollar.
Key Features of Pepperstone
Pepperstone Trade Platform
The proprietary Pepperstone platform allows users to access and trade CFDs including forex, commodities, US stocks, ETFs, indices, and cryptocurrencies.
Beyond available assets, Pepperstone allows users to swap between charts via a quick switch function, offers technical indicators/risk management tools, supports demo trading, and customized watchlists, and provides multi-charting options for analysis.
The proprietary platform is available on web and iOS devices.
Security of Pepperstone
Pepperstone follows the standard practices of forex brokers and segregates customer funds from its operational resources. The broker also conducts regular financial audits to display its transparency. Users must verify their identity as well in line with anti-money laundering laws.
Fees of Pepperstone
Pepperstone charges both commissions and spreads depending on the account type. On the Razor account, it does not charge spreads but charges commissions of $3.50 per 1 standard FX lot per side. For trades made on the Standard account, Pepperstone does not charge commissions but spreads with a standard minimum of 1.00 on popular forex pairs.
Pros
- Supports multiple trade platforms
- No minimum deposit
- Beginner friendly
Cons
- High spreads
- Charges commissions
Review from Our team (Direct Feedback from Our Employee who Personally Uses Pepperstone)
Pepperstone provided a lot of flexibility when it came to trade platform options. Its proprietary platform was easy to use and beginner-friendly. However, the fees were high in comparison to other top forex brokers.
XM Broker - Top Forex Online Broker For Quick Order Execution
Founded in 2009, XM Broker is a multi-regulated platform. It made it to this list for its quick order executions. XM Broker offers 100% execution of orders with 99.35% of all orders executed in less than 1 second. It also supports popular trading platforms like MetaTrader 4 and 5.
XM Broker has a maximum leverage of 1000:1 and a low minimum initial deposit of $5. It also supports popular payment and withdrawal methods.
XM Broker customer support is available in over 30 languages.
Key Features of XM
Demo Trading
XM Broker offers a demo account to users who wish to test their trading strategies before trading with actual funds in the live forex market.
The demo account is free and available for as long as is needed. It simulates real market conditions but trades are executed with virtual funds, this prevents the danger of losing actual money.
XM Security
XM Broker is a licensed Securities Service Provider regulated by multiple regulatory bodies including the CySEC and the FSC.
XM Broker stores users’ funds in segregated accounts and offers negative balance protection to users. It also offers two-factor authentication for account protection.
XM Fees
XM Brokers spreads start from 0 pips and charges commissions of $7 in $100,000. It also charges swap fees and fees for dormant accounts.
Pros
- Fast order execution
- It offers a demo account
- Low minimum initial deposit
Cons
- There have been complaints of occasional system glitches.
Review from Our team (Direct Feedback from Our Employee who Personally Uses XM)
The XM Broker stands out for its fast order executions but suffers occasional glitches which can affect trades.
FP Markets - Best Forex Online Broker For Trade Calculation
Headquartered in Australia, FP Markets made it to our list of top brokers for its low spreads and zero commissions (tight raw spreads from 0.0 pips)
FP Markets offers 5 currency trading platforms: cTrader, MetaTrader 4, MetaTrader 5, Web Trader, and Iress.
It also supports a vast selection of payment methods and a resourceful trading calculator.
Key Features
Forex Trade Calculator
This tool enables forex traders to calculate the risks around their next trades and calculate the important parameters of each trade across a range of products.
With the calculator, traders can calculate the following pip value, margin requirement for each position, potential profit, contract size, and required value.
The Forex Trade calculator offers the following tools: pip calculator, currency converter, margin calculator, swap calculator, and profit calculator.
Security
FP Markets is a reputable broker regulated by several financial authorities including the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC).
FP Markets segregates users’ funds from company funds, offers negative balance protection, and conducts regular audits.
Fees
FP Markets charges zero commissions with fees included in spreads. The fees vary based on the instrument being traded.
It also charges platform fees which are determined by the trading platform used.
Pros
- Zero commissions and low spreads
- 5 trading platforms offered
- Expert advisors supported
Cons
- Limited number of supported cryptocurrencies
Review from Our team (Direct Feedback from Our Employee who Personally Uses FP Markets)
The platform is best for advanced users. That said, FP Markets does not place restrictions on the type of trading strategies that traders can use.
Vantage Markets - Best Forex Broker With Large Selection of Cryptocurrency CFDs
Founded in 2009, Vantage Markets is headquartered in Sydney, Australia, It stands out from other forex brokers on this list for the number of cryptocurrencies supported. Vantage Markets supports over 40 cryptocurrencies. This is more than what is available on most brokers.
Vantage Markets is suitable for both beginners and advanced traders. It supports a variety of fiat currencies including NZD, SGD, and JPY.
Key Feature of Vantage
Social Trading
The Vantage Markets social trading or copy trading features enable traders to automatically copy the trading strategies of experienced traders on the platform. Traders who copy the trading strategies of others are referred to as Copiers while those that are copied by other traders are referred to as Top traders.
Vantage Markets social trading is only accessible on the Vantage Markets mobile app, it is currently not available on the Web Trader.
Vantage Security
Vantage Markets is a regulated broker and an authorized Financial Services Provider regulated by several financial authorities.
It stores users’ funds in segregated bank accounts and offers account security features like pattern lock and fingerprint lock.
Vantage Fees
Vantage Markets charges zero commissions for CFDs. Spreads range from 0.0 to 1.6 pips, it also charges up to $2 in RAW trading account charges.
Pros
- Tight spreads
- Large selection of crypto CFDs
- Vast educational resources and tools
Cons
- Restrictive leverage
Review from Our team (Direct Feedback from Our Employee who Personally Uses Vantage)
Due to its large selection of cryptocurrency CFDs, Vantage Markets is best for traders who are interested in trading crypto CFDs.
OctaFX - Top Forex Online Broker for Copy Trading
OctaFX was launched in 2011 and is operational in more than 180 countries. Currently, the broker hosts over 40 million opened trading accounts.
That said, OctaFX also supports a wide range of trade platforms, including MetaTrader 4, MetaTrader 5, and its proprietary platform OctaTrader. All supported trade platforms are available on multiple device types including Web, Android, iOS, and MacOS.
The broker made it to our list of the best forex trading platforms for its copy trading feature that allows users to mirror the trades of master accounts and become lead traders to earn commissions.
Key Features of Octa
Copytrader
The copy trading function enables both experienced traders and newbies to benefit. For beginners, the copy trader can mirror the trades of master traders allowing them to benefit from the expertise of a lead trader. Users can also choose the proportion or ratio they want to follow the trades by instead of compulsorily following the trader 1:1. For experienced traders, the copy trade function allows them to earn commissions from the users who copy them.
Octa Security
OctaFX is regulated by the Cyprus Securities and Exchange Commission (CySEC). The broker also protects user funds by using a segregated bank for client funds, negative balance protection, and two-factor authentication for withdrawals.
Octa Fees
Like most forex brokers on this list, OctaFX does not charge commissions. All its fees are charged via spreads which start from 0.6 pips on popular currency pairs. There are no costs for deposits or withdrawals and 0% swaps on Islamic accounts.
Pros
- Supports copy trading
- No swap fees
- Beginner-friendly interface
Cons
- Limited tradable instruments
Review from Our team (Direct Feedback from Our Employee who Personally Uses Octa)
OctaFX is an easy-to-use broker best suited for beginners who want to dive right into the forex market.
Capital.com: Best Forex Broker For Retail Investor Accounts
Founded in 2016, Capital.com made it to our list of top brokers for the retail investor accounts it offers to beginners.
Capital.com offers a user-friendly interface that is suitable for novices and beginners. It also supports a large selection of cryptocurrencies and forex pairs.
Capital.com offers a variety of payment options and a low minimum initial deposit of $20. That said, the broker offers a limited maximum leverage of 1:30.
Key Features of Capital.com
Standard Retail Investor Accounts
Capital.com retail accounts are suitable for beginners interested in trading forex, margin trading, spread betting, and CFD trading.
Capital.com offers retail investor account holders low fees on forex and CFD trading, as well as, zero commissions on trading. It also offers low minimum deposits.
Capital.com Security
Capital.com is regulated by several financial authorities including ASIC, CySEC, SCB, FCA, and SCA in the UAE.
It holds an ISO 27001 certification for information security management and privacy risk management.
The platform is protected with several security measures including data encryption, password protection, and two-factor authentication.
Capital.com Fees
Capital.com charges up to $2 in spreads. Traders are charged a spread to both open and close a trade. The platform also charges overnight fees. This varies based on the instrument being traded.
Pros
- Beginner-friendly
- Suitable for retail accounts
- Low initial deposit
- Large selection of cryptocurrencies
Cons
- Low maximum leverage
- Charges overnight fees
Review from Our team (Direct Feedback from Our Employee who Personally Uses Capital.com)
Capital.com is best for traders looking for retail CFD trading platform with low trading fees. It is not suitable for crypto traders looking to own digital assets.
XS Broker - Best Forex Broker With Easy Signup
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Founded in 2010, XS made it to our list of top brokers for its easy sign-up process. The entire process takes under 5 minutes. XS Broker offers 2 forex trading accounts with subaccounts under them: Raw accounts and Standard accounts. The primary difference between both accounts is their pricing structure.
XS also offers a transparent pricing system and a maximum leverage of 1:2000.
Key Features of XS
XS Mobile App
The XS mobile app offers a user-friendly interface that allows users to trade on the go. It offers traders the full trading functionality of the XS platform.
The mobile app features advanced indicators, charts, and timeframe.
The XS mobile app is available on both Android and iOS devices.
XS Security
XS Broker is registered and licensed by top financial regulatory bodies like ASIC, FSA, and CySEC.
It holds clients’ funds in segregated bank accounts and offers negative balance protection.
XS Broker requires KYC verification in compliance with AML and KYC policies.
XS Fees
XS offers a transparent fee structure for both account types. For standard accounts, XS charges 0.7 pips with zero commissions while spreads for RAW accounts start from 0 pips with a $6 commission fee.
Pros
- Easy signup and verification process
- Transparent pricing
- User-friendly mobile app
Cons
- Limited crypto assets
Review from Our team (Direct Feedback from Our Employee who Personally Uses XS)
XS Broker is best for beginners who need a basic Forex broker with transparent pricing and easy signup.
Admirals: Best Forex Broker For For Intermediate Traders
Headquartered in Estonia, Admiral Markets was founded in 2001 and is suitable for intermediate traders. The platform is complex for beginners while advanced traders may find it lacking in some advanced tools.
That said, Admiral Markets supports over 2500 tradable instruments and offers a maximum leverage of 1:1000.
The minimum initial deposit amount is $25.
Key Features of Admirals
Demo Trading
Admiral Markets offers a demo account that simulates real market movement. This allows traders to practice trading and test their strategies in realistic market conditions but without the risk of losing money because trading in the demo account is done with virtual funds.
The demo account is available for free and is valid for 30 days if you do not have a live account. Traders who have a live account on Admiral Markets have free access to the demo account with no time restrictions.
Admirals Security
Admiral Markets is a regulated broker with strict policies regarding the maintenance of clients’ funds and accounts.
In fact, 99% of clients’ funds on Admiral Markets are covered by the Admiral Markets clients’ funds protection insurance policy.
Admiral Markets also offers negative balance protection.
Admirals Fees
Admiral Markets charges zero commissions on major forex pairs with a minimum spread of 0.00001 and a typical spread of 0.00008 in USD.
The platform also charges inactivity fees and currency conversion fees.
Pros
- Secure forex broker
- Low minimum initial deposit
- It offers demo trading
Cons
- Limited tradable instruments.
Review from Our team (Direct Feedback from Our Employee who Personally Uses Admirals)
Admiral Markets is best for intermediate traders who maintain a small portfolio and wish to trade on the MetaTrader 4 and 5 platforms.
| BROKER | PAYMENT METHODS | TRADING FEES | TRADING PLATFORMS | MAXIMUM LEVERAGE | MIN. INITIAL DEPOSIT |
|---|---|---|---|---|---|
| Plus500 | Electronic wallets (PayPal, Skrill,etc), wire transfer, Google Pay, debit and credit cards, and more | Dynamic spreads, $10 inactivity fee, no commissions, 0.7% currency conversion fee | Proprietary (Plus500 CFDs, Plus500 Invest, and Plus500 Futures) | 1:30 | $100 |
| OQtima | Credit and debit cards, Wise, Revolut, Neteller, Skrill, and Bank transfer. | $3.00 commission round turn, dynamic spreads | MT4, MT5, cTrader | 1:1000 | $100 |
| OctaFX/strong> | Bank transfer, e-wallets (Skrill, Neteller, Perfect Money), Bitcoin, credit card, and debit card | From 0.6 pips | MetaTrader 4, MetaTrader 5, and OctaTrader | 1:500 | $20 |
| Pepperstone | PayPal, MPESA, Credit card, debit card, and bank transfer | Average of 1 pip spread markup, $3.50 in commissions per 7 round USD turn | MetaTrader 4, MetaTrader 5, TradingView, cTrader, Pepperstone | 1:500 | No minimum |
| FP Markets | Credit card, debit card,online banking and bank wire transfer, Thunderxpay, FPMarkets P2P, Google Pay, Apple Pay | 0 commissions with fees included in spreads, $60 platform fees | MetaTrader 4, MetaTrader 5, Iress Mobile and Iress TradingView | 1:500 | $100 |
| XM Broker | Credit card, debit card, bank transfer, e-wallets (Neteller, Skrill, WebMoney), and Union Pay | Variable spreads from 0 pips and commissions of USD 7 on $100,000, Rollover/swap fee, account dormant fee | MetaTrader 4, MetaTrader 5, and WebTrader | 1:1000 | $5 |
| Vantage | AstroPay, Thailand Instant Bank Transfer, FasaPay, Broker-to-Broker Transfer, China Union Pay, Neteller, Wire transfer, credit card and debit card (Visa and MasterCard), Skrill, JCB, Domestic EFT | Zero commission for CFDs (spreads), 0.0 to 1.6 pips in spreads, up to $2 USD in RAW account commission charges | MetaTrader 4, Vantage Mobile App, MetaTrader 5, WebTrader, ProTrader | 1:500 | $200 for Standard Account and $500 for RAW account |
| Capital.com | Wire transfer, MultiBanco, WebMoney, Bank transfer, Debit card, credit card, Skrill, Qiwi, IDeal, Sofort, and Trustly | Zero commission, Up to 2 pips in spreads | MetaTrader 4, TradingView, Capital.com API, Desktop Trading, Mobile App | 1:30 | $20 |
| XS.com | Bank transfer, credit card, debit card, Skrill, and Neteller | Spread from 0.0 pips, inactivity fees, $6 commission per round lot turn, swap/rollover charges | MetaTrader 4, MetaTrader 5 and XS Web Trader | 1:2000 | $200 |
| Deriv | Credit and debit card (Visa and MasterCard), Skrill, Neteller, cryptocurrency (Monero, Ethereum, and Bitcoin), Bank wire, and Perfect Money | Typical spread of 0.00008 in USD, zero commissions on major forex currency pairs, and minimum spread of 0.00001 | MetaTrader 4 and MetaTrader 5 | 1:1000 | $25 |
What is an online brokerage account and how does it work?
An online brokerage account is a digital platform that allows users (traders) to buy and sell financial products like cryptocurrencies, stocks, shares, indices, and currency pairs.
The user deposits money and uses the platform’s tools to select financial instruments to purchase or sell when desired. Online brokerages or forex brokers earn through spreads and commissions.
Difference between Trading and Investing
Investing deals with holding an asset for years or in some cases decades. Trading, on the other hand, involves the buying or selling of assets in shorter time frames like minutes (scalping), an hour, a day, or a week.
What to Consider when Choosing an Online Broker?
When choosing an online broker you need to consider trading costs (spreads or commissions or both), trading platforms supported, user funds/account security, tradable instruments available, maximum leverage, and direct user reviews of the platform.
Final Thoughts
Plus500 comes out on top of the best forex CFDs brokers in 2024. The platform charges zero commissions and offers in-depth market data via the Insights tool that aids in making profitable trading decisions. Other options like OQtima and OctaFX, stand out for their no-swap Islamic account and copy trading function respectively.
That said, the right choice is based on your individual goals and what you want from a forex broker. So you should consider the platform’s fees (spread or commissions), available tradable instruments, ease of use, supported trading platforms, offered leverage, and security.
FAQ
Most frequent questions and answers
Plus500 is the best broker for forex CFDs in 2024 because of its large selection of tradable instruments, zero commissions, and advanced market data tools.
Both Plus500 and OQtima offer some of the lowest spreads in the industry.
Yes, with the Pepperstone broker, you can trade with any amount.
Pepperstone allows you to trade forex with no minimum deposit required.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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