8 Best Forex Brokers for Beginners in 2025

Forex is the largest financial market in the world, with $9.6 trillion of currency trades taking place every day, according to the latest survey from the Bank for International Settlements. Therefore, retail traders across the globe have plenty of options when looking for the best forex broker for their needs.

This guide compares the top forex brokers available globally in 2025. We have ranked the best forex platforms for trading costs, supported currency pairs, analysis tools, account minimums, safety, and much more. We have also assessed the brokers based on the requirements of those new to trading.

The best online forex brokers reviewed

Read on for our in-depth reviews of the leading forex trading brokers: 

1. eToro: Beginner-friendly forex broker offering 55 currency pairs and spreads from 1 pip

eToro is a leading platform to trade stocks, forex, and cryptocurrencies, offering tight bid-ask spreads through an intuitive, beginner-friendly interface. However, eToro is best-known for its market-leading social trading features, supplemented with an intuitive mobile app.

Regulated by leading bodies in the US, UK and Europe, eToro offers users 55 forex pairs across a range of popular and exotic currencies, with tight spreads starting at just 1 pip. Users have access to charts and charting tools on eToro’s proprietary trading platform for conducting in-depth technical analysis.

The social trading and copy trading aspects of eToro allow beginners to learn forex from more experienced traders, and more seasoned traders to refine their strategies or make extra income by becoming signal providers themselves.

Traders wishing to improve their skills have access to an extensive Academy with articles, blueprints and videos. The range of instruments aside from forex is diverse — including stocks, ETFs, indices, commodities, cryptocurrencies. The instruments are available as contracts for difference (CFDs), whereas stocks and ETFs are available for direct investment, too.

Trading on social sentiment

Each financial instrument also features a feed of posts from the platform’s more than million users, allowing traders to assess the social sentiment around each of them before deciding to place a trade. That’s one of the platform’s best features for inexperienced forex traders.

Finally, with a low minimum deposit of just $50 in most markets including the UK, and no commission on trading forex pairs, eToro is one of the most competitive and beginner-friendly forex brokers.

Note: Forex trading isn’t available on eToro’s platform in the US.

To learn more about the broker, see our eToro review.

Number of Forex Pairs	55
Pricing System	0% commission on all forex currency pairs. The cost is built into the variable spreads starting from EUR/USD from 1 pip.
Account Types	Standard and professional account, swap free account, investment account
Supported Platforms	Proprietary trading platform via browsers and an iOS/Android app.
Account Minimum	$50 for the US and the UK, Australia and some European countries; starting from $100 elsewhere
Max. Leverage	30:1 for retail traders; 50:1 for professional traders
Standout Feature	Copy trading; automated investing with Smart Portfolios

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2. XTB – Top choice for beginner forex traders, offering tight spreads

We found that XTB is one of the best forex trading platforms for casual traders. The broker also offers a demo account, which offers a risk-free way for novices to practice their trading skills.

XTB supports 48 forex pairs, covering a range of majors, minors, and exotics. You trade all forex instruments via CFDs, meaning you can trade with leverage. The leverage available on forex majors is up to 500:1, although lower limits apply if you’re based in the UK, European Union, or Australia. 

There is no minimum deposit requirement and payment types include debit/credit cards, e-wallets, and bank wires.

XTB’s native trading platform offers real-time currency quotes, customized charts, and technical indicators. You can download it on Windows/Mac desktops or iOS/Android smartphones or trade via a web browser.

We found that XTB is also one of the best forex brokers for low trading costs as there are no commissions. Moreover, EUR/USD spreads start from just 0.1 pips. However, expect higher spreads outside of core trading hours. 

Apart from being a standout forex platform, XTB is also one of the best stock brokers. It supports thousands of commission-free stocks, plus cryptocurrencies, commodities, ETFs, and indices to trade via CFDs.

Direct stock and ETF investing

The platform also allows users to buy and sell thousands of real stocks and ETFs from various international exchanges. It provides commission-free trading on stocks and ETFs up to a monthly turnover of €100,000.

Regulated in the UK, Brazil, Poland, and Spain, it keeps client funds in segregated accounts. What’s more, as an extra safeguard, XTB is listed on the Warsaw Stock Exchange.

Read our review of XTB to learn more about this forex broker’s services and features.

Number of Forex Pairs	48
Pricing System	0% commission on all forex pairs. Spreads on EUR/USD from 0.1 pips.
Account Types	Standard and swap-free accounts.
Supported Platforms	Proprietary trading platform via browsers, desktop software, and an iOS/Android app. Also supports MT4.
Account Minimum	None
Max. Leverage	500:1
Standout Feature	Trade EUR/USD from 0.01 pips without paying commissions

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3. AvaTrade: 0% commission broker supporting FX spot and options markets   

AvaTrade is a multi-asset platform that supports 53 forex currency pairs. It also lists stocks, commodities, cryptocurrencies, bonds, ETFs, and indices. AvaTrade also supports forex options. Permitted strategies include risk reversals and straddles.

The broker offers 0% commission on all supported markets on its standard account. 

Forex spreads are competitive; for instance it is just 0.8 pips on EUR/USD. The minimum trade size is 0.01 lots. AvaTrade offers leverage of up to 400:1.

We also like that AvaTrade offers Islamic trading accounts. This removes overnight swap fees for a slightly wider spread. The minimum first-time deposit at AvaTrade is $100. 

Choice of trading platforms

AvaTrade has developed several native trading platforms. These include the AvaTrade mobile app for iOS and Android. It also offers a proprietary forex options platform and supports MT4 and MT5. You can put your mind at ease when trading forex on AvaTrade, as the broker is regulated by nine licensing bodies.  

Learn more about the platform from our AvaTrade review.

Number of Forex Pairs	53
Pricing System	0% commission on all forex currency pairs. Spreads on EUR/USD from 0.8 pips.
Account Types	Standard, Islamic, and professional accounts.
Supported Platforms	Proprietary trading platform via browsers and an iOS/Android app. Also supports MT4, MT5, and DupliTrade.
Account Minimum	$100
Max. Leverage	400:1
Standout Feature	0% commission forex trading with 400:1 leverage

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4. PrimeXBT: Low-cost forex platform for beginning traders

Seychelles-based PrimeXBT offers more than 45 currency pairs and has spreads as low as 0.1%, with no commissions on trades. It offers 24/7 customer support.

Prime XBT is a good platform for keeping costs down, which is important, particularly for beginning forex investors. There is no minimum deposit and there are no trading fees on forex or indices. The cost of trading is built into the spread.

The biggest negative for PrimeXBT is its limited portfolio of 100 tradable CFD instruments, including forex, crypto, indices and commodities. Also, the platform isn’t regulated by any of the major watchdogs.

It offers its brokerage services on its proprietary Prime XBT Web Trader and PrimeXBT mobile app, and also supports MetaTrader 5, which is popular with forex and CFD traders.

It offers copy trading through access to a Covesting module, copy trading feature, powered by its Covesting module, allowing beginners and less experienced users to emulate the trading strategies of seasoned professionals.

Zero fees, low spreads

Although PrimeXBT is a relatively new platform, it has attracted more than a million users and is available in more than 150 countries. This growth is due to its zero fees, spreads starting from 0.1, and 24/7 support accessible via email or live chat. 

Our review of PrimeXBT has a deeper analysis of the broker’s features, pros and cons.

Number of Forex Pairs	45
Pricing System	Zero commission and spreads starting from 0.1 pips
Account Types	Standard, Swap-Free, and Pro accounts
Supported Platforms	Proprietary Prime XBT Web Trader, PrimeXBT mobile app, MetaTrader 5, PrimeXBT Covesting copy trading app
Account Minimum	No minimum deposit
Max. Leverage	The maximum retail leverage is 1000:1, depending on the instrument
Standout Feature	Tight spreads and no commission, selection of crypto instruments

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5. Skilling – Top-rated brokerage accounts for professional traders   

Cyprus-based Skilling serves both casual and professional traders, offering 73 forex pairs, stocks, ETFs, commodities and more instruments. Its commission-free accounts come with spreads from just 0.7 pips, while the professional account further reduces the minimum spread to 0.1 pip for major forex pairs, such as the EUR/USD.

Its premium account, aimed at professional traders, comes with a minimum deposit of €5,000, and offers some of the lowest spreads in the industry. This comes, though, with a commission of $35 for every $1 million traded. What’s more, premium account holders are eligible for leverage of up to 200:1.

On the flip side, Skilling is also popular with casual traders. It has a standard account that comes with a lower minimum deposit of €100. This account offers commission-free trading and spreads on EUR/USD start from 0.7 pips. Moreover, leverage is reduced to 30:1 on major forex pairs and less on other markets.

While Skilling is popular with forex traders, it also supports other trading instruments. This includes cryptocurrencies, stocks, commodities, and indices.

European regulatory oversight

In terms of safety, Skilling is authorized and regulated by CySEC, meaning it follows guidelines of the European Securities and Market Authority (ESMA.) Specifically, CySEC adopted ESMA’s strict rules for CFD and forex brokers, including leverage restrictions.

All account holders are provided with insurance of €1 million in the unlikely event of a brokerage collapse. It provides customer support via live chat, Facebook Messenger, WhatsApp, and Line.

Number of Forex Pairs	70+
Pricing System	Commission free trading and variable spreads for retail traders; Ultra-low spreads and quantity-based commission for professionals
Account Types	Standard, Premium, and MT4
Supported Platforms	Skilling Trader, MetaTrader 4, TradingView, cTrader
Account Minimum	€100 or $100 on the Standard account; €5,000 on the Premium account
Max. Leverage	Max. forex leverage 30:1 for retail traders; 200:1 for professional traders
Standout Feature	800 instruments, including forex, stocks, indices, commodities, and crypto CFDs; spreads as low as 0.1 pips on the Premium account; execution under 0.05 seconds

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6. Libertex: 999:1 leverage on major FX pairs and spreads from 0.4 pips 

Libertex is one of the best forex brokers for high leverage. Selected major forex pairs, including EUR/USD and GBP/USD can be traded with leverage of up to 999:1. This means a $999 trade would require just $1 in margin.

The broker offers competitive commissions and spreads. EUR/USD can be traded at 0.007% per side and an average spread of 0.4 pips. 

Libertex has two different types of accounts. It has a CFD trading account and a Portfolio account that has no commissions or swap fees, but only has stocks and ETFs to invest in.

During busy market hours, the spread often drops to 0.0 pip. The minimum trade size is 0.01 lots.

Libertex’s trading platform features a broad range of tools. This includes currency-specific news feeds, market sentiment, and technical indicators. The proprietary platform is available on web browsers and an iOS/Android app. 

Forex favorite MT4 and MT5

The forex broker also supports MT4 and MT5. First-time traders can get started with the Libertex demo account. This is free to open and includes $50,000 in virtual funds to practice with.

The minimum deposit on the live account is $100. It accepts Visa, MasterCard, bank wires, and selected e-wallets as payment methods. Libertex also supports stocks, commodities, indices, and cryptocurrencies.  

Number of Forex Pairs	51
Pricing System	Forex commission of 0.007% per side. EUR/USD spreads start from 0.0 pips but average 0.4 pips.
Account Types	CFD, portfolio and professional accounts.
Supported Platforms	Proprietary trading platform via browsers and an iOS/Android app. Also supports MT4 and MT5.
Account Minimum	$100
Max. Leverage	999:1
Standout Feature	One of the highest forex leverage limits on the market at 999:1

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7. IG: Multi-regulated global broker also serving US forex traders

Founded in 1974, IG is a longstanding global name in the online trading industry that, unlike many of its peers, also supports US forex traders. Its US branch is registered as a retail foreign exchange dealer (RFED), and is authorized by the Commodity Futures Trading Commission (CFTC).

Other supervising authorities include the Financial Conduct Authority (FCA) in the UK and the Monetary Authority of Singapore (MAS).

The broker supports more than 80 forex pairs, including plenty of minors and exotics. Moreover, IG offers some of the most competitive trading fees in the market. For example, spreads on EUR/USD start from 0.6 pips and there’s no commission when trading forex.

Opening an account with IG is simple and fast – verification is usually completed instantly. Note, though, that real money deposits with a debit/credit card cost up to 1%.

While IG’s US division only supports forex, elsewhere, it lists 17,000 financial instruments, including commodities, indices, stocks, ETFs and cryptocurrencies. IG offers CFDs on many of these instruments, while also traditional investing into stocks, ETFs, funds and trusts.

As a useful feature for beginners, IG offers a free demo account that comes with $10,000 in virtual trading funds. The demo account is compatible with the MetaTrader 4 that is the go-to trading platform for many forex traders.

Premium client perks

We also like that premium clients at IG have access to plenty of perks, including a personal client manager, cashback of up to 15%, and fee reimbursement. So, while beginners find support at the start of their forex trading journey, experienced traders remain well catered for.

This includes the option for a Forex Direct account, which gives traders direct market access pricing on FX pairs on the L2 Dealer platform, albeit trading is still through CFDs from IG.

Number of Forex Pairs	80+
Pricing System	Variable spreads starting from 0.6 pips on forex pairs, no commission
Account Types	CFD and spread betting accounts; investment accounts
Supported Platforms	IG’s own, browser based and mobile apps, TradingView, MetaTrader 4, ProRealTime L2 Dealer
Account Minimum	No minimum requirement
Max. Leverage	Up to 200:1 in some jurisdictions
Standout Feature	17,000 financial instruments, no account minimum, platform selection, competitive spreads

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Capital.com: Commission-free trading on more than 120 forex pairs

The Cyprus-based CFD broker supports an abundance of financial instruments, including more than 120 currency pairs, the highest number among the brokers on this list. It also supports CDF trading on 450 crypto assets, about 50 index markets, 70 commodities, more than 4000 shares and 100 ETFs.

Capital.com doesn’t charge trading commissions and forex spreads start from 0.6 pips on the EUR/USD pair, and you can start trading from $20.

Capital.com has its in-house web trading platform and mobile app, which users say are feature-rich and easy to use. It also gives access to the social and charting platform TradingView and the MetaTrader 4 web-based platform and mobile app.

This gives forex traders the benefit of using expert advisors and other programmable trading robots. Capital.com also has a free demo account, which is great for beginners to learn the ropes.

Global regulatory oversight

Capital.com is regulated by many licensing bodies. This includes the Financial Conduct Authority in the UK. The Cyprus Securities and Exchange Commission (CySEC) authorizes the company’s operations in the EU, excluding Belgium, and the Australian Securities and Investments Commission (ASIC) oversees it in Australia.

You can use debit/credit cards and e-wallets to fund your account. The $20 minimum deposit rises to $500 when depositing funds via a bank transfer. It doesn’t charge deposit or withdrawal fees.

Number of Forex Pairs	120+
Pricing System	Variable spreads starting from 0.6 pips on forex pairs, no commission
Account Types	CFD; spread betting (UK only); swap-free account; 1X (leverage-free) account on equities, ETFs and equity indices
Supported Platforms	proprietary browser based platform and mobile app, TradingView, MetaTrader 4 and app
Account Minimum	$20
Max. Leverage	Up to 300:1, depending on the instrument
Standout Feature	120 plus forex pairs, unleveraged 1x account that aims to mirror the price movements of the underlying asset without the risks associated with leveraged trading

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Comparing the top forex brokers

Let’s summarize our platform reviews based on the key evaluation categories:

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How to pick the right forex trading account

In general, you’ll want to pick a retail foreign exchange dealer that comes with low commissions and tight spreads. In addition to strong regulatory protections, explore trading tools, minimum deposit requirements, and customer service.

To learn more about how forex trading works, check out our educational guide. In this section, will help you pick the best forex broker account for your requirements. 

Regulation and safety

Trillions of dollars worth of foreign exchange currency is traded every day. Therefore, forex brokers operate in a heavily regulated market. Licensing requirements will vary considerably depending on your country of residence. For example, UK traders must use forex brokers that are approved and regulated by the FCA. 

Conversely, US traders can only use foreign exchange brokers regulated by the NFA. As explained in the NFA rulebook (9066), regulated forex brokers must keep client funds in segregated accounts. Other reputable licensing bodies include CySEC (EU clients) and ASIC (Australian clients). 

Even if you’re based elsewhere, it’s best to stick with forex brokers that are regulated by at least one of these bodies. In doing so, you can be sure you’re trading forex in a safe and secure environment. We’d suggest avoiding forex brokers that are licensed in jurisdictions with weak regulatory guidelines. 

The best forex brokers are members of consumer protection schemes. For instance, FCA brokers usually offer FSCS protections, covering account balances up to £85,000 in the event of a collapse. In general, you don’t need to be from the respective country to be eligible. However, the rules will vary depending on the program. 

Range of forex markets

The majority of forex brokers offer major and minor pairs. These are the most sought-after currencies globally, ensuring that there’s always sufficient liquidity and volume. Forex brokers will usually offer a selection of ‘exotic’ pairs. 

This offers access to developing markets like South Africa (ZAR) and Thailand (THB). However, some forex brokers offer more exotic pairs than others. If you’re looking to trade a specific pair, you need to check the scope of exotic currencies available before proceeding. 

What’s more, some forex traders like to trade other asset classes. In this regard, XTB stands out; it also supports thousands of stocks and ETFs, not to mention commodities, indices, and cryptocurrencies.

The best forex pair to trade as a beginner is EUR/USD. You’ll get the lowest spreads, the highest liquidity levels, and the least amount of volatility – making it a great choice when exploring online brokerage accounts for beginners.

Trading fees

There are three important trading costs to explore when researching the best forex market brokers:

• Commissions: Trading commissions might be charged when opening and closing a forex position. This will depend on the account type. Commission is often charged per lot, meaning you only pay for what you trade. For example, Pepperstone’s Razor accounts charge $3.50 per traded currency lot. In contrast, Libertex charges 0.007% of the traded amount. 
• Spreads: Considering most forex traders target small profit margins, spreads are equally as important. This is the difference between the ‘bid’ and ‘ask’ prices of the pair being traded. EUR/USD comes with the lowest spread; you shouldn’t need to pay more than 1 pip. Some forex brokers offer 0.0 pips on EUR/USD, although you’ll need to pay a commission. Otherwise, the broker won’t be able to make any money.  
• Overnight Financing (Swap Fees): Forex positions that stay open after a certain time are subject to overnight financing charges. This will vary depending on the broker. Nonetheless, overnight financing can eat away at trading profits, especially if you’re a swing trader. Fees will increase in line with leverage, as you’re effectively borrowing funds from the broker. Overnight financing is also referred to as ‘swap fees’. 

We found that some forex brokers will offer multiple account types. This is often a choice between 0% commission and higher spreads, or tighter spreads and a small commission. If you’re a beginner, we’d suggest opting for a 0% commission forex broker, especially if you’re trading small amounts. 

Non-trading fees

Brokerage fees can also apply even when you’re not trading forex. Some brokers charge deposit and/or withdrawal fees. This can depend on the currency and the payment type. Avoid brokers that aren’t upfront about specific charges. 

In addition, even the best forex trading platforms charge inactivity fees. This means your account will be charged a monthly fee after a certain amount of inactivity, often 12 months. However, ensure you check before proceeding.   

Tools and analysis

Irrespective of your prior experience, you’ll need some trading tools to correctly speculate on forex exchange rates. That said, which tools are suitable will depend on your skillset. 

Copy trading doesn’t appeal to everyone. If you’re more of a hands-on trader, consider XTB. Its native dashboard, xStation 5, comes with dozens of drawing tools and technical indicators. Charting screens can be customized, and you’ll have access to risk management orders. 

We also like forex brokers that offer real-time financial news. IG, for example, has integrated live Reuters streaming into its trading dashboard. This means you’ll be notified about interest rate hikes, GDP announcements, and other economic data.  

Leverage limits and eligibility 

A vast majority of forex traders use leverage. Otherwise, you’ll be required to meet high minimum trade requirements. 

• For example, the best platforms for forex trading set a minimum trade size of 0.01 currency lots. 
• That’s $1,000 when trading forex pairs quoted in US dollars. 
• Now suppose the trader applies leverage of 20x. 
• This reduces the 0.01 lot minimum from $1,000 to just $50 ($1,000 / 20). 

However, while you might be interested in high-leverage limits, you could face restrictions based on where you live. 

For instance:

• The maximum leverage for US traders is 50:1 on major pairs, and 20:1 on minors. 
• The FCA limits leverage for UK traders at 30:1 on majors and 20:1 on minors. 
• The same limits apply to traders in Australia and the European Union as in the UK. 

Outside of the regions mentioned above, retail clients are rarely limited in how much leverage they can apply. This is why XTB can offer many nationalities leverage of up to 500:1. At Libertex, eligible clients can trade with leverage of 999:1 on selected majors. 

Unless you’re an experienced forex trader, you should avoid high leverage levels. The more leverage applied, the higher the chance of receiving a margin call. This means you’ll need to add more funds or risk having the trade closed.  

Minimum deposit and trade requirements 

Account minimums are another important factor when choosing a forex broker. Most providers have a minimum first-time deposit requirement. At the upper end, IC Markets requires at least $200 while Admiral Markets only requires a €25 minimum deposit.

If you’re on a budget, consider XTB or Pepperstone, which don’t have a minimum deposit threshold. 

You should also check the minimum trade requirement. We mentioned earlier that this is usually 0.01 currency lots. That said, the minimum can be reduced considerably by applying leverage. 

Mobile app

Seasoned forex traders will use a desktop device for most of their trading needs. However, a mobile app is also crucial for urgent requirements, such as entering or exiting a position while on the move. Avoid forex brokers that only offer browser-based mobile trading. 

This can be cumbersome, meaning mistakes are increasingly likely. Instead, opt for a mobile app that has been optimized for your operating system. We like the XTB, which offers xStation 5 for iOS and Android. The XTB app has excellent ratings, including a 4.7/5 score on the App Store. 

Other popular forex trading apps include AvaTrade, and Libertex. Each offers full functionality for iOS and Android users, including trading, deposits, and customer support. 

Payment methods

Most forex brokers support plenty of convenient payment methods. However, the specifics will vary from one broker to the next. This includes deposit times, fees, and accepted currencies. 

XTB is one of the best CFD brokers for handling multiple currencies, such as euros and pounds. No fees apply when using a debit/credit card. However, XTB charges up to 2% on e-wallet payments. 

We found that bank wires are often the least favorable option. Not only do some forex brokers implement higher minimum deposits but processing times can take several days. In contrast, debit/credit cards and e-wallets should be processed instantly.  

Customer service 

Forex is traded around the clock globally, so your chosen broker should offer sufficient customer support. In most cases, this means 24/5 support to mirror global exchange opening times. 

If you’re using a broker located overseas, live chat is crucial. This will avoid expensive toll charges and long waiting times. 

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Our methodology for testing forex brokers

To create this guide, we invested countless hours testing dozens of forex brokers. Before we began the hands-on testing, we first shortlisted brokers that offered strong regulatory frameworks and robust consumer protection. Any brokers lacking proper licenses were excluded from the process.

We evaluated essential metrics such as account types, minimum deposit requirements, and accepted payment methods. We also assessed minimum trade sizes—rejecting any broker that required trades above 0.01 currency lots, which we found unsuitable for beginners looking to use demo accounts for forex practice.

Fee structures were a key priority. We favored brokers with low or zero commissions, and gave extra points to those offering tight spreads—especially EUR/USD spreads under 1 pip. These factors are also important when evaluating the best automated trading platforms, where efficient and cost-effective execution is crucial.

During our live testing phase, we tracked both minimum and average spreads over full trading sessions. We also measured liquidity levels and execution speeds. Each broker’s trading platform was evaluated for technical analysis tools, including real-time pricing, customizable charts, drawing tools, and indicators.

Find out more about our methodology below:

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FAQs