Best Forex Brokers Ranked and Scored: 50 Compared

Finding the best forex brokers starts with one question: what can you verify? Advertising tends to focus on bonuses and bold claims, while the details that affect your money, such as licences, fees, funding methods and platforms, are harder to compare. This guide ranks 50 popular forex brokers with a single score out of 100. The score is built on four factors: how safe your funds are, what trading actually costs, how easy it is to deposit and withdraw, and how good the platforms are. IG, Pepperstone and FP Markets lead the list with 92/100.

Below you will find the scoring method, a side-by-side look at the top 10, a shortlist by trader need, the remaining brokers in the field, and a practical checklist for choosing a provider.

How the Best Forex Brokers Are Scored

Each broker receives a score out of 100, built from four weighted categories. Licences are checked against the regulators' official registers, and fee information is taken from the brokers' own published pages. The weighting reflects what matters most when you are putting real money at risk.

Regulation carries the most weight for a clear reason. Low fees matter very little if your money is not properly protected.

Top 10 Best Forex Brokers at a Glance

Spreads are quoted in pips, and raw-spread accounts usually charge a separate commission. Always check the full cost of a trade before you decide, rather than relying on the headline spread.

The Top 10 Forex Brokers in Detail

1. IG: Highest Overall Score (92/100)

IG shares the top score with Pepperstone and FP Markets and takes the number one spot overall. It holds six regulatory licences, including the FCA and ASIC, and has no minimum deposit to open a CFD account. Its platform range is wide, including the IG app, MT4, MT5, TradingView and ProRealTime.

• Strengths: six licences including the FCA and ASIC, no minimum deposit, five platforms including TradingView
• Watch out for: standard spreads from 0.6 pips rather than raw 0.0 pips, and a published retail CFD loss rate of 80%

2. Pepperstone: Best for cTrader Users (92/100)

Pepperstone matches IG's score with raw spreads from 0.0 pips and a $10 minimum deposit. It is licensed by five regulators, including the FCA, ASIC and CySEC, and supports MT4, MT5, TradingView and cTrader.

• Strengths: raw spreads from 0.0 pips, $10 to get started, cTrader support
• Watch out for: raw accounts usually add a per-lot commission

3. FP Markets: Raw Pricing With No Minimum (92/100)

FP Markets completes the top three. It combines raw spreads from 0.0 pips with no minimum deposit, and it supports MT4, MT5, cTrader and TradingView, covering all four major third-party platforms in this comparison.

• Strengths: no minimum deposit, spreads from 0.0 pips, broad platform support
• Watch out for: no FCA licence is listed in this comparison

4. ThinkMarkets: Strong All-Rounder (91/100)

ThinkMarkets holds four licences, including the FCA, ASIC and CySEC. It combines raw spreads with a $10 minimum deposit and offers its own ThinkTrader platform alongside MT4, MT5 and TradingView.

• Strengths: three tier-1 regulators, low entry point, proprietary platform
• Watch out for: a commission is likely to apply on raw pricing

5. IC Markets: Built for Active Traders (91/100)

IC Markets is popular with scalpers and algorithmic traders thanks to raw spreads from 0.0 pips and support for MT4, MT5, cTrader and TradingView. Its ASIC and CySEC regulation adds to the appeal, although no FCA licence is listed here.

• Strengths: raw spreads from 0.0 pips, all four major platforms, ASIC and CySEC regulation
• Watch out for: the minimum deposit is higher than most of the top 10, and no FCA licence is listed

6. Tickmill: Low Loss Rate and Strong Licences (89/100)

Tickmill holds five licences and reports a 68% retail loss rate, the second-lowest in the top 10 after Axi. Raw spreads from 0.0 pips and TradingView support make it a solid option for cost-conscious traders. Read our Tickmill review for more detail.

• Strengths: FCA and CySEC regulation, TradingView support, low published loss rate
• Watch out for: a $100 minimum deposit and no cTrader

7. Vantage: Low Entry and Wide Regulation (89/100)

Vantage offers raw spreads from 0.0 pips and five regulatory licences, including ASIC and the FCA. It supports MT4, MT5 and TradingView, and it is one of the more accessible options on the list for newer traders.

• Strengths: ASIC and FCA licences, TradingView support, raw spreads from 0.0 pips
• Watch out for: no cTrader support

8. Axi: Lowest Retail Loss Rate Among the Leaders (88/100)

Axi reports a 66.36% retail loss rate, the lowest of any broker in the top 10. It is regulated by five authorities, including the FCA, ASIC and CySEC, and keeps the platform list simple with MT4 and MT5.

• Strengths: lowest published loss rate in the top 10, three tier-1 regulators, raw spreads from 0.0 pips
• Watch out for: MetaTrader only, and a $100 minimum deposit

9. Admirals: Lowest Published Commission (88/100)

Admirals has the lowest published commission in this comparison: from USD 1.80 per lot per side on its Zero.MT5 account. The exact rate depends on monthly trading volume, so check the current schedule before you calculate costs. It is regulated by the FCA, ASIC and CySEC and supports MT4 and MT5.

• Strengths: lowest published commission, three tier-1 regulators, MT4 and MT5
• Watch out for: the commission rate depends on trading volume

10. GO Markets: No Minimum and Full Platform Choice (88/100)

GO Markets rounds out the top 10 with no minimum deposit, raw spreads from 0.0 pips and support for MT4, MT5, cTrader and TradingView. It is regulated by ASIC, CySEC and FSC Mauritius and has a published retail CFD loss rate of 71%.

• Strengths: no minimum deposit, all four major platforms, ASIC and CySEC regulation
• Watch out for: no FCA licence listed

Best Forex Broker by Trader Need

A broker that suits one trader may not suit another, so use this table as a starting point rather than a final answer.

Full Rankings: Brokers 11 to 50

The rest of the field is summarised below with each broker's score and key regulators. For spreads and minimum deposits, check the broker's own site, as published figures change over time.

Across the 50 brokers compared, 44 hold at least one tier-1 licence, 28 are FCA-regulated and 39 offer MetaTrader 5. Around 25 publish spreads from 0.0 pips. The lowest score in the group is 58/100 (Alpari).

What Retail Loss Rates Really Tell You

Regulated brokers must publish the share of their retail clients who lose money trading CFDs. In this comparison, published figures range from 55% (eToro) to 84% (Libertex), with most brokers falling between roughly 66% and 80%.

A lower loss rate does not automatically make a broker better. It can reflect the type of client a broker attracts, such as long-term investors compared with active short-term traders. Treat it as one clue among many. The majority of retail CFD traders lose money at every broker in this list.

Why Tier-1 Regulation Matters Most

Regulation accounts for 35 of the 100 points in these scores, more than any other factor. Tier-1 regulators such as the UK's FCA, Australia's ASIC and Cyprus's CySEC set strict rules on how client money is held and protected. Before you fund any account, run three checks:

• Check the licence yourself: search the broker's company name and licence number on the regulator's official register.
• Confirm the entity: many brokers run several companies under different regulators, and your protection depends on which one opens your account.
• Be cautious with offshore-only licences: brokers regulated only in smaller offshore jurisdictions typically offer weaker protection.

Spreads vs. Total Cost: Do Not Be Fooled by "0.0 Pips"

Around half of the brokers in this list advertise spreads from 0.0 pips. That sounds free, but raw-spread accounts usually charge a commission per lot instead. Always compare the total cost of a trade, not just the headline spread.

As an illustration, on EUR/USD one pip is worth about $10 on a standard lot. A 0.6-pip spread with no commission costs about $6 per lot. A 0.0-pip raw spread with an example commission of $7 per round turn costs about $7 per lot. The cheaper option depends on the exact figures your broker publishes, so run the numbers for your own trade size.

Which Trading Platform Suits You?

How to Choose the Best Forex Broker for You in 5 Steps

1. Start with regulation: pick a broker with at least one tier-1 licence that covers your country of residence.
2. Compare total cost: add spread and commission together rather than comparing headline spreads.
3. Check the minimum deposit: several top brokers have no minimum, while others ask for a modest starting amount.
4. Match the platform: make sure your preferred platform, whether MT5, TradingView or cTrader, is supported.
5. Test before you commit: open a demo account, then make a small deposit and a test withdrawal.

If you are also comparing promotions, our forex deposit bonus guide explains the common offer types. Bonuses always come with terms and conditions, such as trading volume requirements and withdrawal rules. Read them on the broker's website before you claim anything.

Key Takeaways

IG, Pepperstone and FP Markets set the pace with scores of 92/100, combining strong regulation, competitive costs and good platforms. Admirals stands out for its lowest published commission, Interactive Brokers for the most tier-1 licences, and Axi and Tickmill for comparatively low retail loss rates.

Whichever broker you consider, put regulation first, calculate the total cost of your typical trade, and test the platform with a small amount before committing more. Scores, fees and conditions change over time and can vary by country and by entity, so verify current details directly with the broker. If you want to compare alternatives, you can also read our IronFX review.

Risk warning: trading CFDs and forex carries a high risk of losing money quickly because of leverage. Most retail accounts lose money when trading CFDs, so only trade with funds you can afford to lose.

FAQ

Which is the best forex broker right now?

IG, Pepperstone and FP Markets share the highest score of 92/100, with IG ranked number one overall. The best choice for you still depends on your country, preferred platform and budget.

Which forex brokers have the lowest spreads?

Around 25 brokers in this comparison publish spreads from 0.0 pips. Raw-spread accounts usually add a commission per lot, so compare total cost. Admirals publishes the lowest commission, from USD 1.80 per lot per side on its Zero.MT5 account, though the rate depends on volume.

Which brokers have no minimum deposit?

IG, FP Markets, GO Markets, HFM, ActivTrades, OANDA, FxPro, Global Prime, Interactive Brokers, BlackBull Markets, Saxo, CMC Markets and Equiti are listed as having no minimum deposit in this comparison. Always confirm current requirements on the broker's site, as conditions change.

How many brokers offer MetaTrader 5?

39 of the 50 brokers compared offer MetaTrader 5.

How do I know if a broker is safe?

Check the licence first by searching the regulator's official register. Tier-1 regulators such as the FCA, ASIC and CySEC have strict client-money rules. Your protection depends on which company in the broker's group opens your account.

Which broker has the most tier-1 licences?

Interactive Brokers, with six licences listed: the FCA, CBI, ASIC, MAS, CFTC/SEC and FSA Japan.