Best Forex Brokers: 50 Ranked and Reviewed
If you are searching for the best forex brokers 2027 has to offer, you need a way to compare providers on facts rather than advertising. This guide ranks 50 popular forex brokers with a single score out of 100, based on the four things that matter most: how safe your money is, what trading really 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 full rankings, a detailed look at the top 10, and quick answers on minimum deposits, spreads and regulation.
Choosing a forex broker used to mean trusting glossy adverts and bold promises. Today you can compare brokers on published information: their licences, their fees and their minimum deposits. The difficulty is the sheer number of providers. Checking 50 of them one by one can take days, which is why a side-by-side ranking is useful.
How We Scored the Best Forex Brokers
Every broker receives a score out of 100, built from four weighted categories. Licences are checked against regulators' official registers, and fees are taken from the brokers' own published pages.
| Category | Weight | What It Covers |
|---|---|---|
| Regulation and safety | 35 points | Licences checked on regulators' registers |
| Fees and costs | 25 points | Spreads and commissions from brokers' own pages |
| Deposits and withdrawals | 20 points | Payment methods and withdrawal experience |
| Platforms and trading | 20 points | MT4, MT5, cTrader, TradingView and proprietary tools |
Regulation carries the most weight for a clear reason: low fees mean little if your money is not safe. The comparison also states that brokers cannot pay to be listed or to be rated higher.
Top 10 Forex Brokers at a Glance
| # | Broker | Score | Min. Deposit | Spread From (pips) | Platforms |
|---|---|---|---|---|---|
| 1 | IG | 92 | None | 0.6 | IG App, MT4, MT5, TradingView, ProRealTime |
| 2 | Pepperstone | 92 | $10 | 0.0 | MT4, MT5, TradingView, cTrader |
| 3 | FP Markets | 92 | None | 0.0 | MT4, MT5, cTrader, TradingView |
| 4 | ThinkMarkets | 91 | $10 | 0.0 | ThinkTrader, MT4, MT5, TradingView |
| 5 | IC Markets | 91 | $200 | 0.0 | MT4, MT5, cTrader, TradingView |
| 6 | Tickmill | 89 | $100 | 0.0 | MT4, MT5, TradingView |
| 7 | Vantage | 89 | $50 | 0.0 | MT4, MT5, TradingView |
| 8 | Axi | 88 | $100 | 0.0 | MT4, MT5 |
| 9 | Admirals | 88 | €100 | 0.0 | MT4, MT5 |
| 10 | GO Markets | 88 | None | 0.0 | MT4, MT5, cTrader, TradingView |
Spreads are shown in pips. Raw-spread accounts usually charge a separate commission, so check the full cost before you decide.
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 as the overall leader. It holds six regulatory licences, including the FCA, ASIC and BaFin, and has no minimum deposit to open a CFD account. Its platform range is wide: the IG app, MT4, MT5, TradingView and ProRealTime are all available, which makes it a strong pick for TradingView users.
- Strengths: six regulators including the FCA and ASIC, no minimum deposit, five platforms including TradingView and ProRealTime
- 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 (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, which makes it a top choice for cTrader users.
- Strengths: raw spreads from 0.0 pips, $10 to get started, four platforms including cTrader
- 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 with 92/100. It combines raw spreads from 0.0 pips with no minimum deposit and 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, and combines raw spreads with a $10 minimum deposit. Alongside MT4, MT5 and TradingView, it offers its own ThinkTrader platform.
- Strengths: three tier-1 regulators, $10 minimum, proprietary ThinkTrader 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 because of raw spreads from 0.0 pips and support for MT4, MT5, cTrader and TradingView. The main hurdle is the $200 minimum deposit, the highest in the top 10.
- Strengths: raw spreads from 0.0 pips, all four major platforms, ASIC and CySEC regulation
- Watch out for: the $200 minimum deposit and no FCA licence 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 good option for cost-conscious traders. You can read our full Tickmill review for more detail.
- Strengths: FCA and CySEC regulation, TradingView support, second-lowest retail loss rate in the top 10
- 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, a $50 minimum deposit and five regulatory licences, including ASIC and the FCA. It supports MT4, MT5 and TradingView.
- Strengths: ASIC and FCA licences, a $50 minimum, TradingView support
- Watch out for: no cTrader
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 things 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. 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: a €100 minimum deposit and a commission rate that depends on 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 for Your Specific Needs
| If You Want | Best Pick | Why |
|---|---|---|
| The highest overall score | IG | 92/100 and number one overall |
| A small first deposit with a tier-1 licence | IG | No minimum balance for a CFD account |
| The lowest published commission | Admirals | From $1.80 per lot per side (Zero.MT5) |
| The best TradingView experience | IG | Full TradingView integration |
| The best cTrader broker | Pepperstone | cTrader plus raw spreads from 0.0 pips |
| The most tier-1 licences | Interactive Brokers | Six: FCA, CBI, ASIC, MAS, CFTC/SEC, FSA Japan (ranked 31st overall) |
| The lowest retail loss rate among the leaders | Axi | 66.36% in the top 10 |
Full Rankings: Brokers 11 to 50
The rest of the field is shown below. Spreads are the "from" figures, in pips unless marked as points (pts). N/P means not published, so check the broker's site for current figures.
| Rank | Broker | Score | Min. Dep. | Spread | Key Regulators |
|---|---|---|---|---|---|
| 11 | Eightcap | 87 | $100 | 0.0 | ASIC, FCA, CySEC +3 |
| 12 | HFM | 87 | None | 0.0 | CySEC, FCA, FSCA +2 |
| 13 | Fusion Markets | 86 | $10 | 0.0 | ASIC, FSA, VFSC |
| 14 | ActivTrades | 86 | None | 0.5 | FCA |
| 15 | OANDA | 83 | None | 0.6 | FCA, CFTC/NFA, ASIC +3 |
| 16 | FxPro | 83 | None | 0.0 | FCA, SCB, FSA |
| 17 | XM | 82 | $5 | 0.8 | CySEC, DFSA, FSCA +4 |
| 18 | Exness | 81 | $10 | 0.0 | CySEC, FCA, FSCA +6 |
| 19 | FOREX.com | 81 | $100 | 0.7 pts | FCA, CFTC/NFA |
| 20 | City Index | 81 | £100 | 0.5 pts | FCA |
| 21 | JustMarkets | 80 | $10 | 0.0 | CySEC, FSC +2 |
| 22 | Global Prime | 80 | None | 0.0 | ASIC, VFSC |
| 23 | NAGA | 79 | $50 | 0.6 | CySEC, FSCA, FSRA +1 |
| 24 | FBS | 79 | $5 | 0.7 | CySEC, FSC Belize |
| 25 | InstaForex | 79 | $1 | 0.0 | CySEC, FSC BVI |
| 26 | AvaTrade | 78 | $100 | 0.9 | CBI, ASIC, JFSA +4 |
| 27 | Trade Nation | 78 | £0.01 | N/P | FCA, ASIC, FSCA +3 |
| 28 | Trading 212 | 78 | £10 | N/P | FCA, CySEC, ASIC +1 |
| 29 | Moneta Markets | 78 | $50 | 0.0 | FCA, FSCA, FSC |
| 30 | LiteFinance | 78 | $50 | 0.0 pts | CySEC, FSC |
| 31 | Interactive Brokers | 77 | None | 1.0 | FCA, CBI, ASIC +3 |
| 32 | FXCM | 77 | N/P | N/P | FCA, ASIC, CySEC |
| 33 | BlackBull Markets | 77 | None | 0.0 | FMA, FSA |
| 34 | Markets.com | 76 | $100 | 0.0 | CySEC, FSCA |
| 35 | Saxo | 76 | None | 1.0 | Danish FSA, FCA |
| 36 | Deriv | 76 | $5 | 5.0 | MFSA |
| 37 | Octa | 76 | $25 | 0.6 | CySEC |
| 38 | Capital.com | 75 | $10 | N/P | CySEC, FCA, SCB |
| 39 | CMC Markets | 75 | None | 0.0 | FCA |
| 40 | IronFX | 73 | N/P | 0.0 | CySEC, FCA, FSC BVI |
| 41 | eToro | 72 | $10 | N/P | FCA, CySEC, ASIC +3 |
| 42 | Plus500 | 71 | N/P | N/P | FCA, CySEC, ASIC |
| 43 | Libertex | 71 | €100 | N/P | CySEC |
| 44 | FXTM | 69 | $30 | 0.0 | FSCA, CMA, FSC |
| 45 | Swissquote | 69 | $1,000 | 0.0 | FCA, FINMA |
| 46 | Dukascopy | 69 | $100 | 0.1 | FINMA |
| 47 | Equiti | 66 | None | 0.0 | CMA (UAE), JSC |
| 48 | Hantec Markets | 60 | $10 | 0.1 | FSC Mauritius |
| 49 | RoboForex | 60 | $10 | 0.0 | FSC Belize |
| 50 | Alpari | 58 | $30 | 0.0 | MISA |
Key Numbers From the 50-Broker Comparison
- Brokers compared: 50
- Hold at least one tier-1 licence: 44 of 50
- FCA-regulated: 28
- Offer MetaTrader 5: 39
- Publish spreads from 0.0 pips: around 25
- Highest score: 92/100 (IG, Pepperstone, FP Markets)
- Lowest score: 58/100 (Alpari)
- Lowest minimum deposit (paid): £0.01 (Trade Nation) and $1 (InstaForex)
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 about 66% and 80%.
| Lower Loss Rates | Rate | Higher Loss Rates | Rate |
|---|---|---|---|
| eToro | 55% | Libertex | 84% |
| Interactive Brokers | 58.9% | Markets.com | 81.9% |
| IronFX | 59.09% | HFM | 80.83% |
| Saxo | 66% | IG | 80% |
| Axi | 66.36% | Capital.com | 79.75% |
A lower loss rate does not automatically make a broker better. It can reflect the type of clients a broker attracts, such as long-term investors versus active short-term traders. Treat it as one clue among many. The majority of retail CFD traders lose money at every broker.
Understanding Regulation: Why Tier-1 Matters
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 enforce strict rules on how client money is held and protected. Three checks are worth doing before you fund any account:
- Check the licence yourself: search the broker's company name and licence number on the regulator's official register.
- Know which entity you are dealing with: many brokers run several companies under different regulators, and your protection depends on which one opens your account.
- Be cautious with offshore-only brokers: 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 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 per 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 actual figures your broker publishes, so run the numbers for your own trade size.
Which Trading Platform Should You Choose?
| Platform | Best For | Brokers in the Top 10 |
|---|---|---|
| MetaTrader 4 / 5 | Expert Advisors and the widest support | All top 10 brokers |
| TradingView | Advanced charting and a social community | IG, Pepperstone, FP Markets, ThinkMarkets, IC Markets, Tickmill, Vantage, GO Markets |
| cTrader | Clean interface and algorithmic trading | Pepperstone, FP Markets, IC Markets, GO Markets |
| Proprietary tools | Broker-specific features | IG (IG App, ProRealTime), ThinkMarkets (ThinkTrader) |
How to Choose the Right Broker in 5 Steps
- Start with regulation: pick a broker with at least one tier-1 licence that covers your country of residence.
- Compare the total cost: add spread and commission together, not just the headline spread.
- Check the minimum deposit: many top brokers have no minimum or ask for just $10.
- Match the platform: make sure your preferred platform, whether MT5, TradingView or cTrader, is supported.
- 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.
Conclusion and Key Takeaways
IG, Pepperstone and FP Markets set the standard with scores of 92/100, combining strong regulation, competitive costs and good platforms. Admirals stands out for the 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, look at the total cost of every trade, and test the platform with a small amount before committing more. Scores, fees and conditions change over time and vary by country and entity, so verify current details directly with the broker. If you want to look at 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 $1.80 per lot per side.
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 list no minimum deposit. InstaForex starts from just $1.
How many brokers offer MetaTrader 5?
39 of the 50 brokers compared offer MT5.
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: the FCA, CBI, ASIC, MAS, CFTC/SEC and FSA Japan.