3 Best Forex Brokers for 2024 - NerdWallet (2024)

Trading forex, which involves exchanging one currency for another on the foreign exchange market, involves a level of risk and complexity that you might not find in traditional investing. That's why it's especially important to choose a broker that helps you understand and navigate the potential costs and benefits associated with forex.

When selecting your forex broker, you should consider trading platforms and tools, the number of currency pairs offered, customer service and, of course, trading costs.

But comparing costs is tricky in forex trading. Some brokers charge a commission, while others are compensated with a spread, or a markup between the price they pay for an asset and what they sell it for.

That’s just one reason why the search for the best forex broker is complex. Another is that there are a variety of brokers, many of them unregulated or regulated in countries outside of the U.S. For our list of best currency trading brokers, we considered only those that are regulated by the National Futures Association and the Commodity Futures Trading Commission.

Among the riskier elements of forex trading is the rapid pace at which transactions are carried out. Forex trades also often use high leverage, which means investors can quickly lose more than their initial investments.

Of course, leverage means you can also profit at the same speed, which — combined with liquidity — is what attracts investors to currency trading.

One suggestion: All of these brokers offer free demo accounts so you can test the market with virtual dollars. Dip a toe in with some play money before using your own cash.

Top brokers for forex trading

Interactive Brokers

NerdWallet rating

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on Interactive Brokers' website

Commission: 0.20 basis points if trading at or below 1,000,0000,000 in value per month. $2 minimum commission per order. Volume discounts available.

Currency pairs: 100+

Account minimum: $0

Inactivity fee: None.

Our take

Interactive Brokers is a well-rounded, multi-asset broker known for its powerful trading platforms. Forex traders will love FXTrader, which supports over 20 different order types, offers customized layouts and trading cell displays and allows you to transmit an order with a single click. Interactive Brokers' spreads are extremely competitive — the company advertises spreads as low as 1/10 pip.


3 Best Forex Brokers for 2024 - NerdWallet (2)

NerdWallet rating

Commission:Choice of spread markup or commission account. Commissions are $5 per 100,000 traded per side.

Currency pairs: 80+

Account minimum: $100

Inactivity fee: $15 per month after there is no trading activity for 12 months.

Our take

Despite its name, Forex.com is also a multi-asset broker —in addition to forex, the company offers access to stocks, ETFs and options trading through its StoneX platform. The company offers an impressive suite of trading platforms, including integration with MetaTrader 5.


3 Best Forex Brokers for 2024 - NerdWallet (3)

NerdWallet rating

Commission: Spread markup. Elite trader program offers commissions and rebates for those who trade $10,000,000 per month.

Currency pairs: 60+

Account minimum: $0

Inactivity fee: 10 units of the currency your account is denominated in if there are no open trades for a period of at least 12 months.

Our take

OANDA offers forex and cryptocurrency trading (through a partnership with Paxos) and pricing flexibility —users can choose between spread-only pricing or the elite trader program, which is designed for active traders and offers rebates for high monthly trade volume.

Frequently asked questions

Which forex broker is the best choice for beginners?

Forex trading in general isn't where we'd suggest beginner investors get started — if you're brand new to investing, check out our list of the best brokers for beginners. That said, if you're a seasoned investor looking to dabble in trading forex for the first time, you might benefit from going with a more traditional broker to start, like Interactive Brokers.

How can I learn how to trade forex?

Many forex brokers offer paper trading tools that let you test different strategies without putting any money at stake. Virtual trading simulators like those are a good way to learn how to trade and understand the different strategies you might employ.

Which forex brokers offer the most leverage?

Many forex brokers will offer leverage of up to 50:1 on major currency pairs. Some brokers will reduce that for minor currency pairs, offering as little as 20:1 instead.


How do we review brokers?

NerdWallet’s comprehensive review process evaluates and ranks the largest U.S. brokers by assets under management, along with emerging industry players. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgments on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across more than 20 factors. The final output produces star ratings from poor (one star) to excellent (five stars).

For more details about the categories considered when rating brokers and our process, read our full methodology.

3 Best Forex Brokers for 2024 - NerdWallet (2024)


What is the best broker to use for forex? ›

  • Best Forex Brokers.
  • CMC Markets: Best Overall and Best for Range of Offerings.
  • London Capital Group (LCG): Best for Beginners.
  • Saxo Capital Markets: Best for Advanced Traders.
  • XTB Online Trading: Best for Low Costs.
  • IG: Best for U.S. Traders.
  • Pepperstone: Best for Trading Experience.
  • Frequently Asked Questions.

Who is the best forex day trader? ›

The Best Forex Traders in the World
  1. George Soros. We start our list of the best Forex traders in the world by looking at one of the most legendary figures in Forex trading history, George Soros. ...
  2. Paul Tudor Jones. ...
  3. Stanley Druckenmiller. ...
  4. Bill Lipschutz. ...
  5. Michael Marcus. ...
  6. Andrew Krieger.
Mar 25, 2024

Which broker do most traders use? ›

After hundreds of hours of comprehensive research, data analysis, and live broker platform demos, Interactive Brokers (IBKR) is our best overall online brokerage for day trading because of how it optimizes its pricing, user experience, and content to suit the needs of highly-active day traders.

What is the safest forex trading? ›

A safe broker will be regulated by a reputable financial authority, have a good track record, offer competitive trading conditions, and have a strong customer support team. Some of the safest forex brokers in the world include Pepperstone, IC Markets, FXCM, OANDA, FBS, XM, eToro, AvaTrade, IG, Saxo Bank, and FXTM.

What is the most trusted broker? ›

Best Forex Brokers for 2024
  • IG - Best overall broker, most trusted.
  • Interactive Brokers - Great overall, best for professionals.
  • Saxo - Best web-based trading platform.
  • CMC Markets - Excellent overall, best platform technology.
  • FOREX.com - Excellent all-round offering.
  • Charles Schwab - Award-winning thinkorswim platform.
Jun 18, 2024

How do I choose a forex broker? ›

Each forex broker has different account offerings. Here are four areas to consider when comparing features among brokers: leverage and margin; commissions and spread; initial deposit requirements; and ease of deposits and withdrawals.

Who is the king of forex trading? ›

George Soros

He is considered one of the most successful forex traders in history, earning him the nickname "The King of Forex." Soros is known for his bold and aggressive trading style, which has led to some of the biggest gains in currency trading.

Who is the most consistent forex trader? ›

Most Successful Forex Traders
  • George Soros – The Man Who Broke the Bank of England. ...
  • Bill Lipschutz – The Sultan of Currencies. ...
  • Stanley Druckenmiller – The Strategy of Long-Term Bets. ...
  • Andrew Krieger – The Kiwi Trader. ...
  • Technical Analysis Mastery. ...
  • Advanced Analytical Tools. ...
  • Dealing with Regulatory Changes.
Jun 26, 2024

Who is the most successful trader? ›

1. George Soros. George Soros, often referred to as the «Man Who Broke the Bank of England», is an iconic figure in the world of forex trading.

Which brokers do millionaires use? ›

Best Brokers for High Net Worth Individuals
  • Charles Schwab - Best for high net worth investors.
  • Merrill Edge - Best rewards program.
  • Fidelity - Best overall online broker.
  • Interactive Brokers - Great overall, best for professionals.
  • E*TRADE - Best web-based platform.
Mar 28, 2024

Who is the number 1 online broker? ›

Summary: Best Online Brokerage
CompanyForbes Advisor RatingBEST FOR
TD Ameritrade4.4Best Online Broker For Beginners And Best For Mobile App Users
Fidelity Investments4.4Best Online Broker For Everyday Investors
Charles Schwab4.3Best Online Broker For Customer Service
Tastytrade3.9Best Online Broker For Options Trading
1 more row
4 days ago

Which brokers are most profitable? ›

Despite losing top spot, Zerodha remains the country's most profitable brokerage by far. In FY23, Zerodha clocked a net profit of Rs 2,907 crore on revenues of Rs 6,875 crore.

What is the number one forex broker? ›

1. OANDA - Best US forex broker overall
OANDA minimum spread1.31.5
Industry average spread1.441.82
Dec 19, 2023

Which is the best company for forex trading? ›

Best Forex Trading Platforms in 2024
  • PrimeXBT: Best Forex trading platforms Overall.
  • Lite Forex: Best for CFDs on Commodities.
  • JustForex: Best for Multi Assets.
  • FXTM: Best With High Floating Leverage and Fast Execution.
  • PLUS500: Best Option to Trade CFDs.
  • AvaTrade: Best Forex Trading Platforms for Leverage.
Jan 19, 2024

What is the best forex trade ever? ›

Probably the greatest single trade in history occurred in the early 1990s when George Soros shorted the British Pound, making over $1 billion on the trade. Most of the greatest trades in history are highly leveraged, currency exploitation trades.

What broker should I use as a beginner forex trader? ›

Forex.com is the best forex broker for beginners in 2024 - Low forex fees. Great variety of currency pairs. Diverse technical research tools. eToro - Free stock and ETF trading.

What do professional forex traders use? ›

A professional Forex chart technician uses price charts to analyze and trade the market. By trading with an EDGE in the market, professional traders can put the odds in their favor to successfully trade price movement from point A to point B.

Which forex broker is legal in the USA? ›

Overview of the best forex brokers in the USA
BrokerFX commission per lotMinimum deposit
OandaNo commission is charged$0
IGNo commission is charged$0
Interactive BrokersTrade value less than $1 billion: 0.2 bps * trade value; min. $2$0
TD AmeritradeNo commission is charged$0
1 more row
May 3, 2024


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