If you’re considering the best broker for forex, it’s important to find a broker that is trustworthy and reliable. NerdWallet has rated the best forex brokers based on fees, including spreads and commissions; range of investment choices; platform ease-of-use; customer support; and educational resources.
We researched more than a dozen forex brokers to compile this list. We also considered whether a forex broker is a market maker, straight through processing (STP), or electronic communication network (ECN) broker; and whether it has regulatory safeguards in place to protect traders. Finally, we looked at how easy it was to deposit and withdraw funds, and whether a broker offered a mobile app.
Navigating the Forex Market: Choosing the Best Broker for Forex
For our top picks, we chose a handful of forex brokers that have low minimum deposit requirements and offer high leverage for new traders. Fyntura and Exness, for example, have a minimum deposit of just $10, making them great options for beginner forex traders. They also offer the MT4 platform, have competitive spreads and are regulated by the appropriate financial authorities.
IG Group, founded in 1974, is another highly respected forex broker that offers high leverage for new traders. It is a CFTC and NFA regulated company that holds its clients’ money in segregated accounts under trustee arrangements for added security. IG is also one of the few forex brokers that still accepts U.S. customers, which is a major plus for those looking to trade in the U.S. dollar. Lastly, we also looked at whether a forex broker offers education and training resources to help traders develop their skills and knowledge of the market. Some of the best forex brokers offer webinars, tutorials and a range of free educational materials.
