Top Rated Forex Brokers - 2016

With hundreds of Forex brokers to choose from, selecting the right one can be both challenging and time consuming. To ease the process, we’ve tested and reviewed dozens of the top Forex brokers and compiled our findings into thorough Forex brokers reviews. But don’t just take our word for it – each Forex broker review also includes feedback from real traders, so that you can make a comfortable, informed decision.

When researching the best online Forex brokers there are many aspects to consider. Regulated brokers are certainly the most secure and for this reason alone we only recommend regulated entities as our top Forex brokers. However, among those with regulation you'll also want to look at their spreads, leverage and asset offerings. You can do this quickly and easily by reading our Forex broker reviews and checking our Forex broker ratings. But don't take our word for it alone – we encourage you to test out a few of our top Forex brokers using their free demo accounts so that you can feel entirely confident that you've chosen the best Forex broker for your specific needs.

US FlagUS-based traders can also take advantage of our top US Forex brokers list.

Broker's Name Minimum Deposit Deposit Bonus Type of Platform Maximum Leverage Regulation Rating More Info
FXCM $50 ?
Standard: $2000, Mini: $50
None MetaTrader 4, Mirror Trader, Proprietary platform 1:200 FCA, NFA, ASIC, SFC, ACPR Accepts US clients
Accepts US clients

9.8/10
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FOREX $250 None MetaTrader 4, Proprietary platform 1:50 CFTC, FCA, NFA, FSA, ASIC, IIROC, SFC, SEC Accepts US clients
Accepts US clients

9.7/10
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eToro USA $50 $100 Proprietary platform 1:400 CFTC, NFA Accepts US clients
Accepts US clients

9.6/10
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4 Saxo Bank $10,000 None MetaTrader 4, cTrader, Web-based 1:200 MiFID, FSA

8.8/10
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5 Dukascopy $100 None MetaTrader 4, Web-based, Other 1:200 FINMA

8.7/10
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6 FX Solutions $250 None MetaTrader 4 1:400 FSA

8.4/10
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7 Zecco $500 None MetaTrader 4, Proprietary platform 1:500 CFTC, NFA Accepts US clients
Accepts US clients

8.2/10
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8 Markets $100 $2000 MetaTrader 4, Sirix, Proprietary platform 1:200 CySEC, FSB

8.1/10
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9 OANDA $1 None MetaTrader 4, Proprietary platform 1:48 CFTC, FCA, NFA, ASIC, IIROC Accepts US clients
Accepts US clients

9.8/10
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10 AvaTrade $100 Up to $5000 MetaTrader 4, Proprietary platform, Web-based 1:400 MiFID, Central Bank of Ireland, ASIC, FSC, BVIFSC

8.0/10
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Forex Brokers Reviews

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FXCM Holdings, LLC has been listed as one of the fastest growing companies by Inc. 500 List of America’s Fastest Growing Companies three years in a row (2004-2006). FXCM Holdings, LLC is headquartered in New York, with offices around the world including U.K., Japan, Hong Kong, France, Italy, and Australia, and is regulated and licensed in each of them. FXCM has over 165,000 tradable accounts on its platforms and a monthly average of over $250 billion in trade volume. See review of FXCM at DailyForex.com.

FXCM Review
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FOREX.com is a currency trading website operated by Gain Capital Holdings, Inc., a financial services company that’s been in business since 1999. GAIN Capital is listed on The New York Stock Exchange (NYSE: GCAP). FOREX is a highly regulated Forex broker throughout Europe and Asia and has won rewards for the best research and analysis by FX Street for 2014 and 2015.

FOREX Review
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eToro USA is an American version of the famous eToro brand. eToro makes learning and mastering the necessary Forex trading skills a fun experience with a graphical and user friendly interface while offering a competitive platform for more experienced traders. eToro USA is an introducing broker of FX Solutions, enabling eToro to trade in the US without receiving NFA regulation while benefiting from eToro's famous game-like trading platform.

eToro USA Review
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Saxo Bank
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Saxo Bank, located in Denmark, is one of the largest retail Forex brokers around and is one of the oldest ECNs available to both the retail client and institutional trader. Because it is a banking institution as well as a financial service provider, Saxo Bank is the most regulated Forex broker in the industry with regulations from authorities in Singapore, Spain, Switzerland and Japan as well as from it’s the Danish Financial Supervisory Authority.

Saxo Bank Review
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Dukascopy
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Dukascopy Bank is a Swiss online bank providing Internet based and mobile trading services with a focus on foreign exchange, bullion and binaries, banking and other financial services through innovative proprietary technological solutions. Dukascopy is one of the largest retail brokers on the planet. It is heavily regulated in several countries, including its home country, Switzerland and is one of the oldest ECNs available to the retail client. It offers institutional services as well. The company was founded on 2 November 2004 in Geneva, Switzerland where it has its headquarters. Dukascopy Bank is regulated by the Swiss Financial Market Supervisory Authority FINMA both as a bank and a securities dealer.

Dukascopy Review
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FX Solutions
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A trader using FX Solutions will enjoy their strong trading platform accompanied with powerful charting tools. To make the Forex trading experience even more customized, FLEXI leverage and FLEXI contracts are features that enable the user to decide at any time what the leverage in his account will be and at which quantities he wishes to trade. The company’s staff is comprised of fewer than 100 employees. However the company continues trying to expand its global reach by partnering with industry giants and solid investors.

FX Solutions Review
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Zecco
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A short overview of Zecco trading will quickly reveal support for Stocks, ETFs, Options, Mutual Funds, Bonds, Metals, and last but not least, Forex. Being that DailyForex is primarily a Forex site, this Zecco review will focus mainly on broker’s Forex offering. The Zecco Forex Trader Desktop enables the trader to choose from predefined layouts or to create and save personal layouts. The one downside of this platform is that it supports Windows XP or Vista exclusively, no Mac OS and no Windows 7.

Zecco Review
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Markets.com is operated by Safecap Investments Limited, a Financial Services Company authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 092/08 and by the Financial Services Board (FSB) in South Africa as an authorized Financial Services Provider under the no. 43906. Markets.com was the recipient of the London Investor Show Forex “Best Customer Service 2012” award, and the Global Banking & Finance Review “Best Broker in Customer Service Europe 2012” award, in addition to numerous other awards over the past years.

Markets Review
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OANDA
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OANDA is a multi-faced financial services Forex and CFD broker and market maker. Founded in 1996, OANDA is based in New York and is available for traders in the U.S., Canada, Asia and Europe. OANDA was the first broker in 1995 to offer a broad range of currency exchange-rate information free of charge over the Web. Today, it possesses one of the world's largest and most accurate databases of currency rates, handling more than a million queries a day.

OANDA Review
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AvaTrade is among the top Forex brokers in the world with offices in New York, Dublin, Sydney, Milan, Tokyo and other locations. It is regulated by the Central Bank of Ireland and licensed by MiFID in the European Union as well as by several other licensing bodies. AvaTrade’s features include, among other things, a choice of platforms, a demo account, an Ava debit card for all live account holders, access to Trading Central charting tools for depositors of over $1000 and free withdrawals.

AvaTrade Review

Selecting The Right Forex Broker

Forex is easy to learn and success can come with the very first trade. Understanding how the final analysis of profit and loss is configured is an important first step in Forex trading and a certain amount of Forex training is definitely a prudent undertaking by all traders if any money is to be made in currency trading. Understanding the technical and fundamental reasons behind currency pairs and how they affect price movements as well as knowledge of and familiarity with Forex indicators and tools, leads to a more successful trading experience.

Forex is just one of many investment vehicles a trader can choose and like all other financial instruments, both gains and losses are part of the game. One of the best ways to boost your chances of success in Forex is to understand the ins and outs of currency trading. Setting up a demo or practice account can offer an opportunity to do trade on a live account without putting any money at risk and most Forex brokers offer this feature.

What to look for when choosing a Forex Broker?

 Secured Money: Feeling secure with a broker is of major importance to a trader and should be validated before opening a trading account. Most Forex brokers are regulated and/or licensed by international or local regulatory authorities and this entails keeping clients’ funds totally segregated from all other monies.

 Customer support: Traders often need to contact a broker representative for clarification or additional information. Contact information should be listed on the landing page and should include telephone numbers and email addresses. Live Chat offers immediate contact with an online rep and is available with most brokers.

 Account Types: Brokers usually offer their clients a choice of different trading accounts. Accounts can differ according to the amount of money required to open the account, fixed or floating spreads, varying leverages and more. Bonuses can also be contingent on the type of account opened.

 Initial Deposit:Some trading accounts can be opened with as little as $1.00 while others require a minimum deposit of $2500. Brokers tend to provide a choice of accounts and their main difference may be the amount of the initial deposit. Deposits can be made in a variety of different ways, but credit cards and bank wires are the most popular methods with online payment systems gaining popularity.

 Charges and Fees: In most cases, there are no charges for opening an account with a broker. Some companies do have a deposit or a withdrawal fee while many don’t have any charges as all. When deciding with which Forex broker to open an account, you should look carefully at all charges and fees and especially the percentage of pips included in losses and profits as this can determine the final outcome of the trade.

 Leverages: Most brokers offered traders a certain amount of leverage to enable them to increase their investment amount. These differ from broker to broker as well as from one account to another. New traders just starting out should avoid using leverage at first as it can put him at increased risk if his trades end in a loss.

 Spreads: Spreads are the difference between the buy and sell price and this is where the broker makes its money. It is important to check what type of spread-fixed or floating-is levied as well as to compare the amount of the spread with that of several brokers.

 Free demo account: Another feature to look for in a Forex broker is whether the option of a free demo account is provided. Demo accounts allow you to make trades in a real online account without putting up any money. Brokers offer this option with varying time frames and different amounts of virtual trading funds but even for a short period of time, the use of a demo account offers sufficient opportunity for you to grasp the concept of Forex trading and learn the ins and outs of currency price movements.

 Currency Pairs offered: Most Forex brokers offer trading in the major currency pairs such as USD/EUR or JPY/USD. Other brokers add on what is considered exotic pairs which are currencies from smaller or developing countries. Still others offer trading in bitcoins, a cryptocurrency.

 Trading platform: The Forex trading platform offered for use by each broker should also be seriously considered before deciding whether or not to open an account. The trading platform is used to place orders, check out Forex news, perform technical analysis, manage the trading account and much more. Sometimes the platform is a third party application but in many cases it is also a specific application created, designed or modified by the Forex broker. Comparing the features provided in the different versions of both the basic platform and those on the higher upgrades is necessary in assessing whether or not the platform works for you.

 Educational Materials: The more you know, the better trader you will be. Some brokers place a strong focus on education and provide a host of different venues such as videos, seminars, webinars and more. Most broker websites post daily—sometimes weekly—news updates and analysis and many provide additional fundamental analysis of what is happening in the markets. Economic calendars list upcoming financial events around the world and different calculators help traders calculate margin interest, pips, profits and more.

 Bonuses and Promotions: Some brokers find bonuses and promotions to be an important way to attract new clients and they offer them generously. Welcome bonuses or loyalty bonuses are common and can add significantly to a trader’s account balance. There are some brokers who come up with unique promotions such as cash prizes, electronic devices and even cars or trips.

In Summary

In today’s fast paced world, Forex trading can offer big profits in a very short time and it has been attracting lots of investors who have tired of other trading instruments and have lost interest in different financial markets. But let’s face it, with hundreds of brokers pedaling their wares, deciding on the right broker can be challenging and time consuming.

To ease the process of selecting a Forex broker, the team at Dailyforex.com has tested and reviewed dozens of the top rated Forex brokers and we have compiled our findings into thorough and honest

Forex broker appraisals. We say it like it is and post the truth and nothing but the truth.
So before making your selection and registering for an account, spend some time reading our Forex broker reviews so you have the best chance of becoming a profitable Forex trader.