The following is a comprehensive Forex brokers list. You can rest assured that the broker reviews listed below were conducted with the utmost level of professionalism and objectivity. It is highly recommended that you read them, open a demo account with several different Forex brokers, and only then begin trading the Forex market.

What does a Forex Broker Do?

Forex brokers form a core part of the trading infrastructure. While traders can engage in Forex trading without a broker, it is not recommended, especially for committed and professional traders. A Forex broker also defines the competitiveness of trading conditions.
Here are some of the core activities a broker offers:

1. A Forex broker is the custodian of deposits and profits in segregated bank accounts It also partners with various payment processors to accommodate a convenient deposit and withdrawal procedure.
2. A Forex broker provides trading platforms that allow Forex traders to manage their portfolios, analyze currency pairs, and place trades. It can include complete support for algorithmic trading, an essential service for many profitable Forex traders. Without a Forex broker, traders must pay expensive licensing fees to obtain trading platforms.
3. A Forex broker grants access to markets and handles orders, either in-house if they are a market maker or by routing them to liquidity providers and other brokers.
4. A Forex broker can provide quality trading tools, like plugins for trading platforms, VPS hosting, other third-party trading solutions, or connectivity to copy and social trading providers and platforms.

Do I Need a Broker for Forex?
A Forex broker is not technically a requirement to trade Forex, but practically it is the most efficient and effective method. Serious retail traders and professionals must use a Forex broker, like the ones reviewed here, but other ways exist for those requiring infrequent Forex trades.
Here are ways to exchange Forex without a broker:
-Any bank offers Forex transactions, and an individual can go and exchange one currency for another.
-Exchange offices conduct Forex transactions, like a bank, but sometimes with better rates.
-Peer-to-peer exchanges, which are the worst option
You might also be interested in our Top Brokers List for 2023.

How do I know if my Forex broker is regulated?

Regulated Forex brokers list their regulators and license numbers on their websites. Forex traders should go to the regulator's website and cross-check their database to ensure their Forex brokers have regulatory oversight.

Forex trading without a broker is theoretically possible but so expensive and inefficient as to be a complete waste of time. Such options include banks, exchange offices, and peer-to-peer exchanges. Yet to trade Forex profitably, a broker must be used.

A Forex broker connects traders to the Forex market and enables trading. Traders get trading platforms, assets, quotes, and other trading tools from a Forex broker, which is also responsible for deposits and withdrawals, held in separate accounts with custodian banks. Forex brokers either fill orders internally or pass them on. They connect with liquidity providers in an automated process which includes human oversight.

While a Forex broker can theoretically steal your money, it is unlikely to happen, especially with well-regulated brokers. Some market maker brokers may engage in stop-loss hunting, an indirect method to drain money from trading accounts. Overall, the risk remains low at well-regulated brokers.

IQ Option claims almost 50 million traders, making it the broker with the most users, followed by eToro with nearly 25 million, but no independently verified data is available. Traders should not focus on the size of the broker but focus on the quality of the trading environment.

No precise figure is available, but with 1,231 MT Forex brokers, the total number should exceed at least 1,500.

Who is the biggest Forex broker?

It depends on the metrics, and official data is unavailable. IC Markets ranks among the biggest per daily trading volumes. Forex.com, XM, Saxo Bank, and HotForex also clearly rank in the top five. IQ Option has the most claimed users, while Charles Schwab leads the assets under management (AUM) category.

The most trusted Forex brokers have an operational history spanning 10+ years and a clean regulatory track record in at least one tier 1 regulatory jurisdiction.

How do I find a legit Forex broker?

Find a legit Forex broker by reviewing lists of regulated Forex brokers with a clean track record of 10+ years.

Yes, it is possible to trade without a broker, but not recommended for serious traders as it is highly impractical. A broker ensures traders get a professional, cutting-edge, and competitive trading environment if they select the right broker.

It depends on the conditions the Forex broker offers to Islamic traders. Some make it halal, others haram.

The best MT4 Forex brokers offer fast order execution, no requotes, minimal slippage, price improvement mechanisms, and low trading fees.