What is the best Forex broker in 2023?

There are so many forex brokers on the market today; Choosing the best one for your trading needs can take time in 2023.

The good news is that there are some tips you can use to narrow down the best. For example, one that doesn’t charge commissions on trades will likely give you better results when trading than one that does.

This guide reviews the best forex brokers in 2023 based on key metrics such as security and trading fees.

Table of Contents:

The Best Forex Broker in 2023

Here is an overview of the best forex brokers in 2023.

eToro — Best Overall Forex Broker in 2023
AxiTrader — The Best Broker That Has No Deposit and Withdrawal Fees
EightCap — The Best Forex Broker with a Simple Account Opening Process
VT Markets — One of the Best Brokers with Many Educational Markets
AvaTrade — One of the Best Forex Brokers If You Want to Trade Commission-Free
Plus500 — Forex Broker with Variety of Trading Pairs and Low Commissions
IG – One of the best forex brokers with over 18k trading instruments
Pepperstone – A perfect forex broker for both beginners and professionals
XM – Forex Broker with a Low Minimum Deposit of Only $5

Best Forex Broker in 2023 – An In-Depth Review

Let’s now take an in-depth look at each of the brokers above to help you choose the best forex broker in 2023.

1. eToro – Best Forex Broker in 2023

eToro is an online investment platform that offers a variety of financial instruments, including stocks, ETFs, and cryptocurrencies. One of the main advantages of eToro is its low minimum deposit requirement. You can open an account for as little as $50, which makes it an affordable option for beginner investors. In addition, eToro offers a variety of tools and resources to help you learn how to invest and make informed decisions. For example, the platform provides access to real-time market data and analysis, and a social media-style newsfeed where you can follow other investors and gain insight into their strategies. With its low barriers to entry and wealth of resources, eToro is an ideal platform for anyone who wants to start investing.

eToro is also a popular broker in 2023, due to its flexibility and convenience in deposits and withdrawals. Debit cards, bank transfers, and e-wallets like PayPal and Skrill are all accepted, making it easier for users to fund their accounts and withdraw their profits. In addition, eToro does not charge any fees for deposits or withdrawals, so users can keep more of their hard-earned money. With so many options available, there will surely be a deposit and withdrawal method that suits everyone’s needs.

For many people, the appeal of online trading is the ability to make quick and profitable trades without incurring high commissions. eToro is a popular trading platform that offers zero-commission trading, making it an attractive option for short-term traders. In addition to being commission-free, eToro offers a wide range of features and tools to help traders succeed. For example, the platform provides real-time market data, charting tools, and educational resources. eToro also offers a variety of account types, including demo accounts that allow users to practice trading without risking money. With so much to offer, it’s no wonder that eToro is one of the most popular online trading platforms.

eToro is also known for its super-competitive spreads. Spreads are one of the most significant costs associated with forex trading, so it is important to choose a broker with low spreads. eToro is one of the brokers with the lowest spreads on the market, starting from 1 pip on some currency pairs. This gives their clients a big advantage, as they can trade with much tighter margins. Spreads are also significant when scalping, as each pip counts when making a profit on small price movements. With eToro’s low spreads, scalpers can trade with much more confidence, knowing that they won’t be hit hard by spreads.

eToro also ranks among the top forex brokers in 2023 for its multiple trading platforms. The company offers clients numerous trading platforms, each with its own strengths and weaknesses. For example, the MT4 platform is popular among experienced traders who appreciate its advanced charting tools and indicators. On the other hand, the web browser platform is suitable for beginners who want to get a feel for the markets without being overwhelmed by too much information. Finally, the eToro trading app is perfect for those who want to trade on the go. Regardless of your needs, eToro has a platform to suit you.

Creating an account with eToro is also very simple and only takes a few minutes. You can sign up using your Facebook or Google account or create a new account with your email address. Once you’ve created an account, you’ll need to verify your identity by providing some personal information and uploading a copy of your ID. After your identity is verified, you can start trading immediately. You can also choose to practice trading with a virtual account before you start trading with real money. Opening an account with eToro is quick and easy and there are no hidden fees or charges.

More importantly, eToro is
a regulated broker. eToro is regulated by the Financial Conduct Authority (FCA) in the United Kingdom, the US Securities Exchange Commission (SEC) and the Cyprus Securities and Exchange Commission (CySEC). In addition, eToro is a member of the National Futures Association (NFA) and the Australian Securities and Investments Commission (ASIC). As a result of its regulation by multiple financial authorities, eToro is considered a safe and reliable platform for trading and investing.

With all these benefits, it’s not hard to see why eToro is one of the best forex brokers in 2023. It has everything traders need to increase their chances of success in the forex market.

Number of trading pairs — 50+
Costing Approach — Spread-Based
EUR/USD spreads — 1 pip
Minimum deposit — $50
Key Features — Copy trading, low deposit, 0 commissions

2. AxiTrader – Top broker that has no deposit and withdrawal fees

If you are looking for the best forex broker to start your trading journey, then you should consider AxiTrader. For anyone looking to get into forex trading, one of the most critical factors is fees. After all, even a small difference in the rate can add up over time and consume your profits. That’s why AxiTrader is a great option, as they have some of the lowest fees in the market. For example, their commission on major pairs is only $3 per lot, and they don’t charge any deposit or withdrawal fees. In addition, they offer a spread of 0.1 pips on EUR/USD, one of the tightest spreads. When it comes to commissions, AxiTrader is hard to beat.

AxiTrader also offers a demo account that allows traders to practice their trading strategies without risking real money. The demo account is identical to the live account, except that it uses virtual funds instead of real money. This allows traders to test their strategies and see how they would behave in real-world situations. In addition, the demo account can be used to practice placing orders and executing trades. This is a valuable tool for new traders who want to get a feel for the work of the platform before they start trading with real money.

As a trader, it is essential to have a diversified portfolio to minimize risk. AxiTrader offers a variety of trading tools, making it easy to diversify your portfolio and take advantage of different market conditions. For example, you can trade forex pairs, commodities, indices, and cryptocurrencies on the same platform. This allows you to change your trading strategy and take advantage of different market conditions. In addition, AxiTrader offers a variety of account types, so you can find the one that best suits your trading style. Whether you are a beginner or an experienced trader, AxiTrader has the right account for you.

3. EightCap – The Best Forex Broker with a Simple Account Opening Process

EightCap is another must-see platform among the best forex brokers to use in 2023. One of the main reasons why EightCap is so popular is because it offers free deposits and withdrawals. This makes it perfect for small traders who want to prevent commissions from consuming their profits.

Another advantage of EightCap is that it offers a variety of features and tools that can help traders make more informed decisions. For example, EightCap’s trading platform provides real-time market data and analysis and advanced order types.

In addition, EightCap also offers 24/7 customer support, which can be very useful for new traders. EightCap is a great broker for small traders looking for a hassle-free experience.

Opening an account with EightCap is also quick and easy, even for those new to online trading. All you have to do is provide some basic personal information and choose a username and password. Once you open your account, you can start funding it and start trading right away. EightCap also offers a demo account, a great way for beginners to familiarize themselves with the platform before they start trading with real money. With its user-friendly interface and wide range of features, EightCap is an ideal choice for both beginners and experienced traders.

Number of trading pairs — 20+
Cost Determination Approach: Commission-based, $3.5 per spread
EUR/USD spreads — 0.6 pips
Minimum deposit — $100
Key Features — Negligible Trading Fees, Easy Account Opening, Free Deposits

4. VT Markets – One of the Best Brokers With Many Educational Markets

VT Markets is another popular broker that cannot be missing among the best forex brokers in 2023. Not only does the company offer a variety of tradable assets, but it also provides a wide range of educational materials to help traders learn the ropes. The website includes a comprehensive collection of tutorials, articles, and videos covering everything from the basics of positioning an exchange to more advanced concepts like technical analysis. There are also regular webinars hosted by industry experts who provide valuable information about the markets. With all these resources at your disposal, VT Markets is an excellent place to start your trading journey.

VT Markets is also a broker that understands the importance of customer service. They have won awards for exceptional service and are always available to help their customers.

In addition, VT Markets offers a variety of tools and resources that can help traders improve their skills. For example, they offer a demo account so that new traders can practice before trading with real money. They also offer a variety of educational resources, such as webinars and tutorials. As a result, VT Markets is an ideal choice for those looking for a broker with great customer service.

VT Markets is also committed to providing a wide range of options for its clients, including Muslim clients. The company offers Islamic accounts that comply with Sharia law. This means that no interest is charged to the account and all transactions are conducted in a manner permitted by Islamic law. This ensures that VT Markets’ Muslim clients can trade with confidence, knowing that their account conforms to their religious beliefs.

In addition to offering Islamic accounts, VT Markets also provides a number of other services that meet the needs of its Muslim clients. These include halal investment products and an Islamic financial helpline. As a result, VT Markets is the perfect choice for Muslim traders who want to trade with a company that understands their needs.

Number of trading pairs — 200+
Costing approach — Zero commissions
EUR/USD spreads — 1.2 pips
Minimum deposit — $200
Key Features – Islamic Accounts, Copy Trading, Trading Bonuses

5. AvaTrade – One of the best forex brokers if you want to trade commission-free

AvaTrade is another of the best forex brokers in 2023. For active traders, AvaTrade is a dream come true. The online broker offers zero-commission trading on various assets, from forex, stocks and ETFs. This means that traders can keep more profits and take more risks without fear of losing money on commissions. In addition, AvaTrade offers excellent customer service, a user-friendly platform, and a wide range of tools and resources to help traders succeed. It’s no wonder so many traders love AvaTrade.

One of the first questions every potential AvaTrade client will ask is whether the company is regulated. The answer is a resounding yes: AvaTrade is regulated by eight different regulatory bodies around the world. This blanket of protection ensures that their funds are always safe, no matter where a client is located. It also gives customers peace of mind knowing they’re working with a reputable and trustworthy company. As such, regulation is one of AvaTrade’s main strengths.

AvaTrade also has a pretty low minimum deposit. For many people, the thought of trading in the financial markets is daunting. Not only do you need to have a good understanding of the market before you start trading, but you also need to have enough money to cover your initial investment. This can be a hindrance for many people, as it can be difficult to find a large sum of money. Fortunately, AvaTrade has a low minimum deposit of only $100. You can start trading with a relatively small amount of money. And if you’re new to trading, AvaTrade also offers a demo account to practice trading without risking real money.

AvaTrade is also one of the most popular online trading brokers due largely to its wide range of supported trading platforms. This includes the industry-leading MetaTrader 4 and MetaTrader 5 platforms and the popular Zulu Trade copy trading platform. Regardless of your trading style or experience level, AvaTrade has a platform for you. Whether you’re looking to trade forex, commodities, cryptocurrencies, or anything in between, AvaTrade definitely has everything you need.

AvaTrade is also known for having some of the lowest spreads on the market. On EUR/USD, for example, the spread starts from just 0.9 pips. This is significantly less than what other brokers charge. Plus, AvaTrade doesn’t charge any commission on trades, so you can be sure you’re getting the most competitive rates possible. With tight spreads and no hidden costs, it’s no wonder many traders choose AvaTrade as their broker.

If you are looking for a broker that offers a wide range of trading instruments, AvaTrade is worth considering. The brokerage provides over 1,000 different instruments, including forex pairs, stocks, indices, cryptocurrencies, and commodities. This gives traders a great choice when finding the right markets to trade.

Traders would also be happy to know that AvaTrade supports them with a wide range of trading materials. In addition to providing access to financial markets, AvaTrade also offers a variety of trading materials and educational tools to help traders improve their skills and strategies. These resources include video tutorials, webinars, articles, guides, and more. Whether you’re new to trading or an experienced trader, AvaTrade’s resources can help you take your trading to the next level. Most importantly, these resources are available for free. For beginner traders looking for ways to improve their trading skills, these resources can help a lot.

Number of trading pairs — 50+
Costing approach — Zero commissions
EUR/USD spreads — 0.9 pips
Minimum deposit — $100
Key Features — Multiple Trading Platforms, Regulated Broker, Educational Resources

6. Plus500 – Forex Broker with Variety of Trading Pairs and Low Commissions

Plus500 easily enters the list of the best forex brokers in 2023 for its wide range of forex pairs and other trading instruments. Plus500 offers forex traders access to more than 2800 different trading instruments. This includes major forex pairs such as EUR/USD and GBP/USD as well as minor pairs and exotic currency pairs. Plus500 also offers access to stocks, indices, commodities and ETFs. The platform is easy to use and provides traders with all the tools they need to succeed.

Also, when trading with Plus500, you can be sure that your trades are being conducted securely and transparently. Plus500 is regulated by the Financial Conduct Authority (FCA), one of the world’s most respected financial regulators. The FCA ensures that all financial companies follow strict rules and regulations, including the protection of client funds. As a result, you can trade with Plus500 knowing that your money is safe and that you will be treated fairly.

Plus500 is also committed to providing a transparent trading experience. All costs and fees are clearly stated in advance, so you know exactly what you’re paying. There are no hidden costs or commissions, and all trades are carried out quickly and efficiently. When trading with Plus500, you can be sure that you are getting a fair deal.

One of the
main reasons to choose Plus500 is because of the low minimum deposit. Just $100 is all you need to start trading. Plus500 also offers a demo account so you can test the platform before putting real money on the line. The platform is user-friendly and user-friendly, even for beginner investors. And if you have any questions or need help, customer service is always on hand to help. So, if you are looking for an online forex broker that allows you to start small, Plus500 is an excellent option.

You will also love that Plus500 has some of the lowest trading costs on the market. Starting at 0.8 pips for EUR/USD, Plus500 is one of the forex brokers with the lowest trading fees. But what exactly are Pips? A pip measures the change in value between two currencies. For most currency pairs, one pip equals 0.0001 of the currency. For example, if the EUR/USD pair moves from 1.2300 to 1.2350, this is a 50 pip move. If you had bought 10,000 units of EUR/USD at 1.2300 and sold them at 1.2350, you would have earned 50 pips (or 500). Low trading fees allow traders to make more trades and increase their profits. With Plus500’s low commissions even a scalping strategy is quite easy to implement.

Number of trading pairs — 60+
Costing Approach — Spread-Based
EUR/USD spreads — 0.8 pips
Minimum deposit — $100
Key Features — Regulated, Copy Trading, Low Commissions

7. IG – One of the best forex brokers with over 18k trading instruments

Next on the list of top forex brokers in 2023 is IG. One of the reasons why it makes sense to choose IG is that it is regulated. IG is regulated by the Financial Conduct Authority (FCA) of the United Kingdom. This means that it must adhere to strict financial rules and regulations and is constantly monitored by the FCA to ensure that it operates in a fair and transparent manner. As well as being regulated by the FCA, IG is also a member of the Financial Services Compensation Scheme (FSCS), which protects client funds up to £50,000 if the broker becomes insolvent. This gives investors peace of mind, knowing that their funds are safe and secure. Overall, IG is a reliable and safe broker to use, thanks to its strict regulation.

Active forex traders are always looking for tight spreads and low commissions. After all, these are two of the most significant expenses in forex trading. That’s why IG is such an attractive option for forex traders. They offer zero commissions and some of the lowest spreads in the industry. Their spreads can go down to 0.6 pips per EUR/USD, which is significantly lower than the average spread of 1.5 pips for this currency pair. In addition, IG does not charge any account fees or platform fees, making it one of the most affordable brokers. With its low costs and high quality of service, it is no wonder that IG is one of the most popular brokers among forex traders.

Traders also love IG because it gives them multiple trading platforms to choose from. IG’s native platform for web and mobile trading is excellent for those who want to trade on the go. The interface is user-friendly and designed for quick and easy trading. The mobile app is also available for Android and iOS devices. For those who want a more advanced trading platform, IG offers MT4. This platform is popular among traders who want more control over their trading environment. It offers a variety of features, including advanced charting and analysis tools. Overall, IG offers its clients a wide range of options when choosing a trading platform.

When you place a trade, your broker will charge you a commission for placing the trade. This fee can erode your profits and add up over time if you’re doing a lot of trades. That’s why many traders are excited about IG’s zero-commission forex pairs. With this offer, you can trade forex pairs without having to pay any commission. This means that more profits stay in your pocket, reducing the overall cost of your trading. IG’s zero-commission forex pairs are worth considering if you’re looking to save on commissions.

Number of trading pairs — 80+
Costing Approach — Spread-Based
EUR/USD spreads — 0.6 pips
Minimum deposit — $250
Key Features — Educational Materials, Low Rates, Regulated

8. XM – Forex Broker with a Low Minimum Deposit of Only $5

XM is also on the list of the best forex brokers in 2023. One of the reasons why XM is a popular forex broker is its low minimum deposit. Many people are reluctant to invest in the forex market because they believe it requires a significant amount of money. However, with a broker like XM, you can start investing with a deposit starting at $5. This makes it easy to get started and start building your portfolio. In addition, XM offers a variety of investment options so you can tailor your strategy to your personal goals. Whether you are looking for long-term growth or short-term gains, XM can help you achieve your financial goals. If you’re interested in investing but need more money to get started, check out XM.

In addition, XM does not charge a deposit fee. This means you can start trading with less capital, which is ideal if you’re starting out. In addition, XM offers low spreads and fast execution, so you can be sure that you get the best possible price on your trades. And if you have any questions or need assistance, their customer support team is available 24/7 to help. So why not try XM? With no deposit fees and all these other great features, it’s the perfect broker for anyone who wants to get started in online trading.

Like the rest of the brokers on this list, XM is also chosen because it is regulated. As a regulated broker, XM is committed to providing a fair and transparent trading environment for all its clients. This includes ensuring that all client funds are segregated and kept safe, providing negative balance protection, and offering trade insurance. In addition, XM is a member of the Investor Compensation Fund, which provides compensation to investors if a broker becomes insolvent. These measures give clients peace of mind, knowing that their funds are protected. As such, XM is the ideal choice for those looking for a reliable and trustworthy broker.

Traders also love XM for the fact that it allows high leverage. XM allows investors to trade with high leverage, up to 1:1000. This allows traders to make significant profits even from small price movements. However, it also means that losses can increase quickly if the market moves against them. For this reason, traders need to clearly understand the risks involved before starting to trade on margin. However, for those who are comfortable with risks, high leverage can be a powerful tool to increase profits.

Number of trading pairs — 50+
Costing Approach — Spread-Based
EUR/USD spreads — From 0 pips
Minimum deposit — $5
Key Features — Multiple Account Types, Low Minimum Deposit, Regulated Broker

9. Pepperstone – A perfect forex broker for both beginners and professionals

Pepperstone is one of the best forex brokers in 2023, and for good reason. When it comes to online trading, one of the most important things to look for is a regulated broker. This means that a government body has audited the broker and that it adheres to a strict set of rules and guidelines. Pepperstone is such a broker. Based in Australia, they are regulated by the Australian Securities and Investments Commission (ASIC). This gives traders peace of mind knowing that their funds are safe and will be treated fairly. This makes them an ideal choice for a reliable and trustworthy broker.

Traders also love Pepperstone for its diversity in account types. Pepperstone offers two main account types: the Standard account and the Razor account. The Standard Account allows traders to buy and sell CFD instruments without commission. On the other hand, the Razor account charges a fee but offers lower spreads. Both account types offer a variety of trading platforms, including the popular MetaTrader 4 platform. Pepperstone also offers an Islamic account for traders who wish to trade in accordance with Sharia law. In addition, demo accounts are available for those who want to practice trading before opening a live account.

Another great thing about Pepperstone is that there is no minimum deposit. This means that you can start trading with the minimum or maximum money you feel comfortable with. Of course, if you’re starting out, you may not have much money to invest. That’s fine. You can still open an account and start trading with a small amount of money. As you become more experienced and successful, you can gradually increase your investment. And if you ever need to withdraw your money, there are no penalties or fees.

Pepperstone also offers traders a variety of trading tools. With over 1200 trading instruments, Pepperstone is one of the most comprehensive online brokers available.

Whether you’re looking for major forex pairs, minor forex pairs, commodities, indices, or cryptocurrencies, you’ll find it all at Pepperstone. The huge number of instruments available means that you can always find something to trade, regardless of market conditions. And with Pepperstone’s competitive spreads and fast execution speeds, you can be sure to get the best price possible. If you are looking for a broker that can offer you a wide range of trading opportunities, Pepperstone is worth considering.

Number of trading pairs — 60+
Cost Approach – Based on fees at $3.5
EUR/USD spreads — From 0 pips
Minimum deposit — None
Key Features — Different Account Types, Advanced Trading Tools, Regulated Broker

How to choose the best broker in 2023

While choosing a good broker can be a task, it shouldn’t be after reading the following section. Let’s look at the key factors to consider before choosing a forex broker.

Make sure the broker is regulated.

When it comes to forex trading, security is of utmost importance. There are many risks involved in currency trading, and if you are not careful, you could lose a lot of money. That’s why it’s important to only trade forex with regulated brokers. Regulated brokers are held to strict standards by regulatory bodies such as the SEC or CFTC. This means they must maintain segregated accounts, follow best practices for protecting customers, and provide transparent pricing. As a result, you can rest assured that your money is safe when trading with a regulated broker. So, if you are looking to trade forex, make sure you only do so with a regulated broker.

Compare rates

As far as forex trading is concerned, one of the most important factors to consider is fees. After all, even a slight difference in fees can add up over time and consume profits. That’s why it’s essential to compare the fees charged by different forex brokers before making a decision. Consider the size of the broker’s spreads, the fees they charge, and whether or not they charge extra for things like overnight maintenance fees or currency conversions. Doing some research can ensure that you get the best deal possible on your forex trading.

Choose one with a low minimum deposit.

When looking for a forex broker, one of the things you will want to consider is the minimum deposit. This is the amount of money you will need to deposit to open an account. Some brokers have a very high minimum deposit, while others have a low minimum deposit.

If you are new to forex trading, look for a broker with a low minimum deposit so you can try the platform without risking a lot of money. However, some brokers with a low minimum deposit offer fewer features and services than those with a higher minimum deposit. So, research each broker carefully before making your final decision.

Payment methods

When looking for a forex broker, it is essential to find one that offers multiple deposit methods. This way, you will be able to fund your account in the most convenient way. For example, if you have a PayPal account, you’ll want to find a broker that accepts this payment method. It is also essential to find a broker that offers competitive rates. This way, you can be sure that you get the best value for money. Ultimately, by finding a forex broker that meets all your needs, you will be able to maximize your chances of success in the foreign exchange market.

How to trade Forex in 2023

Of all the above trading platforms, eToro is the best. Therefore, we provide you with a step-by-step guide on forex trading on eToro.

Step 1: Open an account

Visit the eToro website and click on Register. Next, you will be asked to provide your identity documents. This is for KYC purposes.

Step 2: Fund your account

Once your account is verified, fund it with one of eToro’s many deposit methods. You can deposit as low as $50.

Step 3: Start trading

Search the eToro website for tradable assets and start trading.

Conclusion

Any of the above platforms are among the best forex brokers in 2023. However, among them, eToro is exceptionally good. eToro is regulated and has some of the most competitive spreads on the market.

Frequently Asked Questions (FAQ)