10 Best Forex brokers (January 2023)

10 Best Forex brokers (January 2023)

Do not invest more money than you can afford to lose.


The task of picking a Forex broker can be rather daunting, especially for newer traders, as there are a lot of aspects of each firm to consider. We have prepared the following list to hopefully make that a bit easier. In it, we have included a brief summary of each of the best Forex brokers in January 2023. If what they offer is compelling, consider heading out to each of their websites to learn more about their services:


Minimum deposit£/$/€ 50
Trading platformsMT4, MT5
Maximum leverage1:30 in EU and UK, 1:2000 in SA and MU
SpreadFrom 1.3 pips

FXTM is one of the most internationally celebrated brokers on today’s FX market. In 2022, the company was named the Most Trusted Forex broker, and there are many good reasons for its renown. The company boasts that over 99.81% of trades with it get executed in less than a second. Furthermore, the firm has a series of licenses from renowned regulatory bodies all over the world. Combine this with the excellent trading conditions you can see in the table above, and you can see why FXTM is present in 150 countries worldwide.

2. HFM

Minimum deposit£/€/$100, ZAR 70 for HFM SA
Trading platformsMT4, MT5, HFM Platform
Maximum leverage1:30, 1:1000 for HFM SA
SpreadFrom 1.2 pips

What makes HFM stand out, besides its competitive trading conditions and tight regulation, is the broker’s copy trading system. Copy trading allows the client to track and mimic the activity of leading Forex traders with a certain broker in real time. This is quite beneficial, as it allows you to make the most of the markets without needing to become an experienced traded. The HFM Copy trading program is free from an charges from the broker’s side, and it is set by the trader you are mimicking.

3. FP Markets

LicenseASIC, CySEC
Minimum deposit$100
Trading platformsMT4, MT5, Iress
Maximum leverage1:30 in Australia and the EU, 1:500 for other clients
SpreadFrom 0 pips

FP Markets is one of the many excellent brokers which have emerged from Australia. Formed more than a decade ago, the firm has branched to many other markets nowadays. It has an extensive list of additional features it adds to its Metatrader 4 and 5 distributions. You can learn more about them from the broker’s website, but, in our opinion, the best one has to be the Autochartist plugin. It automatically analyzes the markets you pick and gives you signals, which are both highly customizable and highly sophisticated. These signals can truly give you an edge by allowing you to explore often overlooked markets.

4. XM

Minimum deposit$5
Trading platformsMT4, MT5
Maximum leverage1:30 for EU and UK, 1:20 in Dubai and 1:1000 for other traders
SpreadFrom 0 pips

XM is a highly competitive Cypriot broker which has now become a mainstay around the world. It is a firm highly focused on providing its clients with access to new assets to trade. That is why it was awarded Best Crypto CFDs 2022 at the Financial Expo Egypt. If you are interested in digital asset trading, you are best off doing so with a large firm which has access to them, while being strictly regulated. We believe that XM can not only give you that, but do so at incredibly competitive trading conditions.

5. FBS

Minimum deposit$1
Trading platformsMT4, MT5, FBS Trader
Maximum leverageUp to 1:3000, based on jurisdiction
SpreadFrom 0 pips

FBS reports that it has over 24 million active traders at the time of writing. And that should come as no surprise, because the firm is dedicated to its clients. This is evident from the Loyalty program it has launched to give back to them. This program, available in select countries, allows you to earn points from your trading activity, which can then be redeemed with the broker. The rewards you can receive are quite varied – you can receive FBS merchandise, private coaching sessions and high-priority service.


Minimum deposit$50 for FXCM AU, $300 for FXCM EU
Trading platformsMT4, NinjaTrade, Zulu Trade, Trade Station
Maximum leverage1:30 to 1:400, based on jurisdiction
SpreadFrom 0.4 pips

FXCM is a Forex broker dedicated to empowering its clients to make the best choices on the markets. It does so via an in-depth education program, available straight from the broker’s website. It consists of trading guides, separated in several tiers. They cover everything you would need to know, from basic terms to difficult concepts even pros struggle with. There are also tools to track the events which shape the markets – the economic calendar FXCM hosts on its website, as well as the Volatility tracker are excellent additions to the arsenal of any trader.

7. OctaFX

Minimum deposit$/€100
Trading platformsMT4, MT5
Maximum leverage1:30 for EU clients, 1:500 for others
Spread0.3 pips

OctaFX is an industry titan, with years in experience under its belt. An interesting fact about the firm is that it hosts a rather unique trading competition. It is titled the MT4 Forex Demo contest, and it involves traders making a demo account and seeing how much they can profit from the markets within a certain timeframe. The best among them win cash prizes. Participating in this particular contest is actually a great way to learn a thing or two about trading without any risk, and possibly win money.


Minimum deposit$100
Trading platformsMT4, MT5, Iress
Maximum leverage1:30 for AU clients, 1:500 for others
SpreadFrom 0 pips

TMGM is a broker most closely tied to the Australian, New Zealand and other Pacific markets. Nevertheless, it brings to them access to an institutional-grade service. It has a special service to offer for more experienced clients, on its Iress platform. This software is created to cater to their needs – the platform is compatible with any modern browser. It has a highly modifiable interface and it can feed you data from several markets at once, with a negligible delay. If you are interested in trading on this platform, check out TMGM!


Minimum depositNo such requirement
Trading platformsMT4, TradingView
Maximum leverageUp to 1:1000, based on your jurisdiction
Spread1.4 pips

OANDA is one of the largest brokers which operate in North America. The company is a mainstay in the US and Canadian markets, and its most attractive feature is the lack of minimum deposit. While other brokers can offer micro accounts for as low as $1, this usually comes with certain restrictions about them. This is not the case with OANDA, which gives you access to the full range of markets it has available, and allows you to trade with whatever lot size you want to.

 10. TIO Markets

Minimum deposit£50
Trading platformsMT4, MT5
Maximum leverage1:30 for UK clients, 1:500 for others
Spread0.2 pips

Last but not least, TIO Markets is a Forex broker from the United Kingdom. Its services are available worldwide via an offshore subsidiary. What makes the firm stand out is the access to Trading Central it provides – a highly sophisticated tool, which allows the clients of the broker to analyze the markets and gain an in-depth insight of them. One of the more impressive features that the service provides access to is the e-mail newsletter with topical stock trading ideas, an European market outlook and daily FX trade signals.

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
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