Best Forex Brokers for 2024
With so many options available for traders nowadays, it can be very difficult to find the Best Forex Brokers of 2024. Regardless of elaborate promotional campaigns and claims, we closely examine whether Brokers are really delivering on their promises and elevate those that scored highly across the board.
As a result of extensive in-house research and using a series of ratings criteria from our proprietary FX Trust Score Index, we take the pain out of choosing the Best Forex Broker. Take a look at our Winners Leaderboard to see which Forex Brokers we highly trust and recommend for 2024.
Best Broker Leaderboard
Score: 4.85 / 5
Tight Spreads on 1,200+ Instruments Choice of Multiple Platforms Vast Educational Resources Advanced Trading Toolkit 24/7 Multilingual Support
Score: 4.35 / 5
24 Account Base Currencies Range of Proprietary Platforms ‘IBKR BestX’ Advanced Trading Toolkit No TRX Fees on 150+ ETFs ‘IBKR Campus’ Trading Academy
*Trading carries a risk of loss
Score: 4.30 / 5
8,000+ Instruments Top Educational Resources User-Friendly Demo Account ‘MetaTrader Supreme Edition’ Tools
Score: 4.20 / 5
71,000+ Instruments 190+ Major & Minor Pairs Proprietary Trading Platforms Danish Bank Regulated in 15 Countries
*Trading carries a risk of loss
Score: 4.15 / 5
Regulated by Tier-1 Authorities Powerful ‘HFcopy’ Account Type Attractive Promos & Bonuses Responsive Customer Support
Score Breakdown
See the breakdown showing how the Best Forex Brokers for 2024 performed across six important criteria in our FX Trust Score Index.
| Regulatory Compliance | Security & Fund Protection | ||
| Admirals | 5/5 | Admirals | 5/5 |
| HF Markets | 5/5 | HF Markets | 5/5 |
| Interactive Brokers | 5/5 | Interactive Brokers | 5/5 |
| Pepperstone | 5/5 | Saxo Bank | 5/5 |
| Saxo Bank | 5/5 | Admirals | 5/5 |
| Customer Support | Trading Conditions | ||
| Pepperstone | 5/5 | Interactive Brokers | 5/5 |
| Admirals | 3/5 | Admirals | 4/5 |
| HF Markets | 3/5 | Pepperstone | 4/5 |
| Interactive Brokers | 3/5 | Saxo Bank | 4/5 |
| Saxo Bank | 3/5 | HF Markets | 3/5 |
| Trading Platforms | Online Reputation | ||
| Admirals | 5/5 | Pepperstone | 5/5 |
| HF Markets | 5/5 | Admirals | 4/5 |
| Pepperstone | 5/5 | HF Markets | 4/5 |
| Interactive Brokers | 4/5 | Interactive Brokers | 4/5 |
| Saxo Bank | 4/5 | Saxo Bank | 4/5 |
*Where scores are tied, brokers are listed in alphabetical order.
The FXTS Verdict
While each of the above brokers scored highly, Pepperstone was ranked as the best forex broker thanks to its impressive list of unique features. The company presents an excellent range of proprietary platforms, 24/7 customer support, advanced trading tools, and extensive educational resources to suit every type of trader, from beginners to professionals.
Going down the list, Interactive Brokers performed well due to its comprehensive trading academy and advanced trader toolkit, while Admirals’ educational resources are very strong. Moreover, the broad array of trading instruments and currency pairs are key positives for Saxo Bank traders, whereas HF Markets stands out for its unique copy trading features.
How did we choose the Best Forex Brokers for 2024?
In this review we highlighted some of the Best Forex Brokers for 2024 by taking into account a number of key ratings criteria including regulation, fund protection, client support, trading conditions, platform options, and online reputation. Each broker was analysed in detail and awarded a score in each category using the FX Trust Score Index, which led to the official rankings being calculated above. Based on extensive analysis and research, our Best Forex Brokers feature aims to assist traders in making an informed decision when choosing a broker to trade with in 2024.
FAQs
A forex broker, or foreign exchange broker, is a financial services company that acts as an intermediary, providing traders with access to a platform that facilitates the buying and selling foreign currencies. They provide platforms, either proprietary or third-party, which feature various tools and resources that enable traders to speculate on the price movements of different currency pairs.
Pepperstone is the best forex broker, according to the detailed research conducted in the article above. An overall assessment was made based on a range of ratings criteria, as calculated via the in-house FX Trust Score Index. Examined factors included regulatory compliance, security and fund protection, customer support, trading conditions, trading platforms, and online reputation.
The most trusted forex brokers are ones that are fully licensed and authorised by top-tier regulatory bodies. Each of the five forex brokers listed above are regulated, which ensures the safety and protection of client funds through segregated accounts, negative balance protection, and other security measures. Trusted brokers also tend to be more transparent about their trading fees, while also presenting reliable platforms and offering responsive customer support.
Most traders typically prefer to open an account with an established online broker that has a strong online reputation. Certain brokers offer a more comprehensive range of features compared to others, such as a greater choice of platforms, varied account types, and more competitive trading conditions. For a breakdown of the best forex brokers that are popular with traders, take a look at the article above.
The safest forex brokers are ones that are fully licensed and authorised by multiple tier-1 regulators, particularly from the national bodies from the US, UK, Japan, and the EU. Regulated brokers are the safest option for traders as they are expected to adhere to strict financial standards relating to client fund security. To avoid sanctions from the regulators, these companies must ensure that they meet the various rules and regulations imposed on them. This includes maintaining the segregation of client funds, implementing negative balance protection, and offering risk management tools to help traders safeguard their investments.
