Best Forex Brokers

Below are the online forex brokers that are highly recommended. Why do we highly recommend these forex brokers? Well, first of all we don't. The retail forex traders of the world do. Our opinion plays no role in deciding which brokers make this list. See our notes below the list for details on how this list was compiled.

There are 11 online forex brokers on this list and we have over 220 brokers identified on this web site. This is therefore, in the collective opinion of the world's retail forex traders, the cream of the crop, the top 5%. While we do believe these are the best, there are still positives and negatives among those in this list so we urge you to read about them in more detail and do your own due diligence before entrusting your hard earned money with any of them. You may also want to check out our Recommended Forex Brokers List, our Top Rated Online Forex Brokers List, which currently includes more than 115 online forex brokers along with their independent trader ratings, and our Most Popular Online Forex Brokers List.

(The number in parenthesis behind the broker name is their independent trader rating)

Dukascopy Swiss FX (8.69)

Headquarters: Geneva, Switzerland	Founded: 1998
Business Model: ECN	Forex Online Since: 2004
Regulated by: ARIF	Platform: Swiss FX Marketplace
Minimium Account: $50,000	Typical Spread on Majors: 0.5-1 pip
Minimum Transaction: 1,000,000 units	Maximum Leverage: 100:1

Delta Stock (8.49)

Headquarters: Sofia, Bulgaria	Founded: 1998
Business Model: Market Maker	Forex Online Since: 2001
Regulated by: FSA, FSC, BNB, & CNVM	Platform: Delta Trading
Minimium Account: $100	Typical Spread on Majors: 3–5 pips
Minimum Transaction: 1000 units	Maximum Leverage: 200:1

HotSpot Fx (8.00)

Headquarters: Jersey City, NJ, USA	Founded: 2000
Business Model: ECN	Forex Online Since: 2000
Regulated by: NFA, CFTC	Platform: HotSpot FXr
Minimium Account: $7500	Typical Spread on Majors: 1-3
Minimum Transaction: 100,000 units	Maximum Leverage: 50:1

Alpari IDC (7.66)

Headquarters: London, UK	Founded: 1998
Business Model: Market Maker	Forex Online Since: 2004
Regulated by: FSA, CFTC, NFA	Platform: Meta Trader 4
Minimium Account: $200	Typical Spread on Majors: 2-4 pips
Minimum Transaction: 1000 units	Maximum Leverage: 100:1

MG Financial Group (MG Forex) (7.64)

Headquarters: New York, NY, USA	Founded: 1992
Business Model: Market Maker	Forex Online Since: 2000
Regulated by: CFTC, NFA	Platform: Dealbook Web
Minimium Account: $200	Typical Spread on Majors: 3-5 pips
Minimum Transaction: 10,000 units	Maximum Leverage: 400:1

EFX Group (8.95)

Headquarters: Scottsdale, AZ, USA	Founded: 2002
Business Model: ECN	Forex Online Since: 2004
Regulated by: NFA, CFTC	Platform: EFX Navigator
Minimium Account: $400	Typical Spread on Majors: 0.5-3 pips
Minimum Transaction: 1000 units	Maximum Leverage: 100:1

Windsor Brokers,Ltd. (8.73)

Headquarters: Limassol, Cyprus	Founded: 1998
Business Model: Market Maker	Forex Online Since: 2005
Regulated by: FSA, CySEC	Platform: Windsor Direct 4
Minimium Account: $300	Typical Spread on Majors: 2-5 pips
Minimum Transaction: 10,000 units	Maximum Leverage: 200:1

MB Trading (7.92)

Headquarters: El Segundo, CA, USA	Founded: 1999
Business Model: ECN	Forex Online Since: 2004
Regulated by: CFTC, NFA, FCM, SPIC, FINRA	Platform: MBT Navigator
Minimium Account: $400	Typical Spread on Majors: 1-2 pips
Minimum Transaction: 1000 units	Maximum Leverage: 100:1

Questrade Inc. (7.67)

Headquarters: Toronto, ON, CA	Founded: 1999
Business Model: Market Maker	Forex Online Since: 2004
Regulated by: IDA, CIPF	Platform: QuestradeFX
Minimium Account: $250	Typical Spread on Majors: 3-5 pips
Minimum Transaction: 10,000 units	Maximum Leverage: 200:1

Oanda (6.38)

Headquarters: New York, NY	Founded: 1996
Business Model: Market Maker	Forex Online Since: 2001
Regulated by: NFA, CFTC	Platform: FXTrade
Minimium Account: $1	Typical Spread on Majors: 1-3 pips
Minimum Transaction: 1 unit	Maximum Leverage: 50:1

Interactive Brokers (6.99)

Headquarters: Greenwich, CT, USA	Founded: 1977
Business Model: ECN	Forex Online Since: 1998
Regulated by: SEC, NASD, NYSE, SFA, FINRA	Platform: Trader Workstation
Minimium Account: $5000	Typical Spread on Majors: 1-3 pips
Minimum Transaction: 100,000 units	Maximum Leverage: 50:1

Criteria for Inclusion on the Best Forex Brokers List

Here is the criteria that is used to determine which brokers make this list -

The broker must be rated as one of the top 50 online forex brokers based upon the data we have collected from individual forex traders from numerous websites worldwide. Please see our Top Rated Online Forex Brokers page for a full listing and details of our rating methodology. The broker must also be one of the 50 most popular online forex brokers per our popularity rankings. You can see the entire popularity rankings and a detailed explanation of how we determine these rankings on our Most Popular Online Forex Brokers page.

The broker must be in the top 25 of the combined Ratings/Popularity Ranking. Please see our Forex Broker Ratings/Popularity Rankings page for a full list.

Each forex broker on our Best Online Forex Brokers List must show solid evidence of being regulated by at least one legitimate government regulatory agency overseeing the retail forex trade and must not have been sanctioned in any way in the past by regulatory agencies. The final requirement is that they must have provided us with at least the miminum required set of information for the broker snapshots above.