Top Forex and CFD Brokers

Updated August 2017

Here at Forex Trader HQ we always aim to provide the latest investigative reviews of Forex and CFD Brokers. We are constantly investigating brokers to make sure they stand up to their claims and are legitimate Forex brokers. It is important to research brokers before investing as, unfortunately, there are some scam brokers about! The majority of brokers, however, are genuine and licensed.

Here are our top picks. Looking for more? Click the button to see our full list of reviews or use the search function to find a particular broker.

Rating: 4.7.
Rating: 4.6.
Rating: 4.4.

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Forex Broker Information

Are All Forex Brokers a Scam?

It is easy to form an opinion of the brokerage industry if you find you have been scammed before, or have heard bad things in general. It is important to note, however, that the vast majority of brokers are reputable and licensed. We are always reviewing new brokers that appear on the Forex scene to uncover any dodgy dealings and make sure our readers only find the best brokers. It is important to be wary of brokers which are unregulated as they do not have a regulating body to watch their backs. Many of these unregulated brokers are more like unlicensed casinos and are not legitimate.

With that said, for every unregulated broker out there, we have found plenty more legitimate brokerages who play by the rules. Be sure to read our in depth investigations so you only deal with licensed and regulated financial organisations.

Many new traders also come to this conclusion if they lose their initial deposit due to placing unsuccessful trades. It is important to learn about risk management and good strategies. Just because a few trades in a row were unsuccessful does not mean the broker is to blame. Many good brokers provide training and education centres to help new traders on the path to success. If you would like to learn more about trading Forex and CFDs, take a look at our own academy where we explain all the details in simple language.

Choosing the Right Broker for You

Before diving in, it is important to take some time to research the available brokers. There are so many to choose from and each provides different advantages to their traders. The ideal broker will have a fast execution time and take care of the “small stuff” so you can concentrate on your trading without worry. Many brokers also provide extras such as bonuses, trading on the go or dedicated account managers – there is something to suit everyone’s needs. Below are some of the main features which you should look for when finding a Forex / CFD broker to deal with.

License and Regulation

Any broker which has a good reputation will have applied for a license in the country in which they are situated. A license from the local regulator means the company has to conform to various terms and make sure everything is above board. The regulator oversees all business the broker conducts, so you know there are no shady goings-on behind the scenes. Many good brokers will have multiple licenses from regulators, further strengthening their credibility. The strictest regulator of them all is the FCA (Financial Conduct Authority) based in the UK.

Commissions and Fees

Some brokers will charge a commission or a fixed fee per trade in order to gain more profit from you, the trader. Additionally, some brokers also apply fees to the deposit and withdrawal process. Be vigilant and know what the fees are before investing. Many of the top reputable brokers do not charge commissions or fees.


Brokers all provide different amounts of leverage based on the markets and, sometimes, based on the trader’s past experience. Leverage allows you to effectively borrow money from the broker to invest so you have a greater trading position. Used carefully, leverage can help you see great profits from trading. Many brokers offer leverage from 1:50 right the way up to 1:500.

Spreads and Currency Pairs

Any good broker will have many currency pairs that can be traded. Having access to a greater range of pairs will allow more opportunities for good investments. Many brokers also provide access to commodities and indices to further diversify their trading portfolio. A competitive spread is also important – this is the difference in the buy and sell quotes. Ideally, this should be as low as possible for a broker to be worth your time!

Trading Platform

It is pointless trying to trade if the platform provided is slow and clunky. After all, time is money, even down to milliseconds in the world of trading! Most of the top brokerages provide an in-house web based platform or provide a downloadable client. Most also provide access to popular platforms such as MetaTrader which is free of charge – additionally many forex robots and expert advisors are built for MetaTrader, so it is wise to get some practice with it.

With the forex markets constantly changing, it is important to keep in the loop when on the go. Many of the top brokers will provide dedicated mobile apps so you can take your trading with you anywhere in the world.

Support and Accounts

Finally, and perhaps most importantly, is support. A broker must be there to support their traders regardless of their needs. If a trader is new to forex, this is absolutely vital. Many forex brokers provide accounts with dedicated account managers which specialise in helping those new to forex. This does, however, vary on a broker to broker basis, so it is a good idea to research this first.

Forex Brokers

Remember, it is important to know your broker before you start dealing with them. We are constantly investigating brokers and publish in depth review articles on a frequent basis to help people make the right choice. If you don’t know where to start, check out our top 3 brokers at the top of this page or use our search feature to find the broker you are looking for. Chances are we have already reviewed them!