Forex Broker Reviews - Forex and CFD brokers reviewed and rated. Updated for 2020
Updated June 2020
Forex Broker Reviews
Nobody gets into forex and CFD trading to spend endless hours evaluating brokers and forex broker offers. You're interested in trading and profiting from your trades, not going over endless information about brokers.
That's where we come in. We've done all the hard work for you already.
Our forex broker reviews are the result of a very lengthy Q&A process with the broker in question. We talk to the broker's account and support personnel in person. We travel to all the industry expos and conferences. We know the industry and we know what is important to you as a trader.
Our forex broker reviews cover the following areas:
We're proud of our reputation for fairness and our editorial independence is hugely important to us. Our forex broker reviews are our own considered opinions and are not influenced by any advertising or other relationships.
EuropeFX was founded in 2013 and is based in Cyprus. The broker is a brand of Maxiflex Ltd and is regulated by CySEC as well as multiple other European regulators and the Australian regulator ASIC. Despite being a new broker, EuropeFX has managed to gain the trust of both advanced and beginner traders with its professional and modern approach to trading.
EuropeFX offers a variety of tradeable instruments such as stocks, forex, indices, CFDs, commodities and cryptocurrencies. The broker follows STP execution which means that the broker’s fee is included in the spread. This form of execution guarantees no conflict of interest for the clients of EuropeFX as well as better trading environment.
Ava Trade Review
AvaTrade is a low-risk broker that is dedicated to providing a safe trading environment and strictly follows the regulations imposed by its regulators (ASIC, MiFID, FSA, and FSCA). AvaTrade was established in Dublin, Ireland, in 2006 and currently offers its services to 150 + countries.
AvaTrade is a market maker and operates through dealing desks. Currently, the broker has over 200,000 registered traders.
BDSwiss is a well-established broker that was founded in 2012, in Switzerland. The broker has a trading volume of €20 billion forex trades per month and a large clientele base of over a million users from 150 different countries. The headquarters of BDSwiss is still in Switzerland, but the broker has offices in Seychelles, Mauritius, and Cyprus.
BDSwiss has an outstanding reputation and is well regulated by various regulators like CySEC and FSC.
easyMarkets is a broker that offers reliable and straightforward trading services. The broker is licensed and regulated by CySEC as well as the Australian regulator ASIC. The broker originally traded as EssyForex.
The broker was established in 2001 in Majuro, Marshall Islands, and is currently headquartered in Cyprus with offices around the world in Sydney, Warsaw, and Shanghai.
eToro is an extremely unique platform that focuses on social or mirror trading. It is amongst the first and most prominent brokers for its pioneering social trading tools that allow investors to replicate trades of other users and socialize with one another.
eToro was established in 2007 in Tel Aviv, Israel. The broker is currently headquartered in Cyprus with offices in Australia and the UK. eToro is licensed and regulated by CySEC, FCA, and AISC. Currently, eToro has over 10 million users worldwide in over 140 countries.
FxPro is a well-established market leader in the FX industry that holds a firm position amongst other industry leaders. The broker is best known for its security, stability, and professional customer service.
FxPro was founded in 2006, and since then, it rapidly grew to become a market leader of its industry. FxPro is fully licensed and regulated by various regulators such as the FCA, FSCA, SIA, and CySec.
FXTM is a new broker in the industry; however, it already holds a rock-solid position amongst its peers. The FXTM brand was created in 2009 by Andrey Dashin, whose vision was to produce a broker suitable for traders of all levels.
FXTM’s management has worked hard to establish the brokerage firm on the market and create a trustworthy platform for its clientele. The broker is fully licensed and regulated by several regulators, including CySEC and the FCA. Currently, FXTM has over 1 million clients.
HF Markets Review
HF Markets is a very well-established broker that was founded in 2010 in St. Vincent and the Grenadines and was previously known as HotForex. The broker is regulated and licensed by multiple regulating bodies such as CySEC, FCA, DFSA, FSCA, and FSA.
Currently, the broker is headquartered in Cyprus but has offices in Kingston, St. Vincent and the Grenadines.
IQ Option Review
Founded in Cyprus under CySEC regulation. IQ Option started life as a Binary Options broker. Unlike most other binary option brokers who used generic platforms from one of the platform providers, IQ Option employed their own proprietary platform. One of the market-leaders in binary options with an exceptional track-record for transparency and fair trading, IQ Option have since transferred their asset classes to CFDs.
With a trader-base of over six million traders around the world, IQ Option enjoy an excellent reputation and their platform is universally well-received for its ease of use and trading features. IQ Option would be a wise choice for traders of any experience level who are not tied to MetaTrader.
Established in 2010, IronFX is based on the island of Cyprus and operates through a network of international offices, including Sydney, Johannesburg and London. With multiple regulators (CySEC, FSCA, ASIC and the FCA), IronFX offers a wide range of tradable assets across a range of instrument classes including Forex Currencies, Indices, Shares and Commodities.
While once a market-leader, IronFX have had their fair-share of run-ins with their regulators over withdrawal problems and trade cancellations with attempts to re-build the once stellar reputation through a series of ownership changes and mergers.
Plus 500 Review
Founded in 2008, Plus500 currently offers trading services to clients around the world through their network of regional offices in Cyprus, the United Kingdom, Australia and Singapore. Considered a reliable and secure broker, Plus 500 is listed on the LSE (London Stock Exchange, board symbol:PLUS).
While Plus 500 offers a respectable array of instrument classes and tradable assets, their trader education resources leave something to be desired. Anyone looking to use MQL4 expert advisers will be disappointed as Plus 500 do not offer platforms from the MetaQuotes family.
Founded in 2009, XM have grown into one of the biggest forex brokers in the world with a global client base of over two and a half million traders. XM pride themselves on their trade execution and point their clients to their excellent track-record with over two billion trades transacted with close to zero rejections or re-quote.
Update: as of April 2020, XM's trade execution now stands at close to two and a half billion trades.
XM offers a very comprehensive line-up of tradable assets in various asset classes. Regulated CySEC and ASIC, XM represents an excellent choice for traders of all experience levels.