Best Forex Broker In 2023 - Compare Top Forex Trading Platforms

There are so many forex brokers in the market today; choosing the best one for your trading needs can take time. The good news is that there are a few pointers you can use to narrow down the best. For instance, one that charges no commission on trades will likely give you better results when trading than one that does. 

In this guide, we review the best forex brokers in 2023 based on core metrics such as safety and trading fees. We also explore the best place to trade forex in terms of low fees, accepted payment types, supported currency pairs, and much more.  

 

81% of retail investor accounts lose money when trading CFDs with this provider. 

Detailed Reviews of the Best Forex Brokers Today

There is no shortage of forex brokers in the market today that service clients 

• The best place to trade forex is invariably a regulated broker that accepts instant payment methods at low fees. 
• Other factors to consider when choosing a top forex trading platform is the range of supported currency pairs and whether any notable trading tools are offered - such as smart portfolios. 

Let's now take an in-depth look at each of the platforms above to help you choose the best forex broker to start trading:

1. eToro – Overall best forex broker in 2023

After researching many dozens of brokers and platforms, we concluded that eToro offers the overall best place to trade forex today.

eToro is an online investing platform that offers a variety of financial instruments, including forex, stocks, ETFs, and cryptocurrencies. One of the main benefits of eToro is its low minimum deposit requirement. You can open an account for as little as $50, which makes it an accessible option for beginner investors.

In addition, eToro offers a variety of tools and resources to help you learn about investing and make informed decisions. For example, the platform provides access to real-time market data and analysis and a social media-style newsfeed where you can follow other investors and get insights into their strategies. With its low barriers to entry and wealth of resources, eToro is an ideal platform for anyone who wants to start investing.

eToro is also a popular social trading broker, thanks to its flexibility and convenience in deposits and withdrawals. Debit cards, wire transfers, and e-wallets such as PayPal and Skrill are all accepted, making it easy for users to fund their accounts and withdraw their profits.

Moreover, eToro does not charge any fees for deposits or withdrawals, so users can keep more of their hard-earned money. With so many options available, there is sure to be a deposit and withdrawal method that suits everyone's needs.

For many people, the appeal of online trading is the ability to make quick, profitable trades without incurring high fees. eToro is a popular trading platform that offers zero-commission trading, making it an attractive option for short-term traders.

In addition to being commission-free, eToro provides a wide range of features and tools to help traders succeed. For example, the platform provides real-time market data, charting tools, and educational resources. eToro also offers a variety of account types, including demo accounts that allow users to practice trading without risking any money. With so much to offer, it's no wonder that eToro is one of the most popular online trading platforms.

eToro is also known for its super-competitive spreads. Spreads are one of the most significant costs associated with forex trading, so choosing a broker with low spreads is important.

eToro is one of the top forex brokers with the lowest spreads in the market, as low as 1 pip on some currency pairs. This gives their clients a big advantage, as they can trade with much tighter margins. Spreads are also significant when scalping, as every pip counts when making a profit on small price movements. With eToro's low spreads, scalpers can trade with much more confidence, knowing they're not going to be hit hard by spreads. 

eToro also ranks among the top forex brokers today for its multiple trading platforms. The company offers customers numerous trading platforms, each with its own strengths and weaknesses. For example, the MT4 platform is popular among experienced traders who value its advanced charting tools and indicators. On the other hand, the web browser platform is suitable for beginners who want to get a feel for the markets without being overwhelmed by too much information.

Finally, the eToro trading app is perfect for those who want to trade on the go. No matter your needs, eToro has a platform that will suit you.

Making an account with eToro is also very easy and only takes a few minutes. You can sign up using your Facebook or Google account or create a new account with your email address. Once you have made an account, you will need to verify your identity by providing some personal information and uploading a copy of your ID. After your identity has been verified, you can start trading immediately.

You can also choose to practice trading with a virtual account before you start trading with real money. Opening an account with eToro is quick and easy, and there are no hidden fees or charges.

Most importantly, eToro is a regulated broker. eToro is regulated by the Financial Conduct Authority (FCA) in the UK, the US Securities Exchange Commission (SEC), and the Cyprus Securities and Exchange Commission (CySEC).

In addition, eToro is a member of the National Futures Association (NFA) and the Australian Securities and Investments Commission (ASIC). As a result of its regulation by multiple financial authorities, eToro is considered a safe and reliable platform for trading and investing.

With all these advantages, it is not hard to see why eToro is one of the best forex brokers in 2023. It has everything traders need to increase their odds of success in the forex market. 

• Number Of Trading Pairs — 50+
• Costing Approach — Spread-based
• Spreads On EUR/USD — 1 pip
• Minimum Deposit — $50
• Key Features — Copy trading, Low deposit, 0 commissions

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. Plus500 – One of the leading CFD broker for trading pairs variety and low fees

Plus500 is perhaps one of the best CFD broker today to buy and sell the financial assets on margin and for its wide array of forex pairs and other trading instruments.

Plus500 offers forex traders access to more than 2800 different CFD trading instruments. This includes major forex pairs such as EUR/USD and GBP/USD, as well as minor pairs and exotic currency pairs. Plus500 also offers access to trading CFD on stocks, indices, commodities, and ETFs. The platform is easy to use and provides traders with all the tools they need to be successful.

On top of that, when you trade with Plus500, you can be confident that your trades are being conducted safely and transparently. Plus500 is regulated by the Financial Conduct Authority (FCA) License number: FRN 509909, one of the most respected financial regulators in the world. The FCA ensures that all financial firms follow strict rules and regulations, including protecting customer funds. As a result, you can trade with Plus500 knowing that your money is kept in a segregated account and you will be treated fairly.

In addition, Plus500 is committed to providing a transparent trading experience. All costs and fees are clearly stated upfront, so you know exactly what you're paying. There are no hidden fees or commissions, and all trades are executed quickly and efficiently. When you trade with Plus500, you can be confident that you're getting a fair deal.

One of the main reasons to choose Plus500 is because of the low deposit minimum. Just $100 is all you need to get started trading. Plus500 also offers a demo account so you can test the platform before putting any real money on the line. The platform is user-friendly and easy to use, even for beginner investors.

And if you ever have any questions or need help, customer service is always available to assist you. So, if you're looking for an online forex broker that allows you to start small, Plus500 is an excellent option.

You will also love that Plus500 has some of the lowest trading costs in the market. Plus500 is one of the best CFD forex brokers with the lowest trading fees. But what exactly are Pips? A pip measures the change in value between two currencies.

For most currency pairs, a pip is equal to 0.0001 of the currency. For example, if the EUR/USD moves from 1.2300 to 1.2350, that's a 50-pip move. If you bought 10,000 units of EUR/USD at 1.2300 and sold it at 1.2350, you would have made 50 pips (or 500). Low trading fees allow traders to make more trades and increase their profits. 

Please note spread amounts are vary between instruments and are adjusted.

• Number Of Trading Pairs — 60+
• Costing Approach — Spread-based
• Minimum Deposit — $100
• Key Features — Regulated, Low fees

3. AvaTrade – Best forex broker to trade commission free

Those wondering how to trade forex today with a commission free might consider AvaTrade. 

AvaTrade is another of the best forex brokers for active traders. The online broker offers zero-commission trading on various assets, from forex, stocks and ETFs.

This means that traders can keep more of their profits and take greater risks without fear of losing money on fees. In addition, AvaTrade provides excellent customer service, a user-friendly platform, and a wide range of tools and resources to help traders be successful. It's no wonder that so many traders love AvaTrade.

One of the first questions any prospective AvaTrade customer will ask is whether the company is regulated. The answer is a resounding yes – AvaTrade is regulated by eight different regulatory bodies worldwide.

This blanket of protection ensures that their funds are always safe no matter where a customer is located. Moreover, it gives customers peace of mind knowing they are working with a reputable and reliable company. As such, regulation is one of the AvaTrade key selling points.

AvaTrade also has a pretty low minimum deposit. For many people, the thought of trading in the financial markets is daunting. Not only do you need to have a good understanding of the market before you start trading, but you also need to have enough money to cover your initial investment.

This can be a barrier for many people, as it can be difficult to come up with a large sum of money. Fortunately, AvaTrade has a low deposit minimum of just $100. You can start trading with a relatively small amount of money. And if you're new to trading, AvaTrade also offers a demo account to practice trading without risking any real money.

AvaTrade is also one of the most popular online trading brokers due in large part to its wide range of supported trading platforms. This includes the industry-leading MetaTrader 4 and MetaTrader 5 platforms and the popular copy trading platform Zulu Trade. Regardless of your trading style or experience level, AvaTrade has a right platform for you.

Whether you're looking to trade forex, commodities, cryptocurrencies, or anything in between, AvaTrade is sure to have everything you need.

AvaTrade is also known to have some of the lowest spreads in the market. On EUR/USD, for example, the spread starts at just 0.9 pips. This is significantly lower than what other brokers charge. In addition, AvaTrade doesn't charge any commission on trades, so you can be sure you're getting the most competitive rates possible. With tight spreads and no hidden fees, it's no wonder many traders choose AvaTrade as their broker.

If you're looking for a broker that offers a wide range of trading instruments, AvaTrade is worth considering. The brokerage provides more than 1,000 different instruments, including forex pairs, stocks, indices, cryptocurrencies, and commodities. This gives traders a great deal of choice when finding the right markets to trade. 

Traders would also be happy to learn that AvaTrade supports them with a wide array of trading materials. In addition to providing access to the financial markets, AvaTrade also offers a variety of trading materials and educational tools to help traders improve their skills and strategies.

These resources include video tutorials, webinars, articles, guides, and more. Whether you're new to trading or an experienced trader, AvaTrade's resources can help you take your trading to the next level. Best of all, these resources are available free of charge. For beginner traders looking for ways to improve their trading skills, these resources can help greatly. 

• Number Of Trading Pairs — 50+
• Costing Approach — Zero commissions
• Spreads On EUR/USD — 0.9 pips
• Minimum Deposit — $100
• Key Features — Multiple trading platforms, Regulated broker, Educational resources

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

4. AxiTrader – Top Forex broker with no deposit and withdrawal fees

If you are looking for the best forex broker to start your trading journey, then you should consider AxiTrader. For anyone looking to get into trading, one of the most critical factors is fees.

After all, even a tiny difference in the rate can add up over time and eat into your profits. That's why AxiTrader is such a great option, as they have some of the lowest fees in the market. For example, their commission on major pairs is just $3 per lot, and they don't charge any deposit or withdrawal fees.

On top of that, they offer a 0.1 pip spread on EUR/USD, one of the tightest spreads. When it comes to fees, AxiTrader is hard to beat.

AxiTrader also offers a demo account that allows traders to practice their trading strategies without risking any real money. The demo account is identical to the live account, except that it uses virtual funds instead of real money.

This allows traders to test their strategies and see how they would perform in real-world situations. In addition, the demo account can be used to practice placing orders and executing trades. This is a valuable tool for new traders who want to get a feel for the platform's work before they start trading with real money.

As a trader, it's essential to have a diverse portfolio to minimize risk. AxiTrader offers a variety of trading instruments, making it easy to diversify your portfolio and take advantage of different market conditions.

For example, you can trade forex pairs, commodities, indices, and cryptocurrencies on the same platform. This allows you to switch up your trading strategy and take advantage of different market conditions.

In addition, AxiTrader offers a variety of account types, so you can find one that best suits your trading style. Whether you're a beginner or an experienced trader, AxiTrader has the right account for you.

82.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

5. EightCap – Leading forex broker with an easy account opening process

EightCap is another leading forex trading platform that you can't miss among the best forex brokers in the market today. One of the main reasons why EightCap is so popular is because it offers free deposits and withdrawals. This makes it perfect for small traders who want to avoid fees eating into their profits.

Another advantage of EightCap is that it offers a variety of features and tools that can help traders make more informed decisions. For example, EightCap's trading platform provides real-time market data and analysis and advanced order types.

In addition, EightCap also offers 24/7 customer support, which can be very helpful for new traders. EightCap is a great broker for small traders seeking a hassle-free experience.

Opening an account with EightCap is also quick and easy, even for those new to online trading. All you need to do is provide some basic personal information and choose a username and password.

Once your account is open, you can start funding it and begin trading right away. EightCap also offers a demo account, a great way for beginners to get familiar with the platform before they start trading with real money.

With its user-friendly interface and wide range of features, EightCap is an ideal choice for both beginner and seasoned traders.

• Number Of Trading Pairs — 20+
• Costing Approach — Commission-based, $3.5 per spread
• Spreads On EUR/USD — 0.6 pips
• Minimum Deposit — $100
• Key Features — Negligible trading fees, Easy account opening, Free deposits

74-89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

6. VT Markets – One of the best brokers with lots of educational markets

VT Markets is another popular forex broker that can't miss among the top forex trading platform in 2023. Not only does the company offer a variety of tradable assets, but it also provides a wealth of educational materials to help traders learn the ropes.

The website includes a comprehensive collection of tutorials, articles, and videos that cover everything from the basics of placing a trade to more advanced concepts like technical analysis.

There are also regular webinars hosted by industry experts that provide valuable insights into the markets. With all of these resources at your disposal, VT Markets is an excellent place to start your trading journey. 

VT Markets is also a forex broker that understands the importance of customer service. They have won awards for outstanding service and are always available to help their clients.

In addition, VT Markets offers a variety of tools and resources that can help traders improve their skills. For example, they offer a demo account so new traders can practice before trading with real money. They also offer a variety of educational resources, such as webinars and tutorials. As a result, VT Markets is an ideal choice for those looking for a broker with great customer service.

VT Markets is also committed to providing a wide range of options for its customers, including Muslim customers. The company offers Islamic accounts that are compliant with Sharia law.

This means that no interest is charged on the account, and all transactions are conducted in a way permissible under Islamic law. This ensures that VT Markets' Muslim customers can trade confidently, knowing that their account complies with their religious beliefs. 

In addition to offering Islamic accounts, VT Markets also provides a range of other services that cater to the needs of its Muslim customers. These include halal investment products and an Islamic finance helpline. As a result, VT Markets is the perfect choice for Muslim traders who want to trade with a company that understands their needs.

• Number Of Trading Pairs — 200+
• Costing Approach — Zero commissions
• Spreads On EUR/USD — 1.2 pips
• Minimum Deposit — $200
• Key Features — Islamic accounts, Copy trading, Trading bonuses

74-89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

7. IG – One of the top forex brokers with over 18k trading instruments

If you are looking for the most established place to trade forex today, then look no further than IG. One of the reasons why it makes sense to choose IG is that it is fully regulated.

IG is regulated by the UK's Financial Conduct Authority (FCA). This means that it must adhere to strict financial rules and regulations and is constantly monitored by the FCA to ensure that it operates fairly and transparently.

In addition to being regulated by the FCA, IG is also a member of the Financial Services Compensation Scheme (FSCS), which protects clients' funds up to £50,000 if the broker becomes insolvent. This provides peace of mind for investors, knowing that their funds are safe and protected. Overall, IG is a reputable and safe broker to use, due to its stringent regulation.

Active forex traders are always looking for tight spreads and low commissions. After all, these are two of the most significant expenses in forex trading. That's why IG is such an attractive option for forex traders.

They offer zero commissions and some of the lowest spreads in the industry. Their spreads can go as low as 0.6 pips for EUR/USD, which is significantly lower than the average spread of 1.5 pips for this currency pair. In addition, IG doesn't charge any account fees or platform fees, making it one of the most cost-effective brokers. With its low costs and high quality of service, it's no wonder that IG is one of the most popular brokers among forex traders.

Traders also love IG because it gives them multiple trading platforms to choose from. IG's native platform for web and mobile trading is excellent for those who want to trade on the go. The interface is user-friendly and designed for quick and easy trading. The mobile app is also available for both Android and iOS devices.

For those who want a more advanced trading platform, IG offers MT4. This platform is popular among traders who want more control over their trading environment. It offers a variety of features, including advanced charting and analysis tools. Overall, IG provides its clients with a wide range of options when choosing a trading platform.

When you make a trade, your broker will charge you a commission for placing the trade. This commission can eat into your profits and add up over time if you're making a lot of trades. That's why many traders are excited about IG's zero-commission forex pairs.

With this offer, you can trade forex pairs without having to pay any commissions at all. That means more of your profits stay in your pocket, reducing the overall cost of your trading. IG's zero-commission forex pairs are worth considering if you're looking to save money on commissions.

• Number Of Trading Pairs — 80+
• Costing Approach — Spread-based
• Spreads On EUR/USD — 0.6 pips
• Minimum Deposit — $250
• Key Features — Learning materials, low fees, regulated

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

8. XM – Popular Forex broker with a low deposit minimum of just $5

One of the reasons why XM is a popular forex broker is its low minimum deposit. Many people are hesitant to invest in the forex market because they believe that it requires a significant amount of money. However, with a broker like XM, you can start investing with a deposit as low as $5.

This makes it easy to get started and begin building your portfolio. In addition, XM offers a variety of investment options so that you can tailor your strategy to your personal goals.

Whether you're looking for long-term growth or short-term gains, XM can help you reach your financial goals. If you're interested in investing but need more money to start, check out XM.

On top of that, XM does not charge a deposit fee. This means you can start trading with less capital, which is ideal if you're starting out. In addition, XM offers low spreads and fast execution, so you can be sure you're getting the best possible price on your trades.

If you ever have any questions or need assistance, their customer service team is available 24/7 to help you. So why not give XM a try? With no deposit fee and all these other great features, it's the perfect brokerage for anyone looking to get started in online trading.

Like the rest of the brokers in this list, XM is also chosen because it is regulated. As a regulated broker, XM is committed to providing a fair and transparent trading environment for all of its clients. This includes ensuring that all client funds are segregated and kept safe, providing negative balance protection, and offering Trade insurance.

In addition, XM is a member of the Investor Compensation Fund, which provides compensation to investors if a broker becomes insolvent. These measures provide peace of mind for clients, knowing that their funds are protected. As such, XM is an ideal choice for those looking for a reliable and trustworthy broker.

Traders also love XM for the fact that it allows high leverage. XM allows investors to trade with high leverage, as high as 1:1000. This allows traders to make significant profits from even small price movements. However, it also means that losses can mount quickly if the market moves against them.

For this reason, traders must clearly understand the risks involved before they start trading on margin. Nonetheless, for those who are comfortable with the risks, high leverage can be a powerful tool for boosting profits.

• Number Of Trading Pairs — 50+
• Costing Approach — Spread-based
• Spreads On EUR/USD — As low as 0 pips
• Minimum Deposit — $5
• Key Features — Multiple account types, Low minimum deposit, regulated broker

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

9. Pepperstone – Perfect forex broker for both beginners and pro-traders

The final option that we discuss when it comes to the best forex trading brokers is Pepperstone. This is a traditional CFD brokerage that largely focuses on conventional securities, such as forex, stocks, ETFs, mutual funds, options, and futures. 

When it comes to online trading, one of the most important things to look for is a regulated broker. This means that a governmental body has vetted the broker and that they adhere to a strict set of rules and guidelines. Pepperstone is such a broker. Based in Australia, they are regulated by the Australian Securities and Investments Commission (ASIC). T

his gives traders peace of mind knowing that their funds are safe and will be treated fairly. This makes them an ideal choice for a reliable and trustworthy broker.

Traders also love Pepperstone for its diversity in account types. Pepperstone offers two core account types: the Standard account and the Razor account. The Standard account enables traders to buy and sell CFD instruments on a commission-free basis.

On the other hand, the Razor account charges a commission but offers lower spreads. Both account types offer a variety of trading platforms, including the popular MetaTrader 4 platform. Pepperstone also offers an Islamic account for traders who wish to trade in compliance with Sharia law. In addition, demo accounts are available for those who want to practice trading before opening a live account.

Another great thing about Pepperstone is that there is no minimum deposit. This means that you can start trading with as little or as much money as you feel comfortable with. Of course, if you're starting out, you may not have a lot of money to invest.

That's perfectly fine. You can still open an account and start trading with a small amount of money. As you become more experienced and successful, you can gradually increase your investment. And if you ever need to withdraw your money, there are no penalties or fees.

Pepperstone also gives traders a variety in trading instruments. With more than 1200 trading instruments, Pepperstone is one of the most comprehensive online brokers available.

Whether you're looking for major forex pairs, minor forex pairs, commodities, indices, or cryptocurrencies, you'll find it all at Pepperstone. The sheer number of instruments available means you can always find something to trade, no matter the market conditions.

With Pepperstone's competitive spreads and fast execution speeds, you can be sure that you're getting the best possible price. If you're looking for a broker that can provide you with a wide range of trading opportunities, Pepperstone is worth considering.

• Number Of Trading Pairs — 60+
• Costing Approach — Commission-based at $3.5
• Spreads On EUR/USD — As low as 0 pips
• Minimum Deposit — None
• Key Features — Different account types, advanced trading tools, regulated broker

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

How To Choose The Best Forex Broker

When learning how to trade forex, one of the most important parts of the process is to choose a suitable broker or platform. 

In addition to low fees and a strong regulatory framework, other factors to focus on include the list of supported currency pairs, minimum deposit amount, and accepted payment methods. 

Read on to find out how we rank the best forex trading platforms in 2023. 

Regulation and Reputation

When it comes to forex trading, safety is of the utmost importance. There are a lot of risks involved in trading currency, and if you're not careful, you could lose a lot of money.

That's why it's important only to trade forex with regulated brokers. Regulated brokers are held to strict standards by regulatory bodies like the FCA, ASIC or the CFTC.

This means that they must maintain segregated accounts, follow best practices for customer protection, and provide transparent pricing. As a result, you can rest assured that your money is safe when you trade with a regulated broker. So, if you're looking to trade forex, be sure to only do so with a regulated broker.

All of the brokers and platforms that we reviewed above are licensed for the purpose of facilitating forex trading services. 

Compare Fees

Regarding forex trading, one of the most important factors to consider the best forex broker is the fees. After all, even a slight difference in fees can add up over time and eat into your profits. That's why it's essential to compare the fees charged by different forex brokers before making a decision.

Consider the size of the broker's spreads, the commissions they charge, and whether or not they charge extra for things like overnight holding fees or currency conversions. Doing some research can ensure that you're getting the best deal possible on your forex trading.

Minimum Deposit  

When looking for a leading forex broker, one of the things you will want to consider is the minimum deposit. This is the amount of money that you will need to deposit to open an account. Some trading brokers have a very high minimum deposit, while others have a low minimum deposit. 

If you are new to forex trading, look for a broker with a low minimum deposit so that you can try out the platform without risking a lot of money. However, some brokers with a low minimum deposit offer fewer features and services than those with a higher minimum deposit. So, research each broker carefully before making your final decision.

As noted earlier, all of the forex brokers discussed today either have a small minimum deposit requirement or none at all. 

Payment Methods

When looking for a top forex broker, it is essential to find one that offers multiple deposit methods. This way, you will be able to fund your account in the most convenient way.

For example, if you have a PayPal account, you will want to find a broker that accepts this payment method. It is also essential to find a broker that offers competitive rates. This way, you can be sure that you are getting the best value for your money.

Ultimately, by finding a forex broker that meets all of your needs, you will be able to maximize your chances of success in the foreign exchange market.

How To Trade Forex Today - Full And Detailed Walkthrough 

Still wondering how to trade forex right now in the safest and most cost-effective way possible in 2023? If so, we concluded that eToro is the best place to trade forex. Therefore, we will now explain how to start trading forex in just five minutes via the eToro website. 

Step 1: Open an account

Visit the eToro website and click on signup. After that, you will be asked to provide your identity documents. This is for KYC purposes. 

Step 2: Fund your account

Once your account has been verified, fund it with any of the many deposit methods eToro has. You can deposit as low as $50. 

Step 3: Search for currency pairs to trade

You can now use the search function to find the pairs that you want to trade. 

Alternatively, click on ‘Discover’ followed by ‘FOREX’. 

eToro will then display a multitude of handy information surrounding its supported currency pair assets, such as the biggest daily movers and trending pairs.

Click on the forex pair that you want to trade, followed by ‘Trade’.  

Step 3: Start trading forex

You will now see an order form appear. From $10 upwards, enter the amount of money to invest in your chosen currency pair. 

Click on ‘Open Trade’ to complete the purchase. The currency forex pair will then be viewable in your eToro portfolio - which is where you need to go when it comes to cashing out or selling your trade. 

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

How To Find A Trustworthy Forex Broker

Do your research before depositing money with a Forex Broker. Even regulated brokers aren't all great, and some have poor customer service, so it pays to do the checks:

1.   Is the broker regulated?
2.   Have you researched online reviews or broker comparisons?
3.   Do they have an account on TrustPilot? If so, read customer comments
4.   What is the minimum deposit?
5.   What payment processors do they use?
6.   How quickly are withdrawals processed?
7.   What trading platform do they use?
8.   What are trade commission fees?
9. Does the website have multiple contact options like email, live chat, support tickets, instant message etc.?

How Forex Brokers Make Money

Most Forex brokers make money from the spread on a currency pair, the difference between the buy and sell price. The spread may be small, like 1 or 2 pips, so it's hardly noticeable to your trade results. For instance, if the GBP/USD sell price is £1.2000, and the buy price is £1.2050, the broker's profit is the difference between the two. And with thousands of Forex traders on the broker's platform, those small amounts add up every day.

Some Forex brokers make money by taking the opposite side of your trade. If you submit a buy order, they'll place an equivalent sell order. And, as 95% of Forex traders lose money, it's guaranteed that the broker will come out ahead most of the time.

Conclusion - Best Place to Trade Forex

In summary, this beginner’s guide has reviewed the best forex trading platforms in 2023 and explained how to trade forex in under five minutes. When considering where to trade forex today, eToro is a suitable choice for those that wish to trade forex a cost-effective way.

There are thousands of online Forex brokers, all keen to take your hard-earned money, and sadly, there are many unregulated brokers with no regard to you as the customer. Visit any Forex forum, or do a Google search for scam Forex brokers, and you will find many unhappy Forex traders relaying horrendous stories of scam Forex brokers taking their money.

Finding the right Forex broker is essential if you want to start trading Forex. The top Forex brokers in this guide are all established, trustworthy and regulated. So you know you are trading Forex with a level of security for your account deposit.

Avoid online Forex scam brokers and start trading with a Forex broker you can trust.

eToro - Best Forex Trading Platform

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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