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Risk·77–82% of retail CFD accounts lose money. Trade only with capital you can afford to lose.
Disclosure·Affiliate links. Editorial ranking is independent. How we're paid
Forex Brokers2026

Tracked byIndependent review teamUpdated MethodologyEditorial top pick: FxPro

Forex Brokers, 2026

Independent ranking of forex brokers — built around actual cost-per-lot on EUR/USD, verified regulator licences and execution realities. We track broker-published spreads and commissions against the FCA, ASIC, CySEC and FSCA registries, list the regulated entity that applies in your jurisdiction across MetaTrader 4, MetaTrader 5 and cTrader platforms, and don't reorder when an affiliate pays more. No live execution tests, no narrative reviews — just what brokers themselves disclose, with a clear note when those disclosures are vague.

9brokers tracked this quarter. Pricing copied from broker specification pages; regulators verified weekly.

Broker-published pricing · Regulator checks · Weekly refresh

Trade-cost calculator

EUR/USD · standard lot
1.0standard lots
0.110
20
5100

Total cost per round-turn trade = average spread × $10/pip × lots + round-turn commission. Spreads are broker-published typical figures — your realised execution will vary, especially around news.

At 20 trades a month, you save $160/month ($1920/year) by choosing Libertex over XM Group.

Open account at Libertex →
BrokerSpreadCommissionTotalvs cheapestOpen account
Libertex$5.00—$5.00cheapest→
RoboForex$2.00$4.00$6.00+$1.00→
Deriv$7.00—$7.00+$2.00→
Alpari$2.50$5.00$7.50+$2.50→
Tickmill$2.00$6.00$8.00+$3.00→
AvaTrade$9.00—$9.00+$4.00→
FxPro$3.00$7.00$10.00+$5.00→
XM Group$13.00—$13.00+$8.00→

Ranking · 9 brokers · forex

sorted by editorial score

    1. Editorial top pick

      01FxPro

      FCACySECSCBFSCA
      Open account at FxPro →
      Avg spread
      0.30pip
      midpoint of broker range
      Cost / lot
      $10.00
      incl. $7 commission
      Min deposit
      $100
      Max leverage
      1:500
      EU/UK retail: 1:30 · SCB (Bahamas) entity: 1:500

      Four diversified regulators (FCA, CySEC, FSCA, SCB) with 18+ years operating history · MT4/MT5 Standard accounts are spread-only at ~1.2 typical pips — only use cTrader or Raw if you want commission-based pricing

      Fits ifYou are EU or UK retail and want double tier-1 cover (FCA + CySEC) at one broker
      PlatformsMetaTrader 4, MetaTrader 5, cTrader, FxPro Edge

      Founded in 2006 · Verified Jun 1, 2026

      Full FxPro details →

    2. 02Tickmill

      FCACySECFSAFSCA
      Open account at Tickmill →
      Avg spread
      0.20pip
      editorial estimate
      Cost / lot
      $8.00
      incl. $6 commission
      Min deposit
      $100
      Max leverage
      1:1000
      EU/UK retail: 1:30 · Seychelles entity: 1:1000

      Raw account: 0.0 from-spread + $6 round-turn — ECN-style pricing in a commission-based tier · Broker publishes "from" spreads only — realised typical is not disclosed on the accounts page

      Fits ifYou are EU or UK retail and want FCA + CySEC double cover with ECN-style commission pricing
      PlatformsMetaTrader 4, MetaTrader 5

      Founded in 2014 · Verified Jun 1, 2026

      Full Tickmill details →

    3. 03Deriv

      BVIMFSA
      Open account at Deriv →
      Avg spread
      0.70pip
      editorial estimate
      Cost / lot
      $7.00
      no commission
      Min deposit
      $5
      Max leverage
      1:1000
      EU retail (MFSA Malta): 1:30 · Labuan / Vanuatu / BVI entities: up to 1:1000

      $5 minimum + 25 years of operating history (since 1999 as Binary.com, rebranded Deriv in 2020) · Forex is secondary to synthetic indices (their proprietary product) — CFD instrument breadth is narrower than ECN-focused brokers like Tickmill

      Fits ifYou trade synthetic indices (Volatility, Crash, Boom) — Deriv invented this product category
      PlatformsMetaTrader 5, Deriv X

      Founded in 1999 · Verified Jun 1, 2026

      Full Deriv details →

    4. 04Libertex

      SVG FSA
      Open account at Libertex →
      Avg spread
      0.50pip
      midpoint of broker range
      Cost / lot
      $5.00
      no commission
      Min deposit
      $10
      Max leverage
      1:999
      Libertex International (St. Vincent & the Grenadines). EU/EEA residents are served by the separate CySEC-regulated entity at 1:30.

      $10 minimum + Forex Club heritage (founded 1997) — long operating history · Offshore SVG (St. Vincent & the Grenadines) registration only — no tier-1 (FCA/ASIC) or EU (CySEC) oversight

      Fits ifYou have $10 to start — one of the lowest entry minimums in our list
      PlatformsMetaTrader 4, MetaTrader 5, Libertex Platform

      Founded in 1997 · Verified Jun 1, 2026

      Full Libertex details →

    5. 05AvaTrade

      ASICFSCACBIBVI
      Open account at AvaTrade →
      Avg spread
      0.90pip
      broker-published typical
      Cost / lot
      $9.00
      no commission
      Min deposit
      $100
      Max leverage
      1:400
      EU/UK/AU retail: 1:30 · FSCA / BVI entities: up to 1:400

      Regulated in 6 jurisdictions · Spread-only pricing at 0.9 pip = ~$9/lot round-turn — wider than ECN/Raw brokers at similar volume

      Fits ifYou are AU or EU retail and want CBI + ASIC double cover with 20 years of operating history
      PlatformsMetaTrader 4, MetaTrader 5, AvaOptions, DupliTrade

      Founded in 2006 · Verified Jun 1, 2026

      Full AvaTrade details →

    6. 06XM Group

      ASICCySECIFSC
      Open account at XM Group →
      Avg spread
      1.30pip
      midpoint of broker range
      Cost / lot
      $13.00
      no commission
      Min deposit
      $5
      Max leverage
      1:1000
      EU/AU retail: 1:30 · XM Global (offshore entity): up to 1:1000

      $5 minimum makes starting cheap · Standard account EUR/USD spread 1.0–1.6 pip (broker-published range) + $0 commission ≈ $13/lot — one of the highest costs in our list

      Fits ifYou want the lowest-friction entry in our list — $5 minimum deposit
      PlatformsMetaTrader 4, MetaTrader 5, Web Trader

      Founded in 2009 · Verified Jun 1, 2026

      Full XM Group details →

    7. 07Bybit

      VARA1 action
      Open account at Bybit →
      Avg spread
      0.10pip
      broker-published typical
      Cost / lot
      $4.00
      incl. $3 commission
      Min deposit
      None
      Max leverage
      1:500
      Up to 1:500 on FX/CFD via MT5 · 1:100+ on crypto perpetuals · no ESMA cap (offshore crypto-CFD exchange)

      MT5 CFD offering with ~0.1 typical spread + ≈$3 RT equivalent — cost-competitive with ECN tiers despite crypto-first business · FX CFDs are secondary product — Bybit core business is crypto derivatives, FX depth and liquidity differ from dedicated forex brokers

      Fits ifYou already trade crypto at Bybit and want FX CFDs in the same unified-margin account
      PlatformsMetaTrader 5, Bybit

      Founded in 2018 · Verified Jun 1, 2026

      Full Bybit details →

    8. 08RoboForex

      IFSC
      Open account at RoboForex →
      Avg spread
      0.20pip
      broker-published typical
      Cost / lot
      $6.00
      incl. $4 commission
      Min deposit
      $10
      Max leverage
      1:500
      IFSC Belize offshore only — ECN tier; separate Pro account reaches 1:2000

      ECN account: 0.2 typical + $4 round-turn ≈ $6/lot — among cheapest commission tiers in our list · IFSC Belize only — no tier-1 regulator, no FSCS-equivalent protection

      Fits ifYou're in a non-restricted, non-EU-focused jurisdiction and want ECN-style $6/lot pricing at a $10 entry minimum
      PlatformsMetaTrader 4, MetaTrader 5, R Stocks Trader

      Founded in 2009 · Verified Jun 1, 2026

      Full RoboForex details →

    9. 09Alpari

      MISA1 action
      Open account at Alpari →
      Avg spread
      0.25pip
      midpoint of broker range
      Cost / lot
      $7.50
      incl. $5 commission
      Min deposit
      $500
      Max leverage
      1:1000
      Pro ECN tier (Mauritius / St. Vincent offshore); Standard tier reaches 1:3000 at $50 min · not offered to EU/UK/AU retail

      27 years of operating history (founded 1998) — predates most current retail brokers · Regulated only by offshore entities (Mauritius / St. Vincent) after losing its FCA licence in 2015 — no tier-1 regulator, no FSCS-equivalent protection

      Fits ifYou have $500+ and want commission-based Pro ECN pricing at ~$7.50/lot with 27 years of operating history
      PlatformsMetaTrader 4, MetaTrader 5

      Founded in 1998 · Verified Jun 1, 2026

      Full Alpari details →

    How we score

    Full methodology →

    Editorial rating is a weighted score across four categories. The largest weight goes to actual per-lot trading cost, because it is the one metric every retail trader materially feels.

    We verify regulator status against the FCA, ASIC, CySEC and other registries. Spread figures are broker-published — copied from each broker's specification page, not live-tracked. We do not run live execution tests, time withdrawals, or open support tickets.

    Affiliate relationships do not move positions in this list. When a broker pays us more per lead, that shows in our paid-placement disclosure — not in the ordering.

    Cost of trading
    35%
    Regulation & fund safety
    30%
    Operating history
    20%
    Accessibility
    15%

    Currently tracking 14 brokers across 55 regulators · 2 regulatory actions on file · pricing verified June 1, 2026.

    Regulator registries: FCA · ASIC · CySEC · FSCA · SEC EDGAR

    Frequent questions

    8
    Which forex broker is best for beginners?

    XM Group (deposit from $5, solid educational library) and Libertex (deposit from $10, proprietary platform that is simpler than MT4 for a first-timer) are the most approachable. The key criteria are a demo account, local-language support, and an educational track.

    What is leverage and why is it used?

    Leverage lets you trade a position larger than your deposit. 1:100 leverage means $100 in your account controls a $10,000 position. Beginners should stay at 1:20–1:50 and scale only after proving risk discipline.

    How do I verify a broker is regulated?

    Find the license number on the broker website and check it in the regulator registry: FCA (register.fca.org.uk), ASIC (asic.gov.au), CySEC (cysec.gov.cy). Brokers under FCA or ASIC are the most reliable.

    Is it safe to hold money with a forex broker?

    Regulated brokers are required to keep client funds in segregated accounts separate from their own. The FCA license also provides FSCS compensation up to £85,000 in case of broker insolvency.

    What is the minimum deposit to start trading?

    XM and Deriv accept $5, RoboForex and Libertex start at $10. Bybit has no fixed minimum (practical entry ~$10-20 USDT). Tickmill, FxPro, and AvaTrade require $100. Alpari needs $500 for the Pro ECN tier ($50 for Standard). A reasonable starting deposit for sound risk management, however, is $200–$500 — enough room to size positions without overexposure.

    MT4 or MT5 — which should I pick?

    MT4 is the proven classic with the deepest ecosystem of advisors and indicators. MT5 is more modern, supports more timeframes and order types. For forex trading either is fine.

    What is the difference between ECN and market-maker brokers?

    ECN-style brokers (RoboForex, Tickmill, FxPro cTrader Raw) route orders directly to the interbank market — spreads are minimal but there is a commission. Market makers (XM, AvaTrade) are the counterparty to your trade — spreads are wider, commissions are often zero.

    Can I trade forex from a phone?

    Yes. Every broker in the rating supports MT4/MT5 mobile apps on iOS and Android. FxPro, Libertex, and Bybit also have their own native mobile apps.

    Forex brokers by country