10 Best Regulated Forex Brokers 2024
We rigorously test brokers on real accounts and evaluate them using our methodology. Here are the top 10 regulated Forex brokers based on our analysis:
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IC Markets - Best regulated Forex broker - A wide range of trading assets. Low spreads. Variety of trading platforms. - 2
Pepperstone - Wide selection of trading platforms. Tight spreads and favourable trading conditions. Numerous regulatory licenses. - 3
AvaTrade - A wide selection of financial assets. Innovative trading platforms. Highly rated educational resources. - 4
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Tickmill - Low trading fees. Variety of trading platforms. Extensive library of educational materials and analytical tools. - 6
FxPro - Various trading platforms. A diverse range of available markets and products. Multiple analytics tools. - 7
CMC Markets - Low trading fees. Wide range of markets and products. Access to the popular MetaTrader 4 and CMC Markets platforms. - 8
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- 10
FXCM - Diverse methods for deposit and withdrawal. Wide range of markets and products for trading. A broad spectrum of trading platforms.
Trading in the Forex market is a popular way to diversify investments and earn profits. However, when choosing a broker, selecting a company you can trust with your money is crucial.
Top 10 Regulated Forex Brokers 2024
1. IC Markets
IC Markets is a reliable and versatile broker that offers a wide range of services and tools for trading in the financial markets. The company provides impressive trading instruments, high-quality trading platforms, advanced analytical tools, and valuable education for traders of all levels.
IC Markets is likely most suitable for experienced traders who value deep liquidity, tight spreads, and advanced trading tools. Beginner traders can also benefit from the educational materials offered by the company, but they should be prepared for some additional expenses and a higher minimum deposit requirement.
Pros and Cons of IC Markets
Pros
- A wide range of trading assets.
- Low spreads.
- Variety of trading platforms.
- Quality educational materials.
- Efficient customer support service.
Cons
- High minimum deposit.
2. Pepperstone
Pepperstone is a significant and reliable broker that offers a broad range of trading instruments and attractive trading conditions. With regulation by serious authorities, clients can be confident in the security of their funds.
The broker is suitable for various types of traders. Beginners will find extensive educational materials, including trading guides, webinars, instructional videos, and Forex trading courses. Experienced traders will also appreciate Pepperstone's opportunities, including favorable trading conditions, various trading platforms, and access to complex trading instruments.
The broker's technical support operates at a high level, offering clients quick and efficient responses to any questions.
Pepperstone is an excellent choice for traders of all experience levels. With a unique combination of educational materials, trading tools, and high-quality customer service, this broker ensures excellent conditions for successful trading.
Pros and Cons of Pepperstone
Pros
- Wide selection of trading platforms.
- Tight spreads and favourable trading conditions.
- Numerous regulatory licenses.
- A large number of trading assets.
Cons
- Lack of diversity in types of trading accounts.
3. AvaTrade
AvaTrade is ideal for traders looking for various trading tools and a high level of investment protection. Beginners will be comfortable with the intuitive interface of the AvaTradeGO mobile platform, while experienced traders will appreciate the depth of MetaTrader's customization and analytical tools. However, traders who need access to STP or ECN accounts should pay attention to other brokerage companies.
Pros and Cons of AvaTrade
Pros
- A wide selection of financial assets.
- Innovative trading platforms.
- Highly rated educational resources.
Cons
- Limited trading account options.
- Account inactivity fee.
4. Vantage
Vantage broker offers various trading instruments and platforms, making it attractive for multiple traders. The availability of extensive analytical tools and educational materials can benefit novice traders looking to deepen their knowledge.
Vantage could be a good choice for intermediate and advanced traders seeking a variety of trading instruments and platforms.
Pros and Cons of Vantage
Pros
- Wide range of trading assets.
- Diversity of trading platforms.
- Free VPS.
- Extensive analytical tools.
Cons
- There are complaints about the quality of technical support in the reviews.
5. Tickmill
Tickmill offers high-quality services and conditions for trading on the international Forex market. With reliable regulation, access to popular trading platforms, and comprehensive educational and analytical materials, Tickmill becomes an attractive choice for traders of different experience levels.
The broker is suitable for novice traders, thanks to accessible educational materials and the ease of opening an account, as well as for experienced traders who value low spreads, platform stability, and a variety of trading instruments.
Pros and Cons of Tickmill
Pros
- Low trading fees.
- Variety of trading platforms.
- Extensive library of educational materials and analytical tools.
Cons
- Not enough different types of trading accounts.
6. FxPro
FxPro provides a comprehensive range of services and tools for traders. With its variety of trading accounts, platforms, and available markets, it is well-suited to meet the needs of different traders. This broker suits traders looking for a wide selection of markets, diverse platforms, and analytical tools. It is also apt for beginner traders, thanks to the educational materials and experienced traders who value flexible trading conditions.
Pros and Cons of FxPro
Pros
- Various trading platforms.
- A diverse range of available markets and products.
- Multiple analytics tools.
- Extensive educational materials.
Cons
- An inactivity fee.
- Absence of cent accounts and services for copying trades.
7. CMC Markets
CMC Markets has been a reliable CFD and Forex broker in the business for a long time. Top-tier financial authorities regulate the company, offers an excellent trading platform, and has low commission fees.
We believe it is an excellent choice for beginners and experienced traders. CMC Markets is a good option if you are seeking a trustworthy broker with extensive experience.
Pros and Cons of CMC Markets
Pros
- Low trading fees.
- Wide range of markets and products.
- Access to the popular MetaTrader 4 and CMC Markets platforms.
- Extensive analytical materials.
- Comprehensive educational materials.
Cons
- Limited account options.
- Inactivity fee.
- No online chat.
8. Admirals
The broker Admirals is suitable for a broad spectrum of traders. With its strict regulation, various account types, and a competent set of educational and analytical materials, this broker provides high-quality services for novice and experienced traders.
Beginners seeking detailed educational resources and support will undoubtedly appreciate this broker. Experienced traders will also find it beneficial due to competitive trading commissions, abundant tools for analysis and trading, and the convenience of the depositing and withdrawal process.
Pros and Cons of Admirals
Pros
- Low trading fees.
- Wide range of payment methods.
- Extensive analytical resources.
- A rich collection of educational materials.
Cons
- Inactivity fee.
- Some users complain about the intrusiveness of the support service.
9. OANDA
Oanda is an excellent choice for traders seeking a reliable and regulated broker with competitive spreads and various trading assets.
With quality analytics and diverse educational materials, Oanda suits beginners and experienced traders.
Pros and Cons of Oanda
Pros
- Tight spreads.
- Diverse markets and products.
- Advanced trading platforms.
- Quality analytics.
- Extensive learning section.
Cons
- Limited trading account types.
- Inactivity fee.
- High swaps.
10. FXCM
FXCM represents a comprehensive solution that will benefit traders of all levels — from beginners to professionals. Beginners will appreciate the accessible educational materials and analytics, while experienced traders can use various instruments and flexible platform settings.
However, it's essential to consider drawbacks such as fees for account inactivity and the limited variety of trading accounts. These factors may be particularly significant for traders who do not plan to trade actively or are looking for more options for customization.
The broker offers a good balance between high-quality services and reasonable rates, making it an attractive choice for a broad spectrum of traders.
Pros and Cons of FXCM
Pros
- Diverse methods for deposit and withdrawal.
- Wide range of markets and products for trading.
- A broad spectrum of trading platforms.
- Extensive and quality materials for making informed decisions.
- Quick and efficient help in solving emerging issues.
Cons
- Insufficient variety of trading accounts.
- Inactivity fees and commissions for bank transfer withdrawals.
- Protracted account opening and verification process.
Forex Brokers Regulators
In the foreign exchange market, the role of regulators is crucial to ensure the safety and integrity of trading activities. Below is a table of various Forex regulators, detailing their country of origin, tier, and specific regulations they impose on brokers.
| Regulator | Country | Tier | Segregated Funds | Negative Balance Protection | Compensation Scheme | Maximum Leverage | Forex Brokers |
|---|---|---|---|---|---|---|---|
| FCA | UK | 1 | Yes | Yes | Up to £85,000 | Up to 1:30 | FCA Regulated Brokers |
| CySEC | Cyprus | 1 | Yes | Yes | Up to €20,000 | Up to 1:30 | Best CySEC Forex brokers |
| CIRO | Canada | 1 | Yes | Yes | Up to CA$1,000,000 | Up to 1:50 | CIRO Regulated Forex Brokers |
| ASIC | Australia | 1 | Yes | Yes | No | Up to 1:30 | Best ASIC Regulated Forex Brokers |
| BaFin | Germany | 1 | Yes | Yes | Up to €100,000 | Up to 1:30 | BaFin Regulated Forex Brokers |
| CFTC, NFA | USA | 1 | Yes | Yes | No | Up to 1:50 | US Regulated Forex brokers |
| DFSA | UAE | 2 | Yes | No | No | Up to 1:30 | DFSA Regulated Forex Brokers |
| JFSA | Japan | 1 | Yes | Yes | Depends on Broker | Up to 1:25 | |
| MAS | Singapore | 1 | Yes | Yes | No | Up to 1:20 | MAS Regulated Forex Brokers |
| FSCA | South Africa | 2 | Yes | Yes | No | Up to 1:500 | FSCA Regulated Forex Brokers |
| CMA | Kenya | 2 | Yes | Yes | Investor Compensation Fund | Up to 1:400 | CMA Regulated Forex Brokers in Kenya |
| Offshore | Various | 3 | Varies | Varies | No | Up to 1:3000 | Best Offshore Forex Brokers |
| European regulators | European Union | 1 | Yes | Yes | Varies | Up to 1:30 | Best European Regulated Brokers |
Each regulator imposes different requirements on Forex brokers, impacting the level of safety and trading conditions offered to traders. Traders need to understand these differences when choosing a broker.
How the List of the Best Regulated Forex Brokers Was Compiled
Our broker evaluation methodology compiles the list of the most reliable Forex brokers with particular thoroughness and rigor. This list includes only those brokers that meet the following criteria:
According to our broker evaluation methodology, all brokers in our list have received the highest rating in the "Reliability and Regulation" criterion. This means they possess the necessary licenses, comply with strict regulatory standards, and demonstrate transparency in their operations.
Brokers were ranked according to our independent Forex broker list. This rating is based on an objective and comprehensive analysis covering many aspects of the broker's operations, including trade execution, customer service, trading conditions, etc.
Thanks to these strict criteria, our list of licensed Forex brokers represents a reliable resource for traders seeking to collaborate with the industry's most trustworthy and proven companies.
FAQ
What does it mean to be a regulated Forex broker?
A regulated Forex broker is a broker that operates under the supervision and control of a financial regulatory authority. Regulated brokers are required to adhere to strict rules and standards set by these regulatory bodies to ensure transparency, the safety of client funds, and fair trading practices. This reduces the risk of fraud and increases the trustworthiness of the broker.
What is the most regulated Forex broker?
The most regulated Forex brokers are those that hold licenses from multiple reputable regulatory authorities. Some of the most regulated Forex brokers include:
- IG Group: Regulated by FCA (UK), ASIC (Australia), CFTC (USA), and others.
- Saxo Bank: Regulated by FCA (UK), FSA (Denmark), ASIC (Australia), and others.
- OANDA: Regulated by FCA (UK), NFA (USA), ASIC (Australia), and others.
These brokers comply with the requirements of various regulatory bodies, ensuring a high level of reliability and security.
Who is the most trusted Forex broker?
The most trusted Forex brokers are those with a long history of operation, positive client reviews, stringent regulatory oversight, and high levels of transparency. Some of the most trusted brokers include:
- IG Group
- Saxo Bank
- OANDA
- CMC Markets
These brokers have solid reputations and offer high-quality services.
How do I know if a broker is regulated?
To determine if a broker is regulated, follow these steps:
- Visit the broker's official website: Look for information about licenses and regulatory authorities.
- Check the registration number: The license number provided on the website can be verified on the respective regulator's website.
- Search the regulator's database: Use the financial regulator's database to confirm that the broker holds a valid license.
- Review ratings and feedback: Read opinions from other traders and independent reviews to get a comprehensive view of the broker.
What if a broker is not regulated?
If a broker is not regulated, take the following actions:
- Avoid working with that broker: Unregulated brokers are not required to follow strict standards and may pose a risk to your funds.
- Look for a regulated broker: Choose a broker that holds licenses from reputable financial regulators.
- Report suspicions: If you encounter fraudulent activity, contact the appropriate authorities and report your suspicions.
Is MT4 a regulated broker?
MT4 (MetaTrader 4) is not a broker but a trading platform used by many brokers to provide trading services on financial markets. The regulation of a broker using MT4 depends on the broker itself, not the platform. Therefore, it is important to verify the regulation of the specific broker providing access to the MT4 platform.
What are the Top-Tier Forex Regulatory Bodies?
Top-tier regulatory bodies in the Forex market include the Financial Conduct Authority (FCA) in the UK, the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) in the USA, the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) in the EU.
Differences Between Regulated and Unregulated Forex Brokers?
Regulated Forex brokers are subject to oversight and must comply with various financial and ethical standards, while unregulated brokers operate without such oversight. Fully regulated brokers typically offer better customer protection, transparent trading practices, and adherence to financial norms. Unregulated brokers, however, may pose higher risks and lack accountability.
How Do Regulatory Bodies Protect Forex Traders?
Regulatory bodies protect Forex traders by ensuring brokers adhere to financial standards and operational guidelines. They require brokers to maintain segregated client accounts, offer negative balance protection, participate in compensation schemes, and provide clear and fair trading practices, thus safeguarding traders' interests.
Can I Trade Forex and CFD Without a Broker?
Technically, it is possible to trade Forex and CFDs without a broker, but it is impractical for most individual traders. Brokers provide access to trading platforms, leverage, and liquidity, essential for executing trades in the forex market. Trading without a broker would require significant capital and direct access to the financial markets.
Are Fees Higher with Regulated Forex Brokers?
Regulated Forex and CFD brokers may sometimes have higher fees compared to unregulated brokers. This is due to the costs associated with maintaining compliance with regulatory requirements. However, these fees are often justified by the increased security, reliability, and protection they provide to traders.
How is the Global Forex Market Regulated?
The global Forex market is regulated by a network of financial regulatory bodies across different countries. Each country has its own regulatory authority which oversees forex trading within its jurisdiction. These bodies work to enforce financial standards, protect traders, and ensure fair trading practices. There is no single global regulatory body; Forex market regulation is decentralized and varies by country and region.
