Overall, Retail foreign exchange trading is a small part of the much larger foreign exchange market where participating traders will speculate on the exchange rate between different currencies. This is also known as ‘retail Forex trading’, and currencies can be bought and sold in basically an instant.
Here is an overview of the 10 Best Retail Forex Brokers and Trading Platforms available.
Best Retail Forex Brokers and Trading Platforms – 10 Key Point Quick Overview
- ✅ AvaTrade
- ✅ FBS
- ✅ eToro
- ✅ Alpari
- ✅ Pepperstone
- ✅ FXPro
- ✅ FP Markets
- ✅ Roboforex
- ✅ OANDA
- ✅ City Index
AvaTrade
AvaTrade is an online broker which was founded in 2006 and offers Forex, CFDs, Spread Betting, and Social Trading and is a global broker with their head office situated in The British Virgin Islands. AvaTrade is regulated in Europe, the British Virgin Islands, Australia, Japan, and South Africa by ASIC, CySEC, and FCA.
Pros and Cons
| ✅ Avatrade Pros | ❌ Avatrade Cons |
| Used by 200,000+ traders | Doesn’t offer VPS |
| Established in 2006 | Not FCA Regulated |
| Regulated by the Central Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE, and BVI | |
| Min. deposit from $100 |
Those who are looking to start out with AvaTrade will need a minimum deposit of $250 and a demo account is available for those who want to get acquainted with the popular MT4 forex trading platform. AvaTrade also offers mobile apps for Android and iOS.
Trading benefits
| ? Avatrade Trading Features | ? Avatrade Accounts Offered | ? Avatrade Funding Methods |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Micro account | Bank Transfer |
| Low min deposit | Mini account | PayPal |
| Standard account | Skrill | |
| Islamic account | Payoneer | |
| Neteller |
Customer support is available by email, phone, or live chat.
FBS
FBS is a Forex and CFD broker which is authorized and regulated by the International Financial Services Commission (IFSC) of Belize and the Cyprus Securities and Exchange Commission (CySEC).
Pros and Cons
| ✅ FBS Pros | ❌ FBS Cons |
| Negative Balance Protection | Limited Tradable assets |
| Excellent Regulation | Limited Trading Platforms |
| Available in Multiple Countries | |
| Award Winning Service |
FBS offers users the option to trade on Forex, Indices, Stocks, Metals, and Energies across the MetaTrader 4, MetaTrader 5, and FBS Trader trading platforms.
Trading Benefits
| ? FBS Trading Features | ? FBS Accounts Offered | ? FBS Funding Methods |
| Copy Trading | Cent | Wire Transfer |
| Rapid Order Execution | Micro | Credit/Debit |
| Standard | Neteller | |
| Zero Spread | Bit wallet | |
| ECN | Perfect Money |
Customer Support is available 24/7 via a Call-back service, online Live Chat, Telegram, Viber, and Facebook Messenger.
eToro
eToro is an online broker which was founded in 2006 and offers CFDs and Social Trading, with a head office based in Cyprus, UK. eToro is supervised by the Financial Conduct Authority (FCA), and Cyprus Securities and Exchange Commission (CySEC) regulatory bodies and has been in operation for over 14 years.
Pros and Cons
| ✅ eToro Pros | ❌ eToro Cons |
| Used by 6,000,000+ traders | Doesn’t allow scalping |
| Established in 2006 | Inactivity Fee |
| Regulated by FCA, CySEC, and ASIC | Limited range of instruments |
| Minimum deposit from $200 |
eToro offers traders two ways to trade: CFDs, Social Trading and eToro traders will need to make a minimum deposit of $200 and the platform can accommodate various levels of traders from beginner to expert. Traders can trade in a wide variety of over 100 instruments and over 50 currency pairs on eToro’s user-friendly custom trading platform which is available as a browser-based web application. eToro also offers traders mobile apps for Android and iOS, making it easier to keep an eye on and execute trades.
Trading Benefits
| ? eToro Trading Features | ? eToro Accounts Offered | ? eToro Funding Methods |
| Offers STP | Demo account | Credit cards |
| Low minimum deposit | Micro account | Bank Transfer |
| Mini account | PayPal | |
| Standard account | Skrill | |
| Islamic account | Payoneer | |
| Neteller |
eToro supports a wide range of languages including English, German, Spanish, French, and Italian. 24/6 customer support is available via telephone and support ticket.
Alpari
Alpari with its long-standing brand history, numerous offices, range of account types, and diverse managed account offerings is the perfect choice for Forex and CFD traders who are looking to leverage the power of MetaTrader platforms. Alpari is regulated by the FSC.
Pros and Cons
| ✅ Alpari Pros | ❌ Alpari Cons |
| Transparent | Limited Research Tools |
| Suitable to all trader types | |
| No Deposit Fees |
Alpari integrates research content from several third-party providers under its Forex Analytics section and is a MetaTrader-only broker. The native versions of the mobile app for MetaTrader 4 and MetaTrader 5 are available for Android and iOS devices straight from the developer.
Trading Benefits
| ? Alpari Trading Features | ? Alpari Accounts Offered | ? Alpari Funding Methods |
| 250 tradable assets | Micro | Wire Transfer |
| PAMM Accounts | Standard | Credit/Debit |
| ECN | E-Wallets | |
| Pro MT4 | Cryptocurrency |
Customer Service is available via live chat, email, and phone service.
Pepperstone
Pepperstone was founded in 2010 and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the UK’s Financial Conduct Authority (FCA).
Pros and Cons
| ✅ Pepperstone Pros | ❌ Pepperstone Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2010 | |
| Minimum deposit from $200 |
Trading platforms on offer include MetaTrader 4, MetaTrader 5, and cTrader. All three FX trading platforms come with a free demo account which will allow traders to test out the forex broker and platform for 30 days.
Trading Benefits
| ? Pepperstone Trading Features | ? Pepperstone Accounts Offered | ? Pepperstone Funding Methods |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | PayPal |
| Low min deposit | MAM/PAMM account | Skrill |
| Offers Negative Balance Protection | Islamic account | Payoneer |
Pepperstone offers 24/5 multiple language support via email, phone, and live chat.
FXPro
FXPro is an online broker which was founded in 2006 and offers Forex, Share Dealing, Spot Indices, Futures, Spot Metals, and Spot Energies trading. FXPro is a global broker with a head office located in the UK. FXPro is regulated by CySEC and operates under the CIF license number 078/07. As a CySEC-regulated broker, FXPro is also a member of the Investor Compensation Fund scheme. FXPro provides traders with access to top-tier liquidity and advanced trade execution with no dealing desk intervention and a starting account will need a minimum deposit of $100.
Pros and Cons
| ✅ FXPro Pros | ❌ FXPro Cons |
| Easy Account Opening | Only CFDs and Forex |
| Excellent Customer Service | High Trading Fees |
| Free Deposit and Withdrawal | Inactivity Fee |
With FXPro, the minimum, and maximum trade requirements vary depending on the trader and the instrument chosen.
Trading Benefits
| ? FXPro Trading Features | ? FXPro Accounts Offered | ? FXPro Funding Methods |
| Allows scalping | Micro account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Low min deposit | Standard account | PayPal |
| Negative Balance Protection | Islamic account | Payoneer |
| Neteller |
FXPro offers customer support 24 hours a day, 5 days a week via Live Chat, Telephone, and Email in a variety of different languages including English, Spanish, French, Polish, Malay, Arabic, Chinese, Greek, Hungarian, Japanese, Korean, Russian, Thai, Vietnamese, Indonesian and others.
FP Markets
FP Markets is a global, online broker regulated by the Australian ASIC and the Cypriot CySEC which was founded in 2005 and offer Forex trading and has a head office situated in Australia. When starting off with FP Markets traders will need to make a minimum deposit of $100 and a demo account is on offer with a wide variety of instruments and currency pairs on offer.
Over 100 instruments and over 60 currency pairs in total is on offer, on the popular MT4 forex trading platform. FP Markets also offers traders mobile apps for Android and iOS.
Pros and Cons
| ✅ FP Markets Pros | ❌ FP Markets Cons |
| Low Forex Fees | High Stock CFD fees |
| Easy Account Opening | Limited Product Portfolio |
| Quick Deposit and Withdrawal | Outdated Platform |
Trading benefits
| ? FP Markets Trading Features | ? FP Markets Accounts Offered | ? FP Markets Funding Methods |
| Allows scalping | Mini | Bank Transfer |
| Allows hedging | Standard | Credit/Debit |
| Offers STP | ECN | Electronic Wallets |
| Low minimum deposit | STP | |
| Offers Negative Balance Protection | Managed |
All accounts support a wide range of languages including English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, German, and Vietnamese.
Customer Service is available via email, phone, and live chat.
Roboforex
Roboforex is an online, global broker which was founded in 2009 and offers traders Forex and CFDs trading. RoboForex is authorized and regulated by the International Financial Services Commission (IFSC) with license number IFSC/60/271/TS.
Pros and Cons
| ✅ RoboForex Pros | ❌ RoboForex Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2009 | Not FCA Regulated |
| Regulated by IFSC Belize | |
| Low minimum deposit |
When starting off with Roboforex traders will need to make a minimum deposit of $1 and there is an option available for a demo account for those who would like to get acquainted with the platform. Roboforex can accommodate various levels of traders, from experienced to beginner, and they can trade a wide variety of instruments and currency pairs. Roboforex offers over 100 instruments and over 35 currency pairs in total. Roboforex offers traders both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform developed for traders. Roboforex also offers mobile apps for Android and iOS.
Trading Benefits
| ? RoboForex Trading Features | ? RoboForex Accounts Offered | ? RoboForex Funding Methods |
| Allows scalping | Micro | Credit cards |
| Allows hedging | Mini | Bank Transfer |
| Offers STP | Standard | Payoneer |
| Low min deposit | Zero | Neteller |
| ECN | ||
| STP | ||
| Islamic |
Customer support is available via phone, Webchat, Wechat, Skype, Viber, Telegram, Facebook chat, WhatsApp, email and a call-back request.
OANDA
OANDA is a globally regulated Forex and CFD broker which also provides corporate Forex solutions and currency conversion. Users have the choice to trade on Forex, Indices, Metals, Commodities, and Bond CFDs on the broker’s own proprietary trading platform for desktop, web, and mobile, as well as on MetaTrader 4.
Pros and Cons
| ✅ OANDA Pros | ❌ OANDA Cons |
| Accepts U.S. clients | No account protection for U.S. clients |
| Regulated by FCA and NFA | No guaranteed stop losses for U.S. or U.K. clients |
| Well-designed platforms | Traders cannot access cryptocurrencies or single-stock CFDs |
| Superior research offerings | A lot of ancillary fees |
OANDA is the most Regulated Forex Broker and operates across six of the most credible authorities.
Trading Benefits
| ? OANDA Trading Features | ? OANDA Accounts Offered | ? OANDA Funding Methods |
| Mobile Trading | Standard | Wire Transfer |
| Excellent Charting Tools | Premium | Credit/Debit |
| Educational Materials | PayPal |
Customer support is available via a FAQ section, an OANDA Virtual Assistant, and a phone.
City Index
City Index is a world leader in spread betting, FX, and CFD Trading, regulated by the Financial Conduct Authority (FCA). The City Index trading platform offers traders a range of customisation options, which includes 16 chart types with 65+ indicators specifically designed for investors to perform technical analysis.
Pros and Cons
| ✅ City Index Pros | ❌ City Index Cons |
| Used by 140,000+ traders | Doesn’t allow scalping |
| Established in 1983 | Inactivity Fee |
| Regulated by Financial Conduct Authority, ASIC, and MAS | Limited range of instruments |
| Minimum deposit from $25 |
To open a live trading account, traders will need a minimum deposit of at least $25. City Index offers over 12,500 different instruments to trade, including over 84 currency pairs on the ever-popular MetaTrader4 trading platform.
Trading benefits
| ? City Index Trading Features | ? City Index Accounts Offered | ? City Index Funding Methods |
| Allows hedging | Demo account | Credit cards |
| Offers STP | Micro account | Bank Transfer |
| Low min deposit | Mini account | Payoneer |
| Guaranteed stop loss | Standard account | |
| Managed account |
Multilingual Customer support is available by email, phone, or live chat.
Featured SA Shares Writer and Forex Analyst.