Best Forex Brokers Reviews 2023

In 2023, there is a substantial increase in the demand for top-notch forex brokers, driven by the emergence and advancement of new...

Written by Niel Patel · 5 min read >
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In 2023, there is a substantial increase in the demand for top-notch forex brokers, driven by the emergence and advancement of new exchange instruments valued in trillions of dollars. As you embark on your search for the ideal broker to meet your investment requirements this year, it is vital to recognize that not all forex brokers possess the same qualities. Various regulatory bodies across the globe enforce rules and regulations to promote fairness in this decentralized market. Consequently, selecting a trustworthy broker becomes paramount when engaging in the forex industry.


What is a forex broker?

A forex broker serves as a crucial link between retail forex traders and the global market. Their role involves acting as market makers, facilitating transactions between the involved parties in exchange for a commission.

In most cases, the party initiating the transaction bears the commission cost, while there are instances where both parties share the fees.

Commission-free brokers derive their earnings by taking a percentage from the transaction spread, which refers to the difference between the buying and selling prices.

What sets the best forex brokers apart from other financial intermediaries is their ability to provide a highly competitive trading environment, catering to traders of all skill levels and budgetary constraints, while maintaining minimal commission charges.

The Best Brokers


FXpro is a reputable online CFD broker that holds licenses in multiple regions, including the United Kingdom (FCA), Cyprus (CySEC), Bahamas (SCB), and South Africa (FSCA). It offers investors the opportunity to engage in currency pair trading through its user-friendly MT4, MT5, and cTrader platforms, which are accessible via mobile apps and web trading platforms.

Established in 2006, FXpro caters to traders with varying preferences by providing a minimum trade size of 0.01 and a maximum leverage of 500:1. The platform boasts a diverse range of tradable assets, including over 70 currencies, cryptocurrencies, and various CDs such as gold, silver, stocks, indexes, commodities, and oil.

Depositing and withdrawing funds on FXpro is convenient, as the broker supports various methods, including bank transfers, UnionPay, Skrill, PayPal, and Neteller.


  • Swift trade executions
  • No dealing desk execution
  • Low and competitive fees
  • Attractive spreads
  • Exceptional customer support


  • Absence of bonuses or incentives


Naga is an excellent choice for beginner forex traders, offering a wide range of currency pairs and an interactive trading environment. This forex brokerage is regulated by reputable authorities such as CySEC, FCA, and a German-based financial technology company.

Naga ensures compliance with MiFID requirements, guaranteeing the separation of investor assets from the company’s funds. Traders on the platform are insured and will receive appropriate compensation in the event of Naga’s insolvency.

Naga provides managed and institutional accounts with a maximum leverage of 30:1, supporting MT4, MT5, and the Naga web trading platform. The platform offers a diverse range of tradable assets, including indices, stocks, cryptocurrencies, futures, commodities, and currency pairs across various regions.


  • Zero inactivity fees
  • Minimum deposit requirement
  • Supports multiple payment methods such as PayPal, Skrill, Payoneer, Neteller, credit cards, and bank transfers
  • Excellent customer support
  • Full access to demo accounts
  • Research and educational resources


  • Withdrawal fees may apply
  • Only one account type available for all traders
  • Limited selection of currency pairs


eToro, a leading Israeli financial technology forex broker, boasts one of the world’s finest social trading networks. Their renowned social trading feature, CopyTrader, enables users to engage in copy trading, also known as mirror trading.

Through eToro’s social trading network, individuals can compare their forex trades with experienced investors, learning from their strategies to enhance their own portfolios.

eToro operates under the regulatory oversight and authorization of prominent institutions such as the Financial Conduct Authority (FCA) in the United Kingdom, the Markets in Financial Instruments Directive (MiFID), and the Cyprus Securities and Exchange Commission (CySEC).

Additionally, eToro complies with the policies set by the United States Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) through its subsidiary, eToro USA securities inc., making it a trusted forex broker for traders in the USA.

The CopyTrader feature allows investors to replicate trades across various trading instruments. By exploring profiles and copying the portfolios of experienced eToro investors, users can participate in their successful trading strategies.


  • Low minimum deposit requirement of $10
  • Commission-free trades
  • Access to premium research tools
  • Minimal trading fees
  • Strict regulatory compliance
  • Global presence as a trusted forex broker


  • Withdrawal fees may apply
  • Inactivity fees may be charged for dormant accounts, headquartered in Cyprus, is a leading global forex broker serving clients in approximately 183 countries without charging any commissions. It operates branch offices in the United Kingdom, Gibraltar, Seychelles, and Cyprus, and adheres to regulations set by the respective securities and exchange commissions.

With a wide selection of tradable assets including 138 forex CFDs, indices, cryptocurrencies, shares, and commodities, caters to both experienced and novice traders. It provides convenient trading options through its web and mobile app platforms, ensuring compatibility across all devices. utilizes an innovative AI trade bias detection system, developed by EQ, to detect any unfair practices and enhance the trading experience for investors.

To assist new users in learning forex trading, offers a comprehensive learning mode. Traders can access research and educational courses, user guides, free webinars, and detailed tutorials to practice and improve their skills.

Retail investors on can leverage up to 1:30, and the platform supports variable spread types. Some notable pros include a wide range of trading instruments, educational tools for research, and an absence of commission charges. The platform also requires a minimum deposit of $20 and offers various payment methods for convenience.

However, it’s important to note that does not support the MT5 trading platform, and its regulatory licenses in Tier-1 regions are limited. Additionally, there may be overnight fees associated with trading activities.


Exness, an established and reputable brokerage firm with a history dating back to 2008, offers traders access to the popular MT4 platform and a diverse range of CFDs and futures.

The company holds licenses in several countries, including the United Kingdom, and facilitates trading across multiple markets with highly competitive spreads starting from as low as 0.1 pips, without any hidden commission fees.

Exness prioritizes providing a comfortable trading environment for its clients, offering customer support in thirteen different languages and providing the latest financial news to keep traders informed.

For clients based in the UK, Exness adheres to the stringent policies of the UK Financial Conduct Authority (FCA), known for its strict regulations. This ensures that clients trading with Exness in the UK can have confidence in the safety and security of their funds.

In addition to being a trusted and regulated broker, Exness has been recognized as the fastest-growing broker in Africa in 2020.

Here are the key pros and cons:


  • Availability of demo accounts
  • Multiple deposit and withdrawal methods
  • Low minimum deposit requirement of $10
  • Wide selection of over 120 currency pairs
  • Commission-free trading


  • Absence of bonuses
  • Educational resources may be limited by language availability

Tips for selecting your best forex brokers 2023

Now that you have familiarized yourself with our top forex brokers for the year, it’s time to make a decision on which broker will best suit your needs. Before finalizing your choice, consider the following important features:

Account Features:

Each forex brokerage account has its own unique characteristics and advantages. Pay attention to the following four main features: commissions and spreads, leverage and margin, and deposits and withdrawals.

Commission and Spreads: Understand how your preferred broker generates revenue and compare it with other brokers. Some brokers offer no-commission trading but compensate by widening the spreads. Others may charge a portion of the spread as a commission.

Leverage and Margin: Leverage allows traders to control larger positions with a smaller amount of money, known as margin. Take note of the leverage ratios offered by different brokers, as it can significantly impact your potential profits and losses.

Initial Deposit: Consider the minimum amount required to open a forex brokerage account. Some brokers, particularly those suitable for beginners, have low initial deposit requirements, such as $10. Remember that leverage can increase your buying power beyond your initial deposit.

Ease of Deposits and Withdrawals: Review the deposit and withdrawal policies of each broker. Different brokers may offer various payment methods, including credit cards, ACH payments, e-wallets, wire transfers, and more. Ensure that the options provided align with your preferences and convenience.

Regulatory Compliance:

Regulatory compliance is crucial for forex brokers as it ensures fair and transparent operations and provides client protection. Consider the following regulatory requirements:

Licensing and Registration: Brokers should be licensed or registered with relevant regulatory bodies in their jurisdictions. Examples include the Financial Conduct Authority (FCA) in the UK, the National Futures Association (NFA) in the US, or the Cyprus Securities and Exchange Commission (CySEC) in Cyprus.

Client Fund Segregation: Look for brokers that adhere to regulations requiring the segregation of client funds from operational funds. This protects clients’ funds in case the broker faces financial difficulties.

Negative Balance Protection: Some regulatory bodies mandate brokers to provide negative balance protection, ensuring that clients cannot lose more than the funds in their trading accounts, even in volatile market conditions.

Customer Service:

Effective customer service is essential for a positive trading experience. Consider the following aspects of customer service provided by forex brokers:

Accessibility: Ensure that the broker offers multiple communication channels, such as phone, email, live chat, and social media, and that their support is available during market hours.

Response Times: Prompt response times are indicative of good customer service. Look for brokers that prioritize quick and efficient responses to inquiries and support requests.

Multi-lingual Support: Brokers offering customer support in multiple languages, including languages other than English, can be beneficial for traders worldwide.

Personalized Support: A quality broker should provide personalized support, including a dedicated account manager who can assist with any concerns or issues you may encounter.

By carefully considering these features, you can make an informed decision and choose the forex broker that best aligns with your trading goals and requirements.

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