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Top 10 Forex Brokers in the World 2023 | Biggest Forex Broker in the World

Forex trading offers a massive opportunity for people who want to earn some extra income. All a user has to do is...

Written by Niel Patel · 6 min read >
how to start algorithmic trading

Forex trading offers a massive opportunity for people who want to earn some extra income. All a user has to do is learn about the minor trading steps. Then, they must choose Forex Brokers, whom they want to trade with. To make it a bit easy, this guide will list 10 forex brokers worldwide. Any trading enthusiast can kick start their trading journey with these 10 forex brokers. So, let’s begin. 

How to Get Started with Algorithmic Trading

Best 10 best forex brokers in the world 2023

1. XM.Com

With headquarters in Limassol, Cyprus. Trading Point Holding Ltd, regulated by CySEC, owns and operates, a trading name of Trading Point Holdings Ltd. It is one of the top 10 forex brokers in the world that is registered with the European Union. XM’s headquarters are in 

Since its inception in 2009, XM has risen to become a large and well-established international investment company, as well as a true industry leader, with over 5,000,000 clients. XM currently has over 600 professionals with extensive experience in the financial industry.

XM is the dealer of choice for traders of all levels, anywhere, thanks to their extensive experience and support for well over 30 languages. This trading platform has everything to assist everyone in achieving their investment objectives, as only a large broker can.

  • Its Broker Type – DMA/STP, MM
  • Lowest Deposit Trader Can Do – $5
  • Deposit Options: Credit Card, WesternUnion, MoneyGram, Bank Wire, Neteller, Skrill, WebMoney, SOFORT, UnionPay (China), etc.
  • Highest Leverage – 888:1
  • Lowest Lot Size – 0.01
  • Spreads – Variable
  • Minimum Spreads for EUR/USD – more than 1

2. TickMill

Owned by Tickmill Limited and operated by Tmill UK Limited Tickmill is registered in England and Wales. It has a principal office and its registered offices in London and Seychelles. The Financial Conduct Authority governs Tickmill in the United Kingdom and the Financial Services Authority of Seychelles.

Tickmill’s team has worked since the 1980s and has effectively traded on all major financial marketplaces from Asia to North America. Its mission is to provide exceptional trading for retail and institutional clients worldwide, enabling them to achieve their full potential. Tickmill offers various accounts for the traders, with every account having its benefits. Besides the different accounts, the platform offers various services and tools to help its clients trade better. 

  • Broker Class – STP/NDD/DMA/ECN
  • Boundaries Regulation – FCA, UK, and FSA, Seychelles
  • Platforms To Trade – Web Platform, MetaTrader 4, Mobile Platform
  • Lowest Deposit – $25
  • Deposit Mediums – Wire Transfer, Skrill, Neteller, Credit/Debit Card, WebMoney, UnionPay, FasaPay
  • Highest Leverage – 500:1
  • Lowest Lot Size – 0.01
  • Spreads – Variable
  • Lowest Spreads for EUR/USD – From 0.0

3. eToro

eToro is an online forex broker that allows you to trade currencies, indices, commodities, and CFD stocks. Its online platform has over 4.5 million users from over 170 countries worldwide. Founded in Tel Aviv in 2006, it has registered office buildings in Israel, the United Kingdom, and Cyprus. Since 2008, eToro has been one of the top 10 forex brokers in the world 2023. It bills itself as a social trading platform, and its goal is to allow users to trade almost anything, from commodities, exchange rates, stocks, and indexes to cryptocurrencies, all through a single web-based and mobile platform. It’s worth noting that eToro provides two options for investing in crypto assets.

When traders buy cryptos with no leverage, they own the underlying asset securely stored in cold (offline) storage on their behalf by eToro. However, traders can also invest in cryptos with leverage and short the asset using a CFD (Contract for Difference). This approach implies that the trader will not own the underlying asset and will speculate on whether its cost will rise or fall.

  • Broker Class – Market Maker
  • Legal Regulation – Cyprus Securities and Exchange Commission (CySEC), Markets in Financial Instruments Directive (MiFID), National Futures Association (NFA), Commodity Futures Trading Commission (CFTC), Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC)
  • Access Platforms – eToro OpenBook, eToro WebTrader, eToro Mobile Trader
  • Lowest Deposit – $50
  • Deposit Options – Credit/Debit Card,  Moneygram, PayPal, Skrill, Neteller, Webmoney, Western Union
  • Highest Leverage – 400:1
  • Lowest Lot Size – 0.01
  • Spreads – Fixed
  • Minimum Spreads for EUR/USD – 3

4. Plus500

Plus500 is a market leader in Contracts for Difference (CFDs), offering trading on stocks, forex, cryptocurrencies, ETFs, commodities, options, indices, and cutting-edge trading technology.Plus500CY Ltd powered the Plus500 trading platform. As a result, the financial products described and available on this website are issued and sold by Plus500CY Ltd. Plus500CY Ltd is a Cyprus-based company with headquarters in Limassol. 

The Cyprus Securities and Exchange Commission (CySEC) has authorized and regulated the company to offer Contracts For Difference (CFDs) in different underlying products. The company is a rapidly expanding CFD provider with a portfolio of over 2800 tools. Plus500CY also has a subsidiary named Plus500CY Ltd, headquartered in Haifa. Just like its parent company, the Plus500CY has its place secured on the London Stock Exchange’s Main Market for Listed Companies.

  • Broker Class – Market Maker
  • Legal Regulation – Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), and Financial Conduct Authority (FCA), 
  • Access Platforms – Windows Trader, WebTrader
  • Lowest Deposit – $100
  • Deposit Methods – Bank Wire, PayPal, Credit Card, Skrill, etc.
  • Highest Leverage – 50:1
  • Lowest Lot Size – 0.01
  • Spreads – Fixed
  • Minimum Spreads for EUR/USD – 2

5. OctaFX

The platform helps the users to grow revenue with prospective all-in-one solutions generated by the leaders in power company data. They have all the impressive plans for their users that no one can ignore. 

Founded in 2011, the company is registered in Saint Vincent and Grenadines. It works as the forex brokerage in over 100 countries worldwide.

  • Broker Class – DMA/STP
  • Lowest Deposit – $5
  • Deposit Options: Skrill, UnionPay (China), Bank Wire, Debit Card, Neteller, Credit Card, FasaPay, etc.
  • Highest Leverage – 500
  • Lowest Lot Size – 0.01
  • Spreads – Variable
  • Minimum Spreads for EUR/USD – more than 1.5

6. AvaTrade

AvaTrade provides its clients with more options than any other platform. The trading platform provides the 4/MetaTrader 5, WebTrader, and AvaTradeGo, as well as full mobile trading support. Traders can also select from various automated trading platforms, such as our, via MT4/MT5, and others.

It has acted as a pioneer in the field of online forex trading since 2006, to provide a great online trading history to retail traders. AvaTrade quickly grew to over 20,000 registered customers, executing over 2,000,000 trades per month worldwide. In a single month, the overall value of trades exceeds $60 billion.

  • Broker Class – Market Maker
  • Legal Regulation – Financial Futures Association, Japan; Australian Securities and Investments Commission (ASIC);, South Africa and Israel Securities Authority (ISA); Central Bank of Ireland; Financial Services Board (FSB)
  • Access Platforms – MetaTrader 4, AvaTrader
  • Lowest Deposit – $100
  • Deposit Methods – Bank Wire, PayPal, WebMoney, Skrill, Prepaid Mastercard, Credit Card, Neteller, etc.
  • Highest Leverage – 400
  • Lowest Lot Size – 0.05
  • Spreads – Fixed
  • Minimum Spreads for EUR/USD – 3

7. ETX Capital

ETX Capital is a multi-asset platform that offers over 100 tradable assets. The platform offers Forex, CFDs, and Spread Betting as assets.

ETX Capital trades a variety of financial assets. It provides three trading options: Forex, CFDs, and Spread Betting. The assets and products available on the ETX Capital trading platform are determined by your location and the entity with which you have an account. To sum up, ETX Capital, a UK-based financial services firm, is one of the top ten forex brokers in the world. It offers online platforms for trading forex and derivatives to institutional, high-net-worth, and retail clients. Monecor (London) Limited trades under the name ETX Capital.

  • Broker Class – Forex and CFD Broker
  • Legal Regulation – FFCA and UK
  • Access Platforms – MT4, Marketspulse
  • Lowest Deposit – $100
  • Deposit Methods– China UnionPay, Wire Transfer, Giropay, Neteller, Credit Card, Sofort, Skrill
  • Highest Leverage – 400:1
  • Lowest Lot Size – 0.01
  • Spreads – Fixed
  • Minimum Spreads for EUR/USD – 0.7

8. FXOpen

FXOpen UK, based in London, is regulated by the Financial Conduct Authority in the UK.FXOpen is a well-known online forex trading broker founded in 2005. Since 2005, it has grown to become one of the world’s leading brokers, with over 1 million accounts in over 100 countries. It has ECN liquidity, which ensures tight spreads and quick trade execution. Low commission fees apply to various instruments and markets, including CFDs on Forex, Commodities, Cryptos, Stocks, Shares, Index values, Metals, and Energies.

It offers a variety of flexible trading accounts as well as support for trying to implement 3rd automated trading systems such as Myfxbook and Zulutrade. PAMM technology is available for both financial advisers and followers. The platform offers both retail and institutional investors expert trading services. This means traders can trade large volumes of orders without sacrificing quality.

  • Broker Class– ECN/STP
  • Legal Regulation – FCA, UK
  • Access Platforms – Three versions of MT4
  • Lowest Deposit – $300
  • Deposit Methods – Bank Wire Transfer, Credit/Debit Cards, WebMoney, Neteller, Skrill, Payza
  • Highest Leverage – 500:1
  • Lowest Lot Size – 0.01
  • Spreads – Variable
  • Minimum Spreads for EUR/USD – Starts from 0 pips

9. Pepperstone

Pepperstone, an execution-only forex and CFD broker, offers trading solutions for both experienced and inexperienced traders. The company was founded in 2010 and has its headquarters in Melbourne, Australia. The company has offices in the United States in Shanghai, China, and Dallas, Texas.

Since its inception in 2010, they have established itself as the best player in online trading. Pepperstone’s highly reputable and comprehensive trading website focuses on forex, indices, shares, metals, and commodities.

Because of its negative balance protection, Pepperstone has become a favorite among many online traders. As Pepperstone has emerged as a trustworthy online trading option, they are best suited for investors seeking a diverse portfolio of assets. The heart of Pepperstone is its social and user-friendly trading options.

  • Broker Class – Electronic Communication Network/Straight Through Processing and Direct Market Access/Straight Through Processing
  • Legal Regulation – Australian Securities and Investments Commission (ASIC)
  • Access Platforms – MetaTrader4, cTrader
  • Lowest Deposit – $200
  • Deposit Methods – Bank Wire, Skrill, BPAY, POLi, QIWI, PayPal, Credit Card, WebMoney, Neteller, FasaPay, Debit Card, UnionPay(China), etc.
  • Highest Leverage – 400:1
  • Lowest Lot Size – 0.01
  • Spreads – Variable
  • Minimum Spreads for EUR/USD – more than 0.5 pips for Mini as well as Standard; more than 0.1 pips for ECN

10. FBS

Last but not least, FBS is on this list. FBS is an official and one of the top 10 best forex brokers in the world licensed by the International Financial Services Commission (IFSC/000102/198), making it a trustworthy and reliable broker. FBS provides its clients with the best trading conditions available on the market, including numerous bonuses, convenient trading toolkits such as classics such as currency pairs or Indices trading and trading stocks, irregular promotions, and the most transparent affiliate fees up to $80 per lot, 24/7 support service, and many others.

First, it is critical to remember that becoming a successful trader does not happen overnight. Understanding the market takes time, and there are a lot of new terminologies to learn. As a result, official brokers such as FBS provide Demo accounts. To launch a Demo account, traders must register first and then download the trading software to open and close their order.

  • Broker Class – ECN/STP, DMA/STP, MM
  • Lowest Deposit – $5
  • Deposit Methods: Visa/MasterCard, YuuPay (3% commission), Neteller, Skrill (7.5% commission), OKPAY, FBS Exchanger, Wire Transfer, etc.
  • Highest Leverage – 500:1
  • Lowest Lot Size – 0.01
  • Spreads – Fixed and variable
  • Minimum Spreads for EUR/USD – 2 pips for Mini accounts as well as 1 – 2 for Standard accounts.

That is all about this guide. The guide has tried to cover everything about the world’s top 10 forex traders. So, traders, you can select the platform based on the advantages it provides and the features it has. Trust and reliability are also some of the things that you must consider when finalizing on the Forex brokers. Thank You!

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