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IC Markets Review 2023 – Trade with True ECN Forex Broker

IC Markets Review

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IC Markets is a popular and world-renowned broker in the currency and CFDs markets founded by Andrew Budzinski, a reputed entrepreneur in 2007. Our IC Market review research reveals that the firm offers traders competitive spreads and a wide range of tradable items across multiple asset classes.

IC Markets is based in Sydney, Australia, with company headquarters at 6 309 Kent Street Sydney, NSW 2000. Our research for this IC Markets review reveals that, compared with the most prominent brokers, this particular broker stands out as one of the best forex broker a trader can choose.

To get started, traders will need to fund their IC Markets’ minimum deposit, set at $200.

As far as our research goes, traders should not worry about safety concerns because IC Markets is appropriately regulated. The broker is currently registered under three major regulatory bodies. They include the Seychelles Financial Supervisory Authority (FSA) and the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Exchange Commission (ASIC).

The IC Markets live account opening process is easy and fully digital, allowing you to trade as soon as possible.

Because of the safety precautions and a good reputation in the currency and CFDs market, IC Markets is perfectly safe for both beginners and advanced traders.

IC Markets review details show that the firm promotes itself as the most suitable broker for traders who move high volumes, use algorithms or scalp. Their fast execution speeds are courtesy of their New York Equinix Data Center. Using this resource, they can process up to half a million trades a day.

In addition to the fast execution speed, traders who want to learn more about the market can integrate with ZuluTrade and MyFXbook.

IC Markets Review 2023 Quick Summary


🏢 HeadquartersAustralia
📆 Established2007
🗺️ RegulationASIC, CySEC
🖥 PlatformscTrader, MT4, MT5
📉 InstrumentsFX, Equities, Commodities, Futures CFDS, Stocks and Bonds, Crypto trade
💳 Minimum Deposit$200
💰 Deposit MethodsWire Transfer, PayPal, Credit Card, Skrill, Neteller, UnionPay, FasaPay, and Poli.
📱 Mobile TradingAvailable
🌍 Web TradingAvailable
💵Minimum Trade Size0.01
🎢 Maximum Leverage1: 500
🌍 ECNAvailable
🤖 RobotsAvailable
🎯 ScalpingAllowed
☎ Customer Support24/5



IC Markets open an account

What We Like About IC Markets

  • They have institutional-level liquidity available to those on the raw spread accounts.
  • If you want to trade commission-free, IC Markets has accounts that charge no commission.
  • Their platforms are not limited to MetaTrader as they include cTrader for mobile, web, and desktop.
  • They have available customer support 24/7
  • Their range of products is adequate.
  • They provide an extensive library of educational and research resources.

What IC Markets Could Improve

  • New traders may find it hard to pick products to trade because of the wide range. If IC Markets could guide beginners on how to select products, it would be a welcome addition.

IC Markets Regulation

IC Markets operates across multiple jurisdictions. Because of that, they can only be considered safe if they are well-regulated in all jurisdictions. Our IC Markets review research shows that IC Markets is registered with the following regulatory agencies:

  • The Australian Securities and Investments Commission (ASIC)
  • The Cyprus Securities and Exchange Commission (CySEC)
  • The Seychelles Financial Supervisory Authority (FSA)

All of these authorities have a good reputation for upholding financial accountability among brokers. Your money will be safe. In case of any irregularities or unfair treatment, you can always take legal action through the regulatory authorities.

To confirm the IC Markets registration on these regulatory agencies, we check the registration number on each agency’s respective websites.

IC Markets became registered with the Seychelles Financial Supervisory Authority (FSA), in July 2019. The rules about brokering firms were changing and still are changing even today. Global regulations for CFD brokers are different.

By registering with the FSA, IC Markets is legally allowed to accept traders from outside Australia. The traders can access advantages that include high IC Markets leverage, which Australian clients enjoy.

To offer more protection, IC Markets does the following things as well:

  • They hold segregated accounts for client funds through Westpac Banking Corporation and National Australia Bank.
  • They bring in third-party auditors to check the books and compliance.
  • They are a member of the Australian Financial Complaints Authority.
  • They have segregated accounts for their FSA-regulated clients at Barclays Bank.

Our IC Markets review shows that the broker outstanding, except that they do not have investor compensation funds for clients with accounts overseen by FSA and ASIC regulation.


IC Markets open an account

IC Markets Review – Open an Account


IC Markets Bonus for Deposits

Because of changing regulations across many jurisdictions, IC Markets bonus offers are not allowed. Some brokers encourage traders to sign up by offering to match the deposit bonus or a welcome bonus.

If you find any IC Markets bonus offers, you should check them out first before you click on them. It is better to get any rewards from the brokerage firm, instead of third-parties.

IC Markets Trading Fees

The cost of trading varies from broker to broker. Logically, any trader wants to get the most cost-effective way to trade. Our IC Markets review of the trading fees shows that they range in the same level as many of the competitors. However, it is always good to get the details.

Comparing the rates between two brokers is hard because of differences in account types and jurisdictions. To make the process smooth, we take a look at some of the common tradable currency pairs and CFDs, which all brokers offer.

Let’s start with the stock CFDs found on the S&P 500 and the EUSTX50.

Using the European cap IC Markets leverage of 1:20, a trader takes a $20,000 position on a stock index for one week before selling. These are the projected fees that the trader will have to pay:

Stock Index

When trading with this broker, the stock index CFD fees are included in the IC Markets spreads. The financing rates are higher than the competitors. Here is what a trader would have to pay in terms of financing fees when trading with IC Markets:

Stock Index

Using the leverage of 1:30 on the major currency pairs we mentioned above, the same trader would pay the following fees, if they took a $2,000 position for a week.

currency pairs

Overall, IC Markets fees are not very different from other brokers, aside from the high financing rates.

As you will find out, non-trading fees are low. Account opening is free, and the IC Markets minimum deposit is set at $200. The details we gathered for this IC Markets review indicates that you will not have to pay inactivity fees, deposit fees, or withdrawal fees.

IC Markets Withdrawal- Deposit Options

IC Markets open an account

IC Markets Withdrawal Options

Depending on the method you use, your withdrawals and deposits are processed in 2 to 3 days. As we have mentioned, you will not have to pay withdrawal or deposit fees. The bank you transact with may charge you transfer fees, but the broker will not.

Because they are a regulated company, they do not manipulate market prices and are obligated by law to honor all the deposit and withdrawal requests sent to them. If they violate the regulations, you can make an official complaint with the relevant regulatory body overseeing your country of origin.

IC Markets Deposit Options

The deposit process is easy, with many channels for traders to use. They include:

  • Bank wire transfer
  • Credit and debit cards
  • PayPal
  • Neteller
  • VIP
  • Skrill
  • UnionPay
  • Bpay
  • FasaPay
  • Broker to Broker transfer
  • Thai Internet Banking
  • Rapidpay
  • Klarna
  • Bitcoin Wallet
  • Vietnamese Internet Banking

With multiple options like these, traders can now choose the most convenient method for them. It makes the process of depositing funds and trading very easy.

IC Markets Account Opening

IC Markets Account Opening

On IC Markets, the account opening process is quite easy and follows the same procedure as most brokers. The account will most likely be approved within a day. IC Markets live account accepts clients from anywhere in the world.

You will have the following base currencies to choose from:

  • USD
  • EUR
  • AUD
  • HKD
  • NZD
  • JPY
  • CAD
  • CHF
  • GBP
  • SGD

To get to the account you need, go to the IC Markets home page and click where it says ‘Start Trading.’ If you want the IC Markets demo account first, click where it says ‘Try a Free Demo.’

We recommend the free IC Markets demo for new traders who doesn’t have much experience. With it, you will be able to access the markets in real-time and virtual currency to train yourself and hone your strategies.

Clicking on the account creation button will direct you to an account registration page. There, you the steps you have to take to get the account. As usual, you will be required to provide personal details, your level of expertise, and any other relevant information, make account configurations, and then make a declaration.

When you are done filling the spaces, submit and wait for IC Markets to approve your account. After you get account approval, you will have access to the Secure Client Area, where you can fund your account and be allowed to start trading.

IC Markets open an account

In the sign-up process, you will need to verify your address and identity. The broker will ask you to upload the relevant information that proves what you have filled in the form. The uploads for identification could be:

  • A government ID
  • State-issued ID
  • Passport

The uploads for address proof include:

  • Bank statements
  • A recent and valid utility bill
  • Any other official documents that confirm where you live.

Make sure that you read the IC Markets instructions to ensure that the upload you make is relevant. Sometimes, the requirements can differ from one broker to the other.

IC Markets open an account

IC Markets Account Types

Account types are some of the reasons why brokers are different. The spreads, commissions, platforms, financing rates, and other important details, are usually included in the account descriptions.

Our research for this IC Markets review finds that you will get three main types of accounts to choose from.

Consider the trading costs, platforms, spreads or commission, and other relevant details to make the right choice. The three main IC Markets Account types are:

  • The Standard Account (For MetaTrader)
  • The Raw Spread Account (For MetaTrader)
  • The Raw Spread Account (For cTrader)

For those who need IC Markets demo or swap-free accounts, the broker provides.

Here are the detailed looks at each IC Markets account and what you can expect.

The Standard Account (For MetaTrader)

The IC Markets Standard Account is best for discretionary traders, who like to use MetaTrader. All trading styles are allowed, meaning the account will not limit what you can and can’t do. There is an Islamic account, for users who require swap-free trading.

  • The commission per lot: $0
  • Spread: 1.0 pips
  • Minimum deposit: $200
  • IC Markets Leverage 1:500
  • Micro Lot Trading (0.01) is allowed
  • Stop Out level at 50%
  • One-click trading and CNS, VPS Cross-connect available

The server used for this account is located in New York, which means traders experience low latency in execution speeds. Traders have access to multiple asset classes that include 64 currency pairs and Index CFDs.

Raw Spread Account (For MetaTrader)

This account is best for traders who wants to trade with expert advisors and those who prefer scalping. Because they allow all trading styles, you will not be restricted to some trading methods. In addition to that, Islamic account facilities are there too.

  • The commission per lot: $3.5 and $7.0 per lot round turn.
  • Spread: 0.0 pips
  • Minimum deposit: $200
  • IC Markets Leverage 1:500
  • Micro Lot Trading (0.01) is allowed
  • Stop Out level at 50%
  • One-click trading and CNS VPS Cross-connect available

The server for this account type is located in New York and provides users with the speed they need, in terms of execution. It is also important to know the server’s location, so you know which one to connect to when on MetaTrader.

The Raw Spread Account has 64 currency pairs and CFDs trading.

IC Markets open an account

The cTrader IC Markets Account

IC Markets recommends this for day traders and scalpers. As with the other accounts, all trading styles are allowed here too. The cTrader accounts have swap-free provisions for Islamic traders who need them.

  • Commission per lot: $3.0 and $6.0 per lot round turn.
  • Spread: 0.0 pips
  • Minimum deposit: $200
  • IC Markets Leverage 1:500
  • Micro Lot Trading (0.01) is allowed
  • Stop Out level at 50%
  • One-click trading and CNS VPS Cross-connect available

The currency pairs available on this account are 64, same as with the others, with Index CFD trading.

By looking carefully at each of the accounts and what they can offer you, it will be easy to decide which one works for you. It helps when you have a list of expectations to guide your choices.

IC Markets Platforms

IC Markets Platforms

IC Markets platforms are comprehensive and available across all devices. You will have two software options to choose from; MetaTrader and cTrader. You’ll be happy to know that cTrader is available for web traders and Algo traders.

MetaTrader clients can choose to get either IC Markets MetaTrader 4 or IC Markets MetaTrader 5 on the web, mobile devices, and desktop.

From the secure client area, you can download and use these platforms. To gain more insight into the platforms so you can pick the best one, we will get into some detail.

IC Markets cTrader

Combining speed and high-performance value, cTrader allows you to access deep levels of market liquidity. With it, you can trade all the 64 currency pairs available on IC Markets and the 16 major equity indices that they offer.

If you would like to trade with the superior functions offered by cTrader and stream prices from significant liquidity providers globally, this is the platform for you.

From the IC Markets website, we noted that cTrader has several advantages, and here are some of them:

IC Markets open an account

Tight Spreads

With the average spread of the EUR/USD pair at 0.0 pips on IC Markets, it is easy to see why the traders would like to use this broker. The average spread on the same pair from other providers is usually at 0.1 pips. When using cTrader, you can enjoy this type of cost-effectiveness.

Rapid Order Execution

The server at the London Equinix Centre makes IC Markets able to execute orders very fast when clients are on cTrader. The data centre ecosystem houses 600+ firms, ventures, exchanges, market data, and services from which a trader benefits.

Unrestricted Trading

You can scalp, hedge, and use any legitimate trading method that you like. There is no minimum on order distance, and the freeze-level on cTrader stands at ‘0’.

Access to Level II Pricing

The orders you make are filled against the full order, using VWAP (Volume Weighted Average Price). Clients can have transparency that allows them to see the forex pair liquidity and volumes of each price level. Nothing is kept out of sight.

Smart Stop Out Option

When you are trading, you need all the protection you can get. On cTrader, you will enjoy the maximum protection from an advanced algorithm that helps you as a stop-loss function.

In addition to all these features, you will enjoy additional features on IC Markets cTrader. They include:

  • An expanded ‘symbols display.’
  • Several ‘order’ types.
  • CFD quotes and reports in real-time

You get a lot more when you are on cTrader, including bypassing a dealing desk. The costs are lower, the risk control is high, and you get to pick how much leverage you want.

IC Markets open an account

IC Markets MetaTrader Platforms (MT4/MT5)

Both MetaTrader 5 and MetaTrader 4 IC Markets are available for download on Mac, Windows, Android, and iOS devices.

When using MT4, you will be able to access features like:

  • Fast order execution
  • Multiple timeframes and chart types
  • Unrestricted trading
  • More than 30 technical indicators
  • Real-time quotes on CFDs and forex

MT5 users will have similar features as well as experience as MT4 users, with the added benefit of several upgrades and news features that come with the new version.

The additional features on MT5 include:

  • Connections to Raw prices
  • Spreads that start from 0.0 pips
  • A view of the market of up to level II, complete with technical indicators
  • Improved strategy testing for EAs and algorithms
  • Automatic trading, powered by EAs and other tools from MQL5 community

It is best to find out which of the two MetaTrader versions you are most comfortable with. Sign up for the IC Markets demo account and test each one to see how you feel about them. After that, you will have no trouble choosing the one that works best for your strategies and style.

IC Markets open an account

MT4 and MT5 Webtrader

The features you get on the desktop app are the same as when trading straight from the browser. You will not be missing anything when using the web trader. It is convenient for when you are on the go, using a laptop, and are unable to sit at a terminal.

Top IC Markets Additional Features

To pick the best broker, always look at the additional value that they bring to the table. Most of the other brokers have platforms and other features that IC Markets has, but there are unique features that set this broker apart. Here are some of them:

They have social trading

IC Markets allows clients to easily integrate the platforms they use, with social trading services. With the social forex trading platforms, beginners and experts alike can look at the trades of other good traders and learn from them. Making comparisons helps people learn faster.

High net-worth individuals are accommodated

With API trading, high net-worth traders can get direct access to liquidity providers who have deep liquidity pools.

Automated analytics

To gain insight into ideas, IC Markets traders can access the Trading Central section and get the best ideas. Not only will this make them better traders, but also improve their analysis skills.

IC Markets Commissions and Spreads

As we mentioned earlier, some of the accounts are commission-free, and others are commission-based. To get the full idea of how much you will pay, you need to look at which account you have and the financial requirements.

A look at the spreads shows the following trends.

NOTE: These tables are partials and do not show the full list of information. To see everything and how it is charged, check out the IC Markets website.

  1. Forex
  2. Commodities
  3. Indices
  4. Metal
  5. Bonds
  6. Cryptocurrency

IC Markets Commissions

The commission charged on cTrader is per side, per 100,000 USD traded. That is different from MT4, where the amount is fixed per lot. The commission you will pay on the cTrader platform is $3 per 100,000 USD traded.

NOTE: The USD’s commission is converted to the base currency you chose when opening your account, using the current rates at the time of your transaction.

This table is accurate at the time of writing this review and shows how much commission you will have to pay, corresponding to each account base currency.

IC Markets Commissions

IC Markets open an account

The commission charged typically varies depending on the account you are using.

IC Markets Education and Research

IC Markets has a comprehensive educational section that provides details about forex trading, technical analysis, fundamental analysis, risk management, trading psychology, and strategy. These educational resources are provided in the form of blog posts and videos.

If you are a complete beginner when it comes to platforms, you should rest easy because IC Markets has tutorials for the platforms they provide.

As for research, you can find most of the information you need from their ‘Information Hub for Serious Traders’ section.

There, you will see categories like company news, fundamental analysis, technical analysis, education, and trading data.

There are regular updates on the Weekly Outlook and review posts. The economic calendar is on the homepage, as well as a forex calculator.

Combining these tools will give you the visibility you need to make informed trades.

IC Markets Customer Service Experience

IC Markets Customer Service Experience

As with any broker, you could meet challenges and other issues that need addressing. To get it right, you may need to call, email, or text the customer support. You’ll be glad to know that they are prompt, accurate, and helpful.

The General Experience

IC Markets’ strategy is to market itself as the best option for high volume traders. However, their features are suitable for beginners and low volume clients too. If you pick the account that works best for your style and strategy, you should have no problem staying profitable.

With great spreads, demo accounts, a library, research material, great support, and other additional trading features, the trading experience at IC Markets gives traders a great environment to thrive.

The platforms are available across all devices (Mac and Windows) & (Android and iOS). To learn how to trade better or compare your strategy with that of your favourite traders, you can use the integration for social trading or copy trading, through ZuluTrade and MyFXbook.

You get to choose if you want to use a commission-based or commission-free account. As for algorithmic traders and scalpers, you’d be happy to know that there are no requotes and no restrictions.

The trading environment is generally a welcoming one that seeks to cater to every trader.

In Conclusion

One of the things in which IC Markets stands out is at the level of customer service. Because it is an international online broker, they provide clients with multilingual assistance 24 hours a day, five days a week.

As this IC Markets review has shown, you can get benefit from the many features that make them unique best forex broker.

IC Markets has a security system that protects your data via encryption. They excel at service provision, because of experience, after more than a decade in the industry.

With regulations from FSA, ASIC, and CySEC, the security of funds and legal operations are guaranteed. Because of their data centres in London and New York, traders can now get the best out of the fast executions.

They offer competitive services and provide a wide range of markets and advanced commercial platforms.

You can open an IC Markets live account by filling out the application form via the website and start enjoying your trading now.



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Narrowing down the number of FX brokers to just the top 10 forex brokers in the world is complicated. However, we have made a list of the top 10 forex brokers and as with the previous lists; it took vast amounts of forex education.

Many of the experts who provide most of the forex education on our site made the top 10 forex brokers in the world list. They included in this process, many important things you should know.

Safety Measures

One very important factor while considering a broker is the safety features available to you. Nevertheless, a good forex broker ensures that your money remains safe and will do everything possible to keep it so. If you want to know what these features may be, then read on:

Keeping data protected from third parties

In order to keep their customers’ accounts secure, top 10 forex brokers make sure that all of their activity remains secret, hence protecting them from getting hacked by other people even if they get access to the database. There are two types of people who can perform such kinds of transactions – either the brokers themselves or even their trainers. If they are not able to keep it a secret, then at some point, you might face a lot of problems because forex trading software is designed in such a way that no one apart from you should be able to use it. And the best forex brokers ensure that.

Proper use of technology and resources

It’s necessary that any forex brokerage company makes full use of the latest technologies available in order to stay highly competitive and offer the best security possible to its customers. They must even be able to invest in creating new IT infrastructure so they can always remain updated and notified about what is going on in the market and update their systems accordingly, complying with the safety measurements. Furthermore, they should not only invest in making new infrastructure but also need to improve them continuously so they can meet future security requirements.

No trading without authentication

According to our research, top 10 forex trading brokers are required to authenticate a trade by the account holder to ensure security. There may be some cases when people think that maybe someone else has hacked into their account and pretended to trade with it under their name.

If that is the case, then you should also be able to login into your account from a different computer or a device that you haven’t used before. If you can’t do it, then it means that there is some problem with the authentication, and the brokerage firm should resolve it as soon as possible while keeping your funds safe at all times. In fact, they should also let you know about such kinds of activities going on in your account.

One problem with many people who keep thinking about how secure their data with the broker is in case of any database hack or whatever. It might happen, but if your broker is doing its job well, you don’t have to worry about it. However, strictly keep in mind that there are many other problems that can arise anytime, and these include events like a server crash or even a market crash.

In such times, the first thing that the top ten forex brokers do is to make sure that all of their clients’ accounts remain safe, and they ensure this by making use of the latest technology as well as proper backups. So, you should look for a broker who takes such measures as part of their standard security protocols. Otherwise, you cannot be guaranteed anything at all.


Although the forex market doesn’t have any unified regulations, the regional regulators play an important role in helping to ensure that all those trading or investing in the financial markets are treated fairly and that the market itself operates as fairly as possible. The nature of those regulatory bodies varies from one country to another, but there is a surprising degree of overlap between them. So, when you are listing the top 10 online forex trading platforms, make sure the broker is regulated via one of the top forex regulations in the world, such as-.

  • Australian Securities and Investments Commission (ASIC) – Australia The Australian Securities and Investments Commission (ASIC) is an independent Commonwealth statutory authority. It has the responsibility for enforcing the Corporations Act 2001, which regulates corporations, financial products, and services in Australia. This includes company registration, regulation of financial market infrastructure, the payment system including the safety and soundness of financial institutions, superannuation regulation, and consumer protection in relation to financial products. ASIC was established on 1 July 1998 by the “Australian Securities and Investments Commission Act 1998” to administer the Corporations Act 2001.
  • Financial Conduct Authority (FCA)- UK

The FCA was created to regulate all forms of financial activity within the United Kingdom, including Forex activities. Further, it has been cited as playing a role in encouraging foreign exchange companies to move their businesses into London after many left or were forced out of other countries due to stricter regulations on Forex brokers. The FCA also regulates any actions that may affect the stability of Britain’s financial system, both directly by holding shares in troubled institutions and through strict rules regarding insurance against failure. This means that it takes an interest in many large organizations involved in banking, insurance, and other finance-related activities.

  • Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA)- USA

The CFTC was created in 1975 with a mandate to regulate off-exchange commodities transactions, including forex. Moreover, it aims to protect market users and the public from fraud, manipulation, abusive practices, and systemic risk related to derivatives traded outside exchanges. Since 2000 it has applied its rules to any firm offering retail forex products in the United States either directly or indirectly through an affiliate. In 2008 Congress approved legislation that brought certain aspects of the regulation of retail foreign exchange dealers under US Treasury supervision.

Currently, the National Futures Association (NFA) is the primary regulator of Forex activities in the United States, but there are some other regulatory bodies that also offer licenses to companies that are regulated by them.

  • Monetary Authority of Singapore (MAS)- Singapore

Currently, the Monetary Authority of Singapore (MAS) is the main regulator of Forex trading in Singapore, which is also one of the top-tier regulators. So, if you find any broker that is regulated by MAS, you can keep that in the list of the top 10 best forex broker in the world.

Apart from these, there are some other regulators you may keep in mind while researching on top 10 forex trading sites. They are Cyprus Securities and Exchange Commission (CySec), Financial Market Authority (Austria), Dubai Financial Service Authority (DFSA), and more.

When it comes to forex brokers, we always want to know that they are regulated. When they are not, it becomes a problem because this lack of regulations opens up doors for fraudulent operations.

Before you sign up with a broker, always make sure that they are appropriately regulated. When you check the bottom of the website for any broker, you will find a license number, if they are genuine.

If you do not see it, ask them for it or avoid them because that is a red flag that they may not be who they say they are.

If they have the number, just copy it and check for their name on the website of the regulator that they claim oversees them. If you do not find it, you should know that they are lying. Some of the most well-known regulators in the world are:

With these, you can never go wrong. If the broker is not certified by them, they do not qualify for our list of the top 10 forex brokers in the world.  The more the regulation a broker licensed, the better. However, it is not the only metric that makes the companies qualify.

How Old Is the Company?

This is another criterion that is related to the reputation of the broker. If the forex broker is old, you may assume that it is a legit broker. And that is why it is still doing business. So, when you sort the top 10 brokers in forex, make sure you check the age of that broker. However, sometimes the old brokers may have a bad reputation too. Hence, you will need to research precisely on that broker.

The reputation of a company can help you know about it even before you meet anyone from there. Some of these companies are on the top 10 forex brokers in the world list because of reputation.

Several trusted financial authorities, experts in the forex market and customers speak well about them.

Most of these top 10 forex brokers get their name out there by doing things that include offering free forex education on their websites. We look out for where they get mentioned, why and the impression we get from that.

Customer Reviews

Nowadays, with the availability of the internet, you can easily find the users of a certain broker. You may find them on social media community pages, forex-related forums, and some successful traders might have their own blogs. So, when choosing a forex trading broker, make sure you check out the authentic reviews from the real users. Nevertheless, this will give you a better idea about the brokers you are going to choose.

This is a big part of something that we call ‘social proof’ in the world of digital marketing. The word of someone who has used service is worth more than an advert. We read through reviews left by customers to compile an acceptable top 10 forex brokers in the world list.

Reviews make up some points we use in the rating system. However, on their own, they represent accuracy. You want to know that the people telling you an FX broker is good to have the first-hand experience.

Reviews help with:

  • Providing a cautionary step before you take any action
  • Giving you social proof
  • Assuring you of credibility
  • Confirming the reliability of a company

We read as many of them as possible to get a clear picture of a company.

Forex Ratings

This is something we do mathematically. Calculating points is not an easy feat. We base it on so many things. Among them, one is forex education. To understand what it’s like to come up with a rating system, you first need to know what’s important.

When picking the top 10 forex brokers in the world, there is a criterion. The criterion helps us categorize features, services, and versatility.

Here is a list of some of the most important things we consider:

  • Regulation Authorities
  • How Old Is the Company?
  • Offices and Branches
  • Commissions and Spreads
  • Analytical Services, Reviews, and Forecasts
  • Customer Reviews
  • News About the Company
  • ECN and PAMM Accounts Availability
  • Forex Competitions
  • Education for Free
  • Number of payment systems available
  • Automated withdrawals
  • Website performance

After doing the ratings, it becomes very easy to pick the names on our top 10 forex brokers in the world. As you can see, it is exhaustive. We examine all the angles we know you care about as the customer.

Trading Cost, Commissions and Spreads

The trading costs and spreads are something that affects every trader equally — new or experienced alike. In general, the lower your trading costs and spreads can go, the better off your profitability will be over time. Trading cost is a vital issue for market participants as this will affect the traded volume and prices. In forex, the trading cost is composed of brokerage fees and spread. The spread mainly includes a bid-ask spread that is set by the FX brokers.

Besides the bid-ask spread, there is also a service fee that must be paid after opening any position via your broker or trading platform. This means that you will always pay more than what you receive as immediate gain. However, this should not be seen as an additional cost but rather as a necessary expense for trading with the aim of earning a great deal in the long term.

In all honesty, when you are getting started in forex trading, it is difficult to know how much your spreads will cost before you start trading. This can even be true for experienced traders unless they have intimate knowledge of the prices of currencies and how they move within the market. Nonetheless, the brokers should give you an idea about the spreads and charges they impose. So, don’t make the of overlooking this criterion because it’s all about costs, and all traders have the same access to the same data.

The opportunity for a broker to take advantage of you comes in when they do not come clean about the charges. When we look at the commissions and spreads, we want to see them at the industry standard or even lower than usual.

To be clear, we do not pick the top 10 forex brokers in the world because of unusually low fees. The trading fees need only to be reasonably low and not too low. When the deal starts to look too good, always be careful because that is a sign of a scam broker trying to get you.

In picking the top 10, we look at the brokers with the lowest spreads among the points that we look at. When they allow you to make profits reasonably, we add them to our shortlist as we check the other things.

Sometimes, the brokers might advertise a low spread and not have it. In most markets, the aim for most traders is to look for the lowest spreads because they allow you to trade cheaply. So, we make sure to look at the validity of the claims before picking them for this list.

The trader wants to have a profitable strategy that will allow them to lower the transaction costs, as much as possible. Since the spread is the difference between the bid and asks prices, standard accounts will try to charge as much as they can without oppressing the trader too much.

Account Types

When it comes to forex trading, one of the first questions that usually gets asked is, “What different kinds of forex accounts types are there for me to trade with?” There are several types of forex brokers and what they offer varies widely. However, there are essentially two main types of accounts that an individual can open with a broker: a demo account and a standard account. Which type you chose has several implications on how you can ultimately look at market prices and trends, the maximum number of trades you may place per month, as well as how much you can trade during any given time period.

Forex Demo Account

The most common types of accounts that will open up to traders are called “forex demo account” or “Margin” accounts, and there are many differences between the two. Margin accounts tend to carry larger balances and incentives for deposits, whereas the demo accounts offer no such benefits (the Euro/USD market might trade around 5m per day on average). A margin account also requires verification of identity before being opened up, whereas a demo account does not need this level of verification.

If you are trading with a broker who offers both types of accounts, then it’s really worth considering opening up a Demo to test the water first before committing to anything real. It’s also important to note that most demo accounts will have negative balances, which means that you cannot afford losing more money than is in your account – while possible, in theory, your broker would never allow you to for obvious reasons. This has its advantages and disadvantages, but if losing money is something which scares you, then having an empty bank balance on the other side should make things less stressful!

Standard Account

The forex standard account is one of the most common types of forex trading accounts. As the name implies, it has standard features like leverage and margin. While this account may be used for all types of trading strategies, it’s best suited to medium-term traders. It can also be great for new traders because funds are available almost instantaneously after a trade closes.

The primary difference between the Standard Account and other types of accounts is in how much leverage is available. In general terms, leveraged accounts require less money from you to start making trades when compared with non-leveraged or “cash” accounts, which make your initial investment an important factor when deciding what type of account to open. In any case, it’s important to remember that you should never risk more than 2% of your account balance on a single trade.

Forex Micro Account

An account that has a mini lot size of 0.01 per unit is termed a Forex Micro Account. It can be opened by any trader who wishes to do so, provided the brokerage rates are reasonable and in accordance with market standards. Further, with smaller trade sizes, it becomes easier for traders to monitor their positions closely and fine-tune profitable strategies without incurring too much risk per trade. Of course, when trading via an automated, there shouldn’t be much human interference.

Forex Mini Account

A mini account allows traders to trade smaller amounts than standard accounts. This type of account is the perfect way for people who are new to forex trading or do not have the capital required to open a regular account. Because the Forex market is really unpredictable, it’s not recommended for people who are outside of financial markets.

The name “mini” accounts is a reference to the quantity of the underlying asset that is traded.

The main idea behind Forex mini accounts is to enable inexperienced traders and/or those with limited funds to learn how to trade without risking too much money or time on forex trading, but also allowing experienced traders to add a new account for diversification purposes.

So, when you are seeking the top 10 forex brokers in the world, make sure the brokers offer all these account types to ease your trading.

Account Cost

The forex market is full of different aspects that are known to be confusing for beginners. One thing new trader soon learn about is the cost of having an account with a broker, also known as the commission on their trades. Some brokers try to hide this fee within another charge, while some make this fee very confusing and distant before you sign up.

What surprises some people is that there are actually many types of fees associated with opening or maintaining your forex trading account; some even include monthly charges on balances over $1,000! Here’s a list of all the costs may involve once you open an account with the best forex broker.


This fee goes by many names – “commission” or “account service charge” – meaning there are many different ways for brokers to sell you on this fee.

Often this fee is given in percentage form, meaning the more money you make in your account, the more money they will take. However, this commission can be calculated based on a fixed rate (e.g., $1 per round-turn lot) or as a percentage of the spread (e.g., 5% of each side). It’s important to note that these fees may be deducted automatically once you place your trade, regardless if you opened/closed at break-even. However, some brokers require active management and charge if your position cannot cover their fees before execution.

Some brokers waive their regular commission fee by opting to charge higher rates for smaller accounts. This minimum commission can be charged on a per-lot or percentage basis, and it’s typically lower than their regular commission fees.

Monthly Account Service Charge

Some brokers would include a monthly service charge on all accounts regardless of whether it was active the previous month, while others exempt low-balance accounts or those with a higher volume of trades. This fee can be as high as $15 per month, but there are usually no services for the regular traders.

Inactivity Fee

This charge is a monthly fee on inactive accounts. It’s common to see this on larger accounts that have no transactions during one year or so. In extreme cases, some brokers will close your account without warning!

Withdrawal Fees

There are several different withdrawal fees associated with each of your financial institutions from where you are trading; these may include an outgoing wire transfer fee, e-payment processing fees, deposit fees, and more. Your broker will also charge a fee for any withdrawal that goes through their system; some brokers waive your first few withdrawals or commission on those transfers made to the next broker in the chain (i.e., chain of brokers).

However, the wire transfer fee is usually charged by the bank. This is charged by your bank when you request a wire transfer and will likely be included as part of your monthly service charge or withdrawal fee; some banks even increase it if you don’t maintain an active account.

E-Payment Processing Fees

There are many types of e-payment processing companies such as PayPal, Skrill; these companies typically take a fee equal to 1-3% of the transaction amount depending on how you’re funding your account.

Deposit Fees

Sometimes you may need to pay deposit fees for a wire transfer or digital money transfer. For example, each e-payment processing company also has its own fees associated with making deposits into your trading account. However, banks are notorious for charging wire transfer fees to send funds electronically outside of your country!

Slippage/Liquidity Fee

This is a common term in the trading industry that means the difference between the best bid and ask price – it’s actually a spread and not a fee! However, some brokers may charge an additional commission on the spreads to counter their risk of providing liquidity to you. It can range from $0.01-$0.10 per side (bid/ask) depending on which currency pair and broker you’re trading with; as such, you should avoid brokers that don’t provide this fee as it means they’ll likely be charging higher commissions.

So, when researching the top 10 forex brokers in the world, you should be aware of these fees. And pick a broker that charges the lowest fees. Thus, you can maximize your profit.

Trading Feature

When you are looking for some of the best traders, you can find brokers with some exceptional features. So, the features you should look at are-

Execution Model

Execution models are discussed frequently but not always understood by traders. There are several execution models in forex. In fact, in our experience working with retail clients over the years, they have been known to change from one execution model to another within a single account, even when dealing with just one brokerage house. This is because, in my opinion, most FX brokers don’t offer a true ‘one size fits all’ solution in this area and so prefer to cater to individual needs by tailoring their offering accordingly. Execution methods may also be known as order handling methods or order routing techniques, depending on who you ask.

However, the forex execution model can be confusing for some and can certainly vary between FX trading brokers; as such, it’s important to understand what the differences are prior to opening an account. It’s also worth to point out that there is no right or wrong method here; this isn’t a case of one method being ‘better’ than another- rather, each broker will offer a solution which either suits their own business plan and/or the way they feel (rightly or wrongly) that clients should trade online. Professional traders will usually have an idea about their preferred execution method and, where possible, should choose a broker who fits that requirement. Retail clients, however, may not appreciate the implications of their choice, so it’s certainly worthwhile reading through this article to gain at least a basic understanding of the execution model and its potential implications for you as a trader.

Trading Tools and Platforms

Trading platforms and forex tools are among the more important factors for experienced traders as well as for newbies. In general, you will want a platform that provides you with a wide range of technical analysis tools along with a good array of charting options, including different time scales, studies, and overlays, so that you can conduct high-quality market analysis. Further, you will also likely want a trading platform that supports at least one type of automated trading system (i.e., Expert Advisors), if not multiple ones from numerous developers. The reason is that there are certain tasks that can either be difficult or even impossible to conduct manually, if not downright cost-prohibitive (i.e., paying an EA developer to program your strategy).

There are three primary platforms that common retail traders use for Forex trading: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. Each platform has its own unique specifications; however, MT4 is the best platform to use.

MetaTrader 4

MetaTrader 4 (MT4) is not only popular among retail traders but also one of the major trading platforms for professional traders. Its interface is clean and user-friendly, which makes it easy for retail traders to get started quickly without much learning curve.

MT4 offers over 500 technical indicators, which is the widest range among the three platforms. Since Metaquotes was involved in its development, backtesting features are also available with MT4. It can run on both Windows and Mac OS X operating systems.

MetaTrader 5

MetaTrader 5 (MT5) is very similar to MT4, which means that it has almost all of the features that its predecessor has except for some notable enhancements. One major enhancement is that MT5 is designed to trade on forex elements. Further, other enhancements are that more new features are added with MT5 over the years, including additional technical indicators, support of new languages, widget development toolkit for customizing charts easily, responsive web version (HTML5), and many others. Whether these enhancements are worth the upgrade from MT4 remains a subjective question among retail traders as MT4 is still best for forex traders.


The strength of cTrader lies in its similarity to popular desktop platforms like MetaTrader 4, and it allows users to initiate trades on the Forex market. The application has all the necessary functionality and can be used by both novice and experienced traders alike. It offers a wide variety of analytical tools and enables an easy way to create strategies that will then be automated using Expert Advisors (EA’s). The system also makes it possible for traders to customize their workspace as they see fit, which would include such functions as multiple charts windows (for each symbol), custom indicator windows, drawing tools, and technical analysis tools. Further, it is all very user-friendly and requires no special programming skills.

So, you can enlist a broker in your top ten forex brokers list if the broker provides any of these three platforms.

Deposit and Withdrawal Methods

The top 10 forex brokers in the world offer a wide range of deposit and withdrawal methods. Forex brokers have woken up to the fact that their clients are demanding more options when it comes to payment processing, so they have done what it takes to accommodate every single customer’s needs. Some of these deposit/withdrawal methods are far superior for making deposits rather than withdrawals, while some are better suited for withdrawing funds rather than depositing them. However, the most common and demanded transaction methods are bank transfer, credit or debit card, payment by check, digital payment systems such as PayPal, Neteller, Skrill.

Market Availability

Many retail brokers currently offer numerous trading instruments in the forex market. However, they do not always provide their clients with all of the possible trading opportunities and access to all currencies. Before choosing a broker, you should check which currency pairs they offer for trading and whether they support one of the standard account types: ECN, STP, or Market Maker.

Many brokers have minimum requirements when it comes to account size, but some also require high minimums when it comes to margin requirements in order to enable investors to trade on a particular account type.

A major factor to measure the success of a trading strategy is the choice of available instruments. Unfortunately, not all brokers are created equal when it comes to offering traders access to one- or several-time frames at once. So, the market availability depends on the broker. So, you may sort the top 10 forex websites based on the offered instruments.

Many of you do not know where to look when trying to find the best ECN brokers online. In our list of the top 10 forex brokers in the world, we have listed some of them who have ECN accounts. With these accounts, you get direct access to liquidity providers.

PAMM accounts are a little trickier. With them, you make use of other traders who are more competent than yourself. They trade on your behalf, for a percentage of the profits. To be on the safe side, you should not go independent when it comes to this.

We have listed the best companies that offer access to this service, It allows you to make money without having to do all that work or take risks as a novice who may not be able to thrive in a competitive market.

Social Trading, Copy Trading

The steady growth of the retail forex market and the introduction of new Forex brokers into the online broker industry each year have provided a lot of opportunities for traders to trade and share their expertise with other people worldwide.

The Forex Brokers, who offer social trading features, allow clients to connect, follow and copy deals executed by other customers. Nevertheless, this provides a simple way to imitate deals done by successful traders without having to take risks involved in investing one’s own money. All deals made by those who wish to be followed are executed automatically as well as monitored under conditions determined by those investors’ profiles. For example, if an investor sets two parameters: the minimum rate of return and maximum risk level, then all deals that meet these criteria will be replicated. The investor may also choose to copy only profitable deals or invest in a deal only when the trader who opened it has already made, say, $10 of real money profit – this is known as “copy investing.”

Accordingly, both novice and experienced traders prefer the so-called social trading, a trend that is growing more and more popular. Social trading can also be described as copying trades from other successful traders on a professional level (it is a paid service). It goes without saying that good customer support is vital for social traders – they have to be sure that they will get all information about their chosen strategy in time. In addition, social traders also need support services, such as deposits or withdrawal of money, because it’s not always possible to do everything related to trading on your own.

If you are new to Forex trading, then social trading allows one to learn from the best-experienced traders and follow their trades online.

Customer Support

In the modern world of forex trading, brokers are under great pressure from traders. As a result, it is not easy for them to meet all expectations unless they provide top-notch customer support.

Customer support is important for many reasons. It gives away vital information to traders, which helps them make informed decisions about their investments. Hence, this means that good customer support tells traders everything about the broker’s services and offers. Additionally, because a trader has a chance to find out all necessary information beforehand, he or she does not have to waste time asking question after question during a live chat or by phone call when there are issues that need to be resolved in real-time.

So, a good review of great customer support is necessary when making a list of the top 10 brokers in forex.

Education and Research

Forex Education and research are two of the most important factors that every trader should consider before joining a forex broker. Nevertheless, an educated trader can be assured about his trading skills as well as an understanding of how to manage risk. Hence, it’s important for every newbie to learn some essential guidelines on how to trade in the foreign exchange market, its mechanisms, and also what features should be available at a Forex brokerage company.

However, trading education makes you aware of various tools & techniques used by professionals all over the world. It helps you diversify your knowledge beyond knowing about certain currency pairs’ investment strategies or getting equipped with profitable trading strategies. Training courses are usually designed to help you with the latest information about the forex market and help you obtain knowledge on how to manage your forex trading business properly.

Not only for novice traders but also for experienced ones, e-learning facilities prove to be useful in various ways. Some of the top services offered by Forex brokers encompass learning resources such as articles, videos, webinars, articles, etc. Further, these resources are not only used by professional traders but are globally appreciated across all categories of people who have an interest in making money by investing their hard-earned cash into this highly volatile market.

The more informed a trader is, the better he can manage his funds. Thus, the top ten forex trading platforms provide extensive resources to their clients so that they can make informed decisions. Some of the most useful tools include technical analysis, economic calendar, heat maps, pivot point calculator & Fibonacci calculators, etc.

Most of the top forex brokers in the world know that education for their customers is an essential thing. So, it is not uncommon to find that they provide it. Even the most professional traders know the value of information and will check information before they make a decision.

Having all the information you need for any of the things you need to do in the market is handy. Education forms the backbone of all traders who make it in the market.

News About that Forex Broker

We all know that a forex broker is an intermediary who helps the traders to trade in Forex at their own terms and conditions set by them. There are many brokers who offer the trading services with their unique features over its competitors. In order to become a highly successful trader, it is important for all the investors/traders that they choose a forex broker from whom he feels comfortable, secure, and reliable. One needs to select a broker from whom he gets a high return on investment; for this, one has to read about all the factors of different brokers before opening an account.

Therefore, the news about a broker is necessary to understand its current condition in the market. As a result, getting the latest news about the brokers is highly essential to put them in the top 10 best forex brokers in the world according to their performances.

Knowing as much about a company as possible, require that we look through their past to make sure that they are not hiding something that could be potentially damaging to the clients that they serve. The top 10 forex brokers in the world are the ones with a good track record.

Any company that is worth making it to the list would be in the news in one form or another. We also check what the people who signed up for it say. This helps us have a clear picture of what a company is all about so we can give you accurate information when we compile the top 10 forex brokers list.

How did We list the top 10 Forex Brokers?

We have assessed the top 10 forex brokers in the world based on 50 different factors that concern all aspects of trading. This includes how to open an account, which assets are offered, Security, Deposit/Withdrawal options, Customer service, Education tools, etc.

For example, you should take into consideration the type of Trading Platform provided by the broker and if it’s MetaTrader 4 or another platform like cTrader platform, etc. Which currency pairs are supported? Is there a mobile app? What is being said about this Forex Broker? Are they regulated by any organization? The answers to these questions have been divided into 5 subgroups with equal weightage (10 points each) and all of the criteria combined for a total score out of 100.

We have used a mix of Customer feedback, Overall score, and Trading experience for these top 10 brokers in forex. The Review is based on the comments from over 3500 Forex traders who have their comments about their dealing with these brokers. We also looked into other Forex-related websites to get a feel for what’s being said about them in the industry. There is full disclosure from our side because we don’t accept payment from the Brokers to list them in our top 10 list, nor do they pay us to be listed here- Either way, it’s up to you whether you want to trade with a regulated or unregulated broker. It’s your money, after all!

However, the list of the best top 10 forex brokers in the world will help you make a precise and informed decision when picking a Forex Broker while trading.

Which Forex Trading Strategy is Best for Beginners?

There are a number of questions that come to mind when one is considering Forex trading. One of the very common questions is, which Forex trading strategy is best for beginners?

Well, there are many different forex strategies out there. Some of them are complicated, with lots of indicators and numbers to crunch. Others are more traditional in their approach, with only a few steps involved. It all comes down to what you prefer as an individual trader. Once you understand your own strengths and weaknesses, it will be easier for you to identify which Forex strategy will fit your needs the best.

There are some basic ways to trade currency pairs: trend continuation following and range bound swing trading. Of course, there are casual strategies such as hedging and scalping that can be employed.

Most beginner currency traders prefer to use one of these methods based on either their personality or trading preferences.

Trend Following Method

This strategy involves finding currency pairs that are moving in an overall uptrend or downtrend and then buying/selling as it approaches support or resistance areas. It is a simple strategy to learn and very beginner-friendly. The only thing you need to know is where the trendlines are on your charts and how to place orders.

Swing Trading

This is a slightly more difficult strategy that requires a bit of intuition and timing, especially for beginners. With range-bound swing trading, one looks for currency pairs that bounce between an upper and lower channel line, waiting for the breakout trades prior to entering their positions. However, this strategy works well with the 15-minute chart as well as the hourly chart.

Bottom Line

The process of picking the top 10 forex brokers in the world is not an easy one, but we had fun doing it because it allowed us to know more about an industry that is one of the biggest in the world. As a trader, you will be safe when you go with any of these choices.

To make sure that no one has to fall prey to scams, we also prepared lists for those who want to know how to avoid scams, lists of true ECN accounts and other reviews that will complement this one to create a fuller picture that will make sure you are adequately prepared when you step out into the world of forex as a trader.

This article explained the proven ways to find the top 10 forex brokers in the world, while we also listed the top 10 forex trading platforms based on our research and uses. We have been doing business with numerous forex brokers for a long time, so we know what makes up a good broker and what does not, but to really find out how a Forex broker stacks up against others is not easy. It needs a lot of work, testing, and analyzing, which takes a lot of time.

And that is one of the reasons why people have to know the ways to do their own research. So, there is no doubt that this article will come in handy for the traders who want to learn to find the top ten forex brokers on their own. However, listing the best brokers based on testing can be very costly and time-consuming, although it’s worth every penny! So, if you don’t want to go through those costly and time-killing processes, you may choose any of the top 10 forex brokers in the world we have listed on this page.

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