Welcome to BrokersPulse
Honest forex broker
reviews.
Independent reviews of ten forex brokers, side-by-side comparisons, free lessons and practical guides. Every broker on our list holds at least one financial licence, and we show which regulators sit behind each entity, because that is what decides how well you are protected.
Updated September 2026
Top Forex Brokers
Every broker below holds at least one financial licence. We score each one against the same six published criteria and show the regulators behind it.
Last reviewed September 2026
1
IG
IG
- FCA
- ASIC
- BaFin
- FINMA
- +2
London-listed group with the widest regulatory footprint on this list.
8.5
/10 rating
2
FP
FP Markets
- ASIC
- CySEC
- FSCA
- Seychelles FSA
Dated, published raw-spread pricing and the widest platform list outside IG.
7.7
/10 rating
3
FX
FxPro
- FCA
- Bahamas SCB
- Seychelles FSA
FCA-regulated UK entity and five platforms, including cTrader and TradingView.
7.6
/10 rating
4
TM
Tickmill
- FCA
- CySEC
- FSCA
- Seychelles FSA
FCA, CySEC and FSCA entities plus a low-cost Raw account with a flat US$100 minimum.
7.4
/10 rating
5
AV
AvaTrade
- Central Bank of Ireland
- ASIC
- CySEC
- FSCA
- +1
Irish-regulated EU entity, ASIC entity in Australia and broad platform choice.
7.4
/10 rating
6
HF
HFM
- FCA
- CySEC
- FSCA
- Seychelles FSA
Low entry costs, real education and copy trading; international accounts run through an entity with no named regulator.
7.3
/10 rating
7
P5
Plus500
- FCA
- ASIC
- CySEC
- MAS
- +1
London-listed, multi-licensed CFD provider with a single in-house platform.
6.9
/10 rating
8
XM
XM
- CySEC
- FSC Belize
US$5 minimum, negative balance protection and Islamic terms on all accounts, with strong free education.
6.7
/10 rating
9
EX
Exness
- FSA Seychelles
- CBCS Curaçao
- BVI FSC
- FSCA
Very transparent pricing tiers and fast payouts, but retail clients sit under offshore entities.
6.6
/10 rating
10
FX
FXCM
- FCA
- ASIC
- CySEC
- FSCA
Regulated entities in the UK, EU, Australia and South Africa; its global entity states it needs no licence.
6.4
/10 rating
Which regulator protects you depends on the entity that opens your account, which depends on where you live. Check the entity named in your client agreement, and see each review for the details. Ratings are editorial opinion based on public information. Forex and CFD trading is high risk and most retail accounts lose money. We may earn a commission if you open an account through our links. Read the full disclaimer.
Brokers comparison
Compare the ten at a glance.
Every figure is taken from the provider’s own pages or regulator sources in September 2026.
| # | Broker | Rating | Regulators | Platforms | Min. deposit |
|---|---|---|---|---|---|
| 1 | IG | 8.5 | FCA · ASIC · BaFin · FINMA · MAS | MT4 · MT5 · ProRealTime · TradingView · Web | No minimum on bank transfers (UK) |
| 2 | FP Markets | 7.7 | ASIC · CySEC · FSCA · Seychelles FSA | MT4 · MT5 · cTrader · TradingView · Iress | US$100 or equivalent |
| 3 | FxPro | 7.6 | FCA · Bahamas SCB · Seychelles FSA | MT4 · MT5 · cTrader · TradingView · FxPro Platform | Not published (shown after login) |
| 4 | Tickmill | 7.4 | FCA · CySEC · FSCA · Seychelles FSA | MT4 · MT5 · TradingView (Raw) · Tickmill Trader | US$100 on all accounts |
| 5 | AvaTrade | 7.4 | Central Bank of Ireland · ASIC · CySEC · FSCA · ADGM FSRA | MT4 · MT5 · WebTrader · AvaSocial · DupliTrade | 100 in base currency |
| 6 | HFM | 7.3 | FCA · CySEC · FSCA · Seychelles FSA | MT4 · MT5 · WebTrader · HFM App · Copy trading | From US$0 (Cent, Premium); US$100 Pro |
| 7 | Plus500 | 6.9 | FCA · ASIC · CySEC · MAS · DFSA | Proprietary web and mobile platform | Not published (varies by payment method) |
| 8 | XM | 6.7 | CySEC · FSC Belize | MT4 · MT5 · XM App | US$5 (Standard, Ultra Low) |
| 9 | Exness | 6.6 | FSA Seychelles · CBCS Curaçao · BVI FSC · FSCA | MT4 · MT5 · Exness Terminal · Exness Trade app | Not published (varies by region) |
| 10 | FXCM | 6.4 | FCA · ASIC · CySEC · FSCA | Trading Station · MT4 · TradingView | No minimum stated (global site) |
Education
Learn forex, step by step.
Six free lessons that take you from your first pip to a written risk plan. Read them in order or jump to what you need.
Order types and how to use them safely
Market, limit, stop and how to use each one safely.
Leverage and margin
What leverage really does to your risk, and how margin calls happen.
Trading psychology
Discipline, patience and avoiding the mistakes that cost the most.
Guides
Forex, explained.
Plain-language guides for opening an account safely, understanding costs and choosing a platform.
Start here
How to open a forex account safely
A step-by-step checklist from choosing a broker to your first withdrawal.
Safety
How to check a broker’s licence in 60 seconds
Find the entity, check the register and spot the mismatch.
Payments
Bank transfer, card or e-wallet: the cheapest way to fund
Speed, fees and withdrawal rules for each funding method.
Costs
Spreads, commissions and swaps: the real cost of a trade
How to add up everything a trade costs before you place it.
Platforms
MT4 vs MT5 vs cTrader vs TradingView: which should you use?
What each platform is good at, and which brokers in our reviews offer it.
Tax
Forex tax basics: what every trader should know
Records to keep and questions to ask, wherever you live.
Blog
From the blog.
Analysis of how brokers are structured, what they charge and how scams work.
-
Why ‘regulated’ does not always mean ‘protected’: the entity matters
The same brand can be several companies with very different protections. Examples from our reviews.
-
Raw-spread accounts compared: what published commissions add up to
Six brokers, six raw-style accounts, and how to compare them fairly.
-
Warning signs of a forex scam broker, and what to do
The red flags that show up again and again, and the steps to take if you have already paid.
How we rate
Reviews you can check.
Every broker goes through the same process, in the same order, using public information you can verify yourself.
Licence first
We look up each entity on the regulator’s public register and on the broker’s own regulation page, and note which entities serve which regions.
Read the small print
We read fee pages, client agreements and risk warnings, and record what the provider says about protection, costs and restrictions. We cite our sources in every review.
One scoring method
Each broker gets a 0-10 sub-score on six weighted criteria. The overall rating is the weighted average, so every broker is judged the same way.
Scam watch
Spot the red flags before you deposit.
Unlicensed brokers and clones of real ones target traders every week. Learn the warning signs in two minutes, and how to check a licence in one.
- Guaranteed or ‘risk-free’ returns
No regulated broker can promise profit. - No licence number, or one that does not match the register
Look the number up on the regulator’s own public register. - Pressure to move to WhatsApp or Telegram
Genuine brokers do not rush you to deposit. - A clone of a licensed broker’s website
Check the exact domain, not just the logo.
Before you deposit
Ten checks before you fund an account.
Run through this list for any broker, including the ones on this site. It takes ten minutes and can save you months of trouble.
- The licence number matches the entity name on the regulator’s own register.
- You know which legal entity will hold your account, and it is named in the client agreement.
- You have read what the agreement says about negative balance protection and compensation.
- You have checked spreads, commission, swaps and inactivity or conversion fees for the way you trade.
- You have tried the platform on a demo account.
- Deposit and withdrawal methods work in your name and your currency.
- Nobody who contacted you first is pushing you to deposit.
- Two-factor authentication is on and your password is unique.
- You will deposit a small amount first and test a withdrawal.
- You know the maximum you can afford to lose, and the risk per trade you will stick to.
FAQ
Frequently asked questions.
Straight answers on how we work, how to choose a broker safely, and the risks of trading.
Is BrokersPulse a broker?
No. BrokersPulse is an information and education website. We do not hold client funds, execute trades or give personal advice. Any account you open is with the broker, under that broker’s terms.
How do you rate and rank the brokers?
Each broker gets a 0-10 sub-score on six weighted criteria: regulation and client protection (35%), costs and pricing transparency (20%), platforms and tools (15%), market range (10%), education and research (10%), and payments and support (10%). The overall rating is the weighted average and the list is sorted by it. The criteria, weights and limits of the method are set out in How we rate.
How do I check that a broker is licensed?
Find the regulator named on the broker’s website, then search for the exact legal entity on the regulator’s own public register, not just the brand name. Check that the entity is authorised for the activity and that it is allowed to serve clients in your country. Our step-by-step guide is How to check a broker’s licence.
Why does the legal entity matter so much?
Many brokers operate several companies under one brand, each with a different regulator and different client protections. Which one opens your account decides things like compensation schemes, negative balance protection and leverage limits. Some entities listed in our reviews do not accept retail clients at all. Read Why the entity matters before you sign up.
Do most retail traders lose money?
Regulators in several regions require brokers to publish the share of retail CFD accounts that lose money. In the disclosures we reviewed, the figures were between 65% and 76%. Those numbers are cited in the individual reviews. Treat trading as high risk and only use money you can afford to lose.
How do I spot a forex scam?
Common warning signs include guaranteed returns, pressure to deposit quickly, unsolicited contact on social media or messaging apps, and a firm that cannot show a licence on a regulator’s register. Clone firms copy the names of real brokers, so verify the website address too. Read Scam warning signs and run the ten pre-deposit checks.
Newsletter
New reviews and scam alerts, by email.
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Important information
Disclaimer
Risk warning
Trading forex and contracts for difference (CFDs) involves a high level of risk and may not be suitable for everyone. These products are leveraged, so you can lose money quickly and, with some products, more than you deposit. A high proportion of retail accounts lose money. Only trade with money you can afford to lose.
Not financial advice
BrokersPulse is an information and education website. Nothing on this site is investment, financial, legal or tax advice, or a recommendation to open an account or to buy or sell any product. Consider your own circumstances and seek independent professional advice before you trade.
Affiliate disclosure
We may earn a commission when you click a link and open an account with a broker. This costs you nothing extra. We disclose our commercial relationships and aim to keep our reviews independent of them, but you should always do your own research.
Ratings and accuracy
Ratings and reviews are our editorial opinion, based on publicly available information (provider websites, legal documents and regulator sources) as of September 2026. They are not the result of live-account testing. Fees, spreads, platforms and promotions change often, and we cannot guarantee information is complete or current, so confirm the details with the provider before you deposit.
Availability and regulation
Brokers and products are not available in every country, and protections depend on the legal entity that holds your account. Check that a broker is licensed to serve you by looking it up on its regulator’s public register, and make sure you follow the laws where you live.
We are not a broker
BrokersPulse is not a broker, does not hold client funds and does not execute trades. Past performance is not a reliable indicator of future results. Any dealings you have with a broker are between you and that broker. Third-party sites we link to are outside our control.