Best Forex Trading Brokers

The best forex broker will fit your needs for features and cost.

If you’re a relative investing novice who’s thinking you might want to try your hand at forex, think again. This is a really terrible idea — for novices. That’s because the foreign exchange market is as complex and difficult to read as it is risky to trade in. Only experienced traders with tremendous tools and resources at their disposal will likely be able to cull profits from the practice, and even then only by exploiting the smallest of differences in currency values.

For those of you who are already currency trading, you are likely aware that success in forex means getting a forex trading broker that will work for you. The best forex trading broker has to offer online trading in this day and age, their trading platforms need to execute trades at a rapid speed, they must offer enough margin borrowing that you can leverage your trades into real profits and, of course, they have to do all of this with spreads that won’t eat up your hard-won returns.

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So, here’s a closer look at the best forex trading platforms and the brokers that run them.

Best Brokers for Forex Trading
Broker Commission Maximum Leverage Account Minimum Currency Pairs Minimum Trade Lot
Oanda Spread markup 50:1 None Over 70 None Spread markup 50:1 50 of your selected base currency Over 80 1,000
Ally Invest Spread markup 50:1 $500 Over 80 Not listed
TD Ameritrade Spread markup or commission plus spread markup 50:1 None Over 70 10,000 units for non-commission currency pairs
1,000 units for commission currency pairs
ATC Brokers Spread markup plus commission 50:1 $3,000 34 currency pairs, 12 CFD pairs  1,000
Information accurate as of Sept. 6, 2018.


Oanda offers the opportunity to trade with a lot less as it has no minimum trade lots and no account minimums, so if you’re looking to start trading without having a lot of capital behind your account, Oanda is ready for you. This broker also gives you the opportunity to choose between either paying commission by way of spreads alone or paying a flat commission fee plus a reduced spread, depending on which makes more sense for you.

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Read: Best Online Brokers for Beginners does have minimums to open an account or execute a trade, but in both cases, the minimums are on the lower side at just 50 units of your base currency and a minimum lot of 1,000, respectively. promises quality execution on trades at fast speeds and frequently with pricing improvements, and there are over 80 different currency pairs to choose from when deciding on what you want to trade.

Related: The Best Brokers for Your Investments

Ally Invest

Ally Invest does require at least $500 before you can start making use of their forex trading services, so it’s not the right service for someone looking to work with very small trades or experiment before they invest more. However, for anyone ready to put up at least that much, Ally Invest will be able to trade over 80 different currency pairs without paying any direct commission on each trade.

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TD Ameritrade

TD Ameritrade collects commissions differently based on the currency pair in question. Noncommission pairs just pay the spread and have a larger minimum lot of 10,000 units, and the commission currency pairs pay $0.10 per 1,000 units. Although the minimum lot for commission currency pairs is lower (1,000 units), the minimum commission charge is $1, so any trade under 10,000 units will still pay the same commission as a 10,000-unit trade.

Click to see the best robo-advisors.

ATC Brokers

ATC Brokers has a $3,000 minimum to open an account, probably indicating that it’s not gearing its services toward the smaller, part-time traders out there. Likewise, the minimum trade lot of 1,000 units isn’t especially high, but it does make it harder for traders working with smaller quantities to use the platform.

Up Next: The Must-Have Features the Best Brokers Have in Common

More on Brokerages identified the best forex trading brokers by analyzing commission, maximum leverage, account minimum, currency pairs and minimum trade lot. All fees and rates are subject to change at the brokers’ discretion, and some offers might no longer be available on the brokers’ websites, depending on how you access the web page.

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article.

About the Author

Joel Anderson

Joel Anderson is a business and finance writer with over a decade of experience writing about the wide world of finance. Based in Los Angeles, he specializes in writing about the financial markets, stocks, macroeconomic concepts and focuses on helping make complex financial concepts digestible for the retail investor.

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