For over a decade, FxScouts has been reviewing forex brokers and provided in-depth analyses. Our extensive research and unique testing methodology ensures that all broker reviews are accurate and fair with hundreds of thousands of data points generated annually. Since 2012, we’ve tested over 180 brokers across global and Zambian markets. Our team of professionals are frequently cited in global and regional media, shaping market conversations and trends.
-
Best Forex Brokers
Our top-rated Forex brokers
-
Brokers for Beginners
Start trading here
-
Forex Demo Accounts
Learn to trade with no risk
-
Lowest Spread Brokers
Raw spreads & low commissions
-
ECN Brokers
Trade with Direct Market Access
-
No-deposit Bonuses
Live trading with no deposit
-
High Leverage Brokers
Extend your buying power
-
Islamic Account Brokers
Best accounts for Muslim traders
-
Market Maker Brokers
Fixed spreads & instant execution
-
All Trading Platforms
Find a platform that works for you
-
MetaTrader4 Brokers
The top MT4 brokers
-
MetaTrader5 Brokers
The top MT5 brokers
-
cTrader Brokers
The top cTrader brokers
-
TradingView Brokers
The top TradingView brokers
-
Forex Trading Apps
Trade on the go from your phone
-
Copy Trading Brokers
Copy professional traders
75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.
Updated: January 11, 2024Last Updated On January 11, 2024
Over the past decade, Forex trading has become more accessible to the average person in Zambia. The widespread availability of the internet and the entry of international ‘offshore’ brokers into the local market have intensified competition. Simultaneously, while there is no specific financial regulator in Zambia, it’s essential to be aware of safety and fairness considerations when selecting a Forex broker.
When deciding on a Forex broker, it’s crucial to assess not only the financial aspects but also the alignment with your personal preferences. We have conducted comprehensive evaluations of both local brokers (even though there is no specific Zambian regulator) and reputable offshore brokers that cater to Zambian traders. Your feedback plays a vital role in our assessment process, as we actively incorporate the experiences of real traders into our recommendations. Based on our extensive research, we have identified the top choices suitable for traders with varying budgets and preferences.
These are Best Forex Brokers for Zambia in 2024, as recommended by our experts.
2024 Best Forex Brokers in Zambia Compared
Scroll for more details
Broker | Countries Regulated | Minimum Spread EUR/USD | Minimum Deposit | Trading cost/lot EURUSD | Broker Score | Broker Website | Select and Compare |
|---|---|---|---|---|---|---|---|
 |       | 0.90 pips | USD 100 | USD 9 |   | Visit Broker > | |
 |      | 0 pips | USD 0 | USD 10 | | Visit Broker > | |
 |    | 0.10 pips | USD 3 | USD 7 | | Visit Broker > | |
 |  | 0.60 pips | USD 5 | USD 6 | | Visit Broker > | |
 | | 0 pips | USD 0 | USD 10 | | Visit Broker > | |
 | | 0.10 pips | USD 200 | USD 8 | | Visit Broker > | |
 | | 0 pips | AUD 100 | USD 7 | | Visit Broker > | |
 | | 0 pips | USD 5 | USD 7 | | Visit Broker > | |
 | | 0 pips | USD 10 | USD 15 | | Visit Broker > | |
 |      | 0.60 pips | USD 0 | USD 6 | | Visit Broker > | |
 |  | 0 pips | USD 0 | USD 10 | | Visit Broker > | |
 | | 0 pips | USD 100 | USD 6 | | Visit Broker > | |
 | | 0.40 pips | USD 100 | USD 14 | | Visit Broker > | |
 |  | 0.80 pips | USD 0 | USD 7 | | Visit Broker > | |
 |  | 0.20 pips | USD 0 | USD 10 | | Visit Broker > | |
 | | 0 pips | AUD 100 | USD 10 | | Visit Broker > |
Best Broker Reviews 2024
At FxScouts, we have an experienced review team dedicated to evaluating Forex brokers. Our team of experts meticulously examines each broker in 7 different areas, amassing an enormous amount of data in the process. With over 200 individual metrics analysed, we invest hundreds of hours annually researching and scrutinising brokers to ensure that we only recommend the best in the Forex industry.
Of these 7 areas, we always prioritise regulation and costs. These are our priorities because traders want to know that their broker is trustworthy and isn’t overcharging them. Brokers are always altering the products they offer, and we keep our reviews updated with the latest data available. You can find out more about our in-depth review process here.
These are the top Forex brokers in Zambia for 2024, as determined by our review process.
Others Also Visit
Scroll for more details
AvaTrade – Best Mobile Trading App
Who AvaTrade is for: Traders who want a good broker with low costs, free withdrawals, and a well-designed mobile trading app.
Why we like AvaTrade: AvaTrade’s biggest selling points are free deposits and withdrawals to Zambian bank accounts and low trading fees, with Forex spreads starting at 0.9 pips on the EUR/USD. While AvaTrade’s minimum deposit of R1500 (or 100 USD) isn’t the lowest you can find, it’s still low enough for most beginners. Traders on the move will like AvaTrade’s well-designed mobile app, AvaTradeGO, with its smart risk management tools and direct connection to AvaSocial, AvaTrade’s popular social trading system. Another highlight is the 13 cryptocurrency pairs available to trade at AvaTrade, more than most other brokers in Zambia. Cryptocurrency traders will also appreciate the dedicated 24/7 crypto trading customer support. It’s no secret that share CFDs are also very popular right now and AvaTrade has that sector covered too with 625 share CFDs to trade, including famous tech stocks like Google, Apple, and Amazon.
AvaTrade’s drawbacks: As we noted above AvaTrade has low trading fees, but they are not the lowest available in Zambia – some brokers have spreads down to 0.6 or 0.7 pips on the EUR/USD. And it’s possible to find much lower minimum deposits, all the way down to 3 USD in some cases. But most serious beginners will want a deposit of 100 USD or more anyway.
Accepts Zambian Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.Pepperstone – Raw Spreads, Low Commission, Three Trading Platforms
Who Pepperstone is for: More experienced traders looking for a low-cost ECN broker with a choice of trading platforms.
Why we like Pepperstone: Pepperstone’s low-cost ECN trading service, fast trade execution, and range of third-party trading platforms has made it popular amongst experienced traders and serious beginners around the world. Pepperstone’s Standard Account has no commission and spreads starts at 1.00 pips on the EUR/USD, making it one of the lowest-cost trading accounts available. For traders who prefer raw spreads, the Razor Account has spreads down to 0 pips on the EUR/USD and a commission of 7 USD per trade. More experienced traders who rely on scalping and bots for automated trading will appreciate that most trades on both of Pepperstone’s accounts are executed in less than 30ms. While it doesn’t offer its own trading platform, Pepperstone supports three third-party trading platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader, which is easier to learn but shares all the sophisticated automation tools found in MT4 and MT5. Serious beginners looking for an ECN broker should take note that Pepperstone has scrapped its minimum deposit requirement, though it still recommends starting with at least 200 USD. Pepperstone’s also has one of the better education sections offered by an ECN broker.
Pepperstone drawbacks: Unlike most brokers, Pepperstone does not offer its own easy-to-use trading platform so beginners may find their early trading a bit intimidating. The steep learning curve will also include the need to calculate commission costs if they decide to go with the Razor Account. Both issues can be reduced by going with the cTrader trading platform, which has a flat commission structure and is easier to learn than MT4 or MT5.
Accepts Zambian Clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, CySEC, SCB, CMA, BaFin and the DFSA.Exness – $1 Minimum Deposit and 24/7 Customer Service
Who Exness is for: Beginner traders looking for a low-risk trading account with a 1 USD minimum deposit, low trading fees, and 24/7 customer service.
Why we like Exness: Exness has the best cent trading account for beginners in Zambia. Cent accounts allow micro lot trading, and the trading balance is displayed in cents, so a 20 USD deposit will be shown as 2000 cents. These features make cent accounts the cheapest trading accounts with the lowest risks. The Exness Standard Cent Account has a minimum deposit of only 1 USD and much lower trading fees than most cent accounts, with spreads as low as 0.3 pips. Costs are low on the funding side, too, with free deposits and withdrawals via online banking in Zambia, though this funding method has a minimum 3 USD deposit. Good customer service is essential for beginner traders, and Exness customer support is available throughout the weekend, 24 hours a day. Weekend support is good for beginners who work during the week, but it’s also helpful for cryptocurrency traders as the cryptocurrency market never closes.
Exness drawbacks: There are a couple of downsides to Exness’ Standard Cent Account: It’s only available on the MT4 trading platform, and trading is restricted to Forex pairs and precious metals.
Accepts Zambian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage Unlimited:1. Islamic account available. MT4, MT5, Exness web trader platforms supported. Exness is regulated by CySEC, FCA, and the FSC.XM – Lowest Fees in Zambia
Who XM is for: Zambian traders who want a low-cost trading account on MT4
Why we like XM: The main draw at XM is the Ultra-Low Account, which has some of the lowest trading fees in the world. Available as a USD trading account, the Ultra-Low Account has spreads starting at 0.6 pips on the EUR/USD and no commission. The Ultra-Low Account has a minimum deposit of 50 USD, but XM also has two accounts with a minimum deposit of 5 USD which may be more suitable for beginners. Beginners will also benefit from XM’s great education section and a demo account that never expires. XM clients will also benefit from a choice of the MT4 or MT5 trading platforms, and a selection of trading assets including commodities, precious metals, indices and 1200+ shares.
XM’s drawbacks: While the XM Ultra-Low Account is cheap in terms of ongoing trading fees it’s still relatively expensive to get started, with a minimum deposit of 50 USD. Traders can find multiple accounts in Zambia with minimum deposits of 5 USD or lower. Some traders may also be put off by XM’s lack of cryptocurrency to trade. Finally, those wanting to trade shares will be forced to use the MT5 platform.
Accepts Zambian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the Belize FSC.HFM (HotForex) – Best Low Cost Trading Account
Who HFM is for: Traders who want a trading account with a low minimum deposit and fast and free withdrawals.
Why we like HFM: HFM is a fantastic all-around broker, but its fast and free deposits and withdrawals are the highlights here. The Micro Account, with a 5 USD minimum deposit and decent trading fees starting at 1 pip spreads on the EUR/USD. Traders always want to deposit and withdraw their funds as fast and as cheaply as possible, and HFM excels over other brokers with instant deposits and 2-day withdrawals, all with no extra charge. Fast and free funding is available for clients with online bank accounts with African Bank, Bidvest Bank, Capitec Bank, FNB, Investec, Nedbank, Standard Bank, or TymeBank. Beginners and those with little time to trade should note that HFM also has two copy-trading accounts – clients can copy the trades of experienced and profitable traders. The three standard accounts have access to trading on Forex, cryptocurrencies, commodities, indices, shares, bonds, and ETFs, and with FSCA regulation since 2015, HFM clients can rest assured of local protection of their trading accounts.
HFM drawbacks: HFM is popular for its range of CFDs and while the Micro Account has a low minimum deposit, a starting spread of 1 pip is a bit higher than other brokers. Copy traders should also be aware that the HFCopy account is only available on the MT4 trading platform, and trading is restricted to Forex, indices, and gold.
Accepts Zambian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.IC Markets – Streamlined Low-Cost Trading Across Popular Platforms
IC Markets stands out for its simplified account options and competitive trading conditions across three popular trading platforms.
Trading Instruments:
- Access to Forex, commodities, stocks, cryptocurrencies, indices, bonds, vanilla options, and ETFs.
Trading Platforms and Fees:
- MT4, MT5, and cTrader platforms.
- Raw Spread Accounts with a commission of 3 USD (cTrader) or 3.5 USD (MT4/MT5) and spreads averaging 0.1 pips on EUR/USD.
- Standard Account with no commission and spreads starting at 1 pip.
Regulation and Security:
- Regulated by ASIC (AFS License Number 335692) since 2007 and CySEC in the EU.
- Negative balance protection and segregated operational and client funds
Accepts Zambian Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC, ASIC, the SCB, and the FSA .FP Markets – Award-Winning Broker with Low-Cost Trading and Advanced Tools
Who FP Markets is for: Traders looking for a competitive trading environment with low-cost options, advanced trading tools, and a number of platform options.
Why we like FP Markets: As of January 2023, FP Markets acquired a licence from the Financial Sector Conduct Authority (FSCA) in South Africa. FP Markets’ low-cost trading accounts and range of third-party platforms, including the recent addition of cTrader, make it a popular choice for both experienced traders and serious beginners. Both its accounts have a minimum deposit requirement of only 100 AUD (or equivalent), and its commission-free Standard Account has a spread of 1 pip (EUR/USD), while its Raw Account has a spread that starts at 0 pips (EUR/USD) in exchange for a low commission of 6 USD (RT). FP Markets also has an impressive range of trading tools, including free Autochartist, VPS services, and the Trader’s Toolbox for an enhanced trading experience, and it also has one of the better education sections offered by Forex brokers.
FP Markets Drawbacks: With such a good offering, it’s difficult to find drawbacks, but Zambian traders are still onboarded through its Saint Vincent-regulated entity.
Accepts Zambian Clients. Average spread EUR/USD 0.10 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader & IRESS platforms supported. FP Markets is regulated by the FSCA, CySEC, and ASIC.FBS – High Leverage Trading and $1 Minimum Deposit
Who FBS is for: With a wide range of accounts, FBS will appeal to both experienced traders looking for high leverage and low fees or beginners looking for low minimum deposits and cryptocurrency trading
Why we like FBS: FBS’ strength is in its range of accounts, with trading conditions for all types of traders. Beginners will focus on its Cent Account with its 1 USD minimum deposit or the Micro Account with a 5 USD minimum deposit, more experienced traders will be interested in the ECN account with a 1000 USD minimum deposit, raw spreads, and a 6 USD commission. Other accounts include a Standard Account with 100 USD minimum deposit and Zero Spread Account with a 500 USD minimum deposit. Experienced traders will appreciate the high leverage available, with all accounts except the ECN account offering leverage of 3000:1. Beginners will also like the low trading fees on the entry-level accounts, with Cent Account spreads starting at 0.8 pips on the EUR/USD. Cryptocurrency trading is also a big draw here, with 37 cryptocurrencies available to trade, many more than most other brokers.
FBS drawbacks: As most traders will know, high leverage is a double-edged sword. While it can greatly increase profitability, it also greatly increases risk. An FBS trading account with only a few dollars in it but 3000:1 leverage can be wiped out in an instant. And while FBS lets clients use both the MT4 and MT5 trading platforms, its cryptocurrency products can only be traded using the FBS Trader mobile app. As many people already use their phones to trade this isn’t the end of the world, but the FBS Trader app is currently only available on Android devices, not iPhones.
Accepts Zambian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by CySEC, ASIC, FSCA, and the IFSC.FXTM – Best Forex Broker for Beginners
Who FXTM is for: Beginner traders with day jobs who want low-risk trading, a superior copy trading service and detailed Forex education.
Why we like FXTM: FXTM is the best broker in Zambia for beginner traders for its low-cost Micro Account with a 10 USD minimum deposit and its demo account that never expires, both great low-risk options for learning to trade. Beginner traders may also be interested in FXTM Invest, FXTM’s copy trading system. FXTM Invest allows beginner traders to copy the trades of professional traders for a small commission so they can learn trading strategies and make a profit at the same time. Low-risk trading and watching professionals make a profit are both great learning tools, but you can boost your learning with FXTM’s huge library of educational material, available for free in 22 languages. It includes videos, webinars and daily videos covering trading opportunities. For traders with jobs in the week, FXTM customer support is also available on Saturday and Sunday via email, live chat, email, telephone, and popular messaging apps like WhatsApp and Telegram. A real advantage for beginners who want to get set up over the weekend.
FXTM’s drawbacks: While the Micro Account has a low minimum deposit, the trading costs are a bit higher than average, with spreads starting at 1.5 pips on the EUR/USD. Cryptocurrency enthusiasts will also be disappointed that FXTM only has 4 cryptocurrencies to trade. And while standard leverage is 2000:1, it is limited to 1000:1 on the Micro Account, though most traders should find this more than enough.
Accepts Zambian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. FXTM is regulated by FCA, FSCA, and the FSC.Axi – Two Low-Cost MT4 Accounts, Great Trading Tools
Broker Score
4.44 / 5
4.44 / 5| 🏦 Min. Deposit | USD 0 |
| 🛡️ Regulated By | FCA, CySEC, ASIC, DFSA |
| 💵 Trading Cost | USD 10 |
| ⚖️ Max. Leverage | 500:1 |
| 💹 Copy Trading | Yes |
| 🖥️ Platforms | MT4 |
| 💱 Instruments | Commodities, Cryptocurrencies, Stock CFDs, Forex, Indices, Metals, WTIs |
Who is Axi for: Traders who only use the MT4 trading platform and want an ECN broker with great trading tools but aren’t too bothered about trading shares.
Why we like Axi: Axi, formerly AxiTrader, stands out for three reasons: First off, it’s an MT4-only broker, so if you want to use any other trading platform, you can look away now. Secondly, it’s an ECN broker with low fees, no minimum deposit requirement, and two simple accounts, one with commission and one without. Finally, it has a fantastic collection of trading tools that it offers for free to its clients. While the MT4-only policy may seem like a drawback, it does allow Axi to focus on making its MT4 trading experience as profitable as possible. This includes Axi’s MT4 NexGen plugin which includes an advanced sentiment indicator, a correlation trader, and an automated trade journal. And while the fees on its accounts aren’t the lowest available, they are below the industry average. The Pro Account, in particular, is good value, with spreads averaging 0.1 pips on the EUR/USD and a 7 USD commission. Beginners and experienced traders alike will really appreciate Axi’s selection of powerful and free trading tools, including Autochartist, MyFxbook, and PsyQuation. Autochartist is a tool that automatically identifies trading opportunities, MyFxBook is one of the world’s most popular copy-trading platforms, and PsyQuation is an AI trade diagnostic that helps traders learn from their mistakes.
Axi drawbacks: The main and most obvious drawback here is Axi’s insistence on only providing support for the MT4 trading platform. Apart from putting some traders off, this also results in a smaller range of trading assets and Axi only recently added a handful of share CFDs to its product line-up. That said, Axi does have a good range of cryptocurrencies to trade. Another concern is that Zambians will be trading with Axi’s subsidiary based in St Vincent in the Grenadines (SVG). SVG does not regulate brokers so Axi’s Zambian clients will not have negative balance protection.
Accepts Zambian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA.Which is the best broker in Zambia?
The best brokers in Zambia are internationally well-regulated and offer a low-cost, user-friendly trading platform suitable for both beginners and experienced traders. Following rigorous testing, we believe that AvaTrade is the best broker for Zambian traders. AvaTrade is regulated by some of the toughest global authorities, including ASIC in Australia, providing security and confidence for its clients. And with free deposits and withdrawals from Zambian banks, Zambian traders don’t have to worry about conversion fees at any point. AvaTrade’s trading costs are low and commission-free, starting at 0.9 pips on the EUR/USD. We also love the AvaTradeGO trading app, with built-in risk-management tools and a really easy-to-use interface for new traders.
Which Forex broker has the best trading platform?
AvaTrade’s Webtrader platform requires no downloads or installation and is available for all devices. We found that the web trader has a clean user interface and intuitive design and is easy to navigate and search for various instruments, making it a great option for beginner traders. WebTrader also has great features like AvaProtect, a risk reduction tool which allows you to protect your trades from losing. Trading Central, one of the most popular third-party trading tools on the market, is fully integrated into the platform and provides technical insight and instant pattern recognition.
Is Forex Trading Legal in Zambia?
Forex trading in Zambia is legally permitted; however, it’s essential to note that CFD trading remains unregulated within the country. While Zambia lacks its own financial regulatory authority for Forex trading, traders should exercise caution and consider some key factors when engaging with brokers.
In contrast, in South Africa, the FSCA oversees Forex brokers and enforces stringent standards, including timely deposits and withdrawals, segregation of funds, and capital adequacy to safeguard against defaults. The FSCA also provides mechanisms for dispute resolution and investor compensation in cases of broker defaults or fraud. These measures ensure a fair and transparent trading environment and protect traders from fraudulent or unethical practices by their brokers.
While the FSCA in South Africa is highly regarded and provides a robust regulatory framework, Zambian traders may also want to consider brokers regulated by other top-tier global authorities such as ASIC, the FCA, and CySEC.
Ultimately, whether you choose a broker regulated by the FSCA or another reputable authority, it is paramount to select a regulated broker to ensure your protection as a Forex trader in Zambia.
Why is Regulation Important?
Regulation is essential for protecting your money and ensuring a fair and transparent trading experience.
When trading Forex, you want to be confident that your broker is operating legally and ethically and that your funds are being handled safely. Regulated Forex brokers must adhere to strict standards set by regulatory bodies, which include requirements for capital adequacy, segregation of client funds, and ongoing reporting and compliance. This means that your funds are protected, and your trading experience is fair.
Unregulated brokers are not forced to hold to the same standards. This can lead to a higher risk of fraud or unethical practices, which can result in financial losses for traders. Choosing a regulated Forex broker gives you peace of mind and security, knowing that your investments are protected and your trading experience is fair.
Do I Need a Broker to Trade Forex?
Yes, you will need a broker to trade Forex. Connecting traders to the Forex market is an expensive and technically complex business. Most Forex brokers form a bridge between the global Forex market and Forex traders; these are called market makers. Market makers buy up large trading positions from the Forex market, which they sell to traders in smaller trade sizes.
Other brokers act as a go-between, taking orders from traders and sending them straight to the global Forex market. These are called ECN brokers or DMA brokers. Both types of Forex brokers require a lot of money to set up and need teams of highly qualified technicians to maintain their trading platforms.
How do Forex Brokers Make Money?
Market markers only make money from the spread – the difference between the buying and selling price of the currency pair. These brokers will be the counterparty to any trade, so they make money when clients lose trades.
ECNs have tight spreads but make money from commissions, which are charged every time a trade is opened or closed. This type of broker makes money whether a client wins or loses.
Which Forex Brokers are Best for Beginner Traders?
The best brokers for beginners are well-regulated and have no minimum deposit requirement, ensuring security and a low cost of entry. Also important are low fees and negative balance protection, as these both help to lower risk. Responsive and knowledgeable customer support is essential. Customer service should be available 24/5 via email, live chat, and telephone, though 24/7 is better. Last but not least, beginners should look for a broker with a high-quality education section; this should feature articles, video tutorials, frequent webinars, advanced trading strategies, and chart analysis.
For more detail and to see which brokers we recommend for new traders, check out our dedicated page on the best brokers for beginners.
Which Forex Brokers have the Best Demo Accounts?
The brokers with the best demo accounts understand that beginners should not be forced into trading real money and that experienced traders should be able to test strategies as long as they want to. So the best demo accounts are not time-limited and replicate real market conditions as closely as possible. Beginners looking for a demo account will want a broker with good education, so they can learn about Forex trading as they practice.
For more detail and to see which brokers we recommend for demo trading, check out our dedicated page on the best demo accounts.
Which Trading Platforms do the Best Forex Brokers Offer?
The best Forex brokers generally offer Metatrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. These are third-party trading platforms which you can install on your computer. They are fully customisable and have advanced charting tools, research tools, and options for automated trading or copy trading. Some brokers also have their own trading platforms, which are usually accessed via a browser or on your mobile phone. For more details on trading platforms and how they work, check out our guide on trading platforms.
Forex Risk Disclaimer
Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).
Our Rating & Review Methodology
Our State of the Market Report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers.
Editorial Team
Chris Cammack
Head of Content
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison Heyerdahl
Senior Financial Writer
Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.
Ida Hermansen
Financial Writer
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.
Vanessa Marcos
Financial Writer
Vanessa joined the team in 2023. Born and raised in southern Portugal, she has a BA in Journalism and a Master’s in Literary Theory, both from Lisbon University. Since 2011, she has worked in social media, copywriting, content management, ghost-writing, and SEO. Vanessa loves to write, and although she is a generalist in digital marketing, she always draws on her creativity in her work. She is constantly researching new subjects and finds the analytical depth of Forex trading fascinating.
Others Also Visit
Scroll for more details
Stay updated
This form has double opt in enabled. You will need to confirm your email address before being added to the list.
