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In Brokers We Trust: a Comprehensive List of 15 the Most Trusted Forex Brokers in 2023

The Best Forex Brokers for 2024

HF Markets Group Review

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HF Markets, also known as HF Markets Group, is a prominent brokerage firm offering comprehensive trading services in the Forex market. With a global presence and a commitment to transparency and customer satisfaction, HF Markets has established itself as a trusted name in the industry.

FxPro Review

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FxPro is a prominent name in the world of online forex brokerage, recognized for offering a wide array of trading services to clients globally. Founded in 2006, FXPro has established itself as a leading player in the forex market, catering to both retail and institutional traders.

OctaFX Review

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OctaFX is a well-recognized online Forex broker that has carved a niche for itself in the competitive world of Forex trading. Since its inception in 2011, OctaFX has been committed to providing a high-quality trading environment designed to cater to the needs of traders globally.

Exness Review

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Exness is a globally recognized brokerage firm that offers online trading services. Founded in 2008, Exness has grown rapidly to become one of the largest and most trusted Forex brokers in the industry. With a focus on innovation, transparency, and client satisfaction, Exness strives to provide traders with the tools and resources they need to succeed in the financial markets.

FXTM Review

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FXTM, also known as ForexTime, is a leading online brokerage firm specializing in Forex and CFD trading. With a global presence and a commitment to innovation and client satisfaction, FXTM has established itself as a trusted name in the financial industry. The broker offers a wide range of trading instruments, advanced trading platforms, and competitive trading conditions.

XM Review

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XM is a well-established online brokerage firm offering trading services in the foreign exchange market. With a strong commitment to providing transparent and reliable trading solutions, XM has become a popular choice among traders worldwide.

FXCC Review

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FX Central Clearing Ltd., commonly known as FXCC, stands as a distinguished online brokerage, excelling in Forex and CFD trading. Its dedication to transparency, integrity, and ensuring client satisfaction has garnered a commendable reputation within the financial sector. FXCC provides an array of trading instruments, cutting-edge trading platforms, and favorable trading conditions.

IronFX Review

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IronFX stands out as a distinguished online brokerage firm in the Forex trading sector. Launched in 2010, IronFX has rapidly climbed the ranks to become a prominent figure in the industry, offering traders a broad spectrum of financial instruments, sophisticated trading platforms, and favorable trading conditions.

HF Markets Group Review

HF Markets Review

HF Markets was founded in 2010 and has since grown into one of the leading Forex brokers worldwide. The company's journey began with a vision to provide retail and institutional clients with access to a wide range of financial markets and innovative trading tools. Over the years, HF Markets has expanded its offerings and enhanced its services to meet the evolving needs of traders in today's dynamic market environment. HF Markets operates under the strict regulatory oversight of multiple regulatory authorities, ensuring compliance with international standards and the protection of client funds. The broker is regulated by reputable bodies such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Financial Services Commission (FSC) in Mauritius. These regulatory licenses demonstrate HF Markets' commitment to maintaining the highest standards of integrity and transparency in its operations. The headquarters of HF Markets is located in Cyprus. Additionally, the broker has regional offices in various countries, including the UK and Dubai, reflecting its global presence and commitment to serving clients worldwide.

Pros of HF Markets

Cons of HF Markets

Trading Platforms and Trading Conditions: HF Markets offers access to a range of advanced trading platforms, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are available for desktop, web, and mobile devices. These platforms provide traders with advanced charting tools, technical indicators, and automated trading capabilities, enabling them to execute trades efficiently and effectively. The trading conditions at HF Markets include competitive spreads starting from as low as 0.0 pips, with variable or fixed spread options available. The broker offers leverage of up to 1:1000, allowing traders to amplify their trading capital. Additionally, HF Markets imposes minimal commission fees, making trading cost-effective for clients.

In summary, HF Markets stands out as a reputable and trustworthy brokerage firm with a strong track record in the Forex market. With its regulatory compliance, diverse range of trading instruments, advanced trading platforms, competitive trading conditions, and comprehensive educational resources, HF Markets offers a compelling option for both novice and experienced traders. Despite minor drawbacks such as inactivity fees and limited availability of certain services, HF Markets' overall reputation for reliability, transparency, and trustworthiness makes it a top choice for traders seeking a reputable broker in the Forex market.

  Detailed Rating & Review     Trader's reviews
FXPro Review

FXPro Review

The broker is known for its client-centric approach, offering access to a vast range of markets, including forex, futures, spot indices, shares, spot metals, and energies. FXPro's journey began over a decade ago with a vision to democratize trading by providing transparent and fair access to financial markets. This vision was underpinned by a commitment to offering superior trading conditions, advanced technology, and exceptional client service. Over the years, FXPro has expanded its operations globally, serving clients in more than 170 countries. The brokerage has gained a reputation for reliability, innovation, and excellence. It has received numerous awards and accolades from financial institutions and publications, acknowledging its service quality, technological advancements, and contribution to the trading industry. FXPro's dedication to transparency and client protection is evident in its choice of regulatory compliance and operational conduct. FXPro was founded in 2006 by a group of financial experts who aimed to create a brokerage that prioritized the trader's needs. Over the years, it has evolved from a small broker into a global entity, continually enhancing its product offerings and technological infrastructure to meet the dynamic needs of traders.

FXPro is heavily regulated by several reputable financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), the Financial Sector Conduct Authority (FSCA) in South Africa, and the Securities Commission of The Bahamas (SCB). These regulatory frameworks ensure that FXPro operates within strict guidelines, offering a secure and transparent trading environment for its clients. FXPro's headquarters is located in London, UK, with additional offices in Cyprus, Monaco, and the Bahamas. This global presence not only underscores its commitment to being close to its clients but also its capacity to offer localized support and services across different regions.

Pros of FXPro

Cons of FXPro

Trading Platforms and Conditions. FXPro offers a variety of trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, and the FXPro Trading Platform. Each platform comes with its own set of features, including advanced charting tools, automated trading capabilities, and a user-friendly interface. The trading conditions at FXPro are competitive, with tight spreads, no commissions on MT4 and MT5 platforms, and a commission-based structure on cTrader. The broker provides leverage up to 1:500, depending on the client's knowledge and experience.

FXPro stands out as a broker of choice for traders seeking a reliable, regulated, and reputable online forex broker. Its commitment to providing a secure trading environment, combined with competitive trading conditions, advanced technology, and dedicated customer support, makes it a compelling option for traders of all levels. The broker's strong regulatory framework and global presence further solidify its reputation as a trustworthy and transparent broker in the forex market. Whether you're a novice trader or an experienced professional, FXPro offers a trading experience that is both enriching and secure, making it a top consideration for anyone looking to engage in online trading.

  Detailed Rating & Review     Trader's reviews
Octa Review

Octa Review

The broker is renowned for its client-centric approach, offering a range of financial instruments, cutting-edge technology, and a platform for both novice and experienced traders to excel. With a strong emphasis on reliability, transparency, and innovation, Octa has managed to attract a significant client base by offering competitive spreads, low latency execution, and minimal slippage. This focus on delivering an optimal trading experience is complemented by their dedication to customer service, providing traders with extensive educational resources, market analysis, and 24/5 customer support. Founded in 2011, OctaFX set out with the aim of creating a trading environment that was both inclusive and conducive to the success of traders at all levels. Over the years, it has significantly expanded its service offerings and global reach, continually adapting to the evolving needs of the Forex market and its participants. The company's growth trajectory is marked by a series of strategic developments, including the introduction of new trading instruments, platform enhancements, and a focus on sustainable trading practices. Octa operates under the regulatory oversight of the Cyprus Securities and Exchange Commission (CySEC), ensuring compliance with stringent EU financial regulations. This regulatory framework mandates strict adherence to financial standards, including client fund protection, transparency, and fair trading practices. Traders can thus engage with Octa with confidence, knowing they are dealing with a broker that is held to high regulatory standards. The broker's main operational headquarters are located in Cyprus, a strategic choice given the country's status as a key financial hub within the European Union. This location not only facilitates regulatory compliance but also positions Octa to effectively serve a diverse international clientele.

Pros of Octa

Cons of Octa

Octa supports MetaTrader 4, MetaTrader 5, and its proprietary Octa Trading App. These platforms are equipped with advanced charting tools, automated trading features, and are accessible on desktop and mobile devices. Trading conditions include leverage up to 1:500, spreads starting from 0.2 pips, and a transparent commission structure that ensures traders have clear insights into their trading costs. Octa stands out as a reputable Forex broker offering a secure, innovative, and user-friendly trading environment. Its commitment to regulatory compliance, combined with competitive trading conditions and exceptional customer support, makes it an attractive option for traders seeking a reliable and efficient brokerage. The broker's emphasis on education and market analysis further supports its clients in making informed trading decisions.

In choosing Octa, traders align themselves with a broker that values transparency, integrity, and the success of its clients. Despite some limitations in product offerings and geographical availability, Octa's reputation and trust within the trading community continue to grow, underpinned by its dedication to providing superior trading experiences. For those seeking a partner in the Forex market, Octa represents a compelling choice, distinguished by its commitment to excellence and the continuous enhancement of its services to meet the evolving needs of its clientele.

  Detailed Rating & Review     Trader's reviews
Exness Review

Exness Review

Established in 2008 by a cadre of financial experts, Exness embarked on a mission to transform the online trading landscape. From its outset, Exness has seen remarkable growth, broadening both its customer base and global footprint. Through relentless technological investment and a dedication to superior service, Exness has risen to prominence in the Forex trading sphere. Operating under stringent regulatory oversight, Exness is committed to upholding international standards and safeguarding client assets. The firm is licensed by esteemed regulatory entities, including the UK's Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Financial Services Commission (FSC) in Seychelles. These accreditations underline Exness's adherence to the highest ethical and operational standards. With its main office situated in Limassol, Cyprus, Exness also maintains regional branches in key locations such as the UK, Singapore, and Cyprus. This global network underscores its dedication to offering comprehensive services to clients across the globe.

Advantages of Trading with Exness

Limitations of Exness

Trading Infrastructure and Conditions: Exness offers a suite of sophisticated trading platforms, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), suitable for various devices. These platforms boast advanced charting options, numerous technical indicators, and automated trading features, enabling traders to conduct their transactions both efficiently and effectively. Trading terms at Exness are characterized by highly competitive spreads from as low as 0.0 pips, offering both variable and fixed spread configurations. The brokerage provides leverage up to 1:2000, allowing for significant trading capital amplification. Furthermore, Exness's trading framework is designed to be cost-effective, thanks to its minimal commission charges.

Exness stands out as a reliable and distinguished brokerage in the Forex arena, attributed to its regulatory integrity, cutting-edge trading platforms, beneficial trading conditions, and extensive educational resources. While it faces minor limitations like restricted service availability in certain areas, Exness's steadfast reputation for trust, transparency, and excellence positions it as an attractive broker choice for traders at all levels of experience.

  Detailed Rating & Review     Trader's reviews
FXTM Review

FXTM Review

FXTM was founded in 2011 by a team of financial professionals with extensive experience in the Forex industry. Since its inception, the company has grown rapidly, expanding its client base and geographic reach. FXTM has received numerous awards and accolades for its excellent service and commitment to excellence, solidifying its reputation as a leading brokerage firm in the Forex market. FXTM operates under the regulatory supervision of multiple reputable authorities, ensuring compliance with international standards and the protection of client funds. The broker is regulated by regulatory bodies such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Financial Services Commission (FSC) in Mauritius. These regulatory licenses demonstrate FXTM's commitment to maintaining the highest standards of integrity and transparency in its operations. FXTM's headquarters are located in Limassol, Cyprus. Additionally, the broker has regional offices in various countries, including the UK, South Africa, and Nigeria, reflecting its global presence and commitment to serving clients worldwide.

Pros of FXTM Forex Broker

Cons of FXTM Forex Broker

FXTM provides access to a range of advanced trading platforms, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are available for desktop, web, and mobile devices. These platforms offer advanced charting tools, technical indicators, and automated trading capabilities, enabling traders to execute trades efficiently and effectively. The trading conditions at FXTM include competitive spreads starting from as low as 0.1 pips, with variable or fixed spread options available. The broker offers leverage of up to 1:1000, allowing traders to amplify their trading capital. Additionally, FXTM imposes minimal commission fees, making trading cost-effective for clients.

FXTM is a reputable and trustworthy brokerage firm with a strong track record in the Forex market. With its regulatory compliance, advanced trading platforms, competitive trading conditions, and comprehensive educational resources, FXTM offers a compelling option for both novice and experienced traders. Despite minor drawbacks such as limited availability of certain services, FXTM's overall reputation for reliability, transparency, and trustworthiness makes it a top choice for traders seeking a reputable broker in the Forex market.

  Detailed Rating & Review     Trader's reviews
XM Review

XM Review

Established in 2009, XM has carved a niche for itself in the competitive Forex trading landscape. Over the years, the firm has witnessed substantial growth, amassing a broad clientele thanks to its commitment to outstanding customer service and superior trading execution. XM has adapted its offerings to align with the evolving demands of traders, maintaining its position as a leading entity in the sector. XM stands out for its stringent compliance with international regulatory standards, safeguarding client investments. It is authorized and regulated by several esteemed bodies, including the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK, and the Australian Securities and Investments Commission (ASIC). These accreditations underscore XM's dedication to upholding the utmost in operational integrity and transparency. The primary operations hub of XM is situated in Limassol, Cyprus, with additional regional offices across the UK, Australia, and Greece. This widespread presence highlights XM's commitment to offering tailored services to its international customer base.

Advantages of Trading with XM

Challenges of Trading with XM

Trading Infrastructure and Conditions: XM offers access to an array of advanced trading platforms, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), compatible with desktop, web, and mobile usage. These platforms are equipped with sophisticated charting utilities, a range of technical indicators, and automation capabilities, ensuring efficient and effective trade management. XM's trading conditions are characterized by highly competitive spreads as low as 0.0 pips, alongside both variable and fixed spread options. The broker provides leverage up to 1:888, enabling significant capital augmentation. Furthermore, XM's trading model is designed to be cost-efficient, featuring minimal commission fees.

XM stands as a reputable and reliable broker within the Forex market, distinguished by its adherence to regulatory standards, advanced trading platforms, favorable trading conditions, and extensive educational resources. While it faces minor limitations such as the regional unavailability of certain offerings, XM's reputation for dependability, transparency, and excellence positions it as a preferred choice for both beginner and seasoned traders in search of a credible Forex trading partner.

  Detailed Rating & Review     Trader's reviews
FXCC Review

FXCC Review

Established in 2010, FXCC is a relatively fresh entrant in the Forex marketplace. Despite its brief history, the firm has rapidly distinguished itself through premium service quality and a steadfast commitment to excellence. The founders, who boast a wealth of experience in financial markets, aimed to establish a brokerage that foregrounds client interests and delivers an unmatched trading experience. FXCC is subject to the regulation of esteemed authorities, adhering to global standards and safeguarding client investments. It is regulated by entities including the Cyprus Securities and Exchange Commission (CySEC) and the Financial Sector Conduct Authority (FSCA) in South Africa, highlighting its adherence to the utmost standards of integrity and transparency. The main office of FXCC is situated in Limassol, Cyprus, with additional regional offices, such as in South Africa, underscoring its international outreach and dedication to catering to clients across the globe.

Advantages of Trading with FXCC

Limitations of Trading with FXCC

FXCC grants access to leading trading platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5), compatible with desktop, web, and mobile usage. These platforms are equipped with advanced charting tools, technical indicators, and options for automated trading, facilitating efficient and strategic trade execution. The trading conditions at FXCC feature highly competitive spreads from as low as 0.0 pips, with choices between variable or fixed spreads. The broker also offers leverage up to 1:500, enabling significant amplification of trading capital, while maintaining low commission fees to ensure cost-effective trading.

In conclusion, FXCC emerges as a credible and dependable brokerage firm in the Forex domain, characterized by its regulatory compliance, sophisticated trading platforms, advantageous trading conditions, and proactive customer support. Although relatively newer in comparison to some established brokers, FXCC's dedication to excellence and client satisfaction positions it as an appealing choice for traders in search of a reputable trading partner.

  Detailed Rating & Review     Trader's reviews
IronFX Review

IronFX Review

IronFX stands out as a distinguished online brokerage firm in the Forex trading sector. Launched in 2010, IronFX has rapidly climbed the ranks to become a prominent figure in the industry, offering traders a broad spectrum of financial instruments, sophisticated trading platforms, and favorable trading conditions. Dedicated to excellence and client satisfaction, IronFX has built a reputable standing among traders globally. Initiated in 2010 by a team of seasoned financial experts, IronFX has shown remarkable growth and expansion since its establishment. Attracting a vast clientele, the firm is celebrated for its superior services. The founders of IronFX set out to merge state-of-the-art technology with personalized customer care to address the varied demands of traders. IronFX is subject to the oversight of several esteemed regulatory bodies, affirming its adherence to international norms and the safeguarding of client assets. It is regulated by authorities including the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK, and the Australian Securities and Investments Commission (ASIC). These endorsements reinforce IronFX's dedication to upholding the utmost standards of integrity and openness. Headquartered in Limassol, Cyprus, IronFX also maintains regional offices in key locations such as the UK, Australia, and South Africa. This underscores its global outreach and its pledge to cater to a worldwide clientele.

Advantages of IronFX

Challenges of IronFX

IronFX offers a suite of advanced trading platforms, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), compatible with desktop, web, and mobile. These platforms feature sophisticated charting options, numerous technical indicators, and functionalities for automated trading, facilitating efficient and effective trade executions. IronFX's trading conditions are highly competitive, with spreads starting as low as 0.0 pips and the choice between variable or fixed spreads. The brokerage provides leverage up to 1:1000, enhancing traders' ability to increase their trading capital. Furthermore, IronFX's trading framework is designed to be cost-efficient, with minimal commission charges.

IronFX is a reputable and reliable brokerage firm with a commendable history in the Forex market. It stands as a strong candidate for traders in search of a dependable brokerage, thanks to its regulatory compliance, advanced trading platforms, favorable trading conditions, and extensive educational resources. While there are minor issues like the complex account verification process and regional restrictions on services, IronFX's reputation for dependability, transparency, and integrity positions it as a preferred choice for traders aiming to partner with a trustworthy brokerage.

  Detailed Rating & Review     Trader's reviews

Forex Guides about the Best Forex Brokers

Written by Senior Market Analyst Feng Zhou Feng Zhou, edited by Senior Market Analyst Stephane Dubois Stephane Dubois

What is the first question you ask yourself or a fellow trader, or an advisor, when choosing a Forex broker? Most probably, it’s, "Can this broker be trusted?"And that is the right question indeed because trust and reliability are no less important than the choice of markets, trading instruments, leverage, etc. Obviously, all Forex brokers advertise themselves as completely trustworthy, efficient, attentive, and such.

But it’s clearly not true as, unfortunately, there are more irresponsible brokers, or downright scammers, than brokerage services that genuinely care about clients, their user experience, and funds safety. After carrying out a thorough analysis of all top Forex brokers, we have picked the most trusted and reliable ones to give you peace of mind when opening an account to trade foreign currencies.   

The methodology used when choosing the trusted brokers

Even though we are certain that most readers fully, and deservedly, trust our expert opinion on brokers and other Forex-related subjects, we would still like to share with you the exact methodology that was used for composing the below list of 15 most reliable brokers. After all, the choice of broker for currency trading depends, in no small way, on such individual factors as trading style or a desired level of involvement in day-to-day events on this financial market.

By revealing our methodology of broker selection, we’d like to acquaint you with our selection process and criteria that we deem important. It’s in our interest to help you make the most educated decision, like choosing the most trustworthy broker, that could prove decisive for your Forex trading career. Here are the criterion according to which we have selected the 15 most trusted Forex brokers, listed below:


FXTM

FXTMThe first on our list of most reliable Forex brokers is FXTM, a firm established in 2011 under the wing of Exinity Group, a London-based wealth management company that has a solid reputation in the industry. The broker itself claims to have gathered a user base of over 2 million traders, which is plausible since many people from our expert circle have had a mostly positive experience with FXTM. One of them had this to say about this broker:

FXTM is a multi-regulated broker that holds licenses from CySEC of Cyprus, the British FSA, and IFSC of Belize, as well as the regulators of Mauritius and Kenya, with the first two being very strict and reliable regulators, which, in turn, translates to the reliability of FXTM as a Forex broker.

What’s also worth noting about FXTM is the way they ensure the security of money in traders’ accounts and also during transactions, which is through fund distribution within several top-tier banks as well as a military-grade SSL encryption of all communications. The multi-language customer service is responsive and usually resolves issues within 24 to 48 hours.

"I’ve had the account on FXTM since their early days, and my user experience was great, but had to leave only because they didn’t have an option to trade cryptocurrencies at that time. Now that this broker has crypto CFDs, I’ve got my account renewed."


XM

XMXM also belongs to the cohort of Forex brokers whose name is synonymous with reliability. Founded in 2009, this provider of financial services attracted over 5 million traders of different caliber, the number that can be trusted since many traders and analysts from our circle have accounts with XM and we heard very few complaints about its operation.

XM is a multi-regulated broker that operates under the supervision of CySEC, IFSC, and ASIC - all of its licenses check out against the corresponding databases. The broker's customer service handles complaints exceptionally well and remains responsive 24/7. The platform has a very extensive Research & Education section which shows that the broker cares about clients and trading literacy. According to client feedback, many are happy with account managers that XM assigns for handling various issues. Deposits and withdrawals always go without a hitch.

The only thing that can be said against this FX broker is that non-EU traders aren’t eligible for investor protection, which can be considered a downside given that it serves people from over 190 countries, though it’s certainly not a reliability issue. At the same time, the broker has negative balance protection provided to all clients, which is certainly a plus. Other signs that point to XM’s trustworthiness are as follows:


HF Markets

HF MarketsHF Markets or HFM is a Forex broker that has reliability and funds security at its core. Frankly speaking, it’s one of a very few brokers that’s great on all fronts, from user experience to its marketing reach. Despite being in the industry for only twelve years, HFM has been showered with rewards and always received generally positive feedback from FX traders who label it as one of the safest brokers around.

In our opinion, HFM scores a lot of reliability points thanks to its great security feature called the Civil Liability insurance program that safeguards clients against fraud as well as other troubles such as negligence, errors, and omissions. The program has a high limit of indemnity of 5 million euros. HFM’s other security measures include:

This top Forex broker also offers a breadth of educational material that even seasoned traders will find useful. Same as other brokers on this list, HFM is regulated by an array of supervisory authorities, including Germany’s BaFin.


FXCM

FXCMFXCM is one of the oldest players in the game that has proven time and again that it’s a trusted Forex broker whichever way you look at it. This financial services provider emerged back in 1999, in the age of dial-up Internet, and began building a solid reputation right off the bat. In 2015, the broker was brought under the wing of Leucadia Investments which, in turn, operates as a banking arm of Jefferies Financial Group, the 7th largest investment bank in the world. This alone signifies that FXCM has a solid background along with representation at the top of the financial world (Leucadia is even listed on NYSE) which is definitely an addition to the reliability score.

Like all FX brokers on this list, FXCM is regulated by several top-level authorities, namely the FCA of the United Kingdom, Cyprus's CySEC, and the Financial Sector Conduct Authority of South Africa (FSCA), as well as the corresponding authorities of Australia, France, and South Africa.

Traders from these jurisdictions fall under the Negative Balance Protection program. If a trader encounters any issues, he or she can chat with a specialist in a designated chat that’s live 24/5. Other issues are resolved via usual support channels, though we can’t say that FXCM’s customer service is super responsive.


Pepperstone

PepperstoneThe Melbourne-based Forex broker Pepperstone with a spicy name has been around for nearly twelve years, and in that time, it has rightfully earned its place on our list. First of all, Pepperstone successfully managed to tackle the problems that had been plaguing the industry for many years, such as delayed executions and sub-par customer support.

And let us tell you, the customer support at this very fine FX broker works like a charm, which is, frankly, quite rare even among the top brokers. Whichever issue you have, or whenever you decide to contact support, someone will always be on the other side of the screen dealing with your problem.

No questions to Pepperstone about its regulatory compliance and funds safeguarding, too. The broker operates under the watchful eyes of ASIC, FCA, and CMA, and provides top-level fund protection for the clients from corresponding jurisdictions. Like any trusted Forex broker, Pepperstone is diligent about segregating the customer funds between accounts in premium banks. Other factors that make Pepperstone a reliable Forex broker include:

To make this review totally fair, we ought to highlight a couple of drawbacks with regard to Pepperstone, such as a simple one-step account login and an absence of a more convenient fingerprint of face authentication.


FxPro

FxProThe next highly reliable broker on our list is FxPro, the multinational financial services entity that’s especially popular with CFD traders. After arriving at the scene in 2006, FxPro has been actively obtaining operating licenses from major financial authorities to bolster its reliability as a provider. Right now, it holds licenses from CySEC (Cyprus), FCA (the UK), FSCA (South Africa), and SCB (The Bahamas), and has offices in these jurisdictions and ensures full funds security and negative balance protection for local clients, except for those from the Bahamas.

FxPro has a very broad client base which translates to a substantial daily trading volume of $7.8 billion, rivaled only by a handful of other Forex brokers from our list.

The broker doesn’t have a banking background, though, which is a bit of a drawback together with the fact that it refrains from publishing annual financial statements. At the same time, it retains full management transparency and is regularly audited by Deloitte or some other Big Four firm.


Libertex

LibertexLibertex is another "old timer" as it has been serving clients since 2012 from its headquarters in Limassol, Cyprus. Given its location, it would be right to assume that Libertex is regulated by the corresponding authority - CySEC - that strictly adheres to all guidelines of EU’s Markets in Financial Instruments Directive 2 (MiFID 2).

Libertex has a very extensive client base which consists of nearly 3 million Forex traders who are given access to 213 tradable assets, including cryptocurrencies, stocks, and precious metals. Traders who have been tied with Libertex note that it offers faster quotes than its peers, especially for CFDs. Customer service is another strong suit of Libertex since it operates 24/7. Similar to other trusted FOREX brokers listed here, Libertex uses segregated accounts for clients’ funds and maintains the Investor Compensation Fund (ICF).


IronFX

IronFXLike the broker reviews above, IronFX has its main office in Cyprus, which means that it has a license from CySEC as well as the UK’s FCA and Australia’s ASIC - that alone is enough to place it in the company of trusted FX brokers. The thing that makes IronFX somewhat special among other such entities is an offered variety of funds protection options for traders from the European Union and the United Kingdom:

Clients from the UK can count on being covered by the Financial Services Compensation Scheme (FSCS) for the sum of up to 50,000 GBP. Traders from that jurisdiction may also get extra insurance for the amount of up to 1 million GBP.

Traders from the EU may have their monies safeguarded by the Investor Compensation Fund (ICF). Like other brokers, IronFX practices funds segregation and offers negative balance protection. However, the broker’s secondary security features leave much to be desired as it doesn't have a two-factor identification system.


RoboForex

LibertexDespite arriving on the financial scene in the midst of the last financial crisis in 2009, RoboForex began mustering a significant client base right from the start. Eleven years later, this provider serves over 1 million active traders from 169 countries, which is quite an achievement given that the competition is getting tougher with every passing year.

RoboForex holds a genuine brokerage license from the Financial Services Commission (FSC) of Belize. To be honest, FSC isn’t the toughest regulator in the industry, but it doesn’t mean that RoboForex can’t be characterized as a trustworthy Forex broker. When creating this list of the most reliable foreign currency brokers, we analyzed feedback from a big group of traders with accounts on RoboForex and none of them had any complaints regarding its reliability. Here’s what one of them had to say:

"RoboForex may have a limited number of currency pairs (only 36) but I never had to doubt its transparency and reliability. Also, I love how fast they process withdrawals."

This year has been especially fruitful for RoboForex as it gathered three major rewards: the Most Trusted Broker, Most Transparent Broker, and the Best Mobile App. The broker offers the negative balance protection program as well as the Civil Liability Insurance program; it also operates the Compensation Fund which provides protection up to 20,000 EUR.


Vantage

VantageIf you happen to be a Forex or CFD trader from Down Under, Vantage is your top choice as it’s considered the top broker in Australia and the whole Pacific region. The Vanuatu-licensed provider is a subsidiary of Vantage Group - both are regulated by Australia’s ASIC as well as FCA, and the FSC of Vanuatu.

This year, Vantage received an array of awards in Australia and beyond: the Best Forex Broker of the Year, Best Leading Regulated Forex Broker of the Year, and Excellence in Customer Service to name a few.

The broker doesn’t segregate the clients’ funds but keeps them in the National Bank of Australia, which is very safe, though. It’s regularly audited by KPMG, a member of the Big Four.


LegacyFX

LegacyFXIn just 10 years, LegacyFX has transformed from an up-and-coming Forex broker to a real industry leader both in terms of service quality and reliability. Headquartered in Cyprus, this financial services provider is monitored by the most reputable regulators: BaFin, CySEC, FCA, FSP as well as VFSC and NBRB, so rest assured that LegacyFX has an absolutely clean regulatory record.

However, customer support is where this broker falls short as it’s unavailable outside business hours and on weekends. The negative balance protection is in place here; traders’ funds are kept in segregated accounts as they should be.


FP Markets

FP MarketsNext up is another Forex broker from Australia that earned the trust of thousands of traders from around the world. In over 17 years of its existence, FP Markets wasn’t involved in any legal controversy, earned very positive feedback from customers, and has always been in good standing with regulators: ASIC, CySEC, and VFSA.

We know for certain that FP Markets is being regularly audited but those reports aren’t made available to the public, which is a dent in the broker’s transparency.

The customer service here is fast and competent, available around the clock.


Just2Trade

Just2TradeAs you can tell, the majority of trusted Forex brokers in this industry are either located in Cyprus or regulated by the corresponding financial authority - CySEC. This also applies to Just2Trade, a seasoned brokerage service that entered the playing field in 2006.

Since then, it has been steadily growing its client numbers which now amount to around 200,000 - not too much but still enough to name Just2Trade a credible broker.

Adherence to the MiFID 2 directive by ESMA is another drop in Just2Trade’s reliability bucket. The broker also has the Investor Compensation Fund (ICF) established and provides negative balance protection. Not to mention that this broker is very strict about AML and KYC requirements.


FXCC

FXCCFXCC takes a deserved place in our lineup of trusted Forex brokers. Like most providers on this list, FXCC is based in Cyprus and has the license issued by CySEC which checks out against the database. Needless to say that it’s fully adherent to MiFID and the European regulatory framework, arguably the toughest in the industry.

Additionally, FXCC is tied to the regulator of Vanuatu (VFSC), though it doesn’t add much to its overall trust score.

Similar to other EU Forex brokers, FXCC participates in the Investor Compensation Fund, allowing clients to have a piece of mind when trading foreign currencies, knowing that their funds would be safeguarded in case the company becomes insolvent, which is highly unlikely. The customer support is reachable during weekdays; it’s reasonably responsive.


Exness

ExnessLastly, there’s Exness, a Forex broker that many traders hold in high regard because it’s under regulation by top financial authorities, and ensures the proper protection of funds. Its main office is located in Seychelles but it also actively operates in Cyprus and the United Kingdom. Even though Exness is at the last spot on our list, it’s definitely one of the most trusted Forex brokers, even among those presented here. Exness has been in the business since 2008; it’s used by many reputable traders and experts, and it’s one of the most regulated brokers around. 

That is quite impressive - add to that a total transparency with regard to broker’s financial reports and audits, funds segregation, and participation in the Investor Protection Fund.

Just check out the list of regulators that have granted Exness their licenses:

Exness might not be the best Forex broker in terms of the availability of trading instruments, but it’s as reliable as it gets.


Bottom line

In times of uncertainty and the unfolding economic crisis, trading foreign currencies has become especially complicated and risky. When the markets are shaky, it’s good to have a Forex broker that you can trust, the broker that won’t go bust, or even if it does, your funds would be protected.

Here we presented the most comprehensive list of trusted Forex brokers, the financial services providers that you can trust with the ‘babysitting’ of your hard-earned money that you’ve put into the market. So pick the one that fits your trading requirements and rest assured that you won’t be scammed.

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