Advertiser disclosure: we have no affiliate or advertising agreements with brokers, and no click to a broker is paid. If that changes, this notice changes first. How we make money
Every broker in our data, ranked by one preliminary score built from published licences, spreads, platforms and account terms. The lists by country and by task below narrow the field by one fact each.
Low Spread Brokers does not give personal investment advice.
The score combines four criteria with fixed weights: costs and regulation 25% each, platforms and accounts 15% each. Research and support, the remaining 20%, are not scored until we open live accounts, so read a gap of 0.1 between two brokers as a tie. Read first:our methodologyhow we make moneyhow regulation differs by country
None is best for every country. The broker in first place below has the highest weighted total across costs, platforms, regulation and accounts, but its company for your country may not be Tier 1. Open your country page first, then compare the leaders there on spread plus commission and on the loss rate their company publishes.
Your country page drops brokers with no company that accepts your residents.
Check that company’s licence number on its regulator’s register before you fund.
Compare spread plus commission per lot, not the headline spread.
Read the loss-rate line under each button: it is the share of that company’s retail CFD accounts that lost money.
Best forex brokers, ranked across all countries
Ranked by a preliminary score from published data, not by commission. Advertiser disclosure
Why this order: the overall preliminary score across costs, platforms, regulation and accounts, from each broker’s published terms (live accounts not yet tested), before a country or a task narrows the list. Ranked from our data on 20 brokers, updated 19 Oct 2026. How we rank
Ranked by preliminary score · 19 Oct 2026
Your country decides which company opens your account, and with it your leverage cap and protections.
Depends on entity: up to 1:30 (retail, per Pepperstone support FAQ) (FCA)
Funding methods
Debit card, Credit card, Apple Pay, Google Pay, Bank transfer
StandardRawSpread bettingProfessional5 of 8 licences checked on the register, 20 Oct 2026
Why #1Tier 1 companies in the UK, Cyprus, Germany, Australia and Dubai, and MT4, MT5, cTrader and TradingView. Its lowest EUR/USD price is on the Razor account, which adds a commission per lot.
Depends on entity: up to 50:1 implied (margin from 2% on EUR/USD, retail) (CFTC / NFA)up to 30:1 (major forex pairs, retail; margin 3.33%) (FCA)up to 1:30 (retail, per account comparison table on EU site) (KNF)up to up to 20:1 (retail) (MAS)up to 25x implied (individual FX margin at least 4% of transaction amount) (JFSA)
Funding methods
Debit card, Credit card, Bank transfer (Faster Payments, BACS, CHAPS, SWIFT, SEPA)
StandardRawProfessional4 of 8 licences checked on the register, 20 Oct 2026
Why #2Tier 1 companies in the US, UK, Poland, Australia, Canada, Singapore and Japan, and no minimum deposit on its UK standard account. No cTrader.
Depends on entity: up to 1:30 (ASIC)up to 1:30 (retail, all account types) (CySEC)up to 1:5000 (MetaTrader accounts), 1:1000 (cTrader); described as dynamic (FSA Seychelles)up to 1:200 (SCB)
Funding methods
Credit/debit card, Bank transfer, PayPal, Skrill, Neteller, UnionPay, BPAY, FasaPay, POLi
StandardRawIslamicProfessional3 of 4 licences checked on the register, 20 Oct 2026
Why #3MT4, MT5, cTrader and TradingView, but no UK company; outside the EEA and Australia most clients are onboarded by its Seychelles or Bahamas entity.
0.0 pips (RAW ECN (inferred: unlabeled block), 17 Feb 2026)
Platforms
MT4, MT5, TradingView, proprietary
Max retail leverage
Depends on entity: up to 30:1 (major currency pairs, retail); lower for other instruments (FCA)up to up to 30:1 (retail clients) (ASIC)up to 100:1 to 500:1 (global help center, all account types; certain products fixed) (VFSC)
Funding methods
Debit card, Credit card, Bank transfer, Skrill, Neteller, E-wallets, Alternative payment methods
StandardRawECNIslamicCopyCentSpread bettingProfessional2 of 6 licences checked on the register, 20 Oct 2026
Why #4FCA and ASIC companies, and its UK site states insurance above the FSCS limit. Third-party warnings about its Vanuatu entity are not yet verified.
Depends on entity: up to Up to 1:30 (Trade.MT5 / Zero.MT5, retail) (CySEC)
Funding methods
Bank transfer, Visa/Mastercard, Klarna, Skrill, Brite
StandardRawIslamicProfessional3 of 5 licences checked on the register, 20 Oct 2026
Why #9the lowest published standard-account EUR/USD spread in our data; its UK company’s leverage and loss protection are not stated on the pages we used.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money. Consider whether you understand how CFDs work and whether you can afford the high risk of losing your money.
14X
XM
Main entity: Trading Point of Financial Instruments Ltd · 9 entities in total
Depends on entity: up to 30:1 (depending on instrument, retail) (FCA)up to 30:1 (major currency pairs, retail) (CySEC, ASIC)up to 30:1 default for major currency pairs (as stated on fxcm.com/za open-account page) (FSCA)up to 1000:1 (accounts with equity < $10,000; 400:1 for $10k-50k; 100:1 above $50k; MT4 < $10k max 400:1) (Unregulated)
Funding methods
Debit/credit card (Visa, Mastercard; Discover in UK), Bank wire, PayPal (UK, AU), Google Pay, Apple Pay (UK, AU), Open Banking (UK), Skrill, NETELLER, Rapid Transfer (UK), China Online Payment (markets), Crypto (markets)
StandardRawSpread bettingProfessional4 of 6 licences checked on the register, 20 Oct 2026
Depends on entity: up to 1:30 (major FX CFDs, retail: ESMA-style minimum initial margin 3.33%; 5% other pairs) (FCA)up to Leverage limits per CBI CFD rules (Aug 2019) for retail; ESMA minimum margin 3.33% major FX (1:30) per CFD margin page (Central Bank of Ireland)
Funding methods
Bank wire, ACH (US), Direct ACH (US), Check (US), Online Bill Pay (US), Wise balance transfer, USDC stablecoin (USD)
Standard6 of 9 licences checked on the register, 20 Oct 2026
Depends on entity: up to 1:400 (CMA Kenya)up to 1:Unlimited if eligible (equity < 5,000 USD); 1:2000 by default; 1:1000 / 1:500 at higher equity (FSA Seychelles, CBCS, BVI FSC)
Funding methods
Bank card (Visa, Mastercard, 3D Secure), Prepaid cards (not US-issued), Local and global payment methods (region-dependent, listed only in Personal Area)
StandardRawIslamicDemoCent3 of 10 licences checked on the register, 20 Oct 2026
Each country page has its own ranking: only brokers with a company that accepts residents, ordered by a rule chosen for that country’s regulator, leverage caps and protections.
Country rules (compensation, complaints body, leverage caps) come from our country reference, which is not yet re-verified against each regulator; the regulator’s own text prevails.
At a glance · all countries
Forex broker comparison table
What the table shows
Published minimum deposit, the lowest published EUR/USD spread with its account and check date, platforms, account types and retail leverage by company, from each broker’s own pages.
How to use this table
Sort by score, spread or minimum deposit. Deposits stay in the broker’s own currency, so compare them only within one currency.
50:1 implied (margin from 2% on EUR/USD, retail) (CFTC / NFA) · 30:1 (major forex pairs, retail; margin 3.33%) (FCA) · 1:30 (retail, per account comparison table on EU site) (KNF) · up to 20:1 (retail) (MAS) · 25x implied (individual FX margin at least 4% of transaction amount) (JFSA)
0.0 pipsRAW ECN (inferred: unlabeled block) · 17 Feb 2026
MT4, MT5, TradingView, proprietary
Standard, Raw, ECN, Islamic, Copy, Cent, Spread betting, Professional
30:1 (major currency pairs, retail); lower for other instruments (FCA) · up to 30:1 (retail clients) (ASIC) · 100:1 to 500:1 (global help center, all account types; certain products fixed) (VFSC)
Spreads as each broker publishes them, latest check 19 Oct 2026. Minimum deposits are shown in the broker’s own currency and are not converted.
Highest score in our data
First on the overall score in October 2026
Pepperstone publishes Tier 1 licence numbers from 5 regulators and quotes EUR/USD from 0.0 pips on its Razor account (checked 19 Oct 2026). The trade-off: that price is on the Razor account, which charges a commission per lot on top; the Standard account has no commission and a wider spread.
73.6% of retail investor accounts lose money when trading CFDs with this provider (Pepperstone Limited (UK)).
Each broker in one line
Who each broker suits and its main drawback, in ranking order.
1PepperstoneMT4, MT5, cTrader and TradingView under one brand; the lowest price needs the commission-based Razor account8.5/10
2OANDAa Tier 1 company in the US, UK, EU, Australia, Canada, Singapore or Japan; no cTrader8.0/10
3IC Marketsraw-spread trading in Australia or the EEA; no UK company, offshore onboarding elsewhere8.0/10
4VantageUK and Australian clients who want MT4, MT5 and TradingView; unverified warnings concern its Vanuatu company7.9/10
5IGUK spread betting and CFDs on seven platforms; no raw-spread account7.9/10
6FP Marketsthe widest platform choice, Iress included; no UK company7.9/10
7CMC MarketsUK and German clients who want no minimum deposit; MetaTrader 4 but no MT57.8/10
8Tickmillraw-account trading with FCA or CySEC protection; Seychelles company for everyone else7.7/10
9Admirals (Admiral Markets)standard-account EUR/USD pricing in the EU; residents of Belgium are not accepted7.7/10
10ThinkMarketsthe widest account range in our data; no EUR/USD spread published in pips7.6/10
11FxProfour third-party platforms with FCA and CySEC companies; minimum deposit not published7.5/10
12SaxoSaxo Bank accounts in Denmark, the UK, Switzerland, Singapore or Japan; no MetaTrader, and no longer in Australia7.4/10
13AvaTradeclients in Ireland, Australia or Japan; no UK company in our data7.3/10
14XMEEA residents via its CySEC company; elsewhere the XM brand runs on an offshore Belize company7.2/10
15XTBone in-house platform and no minimum deposit; no MetaTrader7.1/10
16FXCMEU and South African clients; its UK client book is being sold to Trade Nation6.3/10
17Plus500one proprietary app with licences in many countries; no published EUR/USD spread in pips6.2/10
18Interactive Brokersclients in the US, UK, EU, Canada, Singapore or Japan who want one in-house platform; no EUR/USD spread in pips6.1/10
19eToroits own app with FCA, CySEC, ASIC and MAS companies; its published loss rate names no company5.9/10
20Exnessnobody in the UK, the EEA, the US or Canada: retail accounts there are refused5.0/10
Scores by criterion
Each criterion scored 0–10. Darker means a higher score; an empty cell means not measured.
Scores by criterion
Broker
Costs
Platforms
Regulation
Accounts
Research
Support
Pepperstone
8.2
9.5
9.0
7.0
Not measured
Not measured
OANDA
7.6
8.0
9.0
7.0
Not measured
Not measured
IC Markets
6.8
9.5
8.0
8.5
Not measured
Not measured
Vantage
7.6
8.0
8.0
8.0
Not measured
Not measured
IG
7.6
8.5
9.0
6.0
Not measured
Not measured
FP Markets
7.6
9.5
8.0
6.5
Not measured
Not measured
CMC Markets
8.0
6.5
9.0
7.0
Not measured
Not measured
Tickmill
7.6
8.0
7.5
8.0
Not measured
Not measured
Admirals (Admiral Markets)
8.0
6.5
8.0
8.0
Not measured
Not measured
ThinkMarkets
Not measured
8.0
9.0
9.0
Not measured
Not measured
FxPro
7.2
9.5
8.0
5.0
Not measured
Not measured
Saxo
7.2
6.0
9.0
6.5
Not measured
Not measured
AvaTrade
6.4
8.0
8.0
7.0
Not measured
Not measured
XM
6.8
6.0
8.0
8.0
Not measured
Not measured
XTB
6.8
4.0
9.0
7.5
Not measured
Not measured
FXCM
Not measured
7.0
7.0
6.5
Not measured
Not measured
Plus500
Not measured
4.0
9.0
5.5
Not measured
Not measured
Interactive Brokers
Not measured
4.0
9.0
5.0
Not measured
Not measured
eToro
Not measured
4.0
9.0
4.0
Not measured
Not measured
Exness
Not measured
6.5
3.5
6.0
Not measured
Not measured
Preliminary scores from published broker data. Research and support are not scored until live-account tests, and a broker with no published EUR/USD spread in pips has no costs score.
Places 6 and below
Lower on the same score. 6 brokers in our data publish no EUR/USD spread in pips, so their cost criterion counts as neutral in the total rather than as measured.
20brokers in our dataSource: brokers’ own pages and regulator registers; scores are preliminary
154group companies with their regulatorSource: brokers’ own pages and regulator registers; scores are preliminary
6criteria in the rubric, 4 scored so farSource: brokers’ own pages and regulator registers; scores are preliminary
19 Oct 2026latest data checkSource: brokers’ own pages and regulator registers; scores are preliminary
What this ranking is, and what it is not
A desk ranking from published data, with its gaps shown.
Who writes it
The Low Spread Brokers team writes and checks every page; brokers do not see pages before publication and do not edit them. All lists read from one broker file, so a spread or licence number is the same on every page.
We have no affiliate or advertising agreements with brokers, and no click to a broker is paid. If that changes, the site will say so first; partner status is not an input to any score, whose formulas use spreads, platforms, licences and account terms only.
What we don’t do
No bonuses or sign-up offers. No offshore leverage presented as a feature. No claim that we tested an account we have not opened. No personal investment advice.
A broker brand is not one company. It runs several licensed companies, and the country you live in decides which one opens your account, and with it your leverage, your protections and where you can complain. We show each company with the licence number the broker publishes, and we never present offshore leverage as a feature.
Offshoree.g. FSA Seychelles, SCB Bahamas: light supervision, usually no compensation scheme
One brand, several companies
Pepperstone, for example, lists companies supervised by the FCA, CySEC, BaFin, ASIC and the DFSA, plus one in the Bahamas. Your country of residence, not the website you land on, decides which one you sign with.
A licence number you can check
Every company has a number on its regulator’s public register: FCA FRN, ASIC AFSL, CySEC licence, FSCA FSP. We list the number the broker publishes; checking it on the register takes two minutes.
Leverage caps, negative balance protection and compensation schemes come from the regulator of your company, not from the brand.
Offshore companies are labelled
IC Markets’ Seychelles company lists leverage up to 1:5000 on MetaTrader. We name such companies and their regulator, and their leverage never adds to a score.
Regulators by tier
Tier = our classification of how much a regulator protects retail clients. Country pages hold the local detail.
Up to 1:30 on major FX pairs, lower on riskier assets.
Negative balance protection
You cannot lose more than the money in your account.
50% margin close-out
Under FCA, ESMA and ASIC rules, positions are closed once equity falls to half the margin they need.
Segregated client money
Your money is held apart from the firm’s own.
A compensation scheme
FSCS up to £85,000 in the UK; ICF up to €20,000 in Cyprus.
An ombudsman or complaints body
Independent review after the firm’s own process.
Opting up to professional status removes these protections.
Leverage is capped when you open a position
Maximum retail leverage by Tier 1 regulator
Underlying
FCA (UK)
CySEC / ESMA (EU)
ASIC (AU)
Major FX pairs
1:30
1:30
1:30
Non-major FX pairs, gold, major equity indices
1:20
1:20
1:20
Commodities other than gold, non-major equity indices
1:10
1:10
1:10
Individual shares
1:5
1:5
1:5
Cryptoasset CFDs
Banned for retail
1:2
1:2
Sources: FCA policy statement PS19/18; crypto derivatives ban PS20/10. ESMA product intervention measures, applied as national rules (CySEC). ASIC product intervention order.
No bonuses on this site
In the UK, every promotion to retail CFD clients must carry the standard risk warning with the provider’s own share of losing accounts (FCA PS19/18).
We show no bonuses anywhere, under any company.
Published loss rates at Tier 1 regulated brokers
Listed alphabetically · scale 0–100%
CMC Markets69%
FP Markets74.51%
FXCM67%
FxPro75%
IC Markets73.46%
IG74%
Source: each broker’s risk warning, latest check 19 Oct 2026.
What the disclosure rule actually shows
Every broker discloses that most retail accounts lose money. A lower figure is not a recommendation and a higher one is not a verdict on quality.
Compensation and complaints depend on the company
If a firm fails, a compensation scheme may cover you: the FSCS in the UK or the Investor Compensation Fund in Cyprus. Complaints go first to the broker, then to the body named for that company, such as the Financial Ombudsman Service (UK) or AFCA (Australia).
Something went wrong?
1Complain to the broker company that holds your account
2Escalate to the ombudsman or complaints body for that company
3Report concerns to the regulator
Spot a clone
Clone firms copy real broker names and licence numbers. Check the licence number on the regulator’s own register, the website address and the regulator’s warning list before you deposit.
Country rules from our reference file, not yet re-verified against each regulator; the regulator’s own text prevails.
Start with the question that rules out the most brokers.
1
Which regulator, and which company will hold your account?
Find the company that accepts residents of your country and check its licence number on the regulator’s register. For a UK trader this step alone removes Exness, whose FCA company serves business clients only, and IC Markets, which has no UK company.
A standard account puts the whole cost in the spread. A raw account quotes from 0.0 pips plus a commission per lot: at $3.50 per side, that is 0.7 pips per round-turn lot on EUR/USD, so compare both totals on the pair you trade.
Every ranking shows the company behind each broker and the loss rate that company publishes.
Methodology v1 · preliminary scores
How we score brokers
Scores come from published data, not from sponsorship and not yet from live-account tests.
1Collect companiesEach company in the group, its regulator, licence number and the countries it serves, from the broker’s pages and registers where they opened.
2Record costsEUR/USD spreads and commissions as the broker publishes them, with the date of each check.
3Score four criteriaCosts, platforms, regulation and accounts, each from a fixed formula on the methodology page.
4Leave the rest unscoredResearch and support wait for live-account tests; a missing cost figure counts as neutral in the total.
5Rank per pageEach list filters by one fact and sorts by one criterion, written under its heading.
Rubric weights (research and support not yet scored)
Costs · 25%
Regulation & safety · 25%
Platforms · 15%
Accounts & funding · 15%
Research & education · 10%
Support · 10%
20brokers scored
6criteria in the rubric
19 Oct 2026latest data check
What does not affect a score
Partner status and advertising. We have no affiliate or advertising agreements with brokers.
Published spreads behind the scores
Checked
Quote
Spread
19 Oct 2026
EUR/USD, Razor account, Pepperstone
0.1 pips
19 Oct 2026
EUR/USD, Spread-only (OANDA Europe Limited, UK) account, OANDA
0.6 pips
19 Oct 2026
EUR/USD, Raw Spread (Global) account, IC Markets
0.1 pips
Methodology v1 · scores stay marked preliminary until live-account tests
The ratings are written and checked by the Low Spread Brokers team, not by named individuals. Every figure in our broker data carries its source page and check date.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money. Consider whether you understand how CFDs work and whether you can afford the high risk of losing your money.
Low Spread Brokers does not give personal investment advice.
There is no single answer for every country. On our preliminary score, first place goes to the broker with the highest weighted total across costs, platforms, regulation and accounts. A UK resident should use the UK ranking instead, because several brokers on this list have no FCA company that takes retail clients.
Broker data checked 19 Oct 2026
2How do you rate forex brokers?
Four criteria from published data: costs (lowest EUR/USD spread plus any commission, in pips), platforms, regulation (Tier 1 companies that take retail clients, negative balance protection, compensation schemes) and accounts (account types and minimum deposit). A sale of the client book or a regulator’s stop order takes a point off regulation.
Broker data checked 19 Oct 2026
3Why is the order different on the country pages?
A country page keeps only brokers whose company accepts residents of that country and sorts them by that page’s rule. FXCM, for example, is on this overall list but not on the UK one, because its UK client book is being sold to Trade Nation (announced 6 Oct 2026).
Broker data checked 19 Oct 2026
4Are the top brokers the ones that pay you most?
No broker pays us anything. We have no affiliate or advertising agreements, and the buttons lead to the brokers’ official websites. The order comes from the score formula and this page’s rule; partner status is not an input to either.
Broker data checked 19 Oct 2026
5Are all brokers on this list licensed?
Each has at least one licensed company, but not always one that takes retail clients from your country. Exness does not accept UK or EEA retail clients: its FCA and CySEC companies serve business clients only, and retail accounts are opened offshore or with its South African, Kenyan or Jordanian company.
Broker data checked 19 Oct 2026
6How current is the data?
The broker data was last checked on 19 Oct 2026. Spreads and loss rates change, so each figure shows its own check date; licence numbers are as the brokers publish them and are not yet matched on every register.
Broker data checked 19 Oct 2026
Who wrote and checked this page
Written and checked by
Low Spread Brokers team
Collects broker costs, account terms, entities and licence numbers from the brokers’ own pages and the regulators’ registers, records the date and source of every figure and compares each one with its source before a page is published.