Best International Forex Brokers

If you’re looking for strong liquidity and low transaction costs, forex is one of the most accessible asset classes for large and small investors alike. The foreign exchange market is a truly international market where traders take advantage of global currency movements.

If you're looking to trade forex but are unsure of what platforms to use, keep reading. In this article, Benzinga reviews the top international forex brokers in the market that can meet your forex trading needs.

Quick Look: Best International Forex Brokers

• Best for Mobile and CFD Traders (US & Intl): Plus500
• Best for Low Fees (Intl Only): Axi
• Best for All Around Offerings (US & Intl): FOREX.com
• Best for Educational Resources (Intl Only): AvaTrade
• Best for Scalpers and Trader Using Expert Advisors (Intl Only): Pepperstone
• Best for Beginners (Intl Only): Octa
• Best for CFD Trading (Intl Only): City Index
• Best for Advanced Traders (Intl Only): Saxo
• Best for Fast Execution (US & Intl): IG Markets

Best International Forex Brokers

It's important for forex traders to find a broker that is reliable, trustworthy and offers a wide range of currency pairs. Here are some of the top international FX brokers.

Best for Mobile and CFD Traders: Plus500

Plus500, a Europe-based derivatives broker, offers forex trading and more, catering especially to advanced traders and those who prefer mobile trading. The platform provides comprehensive information on the assets you choose to invest in, making it easy to start trading foreign currencies if you've always wanted to add currency pairs to your portfolio.

For those new to the platform, demo accounts are available to help you practice. Plus500 delivers a streamlined trading experience that is appealing to beginners due to its user-friendly interface and growing educational content. Simultaneously, advanced traders will find the platform efficient and straightforward, allowing them to sign up and start trading without any obstacles.

Best for Low Fees: Axi

Axi is a low-cost forex broker based in Australia, suitable for those seeking additional tools for developing their trading strategies.The platform offers competitive forex fees and a wide selection of forex pairs. They provide a diverse selection of trading instruments in addition to forex and CFDs including commodities, indices and cryptocurrencies.

Axi provides access to copy trading and additional analytical tools for traders seeking to diversify their strategies. They are regulated by the UK's Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Dubai Financial Services Authority (DFSA).

Best for All Around Offerings: FOREX.com

FOREX.com is a top-tier forex broker founded in 2001 and is a subsidiary of StoneX (NASDAQ: SNEX). The company is regulated by several financial regulatory authorities, including the National Futures Association (NFA) and Commodities Futures Trading Commission (CFTC) in the United States, the FCA in the U.K., the JFSA in Japan and IIROC in Canada. The broker offers trading in various financial instruments, including over 80 currency pairs, cryptocurrency pairs, contracts for difference (CFDs) on indexes, metals, energy and commodities. 

FOREX.com provides several different trading platforms, including the Advanced Trading Platform with integrated trading strategies, MetaTrader 4 and 5 and proprietary web and mobile platforms. FOREX.com also provides educational resources and video tutorials to help novice traders get started.

The broker requires a minimum deposit of $100 that can be made via debit card, credit card or bank transfer. Withdrawals occur within 48 hours of the original request and funds are returned to the originating bank or credit card account. FOREX.com offers novice traders an extensive FAQ section and video tutorials on how to use its trading platforms. Customer support is provided by designated phone numbers in the countries where the firm has a presence.

Best for Educational Resources: AvaTrade

AvaTrade is a broker with a large reach from Europe and South Africa to the Middle East, Australia, the Caribbean, Japan and much more. You can easily trade CFDs based on several assets like stocks, forex, indices, crypto, and much more. 

AvaTrade is unique in that it works best for both beginners and advanced traders who want to volume trade. You can get service in 20 languages, and you will have more than enough variety to keep your portfolio both up-to-date and profitable. 

The international nature of the platform alone, will appeal to travelers, ex-pats and those who otherwise do not have quality access to forex and CFDs. Make sure that AvaTrade is available where you are and try it out, often in your native language.

Best for Scalpers and Trader Using Expert Advisors: Pepperstone

Pepperstone is a well-established and highly trusted forex broker, renowned for its competitive spreads and reliable trading platform. Operating since 2010, it boasts a strong regulatory framework and a wide range of trading instruments, delivering a comprehensive trading experience. Pepperstone enjoys a positive reputation among active users in the forex industry.

The platform is user-friendly and offers advanced trading tools such as algorithmic trading, Autochartist, and API trading. Their customer support is efficient and responsive, and they provide extensive educational resources to help enhance your trading skills.

Best for Beginners: Octa

Octa is a multi-platform forex broker that is designed for traders across the globe, offering service for multiple countries. They offer MetaTrader 4, MetaTrader 5 and OctaTrader through desktop, web, Android and iOS versions. The company has facilitated the opening of over 40 million forex trading accounts in more than 180 countries.

Octa offers negative balance protection and funds security, they have Islamic accounts available among several other account styles. They're a low cost option and provide different pricing structures depending on the account type and have an easy to use trading platform.

Best for CFD Trading: City Index

City Index stands at the forefront of online trading services, specializing in Contracts for Difference (CFDs), forex, and spread betting. Boasting over 35 years of industry expertise, City Index offers a diverse range of tradable assets tailored to both individual and institutional traders.

The broker extends its services to traders worldwide, supporting multiple languages for a truly global reach. With languages including English, Spanish, German, French, Chinese, and Arabic, among others, City Index ensures traders can navigate the platform comfortably and access essential information in their preferred language.

With offices in the U.K., Australia, and Singapore, City Index operates under the authorization of esteemed Tier-1 regulators, including the Australian Securities & Investment Commission (ASIC), Monetary Authority of Singapore (MAS), and the Financial Conduct Authority (FCA).

Best for Advanced Traders: Saxo

Saxo empowers traders with a high-performance platform offering access to a vast array of over 70,000 financial products, along with comprehensive resources to guide informed decision-making. Through Saxo, you can adeptly navigate market fluctuations with curated investment themes, expert market commentary, mobile alerts, advanced charting tools, and immersive webinars.

You'll have access to the sleek and responsive SaxoTraderGO app to enjoy the convenience of executing trades with the same efficiency and speed as on your desktop. For SaxoTraderPro members, whether trading on desktop or app, you'll have access a suite of high-performance tools designed for managing and executing orders seamlessly. You can benefit from comprehensive market analysis features, including the depth trader, time and sales data, algorithmic orders, advanced charting package, option chains, and user-friendly trade tickets engineered for speed and productivity, ensuring swift order placement with just a click.

Best for Fast Execution: IG Markets

Regulated and trusted worldwide, IG provides traders with an outstanding package that includes top-notch forex trading platforms, advanced research tools, industry-leading education, in-depth market analysis, and a vast selection of tradable products. 

Established in 1974, IG is publicly traded (LON: IGG) and regulated in eight Tier-1 jurisdictions, ensuring its status as a highly trusted broker for forex and CFDs trading. 

IG leverages its scale to offer consistent pricing for forex trades across all products, excelling with its competitive active trader pricing available through its Forex Direct accounts.

In addition to MetaTrader and premium MT4 add-ons from FX Blue, which offer 76 tradable instruments, IG's flagship platform stands out as the superior choice. It provides a broad array of tradable markets, making it the better option for traders.

How Trading Forex Internationally Works

The National Futures Association (NFA) is a self-regulatory organization that regulates U.S. derivatives, including the foreign exchange market. It imposed limits on the maximum leverage allowed on forex positions for U.S.-based forex traders, though the exact limits vary depending on the currency pair. As a result, many international forex brokers stopped accepting clients from the U.S. Also, because of the restrictions, international forex brokers increased in popularity relative to American brokers because they typically give traders better terms than U.S.-based forex brokers.

For example, forex brokers in the United States only allow a maximum leverage ratio of 50:1, while some international brokers offer client leverage up to 500:1 on major currencies. This high amount of leverage, while extremely profitable when you’re on the right side of the market, could be disastrous if you hold a losing position, especially if you have limited capital.

Another example is the FIFO regulation. FIFO stands for “first in, first out,” and this rule requires you to liquidate positions in the same currency pair in the order they were established instead of choosing which opposing transaction to liquidate.

New U.S. legislation also banned hedging a forex position by taking an opposing position in the same currency pair as one already established. Doing this means you effectively hedge the original position and can trade out of both sides individually, which is no longer allowed for U.S.-based forex traders.

Do International Forex Brokers Accept U.S. Clients?

If you’re U.S.-based and trade forex through an international broker licensed in the United States, your account will be subject to CFTC and NFA rules and restrictions. Regardless of the amount of leverage or other features offered by the international broker, you must adhere to the 50:1 U.S. leverage limit, the FIFO rule, the no-hedging rule and any other relevant U.S. forex account restrictions.  

But just because you live in the United States doesn’t mean you can’t trade forex. 

Although many international brokers don’t accept U.S. traders because of the additional regulations, several brokers still service the U.S. client base. Many top-tier forex brokers, such as FOREX.com or IG, are based in the United States and also fully comply with the relevant regulations of the NFA and the CFTC.

Keep in mind that when a forex broker lacks oversight from a reputable financial regulatory agency, you run a considerable risk when you open an account with it. You could lose your entire deposit without even making a trade.

What Makes the Best International Forex Brokers?

International forex brokers that offer their services to U.S. clients tend to be the largest and best capitalized since the process of registering and complying with CFTC and NFA regulations requires a significant initial investment and cash reserve amount. Keep in mind that not all forex brokers are created equal, so make sure you carefully consider your needs before you open an account.

The best international forex brokers give traders an easy platform to navigate this highly traded market. One factor that sets the best international forex brokers apart is regulation. Choose a broker regulated by a reputable financial authority, such as the U.K.’s FCA or the NFA in the U.S. This process ensures that the broker is held to high standards of conduct and follows strict rules and procedures to protect client funds.

Another important factor to consider is the trading platform. Reputable forex brokers will offer a user-friendly and reliable trading platform suitable for traders of all levels of experience. Benefits may include advanced charting tools, customizable layouts, and the ability to execute trades quickly and efficiently.

The best international forex brokers also offer customer service in multiple languages to accommodate international traders. They also provide educational resources and support to help traders improve their skills and knowledge. 

Maximize Your Trading Success: Choose the Best International Forex Brokers

Finding the best forex brokers can be a challenging task given the many choices available in the market. By considering factors such as regulation and trading options, you can select a reliable and broker well-suited to your trading goals. With the right forex trading platform, you can access the global forex market and benefit from tools and resources that prepare you for the world of forex trading. 

Frequently Asked Questions