Written by BrokerNotes.co
Forex crosses are currency pairs that do not include the US dollar as one of the two currencies. For instance, a sterling/yen cross pairs GBP and JPY without needing to translate each currency into dollar terms.
| Minimum Deposit | £250.00 |
| Tier-1 Licenses | 8 |
| Tradeable Symbols (Total) | 19537 |
Year after year, IG has shown itself to be the best broker in the forex industry and a fantastic choice for forex traders. Highly trusted and regulated across the globe, IG delivers a wide variety of rich features, market research, and powerful trading tools. IG also offers seamless integration of trading signals into its web platform. Read full review
| Apple iOS App | Yes |
| Android App | No |
| Proprietary Platform | Yes |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | No |
| Minimum Deposit | $0 |
| Tier-1 Licenses | 9 |
| Tradeable Symbols (Total) | 8500 |
Interactive Brokers is a highly trusted broker regulated across the globe that delivers access to over 100 markets, including forex and CFDs. Its Trader Workstation (TWS) platform offers a variety of advanced trading tools for experienced traders, and IBKR's web-based platform is great for beginner forex traders. Read full review
| Apple iOS App | Yes |
| Android App | No |
| Proprietary Platform | Yes |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| MetaTrader 4 (MT4) | No |
| MetaTrader 5 (MT5) | No |
| Minimum Deposit | $0 |
| Tier-1 Licenses | 7 |
| Tradeable Symbols (Total) | 70000 |
Saxo is a highly trusted broker that operates multiple banks and is regulated across the globe. Saxo delivers an incredible cross-platform experience alongside powerful research and a vast selection of more than 60,000 symbols across multiple asset classes. It’s worth noting that minimum deposits at Saxo are steep. Read full review
| Apple iOS App | Yes |
| Android App | No |
| Proprietary Platform | Yes |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| MetaTrader 4 (MT4) | No |
| MetaTrader 5 (MT5) | No |
| Minimum Deposit | $0 |
| Tier-1 Licenses | 5 |
| Tradeable Symbols (Total) | 11925 |
CMC Markets is a highly trusted multi-asset broker regulated in multiple Tier-1 jurisdictions. CMC's powerful Next Generation trading platform for web and mobile delivers a huge selection of markets and a fantastic user experience. CMC Markets also ranks highly for its high-quality research and educational content. Read full review
| Apple iOS App | Yes |
| Android App | No |
| Proprietary Platform | Yes |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | No |
| Minimum Deposit | $100 |
| Tier-1 Licenses | 7 |
| Tradeable Symbols (Total) | 5500 |
FOREX.com is a highly trusted brand with a long history of offering forex in the U.S. and across the globe. FOREX.com offers its own flagship trading platforms for web and desktop, as well as the full MetaTrader suite. Though its pricing is higher than average, FOREX.com is a balanced choice for traders of all experience levels. Read full review
| Apple iOS App | Yes |
| Android App | No |
| Proprietary Platform | Yes |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| Minimum Deposit | $0 |
| Tier-1 Licenses | 5 |
| Tradeable Symbols (Total) | 40000 |
Charles Schwab is a leader in platform technology and trusted by millions of investors globally with trillions in assets under its brands. Available exclusively to U.S. residents, Charles Schwab's forex offering consists of just over 70 currency pairs, along with powerful research and trading tools. Read full review
| Apple iOS App | Yes |
| Android App | No |
| Proprietary Platform | Yes |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| MetaTrader 4 (MT4) | No |
| MetaTrader 5 (MT5) | No |
| Minimum Deposit | £100.00 |
| Tier-1 Licenses | 7 |
| Tradeable Symbols (Total) | 13500 |
City Index, part of StoneX Group, is an award-winning, highly trusted broker with a long history of offering forex and CFDs across its global offices. City Index delivers a well-designed mobile trading app and a powerful web platform, as well as a large range of tradeable markets (though pricing is just average). Read full review
| Apple iOS App | Yes |
| Android App | No |
| Proprietary Platform | Yes |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | No |
| Minimum Deposit | $0 |
| Tier-1 Licenses | 2 |
| Tradeable Symbols (Total) | 6200 |
XTB is a highly trusted brand with a proprietary platform (xStation 5) that delivers a rich selection of trading tools. XTB also offers CFDs for a wide range of asset classes, including multiple cryptocurrencies. Beginners will appreciate XTB's excellent educational content and the hundreds of lessons that are available via its Trading Academy. Read full review
| Apple iOS App | Yes |
| Android App | No |
| Proprietary Platform | Yes |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| MetaTrader 4 (MT4) | No |
| MetaTrader 5 (MT5) | No |
| Minimum Deposit | $50-$10,000 |
| Tier-1 Licenses | 3 |
| Tradeable Symbols (Total) | 5461 |
Best known for its copy trading platform suite, eToro is a highly trusted broker offering a large selection of cryptocurrency products, CFDs, shares, forex pairs, and a wide range of powerful trading tools. It’s worth noting that eToro is not a discount broker (though it offers zero-dollar commissions for U.S. stocks). Read full review
| Apple iOS App | Yes |
| Android App | No |
| Proprietary Platform | Yes |
| Desktop Platform (Windows) | No |
| Web Platform | Yes |
| MetaTrader 4 (MT4) | No |
| MetaTrader 5 (MT5) | No |
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
While the US dollar is on one side of 88% of trades, according to the BIS’s Triennial Foreign Exchange Survey, forex crosses still account for over $600 bn a day.
These include major crosses such as EURGBP and EURJPY, which represent $100bn and $79bn daily volume each, while the EURCHF cross comes in at about $44b. There are two major yen crosses, GBPJPY and EURJPY, which is often viewed as being quite volatile.
Minor crosses trade in lower volume and include a number of CAD crosses (CADCHF, CADJPY and EURCAD), Scandinavian currencies (such as NOK, SEK and DKK against the Euro), and exotics including currencies such as the South African Rand and Turkish Lira or Mexican Peso (eg GBPZAR, EURTRY, EURMXN).
Forex cross pairs are influenced by a wide range of fundamentals:
For instance, in 2016, GBP crosses were deeply impacted by the result of the Brexit referendum. In the immediate aftermath of the vote, Reuters showed sterling weakening dramatically against the yen and dollar, though anxiety about the impact of Brexit on the EU muted the euro response.
The Aussie and Canadian dollars, on the other hand, tend to rise with good news from the commodities markets on which the countries’ economies rely – the Aussie dollar is also often used as a proxy for the Chinese economy. Bloomberg points out that other commodity-related currencies such as the Ruble and Brazilian Real also outperformed in 2016.
At the end of the year, Trump’s victory in the US Presidential elections also had an impact on currencies, notably the Canadian dollar and Mexican peso. Canada and Mexico will both lose out if Trump abrogates NAFTA, since they’re big exporters to the States.
While trading these currencies against the dollar can also capitalise on news, sometimes a cross will see greater movement in prices, due to such factors as a higher interest rate differential or exactly opposing economic situations (for instance, resource exporting vs resource importing AUD/JPY).
To start trading forex crosses, traders will need to choose a broker, one factor to take into consideration is the level of your risk tolerance and deposit size. For example, traders with smaller account sizes could find a CFD broker that suits their needs; CFD brokers offer leverage, which allows the traders to control a larger position with smaller account size.
Choosing a regulated broker is a good rule of thumb, as regulatory supervision affords traders an increased level of security. In the UK, CFD brokers are regulated by the Financial Conduct Authority (FCA). BrokerNotes currently provides comparisons of brokers regulated by the FCA, CySEC, and regulated by ASIC. Other factors like the number of instruments the broker makes available, could be important if their interest lies in the more exotic minor crosses, as well as at the resources that the broker provides.
Most good brokers provide charting and news feeds, but not all charting packages are the same – some are far more advanced than others, showing different types of charts and allowing traders to track moving averages and Bollinger bands as well as simple price moves. The top brokers will also provide extensive educational resources for free.
Costs can vary considerably between brokers, as do minimum trade and account sizes. Traders should remember to consider the typical spread as well as any commissions charged when looking at costs.
Traders with larger deposits may find they are better suited by an ECN (Electronic Communications Network) account which links them directly to other market participants and enables automated trading. An ECN account gives access to market prices, which will deliver tighter or even zero spreads; the broker charges only a fixed commission. However, there is usually a high deposit amount required to access ECN accounts.
An example of a major forex pair might be the EUR/JPY cross. Looking at a quote, the currency shown to the left is known as the base currency, which always represents a single unit of that currency, and the currency shown to the right is the quote currency. The quote shows how much a single unit of the base currency would buy in the quote currency – in this case, how many yen would a single euro purchase? The quote will show two figures divided by a slash – 118.8/9, for instance; depending on whether a trader is buying or selling the price will be different (the ‘bid’ and ‘ask’ price). The difference between the two is the spread, that is, the broker’s profit margin, which is effectively the major cost to the trader.
Forex minor crosses are popular for traders as they can often offer larger price movements than the major crosses in response to particular news events. They are a less crowded trade than the major crosses, and can also offer greater volatility and opportunities for traders. Trading through a CFD/FX broker allows traders to trade a wide variety of crosses.
To recap, here are our top forex brokers for 2024, sorted by Overall ranking.
| Company | Overall Rating | Minimum Deposit | Average Spread EUR/USD - Standard | Trust Score | Tradeable Symbols (Total) | Read Review |
|
IG
|
9.9 | £250.00 | 0.98 | 99 | 19537 | IG Review |
|
Interactive Brokers
|
9.9 | $0 | 0.63 | 99 | 8500 | Interactive Brokers Review |
|
Saxo
|
9.7 | $0 | 1.1 | 99 | 70000 | Saxo Review |
|
CMC Markets
|
9.6 | $0 | 0.61 | 99 | 11925 | CMC Markets Review |
|
FOREX.com
|
9.4 | $100 | 1.4 | 99 | 5500 | FOREX.com Review |
|
Charles Schwab
|
9.3 | $0 | 1.25 | 99 | 40000 | Charles Schwab Review |
|
City Index
|
9.3 | £100.00 | 1.4 | 99 | 13500 | City Index Review |
|
XTB
|
9.1 | $0 | 1.00 | 96 | 6200 | XTB Group Review |
|
eToro
|
8.9 | $50-$10,000 | 1 | 93 | 5461 | eToro Review |
 Capital.com
|
8.7 | $20 | 0.67 | 87 | 3007 | Capital.com Review |
 Swissquote
|
8.7 | $1000 | N/A | 99 | 472 | Swissquote Review |
 AvaTrade
|
8.7 | $100 | 0.93 | 94 | 1260 | AvaTrade Review |
 OANDA
|
8.6 | $0 | 1.61 | 93 | 3928 | OANDA Review |
 Plus500
|
8.6 | €100 | 1.5 | 99 | 5500 | Plus500 Review |
 FXCM
|
8.6 | Starts from $50 | 0.78 | 95 | 440 | FXCM Review |
 Pepperstone
|
8.5 | $0 | 1.10 | 95 | 1726 | Pepperstone Review |
 XM Group
|
8.5 | $5 | 1.6 | 88 | 1394 | XM Group Review |
 Admirals
|
8.5 | $100 | 0.8 | 93 | 8702 | Admiral Markets Review |
 FP Markets
|
8.3 | $100 AUD | 1.1 | 87 | 10000 | FP Markets Review |
 Tickmill
|
8.2 | $100 | 0.51 | 86 | 725 | Tickmill Review |
 IC Markets
|
8.2 | $200 | 0.62 | 84 | 3583 | IC Markets Review |
 FxPro
|
8.1 | $100 | 1.51 | 90 | 2249 | FxPro Review |
 Markets.com
|
8.1 | $100 | 1.9 | 93 | 2179 | Markets.com Review |
 FinecoBank
|
8.0 | $0 | N/A | 94 | 9770 | Fineco Bank Review |
 BlackBull Markets
|
8.0 | $0 | 0.76 | 78 | 26000 | BlackBull Markets Review |
 Vantage
|
8.0 | $50 | 1.30 | 90 | 1000 | Vantage Review |
 ThinkMarkets
|
7.9 | $50 | 1.1 | 92 | 4000 | ThinkMarkets Review |
 HYCM (Henyep Capital Markets)
|
7.8 | $20 | 1.2 | 86 | 1199 | HYCM Review |
 HFM
|
7.8 | $0 | 1.2 | 86 | 500 | HFM Review |
 DooPrime
|
7.8 | $100 | N/A | 83 | 10000 | DooPrime Review |
 Questrade
|
7.8 | $250 | N/A | 86 | 641 | |
 ActivTrades
|
7.7 | 0 | 0.98 | 81 | 1267 | |
 Trading 212
|
7.7 | €10 | 1.9 | 79 | 8025 | Trading 212 Review |
 BDSwiss
|
7.7 | $10-$5000 | 1.6 | 76 | 1081 | BDSwiss Review |
 Trade Nation
|
7.7 | $0 | 0.6 | 85 | 1000 | Trade Nation Review |
 TMGM
|
7.6 | $100 | N/A | 83 | 12000 | TMGM Review |
 Eightcap
|
7.6 | $100 | 1.0 | 85 | 736 | Eightcap Review |
 Moneta Markets
|
7.5 | $50 | 1.38 | 72 | 1016 | Moneta Markets Review |
 Spreadex
|
7.5 | $0 | 0.81 | 71 | 10000 | Spreadex Review |
 MultiBank
|
7.5 | $50 | N/A | 84 | 1042 | MultiBank Review |
 Exness
|
7.4 | $10 | N/A | 81 | 227 | Exness Review |
 ACY Securities
|
7.4 | $50 | 1.2 | 75 | 2200 | ACY Securities Review |
 easyMarkets
|
7.3 | $50 | 0.8 | 80 | 230 | easyMarkets Review |
 RoboForex
|
7.3 | $100 | 1.3 | 73 | 8400 | Roboforex (RoboMarkets) Review |
 VT Markets
|
7.3 | $100 | 1.2 | 70 | 1000 | VT Markets Review |
 Octa
|
7.2 | $25 | 0.9 | 70 | 277 | OctaFX Review |
 IronFX
|
7.2 | $50 | 1.2 | 83 | 340 | IronFX Review |
 IFC Markets
|
7.2 | $1 | 1.44 | 67 | 630 | IFC Markets Review |
 Trade360
|
7.2 | $250 | N/A | 76 | 1062 | Trade360 Review |
 Axi
|
7.1 | $0 | N/A | 82 | 175 | Axitrader Review |
 TeleTrade
|
7.1 | $100 | N/A | 71 | 500 | Teletrade Review |
 iFOREX
|
7.0 | $100 | N/A | 75 | 750 | iFOREX Review |
 FXOpen
|
7 | $100 | N/A | 76 | 87 | FXOpen Review |
 FXPrimus
|
7.0 | $100 | N/A | 71 | 140 | FXPrimus Review |
 Xtrade
|
6.9 | $250 | N/A | 74 | 482 | Xtrade Review |
 Forex4you
|
6.8 | $0 | N/A | 61 | 150 | Forex4you Review |
 GBE brokers
|
6.8 | $500 | N/A | 71 | 500 | GBE Brokers Review |
 Alpari
|
6.8 | $20 | N/A | 68 | 105 | Alpari Review |
 TopFX
|
6.7 | Depends on payment method | 1.03 | 67 | 655 | TopFX Review |
 Libertex (Forex Club)
|
6.7 | $10 | N/A | 73 | 300 | Libertex Review |
 LegacyFX
|
6.7 | $500 | N/A | 67 | 425 | LegacyFX Review |
 FXGT.com
|
6.6 | $5 | N/A | 69 | 117 | FXGT Review |
 ATFX
|
6.5 | $500 | N/A | 85 | 150 | ATFX Review |
At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.
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There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.
BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.