Updated September 2026. Broker details were checked on each broker’s official website on 23 September 2026. Conditions change often and differ by country and by the legal entity you open an account with — always confirm on the broker’s site and the regulator’s register before depositing.
Key points
- Which entity you sign up with matters more than the brand. Most large brokers run a strictly regulated company (UK, EU, Australia, US) and an offshore one with far higher leverage and far fewer protections.
- Retail leverage is capped at 30:1 on major pairs in the UK, EU and Australia, 50:1 in the US, 25:1 in Japan and 20:1 in Singapore. Offers of 500:1–2000:1 mean an offshore entity.
- Bonuses are banned for retail clients in the UK, EU and Australia, where negative balance protection is also mandatory.
- Check the register yourself — clone firms copy real brokers’ names and licence numbers.
Broker snapshot: strongly regulated retail entities
These brokers have at least one company authorised to serve retail clients under a major regulator. Costs are shown exactly as each broker publishes them; “from” prices are minimums, not typical spreads. Round turn (RT) = open and close one standard lot (100,000 units).
| Broker | Main regulators | Min. deposit | Max. retail leverage | Platforms | EUR/USD cost (published) | Copy trading | US clients | Score |
|---|---|---|---|---|---|---|---|---|
| eToro Nasdaq: ETOR |
FCA, CySEC, ASIC, ADGM, MAS · Offshore: Seychelles | From $50 (varies by country) | 30:1 | Own platform only | Spread 0.005% per trade | Yes (CopyTrader) | Stocks & crypto only — no FX/CFDs | 88Regulation 50/50 · Cost 30/30 · Platforms 8/20 |
| FOREX.com StoneX group |
NFA/CFTC, FCA, CySEC, CIRO, ASIC, JFSA, MAS · Offshore: CIMA | $100 (US) | 50:1 US; 30:1 UK/EU | Own, MT4, MT5, TradingView | Standard from 0.8 pips; RAW 0.0 + $7 per side | No | Yes | 79Regulation 50/50 · Cost 17/30 · Platforms 12/20 |
| OANDA owned by FTMO since Dec 2025 |
NFA/CFTC, FCA, KNF, CIRO, ASIC, MAS, JFSA · Offshore: BVI | None | 50:1 US; 30:1 UK | Own, MT4, MT5, TradingView | US spread-only 1.4 pips; core pricing raw + $7 per side | No | Yes | 76Regulation 45/50 · Cost 17/30 · Platforms 14/20 |
| FxPro | FCA, CySEC, FSCA · Offshore: Bahamas, Seychelles | No fixed minimum | 30:1 UK/EU | MT4, MT5, cTrader, own | Raw+ from 0.0 + $7 RT | Via cTrader | No | 74Regulation 27/50 · Cost 30/30 · Platforms 17/20 |
| Tickmill | FCA, CySEC, FSCA, DFSA (rep. office) · Offshore: Seychelles | $100 | 30:1 UK/EU | MT4, MT5, TradingView | Raw: average 0.1 pips + $6 RT | Yes | No | 74Regulation 27/50 · Cost 30/30 · Platforms 17/20 |
| easyMarkets formerly easy-forex |
CySEC, ASIC, FSCA · Offshore: Seychelles, BVI | $25 (EU) | 30:1 EU | Own, TradingView, MT4, MT5 | Fixed 0.6 pips (web/app, EU) | No | No | 71Regulation 27/50 · Cost 30/30 · Platforms 14/20 |
| Dukascopy | FINMA (Swiss bank), Latvijas Banka (EU) | $100 | 30:1 EU; up to 200:1 Swiss bank | JForex, MT4, MT5 | ECN from 0.1 pip + $35 per $1m per side (≈$7 RT) | No (PAMM) | Not stated | 69Regulation 32/50 · Cost 26/30 · Platforms 11/20 |
| FXCM now Stratos Group |
FCA, CySEC, ASIC, FSCA · Offshore: SVG | From 50 (account currency) | 30:1 UK/EU/AU | Trading Station, MT4, TradingView | Standard: average 1.3 pips | No | No (left US 2017) | 69Regulation 41/50 · Cost 17/30 · Platforms 11/20 |
| AvaTrade | Central Bank of Ireland, ASIC, JFSA, FSCA · Offshore: BVI | $100 | 30:1 EU/AU | MT4, MT5, own app | From 0.9 pips, no commission | Yes (AvaSocial, DupliTrade) | No | 60Regulation 36/50 · Cost 10/30 · Platforms 14/20 |
| LiteFinance formerly LiteForex |
CySEC (EU entity) · Offshore: Mauritius, SVG | $50 | 30:1 EU (expected; not stated) | MT4, MT5, cTrader | Classic from 1.8 pips; ECN raw + commission | Yes | No | 45Regulation 18/50 · Cost 10/30 · Platforms 17/20 |
| HFM formerly HotForex |
FCA, FSCA, DFSA, CMA Kenya; CySEC (professional clients only) · Offshore: Mauritius, Seychelles | $0 (Premium) | 30:1 UK | MT4, MT5, HFM app | Zero account: raw spread + commission from $3 per lot | Yes (HFcopy) | No | 42Regulation 18/50 · Cost 10/30 · Platforms 14/20 |
| InstaForex | CySEC (EU entity) · Offshore: BVI, SVG | €200 (EU ECN) | 30:1 EU (expected; not stated) | MT4, MT5 | EU ECN: raw + $3.50 per $100k | Yes (ForexCopy) | No | 40Regulation 18/50 · Cost 10/30 · Platforms 12/20 |
| FXCC | CySEC · Offshore: Comoros (MISA), Vanuatu, SVG | €100 (EU) | 30:1 EU | MT4, MT5 | ECN XL from 0.0 pips, no commission | Yes (FXCC Copy) | No | 39Regulation 18/50 · Cost 10/30 · Platforms 11/20 |
How the score works
A 0–100 score combining three things we can check from public sources. It is our editorial summary, not a recommendation, and it depends on which company you are onboarded to.
- Regulation & protection (50): 9 points per top-tier regulator authorising the broker to serve retail clients (FCA, EU national regulators, ASIC, NFA/CFTC, FINMA, JFSA, MAS, CIRO, KNF), up to 36; 9 points if clients can be covered by a compensation scheme; 5 points for a bank licence or a stock-exchange-listed owner. Offshore-only licences score 0.
- Published EUR/USD cost (30): all-in cost in pips (spread + commission; $10 per lot ≈ 1 pip), using the broker’s typical, average or fixed figure, or the minimum all-in cost of its commission account. 0.7 pips or less: 30 · up to 0.9: 26 · up to 1.1: 22 · up to 1.4: 17 · up to 1.8: 10. Brokers that publish only “from” spreads receive a neutral 10.
- Platforms & tools (20): 3 points each for MT4, MT5, TradingView, cTrader, an own platform and copy trading; 2 for a swap-free account.
Scores use the data checked on 23 September 2026. Hover over (or tap) a score to see its breakdown.
Brokers serving retail clients only through offshore entities
These brands currently accept retail clients only via lightly regulated or offshore companies. That usually means very high leverage, no compensation scheme and limited ways to complain if something goes wrong.
| Broker | Licences | Min. deposit | Max. leverage | Platforms | EUR/USD cost (published) | Notes | Score |
|---|---|---|---|---|---|---|---|
| Exness | Seychelles, BVI, Mauritius, Curaçao, FSCA; its CySEC and FCA entities serve professional clients only | About $10 (Standard) | Very high, conditional | MT4, MT5, own | Standard from 0.2 pips; Raw 0.0 + $7 RT | Social trading available | 44Regulation 0/50 · Cost 30/30 · Platforms 14/20 |
| FXTM | FSCA, CMA Kenya, CMA UAE, FSC Mauritius | $30 (Micro) | Very high (offshore) | MT4, MT5, own app | Advantage from 0.0 + $7 RT | UK business closed 2026; EU licence withdrawn 2024. Swap rates tracked monthly | 41Regulation 0/50 · Cost 30/30 · Platforms 11/20 |
| FXDD | Peru registration | $200 | Up to 500:1 | MT4, MT5 | Ultra from 0.0 + $4.98 RT | Surrendered its Malta (EU) licence in August 2026 | 39Regulation 0/50 · Cost 30/30 · Platforms 9/20 |
| Alpari | Comoros (MISA) | $100 Standard | Up to 1000:1 (3000:1 ECN) | MT4, MT5, own app | Standard from 1.2 pips | Alpari UK went insolvent in 2015 (Swiss franc shock) | 21Regulation 0/50 · Cost 10/30 · Platforms 11/20 |
| AAAFx | Comoros, FSCA; Greek (HCMC) entity now described as payment services | Varies by account | Up to 500:1 | MT4, MT5 | ECN from 0.0 + commission | Copy trading via ZuluTrade | 21Regulation 0/50 · Cost 10/30 · Platforms 11/20 |
No longer operating: CitiFX Pro (Citi’s retail FX service) closed in June 2015; its clients were transferred to FXCM and Saxo Bank.
Overnight financing costs
Spreads are only part of the cost. If you hold positions overnight, the swap (rollover) spread — the gap between the long and short swap rates — is a real, recurring fee. The chart below uses the swap rates this site collects every month.
Regulation by country
Brokers are regulated where each of their companies is licensed, not where the brand is headquartered. The rules below apply to retail clients; “professional” clients can lose most of these protections.
| Region | Regulator | Max. leverage (major FX) | Negative balance protection | Bonuses | Compensation if the firm fails | Check a firm |
|---|---|---|---|---|---|---|
| United Kingdom | FCA | 30:1 | Required | Banned | FSCS, up to £85,000 | FCA Register |
| European Union | National regulators under ESMA rules, e.g. CySEC (Cyprus), BaFin (Germany) | 30:1 | Required | Banned | National schemes, typically 90% of the claim up to €20,000 | CySEC, BaFin |
| Australia | ASIC | 30:1 (current order runs to May 2027; under review) | Required | Banned | No scheme for CFD trading | ASIC registers |
| United States | CFTC and NFA | 50:1 (20:1 other pairs) | — | — | None (SIPC does not cover forex) | NFA BASIC |
| Canada | CIRO (formerly IIROC) | Set by currency group (about 50:1 on majors) | — | — | CIPF, up to C$1m per account category | CIRO dealers |
| Japan | JFSA | 25:1 | Loss-cut rules; client margin held in trust | — | Trust segregation rather than a fund | JFSA list |
| Singapore | MAS | 20:1 | — | — | — | MAS directory |
| Switzerland | FINMA | Set by the firm | — | — | Bank deposits up to CHF 100,000 (not trading positions) | FINMA list |
| South Africa | FSCA | No statutory cap | — | — | None | FSCA search |
“—” means the rule is not part of that regulator’s retail leverage framework or could not be confirmed from an official source. Russia’s former regulator, the FFMS, was abolished in 2013; forex dealers there are licensed by the Bank of Russia.
Offshore jurisdictions
Licences from St Vincent & the Grenadines, Comoros (Mwali), Seychelles, Mauritius, Vanuatu, the British Virgin Islands and the Bahamas are common among brokers offering very high leverage. They generally lack leverage caps, mandatory negative balance protection, loss-percentage disclosure, compensation schemes and an independent ombudsman. St Vincent & the Grenadines states that it does not license or regulate forex trading at all — a company registered there is not a regulated broker.
What’s changing
- Australia: ASIC’s CFD product-intervention order expires in May 2027; a consultation on amending and extending it is due in late 2026.
- United Kingdom: the FCA is consulting on how firms classify clients as “professional”, after warning in 2025 that some CFD firms push retail clients to opt up or move to offshore entities.
- European Union: ESMA reminded firms in February 2026 that crypto “perpetual futures” are likely to fall under the CFD rules.
How to check a broker
- Find the legal entity named in the account agreement and on the sign-up page — not just the brand.
- Look it up on the regulator’s own register (links above) and use only the website and phone number listed there.
- Search the warning lists: the FCA Warning List and IOSCO I-SCAN, which collects alerts from 150+ regulators. Watch for clone firms.
- Read the risk warning. In the UK, EU and Australia brokers must show what percentage of their retail accounts lose money — in the FCA’s research, around 80% of clients lose money.
- Be wary of bonuses, 500:1+ leverage, pressure to become a “professional” client, and requests to deposit by crypto or to a personal account.
Trade execution models
- Market maker (B-book, “dealing desk”): the broker takes the other side of your trade and profits when clients lose — a built-in conflict of interest that regulators require firms to manage.
- STP / agency (A-book): orders are passed to one or more liquidity providers; the broker earns from spread mark-ups and commission.
- ECN: an A-book model where you see competing quotes from several liquidity providers, usually with raw spreads plus commission.
- Hybrid: a common model today — the broker keeps some client flow in-house (often small or unprofitable accounts) and hedges the rest.
Account labels such as “ECN” or “Raw” describe pricing, not necessarily how your orders are handled. The execution policy document tells you more.
Fee types
Spread: the difference between the buy and sell price. Brokers publish “from” (minimum) spreads far more often than typical ones; spreads widen around news and at the daily rollover.
Commission: charged on raw/ECN accounts, quoted either per side or per round turn — $3.50 per side is $7 round turn. Compare accounts on total cost: spread + commission.
Swap (rollover): interest paid or earned for holding positions overnight, usually tripled on Wednesdays to cover the weekend. See our live swap rates.
Swap-free (Islamic) accounts: widely available, but usually with wider spreads, admin fees after a number of days, or both.
Other charges: inactivity fees, currency conversion on deposits and withdrawals, and withdrawal fees on some payment methods.
This page is for education only and is not a recommendation of any broker. Links go directly to each broker’s official website. Suggest a broker or report an error via our contact page.