3 Best Forex Brokers for 2025
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Trading forex, which involves exchanging one currency for another on the foreign exchange market, involves a level of risk and complexity that you might not find in traditional investing. But with exchange rates seeing wild swings in the wake of President Trump's on-again, off-again tariff policies, more retail investors are wading into the advanced asset class.
That's why it's especially important to choose a broker that helps you understand and navigate the potential costs and benefits associated with it.
When selecting your forex broker, you should consider trading platforms and tools, the number of currency pairs offered, customer service and, of course, trading costs.
But comparing costs is tricky in forex trading. Some brokers charge a commission, while others are compensated with a spread — the markup between the price they pay for an asset and what they sell it for. The differences are outlined more below.
One suggestion: All of these brokers offer free demo accounts so you can test the market with virtual dollars. Dip a toe in with some play money before using your own cash.
For our list, we considered only those forex platforms that are regulated by the National Futures Association and the Commodity Futures Trading Commission..
Top brokers for forex trading
Interactive Brokers
Commission: 0.20 basis points if trading at or below 1,000,000,000 in value per month. $2 minimum commission per order. Volume discounts available.
Currency pairs: 100+
Account minimum: $0
Inactivity fee: None.
Forex.com
Commission: Choice of spread markup or commission account. Commissions are $7 per $100,000 traded per side.
Currency pairs: 80+
Account minimum: $100
Inactivity fee: $15 per month after there is no trading activity for 12 months.
OANDA
Commission: Spread markup. Elite trader program offers commissions and rebates for those who trade $10,000,000 per month.
Currency pairs: 60+
Account minimum: $0
Inactivity fee: 10 units of the currency your account is denominated in if there are no open trades for a period of at least 12 months.
Methodology
How do we review brokers?
NerdWallet’s comprehensive review process evaluates and ranks the largest U.S. brokers by assets under management, along with emerging industry players. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgments on which ones will best meet your needs. Our highest priority is maintaining editorial integrity.
We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across more than 20 factors. The final output produces star ratings from poor (one star) to excellent (five stars).
For more details about the categories considered when rating brokers and our process, read our full methodology.