3 Best Forex Brokers for 2025

These brokers stand out for forex trading due to their transparent low pricing, quality trading platforms and large selection of currency pairs.

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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

Interactive Brokers Forex
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on Interactive Brokers' website

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.

Interactive Brokers is a well-rounded, multi-asset broker known for its powerful trading platforms. The company's commissions are competitive, especially for high-volume traders

Interactive Brokers. Spot Currencies Commissions. Accessed Jul 25, 2025.
. Forex traders will love FXTrader, which supports over 20 different order types, offers customized layouts and trading cell displays and allows you to transmit an order with a single click. Interactive Brokers' spreads are extremely competitive — the company advertises spreads as low as 1/10 pip — and investors have access to real-time prices from 17 sources.

Forex.com

Forex
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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.

Despite its name, Forex.com is also a multi-asset broker — in addition to forex, the company offers access to stocks, ETFs and options trading through its StoneX platform. The company offers an impressive suite of trading platforms, including integration with MetaTrader 5. And it pays a 4% APY on margin balances up to $500,000. (Rate current as of Jul. 25, 2025.)

OANDA

Oanda
NerdWallet rating 

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.

OANDA offers forex and cryptocurrency trading (through a partnership with Paxos) and pricing flexibility — users can choose between spread-only pricing or the elite trader program, which is designed for active traders and offers rebates for high monthly trade volume. It's worth noting, too, that the inactivity fee does not apply to crypto accounts.

Frequently asked questions

Forex trading in general isn't where we'd suggest beginner investors get started — if you're brand new to investing, check out our list of the best brokers for beginners. That said, if you're a seasoned investor looking to dabble in trading forex for the first time, you might benefit from going with a more traditional broker to start, like Interactive Brokers. While still advanced, the IBKR interface may feel more familiar than other forex trading platforms.

Many forex brokers offer paper trading tools that let you test different strategies without putting any money at stake. Virtual trading simulators like those are a good way to learn how to trade and understand the different strategies you might employ.

Many forex brokers will offer leverage of up to 50:1 on major currency pairs. Some brokers will reduce that for minor currency pairs, offering as little as 20:1 instead.

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.

Best brokers for forex trading