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75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website you agree to our Terms of Service.

EditorEditor: Alison HeyerdahlUpdated: Dec 11, 2023
AuthorAuthor: Chris Cammack

Last Updated On Dec 11, 2023

Chris Cammack

High leverage enables traders to place large trades with little capital. But, while higher leverage gives traders greater buying power, it also significantly increases risks. Beware of margin calls with high-leverage trading, as poor money management will force the broker to automatically close your trade due to a lack of funds to cover potential losses. Beginner traders should avoid using high leverage unless they employ a high-risk strategy.

While many international brokers can only offer traders a maximum of 30:1 leverage due to regulatory restrictions, offshore brokers can offer greater leverage to Nigerian clients.

The data to create this list is directly from the broker websites and was last updated in June 2024.

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Broker
Broker Score
Visit Broker
Max. Leverage (Forex)
Min. Deposit
EUR/USD - Standard Spread
Trading Cost - Standard Account
Trust Score
International Regulators
Platforms
Trading Desk
Compare
FBS
4.33 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
3000:1
USD 5
0.80 pips
USD 7
11110.54.5/ 5
FSC
STP
ECN/DMA
FXTM
4.27 /5
Read Review
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81% of retail CFD accounts lose money
2000:1
USD 10
1.50 pips
USD 15
111104/ 5
FSC
CMA
ECN/DMA
Market Maker
HFM (HotForex)
4.53 /5
Read Review
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72.90% of retail CFD accounts lose money
1000:1
USD 0
1.00 pips
USD 10
11110.54.5/ 5
DFSA
FSC
FSA-Seychelles
HFM Trading App
STP
XM
4.45 /5
Read Review
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75.33% of retail CFD accounts lose money
1000:1
USD 5
0.60 pips
USD 6
11110.54.5/ 5
DFSA
FSC
Market Maker
Octa
4.37 /5
Read Review
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67.65% of retail CFD accounts lose money
1000:1
USD 25
0.60 pips
USD 6
111104/ 5
MISA
OctaTrader
STP
IronFX
3.64 /5
Read Review
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75.35% of retail CFD accounts lose money
1000:1
USD 50
2.20 pips
USD 22
111115/ 5
Market Maker
ECN/DMA
NordFX
3.63 /5
Read Review
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66.67% of retail CFD accounts lose money
1000:1
USD 10
2.00 pips
USD 20
111104/ 5
VFSC
ECN/DMA
FIBO Group
3.60 /5
Read Review
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58% of retail CFD accounts lose money
1000:1
USD 0
0.60 pips
USD 6
111104/ 5
BaFin
Fi
B.V.I FSC
FSC
Market Maker NDD
ECN/DMA
Tradersway
2.85 /5
Read Review
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of retail CFD accounts lose money
1000:1
USD 5
0.50 pips
USD 5
000000/ 5
None
ECN/DMA
Weltrade
2.67 /5
Read Review
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of retail CFD accounts lose money
1000:1
USD 25
1.50 pips
USD 15
100001/ 5
FSA-St-Vincent
STP
Oanda
4.25 /5
Read Review
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73.5% of retail CFD accounts lose money
800:1
USD 0
1.00 pips
USD 10
111115/ 5
MAS
IIROC
B.V.I FSC
FSA-Seychelles
STP
Axiory
3.99 /5
Read Review
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N/A of retail CFD accounts lose money
777:1
USD 10
0.20 pips
USD 8
111003/ 5
FSC
FSC
Market Maker
Tickmill
4.58 /5
Read Review
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71% of retail CFD accounts lose money
500:1
USD 100
0.00 pips
USD 6
11110.54.5/ 5
LFSA
FSA-Seychelles
DFSA
STP
Tickmill
4.58 /5
Read Review
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71% of retail CFD accounts lose money
500:1
USD 100
0.00 pips
USD 6
11110.54.5/ 5
LFSA
FSA-Seychelles
DFSA
STP
IC Markets
4.56 /5
Read Review
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70.81% of retail CFD accounts lose money
500:1
USD 200
0.10 pips
USD 8
11110.54.5/ 5
FSA-Seychelles
SCB
TradingView
ECN/DMA
Eightcap
4.53 /5
Read Review
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N/A of retail CFD accounts lose money
500:1
AUD 100
1.00 pips
USD 10
111115/ 5
SCB
TradingView
Market Maker NDD
Axi
4.44 /5
Read Review
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75.6% of retail CFD accounts lose money
500:1
USD 0
1.00 pips
USD 10
111115/ 5
FMA
DFSA
FSA-St-Vincent
ECN/DMA
ThinkMarkets
4.43 /5
Read Review
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71.89% of retail CFD accounts lose money
500:1
USD 0
1.10 pips
USD 11
11110.54.5/ 5
FSA-Seychelles
FSA-Japan
ThinkTrader
ECN/DMA
STP
FP Markets
4.40 /5
Read Review
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79% of retail CFD accounts lose money
500:1
AUD 100
0.10 pips
USD 7
11110.54.5/ 5
CMA
FSA-Seychelles
IRESS
ECN/DMA
XTB
4.39 /5
Read Review
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78% of retail CFD accounts lose money
500:1
USD 0
0.70 pips
USD 7
11110.54.5/ 5
DFSA
FSC
KNF
xStation5
Market Maker NDD
Skilling
4.37 /5
Read Review
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71% of retail CFD accounts lose money
500:1
USD 100
0.70 pips
USD 7
11110.54.5/ 5
Fi
FSA-Seychelles
Skilling Trader
NDD
Vantage
4.35 /5
Read Review
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of retail CFD accounts lose money
500:1
USD 50
0.00 pips
USD 6
11110.54.5/ 5
CIMA
VFSC
ProTrader
ECN/DMA
STP
Hantec Markets
4.33 /5
Read Review
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66.79% of retail CFD accounts lose money
500:1
USD 100
0 pips
USD 12
11110.54.5/ 5
FSA-Japan
FSC
JSE
STP
MultiBank
4.33 /5
Read Review
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N/A of retail CFD accounts lose money
500:1
USD 50
1.50 pips
USD 15
111115/ 5
FSC
MAS
BaFin
B.V.I FSC
VFSC
CIMA
STP
Admirals
4.28 /5
Read Review
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76% of retail CFD accounts lose money
500:1
USD 25
0.80 pips
USD 8
111115/ 5
JSE
MT Supreme
STP
BlackBull Markets
4.28 /5
Read Review
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N/A of retail CFD accounts lose money
500:1
USD 0
0.80 pips
USD 8
1110.503.5/ 5
FMA
FSA-Seychelles
WebTrader
ECN/DMA
Valutrades
4.25 /5
Read Review
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62% of retail CFD accounts lose money
500:1
USD 5
0.10 pips
USD 7
111104/ 5
FSA-Seychelles
ECN/DMA
HYCM
4.12 /5
Read Review
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74% of retail CFD accounts lose money
500:1
USD 100
1.20 pips
USD 12
11110.54.5/ 5
DFSA
Fi
BaFin
CIMA
Market Maker
ACY Securities
4.08 /5
Read Review
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N/A of retail CFD accounts lose money
500:1
USD 50
1.00 pips
USD 10
111104/ 5
VFSC
ECN/DMA
LiteForex
3.97 /5
Read Review
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81% of retail CFD accounts lose money
500:1
USD 50
1.90 pips
USD 19
111104/ 5
FSA-St-Vincent
Market Maker

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).

Our Rating & Review Methodology

Our State of the Market Report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers.

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

 

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