Best Regulated Forex Brokers for 2022

Below you will find a list of Forex Brokers highly regulated by different commissions and agencies. On one hand, strict regulatory authority ensures that company is legit and client’s funds are safe and securely protected. On other hand, certain credible regulators burden market participants with many trading restrictions. For example, due to the heavy CFTC interference, Forex Brokers in the USA offer very low leverage, don’t allow hedging and apply the FIFO rule. Trading Forex became quite a challenge for many US citizens since these limitations came into force. Meanwhile, regulators in offshore countries don’t tend to take such radical measures.

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Dukascopy Dukascopy (1998) Leverage: up to 1:200 Deposit: from 100 USD Spreads:  low  low Location: Switzerland Latvia Japan Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds ETFs Platforms: Web MetaTrader 4 Specific Binary Platform FIX API (protocol) Wire Transfer Credit Cards HotForex HotForex (2007) Leverage: up to 1:1000 * Deposit: from 5 USD Spreads:  low  low Location: UK Cyprus UAE South Africa Saint Vincent and the Grenadines Seychelles Instruments: Currencies Crypto Indices Metals Energies Softs Bonds Platforms: Web MetaTrader 4 MetaTrader 5 FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller PayRedeem FasaPay UnionPay WebMoney Bitcoin Bitсoin Cash TickMill TickMill (2015) Leverage: up to 1:500 * Deposit: from 100 USD Spreads:  low  low Location: UK Cyprus South Africa Malaysia Seychelles Instruments: Currencies Indices Metals Energies Bonds Platforms: Web MetaTrader 4 FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay Qiwi Sofort PaySafeCard SticPay DotPay CityIndex CityIndex (1983) Leverage: up to 1:30 Deposit: from 10 USD Spreads:  low  low Location: Australia UK UAE Singapore Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds Interest Rates Platforms: Web MetaTrader 4 Specific Wire Transfer Credit Cards PayPal Bpay Darwinex Darwinex (2012) Leverage: up to 1:30 Deposit: from 500 USD Spreads:  low  low Location: UK Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: MetaTrader 4 MetaTrader 5 Social Platform FIX API (protocol) Wire Transfer Credit Cards PayPal Skrill UnionPay Trustly FxPro FxPro (2006) Leverage: up to 1:500 * Deposit: from 100 USD Spreads:  mid  mid Location: UK Cyprus Bahamas Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Platforms: Web MetaTrader 4 MetaTrader 5 cTrader Wire Transfer Credit Cards PayPal Skrill Neteller UnionPay IC Markets IC Markets (2007) Leverage: up to 1:500 Deposit: from 200 USD Spreads:  low  low Location: Australia Cyprus Seychelles Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds Platforms: Web MetaTrader 4 MetaTrader 5 cTrader FIX API (protocol) Wire Transfer Credit Cards PayPal Skrill Neteller FasaPay UnionPay BitPay Bpay POLi Klarna FxOpen FxOpen (2005) Leverage: up to 1:500 Deposit: from 1 USD Spreads:  low  low Location: Australia UK Saint Kitts and Nevis Instruments: Currencies Crypto Indices Metals Energies Platforms: Web MetaTrader 4 MetaTrader 5 Specific FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay WebMoney Perfect Money Yandex Money Qiwi Bitcoin Ethereum Liteсoin RBK Money Intellect Money PaySafeCard Rakuten Securities Rakuten Securities (1999) Leverage: up to 1:30 Deposit: from 50 USD Spreads:  low  low Location: Australia Malaysia Hong Kong Japan Instruments: Currencies Indices Metals Platforms: MetaTrader 4 Wire Transfer Credit Cards Skrill Neteller UnionPay GO Markets GO Markets (2006) Leverage: up to 1:500 * Deposit: from 200 AUD Spreads:  low  low Location: Australia Cyprus Mauritius Instruments: Currencies Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller FasaPay Bpay POLi IG Markets IG Markets (1974) Leverage: up to 1:200 * Deposit: from 300 USD Spreads:  low  low Location: Australia UK Switzerland UAE Singapore Japan Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds ETFs Interest Rates Platforms: Web MetaTrader 4 Specific FIX API (protocol) Wire Transfer Credit Cards PayPal Bpay Forex.com Forex.com (2001) Leverage: up to 1:50 * Deposit: from 100 USD Spreads:  mid  mid Location: US UK Japan Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Ninja Trader Specific FIX API (protocol) Wire Transfer Credit Cards Oanda Oanda (2001) Leverage: up to 1:50 * Deposit: from 20 USD Spreads:  mid  mid Location: Australia Canada US UK Singapore Japan Instruments: Currencies Indices Metals Energies Softs Bonds Platforms: Web MetaTrader 4 Specific FIX API (protocol) Wire Transfer Credit Cards PayPal UnionPay Bpay IFS Markets IFS Markets (2008) Leverage: up to 1:400 Deposit: from 5 AUD Spreads:  low  low Location: Australia UAE Saint Vincent and the Grenadines Instruments: Currencies Indices Metals Energies Platforms: Web MetaTrader 4 Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay POLi FBS FBS (2009) Leverage: up to 1:3000 * Deposit: from 1 USD Spreads:  mid  mid Location: Cyprus Belize Instruments: Currencies Indices Metals Energies Platforms: Web MetaTrader 4 MetaTrader 5 Specific Wire Transfer Credit Cards Skrill Neteller Perfect Money BitWallet SticPay AvaTrade AvaTrade (2007) Leverage: up to 1:400 * Deposit: from 100 USD Spreads:  mid  mid Location: Australia Ireland Poland South Africa UAE Japan British Virgin Islands Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds ETFs Platforms: Web MetaTrader 4 MetaTrader 5 Specific Wire Transfer Credit Cards Skrill Neteller WebMoney POLi Admiral Markets Admiral Markets (2001) Leverage: up to 1:1000 * Deposit: from 200 USD Spreads:  low  low Location: Australia UK Cyprus Seychelles Instruments: Currencies Crypto Indices Metals Energies Stocks Bonds ETFs Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller UnionPay Trustly iDeal POLi AstroPay SafetyPay Klarna Przelewy24 ZotaPay XM Group XM Group (2009) Leverage: up to 1:888 Deposit: from 5 USD Spreads:  low  low Location: Australia UK Cyprus UAE Belize Instruments: Currencies Indices Metals Energies Softs Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller WebMoney Yandex Money Qiwi XTB Group XTB Group (2004) Leverage: up to 1:200 Deposit: from 250 USD Spreads:  mid  mid Location: UK Germany France Spain Poland Belize Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds ETFs Platforms: MetaTrader 4 xStation Wire Transfer Credit Cards PayPal Skrill Sofort PaySafeCard SafetyPay Z.com Trade Z.com Trade (2011) Leverage: up to 1:30 Deposit: from 50 USD Spreads:  low  low Location: UK Hong Kong Instruments: Currencies Crypto Indices Metals Energies Platforms: Web MetaTrader 4 Specific Wire Transfer Credit Cards PayPal Skrill Neteller WebMoney Yandex Money Trustly Qiwi iDeal Sofort POLi Giropay Moneta Ru Global Prime Global Prime (2010) Leverage: up to 1:100 Deposit: from 200 AUD Spreads:  low  low Location: Australia Seychelles Vanuatu Instruments: Currencies Crypto Indices Metals Energies Softs Platforms: Web MetaTrader 4 Specific FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller FasaPay Bpay POLi ZotaPay Exness Exness (2008) Leverage: up to 1:2000 * Deposit: from 1 USD Spreads:  low  low Location: UK Cyprus Seychelles Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller WebMoney Perfect Money Yandex Money Qiwi Bitcoin Tether Key To Markets Key To Markets (2010) Leverage: up to 1:500 Deposit: from 100 USD Spreads:  mid  mid Location: New Zealand UK UAE Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds Platforms: MetaTrader 4 FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller UnionPay FXCM FXCM (1999) Leverage: up to 1:400 * Deposit: from 50 USD Spreads:  mid  mid Location: Australia UK Germany France Italy South Africa Bermuda Instruments: Currencies Crypto Indices Metals Energies Softs Platforms: Web MetaTrader 4 Ninja Trader Specific FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller UnionPay Bpay POLi Klarna ATC Brokers ATC Brokers (2005) Leverage: up to 1:200 * Deposit: from 2000 USD Spreads:  mid  mid Location: US UK Cayman Islands Instruments: Currencies Indices Metals Energies Platforms: MetaTrader 4 Specific FIX API (protocol) Wire Transfer Credit Cards Skrill UnionPay Fibo Group Fibo Group (1998) Leverage: up to 1:1000 Deposit: from 1 USD Spreads:  mid  mid Location: Cyprus British Virgin Islands Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Platforms: Web MetaTrader 4 MetaTrader 5 cTrader Wire Transfer Credit Cards Skrill Neteller FasaPay WebMoney Perfect Money Qiwi BitPay EcoPayz PaySafeCard RegularPay CashU FP Markets FP Markets (2005) Leverage: up to 1:500 Deposit: from 100 AUD Spreads:  low  low Location: Australia Cyprus Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Softs Stocks ETFs Platforms: Web MetaTrader 4 MetaTrader 5 Specific Wire Transfer Credit Cards PayPal Skrill Neteller FasaPay UnionPay Bpay POLi AstroPay PayTrust88 Axi Axi (2007) Leverage: up to 1:500 Deposit: from 5 USD Spreads:  low  low Location: Australia UK UAE Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Softs Platforms: Web MetaTrader 4 FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay iDeal Sofort Bpay POLi Giropay HYCM HYCM (1977) Leverage: up to 1:500 * Deposit: from 100 USD Spreads:  mid  mid Location: UK Cyprus UAE Saint Vincent and the Grenadines Cayman Islands Instruments: Currencies Crypto Indices Metals Energies Softs Stocks ETFs Platforms: MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller WebMoney Perfect Money Bitcoin CoreSpreads CoreSpreads (2014) Leverage: up to 1:30 Deposit: from 10 USD Spreads:  low  low Location: Australia UK Instruments: Currencies Crypto Indices Metals Energies Stocks Bonds Platforms: Web MetaTrader 4 Specific Wire Transfer Credit Cards POLi SwissQuote SwissQuote (2000) Leverage: up to 1:100 * Deposit: from 1000 USD Spreads:  mid  mid Location: UK Switzerland Malta UAE Singapore Hong Kong Instruments: Currencies Crypto Indices Metals Energies Stocks Bonds ETFs Platforms: Web MetaTrader 4 MetaTrader 5 Specific FIX API (protocol) Wire Transfer Credit Cards FXTM FXTM (2011) Leverage: up to 1:2000 * Deposit: from 10 USD Spreads:  low  low Location: UK Cyprus Mauritius Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller PayRedeem FasaPay UnionPay WebMoney Perfect Money Yandex Money Qiwi Bitcoin Ethereum Liteсoin Dash Tether DusuPay DixiPay CashU CMC Markets CMC Markets (1989) Leverage: up to 1:500 * Deposit: from 200 USD Spreads:  low  low Location: Australia New Zealand Canada UK Germany Singapore Instruments: Currencies Indices Metals Energies Softs Stocks Bonds ETFs Interest Rates Platforms: Web MetaTrader 4 Specific FIX API (protocol) Wire Transfer Credit Cards POLi Vipro Markets Vipro Markets (2015) Leverage: up to 1:500 * Deposit: from 100 USD Spreads:  low  low Location: UK Cyprus South Africa Malaysia Seychelles Instruments: Currencies Indices Metals Energies Bonds Platforms: Web MetaTrader 4 FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay Qiwi Sofort PaySafeCard SticPay DotPay GKFX GKFX (2010) Leverage: up to 1:1000 Deposit: from 50 USD Spreads:  mid  mid Location: UK Germany Spain Malta British Virgin Islands Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds Platforms: Web MetaTrader 4 Wire Transfer Credit Cards Skrill Neteller Sofort Aetos Aetos (2007) Leverage: up to 1:30 Deposit: from 250 USD Spreads:  mid  mid Location: Australia UK Instruments: Currencies Indices Metals Energies Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller AAAFX AAAFX (2008) Leverage: up to 1:30 Deposit: from 300 USD Spreads:  mid  mid Location: Greece Instruments: Currencies Crypto Indices Metals Energies Bonds Platforms: Web MetaTrader 4 Specific Wire Transfer Credit Cards Skrill Neteller UnionPay Qiwi iDeal Sofort Bitcoin Giropay Przelewy24 Plus500 Plus500 (2008) Leverage: up to 1:300 Deposit: from 100 USD Spreads:  low  low Location: Australia New Zealand UK Cyprus Singapore Seychelles Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds ETFs Platforms: Web Specific Wire Transfer Credit Cards PayPal Skrill IQ Option IQ Option (2014) Leverage: up to 1:300 * Deposit: from 10 USD Spreads:  mid  mid Location: UK Cyprus Seychelles Instruments: Currencies Crypto Indices Metals Energies Softs Stocks ETFs Platforms: Web Specific Binary Platform Wire Transfer Credit Cards Skrill Neteller WebMoney Perfect Money Yandex Money Qiwi Sofort AdvCash Giropay AstroPay Trade360 Trade360 (2013) Leverage: up to 1:100 * Deposit: from 500 USD Spreads:  high  high Location: Cyprus Marshall Islands Instruments: Currencies Indices Metals Energies Stocks ETFs Platforms: Web MetaTrader 5 Specific Social Platform Wire Transfer Credit Cards Skrill Neteller Trustly SafeCharge EightCap EightCap (2009) Leverage: up to 1:500 Deposit: from 100 USD Spreads:  low  low Location: Australia Vanuatu Instruments: Currencies Crypto Indices Metals Energies Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill UnionPay POLi EverFX EverFX (2016) Leverage: up to 1:500 Deposit: from 250 USD Spreads:  mid  mid Location: Cyprus Cayman Islands Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Specific Wire Transfer Credit Cards Skrill Neteller FasaPay Perfect Money Yandex Money Qiwi SticPay Alipay LiteForex LiteForex (2005) Leverage: up to 1:500 * Deposit: from 50 USD Spreads:  mid  mid Location: Cyprus Marshall Islands Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Specific FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller Perfect Money Yandex Money Qiwi Bitcoin Bitсoin Cash Ethereum Liteсoin BCR BCR (2008) Leverage: up to 1:400 Deposit: from 300 USD Spreads:  low  low Location: Australia British Virgin Islands Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Platforms: MetaTrader 4 Wire Transfer Credit Cards PayPal Skrill Neteller UnionPay POLi Windsor Brokers Windsor Brokers (1988) Leverage: up to 1:500 * Deposit: from 100 USD Spreads:  mid  mid Location: Cyprus Belize Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds Platforms: Web MetaTrader 4 Wire Transfer Credit Cards Skrill Neteller UnionPay WebMoney UFX UFX (2007) Leverage: up to 1:400 Deposit: from 100 USD Spreads:  high  high Location: Cyprus Vanuatu Instruments: Currencies Indices Metals Energies Stocks ETFs Platforms: Web MetaTrader 5 Specific Social Platform Wire Transfer Credit Cards Skrill Neteller UnionPay WebMoney Qiwi iDeal Sofort POLi Giropay PaySafeCard CashU INGOT Brokers INGOT Brokers (2006) Leverage: up to 1:500 Deposit: from 100 USD Spreads:  low  low Location: Australia Seychelles Instruments: Currencies Crypto Indices Metals Energies Softs Stocks ETFs Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards PayPal Bitcoin Ethereum Tether POLi Renesource Capital Renesource Capital (1998) Leverage: up to 1:30 Deposit: from 10 USD Spreads:  low  low Location: Latvia Instruments: Currencies Indices Metals Energies Stocks Bonds ETFs Platforms: MetaTrader 4 Currenex CQG Specific FIX API (protocol) Wire Transfer EVFX EVFX (2011) Leverage: up to 1:30 Deposit: from 500 USD Spreads:  low  low Location: UK Instruments: Currencies Indices Metals Energies Softs Stocks ETFs Platforms: Currenex CQG Specific Wire Transfer Price Markets Price Markets (2013) Leverage: up to 1:30 Deposit: from 500 USD Spreads:  low  low Location: UK Instruments: Currencies Indices Metals Energies Bonds Platforms: Web MetaTrader 4 Currenex Specific FIX API (protocol) Wire Transfer Credit Cards UnionPay WebMoney Trustly iDeal Sofort POLi Giropay AstroPay Moneta Ru Przelewy24 Saxo Bank Saxo Bank (1992) Leverage: up to 1:30 Deposit: from 2000 USD Spreads:  low  low Location: Australia UK Switzerland Denmark UAE Singapore Hong Kong Japan Instruments: Currencies Indices Metals Energies Softs Stocks Bonds ETFs Interest Rates Platforms: Web Specific FIX API (protocol) Wire Transfer Credit Cards Arum Capital Arum Capital (2017) Leverage: up to 1:30 Deposit: from 500 USD Spreads:  low  low Location: Cyprus Instruments: Currencies Crypto Indices Metals Energies Platforms: Web MetaTrader 5 FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller Qiwi Amana Capital Amana Capital (2010) Leverage: up to 1:500 * Deposit: from 50 USD Spreads:  mid  mid Location: UK Cyprus UAE Lebanon Malaysia Mauritius Instruments: Currencies Indices Metals Energies Softs Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay WebMoney Perfect Money Qiwi AdvCash Epay Moneta Ru Payeer Equiti Equiti (2013) Leverage: up to 1:500 * Deposit: from 500 USD Spreads:  mid  mid Location: UK UAE Instruments: Currencies Indices Metals Energies Softs Platforms: Web MetaTrader 4 Specific Wire Transfer Credit Cards Skrill Neteller ICM Capital ICM Capital (2011) Leverage: up to 1:30 Deposit: from 200 USD Spreads:  mid  mid Location: UK Instruments: Currencies Indices Metals Energies Stocks Platforms: Web MetaTrader 4 FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller Pepperstone Pepperstone (2010) Leverage: up to 1:200 Deposit: from 200 AUD Spreads:  low  low Location: Australia UK Germany Cyprus UAE Bahamas Instruments: Currencies Crypto Indices Metals Energies Softs Platforms: Web MetaTrader 4 MetaTrader 5 cTrader Wire Transfer Credit Cards PayPal Skrill Neteller FasaPay UnionPay Qiwi Bpay POLi Markets.com Markets.com (2008) Leverage: up to 1:300 * Deposit: from 100 USD Spreads:  mid  mid Location: Australia UK Cyprus South Africa British Virgin Islands Instruments: Currencies Indices Metals Energies Softs Stocks Bonds ETFs Platforms: Web MetaTrader 4 MetaTrader 5 Specific Social Platform Wire Transfer Credit Cards PayPal Skrill Neteller iDeal Sofort Giropay Orbex Orbex (2011) Leverage: up to 1:500 * Deposit: from 200 USD Spreads:  mid  mid Location: Cyprus Mauritius Instruments: Currencies Indices Metals Energies Platforms: Web MetaTrader 4 FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller FasaPay WebMoney ZotaPay Think Markets Think Markets (2010) Leverage: up to 1:500 * Deposit: from 5 USD Spreads:  low  low Location: Australia UK South Africa Bermuda Seychelles Instruments: Currencies Crypto Indices Metals Energies Softs Stocks ETFs Platforms: Web MetaTrader 4 MetaTrader 5 Specific FIX API (protocol) Wire Transfer Credit Cards PayPal Skrill Neteller BitPay Bpay POLi Friedberg Direct Friedberg Direct (2007) Leverage: up to 1:50 Deposit: from 100 CAD Spreads:  mid  mid Location: Canada Instruments: Currencies Indices Metals Energies Softs Stocks Platforms: Web MetaTrader 4 Specific Wire Transfer Credit Cards JFD Bank JFD Bank (2011) Leverage: up to 1:400 * Deposit: from 500 USD Spreads:  mid  mid Location: Germany Cyprus Vanuatu Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds ETFs Platforms: Web MetaTrader 4 MetaTrader 5 Specific FIX API (protocol) Wire Transfer Credit Cards Skrill Sofort SafeCharge FXDD FXDD (2004) Leverage: up to 1:200 * Deposit: from 10 USD Spreads:  mid  mid Location: Malta Mauritius Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 FIX API (protocol) Wire Transfer Credit Cards Neteller UnionPay ActivTrades ActivTrades (2001) Leverage: up to 1:400 * Deposit: from 500 GBP Spreads:  mid  mid Location: UK Bahamas Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds ETFs Platforms: Web MetaTrader 4 MetaTrader 5 Specific Wire Transfer Credit Cards PayPal Skrill Neteller Sofort Infinox Infinox (2009) Leverage: up to 1:1000 Deposit: from 50 USD Spreads:  low  low Location: UK Bahamas Mauritius Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Platforms: Web MetaTrader 4 CQG Specific Social Platform FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller Perfect Money EcoPayz SticPay AstroPay ZotaPay BDSwiss BDSwiss (2012) Leverage: up to 1:400 * Deposit: from 200 USD Spreads:  mid  mid Location: Cyprus Mauritius Seychelles Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller iDeal Sofort Giropay MultiBank Group MultiBank Group (2005) Leverage: up to 1:500 Deposit: from 50 USD Spreads:  low  low Location: Australia Austria Germany Spain UAE Singapore British Virgin Islands Cayman Islands Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller UnionPay Perfect Money Bitcoin POLi PayTrust88 FxPrimus FxPrimus (2009) Leverage: up to 1:1000 Deposit: from 500 USD Spreads:  mid  mid Location: Cyprus South Africa Vanuatu Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay BitPay EcoPayz Giropay Capex Capex (2016) Leverage: up to 1:300 * Deposit: from 1000 USD Spreads:  mid  mid Location: Cyprus South Africa Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds ETFs Platforms: Web MetaTrader 5 Specific Social Platform Wire Transfer Credit Cards Skrill Neteller Trustly SafeCharge ADSS ADSS (2011) Leverage: up to 1:500 * Deposit: from 100 USD Spreads:  mid  mid Location: UK UAE Hong Kong Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Platforms: MetaTrader 4 Specific FIX API (protocol) Wire Transfer Credit Cards Skrill VantageFX VantageFX (2009) Leverage: up to 1:500 Deposit: from 200 USD Spreads:  low  low Location: Australia UK Cayman Islands Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards PayPal Skrill Neteller FasaPay UnionPay Bpay POLi AstroPay Traders Trust Traders Trust (2009) Leverage: up to 1:500 Deposit: from 50 USD Spreads:  mid  mid Location: Cyprus Bermuda Instruments: Currencies Crypto Indices Metals Energies Platforms: Web MetaTrader 4 Wire Transfer Credit Cards Skrill Neteller FasaPay WebMoney Perfect Money Bitcoin BitWallet Alvexo Alvexo (2014) Leverage: up to 1:300 Deposit: from 500 EUR Spreads:  high  high Location: Cyprus Seychelles Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Platforms: Web MetaTrader 4 Wire Transfer Credit Cards Skrill Neteller HyperForex HyperForex (2017) Leverage: up to 1:1000 Deposit: from 1 USD Spreads:  mid  mid Location: Malaysia Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: MetaTrader 4 Wire Transfer Credit Cards Skrill Neteller UnionPay Bitcoin Ethereum Liteсoin SticPay Alipay TIO Markets TIO Markets (2019) Leverage: up to 1:200 Deposit: from 50 USD Spreads:  low  low Location: UK Saint Vincent and the Grenadines Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 MetaTrader 5 Wire Transfer Credit Cards Skrill Neteller Bitcoin Ethereum Tether HFTrading HFTrading (2018) Leverage: up to 1:30 Deposit: from 250 USD Spreads:  mid  mid Location: Australia New Zealand Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Platforms: Web MetaTrader 4 Wire Transfer Credit Cards Skrill Neteller IronFX IronFX (2010) Leverage: up to 1:1000 Deposit: from 100 USD Spreads:  mid  mid Location: Australia UK South Africa Bermuda Instruments: Currencies Indices Metals Energies Softs Stocks Platforms: Web MetaTrader 4 Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay DotPay Skilling Skilling (2016) Leverage: up to 1:500 Deposit: from 100 USD Spreads:  low  low Location: Cyprus Seychelles Instruments: Currencies Crypto Indices Metals Energies Stocks Platforms: Web MetaTrader 4 cTrader Specific Wire Transfer Credit Cards Skrill Neteller FasaPay Trustly Klarna PayTrust88 Just2Trade Just2Trade (2015) Leverage: up to 1:30 Deposit: from 100 USD Spreads:  low  low Location: Cyprus Instruments: Currencies Crypto Indices Metals Energies Softs Stocks Bonds ETFs Platforms: Web MetaTrader 4 MetaTrader 5 CQG Specific FIX API (protocol) Wire Transfer Credit Cards Skrill Neteller UnionPay WebMoney Yandex Money Trustly Qiwi iDeal Bitcoin Ethereum Tether POLi Giropay Moneta Ru Klarna Przelewy24 Alipay Veracity Markets Veracity Markets (2020) Leverage: up to 1:500 Deposit: from 250 USD Spreads:  mid  mid Location: South Africa Instruments: Currencies Indices Metals Energies Platforms: MetaTrader 4 Wire Transfer Skrill Neteller Bitcoin IFC Markets IFC Markets (2006) Leverage: up to 1:400 Deposit: from 1 USD Spreads:  mid  mid Location: Malaysia British Virgin Islands Instruments: Currencies Crypto Indices Metals Energies Softs Stocks ETFs Platforms: Web MetaTrader 4 MetaTrader 5 Specific Wire Transfer Credit Cards Skrill Neteller WebMoney Perfect Money Bitcoin BitWallet
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Did you know?

The forex market is a regulated financial market in many parts of the world. Regulation means that there are independent agencies that oversee the manner in which forex brokers conduct their business. These regulatory agencies also keep watchful eyes on the providers of the products traded in this market.

Regulators of the FX market fall into two categories. In one category, we have regulators that function as agencies of government, which backed by law to carry out their oversight functions. The majority of regulatory agencies found in the forex market are put in place by governments. However, there are also countries where there is a form of mixed, symbiotic regulation. This refers to a situation where there is a government regulator as well as an industry self-regulating body. Examples of countries where the mixed system exists is in the United States, where the CFTC is the government-established regulatory agency and the National Futures Association (NFA) is the self-regulating agency made up of representatives of the FX brokers themselves. Otherwise, the government-regulated agencies perform the oversight functions in the United Kingdom, EU, Australia, Singapore, New Zealand, Switzerland, Russia, etc.

Licensing Categories for Regulated Forex Brokers

The aim of creating licensing categories for forex brokers stems from the fact that no two categories of regulation are the same. Regulation in Cyprus is not the same as regulation in the UK or in the US. Furthermore, with the coming of events such as Brexit, the changes to regulation in the UK and EU jurisdictions has almost become as clear as night and day. Therefore, traders must be able to understand what regulation means from one jurisdiction to another, and ensure that they understand how the protocols for regulation will affect their trading endeavour.

Regulated forex brokers are issued licenses, which function as an authorization to market, sell and distribute forex and CFD trading products to prospective and substantive clients. The requirements that regulators have for their regulated brokers differ from one jurisdiction to another. This is why regulated forex brokers have been classified into 4 categories.

Infographics: Licensing categories for regulated Forex brokers

Here is a peek into each level of forex regulation:

Level A Forex Jurisdictions

Level A forex jurisdictions are considered to have the most stringent regulatory protocols for the forex market. Regulators in this category are the Commodities and Futures Trading Commission (CFTC) and the Japanese Financial Services Authority (JFSA). These two bodies regulate the US and Japanese forex markets respectively. Lately, the list has been expanded as other regulatory authorities have either copied the models of the CFTC or JFSA, or even gone beyond the scope of regulation offered by these two. We can now safely add the Monetary Authority of Singapore (MAS), Financial Conduct Authority (FCA) and the Australian Securities and Investment Commission (ASIC), as these two agencies have rolled out more stringent regulatory requirements since the first version of this article was written two years ago.

One factor common to the regulators classified as Level A regulators is that restrictions on the retail aspect of forex and CFD trading have either been stiffened or expanded. They continue to maintain the protectionist regulatory regimes of their countries, prohibiting the marketing and offering of forex brokerage services by offshore brokers. Changes to margin rules mean that for major and minor currencies, leverage is pegged at 1:30 and 1:20 respectively.

The regulated forex brokers in this category all have leverage caps in place on their forex and CFD products as defined by the regulators. Reporting standards are very strict and any form of infringements of the rules can attract very strong penalties/fines. Regulated forex brokerages in this category of licensing are also required to have plenty of operating capital. Even at that, the operating capital requirements have been increased.

Account segregation has now been recognized as a major factor that helps safeguard the funds of traders within a brokerage. Every Level A regulator has this requirement in place, and it goes hand-in-hand with the operating capital requirement. At no time is a broker supposed to deplete the segregated funds of one trader to pay off the capital requirements of another. So a broker must be well capitalized to handle these settlement risks.

In addition to the individual forex brokerages being regulated, those who work in such brokerages must hold specific industry-related professional qualifications. Attempting to work in the industry without the requisite qualifications can bring on very unwanted consequences. In countries like Singapore, such people can expect to spend some time in prison of caught.

In the two years since the writing of this article’s previous version, five more brokerages have joined Oanda and GAIN Capital on the CFTC’s regulated forex brokers’ list. You can check out what these brokerages offer by looking at their features in each broker's profile.

Level B Forex Jurisdictions

Regulated forex brokerages that operate under Level B licensing protocols include those that operate in South Africa and Cyprus. As the Financial Conduct Authority (FCA) and Australian Securities and Investment Commission (ASIC) have ramped up their requirements, they have moved up the ladder. The difference between the Level A and Level B regulators is that the Level B regulatory jurisdictions are less stringent when it comes to reporting and capital requirements. Furthermore, there are little or no leverage caps, which means that traders can still trade with leverage of up to 1:500 on some brokerage platforms. Account segregation is also mandated by the regulators under this class. Liquidity requirements are about $1m if the broker will act as a full market maker, and about $100,000 if the broker transfers fulfillment risk to prime brokerages (i.e. act as an ECN brokerage).

The new leverage caps and prohibitions on CFD trading implemented by the European Securities and Markets Authority (ESMA) affects the way brokers regulated by the Cyprus Securities and Exchange Commission (CySEC) can do business. Apart from the adjustments made in the leverage that can be offered to their clients, little else has changed.

Level C Forex Jurisdictions

This category features regulated forex brokerages found in Cyprus, New Zealand and Malta, where regulation is done by the Cyprus Securities and Exchange Commission (CySEC), Financial Markets Authority (FMA) and Malta Financial Services Commission (MFSA) respectively. There is an even lower level of reporting than is required for Level A and Level B forex jurisdictions. Any penalties imposed on the regulated forex brokers are also much lighter. The environment here for regulated forex brokers is a lot freer and is not as suffocating as is the case with the Level A jurisdiction. You also find country-specific regulators in EU countries such as FINMA (Switzerland), CONSOB (Italy), Russian Central Bank (Russia) and BaFIN (Germany). While those who work in the industry are encouraged to attain some qualifications (e.g. CySEC Basic and Advanced Level certifications in Cyprus), the kind of harsh penalties you see in Singapore or the US for non-compliance do not usually apply here.

Level D Forex Jurisdictions

These are the traditional offshore jurisdictions which are located in the Caribbean and Central America. Vanuatu, British Virgin Islands, Panama, Seychelles and St. Vincent and Grenadines are examples of countries that operate Level D forex regulation. There are individual regulators in these countries, but the conditions presented to brokers are very flexible. The goal is to attract business to these islands, which ordinarily have narrow windows for their sources of revenue. So the more forex business is attracted, the better for the governments in these countries. To make these areas attractive, the conditions found in Levels A-C regulatory jurisdictions are nearly non-existent. Paradoxically, traders who cannot operate under the conditions found in the US, UK and Europe have started to flock to these jurisdictions in numbers, attracted by the generous trading conditions offered by the brokers there. However, this comes with a big tradeoff; minimal investor protection.

Hallmarks of Forex Market Regulation

Regulation of the forex market is meant to bring about protection of the consumers of forex products. However, there is always a question of balancing consumer protection with overall interest and growth of the markets. So while there is a general consensus that some level of regulation is good, there are dissenting opinions over how much regulation constitutes just enough regulation, or too much regulation.

The list of regulated forex brokerages presented on this page shows forex brokers that are scattered across the three regulatory levels described above. From what has been described, there are advantages and disadvantages to being regulated in certain areas. On one hand, application of regulation protects consumers by ensuring that only legitimate entities operate as forex brokers. On the other hand, there is also the worry that too much regulation will only serve to stifle the market. But even this supposed demerit is not an absolute demerit.

A good instance of this is seen in the Level A forex licensing jurisdictions. Regulation of the US market was tightened in 2010 by the passage of the Dodd-Frank Act, which imposed all sorts of limitations on forex brokers as to how much leverage they could offer, how much free capital they needed to have, etc. Prohibition of hedging and the FIFO rule were also added to the mix. This has resulted in a contraction of the US forex market, which by all available data has lost a significant portion of its market share to other locations. The number of forex brokers in that country dwindled from more than 40 brokerages in 2010, to just 3 in 2019. Though this number has expanded to 7 as at 2020, this is still a far cry from what the market used to be.

The same situation has played out in Europe. Forex brokers have seen their client base dwindle dramatically as traders who could not afford the new margin requirements, or seeking to avoid the CFD restrictions, have drifted to the offshore jurisdictions where these restrictive conditions do not exist. Presently, EU brokers, who are also now grappling with the loss of access to the UK market as a result of Brexit, are now pressing ESMA to review the regulations. The EU Commission launched a consultative process to this end, but the coming of the COVID-19 pandemic appears to have slowed the process greatly.

In Australia, forex brokers are already adjusting to the new reality that will take effect from March 2021, by launching offshore branches of their business. Retail clients who are unable to meet the new requirements are already being asked to switch to the global (offshore) branches of these firms.

These instances clearly show that while the regulators may have good intentions, these regulations are not helping the native markets grow. In contrast, the forex market in Japan is actually thriving, with volumes soaring year-on-year, even though the conditions under which brokers operate there are almost similar to what is obtainable in the US.

But as you head to the Level B and Level C jurisdictions, regulators of the forex markets have been able to find the right balance between consumer protection, and ensuring that the market continues to have the opportunity to expand.

Trends in Forex Regulation for 2021-2022

Late 2020, the Australian Securities and Investment Commission (ASIC) decided to adopt the EU/UK model of regulation and decided to adopt the same leverage caps that were described by ESMA in 2018. These changes are to take effect on March 29, 2021. Other changes in the forex regulatory space have occurred. These are summarized below:

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