How to Choose the Right Forex Broker in 2026
By Itai Varochik | Updated February 18, 2026 | 3 min read
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1. regulation is non-negotiable
Only trade with brokers regulated by tier-1 authorities. Regulation determines fund protection, leverage limits, and dispute resolution:
- Tier 1: FCA (UK), ASIC (Australia), CFTC/NFA (US), MAS (Singapore)
- Tier 2: CySEC (Cyprus), FSCA (South Africa), FMA (New Zealand)
- Avoid: Unregulated or offshore-only brokers
IG and CMC Markets are regulated across multiple tier-1 jurisdictions. OANDA holds US and global licenses. Pepperstone is regulated by ASIC and FCA.
2. spreads & trading costs
Trading costs are your biggest ongoing expense. Compare:
- Spread type: Fixed vs. variable
- Average EUR/USD spread during peak hours
- Commission structure (spread-only vs. raw spread + commission)
- Swap/overnight financing rates
- Deposit and withdrawal fees
Pepperstone and IC Markets offer the tightest raw spreads. IG provides competitive spreads with no commission on standard accounts. OANDA offers transparent, competitive spreads.
3. trading platforms
Most brokers offer MetaTrader 4/5, but proprietary platforms can offer advantages. IG has an excellent proprietary platform. CMC Markets offers the award-winning Next Generation platform. OANDA provides its own platform plus MT4/MT5. Pepperstone supports MT4, MT5, cTrader, and TradingView.
4. leverage & risk management
Leverage amplifies both gains and losses. Regulated brokers cap leverage at 30:1 (EU/UK) or 50:1 (US) for retail traders. Look for:
- Negative balance protection
- Guaranteed stop-losses
- Margin call levels and policies
- Risk management tools and alerts
5. asset range
Beyond forex pairs, consider what else you might want to trade:
- IG: 17,000+ markets including indices, commodities, shares, crypto
- CMC Markets: 12,000+ instruments
- Pepperstone: 1,200+ instruments including CFDs
- OANDA: Focused forex offering with some CFDs
6. account types & minimums
- OANDA: No minimum deposit - great for beginners
- Pepperstone: $200 minimum - competitive for active traders
- IG: No minimum (card), $300 (wire) - premium features
- CMC Markets: No minimum deposit - strong platform
Frequently Asked Questions
Which forex broker is best for beginners?
OANDA (no minimum, educational resources) and IG (comprehensive platform, wide market access) are both excellent starting points for new traders.
Are forex brokers safe?
Tier-1 regulated brokers are safe. Client funds are segregated, and compensation schemes protect against broker insolvency up to certain limits.
What leverage should beginners use?
Start with 5:1 or 10:1 maximum. Higher leverage increases risk dramatically. Most professional traders use conservative leverage.