raw spread accounts, automated withdrawals
MinimumBy region
EUR/USDfrom 0.0
Leverage1:Unlimited
FSA-SCCBCSFSC-BVI+6
Forex brokers list: reviews, licences and costs for every broker
Our forex brokers list uses one review format, so you can compare licences, minimum deposits, EUR/USD costs, platforms and funding at a glance. We start with Exness, HFM, XM and Deriv, the brokers with the fullest data for African traders, then list every other profile below.
Updated . Figures come from broker pages, regulator registers and published reviews.
Forex brokers list: the fullest profiles
Exness, HFM, XM and Deriv lead our list because they reach African traders most directly, and Pepperstone, FP Markets, IC Markets and AvaTrade follow with their Kenyan licences.
Exness and HFM hold licences in Kenya and South Africa, XM lists a USD 5 entry, and Deriv takes M-Pesa from USD 5. Each row links to a full review with account tables.
Filters reorder them by entry, leverage or spread. The first 4 also have comparison pages, and 3 have separate fees pages. Sponsored links open the broker's own site, and the affiliate disclosure explains how we earn from them. The reviews keep costs and licences separate from any commercial arrangement.
no minimum deposit, cent accounts
MinimumUSD 0
EUR/USD1.1 pips
Leverage1:2000
FCAFSCAFSA-SC+1
small deposits, copy trading
MinimumUSD 5
EUR/USD1.1 pips
Leverage1:1000
CySECASIC
Derived Indices, mobile money deposits
MinimumUSD 5
Leverage1:1000
FSC-BVICIMAFSC-MU+2
Pepperstone
small deposits, cTrader
MinimumUSD 10
EUR/USD0.8 pips
SCBASICFCA+4
FP Markets
no minimum deposit, copy trading
MinimumUSD 0
EUR/USD0.9 pips
CMA
IC Markets
cTrader, TradingView
MinimumUSD 200
EUR/USD0.72 pips
CMAASICEU
AvaTrade
copy trading
MinimumUSD 100
EUR/USD0.93 pips
CMAASICCIRO+3
No broker matches every filter. Clear one to see results again.
Full list of forex broker reviews
These forex broker reviews run from Fusion Markets, the cheapest on all-in EUR/USD cost at about 0.54 pips, to Swissquote, with a USD 1,000 entry and a Swiss banking group behind it.
A few sit out of reach for most of our readers: Charles Schwab and tastyfx serve US forex traders, Questrade focuses on Canadians, and Spreadex is UK-focused.
We keep those profiles because people search for them, and because a clear no saves time. Each review states who the broker suits, and names a better option where you cannot qualify. Each card below shows the founding year, minimum deposit, platforms and EUR/USD cost we can confirm.
Prices run from USD 0 at several firms to USD 1,000 at Swissquote.
How to read our forex brokers list
Start with the licence, then read the cost in 2 steps. A review gives the legal company names we can confirm, and the regulator that oversees each one. Your country decides which company you get, so a strong licence elsewhere helps only clients of that company. Then compare all-in cost per lot, in dollars, across brokers.
Spread figures come mainly from ForexBrokers.com pricing data, and from brokers' own pages where we can read them. They date from 2025 and 2026, and live spreads differ.
Test any route with USD 20 before trusting it. Each review also states the reported share of retail accounts losing money.
A 1-week demo test covers the remaining questions at no cost.
Retail loss rates by broker
Most retail CFD accounts lose money. Reported figures run from 61% at eToro and 64% at Spreadex up to 89% at IC Markets, FP Markets, Octa and Eightcap. Those numbers depend on each firm's client mix and products, so they make a poor quality ranking, though they do tell you how hard this business is.
Treat any promise of 10% a month as a warning sign. Trade only money you can afford to lose, and size positions with our lot size calculator. Brokers suited to beginners are a better start if you are new, and our country guides cover the local rules.
At 89%, about 9 in 10 retail accounts at those firms lose.
Choosing between the brokers
Match the broker to your need, using 1 or 2 facts at most. For a licence at home, traders in Kenya should begin with CMA licensees, and those in South Africa with FSCA-authorised companies.
For low cost, see the low spread shortlist. For learning, XM and AvaTrade stand out. For mobile money, Deriv publishes the clearest figures.
Run a demo before you fund any account, and compare two brokers directly on our comparison pages. The main forex broker table shows the top picks on one page, and it reorders for your country.
A trader with USD 100 and a trader with USD 10,000 will rarely want the same account.
Questions about these reviews
Which brokers do you review?
We list active brokers, sourced from published data, brokers' own pages and regulators' public registers. We left out retired brands, since their published figures are no longer maintained or reliable.
How do you earn money from these reviews?
Sponsored links may pay us a commission when a reader opens and funds an account. Commission leaves unchanged the licence numbers, costs or loss figures shown, and our affiliate disclosure page explains the arrangement in more detail.
How current are these reviews?
Each page's sitemap date shows its last content change, and the figures cite their source year. Licences, spreads and account terms move often, so confirm the current figure with the broker and its regulator before you deposit.