7 Best Forex Brokers for Professional Traders: 2024 Edition

List of Top Forex Brokers for Professionals

Best brokers for US traders

Best brokers for international traders

How did FXEmpire select the Best Forex Brokers for Professional Traders?

• We only selected brokers that achieved a high score using our proprietary rating system.
• We verified each broker’s license to operate with the regulator in the jurisdiction they operate in.
• We confirmed each broker offers ultra-fast trading execution to receive the best possible price.
• We tested each of the trading platforms available to ensure they are feature-rich, user-friendly, and suitable for different trading strategies.
• We checked the number of tradable instruments available to ensure there is a diverse range of markets to trade.
• We explored the different account types available to find those tailored towards professional traders.
• We opened a trading account to test the live spread and trading fees first-hand to ensure they are transparent and competitive.
• We assessed the variety of tools and add-ons specifically designed for professional traders.

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.

Now let’s go through the selected brokers.

How to Choose a Forex Broker for Professionals?

Here is a quick guide on how to choose the best forex broker for professional traders.

How to find a well-regulated broker?

When it comes to trading, a well-regulated broker isn’t just a nice-to-have – it’s a necessity. Regulatory oversight is your safety net, ensuring that the broker operates transparently and in your best interest. In this section, I’ll cover the key factors to consider when searching for a broker that meets rigorous regulatory standards, providing you with the peace of mind you deserve.

Here are some steps to consider when seeking a regulated broker:

• Location. Choose a broker located in a reputable financial jurisdiction such as Canada, the UK, or Australia. Such brokers must be authorized and licensed by the country’s financial regulator, offering a higher level of safety and security.
• License. Verify a broker’s license by visiting the website of the financial regulator governing their operations. You can usually search for the broker’s credentials using the regulator’s online portal.
• Terms and Conditions. The Terms and Conditions document serves as your legal safeguard, helping you hold the broker accountable in case of fraudulent activities.
• Segregated Funds. Ensure that your broker segregates client funds from company operational funds. This separation is vital to ensure that the broker isn’t using your trading capital for their business expenses.
• Compensation Scheme: Look for brokers that are part of a financial compensation scheme. These schemes offer a safety net by providing compensation to clients in case the broker becomes insolvent.
• Negative Balance Protection: Ensure the broker offers negative balance protection. This feature prevents your account from going into debt, covering you in situations where market volatility might otherwise push your account into the negative.
• Leverage Options: Brokers regulated by Tier 1 regulators will also distinguish between retail and professional clients. Retail traders will have certain restrictions on leverage, whereas professionally categorized traders may be offered higher leverage. You should confirm with your broker what their offering is to find the most suitable option for you.

Read more about Best regulated forex brokers.

How to be designated as a professional trader?

The criteria for gaining the designation of a “professional trader” can vary depending on the jurisdiction and the specific brokerage you are dealing with. However, there are common elements that most financial regulators and brokers consider:

• Capital Requirements. Often, you’ll need a sizable account balance to qualify as a professional trader. The specific amount can vary, but it’s not uncommon for brokers to set a minimum account size of $50,000 or more.
• Trading Volume. Many brokers and regulatory bodies look at your trading volume over a specific period – often 12 months – to determine if you qualify as a professional trader. This is usually measured in terms of lot size or notional value.
• Experience. Some brokers require that you have a certain number of years of trading experience, often supported by documentation or an examination, to qualify as a professional trader.
• Risk Acknowledgement. You might be required to demonstrate your understanding of the risks involved in trading, typically through a written acknowledgment or a test.
• Professional Qualifications. Having a related professional qualification, like Chartered Financial Analyst (CFA) or Financial Risk Manager (FRM), can sometimes accelerate your designation as a professional trader.
• Regulatory Checks. Regulated brokers will often conduct detailed checks to ensure you meet the regulatory requirements for professional traders, especially if this enables you to access products or leverage that retail traders can’t.
• Employment. Some brokers or regulators may also consider your current or previous employment within the financial sector as a valid criterion for being classified as a professional trader.

Meeting these criteria is usually not enough; you’ll often need to apply to be classified as a professional client, providing any required supporting documentation. Keep in mind that being classified as a professional trader often means you’ll forgo some of the protections afforded to retail traders, in exchange for higher leverage and other advanced trading features.

After meeting these conditions and upon successful application, the brokerage will designate you as a professional trader, unlocking various benefits like higher leverage, lower margin requirements, and a broader set of financial instruments to trade.

How to check whether fees are transparent and competitive?

Typically brokers charge a variety of trading and non-trading fees that you should be aware of before opening a trading account. The list includes:

• Spread. This is the difference between the buy price and sell price of a financial instrument, which should be as low as possible.
• Commission. This is a fee to open and close a trade and it also should be as low as possible. Some brokers offer commission-free trading accounts.
• Overnight, or swap fee. This is the cost of holding a leveraged or margined position overnight and is based on the two different interest rates of the currency pair, plus a broker markup.
• Payments. There may be a fee to deposit and withdraw funds which can differ based on the method (bank wire, credit card, e-payment, etc.).
• Inactivity fee. Some brokers charge a monthly fee if there is no activity on a trading account over a certain number of time.

Transparency in a broker’s fee structure is as important as the cost itself. While low fees are certainly appealing, knowing exactly what you’ll be charged for is equally crucial for effective money management and long-term profitability. Hidden or unclear fees can quickly erode your earnings, negating the benefits of a low-cost structure. To ensure a broker’s fees are transparent, examine their website for detailed information on spreads, commissions, and other charges, and corroborate this data through customer reviews and independent broker comparison sites.

Check out our list of Best lowest spread forex brokers.

How to choose the account type for professional trading?

Professional traders come with a diverse set of requirements, and many brokers have risen to the occasion by offering a spectrum of specialized account types. Generally, these fall into one of two categories: commission-free or commission-based trading accounts. The choice between the two often hinges on the broker’s available execution methods, such as:

• Dealing Desk: Increasingly rare, but still in existence, dealing desk brokers act as the counterparty to your trades. They often anticipate that the majority of their clients will incur losses.
• Market Maker: In this model, the broker essentially creates a market for you to trade in. They match your orders with other internal clients or choose to hedge their book, sometimes taking the opposite side of your trade.
• STP (Straight Through Processing): Here, your orders are directly routed to the broker’s liquidity providers for market execution. While the spread is generally marked up compared to what’s available in the interbank market, you usually aren’t charged a commission for buying or selling. Discover Best STP forex brokers.
• ECN (Electronic Communications Network): This model connects you to a network of various liquidity providers and banks who compete for your orders. Pricing is sourced directly from the interbank market, providing typically lower spreads, albeit with a commission charged per trade. Discover Best ECN forex brokers.
• DMA (Direct Market Access): Most prevalent among stock CFD traders, DMA brokers offer you direct access to price feeds from stock exchanges or their liquidity providers.
• MAM/PAMM Accounts: Specifically designed for professional traders, these are account types that enable you to manage multiple sub-investor accounts from a single master account. This feature is particularly beneficial if you’re tasked with managing other people’s money, as it streamlines the trading process and consolidates administrative tasks. Discover Best managed forex accounts.

Each of these options caters to specific trading needs and strategies, so understanding what each one offers can help you make a well-informed choice that aligns with your trading objectives.

What leverage can professional traders benefit from?

Professional traders often have access to higher levels of leverage compared to retail traders, thanks to their experience and understanding of the associated risks. While Tier 1 regulatory bodies like FCA, CySEC, ASIC, and IIROC typically limit retail traders to a 1:30 leverage ratio, they may extend far more generous leverage to professional traders – sometimes up to 1:500. This essentially means you could control a $5,000 position with just a $10 margin.

However, it’s crucial to note that these higher leverage options often come at the expense of certain investor protections, such as a negative balance protection policy, which is mandatory for retail traders but often not for professionals.

Check out our guide on Best high leverage forex brokers.

How to choose a trading platform?

When choosing a trading platform, professional traders need to focus on several key areas that differ from the needs of casual traders. These include fast order execution for high-frequency trading, a broad range of advanced charting tools, and a customizable interface.

Here are some of the most well-known third-party trading platforms that brokers may provide access:

• MetaTrader 4/5: These platforms have been around the longest and provide an excellent range of charting tools, indicators, algorithmic trading capabilities, and money manager account solutions. Discover best MT4 brokers and best MT5 brokers.
• cTrader: Known for its intuitive interface and transparency, it is specifically designed for high-frequency traders and scalpers and also has algorithmic and social trading capabilities. Discover Best cTrader forex brokers.
• TradingView: A feature-rich, browser-based trading platform with advanced research, social and trading tools. Fewer brokers connect directly to the platform but some do. It can also be used as a stand-alone charting platform. Discover Best TradingView forex brokers.
• NinjaTrader: Popular for futures trading. Provides extensive back-testing and analysis features. Discover Best NinjaTrader forex brokers.

Many brokers offer their proprietary trading platform which is typically web-based. These are trading platforms developed in-house by brokers, tailored to the specific needs and feedback of their customer base. Proprietary platforms often offer unique features, tools, and user interfaces that you won’t find on third-party platforms. However, it’s crucial to vet these platforms for the same essential elements: speed, customizability, and range of features, among others.

I prefer to partner with brokers that offer a suite of trading platforms, accessible across various devices. This setup provides me a safety net; if one platform experiences downtime, I can seamlessly switch to an alternative to continue managing my trades.

What trading strategies professionals may apply?

Professional traders often employ a diverse set of trading strategies to navigate the complexities of the financial markets. Among these are:

• High-Frequency Trading (HFT). This involves making a large number of trades within milliseconds to capitalize on small price gaps. Discover Best brokers for HFT.
• Algorithmic Trading. Here, traders use algorithms to automate the trading process, often employing strategies like market-making, trend following, and arbitrage.
• Scalping. A fast-paced strategy focused on making small profits from minute price changes over a short period. Discover Best brokers for scalping.
• Day Trading. Positions are opened and closed within the same trading day, aiming to capture short-term price movements.
• Swing Trading. This strategy seeks to capitalize on short to medium-term price changes and generally holds positions for days or weeks.
• Position Trading. Traders hold onto their positions for extended periods, often based on long-term charts and macroeconomic factors.
• Options Trading. Using financial derivatives like options to hedge against potential losses or leverage returns. Explore Best options trading brokers.

Each strategy comes with its own set of requirements in terms of capital, risk tolerance, and tools, so it’s essential to choose one that aligns well with your trading profile.

What are the main trading tools and features for professional traders?

Professional traders rely on a host of advanced tools and features to maximize their trading performance. Here are some of the key tools and features commonly used:

• Advanced Charting Tools: High-end platforms offer a broad range of indicators, chart patterns, and timeframes for deep technical analysis.
• Algorithmic Trading Support: Allows traders to automate their strategies with coding languages like MQL4/5, or API integration for custom algorithms.
• Order Types: Beyond basic market and limit orders, professional traders often use more complex order types like OCO (One Cancels the Other), trailing stops, and conditional orders.
• Risk Management Tools: Stop-loss, take-profit, and automated risk-reducing strategies are essential for safeguarding investments.
• Economic Calendar: A real-time economic calendar provides information on significant economic events that could impact currency pairs and market conditions.
• News Feed: An integrated news feed offers real-time financial news that can affect trading strategies and decisions.
• Multi-Asset Capability: The ability to trade across multiple asset classes like Forex, commodities, equities, and indices from a single platform.
• Back-Testing Facility: Test trading strategies against historical data to gauge their effectiveness before applying them in real-time scenarios.
• Connectivity: Seamless integration with different data feeds, markets, and liquidity providers is crucial for a professional trading setup.
• Reporting and Analytics: Comprehensive reporting tools help traders break down their performance metrics for better strategy refinement.

Read more about Best forex brokers with trading API.

What to avoid when choosing a forex broker for professional trading?

When choosing a forex broker for professional trading here are some red flags to avoid:

• Lack of Regulation: Trading with unregulated brokers puts your capital at significant risk due to the absence of oversight and accountability.
• Hidden Fees: Non-transparent pricing structures can eat into your profits. Always seek brokers who are upfront about their fees, commissions, and spreads.
• Limited Trading Platform Options: It’s crucial to have alternatives when one trading platform fails. Brokers offering multiple robust platforms provide an essential layer of security.
• Poor Customer Service: In the fast-paced world of Forex trading, swift and competent customer support can be the difference between a successful trade and a lost opportunity.
• Insufficient Risk Management Tools: Advanced risk management features, such as customizable leverage and stop-loss options, should be non-negotiable to protect your trading capital.

How to avoid forex and CFD scams?

Unfortunately, the frequency of forex and CFD scams is on the rise. To fortify your trading endeavors, keep these essentials in mind:

• Established Jurisdiction: Confirm that the broker operates out of a reputable financial center known for stringent regulations.
• Licensing: Cross-verify the broker’s license with the nation’s financial regulatory body to ensure their legal operation.
• Physical Office: Look for tangible evidence of a brick-and-mortar office, complete with a dedicated team. This adds an additional layer of credibility.
• Customer Support: Engage with their support team across multiple platforms to evaluate responsiveness and expertise, as this is a strong indicator of their overall service quality.
• Terms and Conditions: Scrutinize the terms you’re agreeing to. The devil often lies in the details.
• Recognizable Payment Methods: Stick to payment options you’re familiar with to avoid falling into obscure or insecure payment traps.

By adhering to these precautions, you enhance your shield against potential scams and unethical practices in the forex and CFD sphere.

Our Methodology

Since pioneering the broker rating review industry, our proprietary rating system model now involves the analysis of 250 data points across nine core categories which include:

• Trustworthiness: We confirm the authorization and licenses of each broker with the regulator in the location they operate in to ensure safety and security.
• Fees: We open live trading accounts to test the broker’s trading fees and execution first-hand to check how competitive they are.
• Trading platform and tools: We explore and test the speed, features and usability of each trading platform the broker provides.
• Tradable instruments: We examine the number of tradable instruments available to ensure the broker provides a good selection of markets.
• Customer support: We interact with the customer support team through different channels to test their knowledge and helpfulness.
• Payment methods: We check the different payment options and their associated fees and processing times.
• Account types: We examine account types to check the minimum deposit, execution type, and all of their features and benefits.
• Research and education: We examine the quality of the broker’s research and educational materials.

For this guide, we’ve gone beyond the basics to assess how each broker uniquely serves the needs of professional traders. Our evaluation includes a focus on rapid order execution, an array of research tools, and specialized account types such as MAM and PAMM designed for advanced trading. We also consider solutions tailored for algorithmic traders, along with any other specialized services that professionals in the field would find beneficial.

Meet Our Writers

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

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