2026 TOP BITCOIN FOREX BROKERS | LATEST LIST
Cryptocurrency trading has gained momentum within the Forex (foreign exchange) market due to an increase in the use and acceptance of cryptocurrencies (particularly Bitcoin) as a means of funding and accessing a Forex account. With the current trends towards the growing popularity of Bitcoin, there are now a number of brokers who have developed products to allow customers to deposit and withdraw funds in Bitcoin while maintaining access to the traditional Forex markets.
As a result of this convergence of Crypto and Currency trading, traders looking to trade with Crypto and Currency will need to carefully consider what type of Broker they would like to use. Factors such as security, speed of transaction, fees associated with trading, reliability of the Platform being used, and Regulatory oversight are only a few considerations when selecting the right Broker from this category.
At DailySpok, we review and list the best Bitcoin Forex brokers by assessing real-world trading conditions, providing clear visibility into their payment systems, and offering overall safety and security for traders seeking to trade on the Bitcoin platform.
2026 Best Forex Brokers Reviews: Brief Overview
If you trade with a forex broker, you will have to incur some costs that can mostly eat up your profits. Beginners in particular, need to understand these fees as even if they end up with some profit, high fees will take away most of their earnings. Forex fees are mostly split into Trading Fees and Non-Trading Fees.
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BROKER DETAILS
| Established Year | 1974 – IG was founded in London and is one of the oldest online brokers in the world. |
| License Information | IG is regulated globally by top-tier authorities including CySEC, FCA, BaFin, ASIC, JFSA, FMA, FINMA, MAS, DFSA, FSCA |
| Min Deposit | Depends on payment method and region: for cards/PayPal typically ≈ $250; bank transfers may have no set minimum. |
| Tradable Instruments | 18,000+ instruments including Forex pairs, indices, commodities, stocks, ETFs, crypto CFDs, options, and more. |
| Trading Platform | IG’s proprietary web platform and mobile app, MetaTrader 4 (MT4), ProRealTime, L2 Dealer and advanced charting tools. |
| Trustpilot Rating | 3.9/5 |
| Deposit Methods | Bank transfer, debit/credit cards, PayPal (availability varies by region). Note: Methods vary by country. |
| Withdrawal Methods | Bank transfer, debit/credit cards, PayPal (subject to region). Policies depend on the payment method used to fund the account. |
| Account Types | 6 |
| Islamic Account | No |
Account Types
- CFD Trading Account – primary multi-asset account
- MT4 Account – suitable for expert forex and automated trading
- DMA (Direct Market Access) Account – for professional traders
- Spread Betting Account (UK only)
- Investment/Share Dealing Accounts & Smart Portfolios (region dependant)
- ISA & SIPP (UK tax-efficient accounts)
- Islamic Account: No – IG Markets discontinued Islamic (swap-free) accounts.
Account Features
Forex Trading- Very wide forex coverage (major, minor & exotic pairs) with competitive spreads from about 0.6 pips (depending on account and market conditions).
- Leverage levels vary by region and instrument (often 1:20 to 1:200 for retail clients).
- Negative balance protection in many regions (protects traders from losing more than their account balance).
Platform
- IG offers a feature-rich web platform with intuitive charts, risk management tools, and order types, plus trading on MT4 — which is popular for forex traders, algorithmic strategies, and expert advisors.
| PROS | CONS |
|---|---|
| The industry leader in terms of trustworthiness and establishment, IG Markets has been around for more than 25 years and is highly regulated across multiple tier-1 jurisdictions globally. | Most payment methods require SSIs to be set up by IG Markets when funding accounts. |
| IG Markets is regulated in the UK by the FCA; it was one of the earliest brokerages to register in Australia with ASIC, and is currently regulated there as well; it is also regulated by FINMA in Switzerland. | IG Markets does not have the most competitive rates in the market when compared to some of the lesser-known forex brokers whose primary focus is to provide low-cost trading options for traders. |
| Large selection of different markets available through IG Markets - over 18,000 financial instruments across a wide range of assets and markets/deep liquidity for trading these instruments. | IG Markets operates without a local regulator in every country, so it would be prudent for traders from each country to research whether IG Markets is regulated in that country (e.g., SEBI/RBI in India). |
| IG Markets offers multiple platforms as well as advanced tools to facilitate trading on its platforms, including MetaTrader 4 (MT4), L2 Dealer, and ProRealTime; users are also able to use other external platforms in addition to those provided by IG Markets. | Based on some traders’ posted experiences, they believe some traders are pleased with their experiences, while others had less than favorable experiences. |
| Good education and research support available to traders at all levels of experience. | IG Markets does not offer an Islamic (or swap-free) trading account. |
| IG Markets operates in many countries around the world and is well-known for its transparency, economic strength, and ability to help clients build diverse portfolios across multiple asset classes. |
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BROKER DETAILS
| Established Year | 2008 |
| License Information | FCA(UK), CySEC(Cyprus), FSCA(South Africa), CMA(Kenya), FSA(Seychelles), CBCS(Curaçao & Sint Maarten), FSC(BVI & Mauritius), JSC(Jordan) |
| Min Deposit | $10 to start trading on a Standard account (actual minimum can vary by payment method and account type) |
| Tradable Instruments | 1,400+ tradable assets across these categories within a single account including 100+ currency pairs (majors, minors, exotics), Hundreds to ~1300+ global stocks, Major global indices CFDs, Soft & hard commodities CFDs, Precious Metals, Energies, Thematic Indices and CFD crypto trading |
| Trading Platform | MT4 & MT5, Exness Web Terminal, and the Exness Trade mobile app for flexible trading across desktop and mobile. |
| Trustpilot Rating | 4.7 out of 5 Generally mixed to positive user feedback with many praising fast deposits/withdrawals and low spreads, though some reviews note occasional platform issues or slower support responses. |
| Deposit Methods | Multiple global options including bank cards, e-wallets, and local payment systems — with many methods offering fast or instant funding. |
| Withdrawal Methods | Same variety as deposits — withdrawals are typically fast and free of withdrawal fees charged by Exness itself (depending on provider). |
| Account Types | 7 |
| Islamic Account | Yes |
Account Types
- Standard Cent – Beginner-Friendly, Micro-lot Trading
- Standard – No commission, Low barrier to entry
- Pro – Low Spreads and Fast Execution
- Zero – near-zero spreads on top instruments (commission applies)
- Raw Spread – ultra-tight spreads with commission
- Demo Account – risk-free practice trading
- Islamic Account – Exness supports swap-free (Islamic) accounts on request, suitable under Sharia law conditions.
Account Features
- Low and stable spreads on major forex pairs — often among industry’s tighter conditions.
- Flexible leverage, often up to 1:Unlimited in certain jurisdictions and under specific conditions, giving traders enhanced position control.
- Fast and precise execution via both MT4/MT5 platforms and the Exness proprietary terminal.
| PROS | CONS |
|---|---|
| Exness provides an opportunity for new investors who have a low initial deposit requirement. | Several traders have noted issues with the platform's stability during volatile/high turbulence news releases. |
| Offers a large selection of tradable markets. Markets include currency (forex), cryptocurrencies, indices, stocks, and commodities. | Some have indicated that customer support is slow to respond depending upon the geographic location and/or peak activity of the time of contact. |
| There are different types of accounts that cater to everyone from novice to advanced traders, with great account features. | Exness may not be able to provide services to customers in certain countries (India, Canada, or the US) and should always check local restrictions before attempting to utilize the service from those locations. |
| Multiple account types | The enormous amounts of leverage afforded could lead to substantial risks for new or inexperienced traders. |
| Fast and typically free transaction (deposit/withdrawal) executions are offered through various methods of payment. | Various unofficial reports (e.g. from forums) indicate that if the supporting documentation/verification steps are not completed before processing a withdrawal issues may arise. |
| Exness has received strong regulation support from numerous Tier I and Tier II regulatory authorities. | |
| Provide customers with an Islamic account that does not charge riba/swap fees. |
BONUS
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BROKER DETAILS
| Established Year | 2007 – IC Markets was founded in Sydney, Australia and has grown into one of the largest retail forex brokers globally. |
| License Information | IC Markets is regulated by solid authorities including ASIC (Australia), CySEC (Cyprus), and FSA (Seychelles) — providing oversight across major trading regions. |
| Min Deposit | There is no official minimum deposit, but recommended to start with $100+ for live trading comfort depending on the account and strategy used. |
| Tradable Instruments | 2,250 + tradable instruments across multiple asset classes 60+ currency pairs (majors, minors, exotics), 2,000+ global stock CFDs, Major global indices CFDs, Soft & hard commodities CFDs (energies & metals), 21+ cryptocurrency CFDs, Government bond CFDs, Futures CFDs |
| Trading Platform | MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader — covering beginner to advanced algorithmic and professional trading. |
| Trustpilot Rating | 4.8 out of 5 Mixed to generally positive user feedback, with many traders praising tight pricing but some noting support response times vary. |
| Deposit Methods | Bank transfer, credit/debit cards, e-wallets like Skrill and Neteller (availability varies by region). |
| Withdrawal Methods | Same as deposits: bank, card, and e-wallet options. Withdrawal processing times depend on method — e-wallets are usually faster. |
| Account Types | 5 |
| Islamic Account | Yes |
Account Types
- Starter Account – No commission, spreads from about ~1.5 pip
- Standard Account - No commission, spreads from about ~0.8 pip
- RAW Spread Account – very low spreads starts from 0.0 pips, $3.5 commission per lot
- cTrader RAW Account – ultra-competitive spreads from 0.0 pips, $3.0 commission per lot with cTrader platform
- Islamic (Swap-Free) available on request for certain account types
Account Features
- Low spreads on major forex pairs — often around 0.0–0.3 pips on RAW accounts (with commission).
- Variable leverage depending on region (e.g., up to 1:500 for non-EU clients and lower limits for FCA/CySEC regulated accounts following local rules).
- Fast execution via ECN-style order routing providing deep liquidity from interbank feeds.
- MT4 & MT5 – industry standard with expert advisors (EAs).
- cTrader – popular for professional forex traders and those wanting advanced order types and straight-through execution.
| PROS | CONS |
|---|---|
| ECN accounts have very low costs and tight spread for raw accounts. | Support quality can vary; therefore it is not uncommon to receive a slower response when contacting in peak hours. |
| There are multiple top trading platforms (e.g. MT4, MT5 & CTrader). | Regulation outside ASIC/CySEC (like in Seychelles) may worry some conservative traders, though Australian regulation is strong. |
| High execution speeds & vast institutional liquidity are available. | No fixed spread accounts — all accounts use variable spreads. |
| Provides access to many highly liquid forex pairs where there is a broad range of tradable forex pairs. | In some regions, leverage and trading conditions are restricted by local laws. |
| Available Islamic swap-free accounts. | |
| A good choice for traders, both manual & algorithmic, who wish to avoid interest (swap) payments. |
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BROKER DETAILS
| Established Year | 2010 – Founded in Australia, Pepperstone quickly grew into a reputable ECN forex broker with global reach. |
| License Information | Regulated by ASIC (Australia), FCA (UK), DFSA (Dubai), SCB (Bahamas), and CySEC (Cyprus) in applicable regions. |
| Min Deposit | No official minimum, but recommended starting balance is commonly $100+ for active trading. |
| Tradable Instruments | 1,350+ tradable CFD instruments across key asset classes, including: 60+ currency pairs (majors, minors, exotics), 1,000+ global stock CFDs, 25+ Major global indices CFDs, 30+ Soft & hard commodities CFDs (energies & metals), 20+ cryptocurrency CFDs, ETF CFDs (~100 +) |
| Trading Platform | MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, and the Pepperstone Web & Mobile App. |
| Trustpilot Rating | 4.4 out of 5 stars on Trustpilot, based on over ~3,000 reviews from actual traders. |
| Deposit Methods | Bank transfer, debit/credit cards, e-wallets like Neteller & Skrill (availability varies by region). |
| Withdrawal Methods | Bank transfer, debit/credit cards, e-wallets like Neteller & Skrill (availability varies by region). |
| Account Types | 4 |
| Islamic Account | Yes |
Account Types
- Standard Account – spread-based, no commission
- Razor Account – low spreads + commission
- cTrader Account – via cTrader platform with tight pricing
- Islamic Account - Yes – Swap-free (Islamic) account available upon request.
Account Features
- ECN-style execution with tight interbank pricing.
- Variable leverage depending on regulation (often 1:30 retail, higher for professional clients).
- Supports all major platforms: MT4, MT5, cTrader for full flexibility in execution, charting, and algorithmic trading.
| PROS | CONS |
|---|---|
| Pepperstone offers tight spreads with attractive pricing. | The level of customer service will differ depending on where you live. |
| Many different regulatory agencies provide a solid foundation for compliance. | Crypto trading availability is limited in some areas. |
| Clients have the opportunity to utilize various platforms (including cTrader). | Regulation may restrict the use of variable rates of leverage depending on the area in which you reside. |
| Execution is completed instantly with large amounts of liquidity provided. |
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BROKER DETAILS
| Established Year | 2006 – FxPro has operated globally for nearly two decades with a strong brand presence. |
| License Information | Regulated by FCA (UK), CySEC (Cyprus), SCB (Bahamas), and FSCA (South Africa). |
| Min Deposit | $100+ recommended to open a live account (varies by payment method and region). |
| Tradable Instruments | 2,100+ tradable CFDs across these categories within a single account including: 70+ currency pairs (majors, minors, exotics), global stock CFDs, Major global indices CFDs, Soft & hard commodities CFDs (energies & metals), cryptocurrency CFDs, ETF CFDs (~100 +), Futures CFDs |
| Trading Platform | MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, and FxPro Edge, Trading View, Web Trader |
| Trustpilot Rating | 4 out of 5. 55% of reviewers give 5 stars, while a mix of 4★, 3★, and some 1★ reviews contribute to the average score. |
| Deposit Methods | Bank transfer, cards, and several e-wallets (depending on location). |
| Withdrawal Methods | Bank transfer, cards, and several e-wallets (depending on location). |
| Account Types | 4 |
| Islamic Account | Yes |
Account Types
- MT4 Account – classic with flexible execution
- MT5 Account – modern multi-asset version
- cTrader Account – advanced execution, transparent pricing
- Islamic Account – Yes Swap-free options available on request.
Account Features
- Offers ECN-style pricing with competitive spreads (varies by platform).
- Deep liquidity access from tier-1 providers.
- Full support for MT4, MT5, and cTrader plus proprietary FxPro Edge for easier order management.
| PROS | CONS |
|---|---|
| Wide platform choice, including cTrader and proprietary Edge. | Pricing for FxPro's services are sometimes more expensive than those offered by ultra low priced brokers. |
| Long industry history with multiple regulators. | The response time for FxPro's support teams varies widely. |
| Broad instrument selection. | Availability of crypto CFDs is limited depending on country/regulation. |
| Competitive execution environment. |
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BROKER DETAILS
| Established Year | 2006 – AvaTrade started operations over 18 years ago as an online broker with multi-jurisdiction support. |
| License Information | Regulated in multiple jurisdictions including ASIC (Australia), FCA (UK), CySEC (Cyprus), FSCA (South Africa), ADGM (UAE), IIROC (Canada – limited) and others depending on region. |
| Min Deposit | $100+ depending on payment type and region — some regions may allow lower initial deposits. |
| Tradable Instruments | 1,000+ tradable instruments across these categories including: 70+ currency pairs (Forex), Global stocks CFDs, Major indices CFDs, Commodities CFDs, Cryptocurrency CFDs, ETF CFDs, Bonds / other CFDs |
| Trading Platform | MetaTrader 4 (MT4), MetaTrader 5 (MT5), AvaTradeGO (mobile), AvaOptions for options trading. |
| Trustpilot Rating | 4.7 / 5 based on 11,000+ reviews, with a high proportion of positive feedback praising support, platforms, and trading experience. |
| Deposit Methods | Bank transfer, credit/debit cards, and various e-wallets like Neteller and Skrill in supported regions. |
| Withdrawal Methods | Bank transfer, credit/debit cards, and various e-wallets like Neteller and Skrill in supported regions. |
| Account Types | 4 |
| Islamic Account | Yes |
Account Types
- Standard Account – no commission on forex
- MT4/MT5 Accounts – flexible execution
- AvaOptions Account – specialized options trading
- Islamic (Swap-Free) available upon request
Account Features
- Competitive variable spreads and execution across major forex pairs.
- Reliable execution infrastructure with tier-1 liquidity.
- Offers MetaTrader platforms plus AvaTradeGO (simple mobile) and AvaOptions for FX options traders.
| PROS | CONS |
|---|---|
| Multiple global licenses across tier-1 and tier-2 regulators. | Pricing (spreads) is not always the tightest among ECN brokers. |
| Wide range of instruments, including options and crypto CFDs. | Some markets and instruments are region-restricted. |
| User-friendly apps for beginners. | Support quality reviews vary by region and user. |
| Islamic / Swap-free account available. | |
| Good educational resources |
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BROKER DETAILS
| Established Year | 2009 – XM (Trading Point Group) was founded in 2009 and has grown into a globally recognized forex and CFD broker serving clients in over 190 countries. |
| License Information | XM is regulated by multiple well-known authorities including CySEC (Cyprus), ASIC (Australia), FSC (Belize), and DFSA (Dubai) — ensuring strong regulatory oversight across different regions. |
| Min Deposit | $5 |
| Tradable Instruments | 1,400+ tradable instruments across multiple asset classes 55+ currency pairs (majors, minors, exotics), Global stock CFDs, Major global indices CFDs, Soft & hard commodities CFDs (energies & metals), Precious metals, Cryptocurrency CFDs (availability depends on region) |
| Trading Platform | MetaTrader 4 (MT4) and MetaTrader 5 (MT5) — supporting beginner to advanced traders, automated strategies, and expert advisors (EAs). |
| Trustpilot Rating | 4.5 out of 5 Generally positive user feedback, with traders highlighting low minimum deposit, reliable execution, and strong educational support. |
| Deposit Methods | Bank transfer, credit/debit cards, Skrill, Neteller, and other local payment methods (availability varies by country). |
| Withdrawal Methods | Same as deposits — bank transfer, cards, and e-wallets. XM is known for fast withdrawal processing, often within 24 hours. |
| Account Types | 4 |
| Islamic Account | Yes |
Account Types
- Micro Account – No commission, smaller contract sizes, spreads from ~1.0 pip
- Standard Account – No commission, standard lot sizes, spreads from ~1.0 pip
- XM Ultra Low Account – Ultra-tight spreads from ~0.6 pips, no commission
- Islamic (Swap-Free) – Available on Micro, Standard, and Ultra Low accounts upon request
Account Features
- Low minimum deposit suitable for new traders
- Leverage up to 1:1000 for non-EU clients (lower limits apply under ASIC/CySEC rules)
- No requotes and no rejection policy
- MT4 & MT5 with full Expert Advisor (EA) support
- Free VPS for eligible traders
- Extensive educational resources including webinars and market analysis
| PROS | CONS |
|---|---|
| Very low minimum deposit ($5) | No cTrader or TradingView platform |
| Strong global regulation (ASIC & CySEC) | Cryptocurrency CFDs availability is limited by region |
| Wide range of tradable instruments | Ultra-low spreads mainly available on specific account types |
| No commission on most account types | Leverage restrictions apply for EU-regulated clients |
| Islamic swap-free accounts available | |
| Multiple account types |
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BROKER DETAILS
| Established Year | 2005 – FP Markets was founded in Sydney, Australia and has grown into one of the well-established global forex and CFD brokers. |
| License Information | FP Markets is regulated by solid authorities including ASIC (Australia) and CySEC (Cyprus) — providing oversight across major trading regions with strict compliance and client fund protections. |
| Min Deposit | There is no official minimum deposit requirement, but traders often start with $100+ for live trading comfort depending on account type and strategy. |
| Tradable Instruments | 2,500+ tradable instruments across multiple asset classes 60+ currency pairs (majors, minors, exotics), Thousands of global stock CFDs, Major global indices CFDs, Soft & hard commodities CFDs (energies & metals), Precious metals, Cryptocurrency CFDs (availability varies by entity/region), Bonds, Exchange-Traded Funds (ETFs) |
| Trading Platform | MT4, MT5, cTrader, Trading View, Web Trader, Mobile Trading App & IRESS — covering beginner to advanced algorithmic and professional trading. |
| Trustpilot Rating | 4.5 out of 5 Mostly positive user feedback, with traders praising execution quality and platform range, while some note support response times vary by region. |
| Deposit Methods | Bank transfer, credit/debit cards, and e-wallets like Skrill and Neteller (availability varies by region). |
| Withdrawal Methods | Same as deposits: bank, card, and e-wallet options. Withdrawal processing times depend on method — e-wallets are usually faster. |
| Account Types | 6 |
| Islamic Account | Yes |
Account Types
- Standard MT4/MT5 Account – No commission, variable spreads from approximately 1.0 pip.
- Raw ECN MT4/MT5 Account – Very low spreads from around 0.0 pips with a commission charged per lot.
- cTrader Account – Raw spreads from approximately 0.0 pips with a competitive commission on the cTrader platform.
- Islamic (Swap-Free) Accounts – Available on request for traders requiring Sharia-compliant trading conditions.
- IRESS Trader Account – Provides access to direct market data for shares and exchange-listed instruments.
- Demo Accounts – Free practice accounts with virtual funds for risk-free trading.
Account Features
- Low spreads across major forex pairs — often around 0.0–0.3 pips on Raw accounts (with commission).
- Deep liquidity via ECN-style execution and institutional pricing feeds.
- MT4, MT5, and IRESS platforms supporting automated strategies, advanced charting, and multiple order types.
- Multiple funding and payout options with regional support.
- Islamic swap-free account availability for compliant trading.
- Advanced trading tools, VPS support, and in-depth market research.
| PROS | CONS |
|---|---|
| ECN accounts with very low costs and tight raw spreads | Support quality can vary by region and peak times |
| Multiple powerful trading platforms (MT4, MT5, IRESS) | No fixed-spread account options — all accounts use variable spreads |
| High execution speeds and extensive liquidity from global providers | Cryptocurrency CFDs and leverage levels may be restricted depending on local regulation |
| Large range of instruments including forex, stocks, indices, commodities, crypto, and ETFs | IRESS account features may have additional fees compared to standard MT4/MT5 accounts |
| Strong regulation (ASIC/CySEC) and segregated client funds |
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BROKER DETAILS
| Established Year | 2009 – Eightcap was founded in Melbourne, Australia, and has grown into a reputable global forex and CFD broker serving clients worldwide. |
| License Information | Eightcap is regulated by strong authorities including ASIC (Australia) and SCB (Seychelles) — providing oversight and compliance in major trading regions. |
| Min Deposit | There is no official minimum deposit requirement, but traders often start with $100+ for live trading comfort depending on the account type and strategy. |
| Tradable Instruments | 1,000+ tradable instruments across multiple asset classes 60+ currency pairs (majors, minors, exotics), Global stock CFDs, Major indices CFDs, Commodities CFDs (energies & metals), Precious metals, Cryptocurrency CFDs (availability varies by entity/region), ETF CFDs |
| Trading Platform | MT4, MT5, Trading View covering beginner to advanced charting, algorithmic trading, and automated strategies. |
| Trustpilot Rating | 4.1 out of 5 Mostly positive user feedback, with many traders praising tight spreads, execution quality, and customer support — some noting that support response times can vary. |
| Deposit Methods | Bank transfer, credit/debit cards, and e-wallets like Skrill and Neteller (availability varies by region). |
| Withdrawal Methods | Same as deposit options — bank, card, and e-wallet methods. Withdrawal processing times depend on the method, with e-wallets typically faster. |
| Account Types | 4 |
| Islamic Account | Yes |
Account Types
- Standard Account – No commission, variable spreads from approximately 1.0 pip.
- Raw Account – Very low spreads from around 0.0 pips with a commission per lot on MT4/MT5.
- Islamic (Swap-Free) Account – Available on request for traders requiring Sharia-compliant conditions.
- TradingView Account – No commission, variable spreads from approximately 1.0 pip.
Account Features
- Low variable spreads on major forex pairs.
- ECN-style execution with deep liquidity and fast API routing.
- MT4 & MT5 platforms with full support for Expert Advisors (EAs).
- Flexible leverage depending on regulatory jurisdiction.
- Multiple deposit and withdrawal methods supported.
- Islamic swap-free accounts available on eligible account types.
| PROS | CONS |
|---|---|
| Competitive spreads, especially on Raw accounts | Variable spreads only — no fixed spread option |
| Regulated by ASIC and SCB — robust oversight of client funds | Commission applies on Raw accounts |
| MetaTrader 4 and MetaTrader 5 support for all trading styles | Cryptocurrency availability may differ by location |
| Simple account opening and funding options | Some traders report support wait times can vary by peak hours |
| Cryptocurrency CFDs available in supported regions |
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BROKER DETAILS
| Established Year | 2014 – BlackBull Markets was founded in Auckland, New Zealand, and has grown into a global ECN forex & CFD broker. |
| License Information | BlackBull Markets is regulated by the Financial Markets Authority (FMA) in New Zealand and the Financial Services Authority (FSA) in Seychelles — providing oversight and compliance in major trading regions. |
| Min Deposit | Minimum initial deposit is $0 for Standard and Prime accounts, while $20,000 is required for Institutional accounts. |
| Tradable Instruments | 26,000+ tradable instruments across multiple asset classes 70+ currency pairs (majors, minors, exotics), Forex CFDs, Equity CFDs, Commodities (energies & metals), Indices CFDs, Cryptocurrency CFDs, and other global market instruments. |
| Trading Platform | MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, and TradingView — covering beginner to professional traders with advanced execution and charting. |
| Trustpilot Rating | 4.8 out of 5 Highly positive user feedback on Trustpilot, with many traders praising customer support, execution speed, and ease of use. |
| Deposit Methods | Bank transfer, credit/debit card payments, e-wallets, and other local methods — availability varies by region. |
| Withdrawal Methods | Same as deposits — bank transfers, card, and e-wallet options. Withdrawals are generally processed quickly with low flat fees. |
| Account Types | 3+ |
| Islamic Account | Yes (Swap-free available on request) |
Account Types
- Standard Account – No minimum deposit, competitive spreads, and ECN-style execution.
- Prime Account – No minimum deposit on Prime for certain entities, ultra-tight spreads with a commission.
- Institutional Account – Designed for high-volume traders with higher capital requirements.
- Islamic (Swap-Free) Account – Available on request for eligible traders.
Account Features
- ECN-style execution with tight spreads from 0.0 pips and leverage up to 1:500.
- Fast trade execution via MT4, MT5, cTrader, and TradingView.
- Advanced trading tools including VPS support and API access options.
- Extensive global market access with 26,000+ tradable instruments.
- Flexible deposit and withdrawal methods with low fees.
| PROS | CONS |
|---|---|
| Very large range of tradable markets (26,000+). | High deposit required for Institutional account tier. |
| No minimum deposit required for Standard/Prime accounts. | Regulation does not include EU/UK top-tier regulators (varies by entity). |
| Regulated by FMA NZ (Tier-1) and FSA Seychelles. | Some advanced features/tools may incur additional costs. |
| Tight spreads from 0.0 pips with ECN execution. | |
| User-friendly platforms (MT4, MT5, cTrader, TradingView). |
WHAT FEES SHOULD YOU CONSIDER BEFORE TRADING A FOREX BROKER?
Trading with a forex broker involves costs that can affect your profits. Beginners especially need to understand these fees, because even if they make a profit, high fees can reduce their earnings. Forex fees are generally divided into Trading Fees and Non-Trading Fees.
1. Trading Fees
These costs are the ones directly associated with the opening and closing of your trades.
- Spreads: The difference between the buying (ask) and selling (bid) price.
Example: If EUR/USD bid = 1.2000 and ask = 1.2003, then the spread is 3 pips. The smaller the spreads are, the lower the costs per trade will be. - Commissions: Certain brokers may impose a fixed fee per trade or per lot.
Example: $5 per lot traded on an ECN account. If trades are done frequently, the fee can become quite a substantial amount, hence it is very important to know it beforehand. - Swap / Overnight Fees: These are charges applied to the account when holding a position overnight. Whether they are positive or negative depends on the currency pair.
Example: A USD/JPY long position kept overnight may receive a small positive swap, whereas short positions may be charged a fee.Tip: New traders should figure out how these fees will impact the profits they anticipate making. Just a few pips difference per trade can considerably affect the total earnings when you have multiple trades.
2. Non-Trading Fees
These are expenses that are not directly related to the execution of trades but still eat away at the overall profit.
- Deposit & Withdrawal Fees: Depositing and withdrawing funds from your trading account can incur additional fees for buyers and sellers.
For example: The ATM and the credit/debit card, international wire transfers and online wallets could all incur a $10 fee for any international wire transfer. - Inactive fees: Brokers may charge an inactivity fee each month for accounts that have had no trading activity within the specified time frame.
For Example: Brokers may charge an inactivity fee of $15 for accounts having no trading activity in a three-month period. - Other Account Fees: Some brokers may have account maintenance charges or fees for special services.
Tip: It is a good idea to always check non trading fees before starting a business, especially if you intend to deposit/withdraw small amounts or trade sporadically.
Knowing both Trading and non-trading fees is fundamental. Even winning trades can have their profits lowered if fees are not considered. That is why it is important to look at brokers not just based on the quality of their trading platform or bonuses offered by each FX broker but also based on the total cost of trading with that broker. Comparing brokers will help you maximize your profits and trade smarter.
HOW AND WHEN THE BROKER CHARGE SWAP FEES?
Swap fees are the fees that are charged if you keep a certain position for more than one day. In fact, it is the interest rate difference between two currencies that causes the fees. If you are buying a currency pair, then the fee will be on your behalf, i.e., you will get the interest. But if you sell the pair, then you will be the one who is paying the fee. It is very important that traders understand what swap fees are, if they intend to trade for several days or use carry trading strategies.
How Swap Fees Are Charged
- Overnight Positions
- Brokers derive the swap from the interest rate gap depending on the locations and your deal size.
- This is normally done at 5 PM New York time which is the time that the forex market is considered to be closed.
- Example: Assume that you keep long 1 lot of EUR/USD overnight. Since EUR has lower interests than USD, you could be charged $2 as a swap for that night by the broker.
- Triple Swap on Wednesdays
- Most brokers impose a triple swap on Wednesday night so that they can cover the three days when the market is closed.
- The charge is to cover the two days of the weekend.
- Example: If your regular overnight swap is $2, then on Wednesday, it will be $6 for the same position.
- Factors Affecting Swap Fees
- Currency pair interest rates
- Trade direction (long or short)
- Brokers own swap rates and policies
- How It Appears in Your Account
- Swap fees are staged interventions that either add to or deduct from your account balance automatically
- You may also find them in the trade history or positions list of your trading platform.
Tips for Beginners:
- Always check the swap rates if you are planning to open a position for a long time.
- In the case of carry traders, the positive swaps can serve as an additional source of profit.
- There are brokers providing accounts without swaps for traders who want to be free of overnight fees.
HOW TO CHOOSE A CFD TRADING PLATFORM
Selecting the most appropriate CFD trading platform is important when it comes to completing trade transactions quickly and reliably. The following are some of the most important considerations in selecting the most appropriate CFD trading platform:
• A User-Friendly Interface: Clean, clear and easy-to-use interfaces help facilitate quick navigation around the platform to easily place orders. A platform that has clean charts and dashboards enables a trader to more easily trade as well, since there are fewer opportunities to make errors during the trade process.
• Available Instruments: The trading platform should support access to CFDs that encompass stocks, indices, commodities and Forex. The availability of several asset types affords opportunities for diversification and exploration for the trader.
• Trading Tools and Features: Built-in functionality including charts, technical indicators and risk management can improve decision making during the trade process. The use of risk management features such as stop-loss orders, trailing stops and price alerts can help trade management control risk effectively.
• Execution Speed and Reliability: Executing trades quickly limits slippage and ensures that trades are executed at the intended price point. High-speed execution platforms are critical to active traders (e.g., scalpers).
• Cost and Fees: Compare spreads, commissions and overnight fees to prevent incurring unnecessary costs for the trader. Tighter spreads reduce the overall cost of trades over time and therefore increase the trader’s profit.
• Security and Regulation: Ensure that the platform is regulated and that the platform has a high level of encryption used to secure the trader’s money and information (data). Platforms that are regulated through the FCA, ASIC or CySEC are generally considered more secure choices.
By considering the above-mentioned criteria, you are able to select a trading platform that complements your trading preferences and trading style.
WHAT ACCOUNT TYPES ARE AVAILABLE?
Forex and CFD brokers refer to different account types for various trading styles and the level of an experience a trader has. The choice of an account type that is the most appropriate assists traders in managing risk, costs, and trading flexibility in an effective way.
1. Standard Account
The most typical account, which is appropriate for the majority of traders. Normally, it has moderate minimum deposit requirements and standard spreads.
Example: A standard account may request a minimum deposit of $100 and offer spreads of 12 pips on EUR/USD.
2. Mini or Micro Account
An account that aims at a new trader or someone who wants to trade with a smaller position. It allows for lower capital and smaller lot sizes in trading.
Example: A micro account is able to let you trade with a lot size of 0.01, thus your potential losses will be very small while you are in the learning process.
3. ECN / Pro Account
The accounts that offer direct access to the interbank market with lower spreads and a commission based fee are these accounts. In general, they are the accounts of the active or professional traders.
Example: An ECN account could be charging $5 per lot traded but providing the spreads that are as low as 0.1 pips.
4. Islamic / Swap Free Account
These accounts are created to be in line with the provisions of Sharia law, where there are no swap/overnight interest charges.
Example: A swap free account is a way of holding positions overnight without the obligation of paying or the right of receiving interest.
5. VIP or Premium Account
In order to encourage high-volume traders to continue trading, forex brokers provide benefits such as lower commissions, dedicated support, and exclusive access to trading tools. By personalising the VIP account, you will be able to take advantage of all available resources to achieve your specific trading goals.
Each type of account has different features including the minimum amount of money required to open an account and the guidelines regarding how to trade that amount. Therefore, before selecting a type of account, it is important to know what the different types of accounts offer and how well each type of account fits with your current trading habits, amount of funds that you wish to open up a trading account.
WHAT IS THE AVAILABLE LEVERAGE?
Leverage is what makes it possible for traders to have control of larger positions with a smaller amount of their own capital. Basically, it is a ratio, like 1:50, 1:100, or 1:500, that shows the amount the broker lending to you compared to your deposit.
To say the least, leverage can multiply your profit to a level where your return is tremendous; however, it also increases your losses drastically to the same extent.
Examples of Leverage:
- 1:50 Leverage: You are in control of the $50,000 position, with only the $1,000 in your account.
- 1:100 Leverage: With only $500 you can generate a position of $50,000 and thus trade.
- 1:500 Leverage: You can be in control of $500,000 with just $1,000.
Points to Consider:
The higher the leverage, the higher the profit and risk will be. Depending on the type of account and broker, a broker has a different amount of maximum leverage they can offer to an individual. In some parts of the world, brokers are limited by regulatory bodies on how much leverage can be offered (e.g 1:30 fore forex in europe) Leverage determins the amount of market exposure you will be permitted to have based on your deposit amount.
Knowing the available leverage helps you plan trades carefully, balance potential profits and losses, and pick the level that suits your risk appetite without overextending your account.
WHAT TO AVOID WHEN CHOOSING A FOREX BROKER?
Selecting a wrong forex broker may lead to additional costs, a poor trading experience, or even the risk of losing your funds. These are the main things you should avoid:
1. Unregulated Brokers: Brokers not regulated by recognized authorities expose traders to higher risks of fraud and fund mismanagement. Make sure that the broker holds licenses from FCA, ASIC, CySEC, or other reputable regulators.
Example: If a broker is unregulated, it may decide to freeze your withdrawals without prior notice, thus your money will be unavailable.
2. Hidden Fees or High Costs: Many brokers who advertise having low spreads actually charge hidden commissions or have deposit/withdrawal fees and inactivity fees, which is why you should have all the information on your broker’s fee structure before deciding to set up an account.
For Example: There may be a broker that charges $1 for a spread but $15 for withdrawals. This broker cost more than the broker who has clear pricing. For example, the broker who charges a $2 spread will be cheaper than this broker due to the fact that this broker charges hidden fees/commisions.
3. Poor Trading Platforms: Brokers with unreliable or slow trading platforms should be avoided. Delays in execution can significantly change the results of the trades, especially for those who trade frequently.
4. Lack of Customer Support: A broker that does not provide responsive support may result in inconveniences due to technical issues or in the case of fund transfers. Check their support channels and how quickly they respond.
5. Unrealistic Promises or Bonuses: Scammers may contact you via cold calls, social media, or email with urgent offers. Most of these offers come with strict conditions that make the claiming process difficult.
Pro Tip:
If you’re just starting out trading, it’s essential that you learn about Forex Basics before making a decision on which broker to work with. The Forex Trading For Beginners guide has outlined all of the key aspects of Forex trading, making it much easier to determine whether or not a broker is trustworthy and helping you steer clear of the most common mistakes traders make.
HOW TO AVOID FOREX AND CFD SCAMS?
Traders can certainly earn profits by trading forex or CFD’s, but there are also many scams in the market, as well as brokers who cannot truly be trusted. To avoid losing your money, you must be aware of frauds and take precautions; below are several ways to avoid being scammed in forex and CFD’s.
1) Verify Regulation and Licensing – Check the Regulations and Licensing of Your Broker. Before you set up an account, make certain that the broker you are using is regulated by a major international agency such as the FCA, ASIC, CySec, and etc. If the broker is unregulated, there is a higher risk that they may not be a reputable organisation and could run off with your money.
For Example: Any regulated broker must adhere to strict capital requirements and must adhere to strict reporting requirements to ensure that traders receive better protection.
2. Don’t Fall for Promises of Unbelievably High Profits – Most forex brokers use the word “guaranteed” or “quick cash” to get people to sign up with them, but don’t believe it. A legitimate company cannot assure the customer of making any amount of profits.
For Example: Any advertisements that claim that you will “earn $1,000/day without risk” are most likely scams.
3) Review Broker Reputation: Read user reviews on different platforms, and forums and check community feedback. Identify complaint patterns and check whether the disputes have been resolved.
Example: Negative reviews in which users mentioned delayed withdrawals can point to serious issues that could arise.
4) Understand Terms and Conditions: You should read through all of your agreements to learn about the policies regarding withdrawals, bonus amounts/conditions for the bonuses, errors/fees you might incur, etc. Sometimes, cherries can be hidden in the clauses that can trap inexperienced traders.
5) Avoid Suspicious Contact Methods: Scammers might reach out to you by means of cold calling, social media, or email with the offer of something urgent. Real brokers offer official channels and clear communication.
Example: If a broker is urging you to make a deposit right away or is employing an aggressive type of marketing, then it is a red flag.
To ensure that your investments are protected, you need to find Forex or CFD brokers who have been licensed, are reputable and provide detailed explanations of their terms and conditions. Being diligent will enable you to trade securely while avoiding the many different types of scams that are commonly found when trading CFDs and Forex.
OUR METHODOLOGY
The reviews we perform for Forex and CFD brokers incorporate a systematic approach. The first step involves performing research and evaluating the regulation status of each broker, which is important for protecting your funds and increasing the trustworthiness of each broker.
The next step is to evaluate the trading conditions for brokers (e.g., commission, spreads, leverage, types of accounts, etc.). After that, we assess the platforms each broker provides, evaluating their functionality and speed of execution, charting tools and user experience through firsthand use.
The last step is to evaluate the fees, swap and bonus terms for each broker, providing traders with insight into what their true cost of trading is. Additionally, we evaluate the following aspects when performing our evaluations:
- The number of online accounts that a broker provides
- The quality of customer service provided
- How to deposit and withdraw from an account
- The variety of educational resources available to educate traders regarding trading
We provide data-driven and impartial information, allowing traders to compare brokers and select the broker that is suitable for their trading objectives and strategies.
FREQUENTLY ASKED QUESTIONS
Evaluating Forex Brokers has a number of components the main ones being
(1) the amount of actual trading that a broker has done
(2) how reliable the brokers’ platforms are as evidenced by actual users
(3) the level of regulation
(4) transparency in operations
(5) overall user experience.
All of these factors give users an idea of what it is like to actually trade and how effective the broker actually is compared to the way they represent themselves.
The level of safety differs for each Forex Broker. DailySpok reviews Forex Brokers based on their own evaluations as well as the information on regulatory agencies from each broker. DailySpok has placed an emphasis on providing the highest level of regulatory status, security of funds, and operating history in order for users to make the most informed decision when opening their account.
Yes, Forex Brokers can change the Terms of Trading that you see and Broker reviews will always be updated as brokers update their Terms of Trading and actual Trading Conditions.
Yes, Broker Reviews are a great resource for New Traders because the information provided will include: Hidden Fees, Trading Risks, and Limitations of Trading Platforms that may go unnoticed by New Traders.
While the features may be similar on paper, the execution speed, customer support quality, and withdrawal and platform experiences, can differ significantly. Therefore, the review process will emphasize those differences.
Yes, but bonuses are evaluated carefully. DailySpok explains bonus conditions, withdrawal requirements, and trading limitations, so traders understand whether a promotion is actually beneficial.
In choosing a Forex Broker, Regulation should be one of the most significant factors to consider, as it guarantees that brokers will offer secure and safe trading conditions to their traders and will protect their traders’ trading accounts. Regulation determines whether a Forex Broker is trustworthy enough to provide high-quality trading experiences; however, Regulation itself does not guarantee a good trading experience.
Yes, experienced traders typically are able to take advantage of Forex Broker reviews for comparing trading spreads, leverage options, advanced tools, and execution quality when determining to change brokers or to open additional trading accounts.
No single Forex Broker fits the needs of every trader. Each trader’s needs differ based on their level of experience, their trading strategy, and the amount of risk that they are willing to take. Therefore, the idea of the Forex Broker review is to help each trader find the best Forex Broker for their individual goals.
DailySpok Updates Reviews of Forex Brokers Whenever There Are Substantial Changes to Their Broker’s Policies, Platforms, or Trading Conditions.
Most nations have granted permission to allow their citizens to participate in forex markets, but each country has established its own set of laws governing this activity. It is advisable that an individual verify whether or not the broker is adhering to local or international regulations prior to commencing any trade.
No. Most brokers will allow a trader to start trading with a very low deposit amount and still have access to the full range of trading tools available on the platform, but there are limits on how much can be traded with a tiny deposit due to limitations on the size of positions and risk management types.
The majority of brokers offer the trading platform one prefers to access both through desktop and mobile devices. Traders can access platforms such as MetaTrader 4 (MT4), MetaTrader 5 (MT5), or web, based platforms.
Leverage is essentially a borrowing mechanism that allows a trader to open a position that is larger than the actual amount available in their account. This has the effect of magnifying both the potential profits and the losses.
Yes, quite a few brokers in the forex market provide demo accounts to traders. These accounts carry virtual money and allow one to get the hang of trading in a risk, free environment.
The spread plays a large part in how much it will cost you to trade. For this reason, it is important to look for brokers with low spreads. For active traders, the lower the spread, the better. In addition to having a low spread, the execution quality of the order is also important.
Although many brokers allow for the withdrawal of funds at any time. The amount of time taken to process a withdrawal will depend on both the forex broker and the method of payment you choose.
Most brokers offer the following methods as ways to communicate with them to obtain support: email, live chat, telephone. It is important that you are able to get help with any problems that may arise while trading and taking funds out from the broker.
Yes! Forex trading may be beginner friendly if you have the proper education, follow an established risk management plan, and set realistic expectations.
Traders should review regulation status, trading costs, platform features, withdrawal terms, and customer support before choosing a broker.
MEET OUR AUTHORS
FRANCIS DANIEL
FOREX ANALYST
Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3
licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well equipped to recommend the best forex brokers due to his extensive
experience and understanding of the brokerage industry.
FRANCIS DANIEL
FOREX ANALYST
Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3
licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well equipped to recommend the best forex brokers due to his extensive
experience and understanding of the brokerage industry.