Forex Broker Reviews
No affiliate links, no sponsorships, no bias. Just honest opinions from 18 years of running EAs, testing execution, and helping 28,000+ customers choose the right broker. Nine brokers reviewed — four accept crypto deposits.
| Broker | Founded | Regulators | Min Spread | Commission (RT) | Platforms | Min Deposit | Max Leverage | Our Rating |
|---|---|---|---|---|---|---|---|---|
| IC Markets | 2007 | ASIC, CySEC, FSA | 0.0 pips | $7.00/lot | MT4, MT5, cTrader, TradingView | $200 | 1:500 | ★★★★★ |
| Pepperstone | 2010 | FCA, ASIC, CySEC, DFSA, BaFin | 0.0 pips | $7.00/lot | MT4, MT5, cTrader, TradingView | $0* | 1:500 | ★★★★★ |
| Tickmill | 2014 | FCA, CySEC, FSCA | 0.0 pips | $6.00/lot | MT4, MT5, TradingView | $100 | 1:1000 | ★★★★½ |
| FP Markets | 2005 | ASIC, CySEC | 0.0 pips | $6.00/lot | MT4, MT5, Iress, TradingView | $100 | 1:500 | ★★★★½ |
| VT Markets | 2015 | ASIC, FSCA, FSC | 0.0 pips | $6.00/lot | MT4, MT5, TradingView | $50* | 1:500 | ★★★★½ |
| BlackBull | 2014 | FMA (NZ), FSA | 0.0 pips | $6.00/lot | MT4, MT5, cTrader, TradingView | $0* | 1:500 | ★★★★½ |
| Exness | 2008 | FCA, CySEC, FSA | 0.0 pips | $7.00/lot | MT4, MT5 | $10 | Unlimited* | ★★★★ |
| FXCC | 2010 | CySEC, MISA | 0.0 pips | $0 (zero) | MT4, MT5 | $0 | 1:500 | ★★★★ |
| RoboForex | 2009 | IFSC (Belize) | 0.0 pips | $4.00/lot | MT4, MT5, cTrader | $10 | 1:2000 | ★★★½ |
Pros
Cons
Most of our 28,000+ customers run their EAs on IC Markets, and the feedback is overwhelmingly positive. The only reason to look elsewhere is if you need UK FCA regulation (consider Pepperstone) or want a lower minimum deposit.
Pros
Cons
Their gold spreads are genuinely competitive with IC Markets, and the Equinix LD4 server in London means sub-30ms execution for UK-based VPS setups. The Smart Trader Tools package is a nice bonus for manual traders.
Our UK customers consistently rate Pepperstone as their preferred broker for EA trading.
Pros
Cons
However, if you're running gold EAs specifically, the wider gold spreads push your all-in costs closer to the competition.
Best suited for forex-focused EA traders who want serious regulation with lower commissions.
Pros
Cons
If you're running multi-pair EAs that trade EUR/GBP, AUD/JPY, or other crosses, FP Markets may actually give you better all-in costs than IC Markets.
The 20-year track record and ASIC regulation provide solid trust. Just note there's no FCA entity for UK traders.
Pros
Cons
The ASIC regulation adds real credibility, the crypto deposit options make funding easy, and the $1 million Lloyd's insurance is a nice trust signal. The $6/RT commission on Raw accounts is competitive with Tickmill and FP Markets.
Best suited for traders who want maximum flexibility across account types — whether you're testing a new EA on a cent account or running serious capital on Raw ECN.
Pros
Cons
Beyond the crypto angle, it's a genuinely solid ECN broker — Equinix infrastructure, competitive spreads on the Prime account, and the widest instrument selection we've seen. We've had zero issues with withdrawals.
The Deloitte Fast 50 recognition (multiple years) and near-perfect Trustpilot score back up the quality. Just note the FMA/FSA regulatory setup isn't as protective as ASIC or FCA.
Pros
Cons
However, be very careful with the unlimited leverage option and make sure you understand which regulatory entity your account falls under. The FCA and CySEC entities offer proper protection; the offshore entity offers much less.
Solid choice for experienced EA traders who know what they're doing.
Pros
Cons
On EUR/USD, you're often trading at 0.1–0.2 pips total cost — that's cheaper than any Raw account at IC Markets or Pepperstone once you factor in their commission. We've had zero issues withdrawing from FXCC, and the crypto deposit options (including USDT on multiple networks) make funding easy.
The trade-off is a smaller instrument range — this is a forex-focused broker, not a multi-asset platform. If you primarily trade major forex pairs and want the absolute lowest cost per trade, FXCC is hard to beat.
Pros
Cons
That said, the $4/RT commission is genuinely the lowest available, the cent account is brilliant for testing EAs with real money but minimal risk, and the platform selection is excellent. We've had zero issues with withdrawals from RoboForex — payouts have always been processed reliably.
Note that unlike BlackBull and FXCC, RoboForex does not accept crypto deposits, so you'll need to fund via traditional methods. If you're an experienced trader who understands the regulatory trade-off and wants the cheapest possible execution for forex EAs, RoboForex delivers on price. But if safety and regulatory protection matter to you — and they should — start with IC Markets or Pepperstone instead.
Honest Forex Broker Reviews — No Affiliate Links, No Sponsorships
Most forex broker review sites are glorified affiliate pages. They recommend whoever pays the highest commission, not whoever gives you the best trading experience. We don't do that. CheaperForex has zero affiliate relationships with any broker. We make our money selling Expert Advisors — so our only incentive is to recommend brokers where our EAs perform best, because happy customers come back.
These reviews are based on 18 years of hands-on experience running automated trading systems, feedback from 28,000+ customers, and ongoing testing of execution quality, spreads, and slippage across all nine brokers. We test with real money, not demo accounts.
How We Rate Brokers
Our ratings prioritise what actually matters for forex trading and EA performance: spread consistency under live conditions (not just advertised minimums), execution speed and slippage during volatile events, regulatory strength and fund protection, platform compatibility with MetaTrader EAs, gold (XAU/USD) trading conditions, and withdrawal reliability. A broker can have the tightest advertised spreads in the world, but if they widen to 30 pips during NFP when your EA needs to execute, those numbers are meaningless.
Which Broker Should You Choose?
Best overall for EA trading
IC Markets. Tightest spreads, fastest execution, and the broker most of our customers use successfully. If you have no specific regulatory requirements, start here.
Best for UK traders
Pepperstone. FCA regulation with FSCS protection up to £85,000. Gold spreads rival IC Markets. The Smart Trader Tools package adds genuine value for MT4/5 users.
Best value for high-volume forex trading
Tickmill. The $6/RT commission ($4/RT on VIP) saves you money on every single lot. If you're trading forex pairs rather than gold, the spread difference versus IC Markets is minimal.
Best for cross pairs and exotics
FP Markets. Consistently tighter spreads on non-major pairs than the competition. 20-year track record with ASIC regulation.
Best for instant withdrawals
Exness. Genuinely instant withdrawals are rare in this industry. Low minimum deposit makes it accessible for newer traders.
Best for crypto deposits
BlackBull Markets. Deposit with BTC, ETH, and other crypto without converting to fiat first. Equinix infrastructure, 26,000+ instruments, and zero withdrawal issues in our experience. VT Markets and FXCC also accept crypto deposits — VT Markets offers multiple crypto options, and FXCC supports USDT on multiple networks.
Best for lowest all-in trading cost on majors
FXCC. Zero commission plus raw ECN spreads from 0.0 pips — EUR/USD often trades at 0.1–0.2 pips total cost. No other broker matches this on major pairs. CySEC regulated for the European entity.
Best for cent accounts / micro-testing
VT Markets. Their Cent ECN account gives you raw spreads from 0.0 pips on a cent-denominated balance — test EAs with real ECN conditions and minimal risk. ASIC regulated. RoboForex also offers cent accounts at lower commission but with weaker regulation.
Best for account variety
VT Markets. Six account types including Standard STP, Raw ECN, Cent STP, Cent ECN, Swap-Free, and Pro ECN — the widest selection on this list, backed by ASIC regulation and $1M Lloyd's insurance.
More Free Trading Resources
Use our free forex calculators to calculate the correct lot size, pip value, and risk before trading on any broker. Test your knowledge with our free forex quizzes — 79 questions covering everything from basic terminology to prop firm rules. And explore our forex glossary for definitions of every trading term you'll encounter.
Frequently Asked Questions
What is the best forex broker for EA trading?
Based on 18 years of experience and feedback from 28,000+ customers, IC Markets is the best overall broker for Expert Advisor trading. It offers the tightest spreads, fastest execution (sub-40ms via Equinix servers), true ECN liquidity, and full support for MT4, MT5, and cTrader. For UK traders specifically, Pepperstone is the best choice due to FCA regulation and FSCS protection.
Do these brokers allow Expert Advisors?
Yes — all nine brokers reviewed on this page fully support Expert Advisors on MetaTrader 4 and MetaTrader 5. There are no restrictions on automated trading, scalping, or hedging. IC Markets, Pepperstone, FP Markets, BlackBull, and RoboForex also offer cTrader for cBot-based automation.
Which broker has the lowest spreads on gold (XAU/USD)?
In our testing, IC Markets and Pepperstone consistently offer the tightest gold spreads, typically 5–15 pips on raw accounts during the London-New York overlap. FP Markets is also competitive. Tickmill and RoboForex tend to have wider gold spreads, making them less ideal for gold-focused EA trading.
Are these broker reviews sponsored or paid?
No. CheaperForex has zero affiliate relationships with any broker on this page. We receive no commissions, sponsorship fees, or referral payments. We sell Expert Advisors — our only incentive is to recommend brokers where our EAs perform best for our customers.
What is the safest forex broker?
From a regulatory perspective, Pepperstone is the most broadly regulated broker on this list, with licences from the FCA, ASIC, CySEC, DFSA, BaFin, and three other authorities. IC Markets is also very strong with ASIC and CySEC regulation. VT Markets holds an ASIC licence for its Australian entity plus FSCA oversight, and offers $1M Lloyd's insolvency insurance. FXCC offers CySEC regulation for its European entity, which is solid Tier-1 oversight. BlackBull is regulated by New Zealand's FMA, which is respectable but not Tier-1. At the other end, RoboForex is only regulated by IFSC Belize, which offers significantly less investor protection. Always check which regulatory entity your account falls under — some brokers route new clients to offshore entities by default.
What is the minimum deposit to start trading forex?
The lowest minimum deposits on this list are $10 (Exness and RoboForex), with VT Markets' Cent account at $50. However, we recommend starting with at least $500–1,000 for a real account, especially if running EAs. Undercapitalised accounts lead to improper lot sizing, excessive risk per trade, and inevitable blown accounts. Use our lot size calculator to determine the minimum balance needed for your preferred EA and risk settings.
Does CheaperForex recommend a specific broker?
We recommend IC Markets for most traders and Pepperstone for UK-based traders. These are the two brokers where we've seen the best EA performance, the most consistent execution, and the fewest customer complaints over 18 years. However, the best broker for you depends on your location, regulatory preferences, budget, and what instruments you trade.