How we make this list: we compare pricing pages, product documentation and public user reviews. Ratings come from G2, Capterra or Trustpilot, with the date we checked them.
Key takeaways
- IG suits top-tier regulation and market range with 0.6 to 0.9 pips EUR/USD reported, while OANDA suits no-minimum-deposit trading with CFTC, FCA, and ASIC regulation.
- FOREX.com suits US traders wanting MT4 and MT5 with a $100 minimum, while Interactive Brokers suits multi-asset professional traders with $0 minimum.
- Pepperstone suits active traders with raw spreads from 0.1 pips plus $7 per lot, while Saxo suits wealthier traders wanting a bank-grade multi-asset platform.
- CMC Markets suits charting and CFD breadth with $0 minimum, while IC Markets suits scalpers and algo traders with raw spreads from 0.1 pips plus $7 per lot.
- Trading risk warning: forex and CFD trading can lose more than your deposit in some jurisdictions, borrowed funds magnify losses, and most retail accounts lose money. This is general information, not financial advice.
Quick comparison
| Tool | Best for | Starting price | Free plan |
|---|
 IG | Top-tier regulation, market range | $0 minimum deposit | No |
 OANDA | No-minimum-deposit trading | $0 minimum deposit | No |
 FOREX.com | US traders, MT4 and MT5 | $100 minimum deposit | No |
 Interactive Brokers | Multi-asset professional traders | $0 minimum deposit | No |
 Pepperstone | Active traders, raw spreads | $0 minimum deposit | No |
 Saxo Bank | Bank-grade multi-asset platform | $0 minimum deposit | No |
 CMC Markets | Charting, CFD breadth | $0 minimum deposit | No |
 IC Markets | Scalpers, algo traders | $200 minimum deposit | No |
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The best FBS alternatives
#1
IG
Best for: Top-tier regulation, market range
Visit ig.com
Starting price$0 minimum deposit
Free planNo
IG is the regulation and range pick, the largest UK-listed broker with top-tier regulation across FCA, ASIC, and CFTC, including full CFTC registration in the US, which is rare for non-US brokers. Average EUR/USD spreads are reported at 0.6 pips in one ranking and 0.9 pips in another, with minimum deposits of $0 in one comparison and $250 in another, so confirm the current US terms. IG suits traders who prioritize regulation and instrument breadth.
The trade off is safety against tightest spreads. IG regulates best, but raw-spread rivals undercut its spreads. IG fits traders who want the biggest market range with top-tier safety.
What we like- Top-tier regulation across FCA, ASIC, and CFTC
- Largest UK-listed broker
- Deep liquidity
- Strong charting
- Broad instrument range
- 0.6 pips EUR/USD in one ranking, 0.9 pips in another
- $0 minimum in one comparison, $250 in another
Watch out for- Spreads not the tightest
- US version has a narrower instrument set than UK
- $250 minimum in one ranking
- Platform breadth varies by region
Starting price$0 minimum deposit
Free planNo
OANDA is the no-minimum pick, regulated by CFTC, FCA, and ASIC, with no minimum deposit, a proprietary platform, MT4, and TradingView, plus transparent spread pricing and strong currency data. Average EUR/USD spreads are reported at 0.8 pips, with spread-only or core pricing plus commission, and core commissions of $7.50 to $10 in one report. One outlier table lists a $9,000 minimum, versus $0 in most comparisons, so confirm the current account terms.
The trade off is accessibility against spread tightness. OANDA starts with no minimum, but raw-spread rivals are cheaper at volume. OANDA fits small balances wanting flexible pricing tiers.
What we like- CFTC, FCA, and ASIC regulation
- No minimum deposit
- Proprietary platform, MT4, and TradingView
- Transparent spread pricing
- Strong currency data and calculators
- Spread-only or core pricing plus commission
- 0.8 pips EUR/USD in one ranking
Watch out for- Spreads can be wider than raw-spread rivals
- Advanced platform features thinner than Saxo or IG in one guide
- $9,000 minimum in one outlier table, versus $0 elsewhere
- Core pricing commissions of $7.50 to $10 in one report
Starting price$100 minimum deposit
Free planNo
FOREX.com is the US trader pick, a large, well-regulated US broker with CFTC, FCA, and ASIC regulation, offering MT4, MT5, and its own Advanced Trader platform. Minimum deposit is near $100 in most comparisons, with standard EUR/USD spreads of 1.0 to 1.4 pips and 0.0 to 0.2 pips on commission-style accounts before commission. FOREX.com suits US traders who want a regulated broker, platform choice, and room to move from standard to active pricing.
The trade off is US regulation against standard spreads. FOREX.com regulates US traders well, but standard spreads trail raw rivals. FOREX.com fits US traders who want MT4 and MT5 with strong research.
What we like- Large, well-regulated US broker with CFTC, FCA, and ASIC regulation
- MT4, MT5, and proprietary Advanced Trader
- Spread-only, spread plus commission, and STP Pro pricing
- $100 minimum
- 1.0 to 1.4 pips standard in comparisons, 0.0 to 0.2 pips on commission accounts before commission
Watch out for- Standard spreads wider than raw rivals
- Platform choice can confuse new users
- Research depth varies by platform
- $7 all-in per lot in one comparison
Starting price$0 minimum deposit
Free planNo
Interactive Brokers is the multi-asset professional pick, with SEC, FCA, and CFTC regulation, $0 minimum, TWS and IBKR Mobile plus API, and tiered volume-based pricing that rewards volume. Average EUR/USD spreads are reported at 0.2 to 0.5 pips, with $5 all-in per lot in one comparison, and commissions drop below $7 at high volume in another report. Interactive Brokers suits professional and multi-asset traders scaling past 200 lots per month.
The trade off is multi-asset depth against learning curve. Interactive Brokers routes everything, but TWS takes time to learn. Interactive Brokers fits multi-asset desks, not forex-only beginners.
What we like- SEC, FCA, and CFTC regulation
- $0 minimum
- TWS and IBKR Mobile plus API
- Tiered volume-based pricing
- 0.2 to 0.5 pips EUR/USD in one ranking
- Deepest multi-asset reach
- Commissions drop below $7 at high volume in one report
Watch out for- TWS learning curve punishes traders expecting plug-and-play MT5
- $5 all-in per lot in one comparison
- Platform depth exceeds beginner needs
- Forex is one asset among many, not the focus
Starting price$0 minimum deposit
Free planNo
Pepperstone is the active trader pick, with FCA and ASIC regulation, $0 minimum, and MT4, MT5, cTrader, and TradingView support for automated and chart-based traders. Razor accounts offer raw spreads from 0.0 pips with about $3.50 per lot per side in some regions, or $7 per lot in another ranking, while Standard accounts use spread-only pricing. Pepperstone suits cost-focused, platform-savvy traders who already know MetaTrader or cTrader.
The trade off is cost leadership against US availability. Pepperstone is cheapest for many active traders outside the US, but US retail availability differs. Pepperstone fits active traders who want tier-1 regulation and raw pricing.
What we like- FCA and ASIC regulation
- $0 minimum
- MT4, MT5, cTrader, and TradingView
- Razor raw spreads from 0.0 pips with about $3.50 per lot per side in some regions, $7 per lot in another ranking
- Standard spread-only account
- $8 all-in per lot in one comparison
Watch out for- US traders should check availability first, since Pepperstone does not serve US retail clients the same way as OANDA or FOREX.com
- Education and research thinner than IG
- $1.1 pips standard in one comparison
Starting price$0 minimum deposit
Free planNo
Saxo Bank is the bank-grade pick, with FCA, FINMA, and MAS regulation, SaxoTraderGO and MT5, and multi-asset access across forex, stocks, ETFs, bonds, futures, and options on a premium platform. Average EUR/USD spreads are reported at 0.7 to 0.8 pips, with minimum deposits from $0 to $10,000 by tier in one ranking. Saxo suits wealthier traders who want a bank-grade multi-asset platform.
The trade off is multi-asset breadth against tier minimums. Saxo covers every asset, but minimums vary by tier. Saxo fits wealthier traders who want a premium multi-asset platform.
What we like- FCA, FINMA, and MAS regulation
- Danish FSA plus FCA and ASIC in another comparison
- SaxoTraderGO and MT5
- Multi-asset access across forex, stocks, ETFs, bonds, futures, and options
- 0.7 to 0.8 pips EUR/USD
- Tiered pricing
Watch out for- $0 to $10,000 tier minimum in one ranking, so minimum varies by tier
- Premium platform with premium pricing
- Wealthier trader focus
- Forex-only traders pay for multi-asset breadth they may not use
Starting price$0 minimum deposit
Free planNo
CMC Markets is the charting and breadth pick, with FCA and ASIC regulation, $0 minimum, a Next Generation platform plus MT4 and TradingView, and 0.7 pips EUR/USD in two comparisons. It suits traders who want forex variety and charting on a proprietary platform with broad CFD markets. CMC Markets fits traders who chart heavily and trade many CFD markets.
The trade off is charting against raw pricing. CMC Markets charts best among spread brokers, but it lacks a raw account in most comparisons. CMC Markets fits charting-focused traders with broad CFD needs.
What we like- FCA and ASIC regulation
- $0 minimum
- Next Generation platform plus MT4 and TradingView
- 0.7 pips EUR/USD in two comparisons
- Breadth of CFD markets
- Strong charting
Watch out for- Spread-based pricing only, no raw account in most comparisons
- Platform learning curve for beginners
- Forex breadth trails multi-asset rivals
- US availability varies by region
Starting price$200 minimum deposit
Free planNo
IC Markets is the scalper pick, with ASIC and CySEC regulation, $200 minimum, and MT4, MT5, cTrader, and TradingView support for scalpers and algo traders. Raw spreads run from 0.1 pips plus $7 per lot, with $8 all-in per lot in one comparison and 0.8 pips standard in another. IC Markets suits scalpers and algo traders who want raw spreads and cTrader execution.
The trade off is raw cost against entity checks. IC Markets is cheap for scalpers, but traders should confirm which regulated entity serves their region. IC Markets fits scalpers and algo traders who check entity regulation first.
What we like- ASIC and CySEC regulation
- $200 minimum
- MT4, MT5, cTrader, and TradingView
- Raw spreads from 0.1 pips plus $7 per lot
- $8 all-in per lot in one comparison
- 0.8 pips standard in another
- Good for scalpers and algo traders
Watch out for- Seychelles FSA entity in one comparison, so confirm which entity serves your region
- $200 minimum binds small accounts
- Support quality varies by region
- US availability is limited
How we chose
We compared 2026 forex broker rankings, recording regulation, spreads, and minimums separately, since spreads vary by account type and minimums vary by tier and region. We favored brokers regulated by tier-1 authorities with segregated client funds, and we listed only regulated brokers, excluding offshore-only names. We weighed regulation, spread cost, platform breadth, and minimum deposit separately, since no single broker leads on all four, and we flagged spread and minimum conflicts where comparisons disagree.
How to choose a FBS alternative
Start with regulation: confirm the broker entity serving your region is regulated by FCA, ASIC, CFTC, or an equivalent tier-1 authority, and check that client funds are segregated. Next, match account type to volume: standard spread-only accounts suit beginners, while raw plus commission accounts suit active traders above 50 lots per month. Then check US availability, since Pepperstone and IC Markets serve US retail differently than OANDA and FOREX.com. Finally, demo the platform before funding, and confirm spreads, commissions, overnight fees, and withdrawal terms on the broker site. A broker that fits your regulation check, your volume band, and your platform will trade without surprises, but remember that borrowed funds magnify losses and most retail accounts lose money.
Frequently asked questions
What is the best FBS alternative overall?
IG suits regulation and range, OANDA suits no-minimum trading, Pepperstone suits raw spreads, and Saxo suits multi-asset wealth, so the best pick depends on regulation and volume.
Is there a free forex broker alternative?
No broker here is free, but IG, OANDA, Interactive Brokers, Pepperstone, Saxo, and CMC Markets offer $0 minimum deposits in most comparisons.
Why do forex spreads vary so much?
Standard spread-only accounts cost more than raw plus commission accounts, and spreads vary by session, pair, and account type, so compare all-in cost per lot.
Can US traders use Pepperstone or IC Markets?
US traders should check availability first, since Pepperstone does not serve US retail clients the same way as OANDA or FOREX.com, and IC Markets US availability is limited.
Is forex trading risky?
Yes. Forex and CFD trading can lose money fast with borrowed funds, and most retail accounts lose money, so never trade with money you cannot afford to lose.
Is this financial advice?
No. This is general information about regulated brokers, not financial advice, and you should check current terms on each broker site before funding.
Sources we checked (0)
Is your product missing or out of date?
We review this list regularly. Vendors can request a listing, send updated pricing or ask about featured placement.
Shihab Mia · Founder, Rankite
Shihab has 5+ years in B2B and SaaS SEO. He writes Rankite's software buying guides from pricing pages, documentation and public user reviews. More about Shihab.