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Edited by Oct 18, 2026

Author

Edited by

Stefan de Clerk

Financial Writer

Stefan is a financial writer and Forex trading enthusiast with over a decade of experience in finance and technology. His interest in geopolitics, big data, and market sentiment drives his analysis of global market trends, with unbiased, well-researched content to help traders navigate the markets confidently.

Learn more about Stefan de Clerk

Author

Alison Heyerdahl

Head of Content

Alison Heyerdahl is the Head of Content at FxScouts, a Chartered Market Technician (CMT), and an experienced trader, as well as a financial writer with extensive expertise in Forex trading, broker analysis, and market research. She has reviewed 100+ brokers, publishes weekly YouTube trading videos, and co-hosts the “Let’s Talk Forex” podcast.

Learn more about Alison Heyerdahl

AvaTrade

Amazingly spot on

AvaTrade

4.59

FxScouts Review

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76 of retail CFD accounts lose money with this provider

Min. Spread

0.9 pips

Regulation

ISA, FRSA, CBI, FSA-Japan, FSCA, ASIC, CySEC

Min. Deposit

USD 100

Platforms

AvaOptions, Avatrade Social, MT5, MT4

Max Leverage

400:1

Why AvaTrade Stands Out

Why AvaTrade Falls Short

AvaTrade | Amazingly spot on

Final Verdict: Is AvaTrade right for you?

Trade if:

Top-tier regulation and security with licenses from ASIC and CBI among others
Accessible trading with a low minimum deposit of 100 USD
Award-winning mobile trading with the AvaTradeGO app with social trading features

Consider Alternatives:

Market analysis could be more extensive
Avatrade is a Market Maker and operate a dealing desk which might not align with all trading preferences

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Broker Trading Image

Broker Trading Image

Broker Trading Image

Accepts clients from the Philippines. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by CBI, ASIC, FSCA, BVI FSC & FSA.

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Trading Journal

Trading Journal

XM

4.45

FxScouts Review

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74.3 of retail CFD accounts lose money with this provider

Min. Spread

0.6 pips

Regulation

DFSA, FSC, ASIC, CySEC

Min. Deposit

USD 5

Platforms

MT5, MT4

Max Leverage

500:1

Why XM Stands Out

Why XM Falls Short

XM

Final Verdict: Is XM right for you?

Trade if:

Well regulated
Excellent education
Free deposits and withdrawals

Consider Alternatives:

Limited platform choice

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Broker Trading Image

Broker Trading Image

Broker Trading Image

Accepts clients from the Philippines. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.

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FxPro

FxPro

4.39

FxScouts Review

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75 of retail CFD accounts lose money with this provider

Min. Spread

0.4 pips

Regulation

SCB, DFSA, FSCA, FCA, CySEC

Min. Deposit

USD 100

Platforms

FxProEdge, cTrader, MT5, MT4

Max Leverage

Unlimited:1

Why FxPro Stands Out

Why FxPro Falls Short

FxPro

Final Verdict: Is FxPro right for you?

Trade if:

Well regulated
Great platform choice
Tight spreads

Consider Alternatives:

Limited education

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Accepts clients from the Philippines. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage Unlimited:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the SCB.

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FxPro

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Exness

Exness

4.32

FxScouts Review

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Forex and CFD trading is high risk and most traders lose money

Min. Spread

0.1 pips

Regulation

JSC, CMA, FSA-Seychelles, FSC, B.V.I FSC, FSCA

Min. Deposit

USD 3

Platforms

Exness Terminal, MT5, MT4

Max Leverage

2000:1

Why Exness Stands Out

Why Exness Falls Short

Exness

Final Verdict: Is Exness right for you?

Trade if:

Highly competitive spreads and low trading costs (7 USD per lot).
Extensive selection of trading instruments and over 100 Forex pairs
User-friendly trading platforms: MT4 MT5 and Exness Terminal.

Consider Alternatives:

Extreme leverage
Limited range of share CFDs

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Broker Trading Image

Broker Trading Image

Broker Trading Image

Accepts clients from the Philippines. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4, MT5, Exness web trader platforms supported. Exness is regulated by CySEC, FCA, and the FSC.

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Exness

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XTB

XTB

4.49

FxScouts Review

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72.00 of retail CFD accounts lose money with this provider

Min. Spread

0.8 pips

Regulation

KNF, FSC, FCA, CySEC

Min. Deposit

USD 0

Platforms

xStation5

Max Leverage

500:1

Why XTB Stands Out

Why XTB Falls Short

XTB

Final Verdict: Is XTB right for you?

Trade if:

Well regulated
Tight spreads
Low minimum deposit

Consider Alternatives:

Limited platform choice

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Accepts Filipino Clients. Average spread EUR/USD 0.70 pips on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. xStation5 platform supported. XTB Group is regulated by CySEC, FCA, the DFSA, and the FSC.

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XTB

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markets.com

markets.com

4.08

FxScouts Review

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81.9 of retail CFD accounts lose money with this provider

Min. Spread

1 pips

Regulation

FSA-St-Vincent, FSCA, CySEC

Min. Deposit

USD 100

Platforms

markets.com, MT5, MT4

Max Leverage

300:1

Why markets.com Stands Out

Why markets.com Falls Short

Final Verdict: Is markets.com right for you?

Trade if:

Regulation by top-tier authorities
Hassle-free withdrawal process without any fees
Its proprietary trading platform is praised for its user-friendly interface catering to both beginners and experienced traders

Consider Alternatives:

The maximum leverage of 300:1 could pose a risk for uninformed traders warranting cautious utilization

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Accepts clients from the Philippines. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4, MT5, and Marketsx platforms supported. Markets.com is regulated by the FCA, CySEC, ASIC, and the BVI FSC.

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markets.com

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IronFX

IronFX

3.84

FxScouts Review

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65.43 of retail CFD accounts lose money with this provider

Min. Spread

1.2 pips

Regulation

FSCA, ASIC, FCA, CySEC

Min. Deposit

USD 50

Platforms

MT4

Max Leverage

2000:1

Why IronFX Stands Out

Why IronFX Falls Short

Final Verdict: Is IronFX right for you?

Trade if:

Authorised and supervised by CySEC and several top-tier international regulators
Competitive pricing with spreads starting from 0.0 pips on certain accounts
Access to hundreds of CFD instruments including forex and commodities

Consider Alternatives:

Expensive withdrawals when using bank wires

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Accepts clients from the Philippines. Average spread EUR/USD 1.20 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. Only MT4 platform supported. IronFX is regulated by CySEC, FCA, ASIC, and the FSCA.

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IronFX

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Meet the Experts Behind Our Unbiased Reviews

Chris Cammack

Partner Manager and Financial Writer

Chris Cammack is partner manager and senior financial writer at FxScouts, specialising in broker relations and forex market analysis. As the former Head of Content (2019–2024), he set editorial standards for all content published at FxScouts, including broker reviews, broker comparison pages and education. With over a decade of experience in editorial management and partner relations, Chris builds and maintains our relationships with our partners to provide the best Forex trading experience for our users. He also co-hosts the “Let’s Talk Forex” podcast with Alison Heyerdahl, where he explores trading strategies, industry news, and macroeconomic trends to help traders navigate the markets with confidence.

Alison Heyerdahl

Head of Content

Alison Heyerdahl is the Head of Content at FxScouts, a Chartered Market Technician (CMT), an experienced trader, and a financial writer with extensive hands-on experience in the Forex trading industry. She specialises in Forex trading, broker analysis, and market research, with a focus on helping traders navigate the complex world of online trading safely and confidently. Alison has tested and reviewed more than 100 Forex brokers, assessing everything from regulatory status and trading conditions to platform features and customer support. Her goal is to provide honest, detailed, and practical insights that traders can rely on when choosing a broker. She’s also produced more than 100 educational videos for the FxScouts YouTube channel, where she explains trading concepts in a clear, accessible way. As the co-host of the “Let’s Talk Forex” podcast, Alison shares expert commentary on broker reliability, trading strategies, and market developments—always with a focus on transparency and trader protection.

Stefan de Clerk

Financial Writer

Stefan is a financial writer and Forex trading enthusiast with over a decade of experience creating in-depth content on finance and technology. His deep interest in geopolitical events, big data, and market sentiment fuels his passion for analyzing how global factors shape financial markets. With a background in marketing and financial research, Stefan believes that Forex trading offers the best insight into the pulse of the world economy. Committed to delivering well-researched, unbiased, and objective information, he helps traders navigate the markets with clarity and confidence.

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