Best Forex Brokers 2022

Welcome to the world of foreign exchange trading or forex trading. This world has a lot to offer to those who understand its nitty-gritty. This article has tried to present a comprehensive guide on choosing the most suitable forex brokers for your currency trading needs. We have also covered all the major related concerns around forex brokers, such as the role of brokers, regulations, security, a list of top forex brokers, and the fundamentals of forex trading. So, without wasting a moment, let us start!

What is Forex Trading?

Foreign exchange trading is trading (i.e., buying or selling or exchanging) of one or more currencies instead of other foreign currencies. Forex can be translated into foreign exchange. These exchange currencies are known as currency pairs(fx pairs). The price of these currencies is decided based on the forex market’s exchange rates. The Forex market is the biggest financial market that is spread across the world. Forex trading Reports suggest that, on average, around 6.59 trillion U.S. Dollars in the form of various currencies are publicly traded every 24 hours. The foreign exchange market runs 24 hours a day and is active five days a week for its traders.

Know More About Forex Broker

In exchanging, buying, or selling foreign currency, the best overall forex broker, specifically forex brokers, is extremely useful. They are also known as trading brokers, as they place a trade on behalf of the trader.

The best forex broker in USA aid in exchanging, buying, or selling currencies. Using brokers is straightforward. All you need to do is open a forex account, deposit money, then make money in the newly formed professional accounts or standard accounts, and then, with the help of the broker’s trading platform (include a mix of the stand-alone, web platform, and mobile trading platforms), purchase or sell currency as per the platform’s margin.

About FX BrokerAbout FX Broker

Regulation: Given that forex traders trust the broker, these brokers’ regulation becomes quite essential. Proper regulatory measures are in place to ensure security. To steer clear of frauds, two regulatory bodies govern the regulation of forex brokers. They are:

  • The Commodity Futures Trading Commission (CFTC) and
  • The National Futures Association (NFA)

These regulatory bodies keep financial activities under check. There are provisions for these authorities to launch lawsuits against those found guilty of illicit activities. This power assures customers’ safety on all fronts.

When you look for brokers, our investment advice is to do thorough research to check the broker’s credibility and see if its spreads, functions, and features match your needs. For research matters, the homepage of the National Futures Association(NFA) and reviews such as ours can be pretty handy and helpful as we bring you unbiased and valuable information on the broker present in the market across the globe.

Usually, most brokers offer to permit the clients to try a ‘practice account or free demo account.’ This type of account allows the trader to get a fair idea about how the system works. This way, traders can have a mini first-hand experience on several broker trading platforms before choosing any.

Some broker offers a FREE trading course to new clients. Another tip in finding a good broker is to check its 24 hours working features like its customer service. The currency markets work for 24 hours and five days a week, some provide sound investment advice, and the most reputable brokers work accordingly.

Which Broker Is the Best for Forex?

As we now have a fair idea about what an fx broker is and its purpose, it is time to see which brokers are considered the best in the market. To come up with a list of the best brokers, we test several foreign exchange brokers for forex quality and CFD trading. Only after that do we suggest any name.

Before you go through the list of best regulated forex brokers, you must know that trading CFDs are complex instruments, and there is a high innate risk involved with them that can lead you to steep money losses as leverage is involved. Approximately 69 to 78 percent of retail investor accounts tend to face losses during CFDs trading.

That is why it is essential that you thoroughly understand how CFDs work. It would help if you also traded as per your risk capacity as there are steep losses involved. Here we made a top forex brokers list for you, which is considered a top 10 forex brokers globally.

Best Forex Brokers for 2022

  • IG – Best overall broker
  • Saxo Bank – Best for advanced traders
  • CMC Markets – Best for a range of offerings
  • Oanda – Best for trading experience
  • Dukascopy – Best for European traders
  • TD Ameritrade FX – Best for US traders
  • City Index – Best for CFDs
  • – Best for high volume trader
  • XTB – Best customer support
  • FXCM – Best low-risk forex broker
  • eToro – Best copy trading platform

Now it is time to look at the best forex brokers that can offer some fantastic currency trading advantages over others. So, here is the forex trading platform:

1. IG

IG - Trade With The Best BrokerIG – Trade With The Best Broker

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IG is a well-regulated forex broker, and it is trusted worldwide. Since its commencement, The forex trading platforms have offered its clients a good variety of:

  • Most trusted for trading CFDs and other assets.
  • Versatile tradeable products and services are offered by the platform.
  • Highly useful advanced trading tools and research tools.
  • The industry’s top educational tools support and educational resources.
  • Cutting edge rates.

IG is an all-around forex broker that offers a wholesome trading experience around the world for its global presence. As per market reports, IG is considered 2021’s best overall forex broker. Another thing that you should be aware of is that approximately 76 percent of retail forex CFD accounts lose money at IG. For details on commissions, please refer to the official website of this publicly traded platform.


Regulated by: FCA (U.K.), CFTC (Commodity Futures Trading Commission), FMA, ASIC & NFA (National Futures Association) (U.S.)

Year Founded: 1974

Minimum Deposit: $300

Maximum Leverage: 50:1 for the USA

2. Saxo Bank

Saxo Bank - Trade with Global Capital MarketSaxo Bank – Connect With Global Capital Market

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Saxo Bank has a reputation for serving the elite or VIP clients with utmost excellence. The min. deposit at Saxo Bank is 2,000 U.S. Dollars, 500 GBP for Classic Account. The salient features of this broker are:

  • It offers competitive pricing among brokers.
  • It backs its features with some well-made research.
  • The customer service of the Bank is also exceptional.
  • Forex trading offers more than 40,000 trading instruments to its clients.

Overall, it is one of the exceptional forex trading platforms, and you can now see why it is attributed as the best in the market. But the point to keep in mind is that around 72 percent of retail forex CFD accounts lose money at Saxo Bank. Please refer to the official website for details of forex brokers on commissions and more.


Regulated by: FCA (U.K.), FINMA, MAS, FSMA, ASIC, SFC, FSA

Year Founded: 1992

Minimum Deposit: $2,000

Maximum Leverage: 1:30

3. CMC Markets

Trade From Anywhere Anytime With CMC MarketsTrade From Anywhere Anytime With CMC Markets

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CMC Markets is the best online broker and is included among the top forex brokers. The clients at CMC Markets get to avail themselves of a variety of features as given below:

  • The clients are offered a great variety of currency pairs (fx pairs, EUR USD)
  • Its offices are regulated in major international financial centers.
  • The active traders (or professional traders) get to use a good wide range of financial products.
  • The forex trading costs that CMC Markets offers are competitive.
  • These forex brokers offer innovative trading tools and charting for experienced traders.

Overall, CMC Markets can be considered the best online broker. Market reports suggest that it is the next generation FX trading place with the next generation trading platform (best known for its online trading). It is also popular in other countries like the Best Forex Broker Germany, the Best Forex Broker New Zealand, and more. For details on commissions, please refer to the official website.


Regulated by: FCA (U.K.)

Year Founded: 1989

Minimum Deposit: $0

Maximum Leverage: 500:1 (professional clients) & 30:1 (retail clients)

4. Oanda

Oanda - Well Know Forex BrokerOanda – Well Known Forex Broker

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Oanda is recognized among the most popular forex brokers. It has some unique and multifaceted features that its clients can avail of, as this broker is regulated and one of the Best Forex Broker Canada has and is famous worldwide. You can expect the following features from Oanda.

  • No minimum initial deposit.
  • No commission fees for their trading services.
  • Very high trade execution speed of orders.
  • This forex trading has Advanced charting tools and features.
  • Competitive spreads are as low as 1 pip for EUR/USD.
  • Two basic types of trading platforms: MetaTrader 4 (MT4) and FXTrade WebTrader.
  • Oanda is one of the best forex brokers, improving its client’s trading experience many folds.

Oanda is a trusted global brand. Its global presence and compliance with international regulatory standards make it a safe broker to trade. Here is the Oanda review and more details about its features.


Regulated by: CFTC, NFA (U.S.), FDM, FCA (U.K.), ASIC, IIROC, MFSA, MAS & regulated by the FSC in the BVI

Year Founded: 1995

Minimum Deposit: $0

Maximum Leverage: 50:1

5. Dukascopy

Dukascopy - Leading Forex BrokerDukascopy – Leading Forex Broker

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Dukascopy is another well-regarded trading broker that offers all the primary trading services. Here are some interesting facts to know about Dukascopy that may help you in deciding whether you want to use this as your broker:

  • Dukascopy uses the JForex platform suite, which supports this trading broker to offer the industry’s top-notch drawing tools for trading to its clients.
  • In addition, Dukascopy supports its clients with excellent market research. One of the Best Forex Broker in UAEBest Forex Broker Philippines, and famous worldwide.

A significant drawback of Dukascopy is that its customer service is not that great. Also, Dukascopy offers narrow tradeable markets. For details on commissions, please refer to the official website.


Regulated by: FCMC, FINMA, FSA (Japan)

Year Founded: 1998

Minimum Deposit: $100

Maximum Leverage: 100:1 (default) & 200:1 (on request)

6. TD Ameritrade FX

TD Ameritrade FX Trading PlatformTD Ameritrade FX Trading Platform

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TD Ameritrade FX is an exceptional trading platform that only functions within the United States’ borders. This broker is regulated, and this trading broker offers some great functions to its clients:

  • TD Ameritrade forex brokers offer around 80 currency pair for trading (different currency pairs, including minor pairs, exotic forex pairs) to its active traders for currency trading (fx pairs).
  • Along the way, it backs its users with a wide range of trading tools and robust research.


Regulated by: SEC(Securities and Exchange Commission), FINRA, IIROC, MAS, FCA, and CFTC (Commodity Futures Trading Commission)

Year Founded: 1975

Minimum Deposit: $0

7. City Index

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City Index has made its name by offering excellent forex trading services. The clients get useful trading products and multiple asset classes with competitive spreads. It’s also the Best Forex Broker Singapore and popular worldwide as well. Further, clients get:

  • Excellent platform options for trading.
  • Forex traders have high-tech research tools.
  • Dependable customer support.
  • Offers AT Pro (desktop-based) and Web Trader (web-based) along with MetaTrader 4.

All these services are offered under the biggest international retail broker- GAIN Capital. Please also be aware that at City Index, around 71 percent of the retail forex accounts lose money.


Regulated by: ASIC, MAS, and FCA

Year Founded: 1983

Minimum Deposit: $/£/€100

Maximum Leverage: 30:1

8. - Trading – Trading Specialist

Sign Up Now is another excellent trading platform that offers cutting-edge pricing and has a mobile app. It is one of the Best Forex Broker in India and the Best Forex Broker Malaysia, though it offers its services worldwide. Here, on this platform, you get:

  • In-depth market research
  • High tech mobile app for trading, a range of currency pair.
  • Feature loaded with advanced trading platforms and MetaTrader
  • Both beginners, as well as expert traders, are welcome here.

Given that the forex market has its inherent trading risks, this is the case with this platform. Around 69 percent of the retail CFD accounts lose money in trading forex pairs or currency pairs.


Regulated by: CFTC, FCA, IIROC, ASIC, MAS, FSA, SFC and CIMA

Year Founded: 2001

Minimum Deposit: $100 (recommended $2,500)

Maximum Leverage: 50:1

9. XTB

XTB - Best Broker For 2022XTB – Best Broker For 2021

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XTB is known for offering the best customer support. It is a great trading platform that offers:

  • Multiple asset classes trading like currency pair, forex pairs, and more.
  • Regulation in various major financial centers.
  • Competitive offering than other platforms.
  • Excellent customer service.
  • xStation 5 trading platform.
  • Low commissions and negative balance protection


Regulated by: FCA(UK), CySEC, IFSC

Year Founded: 2002

Minimum Deposit: $/£/€0

Maximum Leverage: 1:500 (Standard)

10. FXCM

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FXCM is known for offering well-rounded services. Despite offering a narrow range of tradable markets, it serves several types of traders. The pricing at FXCM is average. At this platform, you get:

  • Robust trading tools that serve high volume traders and algorithmic traders, amongst other types of traders.
  • Great market research-backed support, One of the Best Forex Brokers Indonesia, and other countries as well.
  • Good customer care and support.


Regulated by: FCA (UK)

Year Founded: 1999

Minimum Deposit: $50 or equivalent

Maximum Leverage: 400:1 (defaulted to leverage on FX and CFDs)

Best Forex Brokers for Beginners

Many forex brokers cater to different traders in the foreign exchange market, and beginners in the trading market usually need extra support. So, we decided to compile a separate list of the best brokers for beginners platforms for traders who have just ventured into the foreign exchange market of the trading world.

1. Plus500

Plus500 - Trade CFDs and Forex with TrustPlus500 – Trade CFDs and Forex with Trust

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Plus500 is great for novice traders. It is an online broker that supports its traders and is listed among the best forex brokers. This makes it a very user-friendly trading platform for forex and CFD trading. One can say that all the basic requirements of traders who have just started exploring trading are fulfilled. This Plus500 broker may come across as a limited trading platform for experts.


Regulated by: FCA, CySEC, & SFSA

Year Founded: 2008

Minimum Deposit: Yes (can be checked on the Funds Management screen)

Maximum Leverage: 1:30 (Retail account), 1:300 (Professional account)

2. - Enjoy Seamless – Enjoy Seamless Trading

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This is another one of the best forex trading user-friendly platforms. It is an online broker with a MarketsX(Proprietary Platform) trading place. Compared to other trading platforms, is a bit expensive and does not have some trading features, spreads products, and dozens of drawing tools other than the basic ones.


Regulated by: FCA, CySEC, ASIC, FSCA, FSC

Year Founded: 2008

Minimum Deposit: $100

Maximum Leverage: 1:100

3. Saxo Bank

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Saxo Bank is a great trading platform with competitive pricing, an exceptional range of trading tools, impressive research, and excellent customer support. In addition to all this, it offers a thorough variety of instruments of more than 40K trading instruments, reasonable trading fees, and is considered one of the best forex brokers. The only downside is that it charges minimum deposits of 2,000 U.S Dollars. Another thing to notice on this platform is that around 65 percent of the retail CFD accounts lose money when trading forex pairs and other assets.


Regulated by: FCA (U.K.), FINMA, MAS, FSMA, ASIC, SFC, FSA

Year Founded: 1992

Min Deposit: $2000

Maximum Leverage: 01:30

4. eToro

eToro - Copy TradingeToro – Social Trading Platform

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eToro is excellent for copy trading and is one of the best forex brokers. Moreover, it was award winning this year for offering easy-to-use copy trading services. Traders here at eToro can copy the trades of other users through more than 1900 trading instruments. This wide variety of instruments includes CFDs on famous cryptocurrencies. The only point where eToro lacks is pricing.


Regulated by: CySEC, FCA, MiFID, & ASIC

Year Founded: 2007

Min Deposit: $50 (Varies with Country)

Maximum Leverage: 1:100 (on all currency pairs)

5. easyMarkets

easyMarkets - Unique Way Of TradingeasyMarkets – Unique Way Of Trading

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easyMarkets is a unique web-based trading platform with a mobile app and is considered one of the best forex trading platforms. It offers trade protection to its users and reasonable trading fees. It is indeed the best fx broker out there for beginners. It is an expensive trading platform but is very user-friendly. It offers two user-friendly features, namely:

  • Deal Cancellation, and
  • Freeze Rate

On the downside, this web trading platform lacks market research tools. It offers just 169 tradable instruments. The mobile app of its platform is also quite average. On the other hand, around 74 percent of the retail CFD accounts lose money. For details on commissions, please refer to the official website.


Regulated by: CySEC, ASIC, FSA

Year Founded: 2001

Min Deposit: $25 (Standard)

Maximum Leverage: 1:400 (Standard)

How Much Money Do You Need to Trade Forex?

The minimum requirement to start trading at any forex trading platform varies. Some do not charge anything at all, and some do. The range of the minimum requirement starts from 100 U.S Dollars and goes up to 250 U.S Dollars. There are, however, some exceptions, like Saxo Bank wherein the minimum funding is 10,000 U.S Dollars.

What Do Brokers Do in Forex?

Forex platforms’ role is to get orders for buying and selling currencies and then execute trade orders accordingly. They function in the OTC (i.e., Over Counter) market. They offer traders access to all the major currency pairs, such as:

  • G10 currencies, along with emerging market currencies

The rules and regulations in these forex markets differ from other financial exchanges. The broker market lacks any centralized clearing mechanism, which puts the responsibility of the proper trade execution on the trader’s shoulders. Therefore, it is essential to do thorough research (getting real time data) about the broker’s capitalization capability before trusting them. The trader’s responsibility is to choose the right one from several forex brokers. Always prefer a regulated broker.

Do You Need a Broker for Forex?

When you depend on online brokers, they continue to earn commissions from your pie regardless of your trade results. This happens because of the difference in the market price, and the actual price goes into their pockets. Their primary role is to provide easy traders access to forex trading and profitable spreads, (even models: with a dealing desk or no dealing desk). They keep their rights reserved, and the results are not their responsibility. So, it can be a good idea to take charge of the entire process into your own hands.

You can gain capital insights into how the currency market works without losing money, which will help you make money. You can try your hands at various demo accounts commonly available at various broker trading platforms to start your trade forex as required.

Choose Properly Regulated BrokerChoose Properly Regulated Broker

Therefore, if you are beginning your trade forex journey, we suggest you take adequate time first to grasp the fundamentals of trading. Educate yourself about the various facets of the currency market (through demo account types) and understand how you can further push your trade portfolio without compromising security and regulations. Some also support mobile app features to help with better understanding.

Once well-comprehended, you will realize that foreign exchange trading is no rocket science! It may look daunting, as there is so much to learn. But, with patience and persistence, you can do foreign exchange trading without having to depend on a broker (many award winning platforms make your work easy too). Further, the following suggestions can help you kick start your journey smartly and intelligently:

High leverage and potential risk: The forex markets are the largest in the daily trading volume, which promises a great deal of liquidity. Further, entry and exit at a trade position become way too easy based on high liquidity. However, the challenge is that the market’s banks, dealers, and online brokers permit high leverage. This enables the trade forex to hold prominent positions with little money and later can be helpful to make money.

Therefore, the active trader forex user needs to understand the risky nature (keep an eye on the market maker). For instance, due to leverage of 100:1 is a high ratio, it can swing to either high profits or steep losses. Specific sites are compensated through third party advertisers as well. In some cases, the extreme leverage ratios have ended many dealers with issues around insolvency.

Bird’s eye view of trading requirements: You can trade FX, 24 hours a day and five days a week. Every day it starts in Sydney, Australia, and ends in New York. The main centers of the currency market are Sydney, Hong Kong, Singapore, Tokyo, Frankfurt, Paris, London, and New York. We all know that trading currencies need a fundamental understanding of the market and its functions and indicators (like interactive brokers and their understanding of the market maker roles).

Therefore, a trader or investor is expected to have a bird’s eye view of the entire financial movement, the economies of various countries, the inter-connections, the use of the mobile app, dealing desk models, etc., to be able to trade forex and reap the best trade results.

Forex Trading Risks: As discussed before, foreign exchange trading has an innate nature of risk, and it is complex. Further, forex brokerage operates to varying degrees in different parts of the world. The trade forex regulation between the banks varies, the standardization of various forex instruments differs, and in some places, it is unregulated.

The inter-bank market determines and accepts risks. They design a structure around it to develop an interoperable process that is as safe as possible, and some platforms get compensated through a third party. The regulation designed in such a fashion aims to protect every participant bank around the world.

Know Forex Trading RisksKnow Forex Risk While Trading

The participating banks provide bids bid ask approach) and other related add ons offers for various currencies; therefore, this mechanism heavily depends on the supply and demand rate. Due to large trade flows, influencing the price of any currency is difficult. With the help of inter-bank dealings, a sense of transparency is taken care of in the market.

Usually, small retail traders trade with comparatively low-key and almost unregulated forex platforms; there are always chances to re-quote rates, go for bid ask approach, and sometimes trade against the trader. Regulation on such platforms depends on which legislation they come under, which decides what type of industry and government regulation they are subjected to. The protection measures for every forex trader vary from country to country. Always make sure you go for a regulated one like the above discussed and like interactive brokers.

Ideally, one should do a background check to see whether a broker is regulated in the U.S. or the U.K. Further, to ensure security, one should check what kind of account types and protection are offered by the forex broker features in crises and other insolvency issues.

The Bottom Line

We hope our discussion on forex brokers explaining different platforms will help you gain clarity on the subject before choosing the best suitable Forex broker for you. If you are looking for a country-specific forex broker list, then check out our extensive Australian forex brokers list and forex brokers UK list. As for our final thoughts, we would say that forex trading is great for forex traders with little money who are seeking day trading in small amounts.

On the other hand, long-term trading can be more beneficial for those with large sums of money to trade. New forex traders should take their time to understand the market and its fundamentals and create an overall view of global economics to make well informed trade decisions, keeping the real time market trend in mind.

Forex platforms help you gain easy access to the trade market and get access to the best spreads. But it is your responsibility to do thorough research (real time data analysis tools) to check the credibility of the broker and to see if its functions, products, spreads, and features match your needs. Always look for online brokers regulated by the SEC or your county jurisdictions.

For example, one forex broker may be FCA-regulated while another is merely registered; in short, always go for a regulated broker. For research matters, the real time analysis of the homepage of the National Futures Association(NFA) and reviews such as ours can be pretty handy and helpful.

The forex market is very risky. Forex and CFD are complex instruments, and there is a high innate risk involved with them that can lead you to steep money losses as leverage is involved. Approximately 69 to 78 percent of retail investor accounts lose money when trading CFDs due to leverage. That is why it is essential that you thoroughly understand how CFDs work. It would help if you also traded as per your risk capacity as there are steep losses involved.


Can One Become Rich by Trading Forex?

The answer to this question is a mixed one. Some people have become rich through foreign exchange trading, but most have not. The simple reason is the risky nature of the forex market. There have been cases where people have made millions and billions through foreign exchange trading, but one must also not forget that similar amounts have also got swept away through steep losses in the forex market. Therefore, making well-informed and calculated risks is essential.

How Can One Start Forex Trading?

Forex trading is all about awareness and practice. One can start by using a demo account to understand the forex market and its various functions, tools, trading platforms, etc. Learning through case studies and researching the technicalities of the foreign exchange market is also extremely useful. Once you feel confident, you can choose a forex platform by researching its credibility. Open an account there, fund it with the min. Deposit requirement, and you are ready to trade!

How Does One Choose an Appropriate Forex Broker?

Choosing the right forex broker is tricky but is manageable. As the first step, you should look for brokers regulated within your country’s legislation. Further, you should check out the reviews about the broker platform to understand how good its trading support, low trading costs, spread costs, tools, research capabilities, customer service, features, products, and other spreads are. (Generally, we categorize as tightest spreads, tight spreads, lower spreads, ultra-low spreads, low spreads, CFD spreads, average spreads, and fixed spreads). Upon screening through your list of best brokers, you can finalize the most suitable and trustworthy forex broker based on your trade requirements and open an account to get started.

Which Forex Brokers Accept Us or Non-Us Clients?

Those forex brokers who have regulatory status in the U.S permit U.S.-based clients and keep their rights reserved. On the other hand, those forex brokers who permit non-U.S clients are usually required to have licenses in the countries where they came from.

Which Currency Pairs Are Popular?

Seven currency pairs are popular in the market. They are also called the ‘Majors.’ They are as follows:


Around 85 percent of all trades take place within these seven currency pairs or the ‘majors.’

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