Searching for the best forex brokers for professional traders? Well, you are in the right place because we have ranked the best brokers for professional traders. We ranked these brokers using our ranking methodology to pick from the most reputable forex brokers globally.
Ranking Methodology – While ranking the best forex brokers for professional traders, some of the factors that influenced our judgments are; regulatory compliance & safety, product offering, execution model, execution speed, currency pairs offered, trading cost (trading and non-trading fees), trading platforms provided, and customer support service.
Table of Contents
Best Forex Brokers For Professional traders in 2022
Following our in-depth review and ranking process, below is our top pick for the best forex brokers for professional traders in 2022;
- IC Markets
- Pepperstone
- IG
- Saxo Bank
- InteractiveBrokers
1. IC Markets
IC Markets is a leading global online broker and one of the world’s largest forex providers by trade volume, with over 29 Billion USD in FX trades processed daily. It offers CFDs on various global markets, including forex, stocks, commodities, indices, cryptocurrencies, bonds, and futures, with over 2037+ instruments to trade.
With IC Markets, you can enjoy a plethora of top-notch trading services, including transparent pricing, low trading & non-trading fees, consistent ultra-low spreads from 0.0 pips, fast trade executions, low slippage, deep liquidity, advanced trading platforms & tools, and experienced customer support team available 24/7.
IC Market’s ease of use, and excellent trading conditions, make it a suitable broker for beginners and professional traders. It also supports various trading strategies such as hedging, scalping, and algorithmic trading. Likewise, Its unique trading conditions, such as ultra-low trading fees, fast execution, and deep liquidity, make it an excellent choice for active and high-volume traders.
IC Markets Overview
| Broker | IC Markets |
|---|---|
| Regulation | ASIC, FSA, and CySEC. |
| Forex Pairs | 61 Currency Pairs |
| Trading Platforms | MetaTrader 4, MetaTrader 5, cTrader |
| Minimum Deposit | $200 or currency equivalent. |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:500 |
| Account Currencies | AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF. |
| Payment Methods | Credit and debit cards, Paypal, Neteller, Neteller VIP, Skrill, UnionPay, Wire Transfer, Bpay, FasaPay, Broker to Broker, POLI, Rapidpay, Thai internet banking, Vietnamese internet banking |
| Trading Tools | Virtual Private Server (VPS), Trading Servers, MT4 Advanced Trading Tools |
Pros
- Quick account setup.
- Strong regulatory framework.
- Over 180,000+ clients across 190 countries worldwide.
- Multiple industry standard trading platforms in web, mobile and desktop versions.
- Deep liquidity.
- Over 61 currency pairs to trade, including major, minor and exotic currency pairs.
- High leverage (up to 1:500).
- Fast trade execution.
- Supports all trading styles and strategies.
- Offers swap-free account.
- Low forex trading fees across all account types.
- Ultra-low spreads from 0.0 pips on IC Markets’ Raw Spread accounts.
- Multiple fast and secure payment methods.
- Demo account with unlimited duration.
- No inactivity fee is charged.
- Excellent customer support service.
Cons
- Its product offering is limited to CFDs.
2. Pepperstone
Pepperstone is a global award-winning online broker established in 2010 by Pepperstone Group. It offers spread betting and CFDs across various global markets, including forex, indices, commodities, shares, and cryptocurrencies, with over 1200+ instruments to trade.
With Pepperstone, you can enjoy cutting-edge brokerage solutions such as low trading fees, deep liquidity, spreads from 0.0 pips, industry trading platforms, social trading, copy trading, ultra-fast execution, an Active Trader program, research, education, and an awarding-winning customer support team.
Pepperstone’s outstanding and flexible trading solutions make it a good fit for all levels of traders, including novice, intermediate and professional traders. It also provides adequate support with multiple industry-standard terminals, tools, and excellent trading conditions, ideally suited for scalping, algorithmic trading, copy trading, and social trading.
Clients also have the option to choose from two account types, which are the Standard and Razor account. The critical difference between these account types is how fees are charged.
The Standard account has a one pip mark on the raw spread (from 0.0pips) with no commissions charged. The simplicity of this account type makes it a good fit for beginners and casual traders.
The Razor account, on the other hand, offers access to consistent raw spreads from 0.0 pips with a small commission charge applied. The lower cost setup traditionally seen in this account type makes it ideally suited for traders with particular trading styles, like algorithmic trading and scalping.
Pepperstone Overview
| Broker | Pepperstone |
|---|---|
| Regulation | ASIC, FCA, and DFSA. |
| Forex Pairs | 61 |
| Trading Platforms | MetaTrader4, Metatrader5 and cTrader and Duplitrade. |
| Minimum Deposit | $0 |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:500 |
| Account Currencies | AUS, USD, SGD, HKD, JPY, NZD, EUR, CHF, GBP |
| Payment Methods | Bank Wire Transfer, Credit/ Debit Cards, Neteller, Skrill, PayPal, and Poli. |
| Trading Tools | Smart Trader Tools, cTrade Automate, Autochartist, API, Virtual Private Server (VPS), DupliTrade. |
Pros
- Strong regulatory framework.
- Easy account registration process.
- Deep liquidity.
- Fast order execution.
- Supports all trading styles and strategies.
- Multiple account base currencies.
- Over 61 currency pairs, including major, minor and exotic pairs.
- Multiple account types.
- Fast and secure payment methods.
- Multiple industry standard trading platforms in web, mobile and desktop versions.
- Ultra-low spreads on major currency pairs from 0.0 pips on the Razor account.
- Its Active Trader Program rewards high-volume trading with cash rebates that are paid daily.
- No inactivity fee is charged.
Cons
- The demo account duration is limited to only 30 days.
- Only CFDs are offered.
3. IG
IG is a highly reputable global online broker and one of the largest CFD providers in the world in terms of revenue and trade volume. It was established in 1974 by IG Group plc, a publicly-traded company on the London Stock Exchange and a constituent of the FTSE 250 Index.
IG offers spread betting, stockbroking, and CFD trading across a wide variety of global markets, including forex, shares, indices, commodities, cryptocurrencies, options, bonds, interest rates, sectors, and ETFs with over 18,000+ instruments to trade.
Along with access to a wide array of global markets, you can also enjoy exceptional brokerage services such as deep liquidity, superior trade execution, volume-based rebates, sophisticated trading platforms, expert customer support service, and much more.
IG’s ease of use, advanced trading tools, range of markets, research, and rich education offering, make it an excellent broker for both beginner and professional traders. Also, active and high-volume traders are welcomed with exceptional trading conditions and volume-based rebates, which can help keep trading costs down.
IG Overview
| Broker | IG |
|---|---|
| Regulation | CFTC, FCA, ASIC, FCA, FINMA, FMA, MAS, FSA, FSCA, DFSA, and BMA. |
| Forex Pairs | 81 Currency Pairs |
| Trading Platforms | ProRealTime, L2 Dealer, MetaTrader 4 |
| Minimum Deposit | $300 |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:222 1:30 (for ESMA clients) |
| Account Currencies | USD, GBP, AUD, EUR, SGD, HKD. |
| Payment Methods | Bank Wire Transfer, Credit/Debit Cards, Paypal |
| Trading Tools | APIs, Virtual Private Server (VPS) |
Pros
- Strong regulatory framework.
- It is listed on the stock exchange.
- 45 years of industry experience.
- Established in 15 Countries worldwide.
- 313,000+ clients worldwide.
- Deep liquidity.
- Volume-based rebates.
- No minimum deposit for bank transfers.
- Industry-standard trading platforms.
- Excellent customer support service.
Cons
- Inactivity fee charged (after two years of inactivity).
- Offers only forex trading in the United States.
- No copy/ social trading platform.
- High financing rate.
- Limited product portfolio in some countries.
4. Saxo Bank
Saxo Bank is a reputable Danish investment bank specializing in online trading and investments. Saxo connects traders and investors to a massive range of over 40,000+ financial products, including forex, cryptocurrencies, stocks, commodities, futures, forex options, listed options, ETFs, bonds, mutual funds, and CFDs (on forex, single stocks & ETFs, indices, bonds, commodities & index options) all from a single integrated trading account.
Saxo’s outstanding trading solutions and services include; deep liquidity, professional-grade trading platforms, ultra-competitive pricing, low forex trading fees, quality in-platform research, quality educational offering, VIP benefits, and excellent customer support service.
The brokerage solutions offered by this broker are designed to meet the needs of high-volume traders, professionals, advanced active traders, investors, and institutions.
In contrast, the services offered by Saxo Bank would be less suitable for you if you’re a low-volume trader, as there are few that you might encounter, some of which include high minimum deposits (depending on your region) and tiered pricing structures which are more favorable to high volume traders.
Saxo Bank Overview
| Broker | Saxo Bank |
|---|---|
| Regulation | FSA, FCA, JFSA, ASIC, FCA, Bank of France, SFBC, CONSOB, MAS, JFSA |
| Forex Pairs | 182 |
| Trading Platforms | SaxoTraderGO, SaxoTraderPRO, MetaTrader 4, TradingView. |
| Minimum Deposit | $2000 or currency equivalent. (varies for different countries) |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:200 |
| Account Currencies | AED, AUD, CAD, CHF, CNH, GBP, JPY, PLN, SGD, CZK, HKD, MXN, RON, ZAR, DKK, HUF, NOK, RUB, TRY, EUR, ILS, NZD, SEK, USD |
| Payment Methods | Bank Wire Transfer, Card Payments, Sub-account Transfer, Portfolio Transfer (Broker to Broker) |
| Trading Tools | FIX and OpenAPI, OpenAPI for Excel, Dynamic Trend, MultiCharts, Updata |
Pros
- Strong regulatory framework.
- Over 25+ years of experience in the industry.
- 810,000+ customers in over 180 countries worldwide.
- Wide product portfolio.
- Offers managed portfolios (SaxoSelect).
- Wide range of asset classes.
- Deep liquidity.
- Multiple industry standard trading platforms.
- Fast trade execution.
- Competitive spreads.
- Lower fee rates for active traders.
- Outstanding research offering.
Cons
- The demo account duration is limited to only 20 days.
- An inactivity fee is charged per quarter.
- High minimum deposit in certain countries.
- Limited deposit and withdrawal methods.
- No support for e-wallet payments.
5. Interactive Brokers
Interactive Brokers (also known as IBKR) is a leading global online broker owned and operated by Interactive Brokers Group, a publicly-traded company listed on the NASDAQ index.
IBKR offers a wide array of trading instruments and investment products from a single integrated trading account, including forex (spot currencies), stocks, fractional shares, bonds, mutual funds, hedge funds, ETFs, options, futures, cryptocurrencies, and metals.
With IBKR, you can enjoy an extensive list of excellent brokerage services, including deep liquidity, superior order execution, low trading fee, low financing rate, quality educational materials (for beginners, intermediate & advanced level traders), sophisticated multi-functional trading platforms, powerful research tools and much more.
The brokerage services offered by IBKR make it suitable for active traders and sophisticated investors with advanced trading experience. In addition, it is great for professional traders seeking exposure through different derivatives. Also, traders who want to combine trading and investing can do so through a single integrated account.
Furthermore, IBKR offers two brokerage plans: the IBKR Lite and IBKR Pro. The IBKR Lite plan serves casual traders with a simplified trading experience (via Client Portal, IBKR Mobile, and Trader Workstation). In contrast, the IBKR Pro plan is designed to serve active traders and sophisticated investors with a more advanced trading experience through a full suite of premier trading technology.
Interactive Brokers Review
| Broker | Interactive Brokers (IBKR) |
|---|---|
| Regulation | CFTC, IIROC, FCA, CSSF (Luxembourg), Central Bank of Ireland, Central Bank Hungary, ASIC, HKFS, KLFB, and MAS. |
| Forex Pairs | 115 |
| Trading Platforms | Trader Workstation, IBKR Mobile, IBKR APIs |
| Minimum Deposit | $0 |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:200 |
| Account Currencies | USD, AUD, GBP, CAD, CNH, CZK, DKK, EUR, HKD, HUF, ISL, JPY, KRW, MXN, NZD, NOK, PLN, RUB, SGD, ZAR, SEK, CHF and TRY. |
| Payment Methods | Bank Wire Transfer, US Automated Clearing House (ACH), Check, Online Bill Payment, BPay, Direct Deposit, Canadian Bill Payment, Canadian Electronic Fund Transfer (ETF), Direct Rollover (Trustee-To-Trustee, Late Rollover, Employee/ Employer SEP Contribution, Recharacterization, Roth IRA conversion). |
| Trading Tools | Client Portal API, Trader Workstation API, FIX API, Investors Marketplace |
Pros
- Strong regulatory framework.
- Over 40+ years of experience in the industry.
- It is listed on the stock exchange.
- Wide range of product offerings.
- Large selection of investment products.
- Professional grade proprietary trading platforms for desktop and mobile devices.
- Fast order execution.
- Deep liquidity.
- Ultra-low spreads and commissions.
- Secure deposit and withdrawal methods.
- Offers over 23 account base currencies.
- It offers a volume-tiered pricing structure (based on the combined monthly trade value of the underlying asset).
- Wide range of essential trading tools and services.
Cons
- It can be overwhelming for beginners.
- Not suitable for low-volume traders.
- Offers no third-party trading platform.
- The demo account is available only after the regular trading account has been approved and funded.
- Card payments and electronic payments are not available.