10 Best Forex Brokers in 2022

Considering the vast amount of forex brokers in the global online trading industry, picking a good forex broker to trade with can be a little hectic. Therefore we have put together a list of the best forex brokers which is backed by thorough research and feedback from experienced traders.

Ranking Methodology – While testing and ranking several industry-standard brokers, some of the critical factors which influenced our judgments include; regulatory compliance and safety, product offering, execution model, execution speed, assets offered, trading cost (trading and non-trading fees), trading platforms provided, research offering, education offered, and customer support service.

Best Forex Brokers in 2022

Here are the top 10 picks for the best forex brokers in 2022;

  • IC Markets
  • IG
  • Saxo Bank
  • Pepperstone
  • CMC Markets
  • Interactive Brokers
  • FXPro
  • XTB
  • XM
  • Admirals

IG

IG sm wp

IG is a 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 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. It also offers stock broking and spread betting (in the UK and Ireland).

Along with a wide array of global markets, IG also standouts for offering exceptional brokerage solutions which include deep liquidity, fast trade execution, competitive pricing, fast and secure payment methods, volume-based rebates, industry-standard trading platforms (proprietary and third-party), dedicated customer support service, and much more.

Suitable For – Beginners, professionals, advanced traders, active traders, investors, high-volume traders, institutions, and algorithmic traders.

IG Highlights

Broker OverviewIG
Regulation CFTC, FCA, ASIC, FCA, FINMA, FMA, MAS, FSA, FSCA, DFSA, and BMA.
Forex Pairs81 Currency Pairs
Trading PlatformsProRealTime, L2 Dealer, MetaTrader 4
Minimum Deposit$300
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:222
Account CurrenciesUSD, GBP, AUD, EUR, SGD, HKD.
Payment MethodsBank Wire Transfer, Credit/Debit Cards, Paypal
Trading ToolsAPIs, Virtual Private Server (VPS)

IG Pros and Cons

CONSPROS
Strong regulatory framework.Inactivity fee charged (after two years of inactivity).
Listed on the stock exchange.Offers only forex trading in the United States.
45+ years of industry experience.
313,000+ clients worldwide.
Volume-based rebates for high-volume traders.
Industry-standard trading platforms.
Low forex trading fee
Excellent educational offering for beginner, intermediate and advanced traders.
Outstanding research offering.
Accepts US clients.
Excellent customer support service.

IC Markets

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 2250+ instruments to trade.

With IC Markets, traders can enjoy a plethora of top-notch trading services, including, low trading fees, multiple fast and secure payment methods, fast trade executions, deep liquidity, advanced trading platforms, adequate support for algorithmic trading, and 24/7 customer support service.

Suitable For – Beginners, professionals, low-cost trading, active traders, high-volume traders, scalping, and algorithmic trading.

IC Markets Highlights

BrokerIC Markets
Regulation ASIC, FSA, and CySEC.
Forex Pairs61 Currency Pairs
Trading PlatformsMetaTrader 4, MetaTrader 5, cTrader
Minimum Deposit$200 or currency equivalent.
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:500
Account CurrenciesAUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF.
Payment MethodsCredit and debit cards, Paypal, Neteller, Neteller VIP, Skrill, UnionPay, Wire Transfer, Bpay, FasaPay, Broker to Broker, POLI, Rapidpay, Thai internet banking, and Vietnamese internet banking.
Trading ToolsVirtual Private Server (VPS), Trading Servers, MT4 Advanced Trading Tools

IC Markets Pros and Cons

PROSCONS
Strong regulatory framework.No proprietary trading platform is offered.
Quick account setup.
Over 180,000+ clients across 190 countries worldwide.
Multiple industry standard trading platforms in web, mobile and desktop versions.
Offers swap-free account.
Low forex trading fees across all account types.
Multiple fast and secure payment methods.
The demo account has an unlimited usage duration.
No inactivity fee is charged.
Excellent customer support service, available 24/7.

Saxo Bank

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.

Suitable For – high-volume traders, professionals, advanced active traders, investors, and institutions.

Saxo Bank Highlights


Broker
Saxo Bank
Regulation FSA, FCA, JFSA, ASIC, FCA, Bank of France, SFBC, CONSOB, MAS, JFSA
Forex Pairs182
Trading PlatformsSaxoTraderGO, SaxoTraderPRO, MetaTrader 4, TradingView.
Minimum Deposit$2000 or currency equivalent. (varies for different countries)
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:200
Account CurrenciesAED, AUD, CAD, CHF, CNH, GBP, JPY, PLN, SGD, CZK, HKD, MXN, RON, ZAR, DKK, HUF, NOK, RUB, TRY, EUR, ILS, NZD, SEK, USD
Payment MethodsBank Wire Transfer, Card Payments, Sub-account Transfer, Portfolio Transfer (Broker to Broker)
Trading ToolsFIX and OpenAPI, OpenAPI for Excel, Dynamic Trend, MultiCharts, UpData

Saxo Bank Pros and Cons

CONSPROS
Strong regulatory framework.The demo account duration is limited to only 20 days.
Over 25+ years of experience in the industry.An inactivity fee is charged per quarter.
Over 810,000+ customers in over 180 countries worldwide.High minimum deposit in certain countries.
Wide product portfolio.Limited deposit and withdrawal methods.
Offers managed portfolios (SaxoSelect).
Wide range of asset classes.
Fast trade execution.
Multiple industry standard trading platforms.
Competitive spreads.
Lower fee rates for active traders.
Outstanding research offering.
An extensive list of educational offerings (including webinars, courses, guides, and tutorials).

Pepperstone

Pepperstone

Pepperstone is a global award-winning online broker established in 2010 by Pepperstone Group. It offers spread betting and CFDs across various international 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, fast and secure payment methods, support for copy trading, ultra-fast execution, an active trader program, research, education, and excellent customer support service.

Suitable For – Beginners, professionals, active traders, scalping, algorithmic trading, copy trading, and social trading.

Pepperstone Highlights

BrokerPepperstone
Regulation ASIC, FCA, and DFSA.
Forex Pairs61
Trading PlatformsMetaTrader4, Metatrader5 and cTrader and Duplitrade.
Minimum Deposit$0
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:500
Account CurrenciesAUS, USD, SGD, HKD, JPY, NZD, EUR, CHF, and GBP.
Payment MethodsBank Wire Transfer, Credit/ Debit Cards, Neteller, Skrill, PayPal, and Poli.
Trading ToolsSmart Trader Tools, cTrade Automate, Autochartist, API, Virtual Private Server (VPS), DupliTrade.

Pepperstone Pros and Cons

PROSCONS
Strong regulatory framework.The demo account duration is limited to only 30 days.
Easy account registration process.
Multiple fast and secure payment methods.
Low forex trading fee.
Active Trader Program for high-volume traders, with cash rebates that are paid daily.
No inactivity fee is charged.

CMC Markets

CMC Markets

CMC Markets is a global Forex and CFD provider established in 1989 by CMC Group, a publicly-traded company listed on the London Stock Exchange and a constituent of the FTSE 250 Index.

CMC Markets offers forex, CFDs, and spread betting across a wide variety of global markets, including forex, indices, commodities, shares, ETFs, cryptocurrencies, and treasuries, with access to over 12,000+ instruments.

CMC stands out with its excellent brokerage solutions which include advanced trading platforms (proprietary and third-party), competitive pricing, low forex trading fee, deep liquidity, fast order execution, fast and secure payment methods, adequate support for active forex traders, and excellent customer support service.

Suitable For – Beginners, professionals, active traders, and high-volume traders.

CMC Markets’ Highlights

BrokerCMC Markets
Regulation ASIC, IIROC, BaFin, MAS, FCA, FMA, DFSA
Forex Pairs300+
Trading PlatformsNext Generation platform, MetaTrader 4
Minimum Deposit$0
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:500
Account CurrenciesGBP, EUR, USD, AUS, CAD, NOK, NZD, PLN, SEK, SGD
Payment MethodsWire Transfer, Credit / Debit Cards, Electronic Payments.
Trading ToolsFIX API, Virtual Private Server (VPS)

CMC Markets’ Pros and Cons

PROSCONS
Strong regulatory framework.Withdrawal fee charged for international bank transfer.
Listed on the stock exchange.No 24/7 customer support service
Over 30+ years of industry experience£15 fee (or currency equivalent) for international bank transfers.
Over 300,000+ global clients.
No minimum deposit.
Low forex-trading fees.
Industry-standard trading platforms in web, mobile and desktop versions.
Fast and secure payment methods.
Great customer support service.

Interactive Brokers

InteractiveBrokers

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.

With Interactive Brokers traders and investors can access a wide array of trading instruments and investment products all from a single integrated trading account. These include forex (spot currencies), stocks, fractional shares, bonds, mutual funds, hedge funds, ETFs, options, futures, cryptocurrencies, and metals.

IBKR also provides traders with an extensive list of excellent brokerage services, including deep liquidity, fast trade execution, low trading fees, low financing rates, quality educational materials, sophisticated multi-functional trading platforms, powerful research tools, and much more.

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.

Suitable For – Active traders, professionals, advanced traders, high-volume traders, investors, and institutions.

Interactive Brokers’ Highlights

BrokerInteractive Brokers (IBKR)
Regulation CFTC, IIROC, FCA, CSSF, Central Bank of Ireland, Central Bank Hungary, ASIC, HKFS, KLFB, and MAS.
Forex Pairs115
Trading PlatformsTrader Workstation, IBKR Mobile, IBKR APIs
Minimum Deposit$0
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:200
Account CurrenciesUSD, AUD, GBP, CAD, CNH, CZK, DKK, EUR, HKD, HUF, ISL, JPY, KRW, MXN, NZD, NOK, PLN, RUB, SGD, ZAR, SEK, CHF and TRY.
Payment MethodsBank 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 ToolsClient Portal API, Trader Workstation API, FIX API, Investors Marketplace

Interactive Brokers’ Pros and Cons

PROSCONS
Strong regulatory framework.It can be overwhelming for beginners.
Over 40+ years of experience in the industry.Not suitable for low-volume traders.
It is listed on the stock exchange.Offers no third-party trading platform.
Great for professional traders seeking exposure through different derivatives.The demo account is available only after the regular trading account has been approved and funded.
Wide range of product offerings.Card payments and electronic payments are not available.
Industry-standard trading platforms in web, mobile and desktop versions.
Professional grade proprietary trading platforms.
Ultra-low spreads and commissions.
Fast and secure payment methods.
It offers volume-tiered pricing for active and high-volume traders.
Accepts US clients.
Quality education offering.

FXPro

FXPro

FXPro is a leading global online broker established in 2006 by FXPro Limited. It offers CFD across various global markets, including forex, shares, indices, futures, metals, and energies, with over 1800+ instruments to trade.

Some outstanding advantages of trading with FXPro include its superior order execution, deep liquidity, competitive pricing, industry-standard trading platforms, multiple tailored account types, and 24/7 customer support service.

Suitable For – Beginners, professionals, active traders, high-volume traders, scalping, and algorithmic trading.

FXPro Highlights

BrokerFXPro
Regulation FCA, CySEC, SFCA, and SCB.
Forex Pairs70
Trading PlatformsFXPro Edge, MetaTrader4, MetaTrader5 and cTrader.
Minimum Deposit$100
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:200
Account CurrenciesUSD, EUR, GBP, CHF, PLN, AUD, JPY, ZAR.
Payment MethodsBank Transfer, Broker To Broker Transfer, Credit/ Debit Cards, Paypal, Skrill, and Neteller.
Trading ToolsFxPro Direct App, Trader’s Dashboard, Virtual Private Server (VPS), FX Calculator

FXPro Pros and Cons

PROS CONS
Strong regulatory framework.Inactivity fee charged after 12 months of account inactivity.
Easy account registration process.
Multiple account types.
Multiple industry standard trading platforms in web, mobile and desktop versions.
Free VPS service.
Offers both fixed and floating spreads.
Competitive spreads commissions.
Low minimum deposit.
Fast order execution.
Excellent customer support service.

XTB

XTB

XTB (X-Trade) is a highly reputable online broker and one of the world’s largest stock-exchange-listed forex and CFDs providers. It was established in 2002 and is owned and operated by XXZW Investment Group SA.

XTB offers CFDs across a wide range of global markets, including forex, commodities, indices, stock, and ETFs, with over 2100+ instruments to trade.

Alongside an extensive list of tradeable instruments, other unique trading solutions offered by XTB include ultra-low trading fees, unmatched forex spreads, deep liquidity, multiple fast & secure payment methods, comprehensive educational resources, and dedicated customer support service.

Suitable For – Beginners, professionals, active traders, and scalping.

XTB Highlights

BrokerX-Trade Brokers (XTB)
Regulation FCA, CySEC, PFSA, KNF, and IFSC.
Broker TypeNDD, Market Maker
Forex Pairs57 Currency Pairs
Trading PlatformsxStation 5, xStation Mobile
Minimum Deposit$0
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:500
Account CurrenciesUSD, EUR, GBP, HUF, PLN
Payment MethodsBank Wire Transfer, Credit/Debit Cards, Paypal, Skrill, Neteller, PaySafe, SafetyPay, Paydoo, PayU, ECOMMPAY, BlueCash, Blik, Sofort
Trading ToolsAPI

XTB Pros and Cons

PROSCONS
Strong regulatory framework.Does not offer third-party trading platforms.
Listed on the stock exchange.Does not accept clients from the USA.
Over 15 years of industry experience.
Over 353,000+ Clients worldwide.
Multiple fast and secure payment methods.
Low forex-trading fees.
Offers social trading, copy trading, and mirror trading.
Extensive library of comprehensive educational materials.
Excellent customer support service.

XM

XM

XM is a multi-award-winning global online broker established in 2009 by Trading Point Holding. It is also one of the world’s biggest forex providers (by trade volume) and has an enormous client base of over 5 million traders across 190 countries worldwide.

XM offers CFDs across various global markets, including forex, stocks, commodities, equity indices, precious metals, energies, and shares, with over 1000+ instruments to trade.

Other significant advantages of trading with XM include deep liquidity, fast order execution, low minimum deposit (from $5), multiple fast & secure deposit and withdrawal methods, industry-standard trading platforms, quality education & research offering, and excellent customer support service.

Suitable For – Beginners, professionals, active traders, low capital traders, scalping, and algorithmic trading.

XM Highlights

BrokerXM
Regulation CySEC, DFSA, ASIC, IFSC, FCA, BaFin, CNMV, MNB, CONSOB, ACPR, FIN-FSA, KNF, AFM, and FI.
Forex Pairs55 Currency Pairs.
Trading PlatformsMetaTrader 4, MetaTrader 5
Account TypesMicro Account, Standard Account, and XM Ultra low Account.
Minimum Deposit$5
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:1000
Account CurrenciesUSD, EUR, GBP, JPY, CHF,‎AUD, HUF, PLN, RUB, SGD, and ZAR.
Payment MethodsWire Transfer, Internet Banking, Local Bank Transfer, Credit/ Debit Cards, Neteller, Neteller VIP, Skrill, UnionPay, RapidPay, and POLI.
Trading ToolsVirtual Private Server (VPS), MQL5, and Forex Calculators.

XM Pros and Cons

PROSCONS
Strong regulatory framework.No proprietary trading platform.
Easy account registration process.Does not accept clients from the United States.
Multiple account types.
Offers swap-free accounts.
Low minimum deposit (from $5).
Industry-standard trading platforms in web, mobile and desktop versions.
Multiple fast and secure payment methods.
Quality education & research offering.

Admirals

Admirals

Admirals is a leading forex and CFD provider established in 2001 by the Admiral Group. It offers over 8000+ instruments across various global markets, including forex, commodities, indices, stocks, ETFs, and bonds.

Along with access to over 8000+ instruments, traders can also enjoy several other exceptional trading services such as deep liquidity, superior order execution, industry-standard trading platforms, competitive spreads from 0.0 pips, multiple fast & secure payment methods, impressive educational and research offerings, and an excellent customer support service.

Suitable For – Beginners, professionals, active traders, scalping, and algorithmic trading.

Admirals’ Highlights

BrokerAdmirals
Regulation FCA, EFSA, JSC, CySEC and AFSL.
Forex Pairs50 Currency Pairs
Trading PlatformsMetaTrader Web Trader, MetaTrader 4, MetaTrader 5
Minimum Deposit$100 or currency equivalent.
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:500
Account CurrenciesEUR, USD, AUD, BGN, CHF, CZK, GBP, HRK, HUF, NOK, PLN, RON, RUB, SEK, CNY, SGD, CLP, IDR, MYR, THB, VND
Payment MethodsBank Transfer, Credit/ Debit Cards, Paypal, Klarna, Skrill, Neteller, SafetyPay, Przelewy, iBank & BankLink, iDeal
Trading ToolsMetaTrader Supreme Edition, StereoTrader, Virtual Private Server, Parallels for Mac, Trading Calculator, Forex Calendar, Market Heat Map, Premium Analytics, Weekly Trading Podcast, Fundamenta Analysis, Markets Sentiment, and Trading central.

Admirals’ Pros and Cons

PROSCONS
Strong regulatory framework.Does not accept clients from the United States.
Deep liquidity.The demo account is available for only 30 days.
Industry-standard trading platforms in web, mobile and desktop versions.
Multiple account types.
Competitive spreads and low commissions.
Multiple fast and secure payment methods.
Offers Islamic swap-free account.
Outstanding education offering.
Excellent customer support service.

Frequently Asked Questions

  1. What is a forex broker?

    A forex broker is a financial firm that allows clients to buy and sell currencies. It acts as an intermediary between clients and the interbank system.

  2. What is the best forex broker for beginners?

    The best forex broker for beginners is a broker that has most or all of the following qualities; ease of use, low minimum deposit, quality research offering, quality education offering, and excellent customer support service.
    Hence, our top picks for brokers who meet these requirements include; IC Markets, IG, CMC Markets, Pepperstone, FxPro, XTB, XM, and Admirals.

  3. Which forex broker is the biggest in the world?

    IC Markets is the largest forex broker in the world by trade volume.

  4. Can I trade forex with $10?

    While $10 might be a minimal amount to start trading with, it is possible to start trading with it.
    Also, several industry-standard brokers allow clients to deposit $10 or a lower amount. Such brokers include Exness, XM, Peppperstone, and XTB, among others.