10 Best Forex Brokers in 2022

Considering the vast amount of forex brokers in the online trading industry, picking a good forex broker to trade with can be a little hectic.

This is why our team of experts along with experienced traders have put together a rank of the forex brokers around the world. We have done this successfully, by using our ranking methodology to carefully pick the best and most reputable online brokers in the forex trading industry.

Ranking Methodology – While experimenting and rating several industry-standard brokers across the globe, some of the factors which influenced our judgments include; regulatory compliance & safety, product offering, currency pairs offered, trading cost (trading and non-trading fees), trading platforms provided, research offering, education offering and customer support service.

Best Forex Brokers in 2022

Following our in-depth review and ranking process, below is our top pick for the best forex brokers in the forex trading industry in 2022:

  1. IC Markets
  2. IG
  3. Saxo Bank
  4. CMC Markets
  5. Interactive Brokers
  6. Pepperstone
  7. FXPro
  8. XTB
  9. XM
  10. Admirals

1. IC Markets

IC Markets

IC Markets is a global leading 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 a wide variety of global markets including forex, stocks, commodities, indices, cryptocurrencies, bonds and futures, with over 2037+ instruments to trade.

With IC Markets, clients 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 an experienced customer support team available 24/7.

IC Market’s ease of use, and excellent trading conditions, make it a suitable broker for both beginners and professional traders. It also provides adequate support for all 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 a great choice for active and high-volume traders.

IC Markets Overview

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, Vietnamese internet banking
Trading ToolsVirtual Private Server (VPS), Trading Servers, MT4 Advanced Trading Tools

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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 and no requotes.
  • Negative balance protection.
  • Clients’ funds are segregated.
  • Over 61 currency pairs to trade including major, minor and exotic currency pairs.
  • Flexible leverage from 1:1 to 1:500.
  • Ultra-fast trade execution.
  • Supports all trading styles and strategies.
  • Offers swap-free account.
  • Low trading fees across all account types.
  • Low spreads (starting from 0.6 pips).
  • Ultra-low spreads from 0.0 pips on IC Markets’ Raw Spread accounts.
  • Multiple secure payment methods, with fast deposit & withdrawal processing times.
  • Demo account with unlimited duration.
  • No inactivity fee is charged.
  • Dedicated and friendly multi-lingual customer support service available 24 hours a day, 7 days a week.

Cons

  • Its product offering is limited to forex and CFDs.
  • No proprietary trading platform.
  • Does not accept U.S clients.

2. IG

IG sm wp

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 listed 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, its clients 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 a good fit for both beginner and professional traders. Active and high-volume traders are also welcomed with great trading conditions and volume-based rebates, which can help keep trading costs down.

IG Overview

BrokerIG
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
1:30 (for ESMA clients)
Account CurrenciesUSD, GBP, AUD, EUR, SGD, HKD.
Payment MethodsBank Wire Transfer, Credit/Debit Cards, Paypal
Trading ToolsAPIs, Virtual Private Server (VPS)

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Pros

  • Strong regulatory framework.
  • Listed on the stock exchange.
  • 45 years of industry experience.
  • Accepts U.S clients.
  • Established in 15 Countries worldwide.
  • 313,000+ clients worldwide.
  • Deep liquidity.
  • Negative balance protection.
  • Volume-based rebates.
  • No minimum deposit for bank transfer
  • Industry-standard trading platforms.
  • Forex spreads from 0.6 pips on major currency pairs.
  • Excellent educational offering for beginner, intermediate and advanced traders.
  • Outstanding research offering.
  • Great customer support team.

Cons

  • Inactivity fee charged (after 2 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.
  • No Support for social trading and copy trading.

3. Saxo Bank

Saxo Bank

Saxo Bank is a reputable Danish investment bank which specialises 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, includes deep liquidity, professional-grade trading platforms, ultra-competitive pricing, low forex trading fees, quality in-platform research, quality educational offering, VIP benefits, and a great customer support service.

The brokerage solutions offered by this broker are particularly designed to meet the needs of high-volume traders, professionals, advanced active traders, investors, and institutions.

On the other hand, the services offered are less suitable for low volume traders, as there are a few hurdles that a low volume trader would encounter, some of which include high minimum deposits (depending on your region), and tiered pricing structures which are more favourable to high volume traders.

Saxo Bank Overview

BrokerSaxo 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

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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 portfolio (SaxoSelect).
  • Wide range of asset classes.
  • Top tier liquidity and no requotes.
  • Its client’s funds are segregated.
  • Multiple industry standard trading platforms.
  • Low latency and superior trade execution.
  • Deep liquidity.
  • Negative balance protection.
  • Competitive spreads.
  • Lower fee rates for active traders.
  • Outstanding research offering.
  • An extensive list of educational offerings (including webinars, courses, guides and tutorials).

Cons

  • The demo account duration is limited to only 20 days.
  • An inactivity fee is charged per quarter. Only if hold cash funds in your account.
  • High minimum deposit in certain countries.
  • Limited deposit and withdrawal methods.
  • No support for e-wallet payments.
  • Does not offer live chat and 24/7 customer support.

4. 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 11,000+ instruments.

With more than 30 years of industry experience, CMC continues to offer its rapidly growing client base a variety of unique trading solutions such as advanced trading platforms, competitive pricing, superior order execution, and a great customer support service.

CMC Markets offers unique brokerage solutions which accommodate retail, professional and institutional clients. Its versatile trading solutions also make it a good fit for all levels of traders including novice, intermediate and expert traders.

While novice traders can benefit from its emphasis on ease of use, education and outstanding customer support service, professional traders can also take advantage of its competitive pricing, higher leverage option, advanced trading platforms and cash rebates.

CMC Markets Overview

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)

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Pros

  • Strong regulatory framework.
  • Over 30+ years of industry experience
  • Great for beginners.
  • Trusted by over 300,000+ global clients.
  • Its client’s funds are segregated.
  • Deep liquidity.
  • Over 330+ currency pairs.
  • No minimum deposit.
  • Industry-standard trading platforms in web mobile and desktop versions.
  • Ultra-fast order execution with unmatched liquidity.
  • Flexible and high leverage, from 1:1 to 1:500.
  • Ultra-low spreads from 0.0 pips on major currency pairs.
  • Secure payment methods, with fast payment processing times.
  • Great customer support with fast response time.

Cons

  • Its product offering is limited to only CFDs.
  • Withdrawal fee charged for international bank transfer.
  • Does not accept U.S clients.

5. Interactive Brokers

InteractiveBrokers

Interactive Brokers (also known as IBKR) is a global leading online broker, owned and operated by Interactive Brokers Group; a publicly-traded company, listed on the NASDAQ index.

It offers a wide array of trading instruments and investment products all from a single integrated trading account, including forex (spot currencies), stocks, fractional shares, bonds, mutual funds, hedge funds, ETFs, options, futures, cryptocurrencies, and metals.

IBKR provide its clients with an extensive list of great trading 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 professional and institutional clients. It is also a perfect choice for professional clients looking to gain exposure through different derivatives, and also, combine trading and investing seamlessly through a single integrated account.

IBKR also offers two brokerage plans: the IBKR Lite and IBKR Pro. While the IBKR Lite plan serves casual traders with a simplified trading experience via Client Portal, IBKR Mobile and Trader Workstation, 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

BrokerInteractive Brokers (IBKR)
Regulation CFTC, IIROC, FCA, CSSF (Luxembourg), 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

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Pros

  • Strong regulatory framework.
  • Over 40+ years of experience in the industry.
  • 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.
  • Superior order executiion.
  • Provides support for expert advisors.
  • Top tier liquidity and no requotes.
  • Negative balance protection.
  • Ultra-low spreads and commissions.
  • Secure deposit and withdrawal methods.
  • Offers over 23 account base currencies.
  • Offers a volume-tiered pricing structure (tiers are based on the combined monthly trade value of the underlying asset).
  • Accepts U.S clients.
  • Wide range of quality educational materials suitable for beginners, intermediate and advanced traders (including videos, courses and webinars).
  • Wide range of vital trading services.

Cons

  • 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.
  • The customer support service can be improved.

6. Pepperstone

Pepperstone

Pepperstone is a global award-winning online broker established in 2010 by Pepperstone Group. It offers spread betting and CFDs across a variety of global markets including forex, indices, commodities, shares, and cryptocurrencies, with over 1200+ instruments to trade.

With Pepperstone traders 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 great trading conditions, which are 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 key difference between these account types is how fees are charged.

The Standard account has a 1 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

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, 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.

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Pros

  • Strong regulatory framework.
  • Beginner friendly.
  • Easy account registration process.
  • Deep liquidity and no requotes.
  • Low latency and fast order execution.
  • Supports all trading styles and strategies.
  • Multiple account base currencies.
  • Negative balance protection.
  • Over 61 currency pairs, including major, minor and exotic pairs.
  • Tailored account types with great trading conditions, competitive pricing and advanced tools.
  • Secure payment methods, with fast payment processing times.
  • Multiple industry standard trading platforms in web, mobile and desktop versions.
  • Support for expert advisors.
  • Zero commissions and consistently low spreads (from 0.6 pips ) on the standard account.
  • Ultra-low spreads on major currency pairs from 0.0 pips on the Razor account.
  • Active Trader Program to reward high volume trading with cash rebates which are paid daily.
  • No inactivity fee is charged.

Cons

  • Demo account duration is limited to only 30 days.
  • Only CFDs are offered.
  • Does not accept U.S clients.

7. FXPro

FXPro

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

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

FXPro is ideal for traders who want a flexible range of low-cost offerings, multiple choices of trading platforms and account types, and a very reliable customer support service.

High volume traders are also welcomed with VIP Premium accounts which are offered to select clients with high deposits of over $50k (or currency equivalent) and those with actively large trading volumes. Clients who qualify for these account types can enjoy certain benefits such as free VPS service and lowered spreads/commissions.

FXPro Overview

BrokerFXPro
Regulation FCA, CySEC, SFCA and SCB.
Forex Pairs70
Trading PlatformsFXPro Edge, MetaTrader4, MetaTrader5 and cTrader
Minimum Deposit$100
Demo AccountAvailable
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

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Pros

  • Strong regulatory framework.
  • Official partner of the McLaren Formula 1 team.
  • The official main sponsor of Yacht Club de Monaco.
  • Easy account registration process.
  • Multiple tailored account types.
  • Supports all trading styles and strategies.
  • Multiple industry standard trading platforms in web, mobile and desktop versions.
  • 8 account base currencies.
  • Deep liquidity with no requotes.
  • Offers both fixed and floating spreads.
  • Competitive spreads and low commissions.
  • Low minimum deposit.
  • Superior order execution.
  • Essential online trading tools.
  • Dedicated customer support team available 24/7.
  • A variety of top-grade trading platforms.
  • Suitable for both beginner and professional traders.

Cons

  • Inactivity fee charged after 12 months of account inactivity.
  • The demo account duration is limited to 120 days.
  • Does not accept clients from the USA, Canada and Israel.

8. XTB

XTB

XTB (X-Trade) is a highly reputable online broker and one of the largest stock exchange-listed forex and CFDs brokers in the world. 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.

While XTB offers a number of great brokerage services, its most attractive feature remains its extremely low-cost trading fees, which is one of the lowest among top forex brokers in the industry. This makes it ideally suited for traders looking for a reliable broker with very low-cost trading fees.

XTB Overview

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

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Pros

  • Strong regulatory framework.
  • Over 15 years of industry experience.
  • Over 353,000+ Clients worldwide.
  • Global coverage with over 15 offices across the globe.
  • Listed on the stock exchange.
  • Beginner Friendly.
  • Deep liquidity.
  • Negative Balance Protection.
  • Multiple fast and secure deposit and withdrawal methods.
  • Ultra-low trading fees.
  • Offers social trading, copy trading and mirror trading.
  • Extensive library of educational materials including videos, webinars and courses suitable for both beginners and experienced investors.
  • Great bonuses for non-UK/EU & MENA residents (IFSC Belize regulated entity).
  • High-quality customer support.

Cons

  • Does not accept clients from the United States.
  • Does not offer third-party trading platforms.

9. 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 a wide variety of global markets including forex, stocks, commodities, equity indices, precious metals, energies and shares, with over 1000+ instruments to trade.

Along with adequate support and great trading conditions, XM provides traders with a flexible trading ecosystem, where traders of all levels can thrive. This is due to its tailored accounts offering which comes with slight differences in structures, such as pricing structures and contract sizes.

Traders can choose from one or more account types, depending on what suits their trading needs. This also makes XM an ideal choice for traders with specific trading styles, such as scalpers and algorithmic traders.

Other great 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 great customer support service.

XM Overview

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
Minimum Deposit$5
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:888
Account CurrenciesUSD, EUR, GBP, JPY, CHF,‎AUD, HUF, PLN, RUB, SGD, ZAR
Payment MethodsWire Transfer, Internet Banking, Local Bank Transfer, Credit/ Debit Cards, Neteller, Neteller VIP, Skrill, UnionPay, RapidPay, POLI
Trading ToolsVirtual Private Server (VPS)

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Pros

  • Strong regulatory framework.
  • Easy account registration process.
  • Supports over 30 languages.
  • Tailored account types.
  • Deep liquidity.
  • Offers Islamic/ swap-free accounts.
  • Low minimum deposit (from $5).
  • Industry-standard trading platforms in web, mobile and desktop versions.
  • Supports all trading styles and strategies.
  • Provides support for Expert Advisors (EAs).
  • Support over 11 account base currencies.
  • Multiple secure deposit and withdrawal methods.
  • Fast order execution.
  • Quality education & research offering.
  • Ultra-low spreads from 0.0 pips on the Zero account.
  • Excellent customer support service.

Cons

  • No proprietary trading platform.
  • Average forex-trading fees.
  • Does not accept clients from the United States.

10. Admirals

Admirals

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

Along with access to over 8000+ instruments, traders can also enjoy a number of 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 offering, and a great customer support service.

Admirals is a suitable broker for both beginners and professionals, and more specifically for traders who enjoy using the MetaTrader trading terminal and all that it has to offer. Multiple MetaTrader-themed account types are also provided which enables traders to choose an account type that best suits their trading needs.

Admirals Overview

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

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Pros

  • Strong regulatory framework.
  • Great for beginners.
  • Deep liquidity and no requotes.
  • Negative balance protection.
  • The client’s funds are segregated.
  • Industry-standard trading platforms in web, mobile and desktop versions.
  • Tailored account types with great trading conditions.
  • All types of trading strategies are allowed.
  • Wide range of asset classes.
  • Competitive spreads and low commissions.
  • A wide selection of secure deposit and withdrawal methods.
  • Low latency and fast order execution.
  • Transparent fee structure with no hidden charges.
  • Offers Isalmic swap-free account.
  • Outstanding education offering.
  • Great market research and analytics offering.
  • Friendly and multi-lingual customer service.

Cons

  • Does not accept clients from the United States.
  • Demo account available for only 30 days.

Key Tips for choosing the best forex broker for you.

Since all traders have different trading needs, it is important to know if the broker you’re choosing has the necessary requirement to fulfil your trading needs. It is also equally important to do your due diligence before choosing to trust a broker with your money.

Below is a checklist which can guide you in choosing a standard forex broker that best meets your trading requirements.

  • Regulation and relaibility.
  • Fees – trading and non-trading fees
  • Trading platforms
  • Trading conditions
  • Trading tools
  • Payments – deposits and withdrawals
  • Minimum deposit
  • Currency pairs
  • Demo account
  • Research Offering
  • Education
  • Customer service

Regulation

If you’re going to entrust your money and personal details to a broker, then ensuring it is regulated should be one of the first factors to take into consideration.

A regulatory body’s primary role is to protect consumers’ interests by establishing standards for the qualifications and activities of financial institutions. This means that when a broker is regulated, it meets the national standard for qualifications, and its activities are closely supervised by its regulator(s).

On the other hand, unregulated broker(s) are not supervised by anyone, and might not meet up to the standards to qualify as a legitimate broker. Therefore traders who choose to trade with unregulated brokers leave themselves vulnerable to scams and fraudulent activities.

While one of the main benefits of trading with a regulated broker is that you know you are working with a reliable broker that is up to standard and is being supervised. Other responsibilities of a regulated broker include, but are not limited to, keeping the industry stable, promoting healthy competition between financial service providers, ensuring financial services are provided efficiently, and having dispute resolution systems in place in case consumers are unsatisfied with a company’s services.

Fees: Trading and Non-Trading Fees

Trading Platform

Trading Conditions

Trading Tools

Currency Pairs Offered

Payments: Deposit and Withdrawals

Minimum Deposit

Demo Account

Research Offering

Education

Customer Service

Regardless of how experienced or how knowledgeable you are as a trader, there will always be times when the assistance of a customer support service is needed. In times like this, you want to be able to reach the support team and get your problems resolved without any difficulties.

FAQ

What is a forex broker?

A forex broker is a financial firm which provides clients with the ability to buy and sell currencies. It acts as an intermediary between clients, and the interbank system.

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.

Which forex broker is the biggest in the world?

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

Can I trade forex with $10?

Yes, while $10 might be a very small amount to start trading with, it is possible to start trading with it.
There are also a number of industry-standard brokers who allow clients to deposit $10 or a lower amount. Such brokers include Exness, XM, Peppperstone and XTB among others.