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 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 Overview	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
Account Currencies	USD, GBP, AUD, EUR, SGD, HKD.
Payment Methods	Bank Wire Transfer, Credit/Debit Cards, Paypal
Trading Tools	APIs, Virtual Private Server (VPS)

IG Pros and Cons

CONS	PROS
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 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

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, and Vietnamese internet banking.
Trading Tools	Virtual Private Server (VPS), Trading Servers, MT4 Advanced Trading Tools

IC Markets Pros and Cons

PROS	CONS
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 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 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

Saxo Bank Pros and Cons

CONS	PROS
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 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

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, and 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.

Pepperstone Pros and Cons

PROS	CONS
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 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

Broker	CMC Markets
Regulation	ASIC, IIROC, BaFin, MAS, FCA, FMA, DFSA
Forex Pairs	300+
Trading Platforms	Next Generation platform, MetaTrader 4
Minimum Deposit	$0
Demo Account	Available | Open Demo Account
Maximum Leverage	1:500
Account Currencies	GBP, EUR, USD, AUS, CAD, NOK, NZD, PLN, SEK, SGD
Payment Methods	Wire Transfer, Credit / Debit Cards, Electronic Payments.
Trading Tools	FIX API, Virtual Private Server (VPS)

CMC Markets’ Pros and Cons

PROS	CONS
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

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

Broker	Interactive Brokers (IBKR)
Regulation	CFTC, IIROC, FCA, CSSF, 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

Interactive Brokers’ Pros and Cons

PROS	CONS
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 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

Broker	FXPro
Regulation	FCA, CySEC, SFCA, and SCB.
Forex Pairs	70
Trading Platforms	FXPro Edge, MetaTrader4, MetaTrader5 and cTrader.
Minimum Deposit	$100
Demo Account	Available | Open Demo Account
Maximum Leverage	1:200
Account Currencies	USD, EUR, GBP, CHF, PLN, AUD, JPY, ZAR.
Payment Methods	Bank Transfer, Broker To Broker Transfer, Credit/ Debit Cards, Paypal, Skrill, and Neteller.
Trading Tools	FxPro 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 (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

Broker	X-Trade Brokers (XTB)
Regulation	FCA, CySEC, PFSA, KNF, and IFSC.
Broker Type	NDD, Market Maker
Forex Pairs	57 Currency Pairs
Trading Platforms	xStation 5, xStation Mobile
Minimum Deposit	$0
Demo Account	Available | Open Demo Account
Maximum Leverage	1:500
Account Currencies	USD, EUR, GBP, HUF, PLN
Payment Methods	Bank Wire Transfer, Credit/Debit Cards, Paypal, Skrill, Neteller, PaySafe, SafetyPay, Paydoo, PayU, ECOMMPAY, BlueCash, Blik, Sofort
Trading Tools	API

XTB Pros and Cons

PROS	CONS
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 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

Broker	XM
Regulation	CySEC, DFSA, ASIC, IFSC, FCA, BaFin, CNMV, MNB, CONSOB, ACPR, FIN-FSA, KNF, AFM, and FI.
Forex Pairs	55 Currency Pairs.
Trading Platforms	MetaTrader 4, MetaTrader 5
Account Types	Micro Account, Standard Account, and XM Ultra low Account.
Minimum Deposit	$5
Demo Account	Available | Open Demo Account
Maximum Leverage	1:1000
Account Currencies	USD, EUR, GBP, JPY, CHF,‎AUD, HUF, PLN, RUB, SGD, and ZAR.
Payment Methods	Wire Transfer, Internet Banking, Local Bank Transfer, Credit/ Debit Cards, Neteller, Neteller VIP, Skrill, UnionPay, RapidPay, and POLI.
Trading Tools	Virtual Private Server (VPS), MQL5, and Forex Calculators.

XM Pros and Cons

PROS	CONS
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 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

Broker	Admirals
Regulation	FCA, EFSA, JSC, CySEC and AFSL.
Forex Pairs	50 Currency Pairs
Trading Platforms	MetaTrader Web Trader, MetaTrader 4, MetaTrader 5
Minimum Deposit	$100 or currency equivalent.
Demo Account	Available | Open Demo Account
Maximum Leverage	1:500
Account Currencies	EUR, USD, AUD, BGN, CHF, CZK, GBP, HRK, HUF, NOK, PLN, RON, RUB, SEK, CNY, SGD, CLP, IDR, MYR, THB, VND
Payment Methods	Bank Transfer, Credit/ Debit Cards, Paypal, Klarna, Skrill, Neteller, SafetyPay, Przelewy, iBank & BankLink, iDeal
Trading Tools	MetaTrader 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

PROS	CONS
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