Best Forex Brokers In 2022

Interestingly, the concept of foreign exchange has been around for eons; it has been quoted even in the Bible! Ecclesiastes 11:1 says, “Invest your money in foreign trade, and one of these days you will make a profit.” Fast forward to 2022, and the fascination and investment in trading currencies are at an all-time high. Part of the process of engaging in this market is, of course, using a top forex broker. Understandably, one can choose from thousands of brokerages located all across the globe. Fortunately, you don’t need to sift through this massive assortment. We’ve detailed the best forex brokers here, along with some brief but useful informational material on the largest financial market on the planet.

Top forex brokers list

Let’s now explore the ten best forex brokers by reviewing their features and pros/cons.

1. TechBerry: The Best Overall And Top Choice For Automated Social Trading

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Features

• Brokers regulated by CySEC, FSC, DFSA, ASIC, etc
• MT4, MT5 trading platforms
• Full loss reimbursements
• Personal quote for big institutions
• $5000 minimum deposit
• Multiple packages for subscription
• A low service fee of 15%

TechBerry is a top social trading platform founded in 2015. It averages over 10% each month and allows subscribers to access the live records to verify the performance. The service works with MT4/5 brokers collecting data from over 100k accounts to create a profitable strategy. TechBerry is available for traders starting at an annual cost of just $19. The Infinite package is the highest, requiring at least $500000 and a yearly fee of $499.

2. XM: Best For No Deposit Bonus

Features

• Regulated by CySEC, FSC, DFSA, ASIC
• MT4, MT5 trading platforms
• 57 forex pairs
• 1:888 max. leverage
• $5 minimum deposit
• VISA/Mastercard, bank transfer, Neteller, Skrill, WebMoney, BitPay, Perfect Money, and SticPay for funding/withdrawing
• USD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, RUB, SGD, ZAR base account currencies

XM is a top-rated CFD broker founded in 2009, describing itself as ‘big, fair and human.’ With only $5, you can trade 57 currency pairs and seven other popular financial instruments ranging from stocks to precious metals. Of all the broker’s advantages, we believe XM shines in their $30 no deposit bonus deal for new clients. This offer has reasonable terms and conditions and is an excellent way to test their services before deciding to join the broker.

3. IG: Best For US Clients

Features

• Regulated by FCA, FSCA, ASIC, FINMA, MAS, FMA, DSFA, JFSA, CFTC
• MT4, ProRealTime trading platforms
• 70+ forex pairs
• 1:200 max. leverage
• $250-450 minimum deposit for most regions
• Funding/withdrawing through debit/credit card, bank wire, and PayPal
• USD, GBP, AUD, EUR, SGD, and HKD base account currencies

Established in 1974 initially as the Investors Gold Index, IG is one of the oldest CFD and spread betting brokers globally. IG is also a listed company on the London Stock Exchange since 2000, further adding to its strong reputation, experience, and reliability. Furthermore, the brokerage is one of the very few legally permitted to serve the American demographic and is licensed by nine regulators. Overall, you can expect the tightest security, most fluid execution, reasonable trading conditions, broadest market selection, and excellent customer service with IG.

4. IC Markets: Best For Multiple Base Account Currencies

Features

• Regulated by FCA, FSCA, ASIC, CySEC, SCB
• MT4, MT5, cTrader trading platforms
• 64 forex pairs
• 1:500 max. leverage
• $200 minimum deposit
• VISA/Mastercard, bank wire, PayPal, Neteller, Skrill, UnionPay, Bpay, Fasapay, POLI, Rapidpay, and Klarna available as payment methods
• USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, and CAD base account currencies

IC Markets (or International Capital Markets) is a popular Australian-based CFD broker founded in 2007. It frequently ranks among the top forex brokers for trading volume, regularly surpassing the $10 billion mark daily. With IC, you can trade equities, forex, indices, cryptocurrencies, commodities, and bonds. The broker is among the few compatible with cTrader, one of MetaTrader’s most known competitors. Furthermore, another advantage is your account can be dominated by several base account currencies (which we’ve listed above).

5. HF Markets: Best For Widest Range of Derivatives

Features

• Regulated by FSCA, CySEC, DFSA, FSA, FCA, FSC
• MT4, MT5, trading platforms
• 43 forex pairs
• 1:1000 max. leverage
• $5 minimum deposit
• VISA/Mastercard, bank wire, Skrill payment methods
• USD, EUR, NGN, JPY, ZAR base account currencies

HF Markets or HFM (previously known as HotForex) is a Cyprus-based derivatives brokerage formed in 2010. It offers standard, premium, zero spread, auto, PAMM, and copy trading accounts for retail and institutional clients (with swap-free options for Muslim clients). These come in various leverage ratios from 1:400 to 1:1000. HotForex reigns supreme in the number of offered securities of all the brokers on this list. Aside from currencies, you can also speculate in metals, crypto, energies, stocks (some with direct market access), commodities, ETFs, and bonds. Furthermore, you can start with as little as $5.

6. Tickmill: Best For Zero Spread Account

Features

• Regulated by FSA, FCA, CySEC, LFSA, FSCA
• MT4, MT5, TradingView trading platforms
• 62 forex pairs
• 1:500 max. leverage
• $100 minimum deposit
• VISA/Mastercard, bank wire, Skrill payment methods
• USD, EUR, and GBP base account currencies

Tickmill is a Seychelles-based broker established in 2014. The company now has additional offices in the United Kingdom, Estonia, Cyprus, and Malaysia. Tickmill prioritizes low trading costs across the board, including on spreads. Yet, we believe it’s the best option for trading zero spread accounts, an account where you get lower spreads with a fixed commission. In this case, clients are charged $2 per lot/side, among the cheapest rates in the industry. A zero spread account is beneficial, particularly if you scalp the markets, trade with robots or exotic pairs, or generally desire the lowest trading fees possible. Furthermore, like XM, you get a $30 no deposit bonus if it’s the first time using the broker.

7. Oanda: Best For TradingView Users

Features

• Regulated by CFTC, IIROC, FCA, MAS, ASIC
• MT4, MT5, TradingView trading platforms
• 45 forex pairs
• 1:50 max. leverage
• $0 minimum deposit
• VISA/Mastercard, bank wire, Skrill, Neteller as payment methods
• USD, EUR, GBP, SGD base account currencies

Oanda is a US-based CFD broker established in 1996, making it one of the oldest in its niche. As a company originally from the United States, it’s among the few which can legally accept clients from this region. The broker now has offices in Canada, Japan, Singapore, and the United Kingdom. With Oanda, you can trade currencies, metals, indices, commodities, and Bitcoin. If you’re not a fan of MetaTrader platforms, Oanda is integrated with TradingView. This software is far superior to MT4 or MT5 and is increasingly becoming the exclusive choice for many forex traders globally.

8. Exness: Best For Widest Forex Market Selection

• Licensed by CySEC, FSCA, FSA, and FCA
• MT4, MT5 trading platforms
• 107 forex pairs
• Unlimited leverage
• $10 minimum deposit
• Bank wire, bank card, Skrill, Neteller, Webmoney, Mybux, Ozow, and crypto available as payment methods
• 45 base account currencies like USD, EUR, GBP, JPY, etc.

Along with IC Markets, Exness has recently been ranked as the broker processing some of the highest trading volumes among forex brokerages globally. Starting in 2008 initially as a Russian-based entity, Exness now has offices in Cyprus, the United Kingdom, South Africa, Seychelles, Curaçao, and the British Virgin Islands. With Exness, you have a selection of an astounding 107 forex pairs. Secondly, Exness offers several accounts: standard, cent, pro, and zero spread across forex, stocks, indices, metals, cryptocurrencies, and energies.

9. Pepperstone: Best For Multiple Forex Trading Platforms

• Licensed by FCA, ASIC, CySEC, DFSA, and CMA
• MT4, MT5, cTrader, TradingView trading platforms
• 62 currency pairs
• 1:500 leverage
• $200 minimum deposit
• Funding/withdrawing through debit/credit cards, Neteller, PayPal, Skrill, BPay, Union Pay and POLi
• USD, JPY, GBP, AUD, EUR, CAD, NZD, CHF, HKD, and SGD base account currencies

Launched in 2010, Pepperstone is an Australian-based multi-asset broker with regional offices in Dubai, Cyprus, the United Kingdom, Kenya, and Germany. Similar to IC Markets (another firm from Australia), Pepperstone ranks high for brokerages with the highest daily volume in trades. What stands out with Pepperstone is its range of forex trading platforms. Aside from the familiar MT4 and MT5, you can also trade using cTrader and, most recently, TradingView. With Pepperstone, you can access forex, cryptocurrencies, indices, stocks, commodities, and spread betting (for Ireland and UK clients).

10. FBS: Best For Widest Account Choice

Features

• Regulated by CySEC, IFSC
• MT4, MT5 trading platforms
• 35 forex pairs
• 1:3000 leverage
• $1 minimum deposit
• Visa, Neteller, SticPay, Skrill, Perfect Money, and bank wire for funding/withdrawing
• USD, EUR base account currencies

FBS is an IFSC and CySEC-regulated CFD broker established in 2009. It provides trading in currencies, indices, energies, metals, crypto, and equities. If you fancy yourself some high leverage, FBS provides some of the highest in the industry, up to 1:3000. Another advantage of FBS’ is the wide account selection, where you have access to the cent, micro, standard, zero spread, and ECN accounts.

11. PrimeXBT: Best For Anonymous Trading

• No KYC trading
• Proprietary trading platform
• 50 forex pairs
• 1:1000 max. leverage
• $0 minimum deposit
• Crypto, debit/credit card, and SEPA available as payment methods
• BTC, ETH, USDT, USDC, COV base account currencies

PrimeXBT is quite different from all the brokers we’ve just reviewed. This is because this service is primarily crypto-based and offers anonymous trading, meaning you don’t need to provide any personal data (as you generally do with most brokers). Aside from cryptocurrencies, you can trade 50 currency pairs, 5 commodities, and 11 indices markets with no minimum balance. Plus, you can earn passive income by staking Ethereum, USD Coin, and Tether.

What is a forex market?

The forex or FX market is where fiat currencies are traded against each other. Aside from pure speculative reasons, foreign exchange is crucial for commerce, tourism, and trading purposes. It allows people from any recognized part of the world to swap their local currency for another one to purchase goods and services internationally or across borders. Hence, a forex market will always be quoted as a pair, e.g., EURUSD or euro to the US dollar. Participants in this financial security are primarily large financial institutions (like commercial and central banks) and retail traders or ordinary individuals.

How does a forex market work?

One defining feature of the forex is being decentralized or ‘over-the-counter’ where trading is not conducted on a recognized centralized as with stocks. Instead, this instrument relies on a distributed system of trading terminals and computer networks administered by brokers. Such entities provide a list of popular software products like MetaTrader 4 (regarded by many as the best forex trading platform) for clients to trade various currency markets such as EURUSD, GBPUSD, USDJPY, and countless others. Forex operates 24/5, with trading halted on weekends. The other typical quality is leverage or margin, allowing one to open far bigger positions with a relatively small account. This mechanism makes FX the most liquid market as no other instrument is more leveraged.

How does a forex broker work?

A forex broker is a financial services provider acting as a middleman or intermediary between large commercial banks (who provide the actual market) and retail investors or traders. So, a broker buys and sells currencies from these institutions and passes these onto their clients with a mark-up known as a spread. This small transaction fee is the primary way they are compensated for their efforts. A broker will be connected on a recognized platform such as MT4, cTrader, etc., which provides charts and different order instructions like instant execution, buy limits, sell limits, buy stops and sell stops. As a client, you deposit money through the broker to maintain a certain balance or top up your equity. When you execute a position on a broker’s platform, you are essentially entering into a contract. If you successfully predict a pair’s direction, the broker will credit your account once you close the trade. Conversely, the broker will debit your account accordingly if you are unsuccessful. If you have profits, the broker is mandated to process any requested withdrawals within a reasonable time frame.

Is it possible to trade forex without a broker?

Technically, it’s possible if you bought a substantial amount of currency through a bank account. While this method has some advantages, such as transparency, it’s usually more expensive as financial institutions are known for having high conversion charges. However, the main disadvantage is the leverage deficiency. You can realize the same percentage gain with far less capital trading through a broker than purchasing actual dollars, euros, or whichever currency. In other words, if you made a 1% gain buying 10 000 units of USD (equaling $100), you can make the same $100 with significantly less than $10 000 due to leverage.

Is it difficult to trade forex?

Trading forex is highly challenging for numerous reasons, one of them being that multiple factors can influence the price of a market at any one time. However, the concept of buying and selling is relatively straightforward; the understanding of the many different elements behind the scenes isn’t. Trading is like most careers as it requires many years of practice and going through constant trial and error. It’s not much different from acquiring a university degree when considering the amount of expertise and time length.

Should you have a license to trade forex?

Fortunately, no license is required to trade currencies as an individual. You only need one when providing financial services like brokering and investment-related activities. As a retail trader, only your broker requires a license to offer you trading services.

What makes a good forex broker?

Below are the primary consideration factors to answer this question, which should help you understand how we curated our top forex brokers list.

Regulation

The world of trading forex can feel a bit like the ‘Wild West’ for so many clients globally. As one of the most decentralized financial securities globally, more and more brokers have been created. Yet, without any framework to keep businesses in check, wrongdoings are bound to happen; this is where regulation comes in. Supervision from a recognized body ensures even the top forex brokers continuously run a tight ship and provide an honest service to their clients. Nowadays, firms receive regulatory licenses from multiple regulators to expand their presence into different regions. Along with some reputable organizations from Asia, North America, and Asia, the best forex brokers will be licensed by any or more of the following bodies:

• ASIC (Australian Securities and Investments Commission – for Australian clients)
• CySEC (Cyprus Securities and Exchange Commission – for European clients)
• CFTC (Commodity Futures Trading Commission – for US clients)
• FCA (Financial Conduct Authority – for UK clients)

Reasonable trading costs

Fortunately, spreads for most forex markets are pretty reasonable across the board, except for exotic pairs (which is where you may want to compare thoroughly). Other fees worth weighing up include swaps and commissions (for special accounts like zero spread accounts). Lastly, the starting balance is also another massive cost. Make sure you can realistically afford the minimum deposit requirement by looking for a cost-effective service in this regard.

Wide variety of markets

Here, we don’t only refer to forex but other popularly-speculated markets like stocks, commodities, metals, and crypto. Although most may begin trading currencies, it’s common for people to branch out into different instruments for diversification purposes. Therefore, a broker with a limited market range is generally not beneficial or convenient.

Ease of deposits and withdrawals

Here, we’re referring to the number of payment methods, which will typically include bank cards, e-wallet facilities, bank wire, and even cryptocurrencies. We recommend funding with a bank card as this avenue is the cheapest and quickest. You should, by all means, avoid using a bank transfer/SWIFT as it’s the slowest procedure, and you will probably incur a fee from your bank.

Excellent customer support

Responsive live chat functionality is non-negotiable as it’s often the quickest method to solve most queries. Other support channels a top forex broker should have, of course, include a telephone line and email. Alternatively, some traders prefer using instant messaging platforms like Messenger and WhatsApp, which are optional but helpful avenues as well.

Final word

While choosing a reputable broker is essential, being a proven and consistently profitable trader is what ultimately matters. Although FX is an activity with potentially high rewards, losses can be equally pronounced if you’re inexperienced. Any successful trader must simultaneously manage several risks related to leverage, transaction costs, uncertainty, interest rates, counterparties, and more. When it comes to brokers, it’s understandably tricky unanimously deciding on numero uno due to our subjective perceptions. Yet, we believe our top forex brokers list will make your decision-making process a lot easier.