Top 100 Brokers In Forex

The ForexBrokers.com annual forex broker review (six years running) is the most cited in the manufacture. With over fifty,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. Here'southward how nosotros test.

Are you lot looking to speculate that the Euro (EUR) currency will get up in value against the U.South. Dollar (USD)? To do so, you lot would trade (or place a spread bet on) the EUR/USD currency pair, which is a forex investment. The forex market is the largest and almost liquid market in the globe, representing every global currency with trading conducted 24 hours a day, five days a week.

To merchandise forex, you need a reputable online broker. Trading with a trusted forex banker is a crucial cistron for success in international currency markets. As a contract for difference (CFD) trader or forex investor, you may have specific needs related to which platform, trading tools, or research requirements you lot accept. Agreement more almost your investment style needs can help determine which forex broker will be all-time for yous.

Each yr, our team here at ForexBrokers.com spends five months testing the biggest names in foreign substitution and assembles a guide to the best forex brokers for forex and CFDs trading. Here are our findings for 2022.

CFDs are circuitous instruments and come with a high take chances of losing money rapidly due to leverage. Betwixt 65% and 82% of retail investor accounts lose money when trading CFDs. Y'all should consider whether you lot understand how CFDs piece of work and whether you can afford to take the high take chances of losing your money.

Best Forex Brokers for 2022

IG - Best overall broker, virtually trusted
Saxo Bank - Best web based trading platform
CMC Markets - Splendid overall, all-time platform engineering
Interactive Brokers - Great overall, best for professionals
TD Ameritrade FX - All-time desktop platform, U.Due south. only
FOREX.com - Excellent all-round offering
XTB - Nifty research and teaching
Urban center Index - Splendid all-circular offer
Swissquote - Trusted broker, best banking services

2022 Overall Ranking

Here are the Overall rankings for the 39 online brokers who participated in our 2022 Annual Review, sorted by Overall ranking.

2022 Category Winners

For the ForexBrokers.com 2022 Annual Review, all online broker participants were assessed on 113 variables across 7 principal categories. 4,407 data points were nerveless in total. Here's how we tested.

Alongside primary categories, ForexBrokers.com ranks brokers by the most popular investor categories. Finally, each yr ForexBrokers.com honors the brokerages who go higher up and beyond in the areas that matter virtually to investors.

Winner: IG

Regulated and trusted across the globe, IG offers traders the ultimate bundle of excellent trading and research tools, industry-leading pedagogy, comprehensive marketplace research, and an extensive list of tradeable products. This fantastic all-round experience makes IG the best overall broker in 2022.

Trust: Founded in 1974, IG is publicly traded (LON: IGG) and regulated in vi tier-1 jurisdictions, making information technology a safe broker (depression-take a chance) for forex and CFDs trading. All jurisdictions considered, IG ranks equally the most trusted forex and CFDs broker in our 2022 Review.
Commissions: IG uses its size to provide traders with consistent pricing across the board — regardless of the product you trade — and shines for its agile trader pricing bachelor through its Forex Direct accounts.
Forex trading platforms: While IG also offers MetaTrader and premium MT4 add-ons from FX Blue, only 76 tradeable instruments are available. In that location'due south no question; IG'due south flagship platform is the better selection betwixt the two, and offers an extensive range of tradeable markets.

Runner-Up: Saxo Bank

For traders who can beget the steep $2,000 minimum deposit (GBP 500 for the U.G.), Saxo Bank offers fair pricing, excellent trading platforms, phenomenal inquiry, reliable client service, and over 40,000 instruments to merchandise.

Trust: Founded in 1992, Saxo Bank operates multiple regulated banks and is licensed in 6 tier-1 jurisdictions, making it a rubber broker (low-risk) for trading forex and CFDs.
Commissions: Saxo Banking concern provides traders with excellent all-around pricing. For active traders (and those with large account balances), Saxo Depository financial institution offers competitive pricing in its Platinum and VIP accounts, which require a $200,000 and $ane meg balance, respectively.
Forex trading platforms: The entire Saxo Trader client feel is admittedly brilliant. Alongside access to xl,000 tradeable instruments, Saxo Bank's flagship SaxoTraderGo platform is terrific, and includes everything traders crave to navigate the market place — and is our pick for the best web-based platform in 2022.

Podium finisher: CMC Markets

CMC Markets is a globally-trusted broker that delivers a terrific offering for traders thanks to notably depression pricing, nearly x,000 tradeable instruments, and the Next Generation trading platform, which comes packed with quality research and innovative features such equally its Dynamic Trading portfolio tool.

Trust: Founded in 1989, CMC Markets is publicly traded and regulated in four tier-1 jurisdictions alongside two tier-2 jurisdictions, making it a safe broker (depression-risk) for trading forex and CFDs.
Commissions: CMC Markets is a leader for low-cost trading, offering trading costs for forex that are measurably lower than the manufacture boilerplate.
Forex trading platforms: TThe CMC Markets Next Generation platform comes with a massive choice of nigh 10,000 tradeable instruments. With its advanced tools, comprehensive market research and excellent mobile app, CMC delivers a terrific user feel.

Best Forex Trading Platforms

Of the 39 brokers that nosotros evaluated for our 2022 annual review, the following forex brokers delivered the all-time trading platform experience:

Saxo Bank - Best VIP customer experience
IG - Most trusted, bully for beginners
CMC Markets - Best platform technology
Interactive Brokers - Best for professionals
TD Ameritrade FX - Best desktop platform (U.S. only)
FXCM - Great for algorithmic traders

Which broker is the best for forex?

IG takes first identify in our 2022 Annual Review as the best forex banker, with 100 available currency pairs and the ability to merchandise CFDs and forex options, traders have plenty of choices. IG is the only broker that is regulated in both Switzerland and the U.S., in add-on to nigh a dozen global licenses — making IG i of the near trusted brokers.

What does a forex banker exercise?

A forex broker is a company that is licensed (or considered exempt) by a national regulator to grant y'all — as a retail or professional client — the power to buy or sell strange currencies, by manner of an online trading platform or over the phone (known in the industry as vocalisation broking). A forex broker may offer you the underlying currency, or a non-deliverable spot contract or derivative such as a contract for difference, or CFD, depending on whatever relevant country-specific regulatory restrictions. It's important to only utilise brokers that are properly regulated to reduce your risk of beingness scammed.

Exercise I need a broker for forex?

Yes, to trade forex you'll need to apply a forex banker. You'll demand to open an business relationship and deposit enough collateral (margin) to enable yous to place orders with your broker to purchase or sell forex.

The forex broker's chore is to execute your orders — either internally past acting as the main to your merchandise (market maker execution), or by sending your orders to another market thus acting every bit your agent (agency execution).

Your broker should be a trustworthy one, regulated and properly licensed in the aforementioned country you reside or in a major financial center. Larn well-nigh our Trust Score for brokers.

Are forex brokers reliable?

The virtually trustworthy brokers are likewise reliable. Reliability depends on which broker you cull, and can vary across brokers. You lot must be able to rely on your broker to safeguard the coin in your brokerage account.

In that location are other trust factors to consider how dependable a broker is, such as ensuring information technology has adequate financial operating capital, how long information technology's been in operation, and whether it holds proper regulatory licenses in the countries where it operates to help ensure compliance with local laws.

Who is the biggest forex banker in the world?

IC Markets is the largest forex broker past trading volume, with over $774 billion in forex trading volume in the third quarter of 2021 solitary, according to data compiled by Finance Magnates.

Note: The largest broker may vary depending on the time period used to measure out size. Merely common to the biggest brokers is that they have the almost assets under direction, the largest number of clients, and greatest market capitalization (valuation for public companies). All are important factors to consider when gauging the size of a forex broker.

What are the top 10 forex brokers?

Here are the acme 10 brokers by forex and CFD trading volume according to information compiled by Finance Magnates during the 3rd quarter of 2021 (information excludes Japan due to the abnormally high trading volumes known to come from Japanese brokers):

Exness
IC Markets
IG
Plus500
Saxo Bank
CMC Markets
TMGM
FXCM
GAIN Upper-case letter
Pepperstone

Which forex banker has the all-time platform?

CMC Market place's Next Generation platform comes with a massive selection of almost 10,000 tradeable instruments. It delivers a terrific user experience, as well equally advanced tools, comprehensive market research, and an splendid mobile app. Hands down, the CMC Markets Next Generation trading platform is a market leader that will impress even the pickiest of traders. The new Dynamic Trading tool allows you to place multiple trades simultaneously, which was a nice innovation by CMC Markets this year.

CMC Markets Next Generation Platform light theme

If you're a particular fan of mobile platforms, run into our picks for best forex trading apps here.

Is $100 enough for forex?

Yes, $100 can be enough to trade forex and exam a trading strategy. It's not a lot of coin, so the potential adventure/reward will be express. Notwithstanding, trading with a pocket-sized amount of take chances majuscule tin can let you test a new investment methodology, or let beginners new to forex trading acquire past trial and error.

Trading forex with such a small amount of capital will severely hamper your bottom line simply can be a great way to learn with less risk. For example, if yous open the smallest trade size for forex — such as ane,000 units of the EUR/USD pair — and the price is ane.1224, your banker may require a 30:ane margin requirement. That 3.33% of the resulting $1,122.4 trade value would end up as $37.41 in collateral, which would become frozen upon opening the trade. This would just leave $62.41 bachelor (and this calculation doesn't even include the cost of the spread).

Which forex broker charges the lowest fees?

When information technology comes to pricing — commission plus spread — Tickmill offers the near competitive all-in costs, especially for agile and VIP traders, who accept access to pricing that is among the everyman in the industry. Using typical spread data listed by Tickmill for its Pro account offer of 0.13 pips for the EUR/USD, the all-in cost equates to 0.53 pips when factoring in the RT commission equivalent of 0.4 pips.

Methodology: To assess brokers, we take into consideration how much beginners, average traders, and even more seasoned traders would pay, looking at average spreads for standard forex contracts (100,000 units) also every bit mini accounts (10,000 units) and micro accounts (1,000 units), where applicable. We and so calculate the all-in toll past including any round-turn commission that is added to prevailing spreads.

Which forex banker offers the most CFDs?

IG offers the most tradeable CFDs in the industry, 19,537. CFDs, or "contracts for divergence," enable traders to speculate whether the cost of a stock, forex pair, market place index, or commodity volition become upwardly or down without taking ownership of the underlying nugget.

Which forex broker offers the virtually currency pairs?

Aslope nearly ten,000 CFDs, CMC Markets offers the virtually tradeable currency pairs, with 158 pairs that tin be quoted both ways (i.e. EUR/USD or USD/EUR), which comes to a full of 316 pairs.

Which forex broker is best for professionals?

Every bit a highly-trusted and regulated global brand, Interactive Brokers (IBKR) provides everything professional traders might need, from advanced trading tools and platform features to competitive pricing beyond a wide variety of markets, as well every bit connectivity to over 130 global exchanges. In add-on to competitive spreads and low commission-based pricing for forex, Interactive Brokers provides more third-party research than any other broker.

Interactive Brokers continues to innovate its platform offering, such as with its new Impact app for environmental, social, and governance (ESG) investing, alongside the related Bear upon dashboard available in its Trader Workstation (TWS) desktop and WebTrader platforms.

Professional person customer status: In today's highly regulated forex globe, traders who want to maximize their margin leverage must utilise and obtain ESMA's professional person client status with their banker. Traders designated as Professionals in the Eu practise not receive negative balance protection and other consumer prophylactic mechanisms such equally eligibility for compensation schemes in the event of a broker'south insolvency.

Methodology: We broke down each forex banker's active trading program to appraise brokers for professional trading, comparing bachelor rebates, tiers, and all-in costs. Alongside pricing, each broker's trading platform was tested for the availability of advanced trading tools often used past professionals.

How do I choose a forex broker?

Here are three of the most important factors to proceed in listen when choosing an online broker for forex trading.

First, make sure your broker is properly licensed and regulated. The safety of your deposit is e'er the pinnacle priority.
Next, compare the business relationship offerings, trading platforms, tools, and investment research provided by each broker.
Finally, read detailed forex broker reviews to compare pricing and production offerings (east.k., number of forex pairs and CFDs available to trade) to find what is about important to your forex trading and investment needs.

How practise I know if my forex broker is regulated?

It is crucial to use a well-known, properly regulated broker to avoid forex scams. To bank check if your forex banker is regulated, commencement place the registration number from the disclosure text at the bottom of the broker's homepage. Next, look up the firm on the regulator's website to validate the registration number; to assist traders, we track, rate, and rank forex brokers across over 20 international regulators, and yous can observe their websites here. If the broker is not regulated in your country, do more than inquiry.

What'south the departure between a dealing-desk and an agency banker?

If a forex broker is operating as a dealer, also known as dealing-desk, they will be on the other side of their client'due south trades. If a forex broker is non on the other side of their client's trades, they will exist acting as an amanuensis (agency broker) by routing the trade on to another dealer.

There are also hybrid-desks, which may operate every bit a dealing-desk-bound and agency. Lastly, matched-principals are dealers who immediately hedge their trades to remove any potential disharmonize of interest.

How practise I summate forex trading costs?

For forex and CFDs trading, the all-in cost to consummate (open or close) each merchandise consists of the spread, plus any round-turn commissions. There may too be overnight financing charges, known as carrying costs, which can be either a net debit (loss) or a net credit (refund). To continue trading costs low, focus on trading the major forex pairs such as the EUR/USD, which offer the nearly liquidity, and thus the tightest spreads (lowest costs).

Methodology

For our 2022 Forex Broker Review nosotros assessed, rated, and ranked 39 international forex brokers over a v-month fourth dimension period resulting in over 50,000 words of published research. We reviewed the post-obit brokers: ACY Securities, Admiral Markets, AvaTrade, BDSwiss, BlackBull Markets, Capital.com, Metropolis Index, CMC Markets, Eightcap, eToro, FinecoBank, Forex.com, FP Markets, FXCM, FxPro, HotForex, HYCM, IC Markets, IG, Interactive Brokers, LegacyFX, Moneta Markets, OANDA, OctaFX, Pepperstone, Plus500, Saxo Bank, Swissquote, TD Ameritrade, Tickmill, TMGM, TopFX, Trade360, Trading 212, Trade Nation, Vantage, VT Markets, XM Group, and XTB.

Each broker was graded on 113 dissimilar variables, including our proprietary Trust Score algorithm. This innovative scoring organisation ranks the level of trustworthiness for each banker based on factors such equally licenses, regulation and corporate structure. Read almost our Trust Score hither.

Every bit part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data contour, which we hand-checked for accuracy.

Ultimately, our rigorous information validation process yields an error rate of less than .1% each year, providing site visitors with quality information they tin can trust. Larn more about how we examination.