Best Forex Brokers in 2022

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It is easy to get started with the Forex market, and it offers a lot of opportunities for beginners and experienced traders. However, it is also a fast-paced environment where profits are made and lost very quickly. If you wish to get the best possible results from Forex trading, you must sign up with a reliable brokerage firm.

With the best Forex broker, you get a secure trading environment, favorable pricing, advanced trading tools, and swift order execution. In this guide, we are going to analyze some of the top options on the market. Hopefully, it will help you determine which one is right for you.

Best 10 Forex brokers

Here is a list of the top options on the market:

  1. TechBerry
  2. XM
  3. eToro
  4. FXTM
  5. Pepperstone
  6. IC Markets 
  7. IG
  8. Interactive Brokers
  9. Exness
  10. CMC Markets

1. TechBerry – Best Forex Broker 2022

Go to TechBerry

TechBerry has a global presence with its offices located worldwide. The platform holds good credibility among its subscribers as it has been providing an average of 10%+ monthly profits since the start of its trading in 2015. It allows users to access the live records through a real-time monitoring option and provides a personal manager to answer all the inquiries. The platform collects data from more than 100k+ social platforms using its AI feature and then creates a winning strategy.

TechBerry deducts service fees from the profits and has a 100% loss coverage option depending on your package. It offers a free trial account valid for 14 days.

Minimum Deposit:Starting from $5000
Commissions & Fees:As low as 15%
Best for:Automated Social Trading


  • Free trial account
  • Handsome monthly gain
  • Verified trading results
  • No regional restrictions


  • Lacks detailed information on its strategy
Go to TechBerry

2. XM – Low Spreads and Fast Execution

Go to XM

XM brokerage features in the top Forex brokers list. It offers tight spreads and no re-quotes. Here, you can trade with no hidden charges while enjoying leverage up to 888:1. This platform offers free access to Forex market research so that you can make more informed decisions. XM also offers its users daily access to Forex trading signals as well as free daily technical analysis.

The customer support team of this broker is very efficient, and they are available 24/5. This platform supports different trading platforms like MT4, MT5, and XM WebTrader and lets you trade in CFDs on commodities, currencies, indices, metals, crypto, and energies.

Minimum Deposit:$5
Tradeable Symbols (all):1300+
Commissions & Fees:Spreads from 0.6 pips (standard account), $7 for $100,000 transaction (zero spread account)
Best for:Fast execution; Leverage trading; Low spreads


  • Entire MetaTrader suite
  • In-house broadcasting
  • Free technical analysis 


  • Not available in US
  • Offers only MetaTrader platforms
Go to XM

3. eToro – Excellent Choice for US Traders

eToro is an Israel-based broker that has licenses from multiple regulatory bodies like FinCEN, CySEC, FCA, and ASIC. One of the best features of this platform is eToro Education, where you can find all the resources you need to become a successful investor. There are guides for beginners as well as pro traders, and you can access content in various formats like podcasts, webinars, and videos.

etoro crypto assets

eToro is one of the best copy trading platforms on the market. This feature is especially suitable for beginners who can simply mimic the orders placed by others instead of creating their own trading strategies. Popular investors who reach the higher tiers get access to VIP perks.

Minimum Deposit:$10
Tradeable Symbols (all):3000+
Commissions & Fees:$5/withdrawal; conversion fee, 0% commissions
Best for:Copy trading platform; Crypto trading


  • Easy account opening process
  • Social trading
  • Top-notch platform
  • Offers 63 cryptocurrencies


  • Not available in some US states
Go to eToro

4. FXTM – Great Education for Beginners

Go to FXTM

FXTM is one of the Forex trading platforms that allow users to learn. It lets you test your strategies using a free demo account. The broker also has comprehensive articles and step-by-step tutorials for beginners. You can attend online webinars and seminars and get your trading activities handled by a dedicated account manager.

FXTM offers tight spread and ultra-fast trade execution. It has ultimate risk protection and security. In order to trade on this platform, you don’t need to be an experienced trader. There are multiple strategies to follow on this platform, and you can earn whenever strategy managers make profits.

Minimum Deposit:$10 for micro
Tradeable Symbols (all):250+
Commissions & Fees:$0.40 – $2 based on volume
Best for:Best for novice traders
Pros Cons 
Online seminars and webinarsOffers less trading instruments
Copy-tradingInactivity & withdrawal fees
Dedicated account manager  
Go to FXTM

5. Pepperstone – Top Tools for Professional Traders

Go to Pepperstone

Pepperstone is a platform that lets you trade CFDs on FX Majors including EUR/USD from 0.0 pips. It lets you enjoy tight spreads as low as 0.0 pips with deep liquidity and no requites. This broker boasts fast execution and a 99.6% fill rate. There is no dealing desk intervention either. The SCB fully regulates the platform. It stores client funds in tier 1 banks, so there is no question of losing your investments.

With Pepperstone, you get access to TradingView’s advanced charting tools and interact with more than 30 million traders. With Smart Trader Tools, you can access 28 indicators and EAs. 

Minimum Deposit:AUD$200 or equivalent
Tradeable Symbols (all):150+
Commissions & Fees:Depends on the trading account currency
Best for:Best for trading experience
Pros Cons 
Digital account openingNot available to US traders
Quality customer service
Free withdrawal and deposit  
Go to Pepperstone

6. IC Markets – Leading Forex Broker in Australia

ic markets
Go to IC Markets

IC Markets has its headquarters based in Sydney Australia and it has been offering its brokerage services for more than a decade. By streaming prices directly from liquidity providers, this platform can provide raw spreads. It lets you trade with up to 1:500 leverage and even supports micro lot trading. The average EUR/USD spread is only 0.1 pips, with only a small commission of $3.50 per lot payable per side. 

The MT4 and MT5 servers of this platform are located in the Equinix NY4 data center in New York. This helps eliminate unnecessary latency. For faster processing of withdrawals, all account holders are required to submit withdrawal requests from inside the Secure Client Area.

Minimum Deposit:A$200
Tradeable Symbols (all):834
Commissions & Fees:Zero commission (Standard), $3.5 per lot (Raw spread)
Best for:Best for day trading
Pros Cons 
Low Forex feesLacks proprietary trading app
Free deposit and withdrawal
Low spreads
Go to IC Markets

7. IG – Access 1700+ Markets

ig broker
Go to IG

IG lets you gain an edge over the market by offering an award-winning web trading platform and mobile apps. You can brush up your trading skills using virtual money in an environment with reduced risk. You can get friendly support 24 hours a day, and the account-opening process is extremely simple.

With IG, you can enjoy flexible access to more than 1700 global markets with reliable execution. It offers low spreads and a tiered margining system that allows it to remain competitive while maintaining competitive rates. 

Minimum Deposit:$300 (card), no minimum (bank transfer)
Tradeable Symbols (all):16000+
Commissions & Fees:0.5% conversion charges, $12/month inactivity fee
Best for:Best for CFD trading
Pros Cons 
High-end trading platformSlow customer support
Superb educational tools 
Multiple deposit and withdrawal options 

8. Interactive Brokers – Outstanding Features for Portfolio Management

interactive brokers
Go to Interactive Brokers

This is one of the cheapest Forex brokers out there. It is a world-class service that is active in 33 countries and covers 134 markets all over the world. Interactive Brokers is licensed by major financial regulators like NFA, CFTC, and US SEC. Here, you can trade in futures and options without paying any commissions.

The web application of this broker lets you check quotes and place trades. It provides you with key performance metrics as well. If you trade multiple products, you can use the Trader Workstation to get access to comprehensive trading, portfolio tools, watchlists, charts, and order management.

Minimum Deposit:$100
Tradeable Symbols (all):10000+
Commissions & Fees:$2 per order 
Best for:Best for advanced traders
Pros Cons 
Low trading feesComplex trading platform
Wide range of symbols
Quality trading tools 

9. Exness – Forex Broker with Free VPS

Go to Exness

Exness lets you access multiple markets while offering stable and reliable pricing. Here, you can conduct withdrawals instantly on a 24/7 basis. There is no manual processing involved, including on weekends. Thanks to free VPS hosting, you can enjoy fast and reliable execution on this platform. With standard accounts, you can enjoy commission-free trading, while professional accounts offer raw spread, zero commission, and zero spread for scalpers, algotraders, and pro traders.

The trading platform of Exness Trader is specially designed for beginners. It has all the essential features like indicators, candlesticks, and tools for calculation. You can successfully diversify your assets across classes and switch effortlessly between charts. 

Minimum Deposit:$200
Tradeable Symbols (all):100+
Commissions & Fees:Up to $3.50 each side per lot (Raw Spread), From $0.2 each side per lot (Zero)
Best for:Analytical tools
Pros Cons 
Regulated in multiple countries Multi-currency accounts not available
Clients’ funds stored in segregated accounts 
Tight spreads   

10. CMC Markets – Top-Notch Trading Platform

cmc markets
Go to CMC Markets

Many traders consider CMC markets the best Forex trading platform, owing to its spread betting system that lets them access the Forex market tax-free. Apart from highly competitive spreads, this broker also offers excellent risk management tools. To improve your trading skills, you can check out the free webinars and education tools. Furthermore, this platform offers breaking economic news and technical analysis from global market experts.

CMC markets also have CFD trading features, so you can go long or short on thousands of global markets and hedge a physical portfolio. Thanks to its mobile app, you can easily manage your account, analyze the Forex market, and place orders from anywhere. 

Minimum Deposit:No minimum deposit
Tradeable Symbols (all):300+
Commissions & Fees:0.5% conversion fees, 0.11% or $29.95 for mFund transactions 
Best for:Range of offerings
Pros Cons 
Low Forex fees No social trading
Advanced educational and research tools  
Excellent mobile and web platforms    

11. AvaTrade – Excellent Research Tools 

Go to AvaTrade

AvaTrade is one of the best currency trading platforms out there. It has established a new standard in risk reduction with AvaProtect. This tool lets you protect a specific trade against losses of up to one million dollars over a chosen timeframe in exchange for a modest hedging cost paid at the time of purchase. This broker also has its own social trading app known as AvaSocial. It lets you connect with pro traders and automate your orders.

AvaTrade has a user-friendly interface that lets you access all trading instruments in one place. The official website has an education portal where beginners can learn about technical analysis and strategies. 

Minimum Deposit:$100
Tradeable Symbols (all):55
Commissions & Fees:No commissions, Bid-Ask Spread, $50 inactivity fee after 3 months 
Best for:No commissions trading
Pros Cons 
Excellent research tools  High inactivity fee
No trading commissions   
Unique social trading features    

What is Forex trading?

It is the activity of converting one currency into another. The Forex market is very active and every day, an average of $5 trillion dollars passes through it. Owing to several factors, the prices of currencies keep rising and falling, and by capitalizing on the price differences, traders can earn profits. The extreme volatility of the market makes it possible for individuals to earn huge profits.

Is Forex trading risky?

Although the Forex market is quite lucrative, it has its fair share of risks. Every trader needs to deal with a certain level of risk. It is important to understand the risks in order to avoid suffering heavy losses. For leverage, traders have to make margin investments. When there is a price fluctuation, there might be a margin call, which causes the investor to pay a large sum.

Another way you can suffer losses is when the exchange rate changes before trade settlement. Thus, if you spend a long time between opening and closing an order, there is a greater degree of risk. 

How to start trading on Forex?

If you are new to currency trading, you need to know how the market works. For this, you can study free educational material on the internet. This will help you with the basics. The next step is to choose a regulated broker. Regulated firms are always fair, and you can rest easy knowing your assets are safe with them. Also, it is a good idea to get started with a small amount to avoid incurring heavy losses in the beginning.

Who is an FX broker?

It is an organization that purchases and sells currencies in your stead. When you are signed up with a brokerage firm, you can access the market 24 hours a day and make speculative investments on currency pairs all over the globe. In order to stay competitive, many brokers reduce their expenses, but you still have to pay a fee, including a spread. 

Forex brokers: how do they work?

Most brokers make money off the spread; however, some of them only get a small income from the spreads. These brokers, also known as market makers, trade against the clients. They usually recruit a large number of brokers, offering bonuses, free education, etc. Then there are STP brokers that make money off the spread when you trade against other market participants. However, most traders prefer ECN brokers that charge a flat fee for each transaction.

Do you need a broker for Forex?

While you can start trading without a Forex broker, it can be a lot of hassle. The brokerage firm acts as the intermediary between you and the market. While trading through big banks on your own, you need a huge amount of capital, but the same is not true for brokers. 

Are Forex brokers reliable?

There are a whole lot of scams when it comes to brokers. While new regulations are being imposed in the market, there are some dishonest brokers that look to cheat people off their money. This is why it is important to identify viable and reliable brokers. 

What is the minimal amount for Forex?

Some platforms let you get started with as little as $100. However, starting with a small amount will limit your returns. It is advisable that you don’t risk more than 1% of your balance. When your balance is too small, your cost per trade is higher. Ideally, you should deposit $500-$1000 in the beginning. 

How to choose a Forex broker?

Over the last decade, the number of brokerage firms has increased drastically. However, not all of them stand by their promises. Some of them are only there to make profits. Thus, before making your final decision, there are multiple factors you need to take into account. Let’s look at some of them.

License and regulation

This is a factor that many people ignore while choosing a broker. When a firm is licensed, you know it has enough capital for steady operation. It ensures that the brokers follow the best practices and keep your funds secure. 

Trading tools offered

There are many reliable brokerages that offer quality education resources and tools in the form of seminars, courses, webinars, and videos. Nevertheless, based on the chosen broker, the quality of the resources may vary. It is always wise to go for a broker offering useful tools as it simplifies the trading process.

Number of Forex pairs

It is a good practice in Forex trading to diversify your investments. When you invest in different pairs, you limit exposure to a single type of risk. This is why it is important to make sure that the broker supports a large number of currency pairs so that you have multiple investment options.


CFD trading involves contracts covering different markets like metals, energy, and indices. It gives you the chance to select different contracts varying in currency type and increment value. You can enjoy the ease of execution and the ability to access the asset at a lower cost than buying it outright. So it’s an added plus when your broker supports CFDs.

Customer testimonials

User reviews tell you about the first-hand experience of users with the broker. When a firm is highly rated by most users, you can tell that it is reliable.

Trade execution

For getting the best deal, you should sign up with a broker that has great trade execution practices. This way, you can make sure your orders are filled on time at the best rates. For the success of your trading strategy, minimal slippage and fast execution are vital. To ensure this, reliable brokers connect to major liquidity providers. 

What is the best Forex broker for beginners?

As a beginner, you would want to sign up with a top Forex broker that has a user-friendly platform. It should provide ample support and education so you get to know about the basics of currency trading. Also, you should be able to get started with a small deposit. 

What is the best Forex broker for experienced traders?

Pro traders naturally look for advanced features from their brokers. They should have high leverage and high liquidity, and let you conduct trades round the clock without any restrictions. Some pro traders look for options and futures trading options while choosing brokers.

Dealing-desk vs. agency broker

An agency broker acts as the middleman between buyers and sellers for carrying out transactions, while desk dealers act as market makers. The latter fixes the bid and ask price, waiting for the trader to place their orders. They make money by capitalizing on the spreads. Agency brokerages, on the other hand, send the orders directly to the market via banks and liquidity providers. Hybrid brokers have certain regulations based on the account type. If the lot, frequency, and equity are under a certain level, the order will execute.

Is it possible to get rich by trading Forex?

Forex trading platforms do not offer an easy way to get rich. About two-thirds of traders report suffering net losses through trading. Even the rest of the traders do not necessarily get rich by trading in currencies. The successful trader knows how to limit their leverage, sign up with a reliable brokerage firm, and ensure swift transactions. 

Forex brokers: pros and cons

Here are the advantages of Forex brokers:

  • Wide range of educational and research tools
  • Ability to connect with pro traders and learn their tricks
  • Access to charting and technical analysis tools 
  • Swift order execution

The disadvantages are as follows:

  • Lots of scam brokers on the market
  • High trading fees for some brokers

Review summary 

Now you know about the best brokers according to Forex ranking. We chose these brokers in our guide because they excel in specific categories while satisfying all the baselines requirements. All of them have a decent reputation with clients and a wide range of trading options. Of course, you need to consider your trading style and profit objectives before signing up with one.

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