Best Forex Brokers 2022

Updated: Jun 22, 2022
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Foreign exchange is an exciting and fast-paced marketplace where fortunes are made and lost in the blink of an eye. If you want to get involved in foreign exchange trading or investing, also known as the Forex market, you’ll want to work with a top Forex broker.

The best Forex brokers offer a combination of safe trading environment, competitive pricing, high-tech trading tools, and fast and reliable trade order execution. Sorting through the long list of Forex brokers and picking out the best is too much work for the average trader, so we took care of the hard part and whittled down to a list of the top Forex brokers for a variety of focuses and specialties.

The brokers below represent the best forex brokers overall.

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BrokerOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptooffers promotions
Plus500
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77% of retail CFD accounts lose money.

FCA, ASIC, CySEC, ISA, MAS

$100

1:30 (FCA), 1:30 (ASIC), 1:30 (CySEC), 1:100 (ISA), 1:20 (MAS)

Plus500

2008

No dealing desk

FXTM
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82% of retail CFD accounts lose money

FCA, CySEC, FSCA, FSC

$50

1:30 (FCA), 1:30 (CySEC), 1:500 (FSCA), 1:3500 (FSC)

MT4, MT5, Proprietary

2011

No dealing desk, ECN, Market Maker

XTB
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77 % of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

FCA, CySEC, FSC, CNMV in Spain, KNF

N/A

1:30 (FCA), 1:30 (CySEC), 1:500 (FSC), 1:30 (CNMV in Spain), 1:100 (KNF)

MT4, xStation 5

2002

Market Maker, STP

IC Markets
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Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

ASIC, CySEC, FSA(SC)

$200

1:30 (ASIC), 1:30 (CySEC), 1:500 (FSA(SC))

MT4, MT5, cTrader

2007

ECN, No dealing desk

FP Markets
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This material on this website is intended for illustrative purposes and general information only. It does not constitute financial advice nor does it take into account your investment objectives, financial situation or particular needs. Commission, interest, platform fees, dividends, variation margin and other fees and charges may apply to financial products or services available from FP Markets. The information in this website has been prepared without taking into account your personal objectives, financial situation or needs. You should consider the information in light of your objectives, financial situation and needs before making any decision about whether to acquire or dispose of any financial product. Contracts for Difference (CFDs) are derivatives and can be risky; When trading CFDs you do not own or have any rights to the CFDs underlying assets. FP Markets recommends that you seek independent advice from an appropriately qualified person before deciding to invest in or dispose of a derivative. A Product Disclosure Statement for each of the financial products available from FP Markets can be obtained either from this website or on request from our offices and should be considered before entering into transactions with us. First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354). FP Markets is a group of companies which include, First Prudential Markets Ltd (registration number HE 372179), a company authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC License number 371/18, Registered Address: Griva Digeni, 109, Aigeo Court, 2nd floor, 3101, Limassol, Cyprus. FP Markets does not accept applications from U.S, Japan or New Zealand residents or residents from any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.

ASIC, CySEC

$100

1:30 (ASIC), 1:30 (CySEC)

MT4, MT5, IRESS, WebTrader

2005

DMA, ECN, No dealing desk, STP

Swissquote Bank
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Trading involves risks. Products and services of Swissquote are only intended for those permitted to receive them under local law.

FCA, FINMA, CSSF

$1000

1:30 (FCA), 1:100 (FINMA), 1:30 (CSSF)

MT4, MT5, Advanced Trader

1996

Bank, Dealing Desk, Market Maker, No dealing desk

OCTAFX
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Forex margin trading involves substantial risks

SVGFSA

$50

1:500 (SVGFSA)

MT4, MT5

2011

ECN, STP

Exness
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General Risk Warning: CFDs are leveraged products. Trading in CFDs carries a high level of risk thus may not be appropriate for all investors. The investment value can both increase and decrease and the investors may lose all their invested capital. Under no circumstances shall the Company have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs.

FCA, CySEC, FSCA, FSA(SC)

$10

1:2000 (FCA), 1:30 (CySEC), 1:500 (FSCA), 1:2000 (FSA(SC))

MT4, MT5

2008

Market Maker, No dealing desk

BDSwiss
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This website is for general information purposes only and is operated by BDSwiss AG. BDSwiss AG is the BDSwiss Group’s Holding Company domiciled in Grienbachstrasse 11, 6300, Zug, Switzerland. BDSwiss AG does NOT offer any financial products or services.

FSC, FSA(SC)

$10

1:500 (FSC), 1:500 (FSA(SC))

MT4, MT5, Proprietary, WebTrader

2012

Market Maker, STP

Tickmill
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.27% and 73.32% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

FCA, CySEC, FSCA, FSA(SC), Labuan FSA

$100

1:30 (FCA), 1:30 (CySEC), 1:500 (FSCA), 1:500 (FSA(SC)), 1:1000 (Labuan FSA)

MT4

2014

No dealing desk

Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.


Best FX Brokers for Forex Trading


Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients. You can also visit our Stock Brokers section.

Plus500

Regulated by:FCA, ASIC, CySEC, ISA, MAS

Headquarters:Israel

Foundation Year:2008

Min Deposit:$100

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77% of retail CFD accounts lose money.

Plus500 is a CFD publicly traded company that was founded in 2008 and is the main sponsor of football club Atlético Madrid. The Plus500 CFD trading platform is offered by Plus500 UK Ltd which is authorised and regulated by the UK Financial Conduct Authority and is also a subsidiary of Plus500 Ltd which is a publicly-traded company listed on the London Stock Exchange.

The broker’s trading platform is available in more than 50 countries and is authorised and regulated around the world by the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), the Monetary Authority of Singapore (MAS) and the Israel Securities Authority (ISA), among others.

Pros: Cons:
  • Multiple regulations from around the world – FCA, CySEC, ASIC, MAS, ISA.
  • More than 2,500+ CFDs to trade on, covering multiple asset classes.
  • Commission-free trading.
  • Simple to use proprietary trading platform.
  • Multilingual customer support 24/7.
  • No phone support offered.
  • Lack of market news and trader education.

Watch Our Plus500 Video Review:

FXTM

Regulated by:FCA, CySEC, FSCA, FSC

Headquarters:Cyprus

Foundation Year:2011

Min Deposit:$50

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82% of retail CFD accounts lose money

FXTM, short for ForexTime, is a platform with a primary focus on foreign exchange. That specialization allows it to rise above many others when it comes to Forex focused trading platforms and tools. CFDs are available on 50+ currency pairs including major, minor, and exotic pairs. Leverage is available up to 1000:1.

Spreads are competitive across all platforms with 24-hour trading open 5 days per week. FXTM is based in Cyprus and licensed by the International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission, and other regulators in and out of the EU. A free demo account is available. 

 Pros:  Cons:
  • Support for 250+ products to trade across global markets, including Forex, commodities, shares, indices and cryptocurrency CFDs
  • Competitive spreads
  • MetaTrader 4 and MetaTrader 5 platform support
  • Low maximum order size
  • No native Mac desktop app

Watch Our FXTM Video Review:

XTB

Regulated by:FCA, CySEC, FSC, CNMV in Spain, KNF

Headquarters:Poland

Foundation Year:2002

Min Deposit:N/A

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77 % of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

XTB is an award-winning CFD platform that supports Forex, indices, commodities, stock CFDs, ETF CFDs, and cryptocurrencies. For Forex, XTB supports 48 currency pairs with low-cost spreads. Customers of XTB can choose between trading on the xStation 5 or MT4 platforms. For leverage accounts, this brokerage offers leverage of up to 200:1.

Pros: Cons:
  • Choose between two excellent trading platforms (xStation 5 or MT4 platforms)
  • A collection of 3000+ trading instruments across six asset classes
  • Low spreads
  • Fewer Forex pairs than some top competitors
  • No 24/7 support

Watch Our XTB Video Review:

IC Markets

Regulated by:ASIC, CySEC, FSA(SC)

Headquarters:Australia

Foundation Year:2007

Min Deposit:$200

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Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

IC Markets was founded in Sydney, Australia in 2007 and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the Seychelles Financial Services Authority (FSA). According to the broker’s website, they processed $646 billion worth of trading volume in April 2019 alone.

Pros: Cons:
  • True ECN broker with institutional grade liquidity.
  • MetaTrader and cTrader available on desktop, web and mobile.
  • Wide range of tradable products with 24/7 customer support.
  • Impressive library of educational material and videos.
  • Beginner traders may be overwhelmed by the choice of markets and platforms.

Watch Our IC Markets Video Review:

FP Markets

Regulated by:ASIC, CySEC

Headquarters:Australia

Foundation Year:2005

Min Deposit:$100

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This material on this website is intended for illustrative purposes and general information only. It does not constitute financial advice nor does it take into account your investment objectives, financial situation or particular needs. Commission, interest, platform fees, dividends, variation margin and other fees and charges may apply to financial products or services available from FP Markets. The information in this website has been prepared without taking into account your personal objectives, financial situation or needs. You should consider the information in light of your objectives, financial situation and needs before making any decision about whether to acquire or dispose of any financial product. Contracts for Difference (CFDs) are derivatives and can be risky; When trading CFDs you do not own or have any rights to the CFDs underlying assets. FP Markets recommends that you seek independent advice from an appropriately qualified person before deciding to invest in or dispose of a derivative. A Product Disclosure Statement for each of the financial products available from FP Markets can be obtained either from this website or on request from our offices and should be considered before entering into transactions with us. First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354). FP Markets is a group of companies which include, First Prudential Markets Ltd (registration number HE 372179), a company authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC License number 371/18, Registered Address: Griva Digeni, 109, Aigeo Court, 2nd floor, 3101, Limassol, Cyprus. FP Markets does not accept applications from U.S, Japan or New Zealand residents or residents from any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.

This brokerage offers a massive range of tradable assets through Forex, CFD, and share trading accounts. FP Markets supports the MT4, MT5, and IRESS platforms and offers leverage up to 500:1. You can trade 45 currency pairs with competitive spread or commission pricing.

Pros: Cons:
  • 10,000+ tradable assets
  • Choose between 3 trading platforms
  • Competitive spread pricing on raw account
  • High spreads on the standard account
  • A range of possible additional fees
  • AU $200 minimum opening balance

Watch Our FP Markets Video Review:

Swissquote

Regulated by:FCA, FINMA, CSSF

Headquarters:Switzerland

Foundation Year:1996

Min Deposit:$1000

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Trading involves risks. Products and services of Swissquote are only intended for those permitted to receive them under local law.

Swissquote Bank Ltd. is an online forex, CFD and derivatives trading broker that offers what may be called a total trading package that goes beyond forex or CFDs. Swissquote Bank is part of the Swissquote Group Holdings Ltd, and represents the Swiss-based trading division of the company. Swissquote Bank operates from Gland, Switzerland and commenced operations in 1996.

Pros: Cons:
  • Swissquote Bank is a regulated entity.
  • here is a comprehensive trader education suite.
  • Customer support is very responsive and provides timely service.
  • Investor protection is very strong.
  • Highly diversified asset base, which caters to all kinds of traders.
  • Many countries are excluded from doing business with Swissquote, which prevents traders in those countries from opening trading accounts.
  • Minimum deposit amounts are high.

Watch Our Swissquote Bank Ltd Video Review:

OctaFX

Regulated by:SVGFSA

Headquarters:Saint Vincent and the Grenadines

Foundation Year:2011

Min Deposit:$50

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Forex margin trading involves substantial risks

OctaFX is a Forex and CFD trading platform with a focus on low, competitively priced spreads. It supports MT4, MT5, and cTrader trading platforms. cTrader offers the lowest costs, but does require a bit more experience. Novice traders are best starting off at OctaFX using MetaTrader 4, which supports micro accounts.

Pros: Cons:
  • Low spread pricing
  • 3 different platforms and flexible pricing
  • Free Forex demo available
  • Just 28 currency pairs
  • Limited deposit options
  • Lost UK Financial Conduct Authority coverage in 2017

Watch Our OctaFX Video Review:

Exness

Regulated by:FCA, CySEC, FSCA, FSA(SC)

Headquarters:Cyprus

Foundation Year:2008

Min Deposit:$10

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General Risk Warning: CFDs are leveraged products. Trading in CFDs carries a high level of risk thus may not be appropriate for all investors. The investment value can both increase and decrease and the investors may lose all their invested capital. Under no circumstances shall the Company have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs.

Exness was founded in 2008 and is a joint brand name of Nymstar Limited, a Securities Dealer registered in Seychelles authorised and regulated by the Financial Services Authority (FSA) of Seychelles, and Vlerizo (Pty) Ltd – a Financial Service Provider authorised and regulated by the Financial Sector Conduct Authority (FSCA) in South Africa.

The broker offers clients the ability to trade on 200+ financial CFD instruments covering Forex, Shares, Indices, Energies, Metals and Cryptocurrencies, from its WebTrader platform and the globally renowned MetaTrader 4 and MetaTrader 5 platforms for Web, Windows and MAC.

Pros: Cons:
  • 200+ financial CFD instruments
  • Unlimited leverage.
  • Commission-free trading available.
  • MT4/MT5 available.
  • Fee-free deposits and withdrawals.
  • Not available in all regions.

Watch Our Exness Video Review:

BDSwiss

Regulated by:FSC, FSA(SC)

Headquarters:Mauritius

Foundation Year:2012

Min Deposit:$10

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This website is for general information purposes only and is operated by BDSwiss AG. BDSwiss AG is the BDSwiss Group’s Holding Company domiciled in Grienbachstrasse 11, 6300, Zug, Switzerland. BDSwiss AG does NOT offer any financial products or services.

BDSwiss was founded in 2012 and is a registered trademark of BDSwiss Holding Ltd which is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), Financial Services Authority (FSA) Seychelles and by the Mauritius Financial Services Authority (FSC). The focus for this review is the services offered on the EU website and as such is under the CySEC regulation.

BDSwiss offers clients access to trade on more than 250+ financial instruments covering Forex, Commodities, Shares and Indices all through its proprietary WebTrader platform and the globally recognised MetaTrader 4 and MetaTrader 5 platforms.

Pros: Cons:
  • CySEC regulated.
  • Commission-free trading available on non-share CFDs.
  • 250+ markets to trade on.
  • Tons of research and education material.
  • MetaTrader 4 and MetaTrader 5 platform available.
  • Premium features require a VIP account that needs a higher minimum deposit.

Watch Our BDSwiss Video Review:

Tickmill

Regulated by:FCA, CySEC, FSCA, FSA(SC), Labuan FSA

Headquarters:United Kingdom

Foundation Year:2014

Min Deposit:$100

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.27% and 73.32% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Tickmill was founded in 2014 and is regulated by the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Seychelles Financial Services Authority (FSA).

The broker provides more than 80+ CFD instruments to trade on covering Forex, Indices, Commodities and Bonds through three core trading accounts called the Pro Account, Classic Account and VIP Account. They also offer a demo trading account and Islamic swap-free account.

Pros: Cons:
  • Multiple regulations and licences.
  • Commission-free trading accounts available.
  • Competitive spreads and overnight swap charges.
  • Impressive range of trader research tools and analysis.
  • No stocks available.
  • MetaTrader 5 not available.

Watch Our Tickmill Video Review:


How to choose a Forex broker

Every trader has different priorities and strategies when it comes to Forex broker, but there are a few common features that every trader wants in a Forex brokerage:

  • Regulation and reliability – By dealing with a regulated broker, you can have the assurance that the broker has met the operating standards imposed by the regulatory body.
  • Low fees A low-fee brokerage helps you keep more of your profits for yourself. Different Forex companies charge you through commissions and/or spread markups.
  • Great platform and trading tools When you log in to your account, you should have everything you need to succeed at your fingertips. The best brokerage and forex platforms include a desktop, mobile, and web-based option to manage your account, research and track positions, and enter trades.
  • Fast trade execution When ycou click the buy or sell button, a delay of a few seconds can cost you big. It’s important to work with a platform that offers real-time data and near-instant executions.

FX Empire has years of experiencing researching and reviewing brokerages and other financial companies around the world, and is a leader in reviews in the Forex and CFD (contract for difference) industries.

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This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.