7 Best Forex Brokers in 2022 • Indepth Review
There are a lot of factors and components involved in trading forex. Forex brokers are an important and inevitable aspect of trading the currency market. The best forex brokers provide traders with a combination of high-value trading tools, average spreads, quick and efficient trade order execution, trading environment, and competitive pricing.
Going through an extensive list of forex brokers for currency trading and other financial assets, we have evaluated and identified forex brokers with all-encompassing offers and resources that we believe would be suitable for trading forex.
Table of Contents
Best Forex Broker: What is a Forex Broker
A forex broker is a financial service institution that gives traders access to a platform to buy and sell foreign currencies and other trading assets.
As a financial market investor, a broker or an exchange platform is important as the broker. The platform connects you as an investor to the market to make investments and trade the financial market. Many brokerage companies are available to choose from but choosing a broker or platform to commit to is not an easy decision because not all exchange platforms or brokers can be considered legitimate. When researching a brokerage or an exchange platform, there are attributes to be keen on before determining which platform to commit your trust and financial capital with.
Firstly, as an investor, the most important thing while inquiring about a broker’s legitimacy and practicability is to look at the overall trading conditions and the trade executing setups. This helps to understand what it involves in terms of leverage offered, types of commissions and conditions under which fees are deducted, and other deliverables.
Available trading assets and instruments provided by brokers on their platforms are also features that need to be accessed as an investor to evaluate if they meet the investor’s requirements. A standard exchange platform is expected to be user-friendly and simple to navigate through. It should have good customer support, account supervision, security, and trade execution should be provided
In this writeup, we have discussed the best forex brokers available in the financial and trading industry. Relevant features and deliverables of each broker are evaluated extensively. The forex brokers’ review is well detailed and comprehensive to help you decide which broker to make investments easier for you.
Best Forex Brokers
- Top Overall Forex Broker Choice: AvaTrade
- Best Advanced Trading Forex: Interactive Brokers
- Best Broker for Crypto Trading: IG Broker
- Best Broker’s Trading Platform: eToro
- Best for Ultra-low Spreads: CedarFX
- Best Forex Trading Platforms: Forex.com
- Best for Commission Free Trades: FXCC
#1. Top Overall Forex Broker Choice: AvaTrade
Avatrade came into being in 2006; it is an international forex broker and CFD broker regulated by different top financial institutes. Moreover, it has heaps of tools and resources that will fascinate all beginners, like paper trading account and 100000 dollars of virtual funds.
Avatrade is one of the safest online brokers and is regulated by the top tier-one jurisdiction. This is the reason which makes it a trustful CFD and Forex broker. The range of marketing is great, and it should also be good for traders. Avatrade is offering its clients worthy selections for trading platforms.
Avatrade has stopped the trading platforms like mirror trader and Robox. With their dedicated web trading platforms like meta-trader and Avatrade acting as an alternative, it offers a huge variety of platforms for catering to automated and manual traders.
Avatrade features on attracting traders with different skills and levels to offer them an adaptable trade site. There are more than 200000 registered clients with a trading volume of 2 million per month. Want more to know about this CDF and forex broker? Then continue to read about the Avatrade feature.
How does it work?
Webtrader, a default interface, can be accessed via a browser. Concerning its competitors, it lacks a few basic features and is plain, but it is intuitive and user-friendly. Clients who execute traditional fundamental or technical trading strategies can opt for the industry- newer MetaTrader 5 or even the MetaTrader 4.
Following transparency, the AvaTrade account also lists all the pertinent information in the ‘Trading info’ tab on the Avatrade website like “Stocks Earnings Releases,” “Order Execution Policy,” “Economic calendar,” “CFD Rollover” information, and ‘holiday trading hour,’ for aiding the clients in the trading decision.
In addition, the forex calculator link will inform the dealers of the risk of losing money rapidly, how many trading costs, potential profits, and overnight interest calculations.
Web trading platform offers three order types: a simple market order and two pending orders, with an option for attaching stop loss or take profit orders to them.
- Fast and effortless account opening
- Different withdrawal and deposit issues
- Excellent research tools
- Effective and reliable functioning
- Incredible inactivity fees
- Average forex fees
Commission & Fees
In non-trading fees, there is no fees withdrawal or minimum deposit and no account fees. All the brokerage accounts of AvaTrade are subject to the inactivity fees, which is 50 dollars if you do not use it for three months, Followed by 100 dollars of administration fees if you stay inactive for a year. This amount is deducted from the trading account.
Typical spreads are suggestive amounts because they are largely powered by macroeconomic events and market conditions that impact markets’ financial futures association. In terms of margin trading, the requirements for margin are the subjects to be changed based on the new release, market volatile and trade size.
>>Read more About AvaTrade Review: Is it the Best for Advanced Non-US Traders?
#2. Best Advanced Trading Forex: Interactive Brokers
Interactive Brokers are the institutional investors that promote commission-free trading while providing the most accessible brokerage services for decades. This sophisticated publicly-traded company has got the top rankings for the best brokers for stock and ETF.
Interactive brokers offers the customers global as well as US-based trading. The two plans that the company thought about are IBKR Pro and IBKR Lite.
The IBKR lite customers are available to trade forex, options, stocks, bonds, funds, and options on up to 135 markets, not more than one trade accounts. for the convenience of the customers to easily evaluate assets among the socially responsible investing lens
The IBKR Lite does not offer any trading fees or commissions. For all the experienced active traders who need a wide variety of investments, these brokers are the best choice making them the best broker.
How does it work?
Like all the online brokers, IBKR also produces interest earnings with the difference between what it earns on the customer’s cash backs and what it pays on their idle cash.
The company also offers market research. Like most, the brokers produce income when they accept payment from the market makers to direct orders to the trade venues. That is known as the payment for the order flow.
When the stocks held in the client’s account are lent to other hedge funds or traders, the stock loan program produces revenue for interactive trading brokers.
From all the loan shares, the company provides 50% of the total income that it receives to the client. A mobile app is available for the customers who are approved for cash account or margin account with 50000 dollars. The trading interactive brokers offers exclusive benefits.
- Low fees and commissions
- Impressive platform stacked with multiple features
- Incredibly decent and effective trade execution
- A broad range of investment features and offerings
- The platform is a bit intimidating, mainly for beginners
- It utilizes highly daunting tiered pricing plans
Commission & Fees
You will find the pricing scheme for these brokers a bit complicated. That’s because it includes three different types of commissions named fixed, tiered, and lite programs. Firstly, let’s talk about stocks and ETFs. It costs $0 for IBKR lite accounts and ranges from $0.005 to $0.0035 per share for at least 300,000 shares per month or a minimum of $0.35 per trade.
Moreover, depending on the trade volume, the commissions are $0.15 to $0.65 per contract. When trading 15 contracts, it will cost 32.50. Mutual funds are lessening than 3% of total trade value costing $14.95 for funds. When we talk about the future trades, it costs $0.85 per contract with additional regulatory and exchange fees.
>>Read more About Interactive Brokers Review: Is it the Lowest Cost Online Stock Platform?
#3. Best Broker for Crypto Trading: IG Broker
One of the advanced trading platforms, IG brokers, includes a forex trading platform that’s effortless to customize and is user-friendly. The forex market traders also involve educational tools for funding, learning, and other aspects with different trading platforms available.
You will also find many useful educational tools for learning. Funding and withdrawing money is easy, and there are multiple options, as illustrated by the commodity futures trading commission. Besides this, the Forex broker includes a foreign exchange with currency pairs to provide retail investor accounts.
It offers advanced trading account features for stock CFDs. You will find a limited product portfolio as these forex traders involve options trading and foreign exchange features. The customer support is second to none with currency market options to get the maximum benefit.
Therefore, IG brokers are for users looking for forex trading within the US. Anyone who desires to trade foreign exchange markets will find these forex brokers a top choice. IG opts to provide exclusive forex trading services from low spread costs, actionable research, customer service, interfaces, and more, making it one of the most exclusive online brokers in the market.
How does it work?
IG platform includes multiple choices and currency trading options, API interfaces starting from proprietary web-based options with effortless and customizable features. This forex broker is an excellent trading platform with easy and stable browser access, and that’s a valuable advantage for forex and CFD traders.
Moreover, the fee options are budget-friendly, but the contract sizes are smaller than regular retail traders. Have you got that? You will find both the vanilla and barrier trade options with no deposit and account fees.
Besides this, the CFD trading option is a web-based trading platform loaded with broad features to provide innovative functions and copy trading options. Usability is the heart of professional traders that includes trading costs and demo account factors.
The broker includes innovative trading tools like the streaming news from an economic calendar that regulates forex brokers to help experienced traders to start trading with complex instruments. The advanced traders include a customizable screener for different asset classes such as CMC markets and other currency pairs.
- Wide range of trading tools and offerings
- It accepts US customers
- Provides a detailed emphasis on research
- Offers protection to clients
- Lacks account protection
- Incredible share-CFD fees
Commission & Fees
Let’s see how IG makes money, especially through different customer trades that ultimately cross the bid spread. The global financial markets offer foreign exchange trading with a commission charge that allows users to play when one user is trading CFDs, but it also adds to another side of the market spread. You will also find another commission for share-CFD trade.
Moreover, it also includes an inactivity fee of up to $12/month when there is no trading for 24 months. You will also find wire withdrawals of $15 while providing a detailed explanation of the forex market on the website. You will also find three rebate tiers starting from 5% for almost $100 of trading volume to up to 15% for $500+ million in each trading volume.
#4. Best Broker’s Trading Platform: eToro
For the cryptocurrency investors in the United States, EToro has a graphics-intensive web platform. At the same time, the clients who are not in the United States are advised to trade contracts and stocks for the difference. A key feature of such a special proprietary platform is that the client can easily implement copy trading.
The main point of your experience with the eToro is the ease with which you are provided to complete tasks and carry out basic operations, more like adding instruments by searching the market available and making watchlists, and directly placing trades from the watchlist.
How does it work?
EToro platform features investors who like to follow risk-control rules and want to be duplicated. The retail account holders are accessible to mimic trading strategies and trades of many successful customers in real-time and automatically.
Note that the copy trading in and itself does not hold a guarantee of losses either gains. This platform is a little pricier concerning its competitors for trading forex and CFDs, despite the recent introduction of zero-dollars commission and cutting spreads for the U.S. trading stock.
All the investors on the eToro are trading manually. EToro does not permit completely trading systems like those supported by M.T. Thus, when you copy trade the etoro, it is guaranteed that every placed trade is manual.
- 15 cryptocurrencies options
- Easy-to-use website
- Great community for traders
- Broad Spreads for trading cryptocurrencies
- $25 minimum deposit
Commission & Fees
The clients in the United States who trade cryptocurrencies have to pay 0.75 percent to 5.0 percent; this depends upon which currency you trade. In contrast, customers out of the U.S. don’t have to pay any commission to close or open a long position. Small sales invite 0.18 percent commission of the trade value.
The U.S. clients are not charged for withdrawal of funds, except you are supposed to have a minimum withdrawal of 30 dollars. The withdrawal fee for non-US customers is 5 dollars.
#5. Best for Ultra-low Spreads: CedarFX
One of the most innovative forex trading platforms, CedarFX, is an online broker that includes major currency pairs with advanced trading tools with a broad range of tradable assets. You can easily trade CFDs within the trading market, thereby enabling you not to lose money. The U.S. stocks, free demo account, copy trading, currency pairs offer the most suitable services within a forex trading market.
It offers commission-free and below-average spreads across the entire asset classes. Moreover, these regulated forex brokers offer CFDs for multiple cryptocurrencies containing Ripple, Bitcoin, Litecoin, etc. The forex platform trades within CMC markets in pairs allowing you to trade forex in different currencies like Bitcoins and others.
The most exclusive feature of CedarFX is that the forex trader utilizes the MetaTrader 4 as a web platform to provide novice traders the excellent forex trade services. Many forex brokers use a proprietary trading platform that’s less flexible than this publicly-traded platform and is beloved by every advanced trader to enjoy beneficial benefits.
What’s more? You can enjoy access to 30 different technical indicators containing the Relative Strength Index, Bollinger Bands, and other options to provide exclusive forex pairs. In addition to this, you can also enjoy access to while market orders, different kinds of loss orders, and retail investor accounts for trading forex reliably.
How does it work?
The full-service brokerage allows users to fund the account using Bitcoin to provide excellent trading services within the trading platforms. In addition to this, Bitcoin is an optimization technique that offers rapid clearing enabling users to access funds within five minutes.
These forex traders are the most attractive platform for advanced traders from ultra-low spreads to high leverage, allowing users to offer excellent customer service and crypto options. This forex broker includes low spreads on six multiple classes for more than 180 assets.
Traders can enjoy a range of instruments, including metals, commodities, futures, indices, and stocks. This generation trading platform includes 55 Forex currency pairings, 38 pairs, 73 stocks, and much more agency broker services.
- No withdrawal fee or minimum deposit
- It offers multiple assets and forex pairs
- You can get same-day withdrawals using Bitcoin
- Tiered leverage enables traders to maximize exposure with a minimum deposit
- You will find the forex brokers unregulated
- It only involves Bitcoin withdrawals
Commission & Fees
Here are the commission and fees! The forex trading includes a 0% commission account with no minimum deposit or withdrawal options. Moreover, if you want to fund the account through Bitcoin, the forex broker offers no hidden charges.
Are you looking for the environment? Or do you want no investor accounts lose money? Many retail investor accounts lose money, but this is the most innovative forex broker that charges only $1 commission on every trade. What does it mean? If you deposit $10 in Bitcoin, you can purchase securities of almost $5000.
#6. Best Forex Trading Platforms: Forex.com
FOREX.com provides a really extensive span of various offerings from spread betting to CFDs across various asset classes, but every region can access all. It is considered to be safe due to having a long track record. The top financial tiers regulate this trading forex broker.
The parent company of this forex broker has been listed on the stock exchange. Aside from the forex market, where derives the name, FOREX.com also offers indices, commodities, ETFs, bonds, individual stocks, silver, and gold, which is unleveraged in the U.S., futures, and cryptocurrencies, providing opportunities to all the traders.
The U.K. service offers security to clients’ accounts like ESMA-mandated anti-guaranteed to stop losing orders and balance protection. FOREX.com is ideal for every trader who seeks exposure to a wide array of asset classes and materials.
It is a great fit for high-volume forex traders. Material offerings vary by place but still, it emphasizes reliable and fast execution, diversity of other and forex platforms, and security accounts. In the United States, it’s geared to those interested in trading foreign exchange markets.
How does it work?
FOREX.com gives accessibility to more than 80 currency pairs along with a competitive spread over various types of accounts to U.S. clients. A navigable and a well-organized website along with complete disclosure of fees and services, research and education tools, multiple user interfaces which are on par along with the industry’s standards and regulatory oversight place.
So it depends upon your location and the entity holding your account that what is available for you on FOREX.com. You can trade cryptocurrency using CFDs; also, underlying asset trading is not available, for instance, buying bitcoin.
The web Trading Platform of FOREX.com is recommendable for casual traders because it is simple to browse through place trades and markets and conduct searches. TradingView powers all the charts as well, as it is loaded with approximately ten chart types, 100 indicators, and 14 timeframes.
Within the forex platform, the investors can access economic calendars, positions, charts, news and order or trade history, access research reports and trade signals, and market analysis from the FOREX.com analysts.
- A wide variety of products
- TradingView charts
- Ideal for high-volume traders
- User-friendly and reliable
- No guaranteed for U.S. clients
- Lacks effective website maintenance
Commission & Fees
The spreads vary depending upon the client that, which kind of account they choose. For instance, the least EUR/USD spreads for clients from the United States on ‘standard’ account is one pip; on the other hand, ‘STP Pro’ and ‘commission’ will show you spreads of 0.1 and 0.2.
Although the two that are latter have 50 dollars and 60 dollars per million commissions that are added to displayed spreads, the regions that are not in the U.S. provide Direct Market Access accounts for bigger account sizes like 25000+. The DMA account does not charge any commission but also does not offer markup on spreads.
#7. Best for Commission Free Trades: FXCC
FXCC offers forex traders to trade on forex and silver and gold, indices on trusted MetaTrader 4., available as web or download solution. We will log in to Traders Hub to explore minimum regulations, demo, deposits, and leverage accounts in this online broker review. This is your chance to learn further about FXCC.
FXCC follows the STP/ECN model; it offers a competitive price and execution and no re-quotes or intervention. The clients choose 3 accounts to choose from and then trade on precious metals, indices, and forex on the well-known MT4 terminal.
FC XX provides MT4 to every client that is accessible on various gadgets and major web browsers. The platform has many advanced features for trading; this includes a built-in library with more than 50 indicators for indicating technical analysis. There is also access to plus embedded charts, stop and pending orders, the market for accurate analysis.
How does it work?
As the best forex broker, it also provides users to leverage. It can make multiple the initial accounts balance. But as a matter of fact, it should be used very wisely as it can increase the power of losses too.
For the convenience of traders, they can start a risk-free trial of 30 days on a demo account to easily test new strategies and practice skills before they commit real money. Following some easy steps, you can start up with your practice account loaded with virtual funds of 10000 dollars.
You can connect your trading account from any place with the help of the MT4 mobile phone app. The state-of-the-art platform, due to its easy-to-use reliability and interface, gets good feedback.
- 100% first deposit
- Free Virtual Private Server
- Includes MetaTrader 4 platform
- high leverage trading
- It does not include U.S. based traders
- Lacks different trading platforms
Commission & Fees
When you trade with an FXCC ECN account, you will be linked to many currencies GBP, EUR, USD featured along with tight spreads which are from 0.01 pips with the availability of trading over 30 currencies with a span of tools such as SNS notifications, trading tools, VPN, Technical analysis and E.A.s.
The only thing it costs is presented by spreads from 0,1 pips and no commission fees. You can compare spreads of FXCC with another well-known online broker like Fondex and also refer to a comparison of the spreads for most traded instruments. The foreign exchange market us all about such trading’s.
Final Verdict on the Best Forex Brokers
Out of hundreds of forex brokers available to trade within the financial markets industry, we have selected the standouts that we believe capture all the basic forex requirements with the best forex trading offers and environment.
Choosing the right forex broker is no easy task, but you must get it right to enjoy a smooth forex and trading experience. While we can try to present the best forex brokers available, only you know your requirements. Hence, take them into account, analyze and make decisions together with our recommendations.
Which broker is best for MT4?
Many brokers work smoothly with MT4, and you can trade forex conveniently, linking both the broker and the metatrader4 together. However, either of the brokers discussed above is recommended.
Can I use MT4 without a broker?
You cannot use MT4 without a broker. MT4 is a platform that provides technical and fundamental tools and market resources to help profitable forex analysis.
Is MT4 or MT5 better?
They both have their distinguishing features as MT4 is a platform primarily for currency trading while MT5 is broader in its scope and deliverables. MT5 provides access to trade other financial assets like trading CFDs, indices, and stocks. Hence, what is better depends on the kind of trader you are and what your broker allows you to trade.
Can you start forex without a broker?
No, you cannot trade forex with a broker. A broker serves as an intermediary between a trader and the forex market.
Which broker is the best?
The best forex broker based on critical evaluation and analysis that I would recommend is Avatrade. AvaTrade offers the best forex atmosphere in terms of tools, support, materials, usability, and it is well regulated, and capital security is guaranteed.
Like this Article? Subscribe to Our Feed!
Author: Ben Parker
Ben is an avid analyst in the money and investment field. His expertise in the trading and investment field allows him to produce unbiased reviews based on either his personal experience or running in-depth tests on the product/services.