Trillions in currency are bouncing around the world, 24 hours a day, five days a week, making the foreign exchange market the world’s most active and liquid market in existence. Fortunes can be won and lost quickly, as brokers routinely let traders borrow heavily to finance their speculations.
There are a lot of forex brokers out there to trade the financial markets with. Choosing the best broker can be both challenging and time-consuming. To make things easier, the team here at forexbrokerlisting.com has selected some of the top forex brokers and compiled a simple and comprehensive listing with forex brokers’ reviews and ratings, for you to choose from.
Best Forex Brokers in 2022
Through our thorough review process we chose the following brokers that stand out:
- OctaFX – Best for Education, Copy Trading, and Local Support
- Pepperstone – Best Overall and Most Trusted Forex Broker
- BlackBull Markets – Best Web Trading Platform and Instrument Collection
- Vantage – Great for Professional and New Traders
- Avatrade – Best for Beginner Traders, Great Mobile App
– Best for Education, Copy Trading, and Local Support
Our top recommended broker is OctaFX.
OctaFX is an online forex broker that was created in 2011 and offers FX spot trading, along with CFDs trading on Cryptocurrencies, Indices, Metals, and Commodities. OctaFX is an umbrella brand, and can fully provide services to clients from the European Union, as well as the rest of the world. The broker offers services to more than 1.5 million registered clients around the world.
- Trust: Founded in 2011, OctaFX is regulated in 1 tier-1 jurisdiction, making it a safe broker (low-risk) for forex and CFDs trading. All jurisdictions considered, OctaFX ranks as the most trusted forex and CFDs broker in our 2022 Review.
- Commissions: OctaFX uses its size to provide traders with consistent pricing across the board, regardless of the product you trade, and shines for its active trader pricing available through its Forex Direct accounts.
- Forex trading platforms: OctaFX supports all Metatrader versions, MT4 and MT5, as well as cTrader. This way the broker is able to cover the needs of most traders
OctaFX also offers copy trading, which is available through the desktop terminal and through their mobile app. The copy trading service allows clients to automatically copy successful traders and earn when they do, based on the equity and leverage of both the Master Trader and the Copier’s accounts.
– Best Overall and Most Trusted Forex Broker
FCA , ASIC, CYSEC, BAFIN, CMA, DFSA, SCB
The Runner Up is Pepperstone.
Regulated and trusted across the globe, Pepperstone offers traders the ultimate package of excellent trading and research tools, industry-leading education, comprehensive market research, and an extensive list of tradeable products. This fantastic all-around experience makes Pepperstone one of the best overall brokers in 2022.
- Trust: Founded in 2010, Pepperstone is regulated in 3 tier-1 jurisdictions, making it a safe broker (low-risk) for forex and CFDs trading. All jurisdictions considered, Pepperstone ranks as the most trusted forex and CFDs broker in our 2022 Review.
- Commissions: Pepperstone uses its size to provide traders with consistent pricing across the board, regardless of the product you trade, and shines for its active trader pricing available through its Forex Direct accounts.
- Forex trading platforms: Pepperstone supports all Metatrader versions, MT4 and MT5, as well as cTrader. This way the broker is able to cover the needs of most traders
Pepperstone has won more than eight awards in 2019 from four different institutions, which is a rarity for Forex brokers. One of the awards it has won in 2019 is the Best Client Relationship Manager Service from the Professional Trader Awards. Pepperstone has also been rewarded the Best Global Forex ECN Broker and the Best Forex Trading Support in Europe from the Global Forex Awards.
Pepperstone has also received multiple awards from the Investment Trends Australia Leverage Trading Report.
– Best Web Trading Platform and Instrument Collection
Number 3 is BlackBull Markets.
Blackbull Markets started operating in 2014 and since then, it has been a growing force in the trading market. The broker is based in New Zealand and offers CFDs and Forex trading. Besides, it is also known to have some very low fees, as well as tight spreads, paired with a very nice and user-friendly trading platform. Trades are executed very quickly too.
- Trust: Founded in 2014, Blackbull Markets is regulated in 2 tier-1 jurisdictions, making it a safe broker (low-risk) for forex and CFDs trading. All jurisdictions considered, Blackbull Markets ranks as the most trusted forex and CFDs broker in our 2022 Review.
- Commissions: Blackbull Markets provides traders with consistent pricing across the board, regardless of the product you trade, and shines for its active trader pricing and competitive commission.
- Forex trading platforms: Blackbull Markets supports all Metatrader versions, MT4 and MT5, across the web and mobile.
– Great for Professional and New Traders
ASIC, CIMA, VFSC
Number 4 is Vantage.
Vantage is a Forex broker that started operating in 2009, with its headquarters in Australia. This Forex broker offers traders the option to pursue their financial goals and give access to global financial markets.
The broker provides exclusive services of MetaTrader. You will find two different trading accounts and a Professional Account with more leverage but with less regulation protection. Vantage is regulated by the Australian Securities and Investment Commission (ASIC), which is one of the best financial regulators in the world. You will be able to trade in six different asset classes, and more than 40 currency pairs.
- Trust: Founded in 2009, Vantage is regulated in 1 tier-1 jurisdiction, making it a safe broker (low-risk) for forex and CFDs trading. All jurisdictions considered, Vantage ranks as one of the most trusted forex and CFDs broker in our 2022 Review.
- Commissions: Vantage provides traders with consistent pricing across the board, regardless of the product you trade and shines for its active trader pricing and competitive commission.
- Forex trading platforms: Vantage supports all Metatrader versions, MT4 and MT5, across the web and mobile.
– Best for Beginner Traders, Great Mobile App
ASIC, JFSA, FSCA
Last but not least, Avatrade.
AvaTrade is a leading brokerage firm with a globally acclaimed reputation and more than 200,000 clients from all over the world. It is considered well-regulated in five continents with quality trading solutions; they disregard user knowledge or experience, by giving traders the possibility to enter the market through different platforms and features.
It was established in 2006 and slowly grew, while global traders have traded more than two million trades a month, through 250 trading instruments. It comes as no surprise that AvaTrade has earned various industry awards in the past ten years of success; they also have widespread support programs that were launched by the brokerage firm.
- Trust: Founded in 2006, Avatrade is regulated in 3 tier-1 jurisdictions, making it a safe broker (low-risk) for forex and CFDs trading. All jurisdictions considered, Avatrade ranks as one of the most trusted forex and CFDs brokers in our 2022 Review.
- Commissions: Avatrade provides traders with consistent pricing across the board, regardless of the product you trade, and shines for its active trader pricing and competitive commission.
- Forex trading platforms: Avatrade supports all Metatrader versions, MT4 and MT5, across the web and mobile. It also supports copy trading through Zulutrade and offers competitive spreads through its native platform AvatradeGo.
Best Forex Brokers for 2022 Comparison
|Broker Name||Trust Score||Regulation||Minimum
|Pepperstone||98||FCA , ASIC,CYSEC, CMA,DFSA,SCB||$200||Visit Site|
|BlackBull Markets||97||FMA, FSA||$200||Visit Site|
|Vantage||96||ASIC, CIMA, VFSC||$200||Visit Site|
|Avatrade||96||ASIC, JFSA, FSCA||$100||Visit Site|
|XM||95||CySEC, IFSC, ASIC||$5||Visit Site|
|IC Markets||94||ASIC, CySEC||$200||Visit Site|
|XTB||92||FCA, CySEC||$5||Visit Site|
|FP Markets||90||CySEC, ASIC||$200||Visit Site|
What Is A Forex Broker?
When it comes to trading in foreign currency, traders will need to make use of a forex broker, also known as a currency trading broker, to place their trades. When a trader trades in forex, they will buy or sell in currency pairs, e.g. “EUR / USD” (Euro / U.S. Dollar). Traders will need to open an account, deposit funds, then use the broker’s trading platform to buy and sell currency using margin. In a way, forex brokers connect the investors to the market and make forex trading possible.
How Do Forex Brokers Make Money?
Forex brokers make money, mainly in three ways. They earn money through the difference of the bid and ask price(spread) or the commission they charge for using their service, clients losing their deposits, or their own trading activities. Considering that 70%-90% of investors lose their money trading we can safely say that smaller brokers who cannot conduct their own trading activity or lack liquidity resources earn the most when the market goes against their clients.
Offering High Leverage To Traders
Spreads that forex brokers earn on small portions are negligible and cannot sustain them. To counter this, forex brokers usually offer high leverage to traders. High leverage increases both profits and losses of the trader. Most brokers usually give traders a better deal just to encourage them to trade more money. High leverage also benefits the broker, especially in the event that the trader makes losses.
Trading Or Hedging Against Clients
This may come as a surprise, but that is how forex brokers make money. Some brokers trade against their own clients. Although this is unethical, it is one of the tactics that brokers use to make money and it is very profitable. If you notice that the broker is thriving when you lose, or if the spreads are too low then that is a red flag that indicates that the broker is trading against you.
Commissions Charged On Payment Processing
Some forex brokers charge a fee for payment processing. The fee is usually small and is deducted when the trader withdraws or deposits money into their account. Of course, the commission fee is too small to make any big impact on the broker’s profits but it is good enough to cover the broker’s expenses. However, most online brokers don’t charge payment processing commission.
Overnight Charges Or Swap Fees
Overnight swap spreads mean that the broker gets to pay the trader if the difference between interests in a particular currency pair is positive. On the other hand, if the difference between interest in a particular currency pair is negative, then the opposite happens meaning that the trader gets to pay the broker. In most cases, the overnight swap spread usually favors the broker.
For instance, if a particular trader is buying EUR/USD and another trader is selling, the same amount of that particular currency pair, the first trader will earn money on overnight swaps while the second trader will lose that amount. That alone is big enough to enable the broker to compensate the first trader and still remain with a good amount.
Another brilliant technique that forex traders use to make profits is trading by themselves. This is usually referred to as proprietary trading. One advantage that forex brokers have is access to information.
They know traders who are very successful in forex trading and those who are not. If they notice that a trader is very successful, they can decide to follow the trading strategy of that particular trader but trade a higher amount. For instance, if a trader decides to trade one lot to earn a profit of $100, the broker can place 3 lots on the exact position, make $100 for the trader, and earn a profit of $200 for themselves.
This can be problematic for traders as the broker might be plotting against the trader in order to make profits. This is why traders should invest their money with a trusted and regulated broker
What are the top 10 forex brokers in the world?
Here are the top 10 brokers by forex and CFD trading volume according to data compiled by Finance Magnates during the first quarter of 2021 (data excludes Japan due to the abnormally high trading volumes known to come from Japanese brokers):
- Saxo Bank
- CMC Markets
- GAIN Capital
Who is the biggest forex broker in the world?
Tokyo-based GMO Click Securities is considered the largest forex broker by trading volume, with over $1 trillion in forex trading volume in the second quarter of 2020 alone, according to data compiled by FinanceMagnates.
For non-Japanese brokers, Sydney-based IC Markets is another high-volume broker with nearly $595 billion in trading volumes during the same 2020 period.
Who the largest forex broker is may vary depending on what time period you measure. But common to the biggest brokers is that they have the most assets under management, the biggest number of clients, and the greatest market capitalization (valuation for public companies).
All are important factors to consider when gauging the size of a forex broker.
How did the team at Forexbrokerlisting.com pick the best forex brokers?
At ForexBrokerListing, we test online forex brokers based on more than 300 criteria, with real accounts and real money. We don’t want to overwhelm you, so we will list only the six top criteria. You can read more about our methodology here.
6 most important criteria for the best online forex brokers in 2022:
- Regulation – Make sure that the broker is regulated by at least 1 major regulator, to ensure the highest standards when it comes to the safety of your funds
- Trading Fees – The trading fees of a typical US equity trade can be 50 times higher at one online broker compared to another. It’s definitely worth checking these fees.
- Account Opening Process – Some online brokers require a minimum deposit to start investing while others don’t ask for a fixed first-time deposit. Check these requirements at the best online brokers.
- Deposit and Withdrawal Methods – At some online brokers, funding and withdrawing funds can take 5 times longer and be much more expensive than at others.
- Trading platforms – A user-friendly and well-equipped trading platform can significantly increase your trading comfort.
- Instruments – Want to invest in Amazon or trade Bitcoin? They might not be available. Check the product lineup before opening an account.
First, make sure your broker is properly regulated. The safety of your deposit is always the top priority. Next, compare the trading platforms, tools, and investment research provided by each broker. Finally, read forex broker reviews to compare pricing and product offerings (e.g., number of forex pairs and CFDs available to trade).
How do I know if my forex broker is regulated?
It is crucial to use a reputable, properly regulated broker to avoid complications or being scammed. To check if your forex broker is regulated, first identify 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 registered number. If the broker is not regulated in your country, do more research. To help traders, we track, rate, and rank forex brokers across over 20 international regulators.
What’s the difference between a dealing desk and an agency broker?
If a forex broker is operating as a dealer, also known as a dealing desk, they will be on the other side of their client’s trades.
If a forex broker is not on the other side of their client’s trades, they will be acting as an agent (agency broker) by routing the trade to another dealer. There are also hybrid desks, which may operate as a dealing desk and agency. Lastly, matched principals are dealers who immediately hedge their trades to remove any potential conflict of interest.
So a dealing desk can operate as both a principal and agent in a transaction, creating some strange conflicts:
- As a principal, the dealing desk trades for its own account, meaning that it may take trade from a client in which it has a vested interest in the outcome. In other words, the dealing desk could profit at the client’s expense, perhaps unloading inventory to the client just before the market falls or buying it just before the market rises.
- As an agent, the dealing desk can execute trades for a client and will pass along the trade price.
How do I calculate forex trading costs?
For forex and CFDs trading, the all-in cost to complete (open or close) each trade consists of the spread, plus any round-turn commissions. There may also be overnight financing charges, known as carrying costs, which can be either a net debit (loss) or a net credit (refund).
To keep trading costs low, focus on trading the major forex pairs such as the EURUSD, which offer the most liquidity, and thus the tightest spreads.
Which forex broker charges the lowest fees?
When it comes to competitive pricing and trading costs, Pepperstone offers the most competitive all-in cost to trade. Pepperstone offers two accounts, and no question, Pepperstone is best for active and VIP traders, who have access to pricing that competes among the lowest brokers in the industry. Using typical spread data listed by Pepperstone for its Razor account offering of 0.0-0.3 pips for the EURUSD.
Which forex broker offers the most CFDs?
IG offers the most tradeable CFDs in the industry, at an astonishing number of 19,537 CFDs, or “contracts for difference,” which enable traders to speculate whether the price of a stock, forex pair, market index or commodity will go up or down without taking ownership of the underlying asset.
Which forex broker offers the most currency pairs?
While offering more than 9,000 CFDs, Saxo Bank offers the most tradeable currency pairs, at a total of 170. The only downside to Saxo Bank is the broker’s high minimum deposit requirement.
Which forex broker has the best customer service?
After placing 500 phone calls to assess customer service from locations across the world, Pepperstone offered the best phone service. Connection times were consistently less than one minute and across 13 total calls, Pepperstone received an average Net Promoter Score of 9.0 out of 10.
Which forex broker is best for professionals?
CMC Markets offers active traders liquidity rebates starting at $5 per million when you surpass at least $25 million in notional trading volumes per month, to as much as $10 per million for those that trade over $300 million monthly.
This program in the UK is available only to Professional Clients. Using the average spread data of 0.74 pips on the EURUSD for August 2020, the all-in cost on the highest tier would be 0.64 pips and is comparable to similar programs offered by IG (0.59 pips) and Saxo Bank (0.6 pips).
Professional client status: In today’s highly regulated forex world, traders who want to maximize their margin leverage must apply and obtain ESMA’s professional client status with their broker.
Traders identified as Professionals in the EU do not receive negative balance protection and other consumer safety mechanisms such as eligibility for compensation schemes in the event of their broker’s insolvency.
Who is the Most Trusted Forex broker?
While there are several good companies from our broker review, there still is a fine margin that separates the good from the great. Here are our top 5 recommendations based on the forex brokers’ reviews provided above:
- OctaFX – Other than having no deposit fee requirement this company offers splendid customer service to their clients.
- Pepperstone – With an almost 5-star rating, this company offers great tools for beginners and also has a sleek app to trade from.
- Black Bull – Offers zero commissions and higher leverage than most companies.
- Vantage – Despite not having welcome bonuses, this broker has several indicators right from their platform.
- Avatrade – Provides live analysis and beginner education, both on their amazing AvatradeGo App.
Best Forex Trading Platforms in 2022
When choosing one of the leading forex brokers, you should also consider the trading platform they offer. Here are some of the very best forex platform choices in the industry, and what they have to offer:
- MT4 – Best client experience
- MT5 – Upgraded platform features and tools
- cTrader – Trusted platform, great for beginners
- TradingView – The best desktop platform for technical analysis
- Zulutrade – Best copy trading platform
- Ninjatrader – Well-rounded platform offering
Metatrader 4 – MT4
All forex brokers in the world offer the MT4 trading platform. It is one of the most common but also most trusted platforms you will find. Also, one of the very first in the industry actually enabled retail traders to trade the markets.
What makes this one of the best elections among traders is the fact that it is light, efficient, and can run on almost any machine. It is also extremely robust and offers the deepest selection of charts and indicators that you will find anywhere.
Added to that, MT4 allows you to engage in algorithmic trading through their expert advisors’ feature. This means you can follow forex trading signals from the huge support community, implement trading robots, develop your own strategies, and much more.
This depth, combined with a trusted reputation, and ease of use, are just some of the reasons why MT4 is offered by the majority of legitimate trading brokers everywhere.
Metatrader 5 – MT5
When it comes to trading platforms, MT5 is also top of the list with many referring to it as an improved version of MT4. It is actually the upgraded version of MT4 that will slowly replace the MT4.
With MT5, you can expect more pending order types, an increase in the number of charting tools, and more markets to be available. All while keeping most of the same great features, including your ability to follow forex trading signals.
MT5 can typically cater to both the average retail traders and leading forex brokers who offer real stock trading, and other specific types of assets that are not always possible to trade through MT4.
The most successful forex traders though, when trading just forex pairs, typically tend to stick with MT4. Another reason behind this loyalty is that although most online brokers will offer both MT4, and MT5, the latter tends to be incompatible with many of the additional plugins, and features developed by the huge community of support behind MT4.
So which one is best, MT4 or MT5? Read more about it here.
The next platform you will typically find with a trusted broker is cTrader, which is again a very well-respected choice. It is visually appealing and light yet it still offers much of the same excellent technical capability in charting.
Forex trading brokers with a very fast order execution service tend to provide a cTrader platform option to facilitate this. This is one of the reasons why cTrader is a very popular choice for day trading or if you are a scalper since both can really benefit from the very fast execution speeds.
Just like the MT4, and MT5, cTrader also facilitates you in following forex trading signals with Algo robots if that is something you are interested in doing.
Getting into some of the best forex trading platform choices for most technical traders, we take a look at Tradingview. Tradingview was designed with both advanced and novice traders in mind, as a place with excellent charts and technical analysis support.
You can use this as a standalone trading platform, or it can be directly connected with some of the best-regulated brokers from our listing. These brokers will allow you to directly connect your account to the platform so you can trade directly from the Tradingview website.
With this platform, you can choose to use the free service they offer, or you can add additional services and features for a price that starts from $14.95 per month.
Zulutrade is one of the best third-party services for copy trading, so should be on your radar if you’re interested in forex signals or automated trading strategies.
Most of the best brokers can connect to a ZuluTrade account. Once you have checked that this is possible through the broker’s website, then you can copy some of the best forex traders in the world at the click of a button through their very user-friendly platform.
As a successful trader, you can also be copied, and earn yourself a commission when others copy your trades. This allows you a great degree of flexibility when it comes to trading forex. Using ZuluTrade is very accessible too. You can open your account and connect it with your currency trading broker with just a $100 minimum deposit.
Read more about Zulutrade here.
Another popular choice offered by many fx trading brokers is Ninjatrader. Again this is preferred by those who have a strong focus on technical analysis.
When it comes to your online fx broker, some will allow you to connect your account to NinjaTrader so you can trade directly from the platform website. In terms of pricing, you will have access to a free limited trial period. After this time, subscriptions are available for $400.
All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. We analyze more than 3000 data points across 8 key focus areas.
Our reviews are a combination of data research and working alongside the brokers. All information provided by the brokers are double-checked to guarantee 100% accuracy and that we remain unbiased.
2023 Review Methodology
For our 2022 Forex Broker Review, we assessed, rated, and ranked 45 international forex brokers over a three-month time period. Each broker was graded on 108 different variables and, in total, over 100,000 words of research were produced.
While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.
All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 0.1% each year, providing site visitors with quality data they can trust. Learn more about how we test.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
Director of Research & Analysis
Chad Smith is the Director of Research & Analysis here at ForexBrokerListing.com.
Chad previously served as an Editor for a number of websites related to finance and trading, where he authored a significant number of published articles about trading and the impact of technology in transforming investing as we know it.
Overall, Chad is an active fintech and crypto industry researcher with more than 15 years of trading experience, and you can find him teaching his dog how to trade in his free time.