Forex Broker List 2022

Find the Best Forex Brokers

Forex traders worldwide value the input our team at TradersBest.com adds to their knowledge toolboxes and bottom lines. We closely follow industry movements and maintain the most objective top forex broker list.

But the best forex online broker isn’t all you will find here. We provide you with all the tools you need to secure a fair and rewarding trading experience. Our guide will also explain how our team determines the best brokerages and how you can use a similar process to determine which website works best for your unique preferences and objectives.

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Top Brands
80/100
81/100

Compare the best places for Forex trading today!

Rating
89/100
Minimum Deposit
$10,000.00
Deposit Protection
$500,000.00
Maximum Leverage
1:30
Trading Platforms
Android
iOS
Web
Rating
80/100
Minimum Deposit
$0.00
Deposit Protection
$250,000.00
Maximum Leverage
1:30
Trading Platforms
Android
iOS
Custom
Rating
81/100
Minimum Deposit
$100.00
Deposit Protection
£50,000.00
Maximum Leverage
1:30
Trading Platforms
Android
iOS
MT4
MT5
Web

Who should make use of this forex comparison? – Every fx trader

The forex market is the largest and most liquid globally, with over $6 trillion traded on average daily. Often perceived by newbies as a quick moneymaking scheme, forex trading is actually quite involving and engaging. Although legal in most parts of the world, the market is rife with scam websites. It calls for due diligence on your part when picking a forex broker. The best forex broker exudes three indispensable qualities – reputability, user-friendliness, and comprehensiveness.

If you’re thinking of pursuing forex trading, this guide will give you all the information you need to pick the best online trading platform. We’re here to help you not only choose the best forex broker in general but the perfect one for your specific needs. After all, each trader is unique and follows different trading strategies. This forex broker review will also help existing traders improve their trading experience and maximise every opportunity they get.

Top 5 steps for a secure & fair forex trading experience – Taming the markets

Quite frankly, broker forex trading is a dicey activity with a lot of financial risk at every turn. That’s especially true if you entrust your trading activities to untested entities. When narrowing down your forex broker list, pay attention to the following key factors.

Verify broker licensing

The forex trading market is swamped with regulated and unregulated brokers. Your best bet is to go with the former. Such brokers must comply with rules set by the body in question and submit regular audits. The best forex online broker in the UK is registered with the Financial Conduct Authority. Similarly, the best forex broker in USA will likely be registered with the Commodity Futures Trading Commission (CFTC) or the National Futures Association (NFA).

Check the broker’s reputation

Even if a broker is registered, it’s necessary to further investigate the company’s reputation, especially where capital is concerned. Look for a broker tied to a well-known financial institution or insured to reimburse customers should it go belly up. You can retrieve this information by going through our forex broker review of the company you’re interested in.

Check out the broker’s security features

When engaging in broker forex trading, safeguarding your funds is paramount. It’s not uncommon for forex brokers to get hacked. The best forex broker isn’t oblivious to this possibility and doesn’t skimp on security. Look for a broker with integrated security features such as two-step authentication to keep your funds safe. Also, go for the platform that runs on an encrypted platform to keep your data inaccessible to unauthorised parties.

Read user reviews

Before you choose a forex broker, it’s necessary to read a few forex broker reviews before making your final decision. Visit forex trading forums to get input from your prospective broker’s current customers. You’ll learn a lot about how the broker handles customer concerns and if they pay on time. While you’re at it, check if any complaints or disciplinary actions have been levelled against the broker.

Go through the terms and conditions

Read and understand each broker’s terms before you make your final decision. Seek clarification if need be. The best forex broker operating above-board has no issues addressing any concerns you may have. These terms outline aspects like account closure procedures. What happens if you can’t pay inactivity fees? The terms also detail fees, margins, and minimum deposits. 

This is how our experts test forex brokers – and find the best ones

Our experts developed detailed and objective test criteria to eliminate bias when crafting our forex broker list. Each broker is carefully evaluated against key factors before awarding forex broker ratings. These include:

Usability

As we mentioned before, forex trading on its own is quite taxing. It helps if you’re dealing with an intuitive broker that won’t make the task even more complicated. Even the best forex platform in Europe won’t appeal to many traders if it has an overcomplicated interface.

Trading platforms

Any forex broker review will tell you that the broker’s trading platform is where all the magic happens. That’s why we like to check the kind of trading software used. The best brokers include a combination of standalone, mobile, and web-based software for added user convenience. Also, we assess if the trading platform provides users with real-time quotes, trading news, and price charts. Such information helps traders make informed trading decisions.

Account types

Three main types of trading accounts are present: Standard, Mini, and Managed accounts. Each comes with its own pros and cons and is better suited for a specific type of trader. We check the investor perks and potential losses that come with the account. The goal is to help you pick an account type that matches your risk tolerance level and the size of your investment. We also recommend brokers that offer demo accounts that simulate a live trading environment. You can use such an account to practise for free before risking real money.

Payment options

The type of payment options on offer differs among brokers. All banking options come with pros and cons, which we evaluate. We check out the number of payment options and how they impact transaction fees and processing times. The best forex broker list comprises brokers with a wide variety of payment methods offering reasonable transaction fees and turnaround times.

Customer support

Somewhere along your trading journey, you will likely require assistance from the service staff. We look for brokers that are ready and willing to render assistance as and when needed. The best forex broker provides easy access to help and trading desks through chat, email, and phone. If users can reach the broker 24/7, that’s a plus in our books.

Check out our top picks for Forex trading:

89/100
Rating
Credit Card
SEC - U.S. Securities and Exchange Commission
Interactive Brokers Forex
Highlights
  • Award-winning broker
  • Over 100 currency pairs for forex trading
  • Educational resources to help advance your knowledge
80/100
Rating
FINRA - U.S. Financial Industry Regulatory Authority
Robinhood Forex
Highlights
  • Great web trading paltform
  • No withdrawal fee
  • $0 minimum deposit
81/100
Rating
Credit Card
CIMA - Cayman Islands Monetary Authority
FOREX.com Forex
Highlights
  • User-friendly web trading platform
  • Low forex fees
  • $100 minimum deposit

Checklist: This is how you find your perfect forex broker! – Match made in heaven

Forex traders are different and have varying interests and goals. The first step to securing an optimal trading environment and getting maximum value from your broker is understanding where you stand and want to go as a trader. Before choosing any one of the brokers listed on Strafe.com, ask yourself the following questions:

  • Where do your trading interests lie? Trading goes beyond trading currencies, as we’ll highlight a little later in this forex broker review. You can trade alternative financial instruments based on your taste. If you’re looking to trade different instruments simultaneously, look for an all-inclusive broker.
  • How much money do you have? Engaging in forex trading is seldom a spur-of-the-moment decision, and you shouldn’t treat it as such. Remember that financial loss is part of the trade. So, you need to figure out how much money you have before choosing a broker. If you’re working with low amounts, the best forex broker is one that doesn’t require substantial deposits before you can start trading.
  • How much are you willing to pay? Different brokers charge various transaction fees. These include brokerage, inactivity, and deposit and payout fees. Go for the broker whose charges you’re comfortable paying for the duration of your trading experience. Better yet, you can look for the best forex broker with a no minimum deposit requirement.
  • Are you a first-time trader? If you’re new to forex trading, look for a broker with an easy-to-use platform. That way, you won’t face difficulty figuring out what’s what on the platform. In addition, a forex trader that avails a wealth of educational resources on forex trading will come in handy. These resources will help improve your trading skills and make smarter decisions.
  • Are you looking to use a specific payment method? Look for the broker that avails the payment method you’re interested in. In addition, you must take the time to assess the funding and withdrawal procedure using your preferred banking methods. Find out how soon you can start trading when you fund your trading account using specific payment methods. The best forex broker has short waiting periods all around.

What else can you trade online? – Branch out

As we mentioned before, trading isn’t only limited to foreign currency. Traders are free to buy and sell alternative financial instruments, depending on their preferences. At TradersBest.com, we can help traders familiarise themselves with new trading markets and diversify their trading portfolios. Below are examples of popular trading instruments you can explore:

  • Stocks – Stock trading involves buying and selling parts of different companies. The goal is to capitalise on short-term market events to either sell the stock at a profit or ride on the company’s growth trajectory.
  • Commodities – Commodity trading is whereby individuals buy and sell physical commodities, like metal or oil. Commodity traders aim to profit off anticipated market trends.
  • Indices – Traders buy and sell specific stock market indexes by speculating on whether the price of an index will fall or rise. Popular indexes include the S&P 500 and the Dow.
  • Bonds – In this case, traders buy and sell debt securities such as bonds issued by governments or corporations.
  • CFDs – Contract for Difference (CFD) trading involves trading on the price movement of things like stocks and commodities without owning them. Needless to say, you’ll need a dependable CFD broker list to get the best of everything. 
  • Cryptocurrency – Traders buy and sell different cryptocurrencies to hedge against inflation or make a profit as the coin’s value goes up. Some cryptos have provided above-1000% returns within just a few years.

Conclusion – Trade with top brokers

Hopefully, this forex broker review highlighted all you need to know before making your first trades. Because forex trading is the largest global market, it’s packed with countless genuine and fraudulent brokers. We’ve outlined how you can pick the best broker and enjoy a rewarding trading experience. The best forex broker worldwide on our list might not necessarily be the best one for you. But using the tips included in this guide, you can pick one that perfectly matches your skills, trading interests, and goals.

Interactive Brokers
89/100
Interactive Brokers Review
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Best forex broker FAQ

⚖️ Is online forex trading legal?

The forex trading market is the largest globally, with over six trillion dollars traded daily. One can’t help but wonder if online trading is legally permitted worldwide. Our guides reveal if engaging in this lucrative market comes with legal ramifications or not, putting particular emphasis on specific countries and regions.

👍 How do I choose a forex broker?

A forex broker is a company that provides traders with a platform to buy and sell foreign currencies. Given the enormity of the forex trading market, it’s filled with countless brokers, which makes it daunting to pick the right one. But with the help of key considerations explained in our reviews, you won’t have any problems in that regard.

📈 What else can I trade online besides forex?

Apart from forex, alternative trading instruments exist that you can trade. If your tastes go beyond forex trading or you’re looking to diversify your portfolio, looking at alternative trading instruments listed in our guides should help you with that.

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