Compare the best forex brokers in 2022

Our experts have tested the best forex brokers available right now. This beginner-friendly guide lays out the results with helpful recommendations for which forex trading platforms may be best for you.
By:  &  James Knight
Reviewed by Richard Stutely
Updated: Sep 9, 2022
Tip: our preferred broker is, eToro: visit & create account

Our expert panel is made up of currency traders and economists who have spent many years studying and trading the forex markets. As part of our tests they went through every leading forex broker to assess its features and rate its usability.

Each expert ranked each platform based on how it performed during a series of basic tasks and their overall view of the broker’s service as a whole. We then combined those rankings to provide a final score. Read on to learn which brokers came out best.

Best forex brokers overall for 2022

  • eToro – the best forex trading platform overall
  • Capital.com – the best forex broker for beginners
  • Alvexo – the best broker for day traders
  • Skilling – the best forex trading app

Compare the best forex trading platforms

If you’re looking to get started right away, you can follow any of the links below. These are some of the best brokers in forex, as chosen by our team of financial experts, and all ideal for beginners and experienced users alike. If you need more information first, then simply scroll past the table and keep reading.

1
Min. Deposit
$ 10
Promotion
User Score
10
55+ currency pairs available
Trade on a trusted platform
24/7 support via live chats, email or phone call
Start Trading
Payment Methods:
Bitcoin, Credit Card, Debit Card, Visa
Full Regulations:
LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.
2
Min. Deposit
$ 10
Promotion
User Score
10
Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader
eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets
Largest number of currency pairs to trade
Start Trading
Payment Methods:
Bank Transfer, Wire Transfer
Full Regulations:
CySEC, FCA
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
3
Min. Deposit
$ 10
Promotion
User Score
9.9
Can fund with BTC
64 global companies including Netflix and Amazon
Free deposits and withdrawals
Start Trading
Payment Methods:
Bitcoin, Credit Card, Debit Card, Wire Transfer
Full Regulations:
EagleFX offers leveraged trading on a range of assets within its platform. CFD and Spot Forex trading do carry a degree of risk which may result in you losing more than your initial investment. Please ensure you fully understand the risks involved with leveraged trading and ensure this is not detrimental to your personal or institution's financial well being.

Top forex trading platforms

1. eToro: Best forex trading platform

eToro is the best rated forex trading platform overall. It’s one of the largest and most used brokers in the world and includes a total of 49 currency pairs. The majors, minors, and some exotics are available to trade. When trading forex on eToro, you’ll get to use its proprietary platform, packed with lots of tools and features. 

Its platform has an easy to navigate interface and you can quickly select the currency pair you want to trade. You’ll also be able to check how much its price has changed and see its current spread. With the click of a button you can seamlessly load price charts which come with many pre-installed technical indicators and features. 

eToro’s platform also provides market sentiment whereby you can see what direction other traders are positioned in for any FX pair. On top of its charting features, eToro doubles as a social trading network. Traders can connect with and copy other users’ trades through its copy feature tool. 

Pros

  • Wide range of FX pairs
  • Other asset classes available to trade (stocks, crypto, etc)
  • Low spreads and commissions
  • Mobile app

Cons

2. Capital.com: Best FX platform for beginners

Novice forex traders will be best suited to Capital.com’s trading platform. It has a substantial educational section where new traders can sharpen their skills. Videos with trading strategies and the latest market analysis can be accessed via its platform, making it easy for beginners to learn how to become better traders. 

Capital.com has 136 forex pairs which include the majors like EUR/USD, minors, and many exotics. Its platform has a number of tools that can help protect a new forex traders account. First it’s guaranteed stop loss feature which ensures safety while trading volatile markets. It also has custom risk tools to help with money management.

Pros

  • Wide range of currency pairs
  • Substantial educational content 
  • Low minimum deposit – $20
  • The latest market analysis from professional traders

Cons

3. Alvexo: Best FX platform for day traders – Alvexo

Alvexo is our top rated forex platform for day traders. As day trading is a fast paced style of buying and selling currencies, a platform that can perform well is a necessary requirement. Alvexo is a CFD broker that fits the needs of day traders. Users are able to choose from a selection of three trading platforms: MetaTrader4, Alvexo web trader, and mobile app. 

With a desktop, web based, and mobile app, forex day traders using Alvexo will be able to access the markets wherever they are. Its desktop application, MetaTrader 4 comes with hundreds of advanced technical tools, making analysing the forex market an easy process. Low spreads and  zero commissions mean profits from trades won’t be eaten into.

Pros

  • Three platforms to choose from 
  • Advanced technical indicators and tools
  • No commission
  • Other markets available (crypto, stocks, etc)

Cons

4. Skilling: Best for mobile FX trading

A lot of forex platforms also offer mobile applications and the top one around belongs to Skilling. Its mobile app, Skilling Trader can be downloaded on both iOS and Android and can be accessed via its website. Skilling also offers traders access to MetaTrader 4 and cTrader, both of which have mobile applications too. 

All of its mobile apps have the same functionality as their desktop counterparts. Forex traders have access to 70 different currency pairs and over 800 other financial instruments. Technical indicators and drawing tools come as standard on its apps. Skilling also has industry leading execution times of just 0.05s, making it a top choice for traders requiring speed. 

Pros

  • Three mobile apps
  • Industry leading execution times 
  • 70 FX pairs and over 800 other financial instruments 
  • Low spreads

Cons

The top forex broker for your needs

What’s the top forex broker for beginners?

eToro is the best forex trading platform for beginners. eToro has been a leading light in terms of bringing financial trading to the mainstream and it makes it extremely easy to understand. The CopyTrader feature is a huge part of what makes it so good, as you can use it to learn from the best in the business.

Read more: best forex brokers for beginners

Which is the top FX broker for day-traders?

Alvexo is a great broker for any trader that plans to make frequent trades in the forex market and use it to generate an income. Alvexo offers all the tools you need to be successful, including a variety of analysis tools and large amounts of leverage.

Read more: best forex brokers for day traders

Which forex trading platform has the best app?

Skilling has the best mobile app. Any app must prioritise ease of use and offer a seamless trading experience that closely resembles that you get from a desktop browser. Skilling offers all these and more.

Read more: the best forex trading apps

Which forex broker offers the best bonus?

Admiral Markets offers the best welcome bonus. It offers a 100% deposit welcome bonus up to $5000, so you can double the money you have to trade with as soon as you sign up. Many brokers offer some form of bonus, and some don’t even require a deposit to access it.

Read more: the best forex brokers with bonuses

Which forex broker has the best demo account?

eToro has the best demo account. The best demo accounts offer virtually the same trading experience whether you use the real or ‘fake’ account. That way you can get the best idea of whether your trading style and strategy would be successful. eToro’s demo account offers a seamless transition to the real thing.

Read more: the best forex brokers with demo accounts

Which forex platforms have the highest leverage?

Brokers like AvaTrade and Pepperstone offer the largest amount of leverage, but note that it is capped to 1:30 in the UK and EU. To make money from trading, you often have to use lots of leverage to multiply the size of your trades many times over as the price fluctuations are so small. AvaTrade is one of the best options to use to do so.

Read more: the best high leverage forex brokers

Which forex broker charges the lowest fees?

eToro offers completely free trading. There is no charge to make a trade, nor do you have to pay to make a deposit or close a position. This is great if you’re learning the ropes or if you intend to be highly active, but note that you may have to pay fees elsewhere in the form of higher spreads.

Read more: the best low commission forex brokers

Which fx broker has the lowest spreads?

Pepperstone offers the lowest spreads and occasionally even provides zero pip spreads for popular currencies like EUR/USD or GBP/USD. Spreads are variable so they can change depending on market volatility, but some brokers offer very low spreads as a rule. These often also charge commissions, so you have to decide which is more important to you.

Read more: the best low spread forex brokers

What’s the best managed account?

AvaTrade offers managed accounts, where you can place your trading decisions in the hands of a professional. The AvaTrade accounts have competitive annual fees and offer a history of excellent performance through a well-established platform. 

Read more: best managed forex trading accounts

Which forex broker is the safest?

Admirals is the safest forex broker. To find the safest and most secure platforms you want to look for an established company with lots of investor protection. Forex brokers must be regulated in the country in which they operate, so check for approval from regulatory bodies like the FCA or SEC before you sign up and deposit money.

Who is the biggest forex broker in the world?

IC Markets is the biggest with an average daily trading volume of more than $18 billion. The largest broker by region can vary, however. Often brokers in Asia experience the most trading of the USD/JPY pair, for example, while European brokers trade more of the Euro against other currencies.

Which forex broker offers the most currency pairs?

Saxo Bank offers 190 forex pairs, which gives you an incredible range of choice. It is worth noting that most forex trading takes place in the major and minor pairs that include USD, GBP, EUR, and other leading currencies. Exotic currency pairs don’t have as much liquidity and are harder and riskier to trade. 

What are the top 10 forex brokers?

Following extensive research, these are the top ten forex trading platforms as chosen by our expert panel:

What other forex brokers types are there?

There are lots of different types of brokers to suit your trading style. Whether you want to use a specific type of software to trade, like MetaTrader 4 or 5, or trade in a certain style, such as scalping or spread betting, there is a broker out there for you. Here is a summary of the different types of brokers available.

  • Best MT4 forex brokers. MetaTrader4 is a popular piece of trading software that you can download and use from a desktop browser. All these brokers integrate with MT4 so that you can use it to trade currencies with them.
  • Best MT5 forex brokers. MT5 is the latest edition of the MetaTrader software and all these brokers allow you to use it to send trades through their platform.
  • Best forex brokers for scalping. Scalping is a fast-paced trading style that relies on taking very small profits on lots of trades throughout the day, and which isn’t permitted on every platform. All of these brokers allow scalping.
  • Best 0-pip forex brokers. Zero pip brokers offer forex trading with no spreads, so they offer you the best market rate.
  • Best spread betting forex brokers. Spread betting is a form of trading where you bet on how you expect prices to move and win money based on your stake and the amount of price movement. These brokers all allow spread betting on their trading platform.
  • Best NDD brokers. No dealing desk (NDD) brokers allow you to access the interbank forex rate, and with it the most competitive prices for every currency. This is a good option for experienced forex traders. 
  • Best STP brokers. Straight-through-processing (STP) platforms are a form of NDD broker where they route your trades to the best prices available on the market by using fast electronic transmitters.
  • Best ECN brokers. ECN brokers act like a hub to receive your trade orders and send them on to the interbank forex market. They tend to have higher fees but offer more protection to beginners and new traders.

Which forex broker offers the most payment methods?

You can use almost any form of payment method to fund your forex trading account. Most people choose a bank transfer or wire payment but there are a wide variety of card or digital payment options available. Choose your favoured option from the links below to learn more.

Brokers that didn’t make it into our recommendations

Many forex brokers offer a range of quality features and lots of them didn’t make it into our list of recommendations. Our expert panel felt these platforms didn’t offer enough to the regular or casual trader to warrant inclusion.

  • Saxo Bank. Saxo Bank is a good option for many traders across the world, but it is not available in the US or Canada and it takes up to three days to open an account.
  • IG. IG offers a wide range of trading services alongside forex, but it charges relatively high spreads for forex trading which means the user doesn’t always get a great price.
  • CMC Markets. CMC is a leading broker in the UK but it isn’t available to US traders and it can take a few days to even open an account and start trading.
  • Interactive Brokers. While Interactive Brokers is another platform that allows you to trade lots of different financial assets, it’s not the most user-friendly platform and can be off-putting to beginners trading forex for the first time.
  • TD Ameritrade. TD Ameritrade is an American broker that doesn’t offer any services to traders outside the US.
  • FOREX.com. FOREX.com offers a good service for institutional or professional traders but offers a smaller pool of currencies than other platforms and is a little complicated to understand for the beginner.
  • Swissquote. Swissquote charges relatively high trading fees and even charges for some of its research and analysis tools, which means it’s not a great fit for most casual traders.
  • London Capital Group. LCG is an interesting option for beginners but you need to deposit in excess of £10,000 to access the best spreads, and it isn’t available to US traders.
  • HFM. HFM doesn’t offer a huge range of currencies and there is a limited service to UK and European traders.
  • BDSwiss. BDSwiss is a good choice for experienced traders who are familiar with trading software like MT4 and MT5, but it requires a high minimum deposit and the spreads on popular currency pairs are quite high.

What is a forex broker?

A company that allows users to trade currencies. They provide access to online and app-based services, and also commonly allow for CFD trading in a variety of other assets, such as stocks, commodities, and cryptocurrencies. The best forex brokers are easy to use, well regulated, and carry strong reputations acquired through years of steady operation and quality customer service.

How do FX brokers work?

By acting as middlemen between their users and the interbank trading network (how banks trade currencies with each other). It is not possible for individuals to access this network, but FX brokers have institutional relationships that allow them to execute trades on their users’ behalf.

How should I choose the best forex trading platform for me?

There are a few factors to consider. Here’s a quick run-down of the most important.

Design and ease of use

Make sure to look for an intuitive design that makes it simple to find what you’re looking for, has easily accessible markets, and lets you access support or tutorials whenever you need. FX trading can rely on getting your timing just right, so you don’t want anything slowing your down. 

Demo account

Especially if you’re a beginner, but even for more experienced users, look for one that offers a free demo account. These allow you to make trades in the forex market with fake funds, meaning you can learn how to trade forex without risking your hard-earned money.

Low fees 

There will be some fees and commissions, so it is essential to make sure that these are as low as possible. Generally you’re looking to make frequent trades that come with small profit margins each time, so even small fees can add up fast.

Small spreads

The spread is the difference between the bid and ask (buy and sell) price of a given currency pair. Often the true cost of using a fx broker is hidden because they charge no fees but applying large spreads which can eat into your capital over time.

Payment charges

You’ll need to fund your account using one of their supported payment methods (e.g. credit cards or Apple Pay). This can come with additional fees for deposits or withdrawals, so check these before signing up.

Reputation and regulation

Make sure you’re protected in case something goes wrong, and the best way to do this is by selecting a regulated broker. The best forex brokers in the UK tend to be regulated by the Financial Conduct Authority (FCA), with brokers based elsewhere in the world being overseen by other bodies.

Currency pairs available to trade

You don’t want to be restricted in the trades you can make, so make sure that you can access a wide range of currency pairs. You can find information what’s available where in our comprehensive reviews.

Trading options

Not everywhere will support every trading style, so make sure your broker fits your ambitions. We covered the three general ways forex can be traded further up the page – in addition to these, the three main trading styles on the FX market are scalping, swinging, and investing: 

  • While scalping, you’re opening and closing a position very fast, which means your trades must be executed as accurately as possible. 
  • Swing trading involves keeping trades open a bit longer, from a day to a few weeks. When swinging, it’s desirable to find somewhere that offers swap-free accounts, meaning there is no commission or rollover interest for extending your position overnight. 
  • In investing, your trading time frame is often significantly longer. When investing, it’s often helpful to use an ECN broker –  a forex financial expert who uses electronic communications networks (ECNs) to give clients direct access to other participants in currency markets.

Read more: how to choose a forex broker

Quick answers to key questions

Do brokers charge commissions or fees?

Yes, usually. The exact level of these fees will vary from platform to platform so it’s best to do your research before signing up. If somewhere advertises that it charges zero fees, then check to see if the broker has low spreads – as the cost of trading with the broker will likely be hidden in these. Similarly, some brokers have low commission.

Do I have to verify my identity?

Yes, you will need to verify your account to comply with financial service regulations. Verification will usually involve providing proof of identity and proof of address, often requiring a photo ID to be submitted. In some cases, you might be required to take and upload a selfie too, for facial recognition purposes.

Can I trade multiple currencies?

Yes. This does not mean that everywhere will support all currency pairs though, so be sure to compare your options before making your decision and registering.

Do I need any extra software?

Not usually, no. You can usually access the website on your browser or with a specially designed mobile app. However, more experienced FX traders might prefer to link their account up to software like MetaTrader4 or MT5.

What are the fees for a forex trading platform?

Each platform will have its own fee schedule so it is impossible to give a definitive answer. When trading forex you will likely incur some fees, and usually spread and commission are the two main ones that apply. Spread is the difference between the buy and sell price of any pair and commissions are additional charges that are set by your broker on every trade.

Can I use multiple forex brokers

Yes, you can hold multiple accounts at the same time. Generally it is easier to place all your trades in the same place, however, unless you’re scalping and trying to profit from the difference in spreads between platforms.

Are forex brokers regulated?

Not all of them, but the best are regulated by recognised financial bodies. In the UK, they are regulated by the FCA. The Commodities and Futures Trading Commission (CFTC) regulates in the United States.

Trading with an unregulated broker puts your capital at risk, as you have no protection if the platform turns out to be fraudulent.

Read more: which forex brokers are regulated in the UK? 

Can I trade without a broker?

No, you need a broker to trade forex. Currency rates are set by the interbank rate; the rate at which banks buy and sell currencies from each other. In order to trade forex you have to be able to access that market, and the only way to do so is through a broker.

There are different kinds of broker, however, and some merely act as a vehicle through which you send your trades to the interbank market. Others actually take the other side of your trade.

Read more: can I trade forex without a broker?

Can I hedge my forex trades?

Yes, with most brokers outside the US. Hedging is a perfectly legal strategy in most parts of the world, where you can have multiple trades open on the same currency pair in order to reduce the risk of losing money.

In the US it’s different, and there are specific rules that prevent you opening a new trade on a currency pair until you have closed the previous one.

Read more: do fx brokers allow hedging?

Why do brokers have different prices?

There are a couple of main reasons for it. One is that each broker has to make money, so they may mark up their fee on top of the live market price. The fee structure is different on every platform so the prices vary because of it.

The second is that they actually source their prices from different places. As there is no single ‘forex exchange’, each broker may buy and sell currency from different liquidity providers and there might be small variations in the price they charge.

Read more: why forex brokers charge different prices

How do I use a forex broker?

You simply need to register, fund your account, and then head to the platform’s forex trading area. You’ll then see a variety of currency pairs you can trade and the current rates. There are three predominant methods you can use:

  • In the spot forex market, you’re exchanging one currency for another at the exact point that the trade is settled. It’s called spot trading because the exchange occurs on the spot — within a very short period of time.
  • In the forward forex market, you buy a contract that gives you the option to buy or sell a set amount of currency at a specific price. The trade then gets settled at a specific future date, or within a range of future dates.
  • The future forex market lets you buy or sell a set amount of a given currency at a specific price and date in the future. Unlike forward forex trades, futures forex contracts are legally binding rather than simply optional.

Should I use a forex trading platform?

If you want to trade forex then you have to use some form of trading platform. It is the only way to trade short term movements in the currency market. Without one, it will be very difficult to access the best prices with the lowest spreads. The best FX trading platforms also make chart analysis much easier and often offer leverage, allowing you to profit from small movements in price. 

What are the risks of using a forex trading platform?

Forex trading has a steep learning curve and it’s easy to lose money, particularly when you first start trading. It involves using a lot of leverage to magnify small changes in price, and you must use tight stop-loss and limit orders to protect yourself.

This form of trading is also heavily influenced by data releases and government or central bank decisions. While there are easily-available forecasts that can help you trade these events, the reality can turn out to be different.

If you don’t understand the terminology or how data dumps like NFP (non-farm payroll data) or CPI (consumer price index) updates are likely to affect the price, you can lose a lot of money on your open positions. Use the quick summary table below to familiarise yourself with the potential risks, as well as the benefits of using a forex trading platform.

Benefits

  • Easy access to the currency market
  • Forex trading platforms can be used on a computer and mobile device
  • Advanced technical tools make chart analysis easier
  • Some platforms offer demo accounts to practice

Risks

Where can I learn more about forex trading?

Right here on Invezz. We have a variety of free, beginner-friendly forex courses and have also rated the best forex trading courses to guide you through everything you need to know about forex. To start trading right away, sign up to a broker below.

Methodology: How did we choose the best forex trading platforms?

All of our reviews are based on extensive testing of the platforms listed. We have signed up and used every platform on this page as well as a number of their competitors in order to assess their usability and features, and to come up with a ranking system.

When we test a platform we carry out basic tasks like setting up an account, placing trades, and depositing and withdrawing money. We also research the platforms online to compare their features and read customer reviews. All of these factors feed into the final ranking.

Every platform includes a link to an in-depth review, where one exists on Invezz. None of the platforms listed had any influence over the final ranking but we may earn a commission if you sign up using one of the links on this page.

FAQs

Do I have to pay tax on forex trading profits?
Do forex trading platforms have copy features?
Are forex brokers available 24/7?
What if I forget my password?
Is it possible to short currency pairs on forex brokers?
Can I use a forex broker on my phone?
Is online forex trading legal?
Can I transfer money to my PayPal account?
Are these brokers anonymous?
Are there trading limits?
Can I access my full trading history?
Is it easy to switch brokers?

Sources & references
Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

Max Adams
Editor of Education
Max has a keen interest in the transformative power of technology and is the founder of a platform called Current Frequencies. When not at his desk,… read more.
James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.