10 Best Forex Brokers in 2022: Top 10 FX Trading Platform Reviewed and Ranked

5:11 PM, Jun 23, 2022
Forex,Trading,,Online,Investment.,Business,,Internet,And,Technology,Concept.

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As Mellody Hobson so eloquently stated, “the biggest risk of all is not taking one.” 

For all the complaints levied against Forex trading, average investors just like you can make a substantial profit in the foreign exchange market. All you have to do is take the first step. 

If you’re already dealing with cold feet and researching Forex horror stories on Reddit, you’re not alone. Before you take a leap of faith with any online broker, it’s important to get informed about the potential risks and benefits that come with trading foreign exchange.

So long as you start currency trading with a reputable Forex broker, you won’t have to roleplay as one of Jordan Belfort’s victims. While it’s always possible to lose money when trading, the best Forex brokers offer a degree of protection against losing money rapidly.

Our top 9 Forex brokers are compliant with government regulations that protect investors from fraudulent trading. They also list minimal fees, low account funding limits, automated trading strategies, competitive pricing, and thousands of currency markets to browse through.

That said, Public.com was our #1 overall Forex broker. They offer 1$1 fractional share investing, minimal crypto commission - and much more.

Sounds good? Let’s dive right in.

Best Forex Trading Platforms:

  • Public.com: Best Forex broker overall
  • Interactive Brokers: Top reputable Forex broker
  • IG: Top Forex broker for trading CFDs
  • Saxo Bank: Excellent trading platform for Forex market variety
  • XTB: Great for low trading costs
  • Plus500: Reliable customer support
  • CMC Markets: Forex broker for novice traders
  • SoFi: Top Forex broker for automated trading strategies
  • Forex.com: Great for Forex trading in the US

Disclaimer: You may lose money when trading. Make sure to use these services responsibly to avoid attracting heavy debt. Opinions expressed within the content are solely the authors. Does not constitute advice.

1. Interactive Brokers — Best Forex broker Overall

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Pros 

  • $1 fractional share investing 
  • 25+ cryptocurrencies
  • Fee-free stock and ETF trading
  • $0 account minimum 

Cons 

  • Limited to stocks, ETFs, cryptocurrencies

Forex Market Variety: 4.9/5

Public.com supports up to 30 different crypto coins, offering you the variety you need for your investment and trading needs. Some of these include, Algorand, Bitcoin, Cardano and Chainlink.

Much like Acorn and Robinhood, Public.com lets retail investors purchase fractional stock shares for as little as $1. Investors will have access to 25+ coins and stock options that span over thousands of financial markets.

As you might have expected from their name, Public.com is focused on community investing. You’ll be able to mirror the market moves of profiteering site members, which can take much of the guesswork out of Forex trading.

Commissions & Pricing: 4.8/5

Because they list 100% commission-free stocks and ETFs, you’ll get to keep every penny of the profits you earn. Additionally, Public.com lists a $0 account minimum, so you won’t have to deposit anything if you decide this platform isn’t the right fit.

However, their selection is limited to stocks; ETFs, and cryptocurrencies. If you’re looking to buy, sell, or trade bonds, CFDs, and options, you’ll have to find another brokerage to invest with.

Customer Support: 5/5

You can contact Public customer support by emailing support@public.com, on top of that, chat supopoetr is available rom 9:00am to 5:00pm ET, Monday through Friday to answer any questions you may have.

$0 Account Minimum With Public.com

1. Interactive Brokers — Reputable Forex Broker

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Interactive Brokers offers rock-bottom share prices that facilitate the investment practices of experienced Forex traders.

Pros 

  • $0 account minimums
  • 17,000+ fee-free mutual funds 
  • BTC, BCH, LTC, and ETH trading 
  • Minimal crypto commission
  • Phone, email, and live chat support 
  • Unique investment categorization

Cons 

  • Website UI has learning curve 
  • Mobile app is just average 

Forex Market Variety: 4/5 

Experienced retail investors can buy, sell, or trade across 17,000+ fee-free mutual funds.

These mutual funds aren’t attached to any commission fees whatsoever, so you’ll get to keep 100% of your profits.

In addition to BTC, Bitcoin Cash, Litecoin, and Ethereum; you’ll have thousands more stocks, options, ETFs, futures, corporate bonds, and fractional shares at your fingertips.

Although Interactive Brokers’ website and mobile apps can take some time to adjust to; we were impressed by their site’s unique investment categorizations.

Experienced retail investors can get a clear picture of where each company lies in accordance with their stance on LGBTQ+ rights, ocean life conservation, and more.

Commissions & Pricing: 4.5/5

If you’d like to register an account and explore Interactive Brokers’ platform on your own; you won’t have to deposit any money to do so. Advanced traders can revel in share prices that range from $0.005 to $1, with a maximum price listed at 1% of each transaction’s value.

Their 100% commission-free mutual funds aren’t attached to any sneaky charges; and crypto traders can enjoy a nominal rate of 0.12 - 0.18% in fees per transaction.

To withdraw your cash, you’ll need to pay a minimal $10 surcharge for bank wire transfers.

Customer Support: 4.6/5

Retail investors can get in touch with Interactive Brokers 24 hours a day/6 days a week via phone call, live chat, or email contact options.

While IB doesn’t have any physical branches in the United States; we think their customer support team is more than capable of handling pressing issues on a virtual basis.

Even barebones-empty accounts remain eligible to ask for trading advice and assistance; so feel free to reach out with any questions.

$0 Account Minimum With Interactive Brokers

3. IG — Best Forex broker for trading CFDs

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Although you’ll have to pay a 5% commission fee for the privilege; IG lists short-term and long-term CFDs across 17,000+ financial markets.

Pros 

  • CFDs across 17,000+ markets 
  • Automated trading strategies
  • User-friendly website 
  • Dedicated mobile app 
  • Fee-free withdrawals 
  • 0.5% stock/ETF trading charge 
  • Phone, email, live chat, and Twitter support

Cons 

  • 5% CFD commission fee 
  • $250 account minimum
  • No CopyTrading 

Forex Market Variety: 4.1/5

Established in 1974, IG was founded as the first legitimate spread betting firm. Since then, they’ve acquired nearly 200,000 clients and have grown to list CFDs across tens of thousands of financial markets.

Of course, you’ll also have access to 80+ currency pairs via their user-friendly website and/or mobile app. If you’d like to trade Forex and CFDs concurrently, you’ll find profitable shares that span over the same 17,000+ worldwide stocks.

That said, IG doesn’t have any sort of CopyTrade program. In other words; you’ll have to make your own investment decisions without mirroring the positions of eToro’s professional gurus.

Commissions & Pricing: 4/5 

Any turnover you earn from trading on CFDs are subject to a 5% “winnings” fee. Yes, we know this commission is steep, but you’d be hard-pressed to find more profitable CFD opportunities elsewhere.

Trading stocks and ETFs isn’t nearly as costly; since IG’s standard commission for owned assets levels out around 0.5%. To fund your account initially, you’ll have to deposit $250 or more.

On the bright side, you’ll enjoy unlimited fee-free withdrawals to your bank account of choice.

Retail investors should keep in mind that CFDs come attached to a pronounced risk/reward ratio. As always, only invest capital that you can afford to lose (even if you’ve got a sure bet). 

Customer Support: 4.5/5

IG excels in this department – retail investors can get in touch by phone, email, live chat, or Twitter DMs. In comparison to sites like eToro; users won’t have to deposit a certain amount of equity before gaining access to IG’s phone line or live chat support team.

While their staff are MIA on Sundays; we were impressed with their dedication to providing top-notch customer service.

Automated Trading Strategies With IG

4. Saxo Bank — Top Trading Platform for Forex Market Variety

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Although Saxo Bank necessitates $2,000 or more in upfront account funding; experienced traders can find leverage with 60,000+ symbols. 

Pros 

  • 22,000 available stocks 
  • 9,000+ different CFDs 
  • 6,900+ unique ETFs 
  • 0.005% stock trading fees
  • Phone and email support 
  • BTC, LTC, ETH, and Ripple trading 

Cons 

  • $2,000 account minimum
  • No live chat support 

Forex Market Variety: 5/5

Saxo Bank’s market variety is best-in-class. Retail investors can speculate on 9,000+ CFDs and 6,900+ ETFs spread throughout their 22,000 stocks.

You’ll also have the ability to buy, sell, or trade BTC, ETH, LTC, and Ripple in fractional increments.

Retail investors who wish to hold their positions over the long-term can explore 300+ futures from 28 global exchanges or hedge their bets with 4,500+ corporate bonds that account for 21 foreign currencies.

Between 22,000 available stocks and nearly 38,000 additional options, there’s almost nothing you won’t find here.

Commissions & Pricing: 4.3/5 

Before you register with Saxo Bank, you should be prepared to fork over $2,000 or more initially.

They don’t allow depositors who fund their accounts with less than $2,000 to begin trading, which could be off-putting for those not willing to stake much capital.

Once you’re able to get past this hurdle; you’ll enjoy fee-free crypto purchases and minimal stock trading commissions.

Stock, ETF, CFD, and Forex trades incur a fee of 0.005% per transaction, which remains on the lower end of the pricing spectrum.

Customer Support: 4/5

As an established Forex platform, Saxo Bank understands the importance of providing adequate customer service options. Their team is ready to help you 24/5 via phone call or email, but don’t expect to find a dedicated “live chat” button.

Thankfully, Saxo goes above and beyond the call of duty to provide real-time phone assistance without
requiring increased account funding.

22,000 Available Stocks With Saxo Bank

5. XTB — Great for Low Trading Costs

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Even taking their comparative lack of asset variety into account; XTB reigns supreme for traders in search of the least expensive commission rates on the market.

Pros 

  • $0 account minimum
  • Low FX spread costs 
  • Commission-free trades 
  • 48 currency pairs 
  • 20+ global exchanges 
  • 2,100+ stocks and CFDs 
  • Phone, email, live chat support 

Cons 

  • Comparative lack of market variety
  • No downloadable mobile app 
  • No social investing opportunities 

Forex Market Variety: 3.7/5

Although XTB doesn’t offer nearly as many tradable symbols as our higher-ranked picks, they give retail investors a fairly large slice of the pie.

We came across 48 currency pairs that include 23 foreign currencies, Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. Additionally, you’ll find 2,100+ major stocks and CFDs from 20+ global exchanges, which places XTB a bit behind eToro in this area.

Unfortunately, this platform doesn’t offer any sort of CopyTrade program or downloadable mobile app for on-the-go trading. Regardless, XTB’s asset selection accounts for the vast majority of potentially profitable trades you could make.

Commissions & Pricing: 4.8/5

Given their ultra-low FX spread costs, US retail investors can score profit leverages worth up to 10x their investment. For CFD trades; this profit margin can expand to meet 500x your original stake.

You’ll also enjoy commission-free stock, ETF, and crypto transactions throughout XTB’s entire asset library.

Although XTB charges a $10 monthly fee after one year of inactivity has elapsed, they offer fee-free bank wire payouts and a $0 minimum deposit requirement to start trading.

Customer Support: 4.2/5

Over their first 15 years as a Forex brokerage, XTB has gained the trust and loyalty of 500,000+ retail investors.

As such, they emphasize the importance of providing top-notch customer support. Retail investors can get in touch via phone support, live chat, or email contact options from Monday - Friday.

Although their offices are closed on weekends; you’ll have access to fast, highly qualified agents on a 24/5 basis.

$0 Account Minimum With XTB

6. Plus500 — Top Online Forex Broker for Customer Support

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Pros 

  • Quick, competent customer service options 
  • Low, $100 account minimum
  • Minimal stock trading fees 
  • 16 currency pairs 

Cons 

  • Can’t execute quick trades 

Traders who refuse to compromise for anything less than quick and competent assistance should consider making their account with Plus500. You’ll enjoy 24/7 availability via live chat, WhatsApp, and email.

Hear us out – while they don’t have a dedicated phone line to call, their staff are among the best (and fastest) at what they do. We received an email response from them within one hour, which is essentially unheard of.

If you need immediate assistance; sending them a live chat or WhatsApp message will connect you with somebody who can help in seconds.

Plus500 traders will have access to 16 currency pairs alongside thousands of commission-free stocks and ETFs. You can get started with just $100 down, which comprises the lower end of commonly required account minimums.

However, fast traders aren’t welcome here. If Plus500 detects that you close a position before 2 minutes of trading have elapsed; your account will be closed permanently.

You can read more about Plus500 to see how truly great this platform is!

16 Currency Pairs With Plus500

7. CMC Markets — Excellent Forex Broker for Novice Traders

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Pros 

  • $0 account minimum 
  • Negative balance protection 
  • Competitive stock share prices

Cons 

  • Higher-than-average CFD costs

CMC Markets gives novice and beginner investors a fairly inexpensive opportunity to dip their toes in Forex, stock, ETF, and crypto trading. You’ll enjoy access to 10,000 tradable symbols at a competitive price per share, and many of the options hosted here are free from commission.

However, CFD traders will have to deal with higher-than-average spread costs. That said, novices shouldn’t expose themselves to the magnified risk portfolio commonly seen with CFDs.

Negative Balance Protection With CMC Markets

8. SoFi — Excellent for Automated Trading Strategies

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Pros 

  • Free trading management 
  • Automatic account rebalancing 
  • Fully hands-off investing 

Cons 

  • No dedicated tax-loss harvesting 

SoFi is the best Forex broker for those who don’t have time to manage their investments. Clients can choose among 10+ low-cost portfolios; all of which are freely managed by the latest AI software.

If you’d also like to seek out human guidance, you’ll have unlimited access to SoFi’s team of certified financial planners. However, unlike other trading platforms, SoFi doesn’t automate or track your investment losses for tax season.

9. Forex.com — Top Broker for Forex Trading in the US

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Pros 

  • #1 Forex brokerage for US traders 
  • 21 years in business 
  • 80+ currency pairs 

Cons 

  • Strictly limited to foreign currency exchange 

With 80+ currency pairs in addition to gold and silver options, Forex.com has earned their prominence as the #1 Forex brokerage for US traders.

Although you won’t find any stocks, ETFs, or cryptocurrencies here; their platform covers a wide range of global currencies and maintains their market offerings in all 50 states.

How We Chose The Best Forex Trading Platforms for Beginners

Forex Market Variety 

Because we believe that active traders should have a world of options at their fingertips, we prioritized foreign exchange platforms that give investors the broadest range of markets to choose from.

Commissions & Pricing

The best foreign exchange markets don’t charge foreign transaction fees. Whether you’re trading Forex, CFDs, stocks, ETFs, or cryptocurrency; our top-ranked platforms let retail investors keep more of what they make.

While you’re a it, why not check some of the most popular bitcoin casinos out there?

Customer Support 

Although customer support is something you hope you’ll never need, the safest Forex brokers won’t leave you stranded. Any online trading platform worth their salt makes it easy and convenient to get in touch quickly.

$0 Account Minimum With Public.com

How to Get Started With Forex Trading

1. Create a new account with Interactive Brokers

On Interactive Broker’s site, you’ll notice a green “Get Started” button in the middle of your screen. Click on it, then create a unique username and password combination. Next, enter your preferred email address and accept both checkboxes.

Finally, click on the blue “Create Account” button to continue.

2. Verify your email address

Go to your inbox and look for a verification email from Interactive Brokers. If you don’t receive an email within 3-5 minutes, be sure to check your “spam” or “promotions” folder.

Once you find their email, open it. Then, click on “Verify My Email”. You’ll be redirected back to their site.

3. Complete your profile 

Click on “Complete My Profile”. Then, enter any required personal information. Once you’re finished, it’s time to make your first deposit and start Forex trading.

4. Make your first deposit

From Interactive Broker’s homepage, click on the menu located in the upper-left-corner of your screen. Then, click on the “Deposit Funds” button. Type in the cash amount you’d like to deposit, and select your preferred currency from the drop-down menu below.

Finally, click on the “Deposit” button and start online trading instantly!

Top Forex Platforms: FAQs

What Are the Top 10 Forex Brokers?

Can Retail Investor Accounts Lose Money?

We won’t sugarcoat it – retail investor accounts lose money all the time. Although every trader is subjected to market volatility; the stocks, ETFs, and cryptocurrencies you choose to trade will dictate your capital gains or losses.

Forex traders should be aware of the increased risk behind trading CFDs. Otherwise known as “contracts for differences,” CFDs are not based on the value of stocks, commodities, forex markets, or futures.

When you choose to trade CFDs, you are agreeing to receive or pay capital based upon the fluctuating value of a chosen asset. For example, instead of trading Bitcoin, investors can speculate on whether the price of BTC will go up or down over a particular time period.

Can a Forex Broker Steal Your Money?

While many “top-reviewed” Forex platforms are sketchy; hundreds of trustworthy broker platforms exist. If you’re looking for a virtual safety seal, you’ll want to check a few factors before getting started.

Any proprietary trading platform worth using is a publicly traded company. Trustworthy Forex brokers are transparent, compliant, and regulated to avoid the possibility of capital theft.

We only endorse Forex brokers that maintain jurisdiction in the United States, United Kingdom, Canada, Australia, or Singapore. Forex brokers operating from these countries are reliable because they are bound by strictly enforced regulations.

Which Forex Broker is the Best?

The best broker for Forex trading is undoubtedly Interactive Brokers.

Can I Trade Forex With A Minimal Deposit?

Beginner Forex traders can dive into the currency market with next to nothing upfront. While minimum deposit requirements will vary among online brokers; eToro has gained popularity for their $10 account minimums. 

Which Forex Broker Charges the Lowest Fees?

While most Forex brokers don’t charge an arm and both legs to use their trading platform, you’ll enjoy the greatest return on your investment with eToro.

eToro doesn’t charge any fees related to stock or ETF transactions, and their 1% crypto transaction fee is the lowest we’ve found among regulated broker sites.

$0 Account Minimum With Public.com

Are Forex Brokers Worth It?

Forex brokers are worth it for retail investors willing to take calculated risks. Contrary to popular belief, you don’t need to be a hedge fund manager or millionaire-in-the-making to profit from Forex transactions.

Forex traders have two distinct advantages over traditional stock investors. Because you don’t need to buy or sell physical assets in order to make a dollar, your speculative intuition can be just as valuable as the currencies you choose to trade.

Known as “social investing”, many leading Forex broker platforms let retail investors copy trades. Essentially, you’ll have the cheat code required to turn a profit from the knowledge of skilled financial gurus.

Make sure to research all of the options available to avoid falling into depbt or damaging your credit score.

Who is the Biggest Forex Broker in the World?

Because larger Forex brokers have a broad base of active clients, they give retail investors more stability and trading leverage. In terms of liquidity, the biggest Forex broker in the world is IC Markets.

IC Markets’ average volume of daily transactions (AVDT) is listed at $18.9 billion.

Comparison of the Top 5 Forex Brokers:

Interactive Brokers

  • $0 account minimums
  • 17,000+ fee-free mutual funds 
  • BTC, BCH, LTC, and ETH trading 
  • Minimal crypto commission
  • Phone, email, and live chat support 
  • Unique investment categorization

IG 

  • CFDs across 17,000+ markets 
  • Automated trading strategies
  • User-friendly website 
  • Dedicated mobile app 
  • Fee-free withdrawals 
  • 0.5% stock/ETF trading charge 
  • Phone, email, live chat, and Twitter support

Saxo Bank

  • 22,000 available stocks 
  • 9,000+ different CFDs 
  • 6,900+ unique ETFs 
  • 0.005% stock trading fees
  • Phone and email support 
  • BTC, LTC, ETH, and Ripple trading 

XTB

  • $0 account minimum
  • Low FX spread costs 
  • Commission-free trades 
  • 48 currency pairs 
  • 20+ global exchanges 
  • 2,100+ stocks and CFDs 
  • Phone, email, live chat support 

Plus500

  • Quick, competent customer service options 
  • Low, $100 account minimum
  • Minimal stock trading fees 
  • 16 currency pairs 

Our Final Thoughts on The Best Forex Trading Platforms

As cryptocurrency, stock, and ETF investment have become infinitely more accessible to average retail traders; plenty of Forex brokers are in business to make a pretty penny.

While some retail investor accounts lose money due to poorly planned trades, many success stories rise above the noise.

That said, we’ve done the heavy lifting necessary to separate the wheat from the chaff. Our top trading platforms offer pertinent stock information at a glance, and they host cutting-edge mobile apps that make it easy to sell at just the right moment.

You can also check out this post on Philly to learn more about the best Forex brokers.

$0 Account Minimum With Public.com

Disclaimer: You may lose money when trading. Make sure to use these services responsibly to avoid attracting heavy debt. Opinions expressed within the content are solely the authors. Does not constitute advice.

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