10 Best Forex Brokers: Top Platforms for FX Trading Reviewed and Ranked 2022

It's 2022, and the global economy is finally showing signs of life after years of stagnation.

With interest rates on the rise, central banks are beginning to tighten monetary policy to prevent runaway inflation. So now is the time to solidify your place in the world's largest and most liquid market, the foreign exchange market.

The volume traded in forex is over $6.6 trillion each day. That's substantially larger than the New York Stock Exchange, which has a daily trade volume of only $19 billion.

With so much money flowing through, traders have plenty of opportunities to make a profit.

Whether you're trading majors, minors, or exotic currency pairs, the best forex brokers like Public.com can help you make the most of your hard-earned cash.

However, before you jump into this market, there are a few things you should know.

That's why we've compiled a list of the best platforms for trading in 2022. We looked at spreads, deposit and withdrawal methods, customer support, and account types to find the best forex broker for every kind of trader.

Keep reading to learn more about our top picks, the pros and cons, and who you should be paying attention to this year.

Best Forex Trading Platforms in 2022:

DISCLAIMER: Make sure to use these services responsibly to avoid attracting heavy debt. Opinions expressed within the content are solely those of the authors. Does not constitute advice.

1. Public.comBest Online Forex Broker for Stocks and Crypto

public.com, best sites for fx trading, forex



  • No forex trading
  • 1-2% transaction markup


Whether you're new to investing or a seasoned pro, Public.com is a great choice for buying stocks and cryptocurrency. Founded in 2017, this New York-based startup quickly became a favorite among investors for its fee transparency and PFOF-free trading.

Public's real-time fractional investing lets you buy a piece of even the most expensive stocks without breaking the bank. And if you're not sure which stocks to buy, Public.com's Top Movers tool is a great way to see which assets are up or down at any given moment.

Minimum deposit: $0

Best for Young Traders

Public.com wants to make investing accessible to everyone. For young traders, this means a platform that includes social features to learn from other traders. Diversity and innovation are the driving forces behind Public.com, making it a great choice for modern investors.

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2. SoFiTop Forex Market for ETFs

sofi, top platforms for fx trading


  • Commission-free
  • Open to U.S. citizens
  • Extended trading hours


  • Limited platform features
  • No individual trades


SoFi is one of the leading online personal finance companies in the United States. Founded in 2011, it offers commission-free trades and a wide range of investment products, including forex ETFs.

Forex ETFs are exchange-traded funds that track different foreign currencies. They are a great way to diversify your portfolio and can be traded just like any other ETF. SoFi is open to U.S. citizens and has a very user-friendly platform.

You can't place individual trades on this platform, but you can buy and sell forex ETFs with ease. SoFi also offers extended trading hours from 9 a.m. to 8 p.m. ET, so you can get your trades in even if the forex markets are closed.

Minimum deposit: $0

Best for ETF Investors

ETFs differ from forex trading because you're not buying and selling currency pairs. Instead, you're investing in a fund that tracks a basket of currencies. SoFi offers a trustworthy and reliable platform for buying and selling forex ETFs.

3. Interactive BrokersGreat for Currency Trading

interactivebrokers, best platforms for fx trading


  • $0 commissions
  • 100+ order types
  • No inactivity fees
  • IB SmartRouting


  • No promotions
  • Cluttered website


Barron's named Interactive Brokers the Best Online Broker five years in a row. And it's not hard to see why.

With a reputation that dates back to 1978, Interactive Brokers is one of the oldest and most trusted online brokers.

Interactive Brokers offers some of the lowest commissions in the industry, along with more than 100 order types and no inactivity fees. It also has an excellent platform for international trading.

The only downside is that Interactive Brokers has no current promotions or bonuses. But these types of offers often come with strings attached, so we think it's a fair trade-off.

IB SmartRouting is a big plus for active traders. It's a system that automatically finds the best price for your trade and routes your order to the right exchange.

This can save you money on commissions and get you better prices.

Minimum deposit: $0

Best for Traders Who Want to Limit Risk

A variety of order types helps to limit risk. For example, while a market order is the simplest way to trade, you can also use limit orders, stop-limit orders, or trailing stop orders.

These order types give you more control over your trade execution and help to protect your profits.

4. IGTop Online Trading Forex Spreads

ig, top forex brokers for fx trading


  • 20% lower spreads
  • 80 currency pairs
  • Instant verification
  • Application programming interface trading


  • Two-factor authentication not required
  • Overnight funding charges


When it comes to forex trading, getting the best possible spreads is essential. That's why IG is such a great broker. It offers some of the best spreads in the industry.

IG has been a leading force in the forex industry for over 40 years. Its commitment to providing tight spreads and excellent customer service has earned it numerous awards, including FX Week's award for Best Retail FX Platform of the Year.

While there's no requirement for two-factor authentication, we recommend using it to protect your account.

With IG, you can trade 80 different currency pairs at spreads as low as 0.8 pips. Plus, IG offers instant verification and API trading for advanced users.

If you're looking for a broker that can provide you with competitive spreads and reliable execution, IG is a great option to consider.

Minimum deposit: $250

Best for High-Volume Traders

Lower spreads mean you can open a larger number of positions and still keep your costs down. This is especially important for high-volume traders who need to keep their trading costs down.

IG offers spreads from 0.8 pips, which is 20% lower than the industry average. This can add up to significant savings over time.

5. AvaTradeBest for Trading Contract for Differences

avatrade, best platforms for fx trading, top forex brokers


  • 4.8 rating on Trustpilot
  • 1,250+ assets
  • AvaProtect™
  • Multilingual customer service


  • Doesn't accept U.S. traders
  • Slow funding times


If you're looking for a reputable forex broker that caters to novice traders, AvaTrade is a great option. Founded in 2006, AvaTrade has won over 30 prestigious industry awards.

While U.S. citizens are not accepted, demo accounts are available to all traders. This means you can practice trading with virtual money before you risk your own capital, which is an excellent way for beginner traders to learn the ropes.

AvaTrade has a 4.8 rating on Trustpilot, so it's clear that customers are happy with the service they receive. If you ever have any questions or concerns, multilingual customer service is available 24/7 to help you out.

AvaTrade offers more than 1,250 different instruments in terms of assets, making it one of the most comprehensive brokers out there. Plus, with AvaProtect™, you can trade confidently, knowing that your open positions are protected against loss.

Minimum deposit: $100

Best for Newbie Traders

AvaTrade's comprehensive education center makes it a great choice for newbie traders. The education center offers video tutorials, eBooks, and other resources to help you learn the ins and outs of forex trading.

Plus, with a minimum deposit of just $100, you can start trading with real money without breaking the bank. But consider practicing with a demo account first to get a feel for the market before you risk your own capital.

6. Saxo BankLeading Forex Broker Managed Portfolios

saxo bank, best forex brokers


  • Auto-pilot investing
  • 60,000+ financial products
  • Saxo Rewards program
  • Third-party tools


  • Not available in United States
  • High-minimum deposit


Saxo Bank offers a managed portfolio service that takes the guesswork out of investing. Founded in Denmark in 1992, this broker has won numerous industry awards, including FX Week's Best Retail FX Platform and BrokerChooser's best forex broker.

Saxo Bank offers access to auto-pilot investing with managed portfolios, automated trading strategies, and over 60,000 financial products. The platform also has a rewards program called Saxo Rewards, which allows you to earn points toward free account upgrades.

A $2,000 minimum deposit might be a bit high for some investors, but it's worth noting that Saxo Bank is one of the few brokers that offers integration with third-party programs. This means you can use advanced trading tools like TradingView and MultiCharts to make informed trading decisions.

Minimum deposit: $2,000

Best for Hands-Off Investors

Access to managed portfolios with in-house strategists and automated trading strategies make Saxo Bank a great choice for hands-off investors who want someone else to manage their money.

If you don't have the time or inclination to trade on your own, Saxo Bank can help you grow your wealth with minimal effort on your part.

7. XTBAdvanced Forex Trader Platform Market Analysis

prime xbt, top forex brokers, fx trading


  • Customizable xStation platform
  • 2,100+ financial instruments
  • Expert market analysis
  • Free webinars


  • Not available in United States
  • Currency conversion fees


Founded in 2002, XTB was Poland's first leveraged foreign exchange brokerage. Today, it is one of the largest online forex brokers in the world, with over 2,100 financial instruments available for trading.

XTB has won numerous awards, including the ForexBrokers.com award for best customer service. While it isn't open to U.S. citizens for trading, one of the things that sets XTB apart from other brokers is its focus on market analysis.

The team of expert analysts provides daily commentary and analysis on the latest market movements, which can help you make informed trading decisions. Plus, XBT’s xStation platform is highly customizable and easy to use to get the most out of your trading experience.

If you're looking for a broker that can provide expert market analysis and give you the tools you need to succeed in forex trading, XTB offers free webinars and educational resources to help you learn the ropes.

Minimum deposit: $0

Best for Intermediate Traders

If you're an intermediate trader who could benefit from additional analysis, XTB is a great option to take your trading to the next level. Daily summaries and commentary can help you make informed decisions about when to enter and exit trades.

8. Plus500Online Trading Platform With 0% Commissions

plus500, trade cfds on shares, indices, forex and cryptocurrencies


  • No commissions
  • 1:30 leverage
  • 60+ forex pairs
  • Client money protection


  • Inactivity fee
  • More risk


Founded in 2008, Plus500 is the largest CFD provider in the United Kingdom and offers more than 60 forex pairs to trade.

One of the key advantages of Plus500 is that it offers 1:30 leverage for forex trades with no commissions. This means you can control a larger position with less capital, leading to greater profit potential. However, it's important to remember that leveraged trading also comes with increased risk.

Another advantage of Plus500 is that it offers client money protection. This means your money goes into a segregated client bank account and is protected if Plus500 becomes insolvent. Security and safety are always top priorities for investors, which is a big plus for the broker.

Minimum deposit: $100

Best for Low-Budget Traders

If you don't want your profits eaten up by commissions, Plus500 is worth considering. Its leverage also allows you to trade with a smaller account size and still make a decent profit.

9. CMC MarketsForex Market Broker for Mobile Trading

cmc markets, top brokers for forex


  • 10,000+ instruments
  • Mobile and tablet apps
  • Tight spreads
  • 115+ tools and indicators


  • Transfer fees
  • Delayed funding times


CMC Markets is a longstanding and well-respected player in the forex broker space. The U.K.-based financial services company was founded in 1989 and has since grown to offer more than 10,000 different instruments for trading.

For mobile traders, CMC Markets offers tablet and smartphone apps with more than 115 tools and indicators. While funding can range from hours to days, the company's mobile trading platforms are top-notch and offer an excellent experience for forex traders on the go.

Tight spreads mean you can trade with less margin, which can be beneficial if you're working with a smaller account size. For example, CMC offers a 0.7-point spread on the EUR/USD, which is quite competitive.

Minimum deposit: $0

Best for Mobile Traders

When you're on the go, you need a forex broker that can keep up. CMC Markets offers mobile apps for both Android and iOS devices so that you can trade from anywhere in the world. Not only are these apps feature-rich, but they're also easy to use and offer a great user experience.

10. Forex.comRebates for Forex Traders

forex.com, best sites for fx trading


  • Reputable U.S, broker
  • Active trader program
  • 80+ forex pairs


  • $15 inactivity fee
  • Identity verification


Forex.com is a well-established online broker that offers rebates to forex traders. The broker is headquartered in the United States and is a member of the National Futures Association.

Forex.com offers a wide range of forex pairs and has an Active Trader Program where you can earn rebates and interest on your trades.

New users must complete identity verification, but this is a standard process for brokers who accept U.S. citizens. Stringent regulation means that your funds are safe with Forex.com.

Minimum deposit: $100

Best for US Traders

Keeping your money safe as a U.S. trader means finding a reputable and well-regulated broker. Forex.com is one such broker. Community Futures Trading Commission compliance offers a safe and secure platform for forex trading in the United States.

Best Forex Trading Platforms: How We Choose Our Top Picks

Forex brokers run the gamut from small, independent boutiques to large, publicly traded firms. But not all forex brokers are created equal. To help you find the best forex broker for your needs, we've considered a number of factors.


When trading forex, choosing a broker that is appropriately regulated is crucial. This ensures that your money is safe and that the broker adheres to best practices.

Some brokers are regulated by multiple agencies, while others are only handled by their home country's financial regulator. We only consider brokers that are properly regulated by at least one major financial regulator.

Account Types

Forex accounts come in three main types:

  • Standard accounts are the most common type of account and typically have a minimum deposit requirement in the $250-$500 range. Standard accounts generally offer leverage of up to 100:1.
  • Mini accounts are designed for beginner forex traders and have a much lower minimum deposit requirement, typically in the $50-$100 range. Mini accounts offer leverage of up to 200:1.
  • Managed accounts are designed for experienced forex traders and investors who want their funds managed by a professional trader. Managed accounts typically have high minimum deposit requirements, often in the $10,000-$25,000 range.


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We consider all of the account types offered by a broker when determining our top picks. However, not all brokers provide mini or managed accounts, so we also consider this when making our selections.

Platforms and Tools

The best forex brokers offer a robust trading platform with a wide range of features and tools. Forex trading platforms are typically proprietary software provided by forex brokers.

Some brokers offer web-based platforms, while others require that you download and install their software on your computer.

The best forex brokers also offer mobile trading platforms for iPhone, iPad and Android devices. And some even offer custom indicators and trading signals to help you make better-informed trades.

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Commissions and Spreads

Forex trading costs are typically quoted as a "spread," which is the difference between the bid and ask price of a currency pair. For example, the typical spread for a major currency like the EUR/USD is 1-3 pips or 0.0001-0.0003.

In addition to the spread, forex brokers typically charge a commission on each trade. The commission is usually a percentage of the total value of the transaction, with a minimum commission charge.

We only consider brokers that offer competitive spreads and commissions. This means spreads of 1-2 pips for major currency pairs and commissions of $0-$15 per trade.

Deposit and Withdrawal Options

When funding your forex account, it's essential to have a variety of deposit and withdrawal options. The best forex brokers offer a variety of methods, including credit and debit cards, bank wire transfers, e-wallets like PayPal and even cryptocurrency wallets.

FAQs: Forex Trading Platforms

Now that we've examined our top picks, let's answer some frequently asked questions about forex brokers.

Which Is the Best Broker for Forex Trading?

Interactive Brokers offers the most comprehensive broker’s trading platform in our review and is our pick for the best broker.

With more than 100 order types and IB SmartRouting, which scans multiple exchanges for the best price, you can trade forex how you want on this platform.

What Are the Top 10 Forex Brokers?

  1. Public.com
  2. SoFi 
  3. Interactive Brokers
  4. IG
  5. AvaTrade
  6. Saxo Bank
  7. XTB
  8. Plus500
  9. CMC Markets
  10. Forex.com

Who Is the Biggest Forex Broker in the World?

When comparing volume, Forex.com is one of the biggest forex brokers in the world. With over $15 billion in trades for 2022, this broker can provide significant liquidity for large trades.

Can a Forex Broker Steal Your Money?

It would be difficult for a forex broker to steal your money.

Reputable forex brokers keep your money in a segregated account at a banking institution, so your money is never mixed in with the broker's operating funds. As such, your money is protected from the financial failure of the broker.

What Should I Look for When Choosing a Broker?

These are the factors you should consider when choosing a broker:

  • Size of the broker
  • Licensing and regulation
  • Financial solvency
  • Favorable spreads
  • Fee transparency
  • Withdrawal guidelines

Can Forex Trading Make Me Rich?

Forex trading involves risk, and it is possible to lose money. However, it is possible to make a profit with proper risk management and a well-designed trading strategy.

Be wary of any broker claiming forex trading is a sure-fire way to get rich. There is no guarantee of profit, and you can lose money as well as make money when trading forex.

How Much Money Do I Need to Start Forex Trading?

You can start forex trading with as little as $100. However, it's critical to keep in mind that you'll need to deposit more money to maintain your account as your trading activity increases.

While brokers like XTB offer $0 account minimums, you should have enough funds in your account to withstand volatile financial markets.

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How Do I Trade Forex With $100?

You can trade $100 in forex using leverage. The best leverage for a $100 account is 1:100. This means that you can trade $100 worth of currency for every $1 in your account.

However, it's essential to remember that leverage also amplifies your losses. As such, you should only use leverage when you are confident in your ability to manage risk effectively.

What Is the Best Currency Pair to Trade?

EUR/USD is the best currency pair to trade. This is because it is the most liquid currency pair and has the lowest spread. Moreover, as a major currency pair, it is available on all forex platforms.

What Is the Best Time Frame for Forex Trading?

The best time frame for forex trading is the 1-hour chart. This time frame provides enough data to show trends but isn't so overwhelming that it's difficult to trade.

If you're just starting out, you can also trade on the 4-hour or daily chart. Then, as you gain experience, you can move to shorter time frames like the 15-minute or 5-minute chart. However, it's important to keep in mind that the shorter the time frame, the more risk you take.

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Which Forex Broker Charges the Lowest Fees?

IG charges the lowest fees in the forex industry. With spreads as low as 0.8 pips and no commission fees, you can save a lot of money when trading on this platform.

You'll benefit from this tight spread and commission structure if you like to trade many open positions at once.

Which Forex Trading Platform Offers the Best Service?

AvaTrade offers the best service. With a multilingual customer support team, this forex trading platform is available to help you 24/5. No matter your concern, someone will be available to help you resolve it quickly and efficiently.

What Is the Safest Way to Trade Forex?

The safest way to trade forex is through a regulated broker. This ensures that your broker is held to the highest standards and that your money is protected.

Using a risk management strategy, like stop-loss orders, is essential to protect your capital. Following these two simple steps, you can safely and responsibly trade forex.

Top 5 Forex Brokers

To recap, let's take a look at our top 5 forex brokers:



  • Open to U.S. citizens
  • Extended trading hours
  • Commission-free

Interactive Brokers

  • More than 100 order types
  • IB SmartRouting for active traders
  • Commission-free trading


  • More than 80 currency pairs
  • 20% lower spreads
  • API for real-time trading


  • Multilingual customer support
  • Excellent rating on Trustpilot
  • More than 1,250 assets

Top Forex Brokers for Trading in 2022

When choosing a forex broker, it's crucial to find a platform that suits your trading style and has the features you require to succeed. It's also important to compare fees and spreads so you can keep more of your profits.

Interactive Brokers offers the best of both worlds: a robust platform with advanced features and commission-free trading. So if you're looking for a one-stop shop for all your forex needs, Interactive Brokers is our pick for the best forex broker.

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If the spread is your primary concern, IG offers some of the lowest spreads in the industry. However, no matter which broker you choose, make sure you also compare currency pairs and platform features before making your decision.

DISCLAIMER: 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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