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Best Forex Broker

How To Choose The Best Forex Broker

The foreign exchange market is one of the most exciting, fast-paced markets in the financial world. Unfortunately, it is also one of the most volatile, with large swings in currency values commonplace. As a result, choosing the best forex broker for your needs can take time and effort.

To start with forex trading, you just need to explore the best forex brokers and open an account with one that suits your trading style. However, you must do some initial research to find the best forex broker. You can easily find the most suitable broker according to your trading experience and needs.

In this guide, we will discuss how to choose the best forex brokers, why you should start forex trading, the pros and cons of forex, and more. Besides that, to help you choose the best broker, we will compare the features and benefits of some of the leading brokers in the industry to give you an overview of each offer. So, let’s get started.

When looking for the best forex brokers, there are several things you need to consider. These include:

#1 Regulatory Compliance

The first and foremost thing you need to check is whether a reputable body regulates the broker. A good way to check this is to see if the broker is listed on a major exchange. If they are, then they are most likely to be regulated. For example, a reputable forex broker in the USA will be an NFA member registered with the Commodity Futures Trading commission.

#2 Trading Platform

The first and foremost thing you need to check is whether a reputable body regulates the broker. A good way to check this is to see if the broker is listed on a major exchange. If they are, then they are most likely to be regulated. For example, a reputable forex broker in the USA will be an NFA member registered with the Commodity Futures Trading commission.

#3 Account Features

When choosing a forex broker, you must consider the account features. Some of the things you might want to look for include:

#4 Customer Support

A broker’s customer service should be accessible since Forex trading takes place 24 hours a day, seven days a week. In addition, think about whether it’s easy to get an actual person on the phone. A quick call to a forex broker can indicate their customer service and average wait periods.

What Is A Forex Broker?

A forex broker is an intermediary between traders and the foreign exchange market. They provide a platform where traders can buy and sell currencies and other services such as margin trading, which allows traders to borrow money to trade with.

The role of the forex brokers has become more important in recent years as the forex market has become more accessible to retail investors. Only large financial institutions and banks traded forex in the past, but now many online brokers allow retail investors to trade forex.

Generally, online forex brokers enable traders to largely use electronic trading platforms that the broker supports to execute forex deals. In addition to offering their own software for trading, many popular online forex brokers also support 3rd party MetaQuotes platforms, including MetaTrader 4 and 5 (MT4/5).

In addition, many forex brokers also provide extensive educational information for beginners, which may be utilized to improve their trading knowledge. They might also provide expert Forex market analysis and financial news feeds to assist you in making better trading decisions. Moreover, forex brokers make their money by charging commissions and spreads on the transactions they facilitate.

Why Trade Forex?

A forex transaction is the simultaneous purchase of one currency and the sale of another at a set exchange rate. Forex traders profit by selling one currency pair cheap and expensive or buying one pair high and selling it low.

A significant number of individuals trade forex because it’s a relatively easy process to get started. Once you open a trading account, download a free platform like MetaTrader. Trades can be executed quickly and easily, so traders have the flexibility to set their own pace. Plus, making money is another big motive for why people engage in forex trading.

This is usually where investors begin since they can gain a handle on the market without being overwhelmed by the asset they’re trading.

How Do I Know If My Forex Broker Is Regulated?

It is important to know if your forex broker is regulated. This will ensure that your broker is held accountable to a higher standard and that your funds are protected. The best way to find out is to check the broker’s website or contact them directly.

It is also good to check the regulator’s website to see if the broker is listed. For example, in the United States, you can check with the National Futures Association (NFA) or the Commodity Futures Trading Commission (CFTC). Moreover, check the reviews for your broker to see what other traders have to say about their experience.

Here is how you can determine if your forex broker is regulated:

👍 Check their license number

All regulated brokers will have a license number. You can check this against the regulator’s list of licensed brokers to ensure it is valid.

👍 Check Their Registration Status

Besides having a license, brokers must also be registered with the regulator. Again, you can check this on the regulator’s website.

👍 Find Their Membership Status

Some regulators require brokers to be members of a self-regulatory organization (SRO). For example, in the United States, brokers must be National Futures Association (NFA) members.

👍 Verify Details

If you question the authenticity of a website or brand, reach out to the regulator through the phone number or email address provided on their website.

👍 Global Availability

Make certain that the broker you’re looking into can take on customers from your home country. If they lack proper regulation to do so in your country, see if they at least legally can accept clients from your nation (for example, if an alternate yet suitable jurisdiction regulates the broker).

👍 Forex Brokers List

One must comprehend the currency pair offerings, account specifics (initial deposit, deposits/withdrawals, commissions/spreads, leverage, and margin), customer service, regulatory compliance, and trading platforms while thinking about how to select the finest Forex broker in 2022. Before choosing the finest Forex broker, take the time to read customer evaluations from both the broker’s past and present clients to get a sense of how well they performed when offering Forex services to individuals. Finding the best broker to trade with is essential for successful FX trading

The team at AsiaForexMentor.Com spent hours carefully compiling and curating the list of top brokers for this year’s edition of the best Forex brokers 2022. The flexible table below, in particular, offers a thorough comparison of Forex brokers that can be customized to a person’s preferences. 

  • Key information
  • Trading
  • Payment systems
  • Trading platforms
  • Trading instruments
  • Support
  • Trading accounts
  • Account settings
  • Spreads
  • Promotion
constructor
Filters
Add brokers for comparison
Rank Forex Broker Regulated Accounts Add to Comparison
1
XM.COM ASIC, IFSC
Added
2
RoboForex IFSC
Added
3
EXNESS FCA, CySEC
Added
4
Alpari IFSC, NAFD
Added
5
Instaforex RAUFR
Added
6
FXTM FSCA, CySEC, FSCA
Added
7
JustMarkets CySEC, FSA
Added
8
HTFX CySEC, FCA
Added
9
Doo Prime FCA, VFSC, FSA, FINRA, ASIC
Added
10
DBG Markets ASIC, FCA, FSCA
Added
11
Zacks Trade FINRA, SEC
Added
12
AVATrade ASIC, CBI
Added
13
Land Prime FCA, FSA
Added
14
AMarkets FSA
Added
15
FxGlory
Added
16
eToro ASIC, FCA
Added
17
Forex4you ASIC, FCA
Added
18
Interactive Brokers FCA, CFTC
Added
19
Dukascopy Bank SA FINMA
Added
20
Markets.com CySEC
Added
21
GrandCapital
Added
22
FBS IFSC, NAFD
Added
23
FreshForex KROUFR
Added
24
FxPro FCA, CySEC
Added
25
FIBO Group FSC, CNMV
Added
26
HotForex CySEC, FSC
Added
27
HYCM FCA
Added
28
OANDA ASIC, FCA
Added
29
Saxo Bank ASIC, FCA
Added
30
FXCM ASIC, FCA
Added
31
RoboMarkets CySEC
Added
32
Swissquote FINMA
Added
33
FXDD MFSA
Added
34
DeltaStock BNB
Added
35
ActivTrades FCA, CNMV
Added
36
Admiral Markets FCA, CNMV
Added
37
NordFX SEBI, VFSC
Added
38
BCS Forex MFSA
Added
39
DeltaStock BNB
Added
40
ActivTrades FCA, CNMV
Added
41
Admiral Markets FCA, CNMV
Added
42
NordFX SEBI, VFSC
Added
43
BCS Forex FSA
Added
44
IFC Markets FSC, CySEC
Added
45
Dukascopy Europe FCMC
Added
46
Orbex VFSC
Added
47
EasyMarkets ASIC, CySEC
Added
48
XTB.com FCA, CNMV
Added
49
CMC Markets ASIC, FCA
Added
50
Octa FX FCA, FSA
Added
51
LMFX
Added
52
ICM Capital
Added
53
PhillipCapital UK ASIC, FCA
Added
54
Hantec Markets FCA
Added
55
Finam Forex CBR, NAFD
Added
56
Core Spreads FCA
Added
57
Fort Financial Service IFSC
Added
58
BMFN ASIC, FCA
Added
59
FxGiants ASIC, FCA
Added
60
Degiro BaFin
Added
61
GO Markets ASIC
Added
62
Forex.ee FSA
Added
63
Tickmill FCA, SIBA
Added
64
Yadix.com
Added
65
Instaforex
Added
66
etoro
Added
67
Swiss Markets CySEC
Added
68
PSB Forex CBR, NAFD
Added
69
ICE FX
Added
70
FriedbergDirect IIROC
Added
71
TrioMarkets CySEC
Added
72
iOCBCfx MAS
Added
73
UOB Kay Hian MAS
Added
74
KGI Futures MAS
Added
75
KE Forex MAS
Added
76
City Index Singapore MAS
Added
77
Haitong MAS
Added
78
FXCitizen VFSC
Added
79
Land FX FCA, FSCS
Added
80
Pepperstone ASIC
Added
81
Vantage FX ASIC
Added
82
AXITrader ASIC, FCA
Added
83
Ak Investment SPK
Added
84
InvestAZ FSP, SPK
Added
85
Corner Trader FINMA
Added
86
Abshire-Smith FCA, FSCS
Added
87
ArgusFX CySEC
Added
88
Ayondo FCA, BaFin
Added
89
Bacera ASIC
Added
90
BogoFinance CySEC
Added

10 Best Forex Brokers

#1 XM – Best Overall

XM Group is a forex and CFD broker founded in 2009. For over ten years, XM Broker has provided technology-based solutions to more than 10 million clients. The company is now experiencing significant growth and recognition in the industry, including awards for being the Fastest Growing Broker and Best Forex Service Provider.

XM Broker is ideal for trading professionals due to the high order processing speed and low level of commitment. Additionally, XM Broker has licenses from three leading international regulators: ASIC (Australia), FCS (Belize), FCA (UK), DFSA (Dubai), and CySEC (Cyprus). The broker offers a leverage of up to 1:1000 and a minimum deposit of $5.

XM is the best choice, especially for beginner traders. With its high-tech trading platforms, such as MetaTrader 4, MetaTrader 5, Webtrader 4, WebTrader, 5, and XM app, XM provides the perfect environment to learn and practice forex trading with virtual money before moving on to a live account.

Advantages

Disadvantages

#2 Roboforex

Avatrade is a regulated forex broker that offers online trading services in more than 250 instruments across multiple markets, including forex, indices, commodities, shares, and cryptos. In addition, it carries seven regulations on seven different continents, including UAE, South Africa, Japan, Australia, Europe, and the British Virgin Islands.

With Avatrade, you can start trading with a minimum deposit of $100 and leverage of up to 400:1. Traders can also take advantage of the broker’s numerous bonuses, including a welcome bonus of up to $10,000 and an Avapoints loyalty program to earn extra points.

In addition, traders can trade several instruments, including forex pairs, commodities, stocks, indices, bonds, ETFs, and Vanilla Options. Furthermore, AvaTrade is regulated by seven international commissions to ensure the safety of our customers: CBI (EU), B.V.I. FSC (British Virgin Islands), ASIC (Australia), FSCA (RSA), FRSA (UAE), FSA, and FFAJ (Japan).

Advantages

Disadvantages

#3 Exness

Exness is a global brokerage firm with two main offices in Seychelles and Cyprus. This company provides financial services, investment solutions, and mainly corporate partnerships to clients worldwide. The EU-based company in Cyprus, which is fully regulated, provides services to members within the EEA and other parts of the world.

Exness offers several assets, including stocks, cryptocurrency, over 120 currency pairs, and metals. The broker’s service is reliable, with low commission, instant execution of orders, and withdrawal of funds. With the leverage of 1:100 up to 1:2000, Exness is one of the best brokers for scalpers.

In addition, this broker includes a wide range of payment systems to deposit and withdraw money using any currency pair. Plus, with infinite leverage, traders have the ability to make profits on small deposits — something other platforms don’t offer.

Advantages

Disadvantages

#4 Alpari

Alpari is a global trading company founded in 1998 by three partners in Russia. The company has acquired extensive experience and expertise over the years of operation and has become one of the largest Forex brokers.

Alpari is committed to offering high-quality services for trading on the foreign exchange currency market. With over a million clients in 150 countries and offices around the globe, Alpari has a reputation for reliability and excellence.

With the leverage of Up to 1:3000 and spread from 0.2 pips, Alpari is suitable for scalpers as well as long-term traders. The company also provides a demo account to test strategies and get familiar with the trading platform.

Advantages

Disadvantages

#5 InstaForex

InstaForex, established in 2007, is a globally recognized forex broker offering a wide range of trading instruments, including forex, commodities, indices, and cryptocurrencies. The broker provides access to popular trading platforms such as MetaTrader 4 and MetaTrader 5, catering to both beginners and experienced traders. InstaForex operates under the regulation of the British Virgin Islands Financial Services Commission (BVIFSC), ensuring a secure trading environment.

InstaForex offers competitive trading fees, with spreads starting from 0.0 pips on certain account types, though commissions may apply. The broker provides various account options, including Insta.Standard and Insta.Eurica, each designed to meet different trading needs. InstaForex also offers a free demo account for traders to practice their strategies without risking real money.

InstaForex is known for its comprehensive educational resources, including tutorials, webinars, and market analysis, supporting traders in enhancing their skills and knowledge. The broker also offers responsive customer support, available 24/7, to assist clients with any inquiries or issues. With its commitment to providing a seamless trading experience and a wide range of services, InstaForex remains a preferred choice for traders worldwide.

Advantages

Disadvantages

#6 FXTM

FXTM (FXTM) is another forex broker that began operations in 2011. It enables investors to profit by executing active trading or investment strategies. The organization is governed by the CySEC (Cyprus Securities and Exchange Commission), South African FSCA (Financial Sector Supervision Authority), UK FCA (Financial Conduct Authority), and FSC (Mauritius Financial Supervisory Commission).

The Micro account requires a minimum deposit of $10, allowing novices to grasp the basics of trading and study the market’s operational principles without risk or major investments. However, the Standard account requires a $100 deposit with 0.01 lots and spreads from 1.3 pips.

In addition, FXTM offers a leverage of up to 1:2000, which is significantly higher than the industry average. You can also open swap-free accounts and use powerful trading platforms like MetaTrader 4, MetaTrader 5, and cTrader.

Advantages

Disadvantages

#7 JustMarkets

JustMarkets is an online broker that offers a wide range of assets, including currency pairs, precious metals, cryptocurrency, and stock indices. The company was founded in 2012 and is headquartered in St. Vincent and the Grenadines. JustMarkets provides services to clients from over 100 countries.

JustMarkets offers several account types with leverage of up to 1:3000 and spreads starting from 0.0 pips. The minimum deposit is $1, making it accessible to beginner traders with a small budget.

This brokerage company is ideal for traders who use various trading strategies. You’re allowed to utilize expert advisors, trade news, and copy trades. The broker is also great for clients who prefer long-term and medium-term trading styles and those adhering to Islamic principles.

Advantages

Disadvantages

#8 HTFX

HTFX is a global forex broker offering a diverse range of trading instruments, including forex pairs, commodities, indices, cryptocurrencies, shares, and metals. Established with offices in the UK, Cyprus, Indonesia, Thailand, Malaysia, Vietnam, Taiwan, Hong Kong, and Vanuatu, HTFX operates under the regulation of the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC), ensuring a secure trading environment.

HTFX provides multiple account types, such as Standard, Cent, and ECN accounts, catering to both novice and experienced traders. The broker offers access to popular trading platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5), known for their user-friendly interfaces and advanced analytical tools. With a minimum deposit of $50 and maximum leverage up to 1:500, HTFX accommodates various trading strategies and risk appetites.

In addition to competitive spreads starting from 1.4 pips on Standard accounts, HTFX provides a range of deposit and withdrawal options, including RediPay, THAI QR PAYMENT, RPNpay, helpay2, credit cards, ChipPay, teleport, PAYOK, Tether, and Alipay. The broker also offers a 20% deposit bonus up to $10,000, enhancing trading potential for its clients. However, it’s important to note that HTFX does not accept clients from certain regions, including Belarus, Crimea, Cuba, Iran, Iraq, Japan, North Korea, Russia, Sudan, Syria, Turkey, the United States, and Ukraine.

Advantages

Disadvantages

#9 Doo Prime

Doo Prime is an international online broker offering a wide range of trading products, including forex, securities, futures, metals, commodities, and indices. The company operates under the umbrella of Doo Group, with operations centers in Dallas, Sydney, Singapore, Hong Kong, Dubai, and Kuala Lumpur. Doo Prime is regulated by multiple financial authorities, including the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) in the U.S., the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) in Australia, the Financial Services Authority (FSA) in Seychelles, the Financial Services Commission (FSC) in Mauritius, and the Financial Services Commission (FSC) in Vanuatu.

The broker provides access to over 10,000 CFD products through various account types tailored to different trading needs and preferences. Clients can trade on popular platforms such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5), benefiting from flexible leverage, low spreads, and fast execution. Doo Prime also offers a community-based copy trading platform with flexible profit-sharing functionality, allowing traders to follow and replicate the strategies of experienced investors.

To ensure the safety of client funds, Doo Prime separates client funds from corporate funds in strict compliance with regulatory requirements, hosting them with reputable banks like Standard Chartered, Bison, and Barclays. The broker’s robust IT infrastructure and network, supported by Equinix, enable 99.5% of trade transactions to be completed within 50 milliseconds, providing a stable and efficient trading environment. With a global presence and a commitment to technological innovation, Doo Prime strives to offer professional investors a comprehensive and reliable trading experience.

Advantages

#10 DBG Markets

DBG Markets is a global online broker established in 2007, offering a diverse range of financial instruments, including forex, precious metals, shares, indices, commodities, and cryptocurrencies. The broker provides access to popular trading platforms such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5), catering to both novice and experienced traders. DBG Markets operates under multiple regulatory authorities, including the Australian Securities and Investments Commission (ASIC) and the South African Financial Sector Conduct Authority (FSCA), ensuring a secure trading environment.

DBG Markets offers various account types, including Standard, ECN, and VIP accounts, each designed to meet different trading needs. The broker provides competitive trading conditions with spreads starting from 0.0 pips and leverage up to 1:500. Clients can fund their accounts through multiple payment methods, including bank transfers, credit cards, and cryptocurrencies, with a minimum deposit requirement of $100.

In addition to its trading services, DBG Markets provides comprehensive educational resources, including tutorials, webinars, and market analysis, supporting traders in enhancing their skills and knowledge. The broker also offers responsive customer support, available 24/7, to assist clients with any inquiries or issues. With its commitment to providing a seamless trading experience and a wide range of services, DBG Markets remains a preferred choice for traders worldwide.

Advantages

Disadvantages

How We Rank The Best Forex Brokers

To choose the best forex brokers, we focused on identifying mobile-friendly platforms with competitive spreads and trading fees, a wide range of currency pairs, and robust customer support. We also looked for regulated brokers who have been in operation for at least five years.

At Asia Forex Mentor, we consider reviews on popular forex forums. However, we only go by what other traders say. We conduct our due diligence, gathering as much information as possible to ensure that our list is as accurate and up-to-date as possible. As a result, according to our evaluation criteria, we calculate the overall score of each broker and choose the top-rated forex brokers to recommend to our readers.

Conclusion

Now that you know the ins and outs of some of the best forex trading platforms, it’s time to find the best forex broker. The brokers on this list have been carefully selected based on their fees, features, and regulation. So no matter what your trading style is, you should be able to find a forex broker that suits your needs.

Take a test drive of some of these best forex broker platforms and see which is the right fit. Happy trading!

FAQs

There is no such thing as the “cheapest” Forex broker. The cost of trading depends on your account type, the currency pairs you trade, and the broker’s commission. Some brokers charge no commission, while others charge up to $10 per lot traded.
The “best” forex broker will depend on your needs and trading style. For example, if you are a beginner trader, you may want a low-cost broker with a user-friendly platform. On the other hand, an experienced trader may want a broker with various currency pairs and a high leverage ratio. For a beginner, we recommend IQ Option or eToro. For an experienced trader, we recommend FXTM or Tickmill.
All of the forex brokers on this list are regulated by at least one financial authority, and most are regulated by multiple. This ensures that your broker is held to high financial stability and customer protection standards. If you are looking for a specific regulator, you can check out our list of forex brokers by regulator.

Still unsure about which broker to choose ? - We'll help you!

Just select one of the Top 3 of the best Forex brokers in our ranked list

XM

Best for Beginners

Roboforex

Best for Pros

Exness Group

Best for Investors

Still unsure about which broker to choose? - We'll help you!

Just select one of the Top 3 of the best Forex brokers in our ranked list

AVATrade

Best for Beginners

Roboforex

Best for Pros

Exness Group

Best for Investors











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