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Best Brokers for Forex Trading 2022

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These brokers offer excellent trading platforms and tight spreads.

The global Forex (foreign exchange) market is the most actively traded and largest financial market in the world. What are the main benefits and features that both experienced traders and beginners generally look for when deciding on the”best” forex broker? While there are many factors to choosing a forex broker, some of the most important are fees, trustworthiness, customer support, cross-platform trading software, currency research, and trading education.

In this article, we will cover four global forex brokers that we consider the best of the best. Those brokers are:

  • IG
  • Pepperstone
  • OANDA
  • Forex.com
  • Plus500
  • IQ Option

In the US, only three of these brokers are in full operation. IG was the winner of our review but has only been in full operation in the United States since February 2019.


IG

ig-logo
  • Best Forex Broker
  • $0 Account Minimum
  • Fees starting at 0.6 pips (EUR/USD)
  • Read full review

IG has been involved in CFD and forex trading for over 40 years. However, it has only just re-entered the US market in February 2019. IG Group has more than 185,000 clients worldwide and is a Financial Times Stock Exchange (FTSE) 250 company. 

Because of its size, IG can offer some of the lowest commissions and spreads in the industry. They also provide a comprehensive product line, including stock indices, stock sectors, individual equities, cryptocurrencies, commodities, and bonds. This is done through a range of professional grade trading platforms that can be accessed through their mobile apps or their web-based interface.

Pros

  • Multiple spread types (e.g., broker-spread, raw-spread)
  • No minimum account size
  • Recognized and regulated by government bodies worldwide (ASIC, IIROC, CFTC, FCA, among others).

Cons

  • News and research only available through external sources
  • Slow customer service response time
  • Disorganized education tools

Pepperstone

pepperstone-logo
  • AUD $200 account minimum
  • Fees “starting at” 0.0 pips
  • Best Australian Forex broker

Pepperstone is based in Melbourne, Australia, and offers competitive trading capabilities through multiple platforms such as mobile devices, MetaTrader 4, and web-based tools. With a broad range of account types, Pepperstone customers have more than 80 tradeable financial instruments across more than 72 asset classes, including forex, commodities, metals, cryptocurrencies, and index CFDs. It also provides comprehensive educational and research resources.

Pros

  • Industry leading rates on CFD executions
  • Meta-trader 4 desktop and mobile interface, WebTrader, and cTrader
  • No trading against clients

Cons

  • No CFDs for single stocks
  • Unclear execution costs
  • Least competitive of this review

OandA

oanda-logo
  • Best desktop trading experience
  • $0 Account Minimum
  • Fees starting at 1.3 pips (EUR/USD) or 1.1 pips (USD/JPY)

OANDA excels above the other brokers reviewed here in the area of its proprietary trading technology which includes desktop and web-based platforms and integration with MetaTrader 4 on desktop and mobile.

With roots in academia and officially founded in the 1900s, OANDA is an early pioneer in forex and has built a reputation for superb technology and comprehensive product offerings. OANDA services customers throughout the United States, Canada, Australia, Singapore, and the United Kingdom.

Pros

  • Only $1 to open an account
  • Raw spread and broker spread models available
  • Recognized and regulated by government bodies worldwide (ASIC, IIROC, CFTC, FCA, among others).

Cons

  • Disorganized research tools
  • Slow customer service response time
  • Fragmented educational resources

Forex.com

forex.com-logo
  • USD $50 Account Minimum
  • Average fees of 1.3 pips (EUR/USD)
  • Best research and educational materials
  • Read Full Review

Forex.com is a global industry leader and in the US is the primary competitor of OANDA. Forex.com is owned by the publicly traded GAIN Capital (NYSE: GCAP) and has invested heavily in custom-built systems and trading platforms over the past few years. Because of this, both Forex.com and City Index (a spread betting company and another acquisition of GAIN Capital) are industry leaders and “edge out” OANDA in the USA in terms of customer assets.

Through Forex.com and City Index, GAIN Capital has acquired customers from across the globe and currently provide their clients with continuously updated and useful market insights through their global team of market analysts. Forex.com offers industry-leading trading tools for forex, CFDs, and Bitcoin.

Pros

  • Custom client and web platforms and custom integration with MetaTrader 4
  • Client-focused market research team
  • Forex, bonds, indices, shares, commodity CFDs, and cryptocurrency.

Cons

  • Cumbersome navigation of educational materials
  • Guaranteed stops only available in some markets for a fee
  • Highest trading costs of this review

Plus 500

plus500-logo
  • USD $100 Account Minimum
  • Average fees of 1.1 pips (EUR/USD)
  • Buy or sell as CFD’s, with leverage up to 1:300, commission-free
  • Best for CFD Trading
  • Read full review

Plus500 is a quality CFD’s provider and operates around the world via its subsidiaries: Plus500AU, AFSL #417727 issued by ASIC, Derivatives issuer licence in New Zealand for NZ clients, FSP No. 486026; Financial Services Provider # 47546 in South Africa. Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909).

Plus500 has one of the most user-friendly platforms that allow instant access to variousmarkets, including commodities, indices, shares, andoptions. Every asset is availableto buy or sell as CFD’s, with leverage up to 1:300, commission-free.

Many other featuressuch as stop, limit, andtrailing stop are all present on the platform. Customers can also enjoy trading in a free unrestricted demo account that imitates real action. The platform has a lot of news, market information, training tools and comes with solid customer support. Everything is available in the Arabic language, including customer support.


IQ Option

iq-option-logo
  • USD $10 Account Minimum
  • Average fees of 1.2 pips (EUR/USD)
  • Best For Binary Options Trading
  • Read full review

IQ Options has a long trading services history. The company started operating in 2013. Having their main quarters in Limassol, Cyprus, they are authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) only. IQOPTION LTD is registered at St. Vincent and Grenadines, this entity is not regulated.

IQ Options index brand has been recently updated to make sure the UAE clients get the same advanced tools and platforms, internationally available to other customers. They provide an improved in-house advantage platform different from the most known Metatrader 4/5 platform.

Those powerful tools are available without any risk – you can open a demo account with no limitations. $10,000 in virtual currency is also provided for you to practice with and is not limited in any way.

IQ Options has won many awards due to the quality of their services. IF you are looking for a solid platform you don’t have to look any further.


Methodology

The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of the best forex brokers. User experience, the mobile experience, customer service, costs and fees, security, the quality of trade executions, the products available on their platforms are all part of our six-month evaluation of a brokers platform.

The rating scale was based on thousands of data points that have been weighted into the scoring system. Brokerages were also required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online brokers we reviewed. Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.

Disclaimer: By trading with securities you are taking a high degree of risk. You can loose all of your investment money. You should start trading only if you are aware of this risk. Business24-7 is not providing any investment advice, we only help you find the best broker based on your needs and preferences. Business24-7 is free for everyone, but earns commission from some of the brokers. We get commission with no additional cost for you.

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Stefan Grasic (Dipl.-Jur) is the World Wide Director of research for Buisness24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active Crypto, Forex and general investment researcher advising blockchain companies at their start up level. He keeps fit by mountain biking, surfing, skiing and lots of other adrenaline sports.