Best Forex Brokers for 2022 – Compare Forex Trading Platforms

In the following sections, we examine the aforementioned forex brokers in great detail. This will assist you in selecting the best forex broker in the United States for your skillset and trading objectives.

Review of the Top Forex Trading Platforms

There are plenty of forex brokers that allow US clients to purchase and sell currency pairs, with the finest MT4 brokers providing full MetaTrader suite access.

In spite of this, no two forex brokers are identical, therefore you will need to conduct research on supported markets, commissions, account kinds, minimum deposits, trading tools, and other crucial aspects.

Listed below are the top 10 forex brokers on the market at present.

1. eToro Is the Best Forex Trading Platform Overall in 2022

If you’re looking for the greatest forex trading platform in terms of cheap costs, supported currency pairings, and user-friendliness, eToro is your best option. This online forex broker and top investment app was established in 2007 and currently serves 25 million traders. As of this writing, eToro provides access to slightly under 50 forex markets and is regarded as one of the market’s highest leverage brokers.

This is a balanced mix of majors, minors, and exotics. When trading forex on the eToro platform, typical commissions are not levied. Instead, you will be charged a competitive spread beginning at 1 pip every slide. This makes eToro one of the least expensive online FX trading venues.

In addition, once you have opened an account, you will not incur any transaction fees if you fund it with U.S. dollars. eToro gives retail clients a maximum leverage of 1:30 on popular currency pairs. Minors and exotics have a maximum leverage of 1:20. This indicates that you can significantly amplify your positions.

A further advantage of selecting this forex broker with a low spread is that its platform is extremely user-friendly. You can search for your desired currency combination or peruse the whole list of supported markets in the ‘Discover’ section. In order to place a trader, it is sufficient to input your stake and confirm the order. You may also set limits, stop-loss orders, and take-profit orders.

If you are absolutely unfamiliar with the foreign exchange markets, you may also find the eToro Copy Trading tool useful. This allows you to replicate an experienced forex trader exactly. For example, if your selected trader invests 5% of their portfolio in a EUR/GBP long position and you have invested $2,000 in the individual, you will copy the trade for a cost of $100. Forex traders may also be interested in the best forex signals, which are essentially tips and signals issued by market analysts indicating when to enter and leave a position.

eToro also offers a mobile app for iOS and Android, which is a popular feature. This enables you to deposit/withdraw funds, open/close forex trader, check the value of your portfolio, and access any other tools available on the main eToro website. Additionally, eToro offers a free FX trial account with $100,000 in paper trading capital.

If you are the type of trader who enjoys diversification, you will love the fact that the best forex copy trading platform provides access to a large number of additional asset classes. In addition to cryptocurrencies, you may invest in thousands of commission-free equities and ETFs. You should not be concerned about safety, as eToro is authorized and controlled by the SEC, FCA, CySEC, and ASIC.

To start an eToro account today, simply register your personal information and submit a copy of your government-issued photo identification. Then, quick deposits can be made with Visa, MasterCard, Maestro, PayPal, Neteller, or Skrill. Additionally, ACH and domestic bank wires are supported. The minimal initial deposit for US customers is only $10. Did you know that eToro is one of the finest forex brokers that accept Neteller?

Pros

• The best FX trading platform overall

• Low trading fees – spreads from just 1 pip

• Copy trading software

• There are no fees for USD deposits

• Among the most reputable Islamic brokers in the market

• Market-leading FX trading application

• Thousands of stocks with no commissions

• Purchase cryptocurrencies with low cost

Cons

• No third-party trading bot support

Your funds are at danger. 68% of retail investor accounts that trade CFDs with this supplier lose money.

2. Capital.com — Market-Leading Forex Platform with Zero Percent Commissions

Have you ever pondered the top day trading platform in the United Kingdom? Capital.com is another of the best forex brokers to consider collaborating with. Capital.com is one of the finest scalping brokers and cheap margin rate brokers that offers a wide range of markets, including currencies. Due to the regulation on CFD trading, US-based traders cannot open a Capital.com account. However, clients in other countries will be allowed to trade 138 different FX pairs, including a variety of minors and exotics.

Due to the fact that these currencies are traded using CFDs, Capital.com incorporates all fees into the spread. Depending on the pair, spreads can range from as low as 0.6 pips for EUR/USD during peak trading hours. When opening an FX trade, Capital.com does not impose any commissions or fees for deposits, withdrawals, or inactivity.

Users can make deposits through credit/debit card, bank transfer, Apple Pay, and PayPal in five different base currencies. The minimum deposit requirement is simply $20, and account opening is conducted entirely online. Those who prefer to trade FX with Capital.com can do so via the web platform or MT4, guaranteeing that there is a suitable choice for traders of all experience levels.

Capital.com is one of the best ASIC-regulated forex brokers on the market in terms of regulations and security, and it also holds licenses from CySEC, the FCA, the FSA, and NBRB.

Pros

• No commissions on trade openings

• Over 130 currency pairs available for trading

• No costs for deposits or withdrawals

• Complete support of MT4

Cons

• Does not accept U.S.-based customers.

Your funds are at danger. 78.91% of retail investor accounts that trade CFDs with this service lose money.

3. Popular CFD Broker with Zero Spreads: Libertex

Have you ever wondered who is the finest MT5 broker? Libertex is a well-known trading platform that operates in eleven countries and serves over 2.2 million customers. The platform offers a number of trading markets, including currencies, making it simple for clients to build diversified portfolios. Libertex provides over 50 currency pairs, including majors, crosses, and exotics.

Libertex, as a CFD platform, enables clients to acquire exposure to the price variations of these FX pairings without trading the underlying asset. The amazing thing about Libertex is that this platform does not charge a spread on the available currencies, so clients can trade at “real cost.” A variable commission is nonetheless charged when a deal is opened or terminated, beginning as low as 0.03%.

Libertex offers a maximum leverage of 30:1 and provides complete support for MT4 and MT5, enabling clients to develop and utilize customized trading strategies and automated trading systems. Users can also trade on Libertex’s web-based platform or mobile app, with the latter offering free demo accounts and real-time price charts. Finally, Libertex offers deposits via bank transfer, credit/debit card, and a number of prominent e-wallets, with a €100 ($105) minimum.

Pros

• No spreads on Forex transactions

• Compatible with MT4 and MT5

• Commissions beginning at 0.03%

• Operates for twenty-four years

• Among the most reputable NDD forex brokers in the market

Cons

• Not offering micro lots

Your funds are at danger. 70% of retail investor accounts who trade CFDs with this supplier lose money.

4. AvaTrade Is a Heavily-Regulated Forex Broker that Supports MT4/MT5

AvaTrade is a 2006-launched trading platform that has gained notoriety for its low-cost FX trading services. Several prominent organizations, including the Central Bank of Ireland, ASIC, FSA, and FSCA, regulate the site. AvaTrade provides 55 currency pairs for trading, and clients can open positions through the web-trader app or MT4/MT5.

As AvaTrade’s currency pairings are offered as CFDs, the platform does not charge commissions for opening or closing trades. Spreads are generally often rather narrow, reaching as low as 0.9 pips for highly liquid pairs such as EUR/USD. AvaTrade provides novice traders with a free demo account and a variety of FX-based Vanilla Options.

Despite the fact that AvaTrade’s minimum deposit requirement is $100, account funding is 100% free and six base currencies are supported. Withdrawals are likewise free to process and can come in as few as three business days. AvaTrade also provides an extensive selection of instructional resources, including tutorial videos, articles, and webinars.

Pros

• No commissions on foreign exchange transactions

• Controlled in a number of jurisdictions

• Compatible with MT4 and MT5

• Offers a free sample account

Cons

• Spread minimum is relatively high

5. Skill – Leading FX Platform with Spreads as Low as 0.1 Pips

Skilling is a Scandinavian-owned fintech startup that offers over 900 financial instruments for trading via an internet platform that is user-friendly to novices. CySEC regulates the platform, and clients can trade Skilling’s currency pairs via MT4 if they so choose. There are over 70 currency pairs accessible for trading with no commissions.

In addition, there are no hidden fees, as Skilling incorporates its commission into the bid/ask spread. Spreads begin at just 0.7 pips, however Skilling also provides a “Premium” account with spreads as low as 0.1 pips. Each account’s highest leverage is 30:1, giving negative balance protection and scalping services.

Skilling provides micro lot trading, allowing users to open positions with as little as 0.1 lots. Skilling accepts bank transfers, credit/debit cards, and a variety of e-wallets, including Neteller and Skrill, for account funding. The minimum deposit at Skilling is $100; however, individuals who wish to open a Premium account must deposit at least $5,000.

Pros

• An intuitive web-based trading platform

• Supports MT4 and cTrader

• Spreads on premium accounts start at only 0.1 pip

• Negative equilibrium protection function

Cons

• Does not support U.S. merchants

6. Interactive Brokers is the Best Forex Broker for Narrow Spreads and Extensive Liquidity.

Interactive Brokers is likely best recognized for its enormous stock, ETF, and mutual fund database. However, this top-rated platform also provides one of the best forex trading venues in the United States. When you open an account here, you’ll have access to more than 100 currency pairs.

This includes all main and minor pairs, plus dozens of unusual currencies. Due to the size of Interactive Brokers and the marketplaces to which it has access, forex traders here enjoy high levels of liquidity. In addition, you will find that Interactive Brokers has extremely competitive costs. Simply said, your commission will range from 0.08 and 0.20 BPS (basis points).

There are no additional spreads or markups added to the fees that you see when placing an order. You will also have access to a very complex platform, FXTrader, if you use Interactive Brokers. This provides an abundance of handy features, like real-time streaming quotations, customized order types, up and down indicators, and risk-management tools.

Pros

• Extremely sophisticated trading platform

• 100+ pairs

• Deep liquidity

Cons

• Perhaps not appropriate for novices

• Pricing structure may seem perplexing

7. Buy and Sell Forex Pairs at No Commission with TD Ameritrade

If you are seeking for the most cost-effective forex trading platform, you may want to try TD Ameritrade. In a word, this forex broker enables commission-free currency trading with no hidden spreads. Instead, the fees are merely incorporated into the bid/ask price.

At TD Ameritrade, you can trade more than 50 forex pairs, including majors, minors, and exotics. Although TD Ameritrade’s fees are relatively competitive, its native trading platform, thinkorswim, may be better suited for experienced investors. However, if you are familiar with trading software, thinkorswim has all you need.

For instance, you will get real-time economic news and forex market developments, technical indicators, charting panels that may be customized, currency trading maps, and a great deal more. thinkorswim is accessible via desktop software or your default web browser. It also comes in the form of an iOS and Android mobile application.

Pros

• Highly sophisticated thinkorswim trading platform

• Highly regarded broker for experienced investors

Cons

• Spread averages and minimums are not published

• Too difficult for novices

• Limited exotic markets in comparison to other brokers

8. Forex.com is an Expert Forex Broker for US Traders

Forex.com, which was founded in 2001, is a well-established currency trading platform that offers US customers over 80+ pairs at low rates. You will incur no trading commissions when buying and selling currency pairs, and spreads on major markets begin at just 0.5 pips each slide.

This platform’s currency trading feature is available 24 hours a day, seven days a week. We also appreciate that Forex.com covers multiple platforms and gadgets. This features MetaTrader5 connection, which will appeal to traders seeking access to advanced trading tools. In addition to the web trader, Forex.com also offers mobile apps for iOS and Android.

Additionally popular is Forex.com’s academy, which offers a multitude of educational manuals and courses. Additionally, this service is one of the greatest forex trading platforms for real-time news. Throughout the day, you will receive market insights and updates on major developments, which can be essential for predicting market moves.

Pros

• Dedicated forex trading platform for U.S.

• More than 80 forex pairs supported

Cons

• $100 minimum deposit

• Spreads on exotic pairs can be rather high

• No weekend trading

9. E*TRADE Is an Exceptional Forex Broker for Currency Futures

E*TRADE is one of the top forex brokers for seasoned derivatives investors who wish to trade currency futures. E*TRADE offers a number of currency futures, including EUR and CAD, as well as GBP and NZD.

Minimums and tick values will vary according to the futures contract you choose. We like that E*TRADE’s futures marketplace costs $1.50 per contract and orders can be placed 24 hours a day, seven days a week. A further plus for people on a budget is that this broker does not apply pattern day trading regulations.

You will also have access to margin, but keep in mind that SEC regulations require a minimum deposit of $2,000. In addition to currency futures, E*TRADE should be considered if you are looking for a low-cost stock broker. This is because the platform offers commission-free investments in US-listed stocks.

Pros

• Leading broker for FX futures trading

• Purchase and sale of futures beginning at $1.50 per contract

Cons

• Limited supported currency options

• No forex spot trading markets

10. Schwab – Forex ETFs for Diverse Trading Strategies

Schwab is next on our list of the finest forex brokers on the market today. Schwab does not provide access to FX spot markets, although currency ETFs are available for investment. This financial product is an excellent approach to protect your portfolio from rising or declining interest rates.

In addition, currency ETFs at Schwab can help investors obtain exposure to non-USD assets. We like that you can invest in FX ETFs on your own or through Schwab’s portfolio builder. If you’re willing to take things to the next level, Schwab also provides a professionally-managed service, but with higher fees and minimums.

Schwab has one of the largest asset libraries in the industry if you’re trying to diversify further. This will locate tens of thousands of markets covering everything from stocks and mutual funds to options and bonds. If you choose a basic account, there will be no minimum deposit requirement.

Pros

• Purchase and sell a vast array of currency ETFs

• Zero commission on U.S.-listed securities

Cons

• No forex trading platform

• Minimums and costs are high for professionally managed accounts

Comparing the Best Forex Trading Platforms

If you’re still undecided about whether of our selection of the top forex brokers is perfect for you, consult the table below.

Remember that various forex brokers charge different fees and account minimums based on the type of account you open. Before proceeding, be sure to review the specifics of your chosen account type.

How We Choose the Leading Forex Brokers

If you’ve ever asked yourself, “What is foreign exchange trading?

‘Then you are in the correct location. Prior to investing funds, it is crucial to select the finest forex broker for your needs.

In addition to costs and supported markets, you should also consider account kinds and minimums, regulation, leverage, and trading tools.

In the sections that follow, we discuss the most important factors to consider when looking for the best forex brokers for your financial objectives and investment profile.

Compliance and Security

Check whether the platform is regulated and by whom as the first step in selecting the finest forex broker for you.

The Commodities Futures Trade Commission (CFTC) and the National Futures Association (NFA) are responsible for regulating the forex sector in the United States.

Consequently, it is prudent to confirm that your chosen forex broker has been authorized by at least one of these organizations. Thus, you may be certain that you are trading forex under equitable market conditions.

Currency pair

The foreign exchange market is divided into three pair categories: majors, minors, and exotics. We discovered that the vast majority of forex brokers support all available major and minor currency pairings.

If, on the other hand, you are seeking more returns and prefer turbulent market conditions, you may wish to concentrate on exotics. Not all forex brokers, however, provide access to exotic currencies such as the Turkish lira and South African rand.

Therefore, if you’re looking for the best currency pairs to trade in forex, ensure that the broker you’re considering supports them prior to signing up.

Financial Instrument

You should also investigate the financial instruments to which the forex trading platform provides access. When utilizing eToro, for example, you will trade forex spot prices.

This indicates that the prices displayed on your screen match current market circumstances.

Other sites, such E*TRADE and Fidelity, solely provide access to currency futures. This means you will speculate on the price of a currency in the future.

Fees

Commissions and spreads will often comprise the majority of the costs associated with foreign exchange trading.

Commissions

If a commission is required, your forex broker will collect a fee according to the size of your deal.

• Assume, for example, that the broker charges a 0.2% commission each slide.

• You choose to place a $2,000 wager on EUR/GBP

• An entry fee of $4 will be paid for this job.

• Suppose you close the position when its value is $2,200.

• In this case, you will incur a $4.40 commission to close the trade.

Furthermore, there are brokers like OANDA that impose a fixed commission on their premium accounts. This is quite competitive, as it stands at $50 for every $1 million transacted.

Spreads

Noting that many of the providers on our list of the top forex trading platforms do not charge commissions is crucial. Instead, they utilize a pricing strategy based only on spreads.

At eToro, for instance, you can buy and sell currency pairs commission-free for a minimum spread of 1 pip per slide. A pip, also known as a percentage in point, is equal to one-hundredth of a basis point.

Obviously, the lower the spread, the better for your trading gains. The spread is the difference between the bid and ask price offered by your chosen forex broker. Therefore, the spread should be as tight as feasible.

Non-Trade Charges

When searching for the finest forex broker for you, it is also advisable to evaluate the non-trading costs levied. This could include, for example, a fee levied when you deposit and/or withdraw funds.

Entry to Margin

Major and even minor currency pairs frequently see nonvolatile fluctuations throughout the day. This means that forex trading may not be feasible for your budget if you are unwilling to risk large sums of money.

Here, margin comes into play. To put it succinctly, if you use a forex broker that provides access to margin, you can trade with significantly more money than you have in your account.

In the United States, retail clients can trade major currency pairs with up to 1:50 leverage. On minor and exotic currencies, the maximum leverage allowed is 1:20.

Trading Systems

You should also choose the type of forex trading platform that matches your objectives and skill set.

For instance, we discovered that eToro is one of the top forex brokers for beginners due to its user-friendly web trading interface. Simply specify your stake and predict whether the currency pair will climb or fall in value to place an order.

On the other hand, if you are an advanced trader, you may wish to select a forex broker that is compatible with either MetaTrader 4 or 5. These are third-party platforms that include highly sophisticated charting instruments and indicators.

Tools and Capabilities

The best forex brokers will provide you with tools and features that can improve your trading skills. For instance, we like that eToro offers real-time pricing charts alongside technical indicators.

The aforementioned broker also offers relevant news and market updates throughout the day. With that said, perhaps the best feature available on the eToro platform is its copy trading tool.

As we mentioned earlier, this allows you to ‘copy’ the forex positions of an experienced trader of your choosing. Therefore, you will be able to trade forex passively.

Minimum Deposit

It is also wise to check what the minimum deposit is at your chosen forex broker before you go through the account opening process.

Many of the forex brokers that we analyzed today allow you to get started without meeting an account minimum. However, you then have sites like Saxo Bank and IG, which need a minimum of $2,000 and $250 respectively.

Ultimately, if the minimum deposit is too large for your budget, you can be trading with more than you can afford to lose.

Free Account

A demo account is a feature that we discovered at some of the best forex brokers assessed by our team. Simply said, this will allow you to trade forex without incurring any financial risk.

Although the sample account will simulate real-world market situations, you will trade with virtual funds. This is advantageous for novices learning how to trade forex for the first time.

Mobile App

It is prudent to find a forex broker that offers a top-rated mobile app for your smartphone, as the foreign exchange markets can change momentum quickly.

The top forex applications allow you to enter or exit a position regardless of your location. Ensure that the mobile application is user-friendly.

Payment Procedures

Prior to engaging in forex trading with your chosen broker, you will be required to make a deposit. Consequently, the finest forex brokers in this business will support a variety of payment ways.

eToro, for example, accepts ACH and bank wire deposits in addition to debit/credit cards and e-wallets such as Neteller and PayPal.

Customer Support

If you require assistance with your forex brokerage account, you will require first-rate customer service. The finest forex trading platforms in this industry often provide support 24 hours per day, seven days per week.

In terms of communication options, both live chat and telephone support provide real-time assistance. If you can only contact customer service via email, you may have to wait many hours or even days for a response.

How to Start Trading Forex

If you want to start buying and selling forex pairs immediately, the instructions below will help you get eToro set up in less than five minutes.

Due to its low fees and account minimums, regulation, and support for dozens of majors, minors, and exotics, we discovered that eToro is the finest forex broker.

Step 1: establish an eToro Forex Broker account.

Visit the eToro website and select “Join Now” to create an account. You must supply some personal information and contact information.

To go to the next stage, you must select a username and password and validate your email address.

Step 2: Upload Identification

You must have your eToro account verified before you can begin forex trading. You can accomplish this by uploading a copy of your government-issued identification card and your proof of address (e.g. bank statement or utility bill).

Step 3: Deposit Funds

After account verification, you will be required to make a minimum deposit of $10. US clients pay no deposit fees.

On the eToro platform, supported payment mechanisms include debit/credit cards, ACH, bank wires, and e-wallets like as Neteller and Paypal.

Step 4: Find a Forex Pair

You can locate your desired foreign exchange pair by using the search box. For example, you will notice in the graphic below that we are looking for EUR/USD.

This indicates that we intend to trade the euro against the U.S. dollar, one of the best currency pairs to trade.

The alternative option is to click on ‘Discover’ and then ‘Currencies’. This will allow you to browse the supported FX pairs on eToro.

In any case, you must click the “Trade” button next to the desired pair to generate an order form.

Step 5: Trade Forex

As soon as the order box displays on your screen, you must select your wager. In the example given below, we wager $50 at a leverage of 1:30. This means that the total value of our deal is $1,500 – when leverage is considered.

If you’re not comfortable trading with leverage, you can adjust this by selecting the corresponding button. Additionally, eToro allows you to establish a limit, stop-loss, and/or take-profit order.

In this example, however, we choose a regular market order, which means that eToro will execute our position immediately at the next best available price.

To place an order, click the “Open Trade” button.

Conclusion

Forex is the largest trading market in the world, therefore it makes logical that there are numerous brokers from which to pick. We found that the best forex brokers offer dozens of currency pairs with competitive commissions and spreads.

We determined that eToro is the best forex broker overall if you’re hoping to begin trading currencies immediately. You can buy and sell currency pairs for as little as 1 pip in a secure and user-friendly setting.

In addition, eToro demands only a $10 minimum deposit from US clients, and account creation takes only five minutes.