Best Forex Brokers 2022

Trading the forex markets can be exciting and exhilarating at the same time with the fast-paced markets enticing traders to make it or break it. While there are tremendous opportunities for traders, especially beginners, to gain an insight into all the complexities of these asset classes, that alone may not suffice. That’s because, in addition to learning about FX, beginners should also be knowledgeable about some of the other factors that could adversely affect them- FX brokers.

Choosing the right forex broker is as important as learning about the FX markets. That’s because good FX brokers provide a blend of a safe trading environment, cutting edge trading tools, ample liquidity, high-speed order execution, quality customer support along with competitive pricing. So, unless you find a forex broker that meets all the above criteria, you could lose money in the markets despite being an efficient trader.

Going into the details of 100s of FX brokers and choosing someone who meets all the yardsticks could be daunting. For this reason, we have taken it upon ourselves to do the research on your behalf and come up with the best in the industry based on our pre-defined benchmark. So, sit back and read through our quick, unbiased analysis of the top 10 forex brokers for 2022.

Best Forex Brokers in 2022:

XM
TradingDominance Score™: 99 / 100
XM Financial Instruments
Forex
Stock CFDs
Commodities
Oil and Energies
Gold
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Social Trading
Islamic Accounts (Swap-free)
Scalping Allowed
Trading API
Trailing Stops
Bonuses
Variable Spread
Allows hedging
Offers STP
Copy Trading
ECN or STP Execution
VPS Trading
Offers MT4
Offers MT5
Account Type
Information
Micro Account
  • Commision: No Commision
  • Maximum Leverage: 1:888
  • Typical Spread: 1.8-2.1
  • Mobile Platform: MT4, MT5
  • Trading Platform: MT4, MT5, WebTrader
  • Spread Type: Variable Spread
  • Minimum Deposit: 5
  • Minimum Trade Size: 0.01 Lots (MT4)* – 0.1 Lots (MT5)
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Standard Account
  • Commision: No Commission
  • Maximum Leverage: 1:888
  • Typical Spread: 1.8-2.1
  • Mobile Platform: MT4, MT5
  • Trading Platform: MT4, MT5, WebTrader
  • Spread Type: Variable Spread
  • Minimum Deposit: 5
  • Minimum Trade Size: 0.01 Lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
XM Ultra Low Account
  • Commision: No Commission
  • Maximum Leverage: 1:888
  • Typical Spread: 0.06
  • Mobile Platform: MT4, MT5
  • Trading Platform: MT4, MT5, WebTrader
  • Spread Type: Variable Spread
  • Minimum Deposit: 50
  • Minimum Trade Size: Standard Ultra: 0.01 Lots – Micro Ultra: 0.1 Lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
XM Zero
  • Commision: $3.5 Per Lot Per 100K USD Traded
  • Maximum Leverage: 1:888
  • Typical Spread: 0-0.1
  • Mobile Platform: MT4 Mobile, MT5 Mobile
  • Trading Platform: MT4, MT5, WebTrader
  • Spread Type: Variable Spread
  • Minimum Deposit: 100
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Shares Account
  • Commision: Yes
  • Maximum Leverage: NO Leverage
  • Typical Spread: As per the underlying exchange
  • Mobile Platform: MT4, MT5
  • Trading Platform: MT4, MT5, WebTrader
  • Spread Type: Variable Spread
  • Minimum Deposit: 10000
  • Minimum Trade Size: 1 Lot
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: No
  • Islamic Accounts: Yes
Regulators
Australia – AU ASIC
Cyprus – CY CYSEC
Belize (IFSC)
Dubai (DFSA)
Information:
Company NameXM
Year Funded2009
HeadquartersCyprus, Belize and Australia
Office Locations Cyprus, Belize and Australia
Client Funds Bank(s)Investment Grade Banks
Account CurrencyAUD, CHF, EUR, GBP, JPY, SGD, USD, ZAR, HUF, PLN, RUB
Support Languages Arabic, English, French, German, Indonesian, Greek, Italian, Polish, Portuguese, Russian, Spanish, Vietnamese, Thai, Korean, Hindi and Urdu, Chinese, Czech, Turkish, Ukrainian, Bulgarian, Hungarian, Romanian
Funding MethodsBank Wire, Neteller, Skrill, Credit Card, WebMoney
Financial Instruments Forex, Stock CFDs, Commodities, Oil and Energies, Gold, Shares, Indices, Precious Metals
24 hour support✔️
Segregated Accounts ✔️
Islamic Accounts✔️
Accepts Canadian clients
Accepts Japanese Clients
Non expiring demo✔️
Cent accounts
Negative balance protection ✔️
Social trading ✔️
Regulatory deposit insurance
Trailing stops✔️
Bonuses✔️
Interest on margin
Fixed spread
Variable spread✔️
Interactive Brokers
Interactive Brokers Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Oil and Energies
Gold
Futures
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Regulatory Deposit Insurance
Accepts Japanese Clients
Accepts Canadian Clients
Trading API
Trailing Stops
Interest on Margin
Variable Spread
ECN Account
Allows hedging
Offers STP
ECN or STP Execution
Account Type
Information
IBKR Lite
  • Commision: Free
  • Maximum Leverage: 1:40
  • Typical Spread: 0.1 pips
  • Mobile Platform: IBKR Mobile
  • Trading Platform: Client Portal, Trader Workstation (TWS), IBKR Web Trader
  • Spread Type: Variable Spread
  • Minimum Deposit: 0
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: No
IBKR PRO
  • Commision: Fixed or Tiered Pricing
  • Maximum Leverage: 1:40
  • Typical Spread: 0.1 pips
  • Mobile Platform: IBKR Mobile
  • Trading Platform: Client Portal, Trader Workstation (TWS).
  • Spread Type: Variable Spread
  • Minimum Deposit: 0
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: No
Regulators
Australia – AU ASIC
United Kingdom – UK FCA
USA – USAsec
Canada (IIROC)
Singapore – MAS
USA – (FINRA)
Ireland – (CBI)
Austria – (CSSF)
Hungary – (MNB)
India – (BSE)
Japan – (FSA)
Information:
Company NameInteractive Brokers
Year Funded1978
HeadquartersUSA
Office Locations USA, Switzerland, Canada, Hong Kong, UK, Australia, Hungary, Russia, Japan, India, China, Luxembourg, Singapore, Ireland and Estonia.
Client Funds Bank(s)
Account CurrencyAUD, CAD, CHF, EUR, GBP, JPY, NZD, SGD, USD, HKD, ZAR, HUF, PLN, RUB, DKK, SEK, NOK, CZK, MXN, ILS
Support Languages English, French, German, Italian, Russian, Spanish, Japanese, Chinese
Funding MethodsBank Wire, BPAY
Financial Instruments Forex, Cryptocurrencies, Stock CFDs, Commodities, Oil and Energies, Gold, Futures, Shares, Indices, Precious Metals
24 hour support✔️
Segregated Accounts ✔️
Islamic Accounts
Accepts Canadian clients ✔️
Accepts Japanese Clients ✔️
Non expiring demo✔️
Cent accounts
Negative balance protection ✔️
Social trading
Regulatory deposit insurance ✔️
Trailing stops✔️
Bonuses
Interest on margin ✔️
Fixed spread
Variable spread✔️
Pepperstone
TradingDominance Score™: 95 / 100
Pepperstone Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Oil and Energies
Gold
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Social Trading
Regulatory Deposit Insurance
Islamic Accounts (Swap-free)
Scalping Allowed
Trading API
Trailing Stops
Variable Spread
Allows hedging
Copy Trading
ECN or STP Execution
VPS Trading
Offers MT4
Offers MT5
Account Type
Information
The Edge Standard Account
  • Commision: $0
  • Maximum Leverage: 1:500
  • Typical Spread: 1 Pip
  • Mobile Platform: MT4 Mobile, MT5 Mobile
  • Trading Platform: Web Trader, MetaTrader 4, Meta Trader 5, cTrader, cAlgo and cMirror
  • Spread Type: Variable Spread
  • Minimum Deposit: 200
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Edge Razor Account
  • Commision: $3.50 per $100,000 Trading Volume.
  • Maximum Leverage: 1:500
  • Typical Spread: 0.0
  • Mobile Platform: MT4 Mobile, MT5 Mobile
  • Trading Platform: Web Trader, MetaTrader 4, Meta Trader 5, cTrader, cAlgo and cMirror
  • Spread Type: Variable Spread
  • Minimum Deposit: 200
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Edge Swap-Free Account
  • Commision: $0
  • Maximum Leverage: 1:500
  • Typical Spread: 1 to 1.2 pips
  • Mobile Platform: MT4 Mobile, MT5 Mobile
  • Trading Platform: Web Trader, MetaTrader 4, Meta Trader 5, cTrader, cAlgo and cMirror
  • Spread Type: Variable Spread
  • Minimum Deposit: 200
  • Minimum Trade Size: 0.01 Lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Edge Active Traders Account
  • Commision: $0
  • Maximum Leverage: 1:500
  • Typical Spread: 0 pips
  • Mobile Platform: MT4 Mobile, MT5 Mobile
  • Trading Platform: Web Trader, MetaTrader 4, Meta Trader 5, cTrader, cAlgo and cMirror
  • Spread Type: Variable Spread
  • Minimum Deposit: 200
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Regulators
Australia – AU ASIC
United Kingdom – UK FCA
Cyprus – CY CYSEC
Dubai (DFSA)
Bahamas – (SCB)
Germany – (BaFin)
Kenya – (CMA)
Information:
Company NamePepperstone
Year Funded2010
HeadquartersAustralia
Office Locations London, Bangkok, and Dallas
Client Funds Bank(s)
Account CurrencyAUD, CHF, EUR, GBP, JPY, NZD, SGD, USD, HKD
Support Languages Arabic, English, French, Italian, Polish, Chinese
Funding MethodsBank Wire, Neteller, Skrill, PayPal, Credit Card, FasaPay, China Union, Qiwi, Poli, BPay
Financial Instruments Forex, Cryptocurrencies, Stock CFDs, Commodities, Oil and Energies, Gold, Shares, Indices, Precious Metals
24 hour support✔️
Segregated Accounts ✔️
Islamic Accounts✔️
Accepts Canadian clients
Accepts Japanese Clients
Non expiring demo✔️
Cent accounts
Negative balance protection ✔️
Social trading ✔️
Regulatory deposit insurance ✔️
Trailing stops✔️
Bonuses
Interest on margin
Fixed spread
Variable spread✔️
IG
TradingDominance Score™: 95 / 100
IG Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Oil and Energies
Gold
Futures
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Regulatory Deposit Insurance
Islamic Accounts (Swap-free)
Accepts Japanese Clients
Scalping Allowed
Trading API
Trailing Stops
Variable Spread
Allows hedging
ECN or STP Execution
VPS Trading
Offers MT4
Account Type
Information
CFD Trading Account
  • Commision: $0
  • Maximum Leverage: 1:50
  • Typical Spread: 0.8 pips
  • Mobile Platform: IG Trading Platform, MT4 Mobile, IG PWA
  • Trading Platform: IG Trading Platform, MT4, ProRealTime (PRT), L2 Dealer
  • Spread Type: Variable Spread
  • Minimum Deposit: 250
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Professional Account
  • Commision: $0
  • Maximum Leverage: 1:50
  • Typical Spread: 0.8 pips
  • Mobile Platform: IG Trading Platform, MT4 Mobile, IG PWA
  • Trading Platform: IG Trading Platform, MT4, ProRealTime (PRT), L2 Dealer
  • Spread Type: Variable Spread
  • Minimum Deposit: 10000
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Regulators
Australia – AU ASIC
United Kingdom – UK FCA
Dubai (DFSA)
USA – (CFTC)
Singapore – MAS
Bahamas – (SCB)
Germany – (BaFin)
Switzerland – (FINMA)
USA – (NFA)
New Zealand – (FMA)
Japan – (FSA)
Information:
Company NameIG
Year Funded1974
HeadquartersUnited Kingdom
Office Locations Denmark, Deutschland, Spain, France, Ireland, Italy, Luxembourg, Nederland, Norge, Österreich, Portugal, Romania, Russia, United Kingdom, United States, Australia, Singapore, South Africa, United Arab Emirates
Client Funds Bank(s)
Account CurrencyAUD, EUR, GBP, SGD, USD, HKD
Support Languages Arabic, English, French, German, Italian, Portuguese, Russian, Korean, Japanese, Chinese, Swedish
Funding MethodsBank Wire, PayPal, Credit Card
Financial Instruments Forex, Cryptocurrencies, Stock CFDs, Commodities, Oil and Energies, Gold, Futures, Shares, Indices, Precious Metals
24 hour support
Segregated Accounts ✔️
Islamic Accounts✔️
Accepts Canadian clients
Accepts Japanese Clients ✔️
Non expiring demo✔️
Cent accounts
Negative balance protection ✔️
Social trading
Regulatory deposit insurance ✔️
Trailing stops✔️
Bonuses
Interest on margin
Fixed spread
Variable spread✔️
NAGA
TradingDominance Score™: 95 / 100
NAGA Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Oil and Energies
Gold
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Social Trading
Regulatory Deposit Insurance
Islamic Accounts (Swap-free)
Trading API
Trailing Stops
Bonuses
Variable Spread
Allows hedging
Offers STP
Copy Trading
ECN or STP Execution
Offers MT4
Offers MT5
Account Type
Information
Iron Trader
  • Commision: Stock CFDs (0,20%)
  • Maximum Leverage: 1:1000
  • Typical Spread: Standard Spreads (EUR/USD 2.5)
  • Mobile Platform: MT4 Mobile, MT5 Mobile, NAGA iOS / Android
  • Trading Platform: MT4, MT5, NAGA Web Trader
  • Spread Type: Variable Spread
  • Minimum Deposit: 250
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Bronze Trader
  • Commision: Stock CFDs (0,20%)
  • Maximum Leverage: 1:1000
  • Typical Spread: Standard Spreads (EUR/USD 2.3)
  • Mobile Platform: MT4 Mobile, MT5 Mobile, NAGA iOS / Android
  • Trading Platform: MT4, MT5, NAGA Web Trader
  • Spread Type: Variable Spread
  • Minimum Deposit: 2500
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Silver Trader
  • Commision: Stock CFDs (0,20%)
  • Maximum Leverage: 1:1000
  • Typical Spread: Standard Spreads (EURUSD 1.9)
  • Mobile Platform: MT4 Mobile, MT5 Mobile, NAGA iOS / Android
  • Trading Platform: MT4, MT5, NAGA Web Trader
  • Spread Type: Variable Spread
  • Minimum Deposit: 5000
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Gold Trader
  • Commision: Stock CFDs (0,10%)
  • Maximum Leverage: 1:1000
  • Typical Spread: Standard Spreads (EURUSD 1.7)
  • Mobile Platform: MT4 Mobile, MT5 Mobile, NAGA iOS / Android
  • Trading Platform: MT4, MT5, NAGA Web Trader
  • Spread Type: Variable Spread
  • Minimum Deposit: 10000
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Diamond Trader
  • Commision: Stock CFDs (0,10%)
  • Maximum Leverage: 1:1000
  • Typical Spread: Platinum Spreads (0.9 on EURUSD)
  • Mobile Platform: MT4 Mobile, MT5 Mobile, NAGA iOS / Android
  • Trading Platform: MT4, MT5, NAGA Web Trader
  • Spread Type: Variable Spread
  • Minimum Deposit: 10000
  • Minimum Trade Size: 0.01 lot
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Crystal Trader
  • Commision: Stock CFDs (0,10%)
  • Maximum Leverage: 1:1000
  • Typical Spread: VIP Spreads (0.7 on EURUSD)
  • Mobile Platform: MT4 Mobile, MT5 Mobile, NAGA iOS / Android
  • Trading Platform: MT4, MT5, NAGA Web Trader
  • Spread Type: Variable Spread
  • Minimum Deposit: 10000
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Regulators
Cyprus – CY CYSEC
Information:
Company NameNAGA
Year Funded2005
HeadquartersCyprus
Office Locations South Africa, Mexico, Peru, Indonesia, India, Thailand, Malaysia, Vietnam, and New Zealand.
Client Funds Bank(s)
Account CurrencyEUR, USD
Support Languages English, German, Indonesian, Italian, Polish, Portuguese, Spanish, Vietnamese, Thai, Chinese, Czech, Hungarian
Funding MethodsBank Wire, Neteller, Skrill, Bitcoin, Credit Card, Ethereum, Dash, Bitcoin Cash, NAGA Coin, Litecoin, Sofort, Giropay, EPS, iDeal, p24, Trustly
Financial Instruments Forex, Cryptocurrencies, Stock CFDs, Commodities, Oil and Energies, Gold, Shares, Indices, Precious Metals
24 hour support
Segregated Accounts ✔️
Islamic Accounts✔️
Accepts Canadian clients
Accepts Japanese Clients
Non expiring demo✔️
Cent accounts
Negative balance protection ✔️
Social trading ✔️
Regulatory deposit insurance ✔️
Trailing stops✔️
Bonuses✔️
Interest on margin
Fixed spread
Variable spread✔️
NSBroker
TradingDominance Score™: 95 / 100
NSBroker Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Oil and Energies
Indices
Precious Metals
Other Features
Negative Balance Protection
Regulatory Deposit Insurance
Islamic Accounts (Swap-free)
Accepts Japanese Clients
Accepts Canadian Clients
Scalping Allowed
Trailing Stops
Interest on Margin
Variable Spread
ECN Account
Allows hedging
Offers MT5
Account Type
Information
Real Account
  • Commision: 0.05
  • Maximum Leverage: 1:100
  • Typical Spread: Floating from 0.02
  • Mobile Platform: MT5 Mobile
  • Trading Platform: MT5 Desktop, MT5 Webtrader
  • Spread Type: Floating Spread
  • Minimum Deposit: 250
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Regulators
Malta – MFSA
Germany – Bafin
France – ACP
Spain – CNMV
Denmark – FINANSTILSYNET
Italy – Consob
Information:
Company NameNSBroker
Year Funded2011
HeadquartersValetta, Malta
Office Locations Valetta, Malta
Client Funds Bank(s)PWC, Bank of Valetta, Bank of Cyprus
Account CurrencyEUR, GBP, USD
Support Languages English, German, Polish, Russian
Funding MethodsBank Wire, Neteller, Skrill, Visa, MasterCard
Financial Instruments Forex, Cryptocurrencies, Stock CFDs, Oil and Energies, Indices, Precious Metals
24 hour support✔️
Segregated Accounts ✔️
Islamic Accounts✔️
Accepts Canadian clients ✔️
Accepts Japanese Clients ✔️
Non expiring demo✔️
Cent accounts
Negative balance protection ✔️
Social trading
Regulatory deposit insurance ✔️
Trailing stops✔️
Bonuses
Interest on margin ✔️
Fixed spread
Variable spread✔️

XM Group

About the broker – XM Group

XM is the brand name of ‘Trading Point Holding Limited,’ a global financial institution founded by forex and capital market experts in 2009. The multi-asset, multi-regulated broker operates from Limassol, Cyprus, with clients from 196 countries. XM offers a rich assortment of more than 1000 financial instruments, comprising 55 currency pairs and CFD’s across six asset classes- FX, equities, commodities, indices, precious metals & energy. Clients can access all the products from two trading platforms- Metatrader 4 & Metatrader 5. The state of the art platforms is accessible across all computers as a desktop, web application besides Android and iOS mobile devices.

Trading Point Holding Limited is the holding company of five subsidiaries

  • Trading Point of Financial Instruments Limited- Authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) with licence number 120/10.
  • XM Global Limited- Authorised and regulated by the International Financial Services Commission (IFSC) with license number 000261/106.
  • Trading Point of Financial Instruments UK Limited- Authorised and regulated by the Financial Conduct Authority (FRN: 705428).
  • Trading Point of Financial Instruments Pty Ltd- Authorised and regulated by the Australian Securities and Investments Commission (ASIC).
  • Trading Point MENA Limited- Authorised and regulated by the Dubai Financial Services Authority (DFSA).

Retail clients in Europe and the UK are also a part of the investor compensation fund, while clients registering with the broker under the other subsidiaries do not receive any form of compensation if the broker goes into administration.

The CFD broker has a straightforward account opening process. They offer a choice of five account types for individuals registering via XM Global, including a ‘Shares Account,’ through which you can invest in exchange-traded equities in the US, UK and Germany. The products are available on the MT4 and MT5 platforms offered by the broker, except for shares (accessible only on MT5).

Product leverage depends on the client type and regulatory authority. Individuals signing-up with the broker in Europe & the UK receive max leverage of 30:1 while those registering with XM Global Limited receive leverage of up to 888:1. XM also offers the choice of fixed or variable spreads, starting from 0 pips for some FX pairs.

XM provides over 25 secure payment methods for fund deposits/withdrawals, supports over 30 global languages and offers 24/5 customer support via phone, email and live chat. The broker has earned numerous awards, including Forex Services Awards, Forex Broker Awards and Forex Platform Awards.

XM claims a 100% execution rate with 99.35% orders executed in less than a second. Besides, the broker boasts of having recorded over 2,400,000,000 trades with zero requotes or rejections.

XM Group Pros and Cons:

ProsCons
Minimum deposit starting from $5.XM does not offer CFDs in cryptocurrencies.
1000+ financial instruments. 
Low spreads. 
Excellent customer support. 

Exness

About the broker – Exness

Exness is a multi-asset, multi-regulated CFD broker operating since 2008. Headquartered in Cyprus, the market-making broker operates via the following subsidiaries

  • Nymstar Limited- A Securities Dealer authorised and regulated by the Seychelles Financial Services Authority (FSA) with license number SD025.
  • Exness (Cy) Ltd- A Cyprus Investment Firm, authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 178/12.
  • Exness (UK) Ltd- An Investment Firm, authorised and regulated by the Financial Conduct Authority (FCA) under the Financial Services Register number 730729.

The broker’s product mix comprises forex and CFD’s in commodities, precious metals, energy, shares, stock indices and cryptocurrencies. Exness offers clients the choice of two types of trading accounts- Standard & Professional. The standard account is a zero brokerage account for beginners with a minimum deposit of $1 and max leverage of $2000:1. When it comes to the professional accounts, experienced traders can choose between the Raw spread, the Zero & the Pro accounts. You can also

set up your account in six different currencies, with the option to deposit, withdraw and maintain the account balance in your preferred currency.

In terms of trading, Exness provides all clients with the choice of two trading platforms- MT4 and MT5. The terminals are accessible on all computers and mobile devices with cutting-edge features and tons of trading tools for all categories of traders. Besides, Exness provides additional support by offering Web TV, a global macro-economic calendar, VPS hosting, trading calculator and a currency converter. The spread is a component of the account type, while the max leverage is 2000:1. Exness assures 24/7 instant fund deposits/withdrawals across multiple payment platforms.

The broker’s official website is accessible in 18 languages, with multilingual support in 13 global tongues and 24/7 support in English & Chinese. The broker claims to have accomplished trading volumes of more than $4000 billion in 2019 and client withdrawals exceeding $400 million. If you are new to the financial markets, Exness provides plenty of learning resources. You can also participate in the multilingual webinars, which the broker organises from time to time. Besides, you can sign-up for the various partnership programs that allow you to earn regular income through client referrals.

If you’d like to open an account with Exness, you can do so only via Nymstar Limited as the broker’s European and UK franchisees have stopped accepting new clients.

Exness Pros and Cons

ProsCons
Plenty of educational resourcesChallenging to navigate to the product offerings page on the website
Excellent partnership programs 
24/7 client support 

Plus 500

About the broker – Plus 500

Plus 500 is the trademark of Plus 500 Limited, a multi-asset, multi- regulated Israeli incorporated firm. Founded in 2008, the market-making broker operates across all the major global financial markets, offering more than 2000 CFD products across various markets and market segments. These include forex, commodities, shares, indices, cryptocurrencies, ETFs and options via its proprietary Plus 500 trading terminal. The trading platform is accessible via the web, Android, iPhone and iPad.

Plus 500 Limited operates under the following subsidiaries-

  • Plus 500CY Ltd- Authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC).
  • Plus 500UK Ltd- Authorised and regulated by the Financial Conduct Authority (FCA).
  • Plus 500AU Pty Ltd- Holds a Financial Services Licence from the Australian Securities and Investments Commission (ASIC). The firm is also a registered Financial Services Provider in New Zealand (FSP) and an authorised Financial Services Provider (FSP) in South Africa.
  • Plus 500SEY Ltd- Authorised and regulated by the Seychelles Financial Services Authority (FSA).
  • Plus 500SG Pte Ltd- Holds a capital markets services license from the Monetary Authority of Singapore (MAS) to deal in capital markets products.

Plus 500 has registered offices in five countries- the United Kingdom, Cyprus, Seychelles, Singapore and Australia, while the trading platform is available through authorised and regulated entities in 50+ countries. The broker offers clients the choice of two account types- Retail & Professional and unlike most of the other CFD brokers, Plus 500 does not charge a commission on any of its offerings. Instead, they provide clients with the option to choose between fixed and variable spreads. On the other hand, the margins depend on the account type and the subsidiary you sign-up with and could vary from 2:1- 300:1. Likewise, some trading instruments may not be available under certain jurisdictions.

Plus 500 Limited is a publicly-traded company. In July 2013, the firm listed on London’s Alternative Investment Market (AIM), where the firm’s market valuation soared to a $1 billion within 5 years. In 2018, Plus 500 entered the UK’s FTSE 250 index to list its ordinary shares on the London Stock Exchange’s secondary markets, where it continues to trade under the ticker symbol PLUS.

All client funds are in segregated accounts with negative balance protection and covered by the Investor Compensation Fund (ICF) in Europe and the Financial Services Compensation Scheme (FSCS) in the UK. The broker provides 24/7 customer support, claims 200,000+ active customers in 2019 with more than 35 million open positions and a transaction value exceeding $1300 billion.

Plus 500 Pros and Cons

ProsCons
Publicly- traded firm.Does not provide the algorithmic trading facility
Low spread. 
Negative balance protection. 

IG Markets

About the broker – IG Markets

IG Markets is one of the world’s oldest and leading retail and institutional broker, established in 1974 in the UK. What sets IG apart from most CFD brokers is the massive opportunity for investors to access 1000s of financial instruments across several markets. If you register with the broker, you can choose from Turbo24, spread betting, CFDs, barrier products, and share trading services. IG’s product offering includes 17,000+ CFD instruments and over 9000 listed-companies across all the major global exchanges. The product mix includes FX, commodities, shares, ETFs, indices, cryptocurrencies, bonds, interest rates and derivatives.

IG Group Holdings Plc. is an FTSE-250 listed firm. The Group comprises the following subsidiaries-

  • IG Markets Limited and IG Index Limited- Authorised and regulated by the Financial Conduct Authority (FCA).
  • IG Bank SA (IGB)- Authorised as a bank and securities dealer by the Swiss Financial Market Supervisory Authority (‘FINMA’).
  • IG International- Licensed to conduct investment and digital asset business by the Bermuda Monetary Authority (BMA).
  • IG Markets South Africa Limited- Authorised as a financial service provider in South Africa and regulated by the Financial Sector Conduct Authority (FSCA).
  • IG Asia Pte Ltd- Holds a Capital Markets Services licence and is regulated by the Monetary Authority of Singapore (MAS)
  • IG Securities Ltd- Regulated by the Japanese Financial Services Agency (JFSA) for Securities and Currencies.
  • IGM- Regulated by the Australian Securities and Investments Commission (ASIC)
  • IG Limited- Licensed by the Dubai Financial Services Authority (DFSA).
  • IG US LLC- Registered as a retail foreign exchange dealer (RFED) and introducing broker (IB) with the CFTC and is a member of the National Futures Association.

The services offered by IG are not limited to retail clients alone. Besides individual accounts, the broker permits corporate, trust, self-managed, joint and swap-free accounts. When it comes to trading, IG offers the choice of two trading platforms- MetaTrader 4 and L2. The MT4 is for CFD traders and includes the automated trading feature while the proprietary L2 is for clients trading both CFDs and securities. Clients that select MT4 receive 18 bespoke apps along with the Autochartist. Those opting for L2 can also access the cutting-edge ProRealTime charting software, direct market access on some products, and a suite of order types. On the trading conditions, the spread, commissions and margins are components of your account type, trading instrument and the regulatory authority.

Clients registering with IG would find themselves pampered for choice between the various trading options, financial instruments, market segments and trading platforms. The broker operates in 22 countries across five continents and is one of the very few CFD brokers who is also a member of the National Futures Association (NFA).

IG claims to have over 239,000 customers, offers 24/5 customer support, allows clients to use 95% of their equity portfolio as collateral to hedge positions in CFDs and is a component of the FTSE-250 with the ticker-IGG.

IG Markets Pros and Cons

ProsCons
Publicly- traded firm.Expensive in terms of fees and other charges.
Ample trading instruments. 
Fully-regulated broker. 

LCG (London Capital Group)

About the broker – LCG (London Capital Group)

London Capital Group is one of the pioneers in the CFD space. Incorporated in 1996, the CFD broker offers traders the opportunity to access over 7000 financial instruments including FX, metals, indices, commodities, shares, bonds, interest rates, ETFs and vanilla options. Once a publicly-traded company, London Capital Group Holdings Plc turned private in 2018 before disposing of its subsidiary- LCG Ltd. Currently, Charles Henri Sabet owns LCG Ltd and the other subsidiaries of the London Capital Group Holdings Plc. London Capital Group is registered in England & Wales and is authorised and regulated by the Financial Conduct Authority (FCA no. 182110) in the UK and the Cyprus Securities and Exchange Commission (CySEC) (License No. 341/17) in Europe.

Individuals registering with LCG have the choice of two account types- ECN and Islamic Accounts. However, you can get in touch with the broker to open a joint, corporate, or a foreign currency account.

The broker’s spread offering starts from 0 pips and combines direct market access (DMA), excellent liquidity, reliable execution, and no requotes. All the products are accessible from two trading platforms- the MetaTrader 4 and LCG’s proprietary platform- LCG Trader. The MT4 is accessible via the web, desktop, mobile apps and supports manual and automated trading. LCG Trader, on the other hand, is a branded version of the cTrader and is available only as a web and mobile application.

LCG maintains all client funds in segregated accounts and assures to protect client accounts from going into a negative balance. Besides, retail investors registering in the UK come under the Financial Services Compensation Scheme (FSCS). The scheme protects client deposits by up to £85,000 if the broker fails to settle claims or goes into administration.

The CFD broker has received several awards, accolades for its innovative offerings, services, and technology, including the ‘best forex fundamental analysis provider’ and the ‘forex innovator of the year.’ The broker offers some resources for beginners like trading videos, a trading glossary and an FAQ section. Individuals, corporates and institutions can also partner with the broker through the various affiliate and partnership programs.

London Capital Group Pros and Cons

ProsCons
Well regulated broker.The helpdesk does not operate 24/5.
Ample trading instruments. 
Retail client deposits protected under FSCS. 

eToro

About the broker – Etoro

eToro is one of the world’s leading social trading platforms for users to access hundreds of financial instruments alongside a massive range of innovative investment tools. Incorporated in January 2007, eToro has millions of registered users trading CFDs via its exclusive web and mobile apps. The primary feature of the eToro platform is the CopyPortfolio that allow users to monitor positions of fellow traders and copy their trades effortlessly. eToro’s social trading platform also allows users to access CFD trading or/and invest in non-leveraged stocks, cryptocurrencies.

eToro is a multi-regulated firm and here are some of the monitoring agencies overlooking the broker’s activities-

  • eToro (Europe) Ltd.- Authorised and regulated by the Cyprus Securities & Exchange Commission (CySEC).
  • eToro (UK) Ltd- Authorised and regulated by the Financial Conduct Authority (FCA).
  • eToro AUS Capital Pty Ltd- Authorised by the Australian Securities and Investments Commission (ASIC) to provide financial services.

The range of markets covered by eToro includes FX, commodities, stocks, indices and cryptocurrencies, besides about 145 ETFs of renowned funds. When it comes to equities, the broker offers a choice of CFD trading or investing in more than 1800 companies from 17 global exchanges across Europe, Asia, the Middle East and the US. All the products are accessible on eToro’s proprietary web/mobile trading platforms. When it comes to the CFD trading conditions, eToro does not charge a commission or trading fees besides the spread for FX, commodities, and indices. Also, the broker does not charge management, ticket or rollover fees for non-leveraged long positions. The leverage on CFD positions depends on the client type in Europe and the UK- limited to 30:1 max for retail clients. However, the broker offers max leverage of 400:1 for traders registering under ASIC and professional clients in Europe and the UK.

According to the broker’s website, more than 10 million users from 140 countries use the platform to trade a wide range of products across five asset classes- Forex, commodities, shares, indices and cryptocurrencies. Signing-up with eToro comes with several privileges, including premium analytical tools, credit line, investment support, and invites to VIP events.

Etoro Pros and Cons

ProsCons
Option for leveraged & non-leveraged productsThe charting tools are not great.
Excellent platform professionals to earn additional income from sharing strategies.eToro club memberships are expensive.
Beginners can follow & learn from professionals 

FXPro

About the broker – FXPro

FXPro is the trading name for FXPro Group Limited, an online broker incorporated in 2006. Since its launch, FXPro has successfully expanded its operations, covering retail and institution clients in over 170 countries. The product mix comprises 260+ CFDs across five asset classes- Forex, spot metals, spot energy, shares and indices with futures trading. According to the broker, clients can access top-tier liquidity providers and experience advanced trade execution without dealing desk intervention.

FxPro Group Limited is the holding company of

  • FxPro UK Limited- Authorised and regulated by the Financial Conduct Authority (FCA).
  • FxPro Financial Services Ltd- Authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Sector Conduct Authority (FSCA).
  • FxPro Global Markets Ltd- Authorised and regulated by the Securities Commission of the Bahamas (SCB).

FXPro provides a variety of account types depending on the trading platform you choose. The account type broadly defines the spread and trade execution. In addition to individual accounts, FXPro also provides the option of joint, corporate and swap-free accounts.

When it comes to trading, FXPro offers clients the choice of four trading platforms- MT4, MT5, cTrader and the proprietary FXPro Direct. All the trading terminals are accessible as a desktop, web and mobile app except FXPro Direct, which is available only as a web and mobile app. To reduce downtime & latency, FXPro also provides clients with the option to automate trading strategies via the FXPro Virtual private server.

FXPro is estimated to hold around €100 million in tier-1 capital, has received 80+ International awards and claims to execute about 2000 trades per second with an average order execution speed of less than 11.06ms. FXPro is a market-making broker and asserts that it can match most client trades internally due to high order flows. According to the broker’s 2019 slippage stats, 82% of the orders were at the requested price, 9% received positive slippage and 9% negative slippage.

FXPro Pros and Cons

ProsCons
Multi-regulated.A small number of trading instruments
Four trading platforms. 
High-speed order execution. 

IronFX

About the broker – IronFX

IronFX is the trading name for Notesco Limited; a Bermuda registered onshore CFD broker, offering market-making, STP and ECN facilities. The other subsidiary is Nootesco UK Limited, authorised and regulated by the Financial Conduct Authority (FCA).

Founded in 2010 in Cyprus, IronFX has a diversified range of 300+ financial instruments across five asset classes comprising FX, commodities, metals, indices and shares. Individuals familiar with derivatives can also access futures contracts on some of the products offered by the broker.

Individuals registering with IronFX have a massive choice of seven account types in eight base currencies/cryptocurrencies. These include standard, premium, VIP, zero fixed, no commission, zero spread and absolute zero. The primary differences are in the order execution mode, spread, leverage, base currencies and commissions. Before you sign-up with the broker, go through the details of the fixed/floating spreads, flexible leverage, commission and brokerage-free accounts. All other parameters like the trading platform, minimum lot size, customer support and the dealing desk hotline remain the same.

IronFX offers only the MetaTrader 4 across all trading accounts. The platform is available as a desktop, web and mobile application. The CFD broker also provides a Personal Multi-Account Manager (PMAM) terminal for clients manging portfolios, besides the IronFX VPS hosting. As trading and educational resources, IronFX provides a full-fledged global economic calendar, financial news, articles, trade-related content for beginners and experienced traders.

Clients can select their preferred trading condition, the order execution mode and the account type from a large selection. They also have the choice to either trade online or reach out to the broker’s dealing desk to place trades. Individuals registering with the broker from outside the UK and EU can partner with IronFX and earn substantial revenues as rebates, commissions and other benefits by referring clients. IronFX claims to have about 1.2 million clients in over 180 countries, provides 24/5 multilingual customer support and is the recipient of 40+ industry awards.

IronFX Pros and Cons

ProsCons
Market-making, STP, ECN trading facilities.A small number of trading instruments
Tier-1 regulation in the UK. 
Spreads from 0 pips. 

Centrum Markets

About the broker – Centrum Markets

Centrum Markets is the brand of Centrum Capital Limited with headquarters in Port Louis, Mauritius. Founded in 2017, the STP/ECN broker is authorised and regulated by the Financial Services Commission in Mauritius (FSC Mauritius License Number C117017178).

The CFD broker offers a range of 100+ trading products across five asset classes- forex, commodities, metals, cryptocurrencies and stock indices. All the instruments are available from the state of the art MetaTrader 5 platform and accessible as desktop, web and mobile applications. The MT5 terminal supports Windows, Linux and Mac OS besides Apple and Android handheld devices. In terms of trading features, the MT5 comes loaded with tons of analytical tools, one-click order placements, a comprehensive library of indicators and ready to implement algorithmic strategies. Besides, Centrum also provides a live global economic calendar for clients to monitor all the major economic events as they are released.

Centrum Markets provides services only to retail clients, and individuals registering with the CFD broker have the choice of three account types- Cent, Standard and Pro. The Cent Account is for users new to FX trading, and they can get started with a minimum deposit of $5. The other two account types are for the more experienced and professional traders and command a higher minimum deposit. The primary differences between the accounts are the spread and commission. While the Cent account’s spread starts at 1.0 pip and zero commission, the spread is between 0.1-0.8 pips with a commission of $3 and $2.5 per lot for the Pro and Standard accounts correspondingly.

The CFD broker maintains client funds in segregated accounts and pledges negative balance protection. Besides, you can partner with the firm as an individual or corporate and receive dedicated support, free marketing materials, high cost per acquisition (CPA) rates and quick payouts.

Centrum Markets has 24/5 multilingual customer support via phone, email and forms from four global locations- Australia, United Kingdom, South Africa & Mauritius. However, the absence of a LIVE chat is a distinct disadvantage.

Centrum Markets Pros and Cons

ProsCons
STP/ECN broker.Centrum is not covered by a tier-1 regulator.
Multiple trading accounts.A small product range.

Saxo Capital Markets

About the broker – Saxo Capital Markets

Saxo Capital Markets is a wholly-owned subsidiary of Saxo Bank A/S, parent of the Saxo Bank Group. The Saxo Group, founded in 1992 in Denmark, operates across all the global financial centres and is among the first to launch online trading platforms.

Saxo Capital provides clients with access to more than 40,000 instruments across asset classes from a single account. The financial instruments include

  • Investment products- Stocks, ETFs and bonds
  • Leveraged products- Forex, CFDs, commodities, futures, forex options and listed options

Within CFDs, Saxo offers 9000+ financial instruments comprising forex, about 8800 single stocks & 675 ETFs, indices, bonds, commodities and index options.

Clients can access all the products from Saxo’s proprietary SaxoTraderGO and SaxoTraderPro platforms from your PC, Mac, tablet and smartphones.

Saxo Capital offers multiple account types such as retail, joint, corporate, SMSF and Trust. Retail traders looking to trade CFDs have the choice of three account types – Classic, Platinum & VIP. The trading cost and subsidiary benefits are components of the account type, with Platinum and VIP account holders garnering all the significant benefits.

When it comes to the trading conditions, the margins can range from 2-100%, depending on the asset class and the trader’s classification as a retail or wholesale client. That amounts to a max leverage of 50:1 for retail clients. However, clients invested in stocks, bonds and ETFs can use up to 95% of the underlying value as collateral for margin trading.

Saxo Capital is a retail and institutional broker with an award-winning trading platform. The broker is an industry leader with a robust balance sheet and regulations covering 15 jurisdictions across Europe, the Middle East and Asia.

According to the Saxo Group, more than 600,000 clients and 120 partners use their platforms to place over 125,000 trades a day. The firm serves clients from 170 countries, manages $16 billion and processes about 1 million transactions daily.

Saxo Bank – Saxo Capital Markets Pros and Cons

ProsCons
Option to choose between investment & leveraged products.The CFD coverage includes only seven FX pairs.
Cutting edge trading platform 
Over 9,000 CFD products. 

Hotforex

About the broker – Hot Forex

Hotforex, incorporated in 2009, is the brand of the HF Markets Group, an award-winning CFD broker providing trading facilities to retail and institutional clients.

The Group’s subsidiaries include:

  • HF Markets (SV) Ltd- Registered in St. Vincent and the Grenadines.
  • HF Markets (UK) Ltd- Authorised and regulated by the Financial Conduct Authority (FCA).
  • HF Markets (Europe) Ltd- Authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC).
  • HF Markets (DIFC) Ltd- Authorised and regulated by the Dubai Financial Services Authority (DFSA).
  • HF Markets SA (PTY) Ltd- Authorised and regulated as a Financial Service Provider (FSP) from the Financial Sector Conduct Authority (FSCA) in South Africa.
  • HF Markets (Seychelles) Ltd- Incorporated in the Republic of Seychelles. Regulated by the Seychelles Financial Services Authority (FSA) with a Securities Dealer Licence.

The multi-asset CFD broker offers 150+ financial instruments from forex, metals, energy, indices, shares, commodities, bonds, and ETFs. The broker has recently included the DMA route to access stocks directly from the order books of global stock exchanges. All the products are available from four account types besides the Islamic, PAMM and HFcopy accounts. The account types, initial deposits and the margins could vary for clients registering with the broker in Europe and the UK from the other zones. Likewise, the trading conditions such as the spread, commission, max permissible open orders, leverage are also on the account types.

Hotforex clients can access all the product offerings from two cutting edge trading platforms- MT4 and MT5. The terminals are available as desktop, web and mobile applications, support all operating systems and include tons to analytical tools and order execution modes.

In the 10+ years since its incorporation, HF Markets claims to have opened more than 2,500,000 live accounts, has a workforce of more than 200 employees worldwide, and is the recipient of more than 45 industry awards. HF Markets supports affiliate programs by providing several marketing tools, educational resources for beginners and premium trading tools/VPS hosting services for traders. Get in touch with the broker’s 24/5 multilingual client support via phone, email, contact form or live chat.

HotForex Pros and Cons

ProsCons
Multi-regulated CFD broker.Small product range.
11 funding methods. 
Premium trading tools. 

How to choose a respectable forex broker

Every trader is unique in the way they go about selecting a forex broker. Some of them are exceptionally specific about the trading cost, while a few are particular that their broker should have a tier-1 regulator. Others could be keen to know about the product offerings or the trading platform or the broker’s customer support quality.

Based on our extensive trading experience, we have put together some of the key parameters you should look for in your forex broker.

Regulation

This should be the primary requirement to select an FX broker. The quality of a broker depends on the regulator, and all of them are not the same. The best regulators are the ones who protect client deposits in case the broker fails to settle claims or goes into administration. Example CySEC, FCA.

Customer support

The primary point of contact for an FX client is the broker’s customer support desk. Traders reach out to them whenever they have questions, clarifications or issues, which is not uncommon. Multiple customer support channels, speedy response time and quick resolution of concerns are critical.

Financial products offered

An FX broker could offer 1000s of financial instruments, but could leave out your favourite asset class. Some brokers offer only a few products or trading instruments and ignore cryptocurrencies, ETFs, stocks, or bonds. Check all the individual product offerings thoroughly before signing-up with a broker.

Trading platform

The client trading terminal is vital for any trader, and you have to confirm that the platform includes all the trading tools you use. Besides, you also have to ensure that the trading platforms are user-friendly and support your computer’s operating systems/browsers, mobile devices and works without a glitch.

Order execution

The order execution speed is critical and an important parameter that could distinguish between a client making profits or losses. The execution factors and venue/s typically play a significant role in the order execution speed. Generally, STP/ECN brokers have speedier order execution compared to market-making brokers.

Trading cost

These broadly comprise of spread, commissions, and swap charges for holding overnight positions. Low trading cost ensures smaller breakeven on positions and greater profits. Besides the trading cost, you also have to consider the other costs categorised as fees. These include charges on deposits/withdrawals, inactivity, AMC and others.