Best Forex Brokers in June 2022

Want to invest in the global currency market? Forex brokers offer access to the world's largest and most liquid market. They offer trading on currencies, stocks, commodities, and other financial instruments. Get started today!

updated May 18, 2022 11:47 AM


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Multi-Currency Support

Forex Trading

Live Account

Mobile App

Tutorials and Guides

1 logo

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548 reviews

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IG logo


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192 reviews

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AvaTrade logo


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2,830 reviews

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OANDA logo


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1,729 reviews

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FBS logo


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3,658 reviews

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ProsperityFX logo


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9 reviews

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FP Markets logo

FP Markets

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138 reviews

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Fair Forex logo

Fair Forex

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18 reviews

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FXCM logo


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739 reviews

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HotForex logo


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1,097 reviews

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Frequently Asked Questions

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What is a forex broker?

Buyers and sellers of different currencies interact in the foreign exchange market through a broker’s help. A forex broker is a financial service that operates as the middleman for traders to buy and sell foreign currencies using an exchange platform. These institutions earn by collecting the spread amount of a currency pair and the service commission fees in return.

Why do you need a forex broker?

In the complex world of foreign exchange markets, trading with ease is impossible if you’re not an expert. Luckily, anyone can easily trade nowadays by enlisting the help of a forex brokerage firm. Below is a list of the advantages of hiring a forex broker.

Access to Trading Platforms

Whether you’re a beginner or an expert trader, the best forex broker provides you with an efficient and legitimate trading platform suited to your experience level in executing trades.

Transparent Trading Operations

To ensure safe and fair trading, a licensed broker must provide you with all the necessary information regarding where your money goes and your online financial account status. Under the law, regulated brokers must be completely transparent with their clients regarding the trading operations and movements.

Trade on Leverage

If you’re a budding investor who wants to trade but low on capital, trading with a forex broker can supplement your deficit. Most forex brokers will allow you to trade on credit by opening a trading account with minimal deposits. If the market works in your favor, you can double your profit.

Learn the Trade

New to trading? No problem! Trading with a forex broker is best for beginners because most brokers provide educational resources and materials for harnessing your trading skills, such as trading tips and tricks, informative blog posts, etc.

Access to Foreign Currency

Before forex brokers, access to the foreign exchange markets is limited to people with special relationships with a bank or have large sums of money. But now, you can trade any foreign currency you want with the help of a forex broker.

Protection from Fraud

Working with a regulated forex broker guarantees a fair and honest trading experience. Because regulated brokers are monitored continuously by a regulatory body, fraudulent activities are prevented, and they can’t manipulate the market in their favor.

Professional Guidance

Different trading platforms offer functionalities that cater to traders with varying levels of trading experience. Since your forex broker knows your trading skills and strategies, they can recommend the best platform for your trading experience level. Furthermore, since they’re experts in the field, they can help you take a better look at the market.

Live Trading Practice

Many forex brokers offer a live demo account for clients to practice analyzing the market and executing real-time orders. Additionally, it allows you to get familiar with the features and different trading aspects using your chosen trading platform.

What are the core features of a forex broker?

When looking for a forex broker, considering your interests and trading practices is essential. However, there are primary and advanced features that you should look for if you want your trading experience to be a success. Here’s a list of critical components to help with your forex broker comparison:

Account Types

Each account type offers varying characteristics and trading conditions suited for different trading needs. You may opt to open an account with the lowest spread provided by the forex broker or the one with the lowest minimum deposit. Nevertheless, this feature allows you to choose the most suitable option that matches your trading style and strategy.

Licensing and Regulation

Partnering with a licensed broker safeguards your trading funds from illegal activities and financial malpractice. It also means that your money is separated from the firm’s funds. Thus, your broker cannot use your funds to finance their needs in case of bankruptcy and other problems.

Online Safety and Security

Aside from operating with your money, forex brokers also store your bank account details, credit/debit card information, and other personal details. Therefore, reliable security measures such as firewalls, data encryption, and two-factor authentication must be in place. Additionally, no sensitive information should be disclosed to third parties.

Trading Platform Options

The trading platform is a software that links you to other traders and various assets for trading. Some brokers provide proprietary platforms, while others use popular trading systems. The option to choose your trading platform is vital for every trader, especially for novice traders, since some have more complex and advanced features designed for professional traders.

Automated Trading Process

Automating all aspects of the trade process ensures reliable and lightning-fast order execution. Immediate order execution guarantees consistent and accurate pricing. Therefore, the price you ordered is more likely the price you get.

Flexible Trading Costs

Whenever you trade, you incur compulsory expenses such as broker’s fees that can limit your profitability when mismanaged. With flexible pricing solutions, you have the option to choose how you want your broker to charge their fees. By doing so, you have more control over your capital.

Featured Trade Ideas

These are live technical setups based on proven and backtested strategies. Trade ideas teach you technical analysis by helping you understand trading patterns. You can also customize your settings according to your style and preference.

Multi-Currency Pairs

Most forex brokers trade major currency pairs, namely EUR/USD, USD/JPY, GBP/USD, and USD/CHF. However, all brokers operate differently. Some brokers will only offer the most common pairs, while others will present more diverse options. A quick forex broker review will inform you of available pairs to match your trading approach.

Diverse Selection of Financial Instruments

Besides covering major, minor, and exotic pairs, you can also trade in different stock indices, cryptocurrency, precious metals, and ETFs (exchange-traded funds). A diversified portfolio of assets to trade allows you to participate in various markets other than currency trading.

Demo Account

A demo account is a simulation of a live trading environment. It enables you to experience and practice real-time online trading without putting your real money at risk. Furthermore, you can use your demo account to try out new strategies before applying it to your real account.

Welcome Bonus

Many forex brokers offer free credits and other sign-up bonuses to attract potential clients to register with them. You can use these extra credits or money for trading in addition to your initial deposit amount.

24-Hour Customer Support

Reliable customer support is crucial in every business conducted online. The best forex broker offers professional and multi-lingual customer support. Prompt response to inquiries and requests for assistance is also essential. Furthermore, reaching out to support should be available via multiple channels (i.e., e-mail, live chat, social media).

Trading Education and Tools

These are informative videos, manuals, and tutorials that forex brokers provide to assist clients who are just starting. Instructional guides explaining how to use different trading platforms is one example. Nonetheless, these educational resources are helpful for beginners and experienced traders who wish to harness their skills.

What are the types of forex brokers?

As a forex trader, one of the first choices you’ll make is your broker. There are several kinds of forex brokers. Each type has a different way of executing orders and handling transactions. Therefore choosing the right broker that matches your trading style is crucial. Here are the main types of forex brokers.

Dealing Desk Broker

Dealing desk brokers execute buy/sell orders by holding the trades within the brokerage instead of passing them to known liquidity providers, such as banks and other large financial institutions. Also known as Market Makers, they create a smaller market that simulates interbank rates. Dealing desk brokers process your trades by matching them against other clients with opposite trades or hedging themselves.

No Dealing Desk Brokers

No dealing desk brokers are like bridge builders that exclusively link your trade to the interbank markets. They don’t hold any position themselves; instead, they work with liquidity providers. They offer variable spreads and match your orders with other people trading the opposite. No Dealing Desk brokers are distinguished as either straight through processing (STP) broker or electronic communications network (ECN) forex broker.

Who needs forex brokers?

The advent of retail forex gave way for smaller or individual investors to participate in the foreign currency exchange trade exclusively accessed in the past by commercial clients like multinational banks, large corporations, exporters, and more. Below is the list of forex broker clients that benefit from their services:

Individual Forex Traders

Through a broker’s online trading platform, individual traders can access the same market where central banks, large corporations, and other financial institutions trade foreign currency. Additionally, forex brokers give leverage where you can loan additional money from your broker to increase your trading position.

Private Investors

Many investors who want to diversify their portfolio turn to currency trading. Many forex brokers also offer other trading services like managed account services, suitable for potential investors who don’t have the time, interest or professional knowledge about forex trading.

Trading Account Managers

Financial firms that provide trading services on your behalf execute these trades through your broker’s account. One example is a forex investment company. They manage your forex investment for you for a fee. You set your objectives, profit goals and risk management, and the manager will decide and strategize how to meet them.

Clients Relations Manager

Advising clients and creating plans to generate revenue are among the key responsibilities of a Client Relations Manager. When it comes to foreign exchange trading, some forex brokers offer dedicated assistance to clients relations managers who advise clients regarding possible trading strategies and market mechanics.

What are the steps on trading forex for beginners?
Step 1: Educate Yourself

As a beginner, you need to learn more about the basics of forex and the market. Learn about currency pairs, technical terms, trading strategies, and how the market works—what affects the prices, margin, and leverage. These are all important if you want your trading career to start right.

Step 2: Find a Trading Style

Choose a trading style that fits your personality. Doing so gives you a better chance of becoming a profitable trader in the future. For example, if you’re impatient but with excellent on-the-spot decision-making skills, you can try scalping. There are many trading styles. Find what fits you. Also, avoid changing styles at the first sign of trouble.

Step 3: Make a Plan and Follow Through

Trading can be nerve-wracking. One moment you’re calm and rational. The next, you’re panicking and being impulsive. This is normal, beginner, or not. Therefore, it’s critical to create a strategy—plan your profit goals, risk tolerance, management, the trading system to use, etc. With an organized approach, you can evaluate your performance.

Step 4: Don’t Forget Your Exit Strategy

Developing your exit strategy depends on your trading style. Whether you’re doing short-term or long-term trading, it’s best to set your target profits accordingly. You can set target limits and stops, a trailing stop, or other strategies you prefer. Successful trading takes more than just good entries. It depends on whether you exit successfully or not.

Step 5: Use a Demo Account

Demo accounts were created for a purpose, and that’s for practice. With your demo account, you can test your trading strategy in real-time market conditions. Explore your trading platform’s features, study, and learn how you can use it.

Step 6: Set Your Limits

First of all, only trade money you’re willing to lose. Choose a leverage ratio that fits your budget and trade within those limits. Don’t risk blowing your money, opening a trade that you can’t handle. Remember, trading forex does not always guarantee success, no matter how much you’ve studied. It’s crucial to know your risk tolerance and set limits.

Step 7: Consistency is Key

Forex trading requires patience to study and learn and a positive edge to keep trading through thick and thin. Experienced traders have lost money learning how to trade, so will you. The key is consistency, discipline, and a good trading plan. With these, you can survive and stay profitable through different market conditions.

Step 8: Assess Your Performance

Consistency is good, but keeping an open mind is better. Are you stuck with a strategy that doesn’t seem to work? Instead of ignoring what’s happening and hoping that the market will change in your favor—re-assess yourself, the market, and your strategy. Listen to what the market tells you, instead of telling it what to do.

Step 9: Trade Without Emotion

Can’t get over a lost trade? Don’t stress it. It happens to everyone. However, never make up for a lost trade just because losing doesn’t sit well with you. Letting your emotions control how you trade will only make things worse for you. Stick to your trading plan. It’s better to get back what you lost little by little than blowing everything in one shot.

Step 10: Work with a Reliable Forex Broker

Treading your way in the volatile world of foreign exchange can be intimidating. But, with the right partner, you can make it through. Forex brokers will give you learning materials, a great trading platform, account management, and more as experts in the field. You just need to find the right forex broker that suits you. Starting something new, especially when money is at risk, can be daunting, but don’t give up. Ultimately, your persistence and determination will pay off in the long run.

What is forex?

Forex or FX, is a short-term for foreign exchange. It is the largest and most liquid market worldwide. It’s the global market for traders, investors, banks, and large institutions to buy and sell world currencies. It’s also where you trade two currencies against each other.

What are the types of trading accounts available?
Standard Trading Account

A standard trading account gives you access to a contract size with 100,000 base currency units. However, it doesn’t mean that you have to pay your broker that amount of money upfront. With the margin and leverage rules applied, usually 100:1, you can open a standard trading account with an initial deposit of $1000.

Mini and Micro Trading Accounts

A mini lot is one-tenth of the size of a standard lot—10,000 currency units, while a micro trading account gives you 1,000 units of currency. With a leverage of 100:1, you can open these accounts with an initial deposit of $250-$500.

Managed Trading Account

This type of account is funded using your capital, but decision-making and management are usually handed to an account manager. Maintenance fees and commissions may apply.

Special account types such as Islamic accounts, VIP accounts, funded accounts are also available from selected forex brokers in the USA.

What do I need to open a trading account?

Opening an account requires registering with your chosen forex broker. If you don’t have a particular broker in mind, check out forex broker listings. Nevertheless, most brokers will ask you personal information such as name, address, date of birth, social security number, and tax ID to verify your identity. Some financial information may also be required.

Why do I need to provide my financial details?

Most forex brokers will require you to give them a few details about your finances since they’re required by law to verify your income source in compliance with the anti-money laundering law. Information such as your annual income, net worth, bank or credit card account statements is usually required.

How do I fund my trading account in the USA?

There are several options to deposit money in your trading account. You can transfer money into your trading account by using your credit or debit account. For forex brokers in the USA, they’re the best methods for immediate funding. A wire transfer is also accepted but expect 2 to 3 days of processing time. Bank charges may also apply.

Can I use a check to deposit money?

You can fund your trading account using personal, and bank checks sent directly to your forex broker through processing your payment could take some time. Additionally, this payment option is not accepted by some forex brokers. It’s best to check with your broker first.

How do I withdraw my money?

To withdraw your money, you need to log in to your account and make a request to withdraw your funds. Your money is returned to you through the same payment method you used to deposit. For example, if you used a credit card, you will get your money from the same credit card. Other options include electronic payment channels and wire transfer.

Can I use bitcoins?

It depends on your broker’s policy. But, yes, it’s possible to pay forex brokers with Bitcoins. Furthermore, most of them will allow you to trade bitcoins as well. All transactions are paid using bitcoins through your bitcoin wallet and your broker’s.

What will happen to my account if I don’t use it?

Trading accounts with no client-initiated activity for 12 consecutive months are referred to as inactive or dormant accounts. When this happens, your broker will charge you an inactivity fee every month. However, some brokers archive your account after three months of inactivity, while others will consider your account dormant 24 months.

How long can I use my demo account?

The best US forex brokers encourage practicing with demo accounts before trading with real money. Most brokers offer demo accounts only for a limited time, usually 30 days after registration. Although, some can retain their demo account if they have an active, funded account. Some offer demo accounts with no expiration but on certain conditions.

What is the best forex broker for beginners in the USA?

Starting with a forex broker that offers a demo account is the safest way to go for novice traders. A broker with a mini account package is also a great choice for beginners. Many of the best forex broker catering US clients offer these packages. It’s also good to check out forex broker reviews to see what other beginner traders say.

Can I hire a forex broker in Australia?

Since trading foreign currencies is also popular among Australia residents, you can find many Australian-based forex brokers there. However, before committing, make sure that it’s authorized by the Australian securities & investment commission (ASIC), which regulates Australia’s financial markets.

What are the types of no dealing desk brokers?
Straight Through Processing (STP) Brokers

As the name implies, straight through processing brokers process your orders by directing it straight to liquidity providers, such as banks and larger brokers, with access to the interbank market. Most STP brokers have access to various liquidity providers that quote their bid and ask price, thus the variable spread.

Electronic Communications Network (ECN) Forex Brokers

Electronic communications network (ECN) forex brokers provide an electronic trading platform for ECN participants like retail traders, banks, and other liquidity providers to enter their best bids and trade against each other. Unlike other forex brokers, you can bid anonymously, to some degree, if you wish to.

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