9 Top Forex Broker Best in 2022
Forex Broker Best - Are you interested in betting that the Euro (EUR) will appreciate against the U.S. Dollar (USD)? To do so, you would trade the EUR/USD currency pair, which is an FX investment, or put a spread bet on it. The foreign exchange market is the largest and most liquid market in the world, with trade occurring 24 hours a day, five days a week, and representing all worldwide currencies.
Forex trading requires a reliable online broker. Trading with a reliable forex broker is essential for success on the international currency markets. As a trader or investor in contracts for difference (CFD) or foreign exchange (FX), you may have special platform, trading tool, or research needs. Having a deeper understanding of your investment preferences will help you choose the finest FX broker.
Each year, the ForexBrokers.com team spends five months evaluating the largest names in foreign exchange and compiling a list of the top forex brokers for forex and CFDs trading. Here are our findings for 2022.
9 Top Forex Broker Best in 2022
Below are Benzinga's recommendations for the best forex brokers in six important categories, along with information about each broker and a screenshot of their trading platforms.
As you examine your alternatives, keep in mind that the vast majority of forex brokers can assist you in opening a simple account and initiating your investment adventure. With these six brokerage firms, you choose based on the services and extras they offer in addition to those of a conventional broker.
1. SimpleFX
SimpleFX is accessible worldwide with a few exceptions. The platform is accessible via WebTrader, MetaTrader 4, and native mobile applications for Android, iPhone, and HarmonyOS (Huawei).
2. Saxo Bank
In addition to its core stock, bond, ETF, and mutual fund trading, Saxo Bank offers an advanced trading platform for its leveraged products such as forex, CFDs, futures, commodities, forex options, listed options, and other derivatives.
3. FOREX.com
FOREX.com, a subsidiary of StoneX (NASDAQ: SNEX), is the top forex broker overall.
This broker accepts U.S. customers and is regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association in the United States (NFA). Through its subsidiaries, FOREX.com is governed by regulators in six of the world's largest territories.
4. CedarFX
CedarFX believes in combining the best market circumstances, pricing, and technology in order to help clients expand their accounts. A low spread often signifies minimal volatility and great liquidity, and CedarFX is proud of its low spreads.
CedarFX provides two account types: accounts with no commission and eco accounts.
5. (Non US) FXCC
FXCC is the greatest brokerage for non-American traders, offering 70 currency pairings, multiple CFD alternatives, spot metals, and the eight most popular cryptocurrencies. Bitcoin, Ethereum, and Litecoin are only a few of the accessible prominent cryptocurrencies. You may also invest in 12 prominent stock indexes, spot WTI and Brent crude oil, and spot WTI and Brent crude oil.
6. IG Markets
Up to 80 different currency pairings are available for trading on IG Markets. The broker requests a minimum deposit of $250.
IG allows U.S.-based clients due to CFTC and NFA oversight. For further security, IG stores your funds in separate accounts under trustee arrangements. IG offers compatibility for third-party forex systems such as MetaTrader 4 and ProRealTime in addition to its own unique trading platform. It also permits trading of application programming interfaces (API).
7. Interactive Securities Brokers
Interactive Brokers offers some of the lowest fees in the industry, including no charge on U.S.-listed equities and ETFs (ETFs). The company is overseen by the majority of the world's main financial regulators, including the U.S. SEC, CFTC, and NFA, due to its world-class brokerage services in 33 countries covering 134 markets. Interactive is additionally subject to regulatory scrutiny in the United Kingdom, Australia, and Canada, and it has offices in Japan, Hong Kong, India, and Luxembourg.
8. Foreign eToro
Social trading, which eToro specializes in, is perfect for beginners since you may copy the moves of experienced traders with an established track record. In addition to its world-class social trading network, eToro provides forex newbies with superb teaching tools. Anyone can immediately utilize eToro's multi-asset trading and social trading platforms and apps. Unfortunately, eToro does not support the MetaTrader 4 and 5 trading platforms (MT4 and MT5).
9. (Non US) AvaTrade
AvaTrade, one of the industry's most secure brokers, carries seven regulations across six continents (Europe, Australia, Japan, British Virgin Islands, UAE and South Africa). You'll be impressed with its asset availability, top platforms, and favorable trading conditions (you can leverage your positions up to 400:1).
What does Forex Broker mean?
Retail forex brokers are financial intermediaries between individual trader clients and the forex market. These forex brokers have an online presence in the form of an official website, and they cater to smaller traders who seek to engage in margin trading in the forex market.
Generally, online forex brokers permit traders to perform currency transactions via their supported electronic trading platforms. In addition to having their own proprietary trading software, several online forex brokers support popular third-party platforms such as MetaTrader 4 and 5 (MT4/5) from MetaQuotes.
Some forex brokers provide newbies with really beneficial training materials that can be used to boost their trading knowledge. Additionally, they may provide access to expert currency market research and financial news sources to assist you in making more informed trading selections.
You can utilize trading bots if you select a forex broker that employs automation. These bots are AI-enabled programs that trade on your behalf using current market data, and each bot employs a unique trading strategy aimed to improve your profits. Nonetheless, trading bots are not flawless. For optimal outcomes, you must conduct research, establish a budget, and monitor your account.
Why Trade Currency
A forex transaction entails the simultaneous purchase of one currency and selling of another at a specified exchange rate, often known as an exchange rate. Forex traders earn a profit by purchasing one currency pair at a low price and selling it at a high price, or by selling one currency pair at a high price and purchasing it at a low price.
The ease with which one can begin trading forex by opening a trading account and downloading a free trading platform such as MetaTrader is a major draw for many individuals. You can enter and exit positions fast, trade at your own speed, and make money. Investors typically begin here because they may gain a firm grasp of the market without feeling overwhelmed by the asset they're trading.