Top 10 Leading Forex Brokers to Choose From In 2022

The global forex market functions 24 hours a day and five days a week in all global currencies. To trade in forex, you need a reliable broker that serves your specific needs.

While selecting the broker, both beginner and experienced traders seek some key features. The most crucial factors that you should focus on are overall trading experience, spreads and commissions (including other charges), the range of products offered (currencies, CFDs, cryptocurrencies, commodities, indexes, spread betting, etc.), trading platform (website, downloadable software, mobile application, and third-party platforms), customer support service, experience, and trustworthiness.

Through in-depth research on various platforms concerning the above-mentioned prerequisites and others, we have determined the top 10 best forex brokers. Based on your needs, you can choose the one that will help you meet your trading goals swiftly. 

1. Saxo Capital Market 

Founded in 1992, Saxo Bank provides an excellent trading platform with on-the-go access to over 35,000 financial instruments, across all asset classes. It is a fully licensed and regulated financial institution. Hence, it is a safe broker for trading in forex and CFDs (Contract for Differences).

Saxo Bank requires £500 as a minimum deposit. It offers a competitive FX spread cost. The company launched its online trading platforms in 1998 to adopt technological furtherance. They have been functioning in the United Kingdom since 2006 with its subsidiary company Saxo Capital Markets U.K. Ltd. (SCML). The company does not allow US traders like several other forex brokers. 

The bank offers innovative risk-management features and comprehensive news and analysis. They have wide access to the global market with 182 FX spot pairs and 140 forwards. For options trading, traders have from one day to 12 months on FX vanilla options. The company provides CFDs on over 9,000 instruments, 19,000+ stocks listed on 36 exchanges worldwide, and 1,200+ options listed on 23 exchanges globally. 

Saxo Bank is for advanced traders. It provides a variety of brokerage services to aid professionals and active traders. Smaller traders will face numerous obstacles while trading, including higher minimum deposits and higher charges. They also will have a hard time reaching customer support.

2. IG

IG Group (IG) was founded in 1974 and is a part of IG Group Holdings PLC, a publicly-traded conglomerate. Unlike most forex brokers, IG does accept US forex traders. It provides access to exclusive data and expert analysis and is regulated by the NFA and CFTC.

The minimum account deposit for IG is $250. Clients can trade 17,000+ financial markets. IG provides more than 90 forex pairs including GBP/USD and EUR/USD, that too at spreads starting from as low as 0.6 points. 27 major commodities including gold, silver, copper, and oil are available on this platform to choose from. You can also trade in cryptocurrencies like bitcoin, plus ether, ripple NEO and more.

It is a widely used platform for traders dealing with CFDs since it offers low spread rates, excellent customer service and education, in-depth research, and a well-optimised user interface which makes it highly competitive in the online forex broker market. It also supports 3rd party platforms like MetaTrader 4 and ProRealTime.

An extensive range of services, emphasis on education and research, and offering protection to UK/EU clients are the major plus-points of IG. However, it does not provide account protection and guarantees stop losses to US clients. It also lacks copy trading or back-testing integration and has high share CFD fees. 

3. CMC Markets

CMC Markets (CMC) was founded in 1989. It is a well-established and highly regarded UK forex broker listed on the London Stock Exchange (LSE). It has adapted to the online brokerage market successfully over time.

CMC caters to the needs of all types of traders from the complete beginner commencing journey in forex, CFDs, and spread betting to highly experienced traders demanding an extensive range of services. It is a major low-cost trading platform, offering measurably lower trading costs than the industry average.

You can practise CFD trading with a free demo account using £10,000 virtual funds on this platform. Most features available to live clients are available in the demo account. For significantly larger bet sizes, it offers a price ladder for instant execution. More than 35 technical analysis tools, multiple charts, and drawing tools are available here.

A wide range of research amenities, protection for client accounts, and excellent customer services are the key features that make this platform a better choice for traders. But, it charges high CFDs for specific clients. Also, it has no back-testing or automated trading capabilities.

4. Pepperstone

Pepperstone commenced its business in 2010. Since then, it has emerged as the top player in the online brokerage market. A minimum deposit for new traders is 200 units of their base currency. It provides leverage levels as high as 500:1. 

Pepperstone is registered with FCA (Financial Conduct Authority) and ASIC (Australian Securities and Investments Commission) and regulated in the UK. Customer deposits are segregated from company funds which ensure higher security. It provides highly competitive FX spreads and an exceptional user interface.

Pepperstone offers one-click trading with QuickTrade Mode and Market Sentiment  Indicator to judge people’s trading behavior. It has 65 popular technical indicators to help you analyse better. It also provides review strategies and trade performance. 

5. XTB Online Trading

XTB Online Trading (XTB) started as Poland’s first leveraged foreign exchange brokerage house in 2002. It went public in 2016 by listing on the Warsaw Stock Exchange. XTB does not accept US traders like most other firms. 

For traders who want to minimise their costs, XTB is the best choice. Non-UK accounts can get up to 500:1 leverage and UK accounts get up to 30:1 leverage. The company has an outstanding customer support service and emphasises educational tools and research tools well-suited for a novice trader.

XTB offers the lowest FOREX spreads and offers protection to client accounts. However, non-FX spread costs are high and there is no guaranteed stop loss.  

6. London Capital Group

London Capital Group (LCG) was founded in 1996. Across many different asset classes, LCG provides access to a wide range of CFDs. The minimum deposit that you have to do for a standard account is zero. It earns by charging spread costs, overnight financing costs, inactivity costs etc. Just as most on the list, LCG also does not accept US traders.

With its simplified user interface, this platform is a great choice for beginners. Being a major UK-based forex trader, it grants a wide range of asset classes. The firm has a competitive fee structure. Its mobile app has a user-friendly interface. It lets you trade in over 60 forex pairs including GBP/USD and EUR/USD, and covers over 15 indices like Wall Street (DJI), Germany 30 (DAX), and UK 100 (FTSE). The company has many popular commodities like gold, silver, WTI, and Brent.

LCG is regulated by FCA (UK). It offers client account protection and account and trading incentives. It focuses on excellent customer service. However, traders sometimes complain about substandard account maintenance. It also lacks back-testing or automated trading capabilities. 

7. FOREX.com

FOREX.com partnered with a global forex trading specialist in 2001. Its sophisticated analytical tools make it a preferred option among traders across the world. Whether you are a newbie in trading or an experienced professional looking for advanced features, this platform is suitable in both cases.

FOREX.com allows trading of over 80 currency pairs including USD/JPY, GBP/USD, and EUR/USD. To stay in tune with current revolutions, it provides crypto trading on Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple. Traders get wide options of over 60 indicators, over 50 advanced drawing tools, and 14 chart types. It is the best option to identify correlations by overlaying multiple markets into one chart.

8. eToro

eToro is the best copy trading service providing a platform with a proven track record. New traders can benefit highly from this feature by duplicating trades in their accounts by expert traders. For novice traders, eToro has extensive educational tools. It also has user-friendly website navigation.

The platform requires a minimum of $50 as deposits to open an account that gives you access to 2000+ assets. It is available to US clients too, but it is yet to be registered with the US financial regulators. 

9. FXTM

FXTM was founded in 2011. It specialises in providing leveraged trading facilities. It helps you benefit from market volatility across FX, commodities, indices, and cryptocurrencies. The minimum deposit required to open an account is as low as $50.

It offers tight spreads, flexible leverage, localised payment methods, and market-leading educational resources. The platform also provides customer services in local languages. Cross-device forex trading option makes the use of the app more convenient. One-click online trading is also available with FXTM.

10. PayPound

With PayPound, you can quickly set up your new forex merchant account with minimum documentation as we work with various high-risk banks across the globe. We assist you in setting up a merchant account for your card processing needs since traders are now more inclined toward depositing money through credit cards. Furthermore, most leading forex brokerage firms accept card payments these days. With competitive pricing in the market and 24/7 technical support, we strive to provide you with the best forex trading experience with our services.

These were the 10 best forex brokers in 2022 based on our research. With a little research of your own, you can choose the one that suits your needs and preferences and enjoy a smooth trading journey.

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