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Best Forex Brokers 2022

Apr 07, 2022 By Brokersview

   The forex market is very risky. Traditionally, forex brokers would buy and sell currencies on your behalf. But today, you can trade currencies yourself with the help of trading platforms provided by plenty of online forex brokers.
 As a financial service provider that offers traders access to a platform for buying and selling foreign currencies, the role of a forex broker is a bit like a middleman between traders and the interbank, which is a global market that allows you to trade foreign currency.
 To trade forex currency pairs, you need a reliable & remarkable online broker. Dealing with a trusted forex broker is a critical element of success in your trading journey.

Who is a Forex Broker?

A forex broker is a company that helps clients buy and sell currencies and will guarantee that trades will be settled, avoiding the need for buyers and sellers to check each other's creditworthiness. Thanks to a wide range of connections with liquidity providers (primarily banks) and dealers, a forex broker will usually get preferential exchange rates that can be passed on to clients at low spreads.
 There are different types of forex brokers. Selecting the best one from various brokers is the key to maximizing your chances of being a successful forex trader. Generally, they can be divided into two categories:

DD - Dealing Desk

 A dealing desk broker refers to a market maker. A market maker is a broker or investment firm that plays a vital role in forex trading and ensures that buyers and sellers trade currencies continuously and efficiently.
 Market makers are always counterparties to traders who do not trade directly with liquidity providers. They sell units to investors who wish to buy and buy units from investors who want to sell, thereby providing liquidity to the market.
 Market makers typically offer fixed spreads and can choose to quote above or below the actual market prices at any time. Market makers, who get paid on the spreads, typically trade against their clients before hedging (or not) the liquidity provider.

NDD - No Dealing Desk

 An NDD forex broker provides direct access to the interbank market; it usually refers to an STP broker or an ECN broker. An NDD broker offers lower unfixed spreads, which means the broker can change its spreads significantly when volatility happens during major economic announcements. An NDD broker can either charge a commission on each trade with lower spreads or increase the spreads.
 Non-Dealing Desks fall into two categories:
 


STP Brokers

STP is a Forex brokerage model that involves sending client orders directly to the market without passing them through a dealing desk.  
 In STP mode, trades are fully computerized processed on the interbank market without broker intervention. All orders are transferred to the broker's liquidity providers, and prices are executed at the bid/ask rate provided by liquidity providers. Typically, brokerage firms have many liquidity providers, including counterpart investors, big banks or hedge funds, or large brokerage firms that generate their bid and ask prices. However, execution through a liquidity provider is still an option, as some brokers complete it by bringing in deeper liquidity pools as a result.
 STP brokers act as a middleman between you and the forex market in simple terms.
 

ECN Brokers

ECN brokers are non-dealing brokers, which means they do not transfer order flow to market makers. Instead, they create a direct connection channel between you (the trader) and the providers of the traded assets (liquidity providers). In other words, ECN brokers match trading participants electronically and pass trading instructions to liquidity providers. ECN allows investors to trade outside of traditional trading hours, providing a mechanism for those who cannot actively participate during regular market hours or prefer the flexibility offered by broader availability. It also avoids the widening spreads familiar with traditional brokers and offers lower commissions and fees.
 The main difference between ECN brokers and traditional brokers is the ECN "system." ECN broker is one of the fastest-growing emerging brokers in the forex market. In short, ECN brokers provide a marketplace where traders and market makers can compete for quotes with each other, sometimes as part of a hybrid ECN/STP execution model.

Top Forex Broker List

There are countless forex brokers in the market, with different focuses and strategies, offering online trading services to retail and institutional traders. Forex brokers are as unique as individual forex traders in their various business strategies, goals, and worldviews. Furthermore, as traders have different requirements, forex brokers offer other products and features to match traders' overall service portfolio. Therefore, a few factors must be considered first when comparing multiple forex brokers and finding the best ones. In this forex brokers comparison guide, we'll focus on several aspects that affect the overall reliability of a forex broker - minimal deposit, regulation, maximum leverage, products, etc. That is to say; we need to consider the characteristics of brokers, compare offerings and services provided by different brokers together, then rank by score and explain the results.
 To help you decide, we've reviewed dozens of forex brokers on various factors, including assets, regulation, trading platform, commissions, user reviews, etc.

Equiti

Equiti is a world-class provider of online trading technology and multi-asset financial products. Equiti has more than 300 professionals worldwide, providing 24/6 client service in 9 languages, providing clients with personal, professional, and institutional brokerage services across various branches and affiliates.
 Our Rating --9.0 scores

  1. US$500 minimum deposit

  2. Max. leverage up to 1:500(Forex)

  3. MT4 and MT5 trading platforms, accessible on mobile, desktop, or tablet

  4. FCA licensed & regulated

  5. with spreads as low as 0.0pips

  6. 300+ Trading instruments

  7. more than 66 forex pairs supported

  8. with the commission as low as 0

  9. instant deposit and withdrawals

Dukascopy

Dukascopy is a global online financial trading platform and multi-assets broker, providing a wide range of global markets, including Forex, Indices, Metals, Energy, Crypto CFD, Bonds, Stocks, ETFs, and more for international traders.  
 Dukascopy owns an experienced customer service team that works 24 hours a day for a good seven days a week. In addition, Dukascopy is regulated by the world's biggest supervision authorities.
 Our Rating -- 8.5 scores

  1. US$1000 minimum deposit

  2. Max. leverage up to 1:200(Forex)

  3. JForex and trading platforms, accessible on mobile, desktop, or tablet

  4. FCA, CySEC, CNMV, PFSA, and IFSC licensed & regulated

  5. tight spreads

  6. 590+ trading instruments

  7. more than 60 forex pairs supported

  8. no price manipulations

  9. large liquidity pool from 20+ banks

  10. risk management tools and control over orders execution
       
       

FXCM

Founded in 1999, FXCM is a specialist in online forex trading, CFDs trading, and related services. The firm offers clients the advantages of mobile trading, one-click order execution, real-time chart trading, forex trading education courses and trading tools, proprietary data, and quality resources.  
 Our Rating -- 8.4 scores

  1. US$50 minimum deposit

  2. Max. leverage up to 1:400(Forex)

  3. MT4 trading platform, accessible on mobile, desktop, or tablet

  4. FCA, CySEC, ASIC licensed & regulated

  5. 276+ Trading instruments

  6. more than 42 forex pairs supported

  7. with the commission as low as 0

  8. free client support via phone for 42 countries' clients

Forex.com

Forex.com is a global Forex and CFD broker. Founded in 2001, it is a brand of Stonex Financial Limited, whose parent company Stonex Group is listed on the Nasdaq Stock Exchange. Several financial institutions regulate the company. Forex.com has 200k+customers, a wide range of 1000+markets, 800+staff, 1200+ partners, and tight spreads.
 Our Rating -- 8.4 scores

  1. US$100 minimum deposit

  2. Max. leverage up to 1:200(Forex)

  3. MT4 and MT5 trading platforms, accessible on mobile, desktop, or tablet

  4. with trading platforms-- Forex.com Web Trading and Forex.com Mobile Trading

  5. FCA, NFA, ASIC, CIMA, Japan-FSA, IIROC, and MAS licensed & regulated

  6. tight spreads

  7. 4500+ trading instruments

  8. more than 80 forex pairs supported

  9. more commission as low as 0

  10. dedicated and multilingual customer support

XTB

XTB is one of the largest stock exchange-listed FX & CFD brokers globally, providing a wide range of global markets, including Forex, Indices, Commodities, ETFs, and more for international traders. XTB has offices in over 13 countries, including the UK, Poland, Germany, France, and Chile. XTB owns an experienced customer service team that works 24 hours a day for a good five days a week,
 Our Rating -- 8.4 scores

  1. US$1 minimum deposit

  2. Max. leverage up to 1:500(Forex)

  3. xStation trading platform, accessible on mobile, desktop, or tablet

  4. FCA, CySEC, CNMV, PFSA, and IFSC licensed & regulated

  5. tight spreads

  6. 2100+ trading instruments

  7. more than 49 forex pairs supported

  8. with the commission as low as 0

  9. dedicated and multilingual customer support

  10. superior execution speeds

Admiral Markets  

Admiral Markets is a global online forex broker, offering investment services for trading with Forex and CFDs on indices, metals, energies, stocks, and bonds. Admiral Markets offers its services worldwide through its regulated trading companies, thus becoming a truly global organization.  
 Our Rating -- 8.4 scores

  1. US$1 minimum deposit

  2. Max. leverage up to 1:30(Forex)

  3. MT4 and MT5 trading platforms, accessible on mobile, desktop, or tablet

  4. FCA, CySEC, ASIC, CONSOB, Estonia-FSA, and Bulgaria-FSC licensed & regulated

  5. tight spreads

  6. 8000+ trading instruments

  7. more than 47 CFDs on currency pairs supported

  8. with the commission as low as 0

  9. 16 local offices

  10. multilingual client support via phone, email, and live chat

FXTM

FXTM is a specialist currency broker that offers access to a wide range of asset classes. It is trusted by more than 2 million individuals worldwide and is regulated in multiple jurisdictions. Across all these services, it offers complete segregation of funds for retail clients.  
 Our Rating -- 8.3 scores

  1. US$10 minimum deposit

  2. Max. leverage up to 1:2000(Forex)

  3. MT4 and MT5 trading platforms, accessible on mobile, desktop, or tablet

  4. with trading app FXTM Trader

  5. FCA, CySEC, FSCA, and PFSA licensed & regulated

  6. with spreads as low as 0.0 pips

  7. 250+ trading instruments

  8. more than 50 forex pairs supported

  9. with the commission as low as 0

  10. dedicated and multilingual customer support

  11. high-tech forex trading tools

  12. ultimate risk protection & security

Swissquote

Swissquote is a Swiss investment bank. As a global broker, Swissquote has two main trading entities: a Swiss unit for trading stocks, funds, options, and futures and a company for CFD and forex trading. It is regulated in multiple jurisdictions, and across all these services, it offers total segregation of funds for its clients.  
 Our Rating -- 8.2 scores

  1. US$1000 minimum deposit

  2. Max. leverage up to 1:100(Forex)

  3. MT4 and MT5 trading platforms, accessible on mobile, desktop, or tablet

  4. FCA, FINMA, DFSA, SFC, MAS, and MFSA licensed & regulated

  5. with spreads as low as 0.0 pips

  6. over 400 Forex and CFD instruments

  7. more than 78 forex pairs supported

  8. with the commission as low as 0 on Forex

  9. dedicated and multilingual customer support

  10. a customized account with spreads from 0.0 pips options

Best Forex Brokers List By Countries


Best Forex Brokers In Malaysia
Best Forex Brokers in Indonesia 
Best Forex Brokers in Vietnam 
Best Forex Brokers in Thailand
Best Forex Brokers in South Africa

How Can I Find The Best Forex Brokers?

To be successful in the forex market, trading with the right and best forex broker is essential.
 To be a qualified forex investor, you need to find the best brokers for forex trading. When choosing the best forex trading brokers, you should also consider factors such as the number of currency pairs, maximum leverage, regulatory licenses, customer service, transaction costs, etc.(we mentioned above) they offered. However, it does get tricky when comparing transaction costs: some brokers charge a commission on a per-order basis, while others don't -- they make money from the bid-ask spreads.
 To compare several forex brokers and find the one that suits you the best, you must get very clear about your needs and be utterly faithful to your view of the market.

Forex Brokers Comparison Guide

In addition to a comprehensive understanding of brokers, it is also essential to know how to choose a broker and distinguish between good and bad brokers. The following forex broker comparison guide can help you identify the most critical factors that differentiate forex brokers.
 

Registration Country and History of Forex Brokers

Understanding the company's underlying fundamentals and business history is vital in differentiating a brokerage for the following reasons. The registration country and history can give us a glimpse into the firm's trustworthy reputation and how it has operated in the market over the years. The overall importance and customer feedback of forex trading companies help us to determine whether they have enough experience to provide us with the best service and the most reliable trading platform or not. At the same time, the broker's registration country and jurisdiction(s) are also crucial due to regulatory and trading restrictions in some regions. Citizens of some countries, especially US traders, are usually forbidden to trade Forex in almost all countries. In addition, due to legal or regulatory restrictions, these traders are not allowed to deal with brokers from certain other countries. Therefore, when comparing them in the market, traders should pay special attention to the geographic region where the forex broker is located.

Choosing a Forex Broker Based on its Trading Platform

Most experienced traders tend to search for forex brokers based on the type of trading platform they offer. Therefore, the forex trading platform is critical when comparing many forex brokers. Most comparison guides specifically compare forex platforms and have a review section for insightful platform options. Whether traders are looking for a web trading platform or downloading trading software to install on a PC to engage in professional trading, brokers should always remain competitive and innovative. Otherwise, they may lose their target customers. Forex trading software can now be available on mobile devices. Traders can trade by downloading simplified mobile trading applications and exclusive trading software for most third-party trading platforms through the corresponding mobile application stores.

Inherent Account Functions Provided by Forex Brokers

Forex brokers are often compared for the offered trading tools, asset types, and account functions that optimize financial trading, such as forex trading signals, forex economic calendar, and market analysis. The various features offered to traders determine a forex company's success and overall reliability. Some of the features make a broker stand out. Bonuses may also be seen as one of the distinguishing features that leverage the company's position, giving the broker an advantage over its direct competitors in the eyes of traders. We all know that traders usually compare and pick brokers based on the number of bonuses they receive for their investment funds. However, we do not recommend taking bonuses as the main factor when comparing brokers and investment firms. Some brokers offer very generous and special offers, but it's best to avoid trading with them at the cost of low-quality service.

Best Ways To Choose a Forex Broker

Due to the forex market's high trading volumes and convenience, many brokers are also overgrowing. In general, a wide range of options is a good thing. However, many brokers can make it difficult for you to choose from. Choosing the right broker is a critical step, which can have a significant impact on your trading career, as well as the success or failure of your trading results. To help you choose brokers more wisely, here we find the best ways and tips to help you select a forex broker.

Regulatory Compliance

When selecting a forex broker, the first thing to check is their regulatory compliance. For example, suppose a broker claims to be regulated by the Australian Securities and Investments Commission (ASIC) or UK Financial Conduct Authority (FCA). In that case, you should pay attention to its official websites displayed on the two regulators, and you have to verify whether its authorization information is accurate. Besides, you also need to know if its regulatory status is "registration" or "authorization."

Domain And Website

"Give me a company's website, and I can tell you about the firm." The company information displayed on the website allows you to have a clear idea of your broker. Although this is subjective, you can ask some fundamental questions. Does the website crash frequently? Is the website easy to navigate? Does it look professional? These are the questions you need to ask when choosing any company.

Commissions And Spreads

This is one of the essential evaluation criteria before deciding on a broker. So what spreads does the broker offer? To give a simple explanation, currencies are traded in pairs, and the difference between the bid and ask of a forex pair is called the spread. Popular trading currency pairs include: EUR/USD, GBP/USD, USD/JPY, USD/CHF, AUD/USD, and USD/CAD, and the spread between them should be very tight.
 Investors must pay for a trading platform, mainly transaction costs, so it is impossible if a broker claims it doesn't charge expenses at all. Therefore, before choosing a trading broker, investors should consult and compare multiple parties and choose the one with more reasonable costs.

Customer Support

This is more important in the forex industry than in other sectors. In addition to the impact due to lack of customer support can also result in a significant loss of your trading funds.
 For example, if your broker doesn't answer your call or email in time or takes much time to deal with your problem when you open or close a position based on the market price, it will ultimately lead to losses. Before determining a particular broker, test its customer support by emailing, calling, or chatting with online customer service. If you don't get the feedback you expect, you need to think carefully before opening an account with the broker.

Reasonable Leverage And Stop Loss Protection

Leverage is usually a powerful attraction for retail investors in the forex market. However, high leverage comes with high risk. Rigorous brokers offer leverage ratios under regulation rules.
 The greater the leverage, the greater the risk of the trade. If a broker offers you excessively high leverage, you need to consider whether it is an unlicensed broker or a scam.
 Stop-loss protection ensures that your losses are limited. Most brokers offer this protection, so be sure to check this section before your deal with a broker.

Competitive Platform Technology

This is one of the most basic and necessary verification procedures before choosing a broker. The trading platform is always the interface you notice and watch when you invest. Even if the customer support is the best in the world, if there are drawbacks such as an unfriendly user interface, poor platform navigation, etc., your transaction will still be significantly negatively affected. The platform should have an interface that allows you to accomplish your trading goals in minimum steps.

Additional FAQ               

Can I Trade Forex Without a Broker?

Unfortunately, it is impossible to trade without a forex broker. As we mentioned before, the role of a broker is a middleman between traders and the market. This is how a forex broker works:

  1. The brokerage firm contracts with the liquidity provider. These are large investment banking institutions or ECN systems. Brokerage firms are also required to open separate bank accounts to keep clients' funds different from their own.

  2. If you wish to trade in the forex market, you must sign a service agreement with a forex broker and get registered. Also, you have to open a trading account. This is a must to trade Forex online.

  3. You then deposit the account with funds and place orders to make investments with the help of the broker to buy or sell the currencies through a dedicated terminal.

  4. If you want to trade Forex, you have to get access to the forex market and the leverage. A forex broker provides you both access and leverage. This is why you can't trade Forex without a broker.

  5. You can trade without a broker unless you can get the access by yourself. If you have enough money, you can go directly to the bank and ask them to allow you to trade on the interbank market.
       

How Do I Know If My Forex Broker is Regulated?

The forex market regulators control the activities of forex brokers. The supervisory regulator can be local or international. The watchdog has three functions to forex brokers:
 
 1. Verify that the broker runs according to license requirements.
 2. Monitor compliance during trading and other transactions.
 3. Revoke the license when the broker severely violates the regulations.
 
 How to check if your forex broker is regulated? There are three simple steps you can follow:
 
 1. Go to the broker's website;  
 2. Find the license information-- it is usually located at the bottom of the home page or the "License/Regulation" on the top page;
 3. Check and verify the license information -- copy the license number and go to the website of the relevant regulatory organization to check and verify whether the information displayed matches or not.
 

Do I Need a License To Trade Forex?

The answer is "No." You don't need a license to trade Forex. To begin trading without a license, you can simply work with a forex broker. A reliable and legible broker always gets at least one license from financial regulators.

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