Finding the best Forex broker that is trustworthy and reliable can be difficult. Forex trading has come a long way since its inception. Once a complicated process of finding the right broker to carry out trades can now be performed through the click of a button. Readymade forex trading platforms are all the rage right now. But with so many of these platforms flooding the market, how do you pick the right one for you?
In this article, we round up the top 10 forex platforms available right now in the market. These are all trusted platforms with large trades available and multiple customer reviews. We have broken down for you the nuances of each of these brokers and what they provide so that you don’t need to sit through hour-long reviews to learn about their functionality.
| Top Brokers | Minimum Deposit | Max Leverage | Regulations | |
|---|---|---|---|---|
|
$200 | 1:30 | ASIC, CySEC, FCA, MiFID | VISIT BROKER 68% of retail CFD accounts lose money. eToro USA LLC does not offer CFDs, only real Crypto assets available. |
 |
$100 | 1:400 | MiFID | VISIT BROKER |
 |
$50 | 1:200 | IFSC | VISIT BROKER |
Keep in mind that you need to go through the entire list to know which forex broker is the right choice for your level of forex trading knowledge, and also decide whether you should be using more than one. We have also listed out the primary data regarding each of these platforms so that you can save time on your research!
With all that being said, let’s review the top-rated forex brokers and compare their trading features, so you can find the right account to start trading today.
Top 5 Best Forex Brokers Online [ 2022 Trading Comparison Guide ]
| Broker |  |
 |
 |
 |
 |
|---|---|---|---|---|---|
| Company | eToro | IG | Plus500 | Forex.com | NADEX |
| Minimum Deposit | $200 | $250 | $100 | $100 | $250 |
| Max Leverage | 1:30 | 1:50 | 1:30 | 1:50 | 1:null |
| Trading Platforms | eToro Platform | MT4 | Plus500 | MT4 & Forex.com Suite of Advanced, Web, & Mobile Platforms | Other |
| Currencies | |||||
| Stocks | |||||
| Indices | |||||
| Cryptos | |||||
| Regulations | ASIC, CySEC, FCA, MiFID | CFTC, NFA | ASIC, CySEC, FCA, FSB, ISA | CFTC, NFA | CFTC |
| Start Investing! | VISIT BROKER 68% of retail CFD accounts lose money. eToro USA LLC does not offer CFDs, only real Crypto assets available. | VISIT BROKER |
Compare the Top 10 Forex Brokers in 2022
Here’s a list of the best Forex brokers with reputable trading platforms that you can trust to execute your trades.
- Forex.com
- IG
- FXChoice
- Nadex
- HotForex
- Ninja Trader
- VideForex
- ZuluTrade
- Interactive brokers
- Ameritrade
Forex.com
Forex.com has operated for the past 18 years and is easily one of the most trusted platforms when it comes to the forex market. Setting up an account at Forex.com is absolutely easy and once you do so you will be able to access a library of videos and guides that will help you perform trading up to your best capabilities. And if you are well versed in trading already then you will be able to immediately set up a plan and get started.
The Forex.com app is one of the easiest and most versatile means of trading available. You can access means to reduce your costs via rebates, work with commission spreads around 0.2, and enjoy many other advantages. And another huge factor that makes Forex.com highly trusted is its financial strength.
It features a highly coveted option known as the ‘active trader program’. According to this module the more you trade using Forex.com the more you will earn. You can find lower interest rates and receive cash rebates up to 9 dollars per million traded, terms and conditions apply. Forex.com does not charge any bank fees for wires and also provides exclusive access to their events and reviews.
You can spend hours learning in-depth about the various strategies and become a master trader.
Broker Stats
- Minimum deposits allowed: $100
- Base currencies: EUR, USD
- Minimum lot sizes: One-tenth
- Account types: Standard accounts, commission accounts, and DMA accounts
- Payment options: Debit, ACH, Wire and Check
- Bonuses: None
IG
IG is one of the most trusted forex brokers and it is also a great platform for beginners. Many lists have claimed IG to be the best trading application this year owing to its huge range of trading options. IG provides a whopping 17,000+ trade instruments for its users alongside top of the line educational resources. This platform is also known for its exemplary customer service.
With six tier-1 safety regulations, IG is one of the safest trading platforms out there. So, if you are new to forex trading and want to incur the least amount of risk, IG is the platform to choose. It features 93 Forex pairs and various cryptocurrencies that can be traded on. The rates are varied across instruments but IG is known for providing competitive rates throughout its range of products. Overall the platform provides enough options for all traders out there.
IG also has a highly user-friendly web platform and mobile app. Both options are totally customizable and users also gain access to multiple trading tools. Users can also access premium research facilities via integrated third party service providers. Regardless of your knowledge of forex trading IG will sufficiently help you make the best trading decisions. The platform is highly trusted and you get to have a dip in every possible market, although certain assets such as exchange traded securities are only available to UK citizens. There are more than 130,000 active users of this platform at the moment and daily more than 350,000 transactions take place.
Broker Stats
- Minimum deposits allowed: $250
- Base currencies: EUR, USD, GBP
- Minimum lot sizes: 0.6
- Account types: CFD account, Personal account, Corporate and trust account, SMSF
- Payment options: Debit cards, credit cards, wire transfer
- Bonuses: 10% of first deposit
FXChoice
FXChoice has been a primary forex trading platform for almost a decade now in the field of meta trading. It is regulated by the IFSC of Belize. It has a large range of instruments and 38 Forex pairs that users can earn from. While it also hosts cryptocurrency based trading options, FX Choice is primarily used for its MetaTrader 4 and MetaTrader 5 platforms. However, many users have cited FXChoice as a platform with security issues primarily due to its lack of public trading.
The research options in FX Choice are quite in-depth and allow users to view plans beyond an economic calendar. However, this is not a platform for beginners. Its decision to trade only within the MT4 and MT5 platforms makes it a highly selective and professional tool in meta trading. Users can access the latest forex news via FXChoice and also watch demo videos on virtual trading. Although it is reported that sometimes the news is not up to date.
MetaTrading is the primary purpose that FX Choice serves and this form of trading rarely has any difference between different platforms. So, the strength of FX Choice lies in its set up but at the same time, it has multiple areas where it can improve its offerings.
FXChoice is available as an app in multiple operating systems. We would advise some caution while trading using platforms that are not regulated by banks of major jurisdictions, and you will find a detailed version of this caution on their website.
Broker Stats
- Minimum deposits allowed: $100
- Base currencies: EUR, USD, GBP, CAD, AUD, Gold, Bitcoin, and Ripple XRP cryptocurrency
- Minimum lot sizes: 1:200
- Account types: MT4, MT5
- Payment options: International bank transfer, Debit/Credit cards, online, and bitcoin
- Bonuses: 15% of deposit amount maximum $5000
Nadex
Nadex is one of the largest forex brokers in the market and they operate out of Chicago under the regulation of the United States stock exchange. The platform offers over 10,000 binary options for users to trade on and at the same time, it does not allow the opening of a free account. You can open a demo account on Nadex for free and try out the performance of the platform, but as soon as you make an active trade a minimum of $250 will need to be deposited in order to continue.
Nadex is a highly secure platform and it is built to ensure that the trader never loses more than their initial collateral amount. However, your account needs to cover the maximum potential lost amount in order to trade. Apart from this, you have to pay a fee of $1 per contract. You can also use the latest Call Spreads on Nadex to operate between two price levels thereby taking advantage of a larger range of resources.
If you want to learn how to trade at a professional level within the Forex market Nadex is the perfect platform to choose. It provides multiple webinars on various topics related to binary trading and also helps you build strategies. You also gain access to multiple animated training videos to help you get started on using the platform.
They have a separate mobile trading app titled Nadex Go and it works quite similar to the website. You can also stay up to date on all Forex trading news via Nadex. It is an absolutely easy to use and a trusted source of binary trading.
Broker Stats
- Minimum deposits allowed: $250
- Base currencies: USD, AUD, GBP, JPY, BTC, EUR, etc.
- Minimum lot sizes: $1
- Account types: Demo account, Registered account
- Payment options: ACH, Wire transfer, Credit card
- Bonuses: 2 free trading days per $500 deposit
HotForex
HotForex is another meta trading broker platform and much like its counterparts, the platform provides only a selected range of assets to trade on. There are also various limitations and conditions when it comes to trading with Hot Forex. And if you are not well versed with these rules then you can miss out on important trades.
HotForex provides a wide range of price options mostly differentiated by the account types. The account ranges include 5 versions from Micro to Premium and a dedicated copy trading account. Certain accounts such as Zero and Fixed accounts provide highly competitive rates compared to the market standards and this is why Hot Forex is used by many professional meta traders. You also have access to a tool package that enhances the trading experience with deep insights and other tools. Overall Hot Forex is not an impressive platform but it performs its job quite satisfactorily.
The platform provides you with the usual MT4 and MT5 suites. You can enhance upon them using the premium trader tools but the abilities remain well within the meta trading market. It has various third party analytical apps integrated into it but the process is entirely safe. Users also gain access to a range of educational content on meta trading techniques.
There are certain risks associated with trading on a platform that does not publicly trades such as HotForex. Although it is verified by a tier-1 regulator, one should thoroughly study the risks associated with Hot Forex before trading on the platform.
Broker Stats
- Minimum deposits allowed: $50
- Base currencies: EUR, USD
- Minimum lot sizes: 1.20
- Account types: MT4, MT5
- Payment options: Wire transfer, credit cards, online payment,
- Bonuses: $2 per lot
Ninja Trader
Ninja Trader is a very beginner-friendly forex trading broker and it sports a large user base. Users gain access to a range of trading simulations that allow them to perfect their skills before actually making a trade. And as you become more experienced the platform can be customized with thousands of third-party apps. But besides the user-friendliness, Ninja Trader is also famous for its wide range of options.
Situated in Denver and Chicago, Ninja Trader provides a highly intuitive trading platform that takes advantage of various AI modules to assist the trading operations. It is an open platform much like any MT4 platform, however, it also features future day trading options making it popular to a wider range of traders. The latest version of the platform, Ninja Trader 8 provides updated analytical tools and a great set up that any beginner can use.
The single largest drawback of Ninja Trader is that it does not feature any mobile app. The website-based platform can be run on Windows, Mac OS, and Linux. But there have been certain reports that a Ninja Trader app is going to be launched soon.
Ninja Trader has been active since 2004 and is growing strongly. Although it is not an absolutely low risk platform, it is still a great choice for a newbie trader. Its features and range of forex and future trading options make it one of the best within its market. Overall, if you are a trader who prefers narrow trading options instead of diversified ones, Ninja Trader will be of great help to you.
Broker Stats
- Minimum deposits allowed: $50
- Base currencies: EUR, USD, GBP
- Minimum lot sizes: Varies according to asset
- Account types: CFD account, Personal account, Corporate and trust account, SMSF
- Payment options: Debit cards, credit cards, wire transfer
- Bonuses:
VideForex
VideForex is your regular forex broker platform and it ticks all the right boxes. It works with a minimum deposit much like any other broker and provides competitive spreads across multiple instruments. VideForex has the mid-range pricing where you can be sure that you are not underpaying and risking your trade and you also can ensure that you are not spending a huge amount. The platform also provides enough amount of protection, including equity benefits.
The website has no registration charge and you can open an account for free and they also provide various joining offers from time to time. So overall, it is a friendly website that allows you to get the best out of your trading process. The platform is not the regular MT4 and it is designed to serve users to their maximum potential. Additionally, they have the ‘social trading’ feature that allows you to follow professional traders and learn from them.
VideForex is not the platform to be recommended to beginners, but if you have a sound enough sense of forex trading, you can make the best of this platform for trading a wide range of forex options and bitcoins. You can also create a demo account and set up a strategy to use in your actual account. They also host trading contests that can be highly useful to traders looking to make quick conversions.
VideForex does not have a mobile trading app. Apart from this glaring technological setback the platform is absolutely safe to use and can be used successfully to perform trading operations.
Broker Stats
- Minimum deposits allowed: $250
- Base currencies: EUR, USD, GBP
- Minimum lot sizes: Varies according to asset
- Account types: Bronze, Silver, Gold
- Payment options: Credit cards, wire transfer, cryptocurrency
- Bonuses: 20% of the deposit amount
ZuluTrade
ZuluTrade is a platform built on the ideas of social trading and copy trading. What this is means is that users can follow other professional traders on ZuluTrade and copy their trading decisions. In essence, what it provides is automated trading options. This makes ZuluTrade a quite unique platform, but it comes with its own set of disadvantages as well. While it has existed for a short period of time, ZuluTrade already has a million users and executed over $800 billion trades per day.
Another great feature of ZuluTrade is that you can start trading with as low as $1 worth of investment. There is a completely free demo simulation that shows you how to use the application, and the process is quite simple even for beginner traders. ZuluTrade is especially a good start for traders who want to learn and quickly become professionals at forex trading. ZuluTrade features an in-house free broker, but other brokers may charge you. But the rates are quite competitive.
There are certain other fees associated with the platform such as overnight rollover fee, swap fee, etc. But the overall experience is crafted to be low expenditure oriented and users gain access to a large range of stocks, forex options, binary options, and other commodities that are being traded on by professionals. So, most traders are able to make quick success using ZuluTrade. The ZuluTrade mobile app is the preferred method of usage of the platform. But as per the advertisements, ZuluTrade does not allow you to automatically make a huge amount of money via forex trading.
Broker Stats
- Minimum deposits allowed: $1
- Base currencies: EUR, USD, GBP
- Minimum lot sizes: 0.8
- Account types: CFD, Forex, Crypto
- Payment options: Credit cards, wire transfer, cryptocurrency
- Bonuses: $25
Interactive brokers
This is a highly professional forex trading app that allows access to a range of quality trading tools and trades via global electronic exchanges. It’s a low charge application but at the same time, it provides a good range of assets to trade on. The feature-loaded platform is perfect for any professional trader who wants to use a secure broker to trade equities, options, and futures.
Its mobile phone application is also absolutely up to the mark and allows access to all the tools. But the catch is that users will need to choose either between the desktop experience or an app based account. However, upon paying commission charges you will be able to avail both versions along with TWS, a professional market analysis tool.
It is quite clear that Interactive Brokers is not a tool for beginners and should not be used as such. With over 120 markets to trade on, the right use of analytical tools can help achieve large amounts of success. And there is also a trade workstation feature that allows further control of the platform to active traders.
The platform is safe to use and has a wide user range. We suggest the usage of the TWS tool to its maximum capability in order to get the best of this trading platform. Its latest feature the mid-price order allows users to take control of moving markets and this is also a great means of trading. Overall, this is a safe professional tool for trading forex and other assets.
Broker Stats
- Minimum deposits allowed: $5000
- Base currencies: EUR, USD, AUD, JPY
- Minimum lot sizes: Varies according to asset
- Account types: Individual, Joint, Trust
- Payment options: Credit cards, wire transfer, cryptocurrency
- Bonuses: $200 trade referral bonus
Ameritrade
Ameritrade gained quick success owing to its $0 minimum investment charge. You can simply create an account and learn how to trade and build a portfolio. You will also gain access to a range of market tools and you can be totally worry-free about any inactivity fee or limited access. Trading options include forex, bitcoin, and other futures assets. Ameritrade is perfect for beginner brokers who want to thoroughly understand the process and also make small amount trades to gain real life trading experience.
The desktop application has a simulator program that provides you with real time practice of trading so that you can understand the risks before actually having to trade. But all this does not mean that Ameritrade is merely a practice ground. It is home to many professional traders who make use of the user-friendly analytics tools and make money using platform.
For traders who like to take it to a professional level, the desktop platform Thinkorswim is the perfect add-on to Ameritrade and will enable a larger range of trading options. The mobile app is also quite useful but the true experience of Ameritrade is desktop-oriented. Also, the app is currently available only for iOS users, so for a large part of the population Ameritrade is a desktop-only application.
There are certain drawbacks to this platform such as steep short term redemption fee, designed for basic level usage, etc. But overall, it is a good platform to learn the nuances of forex trading and also succeed in the process.
Broker Stats
- Minimum deposits allowed: $0
- Base currencies: EUR, USD, GBP
- Minimum lot sizes: 46.95
- Account types: Standard, retirement, education, specialty
- Payment options: Electronic bank deposit, wire transfer, cheque, stock certificates
- Bonuses: $300 per $100,000
Common Forex Broker Questions
Here are some of the most common questions that investors have about trading with forex brokers.
| Top Brokers | Rating | Minimum Deposit | Regulations | |
|---|---|---|---|---|
| |
#1 eToro | $200 | ASIC, CySEC, FCA, MiFID | VISIT BROKER 68% of retail CFD accounts lose money. eToro USA LLC does not offer CFDs, only real Crypto assets available. |
| |
#2 FxChoice | $100 | IFSC | VISIT BROKER |
 |
#3 Plus500 | $100 | ASIC, CySEC, FCA, FSB, ISA, MAS | VISIT BROKER |
What is the Best Forex Broker for Beginners?
There are a number of different forex brokers that are great for beginners. The first thing that you need to look for in a beginner forex broker is their trading platform. More advanced trading software often times needlessly confuses beginners and gets them more frustrated than anything. The second thing you have to look at is the fee structure, commissions, and spreads. All of these things can add up and really eat into your profit.
That said, two of the best forex brokers for beginners are Forex.com and IG. You can’t really go wrong with either of these platforms when you are first starting out. They have it all. Check out more about beginner forex broker reviews on our comparison.
Can I Trade Forex Without a Broker?
No, you can’t trade forex without a broker. Your broker is your partner who facilitates the trades for you. They are your portal to the forex financial markets. Without them, you wouldn’t have access to other investors to trade with.
It’s actually better this way though. Remember, a good, reputable broker is a partner. You work together on making trades and executing deals. They help protect you, your account, and your funds in the process. They also facilitate all of the trades in ways that you wouldn’t have the resources to do. Your broker is your friend. 🙂
Which Forex Broker is the Best in South Africa?
There are a number of good forex brokers in South Africa that all have unique features. IG is one of the most trusted and regulated brokers in the world. They accept clients from South Africa and also any other country.
Their minimum deposits and average spreads don’t kill your profits either. If you are trading forex in South Africa, we’d recommend working with IG as your broker.
How Much Money Do You need to start Investing in Forex?
In order to start trading forex, you will need at least the minimum account deposit that your chosen broker requires. This amount of money varies from one broker to the next. Some brokers require as little as $50 to get started trading while others have a $500 minimum investment before you can start investing in Forex.
It all depends on your brokerage and your account type. Keep in mind that you can make money at any level. It doesn’t matter how much or little money you have in your account, there will always be trades worth doing at any level.
How to Pick a Forex Broker?
To start things off, most of these platforms are unique in their own way. There is no one “best broker” for everyone.
While they all provide forex trading services, their range is either poised towards open market trading, meta trading, social trading, etc. Some of them are built for use by newbies to enter the forex trading market while others provide professional market analysis tools for pro-level usage.
Forex trading can be a complicated process for many. So apart from the tools, a platform provides you with it is also important to note the range of educational content it provides you. So, demo accounts, trade simulations, etc. are some of the factors to keep in mind here.
The main thing is that you need to evaluate the features and trading platform as well as the fees and spreads. Then look at the reputation and trustworthiness of the broker. If all of those things fit your trading objectives, you’ve found the broker that is right for you.
Which Forex Broker is Best?
2020 Forex Broker Comparison Chart
| Forex Broker | Best for: |
|---|---|
| Forex.com | Lowest Cost |
| FX Choice | Bonuses |
| Nadex | Limited Risk |
| HotForex | Low Min Deposit |
| IG | Most Trusted |
| Ninja Trader | Low Spreads |
| VideForex | Live Support |
| ZuluTrade | Demo Practice |
| Interactive Brokers | Low Margin Rates |
| TD Ameritrade | Awesome Trading Platform |
These are currently the top 10 forex and other asset trading platforms out there. Each platform has its own usage level so make sure that your choice is based on your knowledge of the forex trading market. Since most of these applications have a demo version available we suggest using more than one demo to understand the specific nuances that can help you become a professional trader. However, if you are already a professional trader then we have listed out the details regarding each of these platforms which should help you make an educated decision.
The world of forex trading is under various risks so we suggest everyone use safe and trusted platforms while engaging in such trading operations. The platforms we have listed here are all safe and accounted for however they all have their own security descriptions that you should read before opening an account. Hopefully, this helps you on your journey towards becoming a professional forex trader!