2022 Top Forex Brokers

You require a trustworthy online broker to trade FX. Trading on the foreign exchange market with a reputable forex broker is essential for success. As a forex trader or contract for difference (CFD) trader, you can have certain requirements for the platform, trading tools, or research requirements you need. Which forex broker is right for you can be determined by learning more about your needs and investment style.

Every year, WikiFX tests the top foreign exchange companies to compile a list of the top forex brokers for trading forex and CFDs. Here are the results we have for 2022.

● IG - Best overall broker, most trusted

● Saxo Bank - Best web-based trading platform

● CMC Markets - Excellent overall, best platform technology

● Interactive Brokers - Great overall, best for professionals

● TD Ameritrade - Best desktop platform, U.S. only

● FOREX.com - Excellent all-round offering

● XTB - Great research and education

● City Index - Excellent all-round offering

● eToro - Best for copy and crypto trading

WikiFX is the finest resource for learning which brokers the aforementioned ones trust. WikiFX is a forex research tool that lets users rate and comment on brokers. These brokers are all reputable and have positive WikiFX app ratings. Both the app shop and the play store sell WikiFX.

IG - Best overall broker, most trusted

Minimum Initial Deposit £250.00

IG offers the ultimate comprehensive trading package, featuring excellent trading and research tools, industry-leading education, and an extensive range of tradeable markets.

Pros

• Outstanding platforms and tools

• Over 19,000 tradeable instruments

• Competitive pricing

Cons

• No predefined layouts on the flagship web platform

• Limited product range on MT4

• Visit Site open_in_new

• Join 239,000+ traders worldwide (77% of retail CFD accounts lose money)

Saxo Bank - Best web-based trading platform

Minimum Initial Deposit €2,000

SaxoBank is an exclusive multi-asset broker with brilliant research and a superb trading platform experience – as well as a stunning selection of over 40,000 securities.

Pros

• Flagship platform is top of the line

• Over 40,000 tradeable instruments

• Excellent customer service

Cons

• High minimum deposit

• Visit Site open_in_new

• 182 forex pairs from just 0.4 pips (64% of retail CFD accounts lose money)

CMC Markets - Excellent overall, best platform technology

Minimum Initial Deposit $0

CMCMarkets is well-trusted across the globe, and delivers a terrific trading experience thanks to its excellent pricing and selection of over 12,000 tradeable instruments.

Pros

• Low trading costs

• Excellent web and mobile platforms

• Robust research materials

Cons

• Educational offering could be improved

• MT4 offering limited to 62 symbols

Interactive Brokers - Great overall, best for professionals

Minimum Initial Deposit $0

InteractiveBrokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite.

Pros

• Robust platform for professional traders

• Wide range of global markets

• Thorough research offering

Cons

• Trader Workstation platform is likely too complicated for inexperienced traders

• Visit Site open_in_new

• Quotes as tight as 1/10 of a pip (66% of retail CFD accounts lose money)

TD Ameritrade - Best desktop platform, U.S. only

Minimum Initial Deposit $0

The thinkorswim platform from TDAmeritrade features a wide range of amazing tools, research, and education along with more than 70 tradeable currency pairings. The best trading technology is available to American traders through TD Ameritrade.

Pros

• Outstanding platform in thinkorswim

• Thorough research offerings

• Excellent educational materials

Cons

• Does not offer copy trading

• Forex pricing is slightly higher than industry average

FOREX.com - Excellent all-round offering

Minimum Initial Deposit $100

For forex and CFD traders throughout the world, FOREX.com is a reputable brand that offers a first-rate trading experience. Along with restricted access to MetaTrader, it delivers a diverse selection of markets and an outstanding array of custom platforms.

Pros

• Multiple high-quality platforms

• Excellent market research

• Wide range of markets

Cons

• Only about 600 instruments are available on the MT5 platform, compared to over 4,500 on non-MetaTrader platforms

• Visit Site open_in_new

• A Global Market Leader! (73% of retail CFD accounts lose money)

XTB - Great research and education

Minimum Initial Deposit $0

As a reputable multi-asset broker, XTB provides exceptional client support, a large selection of FX and CFDs, and a great trading environment. Because of the innovative features and well-designed xStation 5 trading interface, as well as the thorough instructional materials and research provided by XTB, the broker was awarded Best in Class for Research in 2022.

Pros

• xStation 5 platform is an industry standout

• Robust selection of trading tools

• Excellent customer service

Cons

• Pricing is just average

City Index - Excellent all-round offering

Minimum Initial Deposit £100.00

Backed by StoneX Group, CityIndex is a trusted brand known for its versatile trading platforms, excellent mobile app, diverse market research, and extensive range of tradeable markets.

Pros

• Excellent platforms and mobile app

• Extensive range of markets

• High-quality market research

Cons

• Pricing is average for the industry

• Limited product range on MT4