Best Forex Brokers for 2022 – Compare Forex Trading Platforms

Forex brokers allow you to speculate on the future value of currency pairs like USD/GBP or EUR/JPY.

You’ll want to choose a forex broker that offers plenty of tradable markets with low fees – alongside access to leverage, charting tools, and research materials.

This guide compares the 10 best forex brokers in the US and explains how to get started with a currency trading account in under five minutes.

We review the above forex brokers in great detail in the following sections. This will help you choose the best forex broker in the USA for your skillset and trading goals.

Best Forex Trading Platforms Reviewed 

There are dozens of forex brokers that allow US clients to buy and sell currency pairs.

No two forex brokers are the same though, so you’ll want to do some research surrounding supported markets, commissions, account types, minimum deposits, trading tools, and other important factors.

The overall 10 best forex brokers in the market right for are discussed below:

1. eToro – Overall Best Forex Trading Platform for 2022

If you’re in the market for the overall best forex trading platform for low fees, supported currency pairs, and user-friendliness – look no further than eToro. This online forex broker and best investing app was launched in 2007 and it now serves 25 million traders. As of writing, eToro gives you access to just under 50 forex markets.

This covers a good blend of majors, minors, and exotics. When you trade forex on the eToro platform, you won’t be charged any conventional commissions. Instead, you will pay a competitive spread that starts at just 1 pip per slide. This makes eToro one of the cheapest places to trade forex in the online space.

Moreover, after you have opened an account, you won’t pay any transaction fees if you are funding your account in US dollars. When it comes to leverage, eToro offers retail clients up to 1:30 on major forex pairs. Minors and exotics come with leverage of up to 1:20. This means that you can amplify your positions by a considerable amount.

Another benefit of choosing this low spread forex broker  is that its platform is very user-friendly. You can find your chosen forex pair via the search box or browse the full list of supported markets through the ‘Discover’ section. In terms of placing a trader, it’s just a case of entering your stake and confirming the order. You can also apply limits, stop-losses, and take-profits.

If you are completely new to the forex markets, then you might also like the eToro Copy Trading tool. This enables you to copy a seasoned forex trader like-for-like. For instance, if your chosen trader allocates 5% of their portfolio on a EUR/GBP long position and you invested $2,000 into the respective individual, you will copy the trade at a value of $100. In addition to copy trading tools, forex trader might be interested in the best forex signals, which are essentially tips and signals sent by market analysts telling users when to enter and exit a position.

Another popular feature offered by eToro is its mobile app for iOS and Android. This allows you to deposit/withdraw funds, open/close forex trader, check the value of your portfolio, and access any other tools offered by the main eToro website. There is also a free forex demo account at eToro – which comes with $100,000 in paper trading funds.

If you are the type of trader that likes to diversify, you will appreciate that eToro offers plenty of other asset classes. Not only can you invest in cryptocurrency products, but thousands of commission-free stocks and ETFs. If you’re concerned about safety you shouldn’t be – as eToro is authorized and regulated by the SEC, FCA, CySEC, and ASIC.

To open an eToro account today, you simply need to register some personal details and upload a copy of your government-issued ID. You can then make an instant deposit via Visa, MasterCard, Maestro, Paypal, Neteller, or Skrill. ACH and domestic bank wires are also supported. The minimum first-timed deposit for US clients is just $10.

Your capital is at risk. 68% of retail investor accounts lose money when trading CFDs with this provider.

2. Capital.com – Leading Forex Platform with 0% Commissions

Another of the best forex brokers to consider partnering with is Capital.com. Capital.com is a leading CFD broker that offers a wide range of markets, including currencies. Although US-based traders cannot create a Capital.com account due to the regulation on CFD trading, clients in other countries will be able to trade 138 different FX pairs, including a selection of minors and exotics.

Since these currencies are traded via CFDs, Capital.com builds all fees into the spread. Spreads can vary depending on the pair, although they are as low as 0.6 pips for EUR/USD during peak trading hours. Capital.com charges no commissions when opening an FX trade and no deposit, withdrawal, or inactivity fees.

Users can make deposits in five different base currencies via credit/debit card, bank transfer, Apple Pay, and PayPal. The minimum deposit threshold is only $20, and the account opening process is entirely digital. Finally, those who wish to trade FX using Capital.com can do so via the web platform or MT4 – ensuring an option for all experience levels.

Your capital is at risk. 78.91% of retail investor accounts lose money when trading CFDs with this provider.

3. Libertex – Popular CFD Broker with Zero Spreads

Libertex is a popular trading platform operating in 11 different countries and servicing over 2.2 million users. The platform offers a variety of markets to trade, including currencies, making it easy for clients to create a diversified portfolio. Regarding forex, Libertex offers over 50 pairs, including majors, crosses, and exotics.

As a CFD platform, Libertex allows clients to gain exposure to the price fluctuations of these FX pairs without having to trade the underlying asset. The great thing about Libertex is that this platform charges no spread on the offered currencies – meaning clients can transact at ‘true cost’. However, a variable commission is levied when a trade is opened or closed, starting from as little as 0.03%.

Libertex offers leverage of up to 30:1 and provides full support for MT4 and MT5, allowing clients to create custom trading strategies and employ automated trading systems. Users can also trade on Libertex’s web-based platform or mobile app – with the latter featuring real-time price charts and a free demo account. Finally, Libertex accepts deposits via bank transfer, credit/debit card, and several leading e-wallets, with a minimum funding requirement of €100 ($105)

Your capital is at risk. 70.8% of retail investor accounts lose money when trading CFDs with this provider.

4. AvaTrade – Heavily-Regulated FX Broker with MT4/MT5 Support

AvaTrade is a trading platform launched in 2006 that has made a name for itself due to its low-fee FX trading services. The platform is regulated by several leading bodies, including the Central Bank of Ireland, ASIC, FSA, and the FSCA. AvaTrade offers 55 currency pairs to trade, with clients able to open positions on the web-trader app or MT4/MT5.

As AvaTrade’s pairs are offered through CFDs, the platform charges no commissions when opening or closing a trade. Spreads also tend to be relatively tight, reaching as low as 0.9 pips for highly-liquid pairs like EUR/USD. AvaTrade even offers a free demo account for beginner traders and a selection of FX-based Vanilla Options.

Although AvaTrade’s minimum deposit threshold is slightly higher, set at $100, account funding is entirely free to complete, with six base currencies supported. Withdrawals are also free to facilitate and can take as little as three business days to arrive. Finally, AvaTrade also offers a wide array of educational materials, including tutorial videos, articles, and webinars.

5. Skilling – Top FX Platform with Spreads From Only 0.1 Pips

Skilling is a Scandinavian-owned fintech company that offers over 900 financial instruments to trade through a beginner-friendly online portal. The platform is regulated by CySEC, with clients able to trade Skilling’s currency pairs through MT4 if they wish. Over 70 currency pairs are available to trade, all with 0% commissions.

There are also no hidden charges, as Skilling incorporates its fee into the bid/ask spread. Spreads start from only 0.7 pips, although Skilling also offers a ‘Premium’ account which offers spreads from as little as 0.1 pips. The maximum leverage on each account is 30:1, offering both negative balance protection and scalping services.

Notably, Skilling offers micro lot trading, meaning users can open positions from as little as 0.1 lots. Regarding account funding, Skilling accepts bank transfers, credit/debit cards, and numerous e-wallets, such as Neteller and Skrill. The minimum deposit at Skilling is set at $100 – although clients who open a Premium account need to meet a $5,000 minimum deposit threshold.

6. Interactive Brokers – Top Forex Broker for Tight Spreads and Deep Liquidity

Interactive Brokers is perhaps known for its highly extensive library of stocks, ETFs, and mutual funds. However, this top-rated platform also offers one of the best places to trade forex in the US. In opening an account here, you will have access to over 100+ forex pairs.

This includes all major and minor pairs, and dozens of exotic currencies. Due to the size of Interactive Brokers and the markets it has access to, forex traders enjoy deep liquidity levels here. Moreover, you will also find that Interactive Brokers offers very competitive fees. Put simply, you will pay a commission of between 0.08 and 0.20 BPS (basis points).

There are no additional spreads or markups added to the fees that you see when setting up an order, Another plus point of using Interactive Brokers is that you will have access to a highly advanced platform – FXTrader. This offers a wealth of useful features – such as real-time streaming quotes, custom order types, up and down indicators, and risk-management tools.

7. TD Ameritrade – Buy and Sell Forex Pairs at 0% Commission 

If you’re looking for the best forex trading platform for low fees – it might be worth considering TD Ameritrade. In a nutshell, this forex broker allows you to trade currencies on a commission-free basis with no hidden spreads. Instead, your fees are simply built in to the bid/ask price.

At TD Ameritrade, you will find over 50+ forex trading pairs across the majors, minors, and exotics. Although TD Ameritrade offers highly competitive fees, we should note that its native trading platform – thinkorswim, is perhaps better suited for seasoned investors. With that said, if you know your way around a trading suite – thinkorswim offers everything you need.

For example, you will find real-time economic news and forex market developments, technical indicators, customizable charting screens, currency trading maps, and much more. You can access thinkorswim via desktop software or your main web browser. It also comes in the shape of a mobile app for iOS and Android.

8. Forex.com – Specialist Forex Broker for US Traders 

Launched in 2001, Forex.com is an established currency trading platform that offers US clients over 80+ pairs at competitive fees. You will not pay any trading commissions when buying and selling forex pairs and spreads start at just 0.5 pips per slide on major markets.

The forex trading facility at this platform operates on a 24/5 basis. We also like that Forex.com supports a variety of platforms across multiple devices. This includes integration with MetaTrader5 – which will suit those of you that seek access to high-level trading tools. There is also the Forex.com web trader alongside a mobile app for iOS and Android.

Forex.com is also popular for its academy, which comes with a wealth of educational guides and courses. This provider is also one of the best forex trading platforms for real-time news. You will find market insights and updates on key developments throughout the day – which can be invaluable for predicting market movements.

9. E*TRADE – Good Forex Broker for Currency Futures

If you’re an experienced derivatives investor that wishes to trade currency futures, E*TRADE is one of the best forex brokers for this purpose. E*TRADE supports a variety of currency futures that covers everything from EUR and CAD to GBP and NZD.

Minimums and tick values will depend on the futures contract that you opt for. We like that E*TRADE offers its futures marketplace from just $1.50 per contract and orders can be placed on a 24/6 basis. Another benefit for those on a budget is that pattern day trading rules do not apply at this broker.

You will also have access to margin here, but do remember that this requires a minimum deposit of $2,000 as per SEC regulations. In addition to currency futures, E*TRADE is worth considering if you are wondering where to buy stocks with low fees. This is because the platform allows you to invest in US-listed equities at 0% commission.

10. Schwab – Access Forex ETFs for a Variety of Strategies

Next up on our list of the best forex brokers in the market today is Schwab. While Schwab does not give you access to forex spot markets, it does allow you to invest in currency ETFs. This financial instrument can be a great way to hedge against rising or falling interest rates – thus protecting your portfolio.

Moreover, currency ETFs at Schwab can assist in gaining exposure to non-USD denominated assets. We like that Schwab allows you to invest in currency ETFs on a DIY basis or via its portfolio builder. If you looking to take things to the next level, Schwab also offers a professionally-managed service, but this will require higher minimums and fees.

If you’re looking to diversify further, Schwab is home to one of the largest asset libraries in this space. This will find tens of thousands of markets that cover everything from stocks and mutual funds to bonds and options. If opting for a standard account, then you will not be required to meet a minimum deposit.

Top Forex Trading Platforms Compared

If you’re still not sure which provider from our list of the best forex brokers is right for you – check out our comparison table below:

Just remember that some forex brokers offer different fees and minimums depending on the account that you open. As a result, be sure to check the specifics of your chosen account type before proceeding.

How we Select the Best Forex Brokers

Choosing the best forex broker for you is an important decision to make before risking any capital.

Not only should you focus on factors surrounding fees and supported markets, but account types and minimums, regulation, leverage, trading tools, and more.

In the sections below, we discuss the main considerations to make when searching for the best forex brokers for your financial goals and investor profile.

Regulation and Safety

The first step to take when selecting the best forex broker for you is to check whether the platform is regulated and by whom.

In the US, both the Commodities Futures Trade Commission (CFTC) and the National Futures Association (NFA) are tasked with regulating the forex industry.

As such, it’s a smart idea to see whether your chosen forex broker has been authorized by at least one of these bodies. In doing so, you can be sure that you are trading forex in fair market conditions.

Forex Pairs

The forex trading industry is split between three pair categories – majors, minors, and exotics. We found that the vast bulk of forex brokers will cover all available major and minor pairs.

On the other hand, if you are looking to target higher gains and you favor volatile market conditions – you might want to focus on exotics. With that said, not all forex brokers offer access to exotic currencies like the Turkish lira or South African rand.

As such, if you’re looking to trade a specific forex pair – make sure the broker in question supports it before you sign up.

Financial Instrument

You should also explore what type of financial instrument the forex trading platform gives you access to. For instance, when using eToro – you will be trading forex spot prices.

This means that the prices you see on your screen are reflective of live market conditions.

However, other platforms – such as E*TRADE and Fidelity, only offer access to currency derivatives. This means that you will be speculating on the future price of a currency.

Fees 

Forex trading fees will typically center on two core metrics – commissions and spreads.

Commissions

If you are required to pay a commission, your chosen forex broker will deduct a fee based on the size of your trade.

• For example, let’s suppose that the broker charges a commission of 0.2% per slide
• You decide to stake $2,000 on EUR/GBP
• To enter this position, you will be charged a commission of $4
• Let’s then say that you close the position when it is worth $2,200
• In this scenario, you will pay a commission of $4.40 to close the trade

With that being said, you then have brokers like OANDA, which will charge a flat commission on its premium account. This stands at $50 for every $1 million traded –  which is very competitive.

Spreads

It is important to note that many of the providers that made our list of the best forex trading platforms do not charge commissions. Instead, they operate a spread-only pricing model.

For example, at eToro, you can buy and sell forex pairs on a commission-free basis and pay a minimum spread of just 1 pip per slide. For those unaware, a pip – or percentage in point, amounts to one-hundredth of a basis point.

Now, it goes without saying that the lower the spread, the better it is for your trading profits. This is because the spread is the gap between the bid and ask price that your chosen forex broker offers. As such, you want the spread to be as tight as possible.

Non-Trading Fees

It is also a good idea to assess what non-trading fees are charged when searching for the best forex broker for you. This might, for example, consist of a fee charged when you deposit and/or withdraw funds.

Access to Margin 

Major and even minor currency pairs will oftentimes move up and down throughout the day in a non-volatile manner. This means that without risking huge sums of capital, you might find that forex trading is not viable for your budget.

This is where margin comes in. In a nutshell, by using a forex broker that gives you access to margin, you can trade with far more than you have in your account.

In the US, retail clients can trade major forex pairs with leverage of up to 1:50. On minor and exotic currencies, leverage is capped to 1:20.

Trading Platforms 

You should also think about the type of platform that is suitable for your forex trading goals and skillset.

For instance, we found that eToro is one of the best forex brokers for beginners, as its web trading platform is simple to navigate. Placing an order is just a case of specifying your stake and determining whether the currency pair will rise or fall in value.

At the other end of the spectrum, if you’re an advanced trader, then you might want to choose a forex broker that is compatible with either MetaTrader 4 or 5. These are third-party platforms that come with highly advanced charting tools and indicators.

Tools and Features  

The best forex brokers will offer tools and features that can enhance your trading abilities. For instance, we like that eToro offers real-time pricing charts alongside technical indicators.

The aforementioned broker also offers relevant news and market updates throughout the day. With that said, perhaps the best feature available on the eToro platform is its copy trading tool.

As we mentioned earlier, this allows you to ‘copy’ the forex positions of an experienced trader of your choosing. Therefore, you will be able to trade forex passively.

Minimum Deposit  

It is also wise to check what the minimum deposit is at your chosen forex broker before you go through the account opening process.

Many of the forex brokers that we reviewed today allow you to get started without meeting an account minimum. However, you then have platforms like Saxo Bank and IG, which require a minimum of $2,000 and $250 respectively.

Ultimately, if the minimum deposit is too high for your budget, you might be trading with more than you can afford to lose.

Demo Account  

Another feature that we found at some of the best forex brokers that we reviewed is the availability of a demo account. Put simply, this will allow you to trade forex without risking any money.

Instead, although the demo account will mirror live market conditions, you will be trading with paper funds. This can be great for beginners that are learning how to trade forex for the first time.

Mobile App  

The forex markets can change momentum at a fast pace – so it’s also wise to choose a forex broker that offers a top-rated mobile app for your smartphone.

The best forex apps give you the opportunity to enter or exit a position no matter where you are located. Just make sure that the mobile app is user-friendly.

Payment Methods  

You will need to deposit funds before you will be able to start trading forex at your chosen broker. Therefore, the best forex brokers in this industry will support a wide variety of payment methods.

At eToro, for instance, not only does the broker accept ACH and bank wire deposits – but also debit/credit cards and e-wallets like Neteller and Paypal.

Customer Service  

If you need assistance on your forex brokerage account, you will want access to first-class customer support. The best forex trading platforms in this space typically offer support on a 24/5 basis.

In terms of contact methods, both live chat and telephone support will give you access to help in real-time. However, if you can only contact support via email, you will need to wait several hours or even days to receive a reply.

How to Start Forex Trading

If you’re looking to start buying and selling forex pairs today – the guide below will help you get set up with eToro in under five minutes.

We found that eToro is the best forex broker for its low fees and account minimums, regulation, and support for dozens of majors, minors, and exotics.

Step 1: Open an eToro Forex Broker Account 

Head over to the eToro website and open an account by clicking on ‘Join Now’. You will need to provide some personal information and contact details.

Choose a username and password and verify your email address to proceed to the next step.

Step 2: Upload ID

You will need to get your eToro account verified before you can start trading forex. You can do this by uploading a copy of your government-issued ID and a proof of address (e.g. bank statement or utility bill).

Step 3: Deposit Funds

Once your account has been verified, you will then be asked to meet a minimum deposit of $10. US clients pay no deposit fees.

Supported payment types on the eToro platform include debit/credit cards, ACH, bank wires, and e-wallets like Neteller and Paypal

Step 4: Search for Forex Pair

You can find your chosen forex pair by using the search box. For instance, you will see that in the image below, we are searching for EUR/USD.

This means that we are looking to trade the euro against the US dollar – which is one of the best forex pairs to trade.

The other option here is to click on ‘Discover’ followed by ‘Currencies’. This will allow you to browse which forex pairs are supported by eToro.

Either way, you will need to click on the ‘Trade’ button next to your chosen pair to populate an order form.

Step 5: Trade Forex

Once the order box appears on your screen, you will need to specify your stake. In our example below, we are staking $50 at leverage of 1:30. This means that the total value of our trade is $1,500 – when you factor in the impact of leverage.

If you don’t feel comfortable trading with leverage, you can adjust this by clicking on the relevant button. eToro also gives you the option of setting up a limit, stop-loss, and/or take-profit order.

In our example, however, we are opting for a standard market order – which means that our position will be executed by eToro instantly at the next best available price.

To place your order, click on ‘Open Trade’.

Conclusion

Forex is the largest trading market globally – so it makes sense that you will have plenty of different brokers to choose from. The best forex brokers that we identified offer dozens of pairs at competitive commissions and spreads.

If you’re looking to start trading currencies today, we found that eToro is the overall best broker for forex. You can buy and sell forex pairs from just 1 pip in a safe and user-friendly environment.

Moreover, eToro requires a minimum deposit of just $10 if you’re a US client and it takes just five minutes to set up an account.

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Frequently Asked Questions