Best Forex Broker Comparison 2022
Find the best forex broker comparison in 2022. With our deep research, we found the best forex broker like FP Markets, FX Pro, XM, HotForex, Axi and FBS on our forex broker comparison list based on lowest spreads, no deposit and withdrawal fees, trading platforms, fast execution, and high-quality customer support. Start your trading now with the best forex broker.
Forex Broker Comparison Regulations and Licenses
Forex Broker Comparison Brokerage
FP Markets: They Have Over 13,000+ Trading Instruments
Welcome to our FP Markets review on our best forex broker comparison 2022, where we talk about one of the biggest brokers in the world. Based in Australia and allowing international clients to participate, the broker uses ECN pricing and Direct Market Access to CFDs, to bring in the client, which makes FP Markets on the top of our forex broker comparison list.
With their selection, it is easy to see why people would prefer to use FP Markets real accounts and their efficient methods of trading and blazing fast execution speeds.
FP Markets is the best platform for forex trading when it comes to the variety of what they offer:
- High leverage of up to 500:1
- Near-instant execution
- Hosts popular forex platforms
- Free demo account available
- A variety of CFD instruments
The Range of Markets Offered
FP Markets offers access to over 13,000 trading instruments which make FP Markets one of the best forex brokers that you can find on our forex broker comparison. Some of the products and markets FP Markets offers that include:
- CFD in Stock
FP Markets allows the trading of shares using metaTrader 4, metaTrader 5 and IRESS. When using MT4, you will have access to 20 stocks. You will also get ECN prices on these. The fees are in the spreads and eliminate commissions.
IRESS offers more stocks, numbering in the thousands for trading using Direct Market Access and fast executions, with commissions at 0.08% per side.
- Forex Trading and International Futures CFDs
The broker has over 50 currency pairs that include all major pairs like EUR/USD, AUD/USD, and GBP/USD with a starting of 0.0 pips that is why FP Markets on our best forex broker comparison list. It can all be traded using FP Markets’ MT4 and MT5 or any platform available.
Our best forex broker comparison where we compared FP Markets with other 5 popular brokers in the market. With the FP Markets you will access CFE, CME, CBT, and NYM. When you are trading these and other CFDs, you will have three account types to choose from.
The details for the accounts are:
You will need a minimum opening balance of $1,000. The Brokerage rate is $10 min, then 0.1%, and Financing at FP Markets Base rate of +4.0%.
This account type requires a minimum opening balance- $25,000, and the brokerage rate is $9 min, then 0.09%. Financing for FP Markets Base rate is at +3.5%. This account is voted as one of the best trading account on our forex broker comparison.
Considered the best option in most of our forex broker reviews, it has a minimum opening balance of $50,000 and a brokerage rate of No minutes, then 0.08% and a Financing FP Markets Base rate of + 3.0%. As usual, be careful when dealing with CFDs because of how volatile things can get. This account is considered as top in our forex broker comparison.
- Index CFDs
The index options you will get here are some of the best brokers compared in our forex brokers comparison list regulated by ASIC. Markets you can trade here include the FTSE 100, Dow Jones, NASDAQ, and the Sydney Futures Exchange.
When you are a trader who wants to use the Index CFDs and open positions on the whole market instead of an individual stock, FP Markets is one of your best forex brokers to consider. In our forex broker comparison with most forex brokers who focus on just trading, FP Markets’ range of markets and services make it one of the leaders among the many top forex brokers we have in the market today.
Maximum Leverage Offered
FxPro: Best For Brokers Who Want Many Choices in Trading CFD and Forex Markets
When it comes to reputation and trustworthiness, FxPro scores quite high in the UK. The company was founded in 2006 in the U.K. and has executed more than 250,000,000 orders. In 2017, they were voted the most trusted forex brand in the U.K. and in our forex broker comparison list.
At the moment, they operate in 173 countries and have more than 870,000 client accounts and €100 million of Tier 1 capital.
Some of their unique features include an algorithmic trading center that works well with cTrader. With this, you can create your trading strategies and custom indicators. They also have a virtual private server (VPS), that allows the clients to upload and run MT4 Expert Advisors and algorithm robots 24/7 without having to keep the trading terminal active.
As for the choices you get when you use their services, you will find that they offer;
- Over 70 C pairs
- More than 150 unique equity shares
- Futures (an unusual move for a forex broker company)
- Stock indices
Trading Platforms + Tools
They will give you all this and also offer you both CFD and spread. With the spread, you can get tax advantages as a U.K. citizen. In our IC Markets review, we found their spreads to be comparable to ECN.
Not only do they have all these great options, but their customer service is also excellent. The support is multilingual, available 24/5. The live phone support system works well with a toll-free number in the U.K., France, UAE, Germany, and Russia.
Because of the range of forex pairs and the opportunity to trade equity indices, commodities, and futures, FxPro is head and shoulders above IC Markets, in this respect.
XM: Low Trading Fees, Average Non-Trading Fees, Low CFD Fees
If you are looking for a combination of low trading fees and a MetaTrader platform, you will love XM. In our XM review, we look into the way that they provide their service and whether or not the claim of low trading fees and low CFD fees is all they say it is. We put XM on the test on our forex broker comparison.
Of all CFD providers who have a high percentage of clients that lose money when trading CFDs, the number goes above 70%. In our forex broker comparison, we find that at XM, only about 75.59% of the traders who use the broker, lose money. It may seem like one percentage might not make a difference, but you’d be surprised.
When compared to the other brokers our forex broker comparison list, the XM fees ensure that the broker can compete with other brokers on their level. It is also very good for them that they are regulated by more than just one body.
From your free forex education, you will remember that regulation is an excellent sign.
Some of the regulators of XM include; Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), XM Global Limited is regulated by the Financial Services Commission (FSC) and Trading Point MENA Limited is regulated by the Dubai Financial Services Authority (DFSA). Cleary XM is one of the most trusted and regulated forex brokers on our forex broker comparison list.
The XM Account Types Differences
Depending on the things you want a company you work with to have, there is something for everyone here, and you will only have to look at what they offer and then pick what works for you and scale your way up from there. Our forex reviews will show you the way.
The XM trading fees are more favorable because of the way that the accounts are priced and arranged. XM provides four accounts that include:
- The Standard account
- The micro account
- The XM zero account
- XM Ultra Low account
Note: XM Ultra Low and XM Zero accounts are not available to all entities of the Group.
The standard and micro-accounts have higher spreads. However, the zero accounts have lower spreads, but with a commission. It is all about which one of these works best for you.
The Fees Charged at XM
The fees charged by XM are only marginally lower. The forex fees are average when compared to most brokers on our forex broker comparison list. However, margins count for a lot when you are a forex trader.
XM charges real stock fees that are dependent on the conditions of the stock market in real-time. As a trader, you will have to look into that to see if it works for you.
The XM Minimum deposit is one of the lowest in the world at a mere $5. Where most brokers have MetaTrader 4 alone, XM has both MT4 and MT5.
When you use this broker, you will not be charged any deposit or withdrawal fees. The exception is when you want to do international bank transfers for amounts below $200.
Markets and Instruments
HotForex - World Leader in Financial Trading
Signifying "customer responsive" is a proven track to success. We found the HotForex reviews research showed that the broker takes this very seriously. Sometimes, companies profess more than they contribute. HotForex signup, on the other hand, takes the term 'Customer Responsive' pretty seriously.
The company's offer and functions are full of new additions. They are tailored to specific segments of the global sales community. Even if you feel uncomfortable with your broker or that your trading environment is not perfect for your trading strategies, you are always welcome for HotForex signup.
HotForex acknowledged as H.F. Markets Ltd. may be the broker you were looking for. Unfortunately, they currently do not accept U.S. customers.
On the HotForex website, you can trade traditional currency pairs or trade CFDs for goods, stocks, indices, energy, metals, and cryptocurrencies.
HotForex Minimum Deposit
The HotForex Standard Account Minimum Deposit stands at $5, which is lower than just about any other forex company you might use. Other special accounts access zero-span trading accounts.
HotForex Account Types
HotForex gives you access to 3 core trading accounts. These are; Premium, Zero Spread, and Premium pro. Different accounts are provided to you under separately regulated entities. Some of these accounts are available only under certain specific regulations and not in others.
In addition to this, our HotForex reviews research reveals that they also offer free demo trading accounts for you to use and Islamic Swap-Free accounts.
Both the Premium and the Premium Pro accounts come with commission-free trading on the forex pairs with spreads starting at 1 pip. With the Zero account, spreads start from 0 pips on Forex but with commissions per trade.
You can open a live trading account by clicking on the ‘Open Live Account’ found on the website of this broker. You will be directed to a registration page to finish the process.
HotForex Review research shows it is a "straight-through-processor" (STP) processor. It has adjusted liquidity providers to the needs of all types of traders. This also includes mergers and automated business entities. You should download the popular Metatrader4 platform or access one of many personalized operating systems that are suitable for you.
Each of the accounts come with different levels of leverage. Our HotForex review research revealed that they have increased leverage of up to 1:400 and a reduced stop out level of 20%.
An account like this is to cater to professional clients, and the $5,000 minimum deposit is very low and appealing to people who have smaller starting balances. Almost all of the other accounts you will be using have a maximum leverage of 1:30.
The Premium Pro Account with the leverage up to 1:400 is the only exception, which is that high from this broker.
Note: “The maximum leverage offered is 888:1. This leverage does not apply to all the entities of XM Group. The maximum leverage for retail clients registered under the EU regulated entity of XM Group is 30:1.”
With the commencement reaching 2010 and a global presence, the authorities in Cyprus, South Africa, Mauritius, and others regulate group entities continuously. It is worth noting that CySEC monitors H.F. Markets (Europe) Ltd, and the Financial Services Authority authorizes H.F. Markets S.A. (PTY) Ltd in South Africa.
HotForex signup is regulated by the Cyprus Securities Exchange Commission (CySEC). One of the features of this online broker is the absence of an operations desk. Therefore, it is a broker classified as NDD (No Dealing Desk) and executes operations directly in the market by STP (Straight Through Processing) and ECN (Electronic Communications Network) execution.
Multilingual possibilities have attracted a broad customer base all over the world; many of them have joined with more than 20 prestigious industry awards that the company has won over the past seven years. There are also numerous bonuses and bonus programs (regardless of whether you are a new, old, big, or small entrepreneur). Consider a HotForex signup.
Support materials are excellent and plentiful, and customer service is also the best. "Sincerity, openness and transparency" is a company line, a combination of "HOT" and a hot broker on the forex market.
Axi / Forex Broker in Australia, CFD Broker, Online Trading
AxiTrader was founded in Sydney in 2007. It launched its London brand in 2012, and its Chinese operations in 2015, by reaching $ 100 billion in monthly customer sales - which coincided with development to the Middle East, Germany, and Latin America in 2016.
At present, the AxiTrader brand maintains regulations in the British FCA in the London Company AxiCorp Limited. This brand also maintains regulations in Australia under the name AxiCorp Financial Services Pty Ltd. AxiCorp Financial Services Pty Ltd manages the AFS license.
In August 2016, AxiCorp announced that it had received a significant strategic investment from RGT - a leading Australian private equity firm. The goal of this initiative was to help drive its global growth. As you will find in our AxiTrader review, the broker offers many options to trade.
As you will see in our AxiTrader review, the broker mainly uses MetaTrader. It offers forex and CFD market investors 54 currency pairs and 41 CFDs for goods, metal, indexes, and bitcoins, in the standard offer and PRO MetaTrader 4 (MT4).
This service also offers an additional MT4 NextGen package for customers with at least $ 1,000 in deposit, as well as several platforms and Forex Tools for trading on a social basis.
AxiTrader provides research in the form of technical and fundamental analysis from its team of analysts with daily articles published on its Market News & Blog. Employees also upload videos throughout the week, including Morning Market and weekly.
Through its Australian entity, AxiTrader requires a minimum of $500 deposit for Australian residents to open a standard account. However, non-residents have to deposit a minimum of $1,000. In the British unit, there is no minimum level for either the standard or the PRO.
Withdrawal and Deposit
You will get many options for depositing and withdrawing your money. As we have outlined in this AxiTrader review, there is a lot to like about the company. The options include:
Credit/debit cards and bank wires, clients have the choice of Skrill, Neteller, China Union Pay, FasaPay, Thai International Banking, Vietnamese Instant Banking, and Polish Instant Banking.
Withdrawing takes 2-5 depending on the method you use. Over time, the broker has promised to introduce instant payments that can be made directly to your phone.
Just like any of the reputable and successful brokers, AxiTrader provides you with a demo account that will allow you to familiarize yourself with the way it all works. They mainly use MT4.
The functionality of the MT4 platform is very similar to what you would find in the simple web-based trading platforms. So, you will have three options for accessing the information on the platform to make the trades you want to make.
The methods are:
It is your choice what to use. You can even integrate them so that you do not have to miss anything when you are not seated at your desktop.
AxiTrader introduced CFDs to offer bitcoins with just over 2: 1 leverage. This leverage comes with 40% of the initial margin requirement and a maximum transaction size of 10 lots. However, trade is nonoperational from Monday to Friday.
As for the regular trading in the Standard account, our research for the AxiTrader review indicates 1:400.
Most of the merchants want to meet the needs of cryptocurrency traders and investors who want to speculate without holding the underlying instrument. This is why it is an accurate measure for them. But merchants who wish to trade Bitcoin on Saturday and Sunday this may get seem a hassle to them.
For that reason, extend your trade over the weekend as well. Suffice to say that the way this works is best understood by using the demo account; they provide to see exact details on how everything works, depending on the account you choose.
FBS: A High Leverage Forex Broker with Crypto Trading
FBS forex broker began their trading service in 2009, and over the years, they have expanded gradually. Now they are available in more than 150 countries, and they have 2.3 million traders all over the world.
Also, over the years, they have earned many awards and become one of the top forex brokers in the world. By 2014 FBS has become the best broker in Asia. They have regulations from IFSC and CySEC.
FBS offers a wide range of trading instruments such as forex, metals, indices, energies, forex exotic, stocks, and crypto. While trading the forex and CFDs, you can also trade crypto coins, coin-fiat, coin-coin, and coin-metals.
6 Different Account Types in FBS
When it comes to account, FBS doesn’t let any trader down. Therefore, they have options for all types of traders. Whether you are a seasonal trader or a professional trader, you can choose from their six different account types. The options you will get are cent, micro, standard, zero spread, ECN, and crypto.
Cent account is mainly for beginners, and newbies can start trading with $1 while the commission is $0 and get up to 1:1000 leverage.
Micro account is for more experienced traders who want to invest more than cent accounts. Hence, traders can begin with as low as $5 while the commission is also $0. The other benefits you will get are fixed spread starting from 3 pips, 0.3 seconds execution speed, and up to 1:3000 leverage.
The standard account also offers a $0 commission, but the minimum deposit is a bit higher than the other two accounts. You will need to deposit at least s $100 to begin with FBS standard account. It offers a floating spread from .5 pips with 1:3000 leverage.
If you worry too much about spreads, you can start with a zero spread account. However, the minimum deposit is higher for zero spread accounts. You will have to start with a minimum $500 deposit while the commission is $20 per lot. But you will get other benefits such as 1:3000 leverage and order volume from 0.01 to 500 lots.
FBS also offers electronic communication networks (ECNs) accounts. But you will have to start with $1000 while the commission is $6. The leverage is 1:500, and the floating spread starts from -1. However, there is no trading limit with the FBS ECN account, and the order volume is 0.01 to 500 lots.
If you want to trade crypto and don’t want to open a new account with other brokers, FBS is your one-stop solution. You can start trading with $1 with an FBS account. Other benefits with the FBS crypto account you will get are 1:5 leverage, 1 pip floating spread, and 0.01 to 500 lots of order volume.
How We Made Our Comparisons
We created forex broker comparison list by looking at all the suitable broker that we could find with credible credentials and good records. To create this table took several months, several experts, and a mountain of data. By comparing the online brokers regulated by ASIC, FCA, CySEC, and other regulatory bodies.
With comparisons, we were able to tell what each one of them had to offer. We could also know what the edge was, for all of them. We looked at the fees like rollover rates, CFDs fees, and other essential things, including commissions.
Our mission here was to make a forex broker comparison of some of the top brokers who are suitable for all kinds of traders (beginners, intermediate and experts alike).
We focused on the following main points to make sure that the comparison was as fair and accurate it could be:
- Instruments available
- Trading platforms
- Tools that enhance the trading experience
With only a few weeks to look through, we eliminated the ones that had glaring problems like not being regulated by ASIC. After that, it was easy to know what to focus on and what to leave out. In the mid-level range of brokers, these are the ones that stand out in almost all the essential aspects.
To get an accurate picture of the customer support, we not only looked at the review of traders who use the platforms, but we also looked at data provided by the following regulatory bodies just to be sure:
- Australian Securities And Investment Commission (Australia)
- Conduct Authority (U.K.)
- Sector Conduct Authority (South Africa)
- CySEC (Cyprus)
All the information provided here is accurate at the time of compiling this comparison table and review.
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