How To Trade Forex Without A Broker

The ForexBrokers.com annual forex broker review (six years running) is the well-nigh cited in the industry. With over l,000 words of research across the site, we spend hundreds of hours testing forex brokers each twelvemonth. Here's how we test.

Are y'all looking to speculate that the Euro (EUR) currency volition go upwardly in value against the U.Due south. Dollar (USD)? To do then, yous would trade (or place a spread bet on) the EUR/USD currency pair, which is a forex investment. The forex market is the largest and most liquid market in the globe, representing every global currency with trading conducted 24 hours a day, 5 days a week.

To trade forex, yous demand a reputable online broker. Trading with a trusted forex broker is a crucial factor for success in international currency markets. As a contract for departure (CFD) trader or forex investor, you may have specific needs related to which platform, trading tools, or research requirements you have. Agreement more about your investment style needs tin assistance determine which forex broker volition exist all-time for you lot.

Each year, our team here at ForexBrokers.com spends five months testing the biggest names in foreign exchange and assembles a guide to the all-time forex brokers for forex and CFDs trading. Here are our findings for 2022.

CFDs are circuitous instruments and come with a loftier risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. Yous should consider whether you lot sympathise how CFDs work and whether you can beget to take the high risk of losing your money.

Best Forex Brokers for 2022

IG - Best overall broker, nigh trusted
Saxo Bank - All-time web based trading platform
CMC Markets - Excellent overall, all-time platform technology
Interactive Brokers - Nifty overall, best for professionals
TD Ameritrade FX - Best desktop platform, U.S. only
FOREX.com - First-class all-round offer
XTB - Cracking research and education
City Index - Excellent all-round offering
Swissquote - Trusted banker, best cyberbanking services

2022 Overall Ranking

Hither are the Overall rankings for the 39 online brokers who participated in our 2022 Almanac Review, sorted past Overall ranking.

2022 Category Winners

For the ForexBrokers.com 2022 Annual Review, all online broker participants were assessed on 113 variables across seven principal categories. four,407 data points were nerveless in total. Hither's how nosotros tested.

Alongside main categories, ForexBrokers.com ranks brokers by the most pop investor categories. Finally, each twelvemonth ForexBrokers.com honors the brokerages who get in a higher place and beyond in the areas that thing near to investors.

Winner: IG

Regulated and trusted across the world, IG offers traders the ultimate package of excellent trading and research tools, industry-leading education, comprehensive market research, and an extensive list of tradeable products. This fantastic all-round experience makes IG the best overall broker in 2022.

Trust: Founded in 1974, IG is publicly traded (LON: IGG) and regulated in half dozen tier-ane jurisdictions, making it a safe banker (depression-risk) for forex and CFDs trading. All jurisdictions considered, IG ranks equally the nearly trusted forex and CFDs banker in our 2022 Review.
Commissions: IG uses its size to provide traders with consistent pricing across the board — regardless of the product yous merchandise — and shines for its active trader pricing available through its Forex Directly accounts.
Forex trading platforms: While IG too offers MetaTrader and premium MT4 add-ons from FX Blue, merely 76 tradeable instruments are bachelor. At that place's no question; IG's flagship platform is the better choice betwixt the two, and offers an extensive range of tradeable markets.

Runner-Upwardly: Saxo Banking company

For traders who tin can afford the steep $2,000 minimum deposit (GBP 500 for the U.M.), Saxo Banking concern offers fair pricing, excellent trading platforms, phenomenal research, reliable client service, and over twoscore,000 instruments to trade.

Trust: Founded in 1992, Saxo Bank operates multiple regulated banks and is licensed in six tier-1 jurisdictions, making it a safety broker (depression-risk) for trading forex and CFDs.
Commissions: Saxo Bank provides traders with excellent all-around pricing. For agile traders (and those with big account balances), Saxo Bank offers competitive pricing in its Platinum and VIP accounts, which crave a $200,000 and $i million balance, respectively.
Forex trading platforms: The entire Saxo Trader client experience is absolutely brilliant. Alongside admission to xl,000 tradeable instruments, Saxo Bank's flagship SaxoTraderGo platform is terrific, and includes everything traders require to navigate the market — and is our pick for the best web-based platform in 2022.

Podium finisher: CMC Markets

CMC Markets is a globally-trusted broker that delivers a terrific offering for traders thank you to notably low pricing, nearly 10,000 tradeable instruments, and the Next Generation trading platform, which comes packed with quality research and innovative features such as its Dynamic Trading portfolio tool.

Trust: Founded in 1989, CMC Markets is publicly traded and regulated in four tier-1 jurisdictions alongside two tier-ii jurisdictions, making it a safety broker (depression-risk) for trading forex and CFDs.
Commissions: CMC Markets is a leader for low-toll trading, offer trading costs for forex that are measurably lower than the industry boilerplate.
Forex trading platforms: TThe CMC Markets Next Generation platform comes with a massive choice of well-nigh 10,000 tradeable instruments. With its avant-garde tools, comprehensive market inquiry and excellent mobile app, CMC delivers a terrific user experience.

Best Forex Trading Platforms

Of the 39 brokers that we evaluated for our 2022 annual review, the following forex brokers delivered the best trading platform experience:

Saxo Depository financial institution - Best VIP customer feel
IG - Well-nigh trusted, great for beginners
CMC Markets - All-time platform technology
Interactive Brokers - Best for professionals
TD Ameritrade FX - Best desktop platform (U.S. but)
FXCM - Great for algorithmic traders

Which broker is the best for forex?

IG takes commencement place in our 2022 Annual Review as the all-time forex broker, with 100 available currency pairs and the ability to trade CFDs and forex options, traders accept enough of choices. IG is the but broker that is regulated in both Switzerland and the U.S., in add-on to most a dozen global licenses — making IG one of the most trusted brokers.

What does a forex broker do?

A forex banker is a company that is licensed (or considered exempt) by a national regulator to grant y'all — as a retail or professional person client — the ability to buy or sell foreign currencies, past fashion of an online trading platform or over the telephone (known in the industry as vocalization broking). A forex broker may offer you the underlying currency, or a non-deliverable spot contract or derivative such as a contract for divergence, or CFD, depending on whatever relevant country-specific regulatory restrictions. It's of import to only utilize brokers that are properly regulated to reduce your take chances of being scammed.

Practise I demand a broker for forex?

Aye, to trade forex you'll demand to use a forex broker. You'll demand to open an account and deposit plenty collateral (margin) to enable you to place orders with your banker to buy or sell forex.

The forex broker's job is to execute your orders — either internally past acting as the chief to your merchandise (market maker execution), or by sending your orders to another market thus acting as your agent (agency execution).

Your broker should be a trustworthy one, regulated and properly licensed in the same country you reside or in a major financial center. Acquire about our Trust Score for brokers.

Are forex brokers reliable?

The well-nigh trustworthy brokers are also reliable. Reliability depends on which banker yous cull, and can vary beyond brokers. You lot must exist able to rely on your banker to safeguard the money in your brokerage account.

At that place are other trust factors to consider how undecayed a broker is, such as ensuring it has adequate financial operating capital, how long it's been in operation, and whether it holds proper regulatory licenses in the countries where it operates to help ensure compliance with local laws.

Who is the biggest forex broker in the world?

IC Markets is the largest forex broker by trading volume, with over $774 billion in forex trading volume in the third quarter of 2021 alone, according to data compiled by Finance Magnates.

Notation: The largest broker may vary depending on the fourth dimension period used to measure size. Simply common to the biggest brokers is that they have the most assets under direction, the largest number of clients, and greatest marketplace capitalization (valuation for public companies). All are of import factors to consider when gauging the size of a forex broker.

What are the top 10 forex brokers?

Here are the elevation 10 brokers past forex and CFD trading volume according to data compiled by Finance Magnates during the third quarter of 2021 (data excludes Japan due to the abnormally high trading volumes known to come from Japanese brokers):

Exness
IC Markets
IG
Plus500
Saxo Bank
CMC Markets
TMGM
FXCM
Gain Capital
Pepperstone

Which forex broker has the best platform?

CMC Market'due south Next Generation platform comes with a massive selection of nearly 10,000 tradeable instruments. It delivers a terrific user feel, besides every bit avant-garde tools, comprehensive market research, and an excellent mobile app. Hands downwardly, the CMC Markets Next Generation trading platform is a market leader that volition print even the pickiest of traders. The new Dynamic Trading tool allows you to place multiple trades simultaneously, which was a nice innovation past CMC Markets this twelvemonth.

CMC Markets Next Generation Platform light theme.

CMC Markets Side by side Generation Platform light theme

If yous're a particular fan of mobile platforms, see our picks for best forex trading apps here.

Is $100 enough for forex?

Yes, $100 tin be enough to merchandise forex and exam a trading strategy. It's non a lot of money, so the potential risk/advantage volition be express. However, trading with a small amount of risk capital can allow you examination a new investment methodology, or allow beginners new to forex trading learn by trial and error.

Trading forex with such a small corporeality of upper-case letter will severely hamper your bottom line but can be a bully way to learn with less gamble. For example, if you open the smallest trade size for forex — such equally 1,000 units of the EUR/USD pair — and the cost is 1.1224, your broker may crave a 30:1 margin requirement. That 3.33% of the resulting $ane,122.four merchandise value would terminate upward as $37.41 in collateral, which would become frozen upon opening the merchandise. This would only leave $62.41 available (and this calculation doesn't even include the cost of the spread).

Which forex broker charges the lowest fees?

When information technology comes to pricing — commission plus spread — Tickmill offers the almost competitive all-in costs, especially for active and VIP traders, who take admission to pricing that is among the everyman in the manufacture. Using typical spread data listed by Tickmill for its Pro account offering of 0.thirteen pips for the EUR/USD, the all-in cost equates to 0.53 pips when factoring in the RT commission equivalent of 0.4 pips.

Methodology: To assess brokers, we have into consideration how much beginners, average traders, and even more than seasoned traders would pay, looking at boilerplate spreads for standard forex contracts (100,000 units) also as mini accounts (10,000 units) and micro accounts (1,000 units), where applicable. We and then summate the all-in cost by including any round-turn commission that is added to prevailing spreads.

Which forex banker offers the nearly CFDs?

IG offers the almost tradeable CFDs in the manufacture, 19,537. CFDs, or "contracts for difference," enable traders to speculate whether the price of a stock, forex pair, market alphabetize, or commodity will become up or downward without taking ownership of the underlying asset.

Which forex banker offers the most currency pairs?

Aslope most x,000 CFDs, CMC Markets offers the most tradeable currency pairs, with 158 pairs that can be quoted both ways (i.east. EUR/USD or USD/EUR), which comes to a total of 316 pairs.

Which forex broker is all-time for professionals?

As a highly-trusted and regulated global brand, Interactive Brokers (IBKR) provides everything professional person traders might demand, from avant-garde trading tools and platform features to competitive pricing across a wide variety of markets, likewise as connectivity to over 130 global exchanges. In addition to competitive spreads and low commission-based pricing for forex, Interactive Brokers provides more than third-political party research than whatsoever other banker.

Interactive Brokers continues to innovate its platform offering, such as with its new Impact app for environmental, social, and governance (ESG) investing, alongside the related Impact dashboard available in its Trader Workstation (TWS) desktop and WebTrader platforms.

Professional customer status: In today's highly regulated forex globe, traders who desire to maximize their margin leverage must apply and obtain ESMA's professional client status with their banker. Traders designated equally Professionals in the European union do not receive negative remainder protection and other consumer safety mechanisms such as eligibility for bounty schemes in the event of a broker's insolvency.

Methodology: We broke downwards each forex broker'southward active trading programme to assess brokers for professional trading, comparison available rebates, tiers, and all-in costs. Alongside pricing, each broker'south trading platform was tested for the availability of advanced trading tools ofttimes used by professionals.

How do I cull a forex broker?

Here are three of the virtually important factors to keep in heed when choosing an online broker for forex trading.

Starting time, make sure your banker is properly licensed and regulated. The safety of your deposit is always the elevation priority.
Side by side, compare the account offerings, trading platforms, tools, and investment inquiry provided by each broker.
Finally, read detailed forex broker reviews to compare pricing and product offerings (e.g., number of forex pairs and CFDs available to merchandise) to discover what is most of import to your forex trading and investment needs.

How do I know if my forex banker is regulated?

It is crucial to utilize a well-known, properly regulated broker to avoid forex scams. To check if your forex broker is regulated, first identify the registration number from the disclosure text at the lesser of the banker's homepage. Next, look up the house on the regulator's website to validate the registration number; to help traders, we track, rate, and rank forex brokers across over 20 international regulators, and you can discover their websites here. If the broker is not regulated in your state, practise more than research.

What's the divergence between a dealing-desk and an agency broker?

If a forex broker is operating as a dealer, also known as dealing-desk, they volition be on the other side of their client's trades. If a forex broker is not on the other side of their client's trades, they will exist acting as an agent (bureau broker) past routing the trade on to another dealer.

In that location are also hybrid-desks, which may operate every bit a dealing-desk and agency. Lastly, matched-principals are dealers who immediately hedge their trades to remove any potential conflict of interest.

How practice I summate forex trading costs?

For forex and CFDs trading, the all-in price to complete (open or close) each trade consists of the spread, plus whatever circular-turn commissions. There may too be overnight financing charges, known every bit carrying costs, which tin be either a net debit (loss) or a net credit (refund). To keep trading costs low, focus on trading the major forex pairs such every bit the EUR/USD, which offer the nigh liquidity, and thus the tightest spreads (lowest costs).

Methodology

For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a five-month time menstruum resulting in over l,000 words of published research. We reviewed the following brokers: ACY Securities, Admiral Markets, AvaTrade, BDSwiss, BlackBull Markets, Majuscule.com, City Index, CMC Markets, Eightcap, eToro, FinecoBank, Forex.com, FP Markets, FXCM, FxPro, HotForex, HYCM, IC Markets, IG, Interactive Brokers, LegacyFX, Moneta Markets, OANDA, OctaFX, Pepperstone, Plus500, Saxo Bank, Swissquote, TD Ameritrade, Tickmill, TMGM, TopFX, Trade360, Trading 212, Trade Nation, Vantage, VT Markets, XM Grouping, and XTB.

Each broker was graded on 113 dissimilar variables, including our proprietary Trust Score algorithm. This innovative scoring organisation ranks the level of trustworthiness for each banker based on factors such as licenses, regulation and corporate structure. Read about our Trust Score here.

Equally part of our annual review process, all brokers had the opportunity to provide updates and key milestones and consummate an in-depth data contour, which nosotros mitt-checked for accuracy.

Ultimately, our rigorous data validation process yields an mistake rate of less than .1% each year, providing site visitors with quality data they tin can trust. Learn more about how nosotros exam.