To help you find the best discount forex broker, we went ahead and did the research for you. First, we looked at the 101 quality online brokers that we cover, then checked and compared their forex fees and currency pair selections. It's also important to provide a great trading platform, as well as cheap deposit and withdrawal options. We dug deep, so you won't have to. Let's see the winners!
Our top 5 picks for the best discount forex brokers in 2022:
- Fusion Markets is the winner, the best discount forex broker in 2022. Low trading and non-trading fees. Fast and easy account opening. Great customer service.
- Axi takes second place. Low forex fees. No withdrawal/deposit fees. Fully digital account opening.
- Saxo Bank rounds out the top three. Great trading platform. Outstanding research. Broad product portfolio.
- City Index is ranked fourth. Low fees for forex. Fast and smooth account opening. Diverse research tools.
- Questrade just made it to the list at the number five spot. Low stock and ETF fees. Solid research tools. Superb customer service.
| Broker | Info | Forex fee score | |
|---|---|---|---|
| #1 | Fusion Markets | Australian forex broker | 4.9 stars |
| #2 | Axi | Australian forex broker | 4.1 stars |
| #3 | Saxo Bank | Danish investment bank | 4.2 stars |
| #4 | City Index | Global CFD and forex broker | 4.4 stars |
| #5 | Questrade | Canadian stockbroker | 4.1 stars |
What makes a good discount forex broker? Cheap fees definitely. We checked both trading and non-trading fees. The broker should also offer a wide range of currency pairs. We test brokers based on close to 500 criteria with real accounts and real money.
If you are a beginner, be careful with forex trading. Forex products are complex and very risky, thus not suitable for everyone. You can easily lose all your invested money. If you don't have a clue how forex trading works, start by reading our forex-related education articles.
Not sure which broker to choose? For a tailored recommendation, check out our broker finder tool. Want more details? Compare brokers with this detailed comparison table.
And now, let's see the best discount forex brokers in 2022 one by one, starting with the winner, Fusion Markets.
#1 Best discount forex broker
Fusion Markets
Fusion Markets is an Australian discount forex broker founded in 2010. It is regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Recommended for forex traders looking for low fees and a chance to use the metatrader 4 platform
#1 Fusion Markets
Fees
Fusion Markets has low fees when it comes to buying and selling currency pairs.
To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.
| Fusion Markets | Axi | Saxo Bank | City Index | Questrade | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $5.2 | $8.3 | $7.1 | $6.4 | $7.4 |
| GBPUSD benchmark fee | $3.2 | $3.3 | $5.5 | $4.5 | $5.7 |
| AUDUSD benchmark fee | $2.5 | $6.0 | $5.7 | $5.9 | $6.0 |
| EURCHF benchmark fee | $3.6 | $5.6 | $5.1 | $6.0 | $9.1 |
| EURGBP benchmark fee | $5.7 | $10.8 | $8.7 | $7.9 | $9.4 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
| Fusion Markets | Axi | Saxo Bank | City Index | Questrade | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | Yes | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#1 Fusion Markets
Markets and products
Fusion Markets provides access to 89 currency pairs.
| Fusion Markets | Axi | Saxo Bank | City Index | Questrade | |
|---|---|---|---|---|---|
| Currency pairs (#) | 89 | 76 | 182 | 84 | 116 |
#1 Fusion Markets
Desktop trading platform
In design and functionality, Fusion Markets's MetaTrader 4 desktop platform is almost the same as the web trading platform. A major difference is that you can set price alerts here.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | • Poor design |
| • Price alerts |
| Fusion Markets | Axi | Saxo Bank | City Index | Questrade | |
|---|---|---|---|---|---|
| Desktop platform score | 3.4 stars | 3.4 stars | 5.0 stars | 3.0 stars | 4.3 stars |
| Mobile platform score | 3.8 stars | 3.8 stars | 5.0 stars | 4.3 stars | 4.8 stars |
| Web platform score | 2.8 stars | 2.8 stars | 5.0 stars | 4.3 stars | 3.8 stars |
#1 Fusion Markets
Verdict
Fusion Markets is a great forex broker with very low trading and non-trading fees. The account opening is fast and easy, and customer service provides quick and relevant answers.
On the negative side, Fusion Markets has limited educational tools. The product portfolio is largely limited to forex and some CFDs. Lastly, there is no investor protection.
As you can open an account within a day and fees are low, feel free to try Fusion Markets.
#2 Best discount forex broker
Axi
Axi (previously known as AxiTrader) is an Australian forex broker founded in 2007. The new "Axi" brand was launched in 2020.
Axi is regulated by multiple financial authorities worldwide, such as the UK's Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Dubai Financial Services Authority (DFSA). Being regulated by several top-tier authorities is a good sign for Axi's safety.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.9% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Recommended for forex traders familiar with the metatrader 4 platform
#2 Axi
Fees
Axi has low fees when it comes to buying and selling currency pairs.
To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.
| Fusion Markets | Axi | Saxo Bank | City Index | Questrade | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $5.2 | $8.3 | $7.1 | $6.4 | $7.4 |
| GBPUSD benchmark fee | $3.2 | $3.3 | $5.5 | $4.5 | $5.7 |
| AUDUSD benchmark fee | $2.5 | $6.0 | $5.7 | $5.9 | $6.0 |
| EURCHF benchmark fee | $3.6 | $5.6 | $5.1 | $6.0 | $9.1 |
| EURGBP benchmark fee | $5.7 | $10.8 | $8.7 | $7.9 | $9.4 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
| Fusion Markets | Axi | Saxo Bank | City Index | Questrade | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | Yes | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#2 Axi
Markets and products
Axi provides access to 76 currency pairs.
| Fusion Markets | Axi | Saxo Bank | City Index | Questrade | |
|---|---|---|---|---|---|
| Currency pairs (#) | 89 | 76 | 182 | 84 | 116 |
#2 Axi
Desktop trading platform
In design and functionality, Axi's MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts on it.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | • Poor design |
| • Price alerts | • Search function could be better |
| Fusion Markets | Axi | Saxo Bank | City Index | Questrade | |
|---|---|---|---|---|---|
| Desktop platform score | 3.4 stars | 3.4 stars | 5.0 stars | 3.0 stars | 4.3 stars |
| Mobile platform score | 3.8 stars | 3.8 stars | 5.0 stars | 4.3 stars | 4.8 stars |
| Web platform score | 2.8 stars | 2.8 stars | 5.0 stars | 4.3 stars | 3.8 stars |
#2 Axi
Verdict
Axi is regulated by multiple authorities globally, like the UK's FCA and ASIC in Australia.
On the plus side, forex fees are low, and deposits and withdrawals are free of charge. Account opening is easy and fully digital, without any minimum deposit, which is also great.
Axi has some drawbacks, though. Its product range is limited to forex and CFDs, and its research tools lack recommendations and fundamental data. In addition, customer support is available only 24/5.
Feel free to try Axi, as its trading fees are low and there are no deposit or withdrawal fees.
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#3 Best discount forex broker
Saxo Bank
Saxo Bank, a Danish investment bank founded in 1992, provides online trading and investment services. The company is regulated by several financial authorities globally, including the Danish Financial Services Agency (FSA) and the UK's Financial Conduct Authority (FCA).
Saxo Bank is a global service provider and its subsidiaries are present in the form of separate legal entities in different regions of the world. The services offered by the various entities may differ slightly, especially with respect to fees and product portfolios. In this review, we tested Saxo Bank UK.
Being regulated by top-tier financial authorities, and having a long track record and a banking background, are all good signs for Saxo Bank's safety.
HEADS UP: Recent issues with account opening - Saxo Bank seems to have a delay in sending you a crucial URL to start your account opening. For more info, see Saxo Bank account opening issues in the review's Account opening chapter. If you'd like to open an account regardless, click here to read about Saxo Bank alternatives.
Recommended for investors and traders looking for a great trading platform and solid research
#3 Saxo Bank
Fees
Saxo Bank has low fees when it comes to buying and selling currency pairs.
To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.
| Fusion Markets | Axi | Saxo Bank | City Index | Questrade | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $5.2 | $8.3 | $7.1 | $6.4 | $7.4 |
| GBPUSD benchmark fee | $3.2 | $3.3 | $5.5 | $4.5 | $5.7 |
| AUDUSD benchmark fee | $2.5 | $6.0 | $5.7 | $5.9 | $6.0 |
| EURCHF benchmark fee | $3.6 | $5.6 | $5.1 | $6.0 | $9.1 |
| EURGBP benchmark fee | $5.7 | $10.8 | $8.7 | $7.9 | $9.4 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
| Fusion Markets | Axi | Saxo Bank | City Index | Questrade | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | Yes | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#3 Saxo Bank
Markets and products
Saxo Bank provides access to 182 currency pairs.
| Fusion Markets | Axi | Saxo Bank | City Index | Questrade | |
|---|---|---|---|---|---|
| Currency pairs (#) | 89 | 76 | 182 | 84 | 116 |
#3 Saxo Bank
Desktop trading platform
Saxo Bank's desktop trading platform is one of the best on the market. It is well designed, easy to use and offers great customizability.
| Pros | Cons |
|---|---|
| • User-friendly | None |
| • Clear fee report | |
| • Good customizability (for charts, workspace) |
| Fusion Markets | Axi | Saxo Bank | City Index | Questrade | |
|---|---|---|---|---|---|
| Desktop platform score | 3.4 stars | 3.4 stars | 5.0 stars | 3.0 stars | 4.3 stars |
| Mobile platform score | 3.8 stars | 3.8 stars | 5.0 stars | 4.3 stars | 4.8 stars |
| Web platform score | 2.8 stars | 2.8 stars | 5.0 stars | 4.3 stars | 3.8 stars |
#3 Saxo Bank
Verdict
Saxo Bank is a great broker, providing a complex and good service.
It offers a user-friendly and well-designed trading platform, backed by great research. The product portfolio covers all asset types and many international markets.
It has some drawbacks though. The fees for bonds, options and futures are high. There is also a high minimum deposit for certain countries. Lastly, there is no live chat or 24/7 customer support.
In general, Saxo Bank is one of the best online brokerage companies out there. By opening an account, you will get a broad, well-developed service constantly adapted to the needs of clients.
#4 Best discount forex broker
City Index
City Index is a global CFD and FX broker founded in 1983. City Index is the trading brand of StoneX Financial Ltd., whose parent company StoneX Group Inc. is listed on the NASDAQ Stock Exchange. The company is regulated by top-tier financial authorities, such as the UK's Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Monetary Authority of Singapore (MAS).
City Index is considered safe because it has a long track record, it is regulated by top-tier financial authorities, and its parent company is listed on a stock exchange.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Recommended for forex and cfd traders looking for low forex fees and great research tools
#4 City Index
Fees
City Index has low fees when it comes to buying and selling currency pairs.
To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.
| Fusion Markets | Axi | Saxo Bank | City Index | Questrade | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $5.2 | $8.3 | $7.1 | $6.4 | $7.4 |
| GBPUSD benchmark fee | $3.2 | $3.3 | $5.5 | $4.5 | $5.7 |
| AUDUSD benchmark fee | $2.5 | $6.0 | $5.7 | $5.9 | $6.0 |
| EURCHF benchmark fee | $3.6 | $5.6 | $5.1 | $6.0 | $9.1 |
| EURGBP benchmark fee | $5.7 | $10.8 | $8.7 | $7.9 | $9.4 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
| Fusion Markets | Axi | Saxo Bank | City Index | Questrade | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | Yes | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#4 City Index
Markets and products
City Index provides access to 84 currency pairs.
| Fusion Markets | Axi | Saxo Bank | City Index | Questrade | |
|---|---|---|---|---|---|
| Currency pairs (#) | 89 | 76 | 182 | 84 | 116 |
#4 City Index
Desktop trading platform
City Index's desktop platform has the same functions as the web trading platform but lags behind in user-friendliness.
| Pros | Cons |
|---|---|
| • Clear fee report | • Not user-friendly |
| • Good customizability (for charts, workspace) | • No two-step (safer) login |
| • Good variety of order types | • Outdated design |
| Fusion Markets | Axi | Saxo Bank | City Index | Questrade | |
|---|---|---|---|---|---|
| Desktop platform score | 3.4 stars | 3.4 stars | 5.0 stars | 3.0 stars | 4.3 stars |
| Mobile platform score | 3.8 stars | 3.8 stars | 5.0 stars | 4.3 stars | 4.8 stars |
| Web platform score | 2.8 stars | 2.8 stars | 5.0 stars | 4.3 stars | 3.8 stars |
#4 City Index
Verdict
City Index is a great CFD and forex broker, regulated by top-tier financial authorities such as the UK's FCA.
On the positive side, it has low forex fees, a smooth account opening process and high-quality research tools.
It has some drawbacks though. The product portfolio is limited, stock CFD fees are quite high and the desktop platform lags behind its competitors.
As there is no required minimum balance, no withdrawal fee, and an inactivity fee only kicks in after one year, feel free to try City Index.
Below you can find links to all aspects of City Index in this comprehensive collection.
#5 Best discount forex broker
Questrade
Questrade, founded in 1999, is one of the most popular brokerage firms in Canada. It is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF).
Questrade is considered safe because it has a long track record and is regulated by a top-tier regulator.
Recommended for traders and investors focusing on the canadian and us markets
#5 Questrade
Fees
Questrade has low fees when it comes to buying and selling currency pairs.
To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.
| Fusion Markets | Axi | Saxo Bank | City Index | Questrade | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $5.2 | $8.3 | $7.1 | $6.4 | $7.4 |
| GBPUSD benchmark fee | $3.2 | $3.3 | $5.5 | $4.5 | $5.7 |
| AUDUSD benchmark fee | $2.5 | $6.0 | $5.7 | $5.9 | $6.0 |
| EURCHF benchmark fee | $3.6 | $5.6 | $5.1 | $6.0 | $9.1 |
| EURGBP benchmark fee | $5.7 | $10.8 | $8.7 | $7.9 | $9.4 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
| Fusion Markets | Axi | Saxo Bank | City Index | Questrade | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | Yes | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#5 Questrade
Markets and products
Questrade provides access to 116 currency pairs.
| Fusion Markets | Axi | Saxo Bank | City Index | Questrade | |
|---|---|---|---|---|---|
| Currency pairs (#) | 89 | 76 | 182 | 84 | 116 |
#5 Questrade
Desktop trading platform
IQ Edge is Questrade's most advanced trading platform by far. It is user-friendly and highly customizable, with a great variety of order types. However, there is no fee report available.
| Pros | Cons |
|---|---|
| • User-friendly | • No clear fee report available |
| • Good customizability (for charts, workspace) | |
| • Good variety of order types |
| Fusion Markets | Axi | Saxo Bank | City Index | Questrade | |
|---|---|---|---|---|---|
| Desktop platform score | 3.4 stars | 3.4 stars | 5.0 stars | 3.0 stars | 4.3 stars |
| Mobile platform score | 3.8 stars | 3.8 stars | 5.0 stars | 4.3 stars | 4.8 stars |
| Web platform score | 2.8 stars | 2.8 stars | 5.0 stars | 4.3 stars | 3.8 stars |
#5 Questrade
Verdict
Questrade is among the fastest-growing online brokerage firms in Canada. Its stock and ETF fees are low, research tools are advanced and customer service is outstanding.
Questrade has some shortcomings as well. Even though the account opening process for Canadians is quick and easy, it's slow and time-consuming if you are not Canadian. You can face high withdrawal fees if you are not a Canadian citizen and there are only USD and CAD as account base currencies.
Since Questrade has advanced research tools and offers great customer service, feel free to give it a try.
Best discount forex brokers in 2022
What makes a good discount forex broker?
The most important factors to consider in selecting the top discount forex brokers are the fees of forex trading. Besides trading fees, you should also look at withdrawal fees and the number of available currency pairs. Check if the broker provides great desktop and mobile platforms, as well as advanced charting tools.
Best discount forex brokers in 2022
Forex broker fees
Fees, fees, fees. We bet this is always on your mind when you're looking for the best discount forex broker. It can be complicated. Let's see how we did it.
It's not easy to compare forex broker fees, but we are here to help. Forex brokers can charge commissions, spreads and financing fees.
For commissions, there are two versions forex brokers use:
- All trading fees are included in the spread except the financing rate. Think of it as the broker giving you a wider spread than it gets from the market.
- You get the market spread, but you pay a commission based on the traded amount. This model is usually used by ECN brokers.
The second version is more transparent, but this doesn't mean that the first method cannot be cheaper.
When you trade forex on leverage and hold your position overnight, a fee will be charged. This fee is called the financing rate. The financing costs change daily and can be a significant amount if you hold your positions for a longer period of time.
To make your life easier, we calculated what your overall fee would be if you took a $20,000 position, held it for a week then closed it. We used a leverage of 30:1, the maximum leverage available for major currency pairs at many brokers.
Best discount forex brokers in 2022
Bottom line
You saw the details, now let's zoom out. Here are the best discount forex brokers in 2022:
| Fusion Markets | Axi | Saxo Bank | City Index | Questrade | |
|---|---|---|---|---|---|
| Fees score | 4.7 stars | 4.2 stars | 3.3 stars | 3.7 stars | 3.6 stars |
| Deposit and withdrawal score | 4.4 stars | 4.4 stars | 4.8 stars | 4.3 stars | 2.7 stars |
| Markets and products score | 2.2 stars | 2.1 stars | 5.0 stars | 2.4 stars | 4.4 stars |
| Desktop platform score | 3.4 stars | 3.4 stars | 5.0 stars | 3.0 stars | 4.3 stars |
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Fusion Markets is our winner, the best discount forex broker in 2022. Low trading and non-trading fees. Fast and easy account opening. Great customer service.
All these brokers are considered a great choice. But watch out, because FX can be risky. If you know enough and are good to go, pick your winner and take the next step in your trading journey. Let us know what you think in the comments section.
Still unsure? Use our broker finder tool and find the best broker for you.
