Best discount forex brokers in 2022

Fusion Markets
4.5
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74-89% of retail CFD accounts lose money
Axi
4.4
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73.9% of retail CFD accounts lose money
Saxo Bank
4.8
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Best discount forex brokers in 2022
Fusion Markets logo
Axi logo
Saxo Bank logo
City Index logo
Questrade logo

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:

  1. 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.
  2. Axi takes second place. Low forex fees. No withdrawal/deposit fees. Fully digital account opening.
  3. Saxo Bank rounds out the top three. Great trading platform. Outstanding research. Broad product portfolio.
  4. City Index is ranked fourth. Low fees for forex. Fast and smooth account opening. Diverse research tools.
  5. Questrade just made it to the list at the number five spot. Low stock and ETF fees. Solid research tools. Superb customer service.
Best discount forex brokers in 2022
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.

Fusion Markets Logo

#1 Best discount forex broker
Fusion Markets

4.5

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

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74-89% of retail CFD accounts lose money

#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 trading fees
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 non-trading fees
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

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74-89% of retail CFD accounts lose money

#1 Fusion Markets
Markets and products

Fusion Markets provides access to 89 currency pairs.
Fusion Markets currency pairs
Fusion Markets Axi Saxo Bank City Index Questrade
Currency pairs (#) 89 76 182 84 116

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74-89% of retail CFD accounts lose money

#1 Fusion Markets
Desktop trading platform
3.4

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
Best discount forex brokers in 2022 - Fusion Markets trading platform
Fusion Markets trading platforms
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
Best discount forex brokers in 2022 - Fusion Markets charting

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74-89% of retail CFD accounts lose money

#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.

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74-89% of retail CFD accounts lose money

Axi Logo

#2 Best discount forex broker
Axi

4.4

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

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73.9% of retail CFD accounts lose money

#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.

Axi trading fees
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.

Axi non-trading fees
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

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73.9% of retail CFD accounts lose money

#2 Axi
Markets and products

Axi provides access to 76 currency pairs.
Axi currency pairs
Fusion Markets Axi Saxo Bank City Index Questrade
Currency pairs (#) 89 76 182 84 116

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73.9% of retail CFD accounts lose money

#2 Axi
Desktop trading platform
3.4

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
Best discount forex brokers in 2022 - Axi trading platform
Axi trading platforms
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
Best discount forex brokers in 2022 - Axi charting

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73.9% of retail CFD accounts lose money

#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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73.9% of retail CFD accounts lose money

Saxo Bank Logo

#3 Best discount forex broker
Saxo Bank

4.8

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

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#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.

Saxo Bank trading fees
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.

Saxo Bank non-trading fees
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

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#3 Saxo Bank
Markets and products

Saxo Bank provides access to 182 currency pairs.
Saxo Bank currency pairs
Fusion Markets Axi Saxo Bank City Index Questrade
Currency pairs (#) 89 76 182 84 116

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#3 Saxo Bank
Desktop trading platform
5.0

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)
Best discount forex brokers in 2022 - Saxo Bank trading platform
Saxo Bank trading platforms
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
Best discount forex brokers in 2022 - Saxo Bank charting

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#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.

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City Index Logo

#4 Best discount forex broker
City Index

4.5

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

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73% of retail CFD accounts lose money

#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.

City Index trading fees
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.

City Index non-trading fees
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

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73% of retail CFD accounts lose money

#4 City Index
Markets and products

City Index provides access to 84 currency pairs.
City Index currency pairs
Fusion Markets Axi Saxo Bank City Index Questrade
Currency pairs (#) 89 76 182 84 116

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73% of retail CFD accounts lose money

#4 City Index
Desktop trading platform
3.0

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
Best discount forex brokers in 2022 - City Index trading platform
City Index trading platforms
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
Best discount forex brokers in 2022 - City Index charting

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73% of retail CFD accounts lose money

#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.

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73% of retail CFD accounts lose money

Questrade Logo

#5 Best discount forex broker
Questrade

4.5

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

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#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.

Questrade trading fees
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.

Questrade non-trading fees
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

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#5 Questrade
Markets and products

Questrade provides access to 116 currency pairs.
Questrade currency pairs
Fusion Markets Axi Saxo Bank City Index Questrade
Currency pairs (#) 89 76 182 84 116

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#5 Questrade
Desktop trading platform
4.3

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
Best discount forex brokers in 2022 - Questrade trading platform
Questrade trading platforms
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
Best discount forex brokers in 2022 - Questrade charting

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#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.

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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:

  1. 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.
  2. 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:

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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74-89% of retail CFD accounts lose money
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73.9% of retail CFD accounts lose money
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73% of retail CFD accounts lose money
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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.

Author of this article

Krisztián Gátonyi

Author of this article

Krisztián has 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. He received his MSc degree in International Business from the University of Middlesex. He is interested also in real estate and dividend growth investing. His purpose is to help people find the best investment provider.

Krisztián Gátonyi

Senior Broker Expert

Krisztián has 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. He received his MSc degree in International Business from the University of Middlesex. He is interested also in real estate and dividend growth investing. His purpose is to help people find the best investment provider.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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