To help you find the best forex brokers in 2022, we went ahead and did the research for you. First, we selected 101 quality online brokers, then we checked and compared fees, currency pairs, charting tools, platforms - practically everything. And now, without further ado...
Our top 5 picks for the best forex brokers in 2022:
- Saxo Bank is our winner, the best forex broker in 2022. Great trading platform. Outstanding research. Broad product portfolio.
- Fusion Markets takes second place. Low trading and non-trading fees. Fast and easy account opening. Great customer service.
- CMC Markets rounds out the top three. Low forex fees. Great web and mobile platforms. Advanced research and educational tools.
- Interactive Brokers is ranked fourth. Low trading fees. Wide range of products. Many great research tools.
- Capital.com completes the list at number five. Low forex CFD fees and commission-free real stocks. Great account opening experience. Excellent email and chat support.
| Broker | Forex fee score | ||
|---|---|---|---|
| #1 | Saxo Bank | 4.2 stars | Visit broker |
| #2 | Fusion Markets | 4.9 stars |
Visit broker
74-89% of retail CFD accounts lose money |
| #3 | CMC Markets | 3.7 stars |
Visit broker
69% of retail CFD accounts lose money |
| #4 | Interactive Brokers | 3.3 stars | Visit broker |
| #5 | Capital.com | 3.7 stars |
Visit broker
79.17% of retail CFD accounts lose money |
What makes a good forex broker? First of all, fair forex fees and low withdrawal fees. They should also offer many currency pairs and a great platform with advanced charting. All of these are easy to list, but hard to figure out. To get an accurate view, we test brokers based on almost 500 criteria, using 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 with our forex trading 101 articles.
For a tailored recommendation, check out our broker finder tool. Answer 4 simple questions and get a list of the most relevant brokers.
And now, let's see the top forex brokers in 2022 one by one, starting with the winner, Saxo Bank.
#1 Best 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.
#1 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 | Fusion Markets | CMC Markets | Interactive Brokers | Capital.com | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $7.1 | $5.2 | $8.8 | $10.4 | $8.7 |
| GBPUSD benchmark fee | $5.5 | $3.2 | $5.8 | $8.3 | $6.6 |
| AUDUSD benchmark fee | $5.7 | $2.5 | $8.2 | $7.9 | $6.1 |
| EURCHF benchmark fee | $5.1 | $3.6 | $8.9 | $7.5 | $9.6 |
| EURGBP benchmark fee | $8.7 | $5.7 | $10.2 | $10.7 | $10.9 |
All spreads, commissions and financing rate for opening a position, holding for a week and closing.
| Saxo Bank | Fusion Markets | CMC Markets | Interactive Brokers | Capital.com | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | Yes | No | Yes | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#1 Saxo Bank
Markets and products
Saxo Bank gives access to 182 currency pairs.
| Saxo Bank | Fusion Markets | CMC Markets | Interactive Brokers | Capital.com | |
|---|---|---|---|---|---|
| Currency pairs (#) | 182 | 89 | 338 | 105 | 138 |
#1 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) |
Saxo Bank has great charting tools and you can use 50 technical indicators.
#2 Best 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.
#2 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.
| Saxo Bank | Fusion Markets | CMC Markets | Interactive Brokers | Capital.com | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $7.1 | $5.2 | $8.8 | $10.4 | $8.7 |
| GBPUSD benchmark fee | $5.5 | $3.2 | $5.8 | $8.3 | $6.6 |
| AUDUSD benchmark fee | $5.7 | $2.5 | $8.2 | $7.9 | $6.1 |
| EURCHF benchmark fee | $5.1 | $3.6 | $8.9 | $7.5 | $9.6 |
| EURGBP benchmark fee | $8.7 | $5.7 | $10.2 | $10.7 | $10.9 |
All spreads, commissions and financing rate for opening a position, holding for a week and closing.
| Saxo Bank | Fusion Markets | CMC Markets | Interactive Brokers | Capital.com | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | Yes | No | Yes | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#2 Fusion Markets
Markets and products
Fusion Markets gives access to 89 currency pairs.
| Saxo Bank | Fusion Markets | CMC Markets | Interactive Brokers | Capital.com | |
|---|---|---|---|---|---|
| Currency pairs (#) | 182 | 89 | 338 | 105 | 138 |
#2 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 has average charting tools and you can use 31 technical indicators.
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#3 Best forex broker
CMC Markets
CMC Markets is a global CFD and forex broker, founded in 1989. It is regulated by several authorities globally, including the top-tier UK Financial Conduct Authority (FCA). The company is also listed on the London Stock Exchange.
Having a long track record, being listed on a stock exchange and being regulated by top-tier authorities are great signs for CMC Markets' reliability.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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.
#3 CMC Markets
Fees
CMC 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.
| Saxo Bank | Fusion Markets | CMC Markets | Interactive Brokers | Capital.com | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $7.1 | $5.2 | $8.8 | $10.4 | $8.7 |
| GBPUSD benchmark fee | $5.5 | $3.2 | $5.8 | $8.3 | $6.6 |
| AUDUSD benchmark fee | $5.7 | $2.5 | $8.2 | $7.9 | $6.1 |
| EURCHF benchmark fee | $5.1 | $3.6 | $8.9 | $7.5 | $9.6 |
| EURGBP benchmark fee | $8.7 | $5.7 | $10.2 | $10.7 | $10.9 |
All spreads, commissions and financing rate for opening a position, holding for a week and closing.
| Saxo Bank | Fusion Markets | CMC Markets | Interactive Brokers | Capital.com | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | Yes | No | Yes | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#3 CMC Markets
Markets and products
CMC Markets gives access to 338 currency pairs.
| Saxo Bank | Fusion Markets | CMC Markets | Interactive Brokers | Capital.com | |
|---|---|---|---|---|---|
| Currency pairs (#) | 182 | 89 | 338 | 105 | 138 |
#3 CMC Markets
Desktop trading platform
CMC Markets doesn't have its own desktop platform, leaving you with MetaTrader 4 as your only option. In design and functionality, MT4 is way behind CMC's web platform.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | • Poor design |
| • Price alerts |
CMC Markets has great charting tools and you can use 86 technical indicators.
#4 Best forex broker
Interactive Brokers
Interactive Brokers, one of the biggest US-based discount brokers, was founded in 1977. The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).
Given that the broker has licenses from multiple top-tier regulators, Interactive Brokers is considered safe. The fact that it has a long track record and publicly disclosed financials while being listed on a stock exchange all point to IB being a safe service provider.
Interactive Brokers recently launched a new app for global stock trading: read our review of IBKR GlobalTrader.
In addition, Interactive Brokers also has an app you can use for ESG investing: read our review of IMPACT by Interactive Brokers.
#4 Interactive Brokers
Fees
Interactive Brokers has average 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 | Fusion Markets | CMC Markets | Interactive Brokers | Capital.com | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $7.1 | $5.2 | $8.8 | $10.4 | $8.7 |
| GBPUSD benchmark fee | $5.5 | $3.2 | $5.8 | $8.3 | $6.6 |
| AUDUSD benchmark fee | $5.7 | $2.5 | $8.2 | $7.9 | $6.1 |
| EURCHF benchmark fee | $5.1 | $3.6 | $8.9 | $7.5 | $9.6 |
| EURGBP benchmark fee | $8.7 | $5.7 | $10.2 | $10.7 | $10.9 |
All spreads, commissions and financing rate for opening a position, holding for a week and closing.
| Saxo Bank | Fusion Markets | CMC Markets | Interactive Brokers | Capital.com | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | Yes | No | Yes | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#4 Interactive Brokers
Markets and products
Interactive Brokers gives access to 105 currency pairs.
| Saxo Bank | Fusion Markets | CMC Markets | Interactive Brokers | Capital.com | |
|---|---|---|---|---|---|
| Currency pairs (#) | 182 | 89 | 338 | 105 | 138 |
#4 Interactive Brokers
Desktop trading platform
IB's desktop platform, TWS comes with great customizability and advanced order execution, but it's not user-friendly and caters more to advanced traders.
| Pros | Cons |
|---|---|
| • Clear fee report | • Not user-friendly |
| • Good customizability (for charts, workspace) | • Complexity might be overwhelming |
| • Good variety of order types |
Interactive Brokers has great charting tools and you can use 127 technical indicators.
#5 Best forex broker
Capital.com
Capital.com is a global CFD broker founded in 2016. It has offices located in the United Kingdom, Cyprus, Australia, Seychelles and Gibraltar where each is authorized and regulated locally respectively by the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and the Financial Services Authority of Seychelles (FSA).
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.17% 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.
#5 Capital.com
Fees
Capital.com 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 | Fusion Markets | CMC Markets | Interactive Brokers | Capital.com | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $7.1 | $5.2 | $8.8 | $10.4 | $8.7 |
| GBPUSD benchmark fee | $5.5 | $3.2 | $5.8 | $8.3 | $6.6 |
| AUDUSD benchmark fee | $5.7 | $2.5 | $8.2 | $7.9 | $6.1 |
| EURCHF benchmark fee | $5.1 | $3.6 | $8.9 | $7.5 | $9.6 |
| EURGBP benchmark fee | $8.7 | $5.7 | $10.2 | $10.7 | $10.9 |
All spreads, commissions and financing rate for opening a position, holding for a week and closing.
| Saxo Bank | Fusion Markets | CMC Markets | Interactive Brokers | Capital.com | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | Yes | No | Yes | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#5 Capital.com
Markets and products
Capital.com gives access to 138 currency pairs.
| Saxo Bank | Fusion Markets | CMC Markets | Interactive Brokers | Capital.com | |
|---|---|---|---|---|---|
| Currency pairs (#) | 182 | 89 | 338 | 105 | 138 |
#5 Capital.com
Desktop trading platform
Capital.com's desktop trading platform is provided by MetaTrader. It's highly customizable and supports price alerts, but it lacks a two-step login and the design is outdated. MetaTrader platform is not available in the UK.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | • Poor design |
| • Price alerts |
Capital.com has great charting tools and you can use 85 technical indicators.
Best forex brokers
What makes a top forex broker?
Trading forex has become really popular over the last decade. Looking at important criteria like fees will help you find the best forex broker for you.
At BrokerChooser, we test online brokers according to nearly 500 criteria, using a real account and real money.
The most important factors to consider in selecting the top forex brokers are forex trading fees. 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 trading platforms as well as advanced charting tools.
Best forex brokers
Forex broker fees
Fees, fees, fees. We bet this is always on your mind when you're on the hunt for the best forex broker. But this can be a complicated issue. Let's see how we dealt with it.
It's not easy to compare forex broker fees, but we are here to help. Generally, forex brokers can charge commissions, spreads and financing fees.
For commissions, there are two approaches forex brokers can use:
- All trading fees are included in the spread except the financing rate. Basically, 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 cost. Financing costs change daily and can make up a significant part of your overall costs if you hold your positions for a longer period.
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 and then closed it. We used 30:1 leverage, the maximum available leverage for major currency pairs at many brokers.
Best forex brokers
Bottom line
You saw the details, now let's zoom out. Here are the top forex brokers in 2022:
| Saxo Bank | Fusion Markets | CMC Markets | Interactive Brokers | Capital.com | |
|---|---|---|---|---|---|
| Forex fee scores | 4.2 stars | 4.9 stars | 3.7 stars | 3.3 stars | 3.7 stars |
| Deposit and withdrawal score | 4.8 stars | 4.4 stars | 4.8 stars | 3.0 stars | 4.5 stars |
| Markets and products score | 5.0 stars | 2.2 stars | 2.6 stars | 5.0 stars | 3.1 stars |
| Desktop platform score | 5.0 stars | 3.4 stars | 3.4 stars | 3.8 stars | 3.4 stars |
| Visit broker |
Visit broker
74-89% of retail CFD accounts lose money |
Visit broker
69% of retail CFD accounts lose money |
Visit broker |
Visit broker
79.17% of retail CFD accounts lose money |
Saxo Bank is our winner, the best forex broker in 2022. Great trading platform. Outstanding research. Broad product portfolio.
All of these brokers are great choices, but watch out, as forex trading can be risky. If you know enough and are good to go, pick your favourite 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.
