Online Forex trading is becoming ever more popular today, and the global online trading market is massive. In 2021, the market share was $8.9 billion, and this value is estimated to grow to $18.4 billion by 2031.
Many traders invest huge amounts of money in the forex market, hoping for lucrative earnings. However, money can easily be lost and won depending on your strategy; no broker can guarantee a positive outcome of trading activities. The volatility of currency exchange rates makes forex trading quite risky, especially for beginners. Besides, users often fall prey to scam websites and lose their money to one-day firms. Thus, choosing the best forex brokers to handle your transactions is essential.
If you are interested in forex trading, ensure you pick a broker with caution. Take time to research and filter only reputable forex brokers in the market to avoid making financial mistakes. Here we introduce you to the top brokers for 2022 to help you make an informed choice.
Top 5 Brokers for Beginner Traders
If you are a beginner in forex trading, you need to identify a reliable forex broker with transparent terms, a demo account option, and small initial deposits. Below are some of the best forex brokers for beginners.
XM
Launched in 2009, XM Broker is one of the best forex trading platforms for newbies. It is a trusted company doing business in over 190 countries globally. The platform has recently expanded, attracting millions of traders due to better tech solutions. With more than 10 years in the forex market, experts recognize XM as a top-rated platform for forex trading platform.
XM has multiple trading instruments and no commission for depositing or withdrawing money. Beginners can open a micro account with a minimum deposit of 5%. A demo account is also available for practicing and learning more about trading mechanics with zero risks.
FXCM
FXCM is another promising forex broker offering traders a wide array of financial services. The company began operations in 1999 in Great Britain and has made its mark worldwide. It is the best forex broker for novice traders looking to test their trading skills.
FXTM
Founded in 2011, FXTM (ForexTime) is a company that aims to offer profitable trading opportunities to beginners and experienced traders.
It has gained global recognition as the best forex trading platform with innovative solutions. Moreover, financial regulators in Cyprus, South Africa, the UK, and Mauritius monitor the company’s trading activities.
With a decade of experience in the forex market, FXTM cooperates with more than 2 million traders globally. Some of the advantages of this broker are:
- Multiple trading accounts;
- A wide variety of trading instruments;
- Automated trading programs;
- 10$ minimum deposit on the micro account;
- Professional support.
FxPro
Another top-rated trading platform is the FxPro broker. It is a reliable company founded in 2006 in Cyprus. Four jurisdictions supervise this broker’s trading activities – Cyprus, Bahamas, and South Africa. Since its launch, FxPro has grown immensely and operates in 170+ countries worldwide. Besides, the company boasts of numerous awards such as ‘Best Trading Platform’ and ‘Best Forex Trading Platform.’
It offers multiple account currencies, giving traders a variety of trading opportunities. The minimum account deposit is $100 with numerous trading instruments. Furthermore, the broker insures clients’ money to maintain high safety measures.
DotBig
The Dotbig CFD trader platform is a big name in the forex market, offering traders profitable opportunities in the global financial markets. It is a great platform for forex trading because of multiple assets and zero commissions on deposits. Beginners can trade using their laptops, desktops, or smartphones efficiently since Dotbig is a web trader platform with mobile optimization. With 100,000+ assets to trade, you can choose your preferred instrument and make a profit.
Moreover, Dotbig offers a safe platform with modern technologies to protect traders from external threats. The company has 24/7 reliable support and allows beginners to trade on a demo account.
| Broker | Minimum Deposit | Account Type |
| XM | Starts at $10 | Micro, Standard, XM Ultra, Shares |
| FXCM | $50 | Demo, Standard, Active Trader |
| FXTM | $10 | Demo, Micro, Advantage, Advantage Plus |
| FxPro | $100 | Demo, VIP |
| Dotbig | From $100 | Demo, Standard, Pro |
Best Investment Brokers
Investment brokers are financial experts who trade on behalf of clients. The brokers transact assets such as stocks, mutual funds, bonds, and other products.
Here are some of the best investment brokers:
eToro
If you are searching for a reliable platform for investing in forex trading, the best broker is eToro. Launched in 2007, the company offers comprehensive trading experience for beginners and pros. The minimum deposit starts at $10 with over 3000+ trading instruments. It has a user-friendly platform for web and mobile trading.
XM
As stated above, XM broker is an exceptional trading platform. It is a trusted firm with more than 1000+ trading instruments. Besides, it has informative content to help traders navigate the forex world smoothly. Some trading instruments include shares, energy products, cryptos, and precious metals.
DotBig
DotBig is among the best investment brokers with strong market access and wide asset variety. It is a great option for trading online because the platform exposes traders to financial markets globally. The DotBig CFD trader tools will boost your investment skills with the guidance of professional analysts. Types of available CFDs include forex, indices, and cryptocurrency.
| Broker | Regulator | Min Deposit | Investment Program |
| 1 | eToro | $10 | CFD trading, Auto investing |
| 2 | XM | Standard $1, Pro $200 | CFD, ECN account |
| 3 | Dotbig | From $100 | CFD, Portfolio, Venture |
Best Forex Brokers for Scalping
Scalping is a trading approach focusing on trading on short cycles. Traders gain from small changes in asset prices and make profits by reselling the assets immediately. Below are top-rated scalping brokers you need to check out.
Roboforex
Founded in 2009, Roboforex is among the best Best forex brokers for scalping. You can trade stocks, forex, ETFs, indices, metals, energy commodities, and metals.
Exness
Exness is also the best platform for forex scalping. With over a decade in the market, the broker has top ratings and multiple trading assets. Exness has segregated accounts, narrow spreads, and works with many trading platforms.
FXCM
FXCM has a $50 minimum deposit. Beginner traders get a demo and a mini-account. Some trading instruments include currencies, commodities, stocks, cryptocurrency, and indices.
InstaForex
InstaForex has been operational since 2007 and is among the best scalping platforms. The minimum deposit is $1 with multiple trading symbols. It offers a low-risk option for novice traders.
DotBig
As mentioned above, DotBig CDF trader is your go-to trading platform with a wide array of assets. The minimum deposit starts at $100.
| Broker’s Name | Regulator | Min Deposit | Account Type |
| Roboforex | IFSC | Starts at $10 | Demo, Pro-cent, ECN, Pro-standard, Prime, R-trader |
| Exness | CySEC | Standard $1, Pro $200 | Demo, Standard, Pro |
| FXCM | FSA | $50 | Demo, Standard, Active Trader |
| Instaforex | FFMS | $1 | Demo, Insta.standard, Cent.Eurica |
| Dotbig | Unknown | From $100 | Demo, Standard, Pro |
Broker Evaluation Approach
It is crucial to choose a reliable broker before investing your money. Here are insightful pointers to evaluate a broker and pick the best platform for forex trading:
- Compliance Record
It is essential to research the broker and check their track record. Read reviews online and find out past experiences from traders who have used the broker’s services. Reliability and integrity are key aspects you need to look out for in a forex broker.
- Account Types and Features
Find out the types of accounts the broker is offering and check if they align with your trading needs. If you are a beginner, you need a demo account before moving to the actual account. Also, check out the features such as account minimums, trading leverage, commissions, and spreads.
- Trading Platform
The platform is critical since it connects traders to the global market. Thus, pick a platform with a user-friendly interface and automated tools to facilitate smooth trading. Poorly designed platforms might result in mistakes and investment losses.
- Currency Pairs
Find out the currency pairs available on the broker’s platform. Pick the one with relevant pairs that have high liquidity for great results.
Ultimately, choosing the best platform for forex trading depends on an individual’s interests and goals. Still, it is important to research and find accurate information about specific brokers before making any serious investments.
FAQ
Is this selection of top forex brokers actual/relevant?
The above forex brokers are relevant and can help you profit from trading ventures. The list has been updated recently, and the information is up to date. You can never go wrong by choosing the brokers discussed above.
Where can I find reviews about the best forex brokers of 2022?
You can find trusted forex brokers reviews on our site. We offer accurate rankings, platform breakdowns, and account features to help you choose the right broker.
I have found two brokers suiting my needs. How can I make the right choice?
It is imperative to check the compliance record of each broker, the account minimums, trading costs, and investment commissions you will be using.
