Wednesday, May 25, 2022

7 Best Global Forex Brokers for 2022

There are a number of crucial qualities and perks that both novice and expert forex traders look for when choosing a broker. Overall trading experience, product range and depth, trading fees and platform options are just a few of the most significant factors to consider when selecting a broker.

In this article we break down the 7 best global Forex brokers which provide traders with excellent advantages in all of the above criteria. 

1. AvaTrade

AvaTrade offers a wide range of trading options, including FX and CFDs on indices, equities, commodities, and exchange-traded funds (ETFs). As a newbie trader, you’ll find the AvaTrade web trader and AvaTradeGO mobile trader quite user-friendly.

Fees are incorporated into the spreads provided by AvaTrade, which is a commission-free broker. Over 50 currency pairs, including major, minor, and exotic pairings are available to traders, with a variety of base currencies, including the pound sterling.

Pros and Cons

PROSCONS
Broad range of tradable instrumentsHigh EURUSD and inactivity fees
MetaTrader 4 and 5 available
Excellent educational resources

Features

FeatureInformation
RegulationCentral Bank of Ireland, MiFID, ASiC, BVI
Minimum deposit from$100
Average spread from0.9 pips
Commissions fromNo commission on Forex
Deposit/Withdrawal FeesNone
Maximum Leverage1:400
BonusesFirst Deposit Bonus
Customer Support24/5 – multilingual

2. Trade Nation

Forex and CFD broker Trade Nation has offices around the world including in South Africa, the United Kingdom, and Australia. Their jurisdiction includes South Africa (FSCA), the UK (FCA), Australia (ASIC), and the Bahamas (SCB).

An easy-to-use platform is available to prospective traders at Trade Nation. There is an in-house Smart News feature that provides up-to-the-minute information on the financial markets.

 The MetaTrader brand is supported by this broker, so traders who prefer its highly popular software features can open an MT4 account.

Pros and Cons

PROSCONS
Transparent fee structureUS clients not accepted
MetaTrader 4 available
Fixed, competitive spreads

Features

FeatureInformation
RegulationFSCA, FCA, ASIC
Minimum deposit fromNone
Average spread from0.2 pips
Commissions fromVariable
Deposit/Withdrawal FeesNone
Maximum Leverage1:200
Bonuses20% monthly rebate
Customer Support24/5 – multilingual

3. Exness

As a forex and CFD broker, Exness offers access to trading currencies, cryptos and stock indexes as well as commodities like gold and silver. Additionally, Exness provides the MetaTrader 4 and 5 trading platforms. Traders can choose from a wide range of account kinds to suit their needs.

Advanced traders and those who use automated trading tactics can take advantage of free VPS hosting. Exness clients can now invest in the tactics of other traders thanks to social trading.

Pros and Cons

PROSCONS
Well-regulated
Tight spreads
Over 130 currency pairs

Features

FeatureInformation
RegulationCySEC, FCA
Minimum deposit from$1
Average spread from1.3 pips
Commissions from3 USD and 10 USD per 1 lot for CFDs
Deposit/Withdrawal FeesNone
Maximum Leverage1:2000
BonusesStandard +10% Bonus Programme
Customer Support24/5 – multilingual

4. HotForex

HotForex (HF Markets Group UK Ltd.) is a multi-asset online broker that offers trading options in forex, commodities, indices, and more. Leading liquidity providers are accessed through the broker’s direct market access, with a London headquarters as a convenient backbone for all operations. 

In addition to MetaTrader 4 (MT4) and MetaTrader 5 (MT5), HotForex offers a variety of trading features, with a number of web terminals and desktop apps for both novice and expert traders.

Pros and Cons

Pros
No deposit or withdrawal feesCompetitive spreads
Cons
High commission charges on the Zero account

Features

FeatureInformation
RegulationCySEC, DFSA, FCA, FSA, FSCA
Minimum deposit from$5
Average spread from0,0 pips
Commissions fromUSD 0.03 per 1K lot.
Deposit/Withdrawal FeesNone
Maximum Leverage1:1000
Bonuses100% Supercharged Bonus
Customer Support24/5 

5. OctaFX

OctaFX is an excellent ECN DMA broker for scalping, risk management, and automated trading. With a minimal spread, a modest deposit, and its own copy trading service, it’s ideal for a wide range of investors and traders. 

OctaFX offers its own, simple-to-use OctaFX mobile trading platform in addition to the most widely used MT4 and MT5 trading platforms.

Market execution is completed in less than 0.1 seconds. In addition, there are no requotes to be found. Since the spreads are so narrow, trading here offers the most competitive prices.

Pros and Cons

PROSCONS
Ultra-fast executionNo VPS available
More than 30 forex pairs availableWell-regulatedNo Forex educational tools

Features

FeatureInformation
RegulationCySEC
Minimum deposit from$100
Average spread from0.7 pips
Commissions from None
Deposit/Withdrawal FeesNone
Maximum Leverage1:500
Bonuses50% Deposit Bonus
Customer Support24/5 

6. IC Markets

Online trading brokerage IC Markets, which is situated in Sydney, Australia, and is regulated by ASIC, is a well-known and established company.

CFDs on stock indexes, precious metals, and even popular cryptocurrencies such as Bitcoin are all available through the brokerage firm’s wide range of instruments.

Those that trade frequently understand the importance of minimizing trading costs. Day traders don’t have to worry about losing money due to hefty commissions or trading expenses, while spreads on EUR/USD are merely 0.1 on average. 

Therefore, IC Markets are an excellent choice for high-volume trading.

Pros and Cons

PROSCONS
Low forex feesEasy and fast account openingFree deposit and withdrawalNo Negative Account Balance ProtectionLimited number of available CFDs

Features

FeatureInformation
RegulationASIC
Minimum deposit from$200
Average spread from0.1 pips 
Commissions from‎None
Deposit/Withdrawal FeesNone
Maximum Leverage1:500
BonusesNone
Customer Support24/7

7. Oanda

When it comes to forex trading, Oanda has a solid reputation. The company offers 124 trading instruments which are complemented by corporate FX services, currency management solutions, and rate data for multinational corporations.

Oanda provides access to 71 currency pairs, 16 stock index CFDs, 23 metal CFDs, 8 commodity CFDs, Bitcoin CFDs, and 6 CFD bonds through its trading platform. 

In addition to MetaTrader 4, you can utilize Oanda’s proprietary desktop applications and other platforms. Additionally, developers work tirelessly to integrate new features.

Pros and Cons

Pros
User-friendly trading platformLow minimum depositLow trading fees
Cons
Lack of decent customer serviceHigh withdrawal feesLimited instruments for forex and CFDs

Features

FeatureInformation
RegulationFCA, RFED
Minimum deposit fromNone
Average spread from1.6 pips
Commissions from$0.01 USD per trade
Deposit/Withdrawal FeesNone
Maximum Leverage1:100
BonusesNone
Customer Support24/5