COMPARE THE 2022
BEST FOREX BROKERS

Compare spreads, leverage, forex trading platforms, reviews and more

Why use Compare Forex Brokers before forex trading?

Successful trading of Forex with CFDs requires careful consideration with choosing a FX broker to ensure the right broker for your trading style. Compare Forex Brokers is a forex broker comparison website that reviews all the best forex brokers to help you decide on a broker.

Our forex broker reviews cover all the essential trading considerations including account types, spreads, trading commission costs, trading platforms (inc.Webtrader, mobile apps and social trading platforms), leverage, customer support, range of markets (i.e. cryptocurrencies, indices, stocks, ETFs) and available currency pairs such as EUR/USD. AUD/USD, EUR/USD and USD/JPY.

All brokers have different features, and it helps to understand these features and what they mean for you. We cover and explain these features as part of our review, for example, some brokers are market makers which means they are the counterparty to your trades. These brokers typically only offer a standard account type which means no commission trading. Other brokers follow a no-dealing desk model which means they connect you with liquidity pools to bring you tight spreads. Such a broker offers an STP or ECN trading model and charges a commission so spreads can be as low as 0.0 pips.

Another critical feature to consider is trading platforms. Popular trading platforms include MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader. We look for the best forex platform and both social forex trading and copy trading options. Alternatively, if your wish to automate your trading then you can find some good options on 6 Best Automated Trading Software

Australian Forex TradingAustralian Forex Brokers

Traders residing in Australia need to choose a CFD broker that is regulated by the Australian Securities and Investments Commission (ASIC). Compare Forex Brokers covers many of the leading brokers that hold an AFSL license such as Pepperstone, IC Markets, Eightcap, FP Markets, FXCM, Fusion Markets ThinkMarkets, AvaTrade, eToro and CMC Markets.

ASIC regulations are largely in line with those of regulators in the UK and Europe, for this reason, brokers regulated by ASIC are among the most trusted of all brokers. Leverage for major pairs is 30:1 and 20:1 for minor pairs when foreign exchange trading, accounts are kept segregated and all brokers must include a product disclosure statement document on their website.

You can find out about our best ASIC-regulated brokers on our best forex broker Australia comparison page.

UK Forex TradingUK Forex Brokers

If you are in the UK, then you need to use a broker regulated by the Financial Conduct Authority (FCA). You can learn more about some of the best FCA-regulated brokers on our best UK forex broker page. Popular FCA Regulated brokers include Pepperstone, IG Markets, CMC Markets, FXCM, FxPro, ThinkMarkets, XTB, Forex.com and City Index.

An alternative to CFD trading that is popular in the UK is Spread Betting. We cover the best spread betting brokers on our best spread betting brokers UK page.

Following Brexit, traders in mainland Europe can longer use brokers regulated by the FCA. If you are based in the European Union you will need to use a regulator with ESMA oversite. These include CySEC (Cyprus), BaFIN (Germany) and FINMA (Switzerland). You can find our best European brokers on our Best Forex Brokers In Europe page. Brokers of note include FP Markets, IC Markets, eToro, Pepperston, Saxo and XM.

Canadian Forex TradingCanadian Forex Brokers

Traders based in Canada should prioritise brokers regulated by the Investment Regulatory Organization of Canada (IIROC). IIROC regulations differ somewhat compared to ASIC and FCA and as a result, you will find IIROC-regulated brokers don’t offer as large a range of products and asset classes for trading. Leverage rules also differ. Online Brokers covered include Friedberg Direct Powered By AvaTrade Technology, Friedberg Direct Powered By FXCM Technology, Interactive Brokers, Forex.com and Oanda.

Our best forex broker Canada section compared the top 10 IIROC regulated brokers based on spreads, trading platforms and features.

Should you be based in Canada but not a resident then we also cover Forex Brokers Accepting Canadian Clients (but not regulated by IIROC). Brokers include Eightcap and TMGM.

US Forex TradingUS Forex Brokers

Forex trading with CFDs is not permitted by the National Futures Association (NFA) or the Commodities Futures Trading Commission (CFTC) which are the two major financial regulators for derivatives trading in the United States. However, spot trading of currency markets is permitted and is similar to CFD trading in that both are leveraged trading instruments and have similar platforms.

While the number of NFA and CFTC brokers is limited as the US regulators consider CFD trading to be of high risk nevertheless, we cover all the financial service providers you should know about. These brokers include Forex.com, Capital.com, Oanda, Interactive Brokers, IG Markets and TD Ameritrade. Our section of regulated forex brokers in the USA looks at some of the best brokers for trading in the United States.

If you are based in the US but are not a US resident then you can consider brokers outside the USA. Our Forex Brokers Accepting US Clients page covers some suitable options.

Forex Brokers Comparison Methodology Explained

Compare Forex Brokers was created by a team that has worked in the forex industry for several years. Our experienced team collects information based on different regulation standards and ECN brokers combined with their forex trading platforms, such as MetaTrader 4. Factors taken into consideration include brokerage (fees and spreads), charting facilities, project management tools, online trading environment and liquidity offered that can impact slippage. No scraping or automation is used to compare forex brokers to ensure the highest top forex broker comparisons are made. Feel free to let us know your thoughts about the forex market or our comparison tables!

It should be noted that some brokers are regulated in multiple regions. Choosing the regulated region for such global regions can impact trading such as FSA regulated brokers will offer higher leverage on retail investor accounts and the account interest rate. Protections can also be impacted when you trade forex such as negative balance protection.

Along with our top forex broker comparison tables, you can also get information on trading forex markets, trading strategies, CFDs, forex courses and currency trading strategies.

So whether you’re a beginner looking to trade currencies for the first time or an experienced forex trader, you have come to the right place!

Understanding The Risks Of Forex Trading

Currency trading is a leveraged product, which means that an FX broker can amplify your deposit by up to 500 (500:1) times in some regions. This leverage means there is a high risk of losing your money when financial markets become volatile. It is important to understand the risks and disclaimers involved and consider options such as demo accounts prior to trading real money.

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