Find the best forex broker comparison in 2022. With our deep research, we found the best forex broker like FP Markets, FX Pro, FXChoice, IC Markets, XM and Pepperstone on our forex broker comparison list based on lowest spreads, no deposit and withdrawal fees, trading platforms, fast execution, and high-quality customer support. Start your trading now with the best forex broker.

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Forex Broker Comparison Brokerage

 

FP Markets: They Have Over 13,000+ Trading Instruments

Welcome to our FP Markets review on our best forex broker comparison 2022, where we talk about one of the biggest brokers in the world. Based in Australia and allowing international clients to participate, the broker uses ECN pricing and Direct Market Access to CFDs. This results an attraction to the traders and makes FP Markets on the top of our forex broker comparison list.

With their selection, it is easy to see why people would prefer to use FP Markets real accounts and their efficient methods of trading and blazing fast execution speeds.

FP Markets is the best platform for forex trading when it comes to the variety of what they offer:

• High leverage of up to 500:1
• Near-instant execution
• Hosts popular forex platforms
• Free demo account available
• A variety of CFD instruments

The Range of Markets Offered

FP Markets offers access to over 13,000 trading instruments which make FP Markets one of the best forex brokers that you can find on our forex broker comparison. Some of the products and markets FP Markets offers that include:

FP Markets allows the trading of shares using metaTrader 4, metaTrader 5 and IRESS. When using MT4, you will have access to 20 stocks. You will also get ECN prices on these. The fees are in the spreads and eliminate commissions.

IRESS offers more stocks, numbering in the thousands for trading using Direct Market Access and fast executions, with commissions at 0.08% per side.

• Forex Trading and International Futures CFDs

The broker has over 50 currency pairs that include all major pairs like EUR/USD, AUD/USD, and GBP/USD with a starting of 0.0 pips that is why FP Markets on our best forex broker comparison list. All these can be traded using FP Markets’ MT4 and MT5 or any platform available.

Our best forex broker comparison where we compared FP Markets with other 5 popular brokers in the market. With the FP Markets you will access CFE, CME, CBT, and NYM. When you are trading these and other CFDs, you will have three account types to choose from.

The details for the accounts are:

STANDARD

You will need a minimum opening balance of $1,000. The Brokerage rate is $10 min, then 0.1%, and Financing at FP Markets Base rate of +4.0%.

PLATINUM

This account type requires a minimum opening balance- $25,000, and the brokerage rate is $9 min, then 0.09%. Financing for FP Markets Base rate is at +3.5%. This account is voted as one of the best trading account on our forex broker comparison.

PREMIER

Considered the best option in most of our forex broker reviews, it has a minimum opening balance of $50,000 and a brokerage rate of No minutes, then 0.08% and a Financing FP Markets Base rate of + 3.0%. As usual, be careful when dealing with CFDs because of how volatile things can get. This account is considered as top in our forex broker comparison.

The index options you will get here are some of the best brokers compared in our forex brokers comparison list regulated by ASIC. Markets you can trade here include the FTSE 100, Dow Jones, NASDAQ, and the Sydney Futures Exchange.

When you are a trader who wants to use the Index CFDs and open positions on the whole market instead of an individual stock, FP Markets is one of your best forex brokers to consider. In our forex broker comparison with most forex brokers who focus on just trading, FP Markets’ range of markets and services make it one of the leaders among the many top forex brokers we have in the market today.

Maximum Leverage Offered

FxPro: Best For Brokers Who Want Many Choices in Trading CFD and Forex Markets

When it comes to reputation and trustworthiness, FxPro scores quite high in the UK. The company was founded in 2006 in the U.K. and has executed more than 250,000,000 orders. In 2017, they were voted the most trusted forex brand in the U.K. and in our forex broker comparison list.

At the moment, they operate in 173 countries and have more than 870,000 client accounts and €100 million of Tier 1 capital.

Some of their unique features include an algorithmic trading center that works well with cTrader. With this, you can create your trading strategies and custom indicators. They also have a virtual private server (VPS), that allows the clients to upload and run MT4 Expert Advisors and algorithm robots 24/7 without having to keep the trading terminal active.

As for the choices you get when you use their services, you will find that they offer;

• Over 70 currency pairs
• More than 150 unique equity shares
• Futures (an unusual move for a forex broker company)
• Stock indices
• Commodities

Trading Platforms + Tools

They will give you all this and also offer you both CFD and spread. With the spread, you can get tax advantages as a U.K. citizen. In our IC Markets review, we found their spreads to be comparable to ECN.

Not only do they have all these great options, but their customer service is also excellent. The support is multilingual, available 24/5. The live phone support system works well with a toll-free number in the U.K., France, UAE, Germany, and Russia.

Because of the range of forex pairs and the opportunity to trade equity indices, commodities, and futures, FxPro is head and shoulders above IC Markets, in this respect.

Spreads

FXChoice: Forex, Crypto, Indices, and Commodity Broker

Founded in 2010, FXChoice is a global trading platform that offers multiple trading markets with flexible spreads and low commissions. It is regulated by FSC Belize. By opening an account with FXChoice, you can trade forex, indices, cryptocurrencies, CFDs, and Commodities.

FXChoice Account Types

FXChoice offers two types of accounts, classic and pro. However both of these accounts are similar, but their pricing mechanism is slightly similar. Between the two, the classic account is beginners friendly. Additionally, FXChoice allows you to open up to 5 live accounts. Therefore, you can easily test both classic and pro accounts. As a result, you can pick the desired one according to your requirements.

Similarities of two accounts: minimum deposit $100, maximum leverage 1:200, available instruments 50+, MetaTrader 4 and MetaTrader 5 Trading Platform, Market maker, and NDD.

Differences between classic and pro accounts: the minimum order for a classic account starts from 0.5 pips while 0.01 lots for a pro account. Spreads for the classic account start from 0.5 pips, while it is 0.0 pips for a pro account. The classic account has no commission, and the pro account charges $3.5 per side of $100,000.

FXChoice Markets

FXChoice offer forex, crypto, indices, commodities, and share. Let’s see a brief about the market instruments.

Forex: The broker has 36 forex pairs for all types of traders across all account types. You can trade all major currencies along with the minors.

Crypto: FXChoice offers bitcoin, Litecoin, and Ethereum as the crypto CFDs. You can trade and of these cryptos against the USD.

Indices: Usually, the index CFDs help the trader ease the risk throughout the market. They offer 6 top indexes from around the world. You can use traders from DE30INDEX, JAPANINDEX, US30INDEX, US500INDEX, USTECHINDEX, and UK100INDEX.

Commodities: FXChoice commodities offer metal and energy CFDs. So, you can trade gold and crude oil using the FXChoie trading account.

Shares: Trading shares with FXChoice offers several benefits for traders. You can trade the top share CFDs, buy or sell with the $100 minimum deposit. Will all these benefits, you can trade 55 share CFDs.

Services

FXChoice offers a diversified trading service to its traders, including MQL5 signals, Myfxbook’s AutoTrade, Expert Advisors (EAs), ZuluTrade CopyTrading, and VPS.

The MQL5 signal service can make anyone an experienced trader. Hence, a newbie trader can easily make a profit using the signals. Further, this service is perfectly fine for busy traders who don’t have enough time to analyze the market and make a prompt trading decisions. So, MQL5 comes in handy in such cases.

Aside from the trading signals, you can also do automatic trading using Myfxbook’s AutoTrade features. This can help you to follow top traders and copy their trading automatically. Hence, you can easily make a profit using the winner’s strategy by simply copying them.

Also, you will get Expert Advisors (EAs) in your account. EAs help to run through the MT4 trading platform and make the trading automatic.

In addition to that, FXChoice also comes with a VPS service. It is a virtual location with a stable internet connection. So that your trading doesn’t face any backlogs, your home internet connection may go off anytime or can be weak. As a result, you may lose your trade. So, the virtual private network keeps you online 24/7 and conducts trading as per your input.

Platforms

FXChocie offers both MetaTrader 4 and MetaTrader 5 platforms for all users. You can use these platforms on your computer, web, or even on your mobile phone. However, there are some differences between these two platforms. For example, MT4 pending order types are 4, while it is 6 for MT5. MetaTrader 4 offers 30 technical indicators, and MetaTrader 5 offers 38 technical indicators.

IC Markets: True ECN Broker| The Lowest EUR/USD Spreads

IC Markets Brokers have a raw Spread account that is known as the True ECN Broker. The costs are meager. The EUR/USD spreads start from 0.0 pips. With $3.50 commission per lot and no deposit/withdrawal/inactivity fees, this account is one of the most popular account on our forex broker comparison offered by brokers in the forex market.

IC Markets webtrader allows you to trade without downloading the app, on a browser. You can start with the IC Markets demo account to test things out. However, when you look at the rates for IC Markets, you find that they are higher than most of the competitors.

You will get several cost benefits when you trade with IC Markets MT4. They include:

• Low commissions
• Very minimal additional trading costs
• ECN broker spreads

ECN Pricing – IC Markets

A quick look at the three forex accounts offered by IC Markets with cTrader and true ECN (known as Raw Spread), you find that they have the lowest spreads. About 62% of the time, IC Markets reviews had 0.0 pips on the EUR/USD raw spread trading account.

With the IC Markets spreads like this, we consider this an ECN account with STP. A look at ECN brokers tells you that they connect you as the client directly to the liquidity pools where you automatically can find the best spreads possible that are not manipulated by the middle men.

ICMarkets MT4 can be used to access the liquidity pools and be able to deal directly with the people who provide liquidity. ICMarkets does not have a dealing desk in this respect and that means they do not requote prices to you.

You will have the opportunity to buy or sell at the exact prices that the liquidity providers give.

An Analysis of Fees

An analysis of other fees for the CFD broker reveals the following things about IC Markets on our forex broker comparison;

1.Deposit Fees

With ICMarkets, you will not have to pay additional charges to make deposits. You can pay using the following methods:

• Skrill
• Bpay
• FasaPay
• PayPal
• Skrill
• Wire transfer

International transfers have a fee of AUD 20, charged and not IC Markets. Depending on the method you use, the deposit may take time to reflect or be instant. The ic markets minimum deposit amount is $200.

2. Withdrawal Fees

Just like deposits, there are no withdrawal fees except for international transfer that will charge AUD 20.

3. Inactivity Fees

IC Markets does not have a penalty for inactivity when an account is not used for a continuous period.

4. Rollover Fees

These fees are standard and are charged by all CFD brokers. They apply when a position is kept open for the next trading day. The costs change regularly. On Wednesday nights, the charge to hold a pair triples.

IC Markets MAM

Aside from great features like ICMarkets MT4, there are many other things this company offers the users. You will be able to get access to something that they call MAM (Multi Account Manager.) As a trader, you will be able to get all the flexible allocation methods and real-time reports of the performance and commissions you may have to pay.

The interface provided by IC Markets here is amazing. You will be able to connect directly with the ICMarkets MT4 server. With this kind of access, you will be able to access the Expert Advisors and increase the functionality of ICMarkets MT4.

IC Markets’ cTrader

Using this cTrader, you will be able to access 60 pairs, including gold and silver. As an active trader using IC Markets’ cTrader, you will be able to utilize the prices that comes from all over the world. cTrader is on the unique account type offered by IC Markets compare with others brokers in our forex broker comparison list.

Day traders and scalpers will have a much easier time using the ECN platform provided by IC Markets broker.

Not only will you have access to all these pairs, you can also trade in commodities that include Brent crude and WTI oil CFDs and even natural gas. The world truly opens up when you decide to go with IC Markets as your primary broker.

With just a minimum deposit of $200, you can open ICMarkets MT4 and true ECN accounts. With cTrader, you will be required to have a minimum of $200.

XM: Low Trading Fees, Average Non-Trading Fees, Low CFD Fees

If you are looking for a combination of low trading fees and a MetaTrader platform, you will love XM. In our XM review, we look into the way that they provide their service and whether or not the claim of low trading fees and low CFD fees is all they say it is. We put XM on the test on our forex broker comparison.

Of all CFD providers who have a high percentage of clients that lose money when trading CFDs, the number goes above 70%. In our forex broker comparison, we find that at XM, only about 75.59% of the traders who use the broker, lose money. It may seem like this percentage might not make a difference, but you’d be surprised.

When compared to the other brokers in forex broker comparison list, the XM fees ensure that the broker can compete with other brokers on their level. It is also very good for them that they are regulated by more than just one body.

From your free forex education, you will remember that regulation is an excellent sign.

Some of the regulators of XM include; Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), XM Global Limited is regulated by the Financial Services Commission (FSC) and Trading Point MENA Limited is regulated by the Dubai Financial Services Authority (DFSA). Cleary XM is one of the most trusted and regulated forex brokers on our forex broker comparison list.

Platform

The XM Account Types Differences

Depending on the things you want a company you work with to have, there is something for everyone here, and you will only have to look at what they offer and then pick what works for you and scale your way up from there. Our forex reviews will show you the way.

The XM trading fees are more favorable because of the way that the accounts are priced and arranged. XM provides four accounts that include:

• The Standard account
• The micro account
• The XM zero account
• XM Ultra Low account

Note: XM Ultra Low and XM Zero accounts are not available to all entities of the Group.

The standard and micro-accounts have higher spreads. However, the zero accounts have lower spreads, but with a commission. It is all about which one of these works best for you.

The Fees Charged at XM

The fees charged by XM are only marginally lower. The forex fees are average when compared to most brokers on our forex broker comparison list. However, margins count for a lot when you are a forex trader.

XM charges real stock fees that are dependent on the conditions of the stock market in real-time. As a trader, you will have to look into that to see if it works for you.

The XM Minimum deposit is one of the lowest in the world at a mere $5. Where most brokers have MetaTrader 4 alone, XM has both MT4 and MT5.

When you use this broker, you will not be charged any deposit or withdrawal fees. The exception is when you want to do international bank transfers for amounts below $200.

Research Tools

Markets and Instruments

Pepperstone: Best for Competitive FX Spreads

Pepperstone forex broker has been in business since 2010. The company is registered with the Australian Securities and Investments Commission (ASIC) in Australia, Financial Conduct Authority (FCA) in the UK, and the Dubai Financial Services Authority (DFSA) in the UAE.

The company has a solid reputation and is considered one of the most reliable brokers out there. This is thanks to a number of factors, including a strong financial foundation, comprehensive trading services, and experienced staff.

Pepperstone Markets

The broker offers different types of market segments, including 60+ FX pairs, more than 12 commodities, 16 index CFDs, 5 cryptocurrency CFDs, more than 60 share CFDs, and 3 currency index CFDs. It has a variety of tools and resources to help clients make informed decisions while trading in these market segments.

All these instruments can be traded on all account types. However, the cryptocurrency fees are fixed by the broker. If the Pepperstone traders trade using MetaTrader 5, they can easily trade US share CFDs, and traders can pick from more than 60 US stocks.

Spread, Commissions, and Swaps

Pepperstone has collaborated with numerous liquidity providers who are from Tier 1 Banks as well as financial institutions. These provide a competitive quote for multiple instruments. The spreads start from as low as zero.

However, Pepperstone doesn’t charge commission for all account types. They only charge commissions on Razor accounts for trading forex and shares. While the MT4/MT5 Razon account’s commissions are variable, the cTrader and TradingView’s commissions are a round trip for $6.

The company has different swap rates for different instruments. When you hold a currency overnight, a swap rate is imposed. Swap rates are variable and released weekly and calculated depending on the risk management as well as market condition.

Risk Management

Pepperstone Funding and Withdrawal Methods

The broker provides clients with their own secured area on the website where they can access their deposits and withdrawals securely. They accept different payment methods, including Mastercard, Visa, Bank transfer, PayPal, Skrill, Union Pay, Neteller, POLi, BPay, and more.

Usually, the broker takes the withdrawal form after 9 PM (GMT) and starts processing this on the following day. And according to the Australian time zone, if you send the withdrawal request by 7 AM AEST time, you will get the fund the same day. However, you can make the deposit within 24 hours, and most of the time, funds will be available immediately.

Pepperstone Platforms

You can have the freedom to trade from anywhere using their different platforms. They offer MetaTrader 4, MetaTrader 5, CTrader, TradingView, Capitilise.ai, and social trading. All of these platforms are available on Windows, MAC, Android, iOS, and Tablets. That said, you can trade from any device you want.

You can integrate TradingView with cTrader and get a powerful charting tool directly from the Pepperstone trading account. On top of that, you can access the industry-leading smart charting tech and connect with the forex traders’ social network while also getting access to the news and economic calendar.

Further, the MetaTrader 4 gives you the opportunity to customize your trading. You can even build your very own expert advisor and run yourself using the MQL4 from MetaQuotes. Also, the MT4 helps you to find the high profitability trades using the autochartist. And you can easily get access to 28 advanced indicators and EAs using Pepperstone’s smart trader tools.

The MetaTrader 5 for Pepperstone is more powerful than MetaTrader 4, which allows you to go long or even short for the share CFDs. On top of that, it is built on the MQL5 language, which gives the opportunity to code and use it easily. Also, the processing speed is much faster, while you can also use inbuilt indicators. And of course, you can do the advanced level customization according to your requirements.

The best thing about Pepperstone is that you can have the cTrader too. It can help you control order fills and slippage with more advanced cTrader features. Other features cTrader offers for Pepperstone users are FIX API and coding ability in C# to automate your trading.

How We Made Our Comparisons

We created forex broker comparison list by looking at all the suitable broker that we could find with credible credentials and good records. To create this table took several months, several experts, and a mountain of data. By comparing the online brokers regulated by ASIC, FCA, CySEC, and other regulatory bodies.

With comparisons, we were able to tell what each one of them had to offer. We could also know what the edge was, for all of them. We looked at the fees like rollover rates, CFDs fees, and other essential things, including commissions.

Our mission here was to make a forex broker comparison of some of the top brokers who are suitable for all kinds of traders (beginners, intermediate and experts alike).

We focused on the following main points to make sure that the comparison was as fair and accurate it could be:

1. Regulation
2. Instruments available
3. Trading platforms
4. Leverage
5. Tools that enhance the trading experience

With only a few weeks to look through, we eliminated the ones that had glaring problems like not being regulated by ASIC or other top regulations. After that, it was easy to know what to focus on and what to leave out. In the mid-level range of brokers, these are the ones that stand out in almost all the essential aspects.

To get an accurate picture of the customer support, we not only looked at the review of traders who use the platforms, but we also looked at data provided by the following regulatory bodies just to be sure:

• Australian Securities And Investment Commission (Australia)
• Conduct Authority (U.K.)
• Sector Conduct Authority (South Africa)
• CySEC (Cyprus)

All the information provided here is accurate at the time of compiling this comparison table and review.

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