Top 10 Forex Brokers for Beginners in 2022

Choosing the best forex broker as a beginner can be challenging, as there are numerous options and accounts in the market.

As alluring as this may sound, before embarking on forex trading you should become well-versed in its basics and get some practice via a reliable forex broker. But what exactly is a forex broker and how can we identify the ones suitable for you?

Thankfully, by reading this comprehensive article, you will hopefully find which forex broker is best and will suit your experience as well as your forex trading needs.

Top 10 Forex Brokers in 2022

Based on our research and standards, here are the top 10 forex brokers in 2022: 

  1. Exness 
  2. XM 
  3. Hotforex 
  4. FXTM 
  5. Pepperstone 
  6. Natureforex 
  7. Think Market 
  8. SaxoBank 
  9. FxPro 
  10. ZFX

As a beginner, before starting forex trading, you need to find a suitable broker that meets your needs. Indeed, the quality of the broker will affect your profits and losses significantly.

But which standards should we use to judge and compare broker quality? After analysis, we concluded that the most important standards are reliability, trading costs, trading conditions, and customer support. We will cover these 4 components below.

Criteria for Choosing the Best Forex Broker 

Currency pairs are complex instruments, hence it is vital to choose a good broker to succeed in trading. As such, the best forex brokers tend to be those that focus on improving their trading conditions, by focusing on the following criteria as mentioned above: 

1. Reliability

  • Regulations
  • Past activities
  • Transparency

2. Cost of Trade

  • Spreads
  • Commissions
  • Benefits
  • Minimum deposits

3. Trading Conditions

  • Account types
  • Deposit/Withdrawal
  • Trading platform(s)
  • Bonus programs

4. Customer Service

  1. Availability
  2. Local offices
  3. Languages
  4. Education programs

How to Find the Best Forex Broker as a Beginner: Top Criteria

We now know which standards should guide your decision. But how do our 10 best forex brokers meet these standards? Continue reading to find out.

1. Regulation 

When you set foot into the forex market, you must know what the forex regulations are, in order to avoid fraudulent schemes. Regulations are in place to keep you safe, and large and reliable financial organizations are built to monitor this market. If brokers want to operate legally, they must meet the standards set by these organizations.

The main forex regulations emanate from countries with large markets, such as the United Kingdom, the USA, or Japan. These are hard to obtain, therefore, brokers who get licensed from these can be considered more reliable.

Below is a list of our top 10 brokers and their regulation bodies:

  • Exness: FCA (Financial Conduct Authority), CySEC (Cyprus Securities and Exchange Commission), FSA (Financial Services Authority) 
  • XM: ASIC (Australian Securities and Investments Commission), CySEC, IFSC 
  • Hotforex: FCA, DFSA, FSCA, FSA 
  • Pepperstone: FCA, ASIC, DFSA 
  • Think Market: FCA, ASIC, FSA 
  • FxPro: CySEC, FSCA, FCA, SCB (Siam Commercial Bank) 

How Many Regulations Are Enough? 

As you can see above, Exness is regulated by 3 bodies whereas there are 6 for SaxoBank. Does that mean SaxoBank is more reliable than Exness? Not necessarily. Regulatory organizations can only monitor brokerage operations in the organization’s country.

For example, American regulations have no impact on a broker’s operations in Asia. It is thus best to check which regulations apply to your country. 


Transparency means brokers make information readily available to their clients on their websites. This includes, for example, business records, commissions, spreads, and overnight fees… This should also be reflected in how brokers deal with their client’s money and how transparent they are about it.

For example, they should have a separate account dedicated to clients’ funds and should communicate about this on their site. All brokers under FCA regulations do this.

2. Trading Costs 

Making money from forex trading can be challenging, and on top of that you must pay the broker for their services. You will thus want to be attentive to trading fees, commissions and costs to optimise your profit. The cost of broker trading is a combination of several factors, as explained below. 

The Best Low Spread Broker 

Spreads are a key cost to look out for. This is the difference between the bid (buy) price and the ask (sell) price of a particular currency pair.

Let’s take the EUR/USD pair as an example. You buy EUR at 1.12345 USD and sell it at 1.12356. The difference here is 0.00011 USD, or in forex, 1.1 pips, because we take the fourth digit after the decimal to be the pip value.

Each broker will have specific spreads for each currency pair. The lower the spreads on the currency pairs you wish to trade, the better

For example, here are some brokers with the lowest spreads: 

  • XM: 0.8 pips 
  • Exness: 0.7 pips
  • ZFX: 0.2 pips

The Best Low Commission Broker 

When you trade with an ECN (Electronic Communications Networks) account, the spread is almost zero, which means the broker must charge another fee, known as a commission. This will be charged for every transaction you make through the broker platform. Here are some of the lowest forex commissions on the market:

  • Exness: $50 
  • FXTM: $40 
  • ZFX: No commission

The Best Forex Leverages 

Traders use leverage with the aim of increasing their profits. Indeed, when you use leverage, the broker will save a certain amount of money from your funds to prevent you from losing more than you paid. The margin will return to your account when the trade is completed.

However, keep in mind that leverage doubles your profits and losses. When you start losing money, a margin call will appear, and your trade is closed automatically. This said, if you have a good risk management plan, there is nothing wrong with using leverage.

These are a few brokers with the highest leverages: 

  • FBS: 1:3000 
  • FXTM: 1:1000 
  • 1: Unlimited

Low Minimum Deposit 

In order to start trading, you must enter the market with a minimum initial amount of money, known as the minimum deposit. The lower this deposit, the easier it is to get started, especially for beginners. 

Low Exchange Rates 

An overnight pay-out also referred to as a Rollover or Swap, is the amount of money you must pay in order to keep your position open overnight. It’s important to know about these fees because some traders get confused when their winning position suddenly becomes a loser in the morning. This is because the broker charges fees each time the US session closes.  

Scalpers and day traders won’t care about this fee, because they open and close all their positions on the same day. Long-term traders, on the other hand, need to choose a broker with a low exchange rate.

3. Terms of Trade

The Best Types of Forex Accounts 

Each broker should have several types of accounts traders of all levels, from beginners to experts. These include demo accounts, regular accounts, and ECN accounts. All 10 brokers from our list offer these accounts.

The Best ECN Brokers 

ECN accounts are ideal for experts and professional traders. Both trade a lot of money every day, so they need an account that high security, low slips, a great trading platform, and a fast payment system. A few of the best ECN brokers in the market are: 

  • Exness
  • ZFX

The Best Forex Brokers Should Have an Efficient Trading Platform 

MetaTrader4 (MT4) and MetaTrader5 (MT5) are the most popular trading platforms on the market. Thus, many brokers use these two platforms, and many forex traders are familiar with them.

MT4 and MT5 offer plenty of indicators and chart drawing tools that can help you achieve your best in forex trading. Here are the brokers who offer the MetaTrader platforms:

  • HotForex 
  • XM 
  • ZFX

Best Trading Platform: Self-Designed 

Some brokers design their own platforms instead. This allows them to can customize and create features as they wish. They can make them user-friendly, uniquely designed, and include exclusive tools and features. This is the case for these brokers, for example:

  • SaxoBank 
  • CMC Markets 
  • ZFX


The strength of a server is important for your successful trading, as this directly affects slippage. Slippages occur when you place a trade, but the platform processes it for so long that market price changes. The difference between the old and new prices is the slip.

Slippage can make you miss opportunities in trading. To avoid this, choose a broker with a strong server so that your orders are sent quickly.

The Best Forex Broker Should Have a Reliable Payment System 

Fast and unlimited payment systems are vital to receiving your profits quickly. A good payment system includes:

  • Fast deposit and withdrawal system 
  • High minimum production limit 
  • Low/zero deposit and withdrawal payments 
  • Local payment

The Best Forex Bonuses 

Bonuses are incredibly attractive for traders. You can use bonuses/rebates to reduce your trading costs or to test the broker for free.

Here are 3 brokers who offer good forex bonuses:

  • XM 
  • HotForex 
  • FBS

4. Customer Service

Customer service is important, especially for beginners because they may need extra support at the start. Indeed, the forex trading market is such a vast and complicated place that new traders sometimes find themselves lost. Thus, make sure your broker offers support in your language and in the form that best suits you (live chat, email…).


Each broker has its target country and will open offices in those countries. If this includes your own country, this will be positive because they will be able to support you more quickly.

The Best Forex Contests 

Forex brokers sometimes hold trading contests with prizes to attract new traders. This can in fact be a great method to test forex brokers for free. The ideal forex contest should be open to everyone and open for a substantial period.

The Best Forex Brokers for Beginners 

Beginner traders have different needs from experienced traders. Beginners tend to trade with less money because they are still inexperienced and may be wary of making mistakes. That is why they need brokers that have very low spreads, low price ranges, and great support.  

Here is our list of the best forex brokers for beginners:

  • ZFX is for us the best broker choice for beginners with their easy deposit/withdrawal system, low minimum deposit, and no inactivity fees.  
  • Exness is also a good starting forex broker. Their accounts have very low spreads for major currency pairs. What is more, they offer 24/7 support in multiple languages. 
  • XM is also a beginner-friendly option. Indeed, they offer low prices and reactive customer support. Also, they often hold educational seminars to teach businesspeople in many countries.

Universal Standards for the Best Forex Brokers 

Here are universal standards that help identify a reliable broker for you:

  • The broker is supervised by a legitimate financial organization, if possible, in your country.
  • It is affordable – avoid brokers with wide spreads. 
  • It offers MT4 and/or MT5 platforms. Both are popular and safe, and it is easy to get instructions online because of how used they are. 
  • It offers support for you in your native language, as well as through a means you like. 
  • They have educational resources (trading articles, seminars, tutorials…). 

Benefits of Trading with a Reliable Forex Broker

By choosing a reliable forex broker from our top 10, you will enjoy many benefits.

Less Risky Investments 

The biggest benefit to choosing a reliable broker is undoubtedly more peace of mind since you have the assurance your funds are kept safe. Indeed, when you trade with a reliable forex broker, your money will be placed in a segregated account from the broker’s funds. In addition, your broker will make sure all deposits and transactions are carried out using safe payment methods and processes. Thus, the risk of losing funds is reduced.

A Higher Quality Trading Platform 

A good platform is a key to trading success. For scalpers who mostly trade when there is large volatility, they need a trading platform with extremely low spreads and great execution speed. As for swing traders whose trading hours are longer, they need a platform that has low exchange rates. Whatever your strategy, you want to opt for a platform that you find efficient and easy to navigate.

How to Avoid Scam Brokers

Forex is unfortunately the target of many scams. Fraudulent websites take advantage of how popular this market is, and how vulnerable new traders can be. It can thus be difficult to know which platforms to trust

  • A good method to avoid scammers is by joining online forums or groups on social networks. These are plentiful and will help you get valuable feedback from fellow traders.
  • You can also read through online reviews from unbiased websites and customer feedback. These can help identify red flags, especially if the same complaints seem to be coming up from multiple clients.
  • Doing price comparisons for spreads, commissions and other costs will help you get clarity about the market. It will also help you gauge what a “normal” range is, in order to avoid fraudulent websites which overly charge uninformed beginners.
  • Finally, keep in mind that any offers that sound too good to be true often are. Avoid any platform promising a certain success rate (for example, “90% success guaranteed”) or a certain amount of money (“earn $200 per month with our trading algorithm”).

What is a Forex Broker?

Why do you even need a forex broker to trade forex? The reason for this is that you cannot trade on the forex market directly. Instead, you will need to resort to an intermediary. This is where forex brokers come into play: they are directly involved and act as these forex intermediaries for their clients. In order to do so, they supply access to electronic platforms that allow traders to buy and sell currencies.

What is Forex?

The foreign exchange market, also known as forex, is the largest financial market in the world with an average daily value traded of $ 3.8 trillion. In this market, currencies such as Euro, USD, and GBP for example are exchanged to and from banks, companies, and private individuals. 

The forex market is not only a place to exchange currencies but also a source of income for an increasing number of traders. Indeed, you can now interact with the forex market 24 hours a day, 5 days a week, from home or the office.

Conclusion: How to Choose a Broker as a Beginner? 

To conclude, there is no single best broker for beginners. Indeed, the one right for you depends on a variety of factors. These include the availability of the brokers in your residing country, how much they charge, and how much you know about trading and investing in forex, to begin with.

However, overall, we would favour these three brokers for beginners:

  1. ZFX 
  2. Exness 
  3. XM

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