Trillions of currencies move around the world 24 hours a day, 5 days a week, making the foreign exchange (also known as foreign exchange or FX) market one of the most active in the world. Because brokers often allow traders to borrow heavily to fund their speculative activities, wealth can be created and lost quickly.
If you want to take part in this promotion, you need a broker that trades currencies, and many big names in stock trading simply don't offer this feature. Because the market is so diverse, you also need to evaluate a forex broker on a different basis than a stock broker.
Below are some of the top forex brokers, including some that allow clients to trade cryptocurrencies.
Here are the best online brokers for forex trading in 2022:
1. TD Ameritrade
2. oreign exchange network
3. investment allies
4. Interactive Brokers
5. IG
6. Robin Hood
Overview: Top Online Forex Brokers for October 2022
foreign exchange network
As the name suggests, Forex.com specializes in Forex trading (although it also trades metals and futures) and offers many attractive features. Clients can choose the pricing structure that works best for them: spreads or commissions, or the broker's STP Pro pricing, where prices are sourced from global banks and other institutions without additional markups.
Forex.com also provides traders with access to over 80 currency pairs, and its success with clients has led the broker to declare it the number one forex broker in the US based on the assets held by the broker.
Pricing: Spreads and commissions, depending on account type
Maximum leverage: up to 50:1
Currency selection: more than 80 currency pairs
TD Ameritrade
TD Ameritrade offers a range of tradable products and currencies that truly complement their portfolio. Forex traders can use thinkorswim, the broker's reputable trading platform, as well as some mobile apps.
The broker uses spread pricing and offers 50:1 leverage, which is the legal maximum allowed in the US. It offers over 70 currency pairs, so the choice is wide. TD Ameritrade also allows clients to trade Bitcoin futures, but you must be licensed to trade futures and priced to use the broker's futures program.
(Charles Schwab bought TD Ameritrade and will eventually integrate the two companies.)
Price: Distribution
Maximum leverage: 50:1 for major currencies; 20:1 for minors
Currency selection: 73 pairs
IG
IG is a more specialized Forex broker open to US investors. It is a powerful agent that still offers many features such as: B. A demo account that can help beginners. The broker offers a web platform, a mobile application and access to the MetaTrader4 and ProRealTime platforms.
IG allows spreads as low as 0.8 pips (a pip is one ten thousandth of a pip) and says its EUR/USD pair is 20% lower than the top two U.S. brokers. The broker also offers extensive charting capabilities on its platform.
Price: Distribution
Maximum leverage: up to 50:1
Currency selection: more than 80 currency pairs
investment allies
Ally Invest is known as a low-cost stockbroker (and for its exceptionally good options trading prices), but foreign exchange has really expanded its offerings. A great option for traders just starting out, Ally offers over 80 currency pairs and easy-to-use charting software, including a mobile app.
Ally also allows you to open a $50,000 practice account so you can learn how forex trading works even if you don't plan to actually trade. Given the difficulty of forex trading, this is an excellent resource for beginners to try.
Price: Distribution
Maximum leverage: up to 50:1
Currency selection: more than 80 currency pairs