Best Forex Trading Platform Online in 2022

Forex trading, including exchanging one currency for another in the foreign exchange market, is not for the faint of heart or the inexperienced.

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There is no such thing as a risk-free investment, but forex trading is a fast-moving and highly leveraged investment that further sets the scale of risk. In other words, investors can lose money faster than their original investment. Of course, this also means that you can also make a profit at the same rate, which, in addition to liquidity, attracts investors to forex trading.

When choosing a forex broker, you need to consider trading platforms and tools, number of currency pairs offered, maximum leverage, customer service, and course costs. However, it is difficult to compare the cost of forex trading. Some brokers charge a fee, but many advertise that they don't, make money on bids and charge margin - the difference in price (bids) that brokers or dealers pay for currencies and the price or current currency (bid), which is being sold by the broker. The broker essentially transfers the commission to this spread, lengthens it and collects the excess.

This is just one of the reasons why finding the best forex brokers is difficult. On the other hand, there are different brokers. Many are unregulated or regulated outside of the United States. For the list of the best forex brokers, consider only those regulated by the National Futures Association and the Commodity Futures Trading Commission.

If you are aware of the risks but still ready to take the plunge, here are Nerd Wallet's top picks for the best forex brokers. (Would you like to dive instead? Stock trading might be faster for you; these are the best brokers for stock trading.)

Tip: All of these brokers offer free demo accounts so you can test the market with virtual dollars. Soak your toes in some play money before using itn cash.

5 Best online brokers for trading forex

1. TD Ameritrade

Commission: Spread markup Currency pairs: 70 Account minimum: $0

2. Interactive Brokers IBKR Pro

Commission: 0.08 - 0.2 basis points, depending on trade volume. Currency pairs: 100+ Account minimum: $0

3. Ally Invest

Commission: Spread markup Currency pairs: 80 Account minimum: $250

4. OANDA

Commission: Choice of spread markup or commission account. Commissions are $5 per 100,000 traded per side. Trade sizes under or over 100,000 are charged on a pro rata basis with a minimum of $0.01 per trade. Currency pairs: 70 Account minimum: $0

5. forex.com

Commission: Choice of spread markup or commission account. Commissions are $5 per 100,000 traded per side. Currency pairs: 80+ Account minimum: $100 Disclosure: The author held no positions in the aforementioned investments at the original time of publication.

How do we review brokers?

NerdWallet’s comprehensive review process evaluates and ranks the largest U.S. brokers by assets under management, along with emerging industry players. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across more than 20 factors. The final output produces star ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.