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Recommended Forex Brokers - the best Forex brokers of 2022

I have traded with numerous brokers since 2011, below are the brokers I recommend and why...

Trustworthy brokers will meet the following criteria...

- Strong regulation (FCA, ASIC, NFA or CySEC)

- Not a full market maker (ECN or similar)

- Reliable trading platform

- Reasonable leverage


Read below to see my broker comparison and what you should look for when opening an account...

When choosing a Forex broker, there is a lot to consider - it's not as easy as just looking for a broker with tight spreads!


My notes below will help you compare Forex brokers and decide the right broker for you..

Broker Tip #1 - Choose a Broker with Strong Regulation

When choosing a Forex broker, having a broker that is well regulated is a top-priority. The most well-respected financial regulators include the FCA (UK), the ASIC (Australia) and the CFTC (US) or NFA (US). CySEC (Cyprus) is also a growing trustworthy financial regulator.

Regulation ensures that the broker has the funds necessary to protect your capital, that there is no conflict of interest and that services are professional and transparent.


I strongly suggest that you choose a Forex broker that is registered and regulated by at least one of the financial regulators mentioned. Doing so will help ensure that the broker is honest and trustworthy - most scam brokers are not regulated or are regulated by an exotic regulator that no one has heard of!

Broker Tip #2 - Choose the Right Type of Broker

There are many different types of Forex brokers... These include market makers, brokers with dealing desks, brokers without dealing desks, STP brokers and ECN brokers.  

There is no need to go into great detail about each of these types of brokers. All you need to know is that dealing desk brokers may not provide you with the best trading experience - you need to trade with a broker that has no dealing desk and ideally works through a STP or ECN model.

There is a lot of concern online about market maker brokers. But most (if not all) retail Forex brokers are - to some degree - market makers. To combat the risk of having a dishonest or manipulative market maker broker, choose a broker that is well regulated i.e. Follow Broker Tip #1.


If you are planning to take trading seriously and invest your own capital, then please follow my advice.

Broker Tip #3 - Don't Over-leverage your Brokerage Account

Nearly all retail Forex brokers offer at least 1:30 leverage.


Leverage is the amount of funds a broker will lend you to open trades with. Meaning that a 1:30 leverage entitles a trader to only fund 1/30 of a trade - the broker will fund the rest. This is also referred to as margin. High leverage enables traders to make big wins with little capital. It also enables large losses - more than your initial deposit!


I strongly suggest trading with a broker with around 1:30-1:50 leverage. If you are looking for a broker with high leverage, then you can have as high as 1:500 with IC Markets

Broker Tip #4 - You need a Reliable Trading Platform

Most Forex brokers offer MetaTrader 4 (MT4). This is a reliable and popular platform for trading Forex. cTrader and TradingView are other popular Forex trading platforms. 


From my experience, in-house trading platforms offered by brokers can often freeze and be unreliable. Try to find a broker that offers MT4, cTrader or TradingView. A broker that offers mobile, tablet and desktop trading is ideal. 

Broker Tip #5 - Trade with a Broker that offers Tight Spreads

Spread is the difference between actual market price and the price a broker is quoting for buying or selling. For example, GBPUSD could be trading at 1.4680, the broker quotes 1.4681 to buy and 1.4679 to sell. 


The spreads that brokers offer can have a major impact on your trading and trading results. The higher/wider the spread,  the more expensive it is going to be to enter and exit trades. Also, the wider the spread, the wider your stop-loss may need to be. 

Ideally, trade with a broker that has tight spreads. Also try to find a broker that keeps spread widening to a minimum, especially during economic news events and market close.

Beware of Forex brokers that promote commission-free trading. Generally these brokers increase their spreads to compensate their loss in not charging commissions. Often, commission-free brokers are brokers that trade against you i.e. Take the other side of your trades. This is not ideal and is frowned upon by many professional traders. These types of brokers are almost always full market maker brokers.

So, which brokers do I recommend?

The Forex brokers that I personally trade with are Darwinex and IC Markets. They offer...

- Sensible Leverage (high leverage optional, even if UK based)

- Strong regulation by multiple financial regulators

- The MetaTrader trading platform (mobile, tablet & desktop)

- Tight raw spreads & commissions

- A real trading experience


You can open FREE UNLIMITED demo accounts with IC Markets. Click here to open a free Forex trading demo account now.

I also trade with Darwinex. They also meet the criteria listed above and are based in the UK. Click here to open a demo account. 

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Other trustworthy and recommended brokers...

If none of the above recommendations suits you - perhaps you want to try spread betting, which neither of the above brokers offer - then please consider IG Markets or Pepperstone

Avoiding Forex Broker Scams - a Must Read!!!

Unfortunately, there are scam Forex brokers. These scammers will rob you of as much money as possible...

I have received countless messages and emails from people who have taken financial losses due to these scams. If my advice can help at least a few of you, my efforts will not have been in vain...

Top Tips for Avoiding Forex Scams - How to know if a Broker is Legit

Check the "brokers" website - most of the time, a scam broker will have a very unprofessional website. It may look dated, glitchy or contain spelling errors. Check their website against the websites of real Forex brokers such as IC Markets, Darwinex, IG and Oanda. Do you see a big difference? If you do, then your "broker" may not be a broker after all!

Regulation - any broker that is not well regulated should be avoided at all costs. The most trustworthy regulators are based in developed countries and include the FCA, ASIC, NFA and CySEC

Forex broker that trades on your behalf? - this should be the biggest warning sign. Brokers do not trade on behalf of clients... I repeat... BROKERS DO NOT TRADE ON BEHALF OF CLIENTS!

A common broker scam is to get you to "invest" your hard-earned cash and the broker will handle the rest. You will see fantastic "returns" but you will never see your deposit again or ever be allowed to withdraw your "returns". No real Forex broker trades on behalf of their clients, this just doesn't happen. 

Forex broker asking you to deposit? - some brokers do have a hard sales team, meaning that they will phone you and try to get you to deposit into an account, but this is less and less common in the industry. If a broker is nagging you to deposit, especially by calling you, then they could be a scam. 

My best advice is to trade with a real Forex broker. Use the links below...

What to do if you have lost money through a Forex scam...

If you have lost cash through a scam broker, there is very little you can do... You may be able to get the money back through your credit card lender - if you deposited via credit card - but that is about it... 

Let others know about the scam and learn a hard lesson. I wish I could suggest something more rewarding, but there is nothing else you can do... PLEASE, PLEASE be cautious and avoid these scams at all cost!

If you need a genuine Forex broker, then use the links below...

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