EditorEditor: Alison HeyerdahlUpdated: Sep 25, 2023
AuthorAuthor: Chris Cammack

Last Updated On Sep 25, 2023

Chris Cammack

Forex Awards 2022

Each year FxScouts India and our sister sites in the FxScouts Group evaluate the world’s favourite Forex and CFD brokers.  We have worked with some of these companies for over a decade, and as 2022 comes to a close, we want to award the best of them for their accomplishments this year. Our independent and unbiased review process is the only basis for these awards.

We would like to congratulate each of these brokers; and also extend our congratulations to their hard-working and dedicated staff, who are the backbone of their success. 


Pepperstone – Global Forex Broker of the Year

One of the most respected brokers in the world, Pepperstone wins our award for Global Forex Broker of the Year for its ongoing commitment to providing traders with low costs and the widest platform choice available. Pepperstone has no required minimum deposit and some of the lowest costs in the industry, and it has let traders choose between the MT4, MT5 and cTrader platforms for many years. This year, Pepperstone’s platform capacity has increased even further with the addition of TradingView integration for cTrader and Capitalise.ai’s MT4 plugin.

All platforms feature Pepperstone’s ultra-fast, low-cost market execution, with most orders executed in less than 30 milliseconds. With tight spreads on two simple accounts, deep liquidity, and discounts for high-volume traders, Pepperstone is our favourite Forex broker for good reason. 

Read our full Pepperstone review here.


HFM – Best Trading Account for Beginners

While traders have the choice of five account types at HFM, our winner of the best Trading Account for Beginners is the HFM Micro Account. With tight spreads, leverage of up to 1000:1, and minimum deposits starting at 5 USD, the Micro Account is the best account for new Forex traders. Traders can access HFM’s full range of instruments, including Forex, cryptocurrencies, metals, energies, indices, shares, commodities, bonds, and ETFs and spreads are very competitive, starting at 1 pip on the EUR/USD.

Beginners will also appreciate HFM’s award-winning customer support, available 24/5 in over 27 languages. HFM also provides a world-class repository of educational and market analysis materials, including articles, video tutorials, and frequent webinars on current events, advanced trading strategies, and chart analysis.

Read our full HFM review here.


IG – Best Trading Conditions

Founded in 1974, IG has established itself as one of the foremost brokerages in the world. Trading conditions at IG are unparalleled in the industry. The sheer volume of tradable instruments available is staggering. Not only does IG offer one of the widest selections of shares to trade in the industry – over 17,000 and rising – but it also offers some unique features such as weekend trading on major pairs and innovative CFDs such as Sectors and the Crypto Index. Trading costs are low, with IG’s standard CFD account featuring commission-free spreads as low as 0.75 pips on the EUR/USD.

IG’s trading conditions are further enhanced by its great range of trading tools, with trading signals from both Autochartist and PIAfirst available in its own awarding-winning, web-based trading platform and the ProRealTime advanced charting package. Finally, with an API and DMA accounts for experienced traders and MT4 support for devotees, IG ensures that all types of traders are catered for.

Read our full IG review here.


AvaTrade – Best Customer Service

AvaTrade is one of the best, largest, and most reputable brokers in the world, and for a good reason. It offers a wide range of trading platforms, including its award-winning mobile trading app, AvatradeGO. It also offers world-class customer service alongside excellent analytical and education sections.

AvaTrade’s customer support is available 24/5 for CFD trading and 24/7 for cryptocurrency trading. And while 24/7 customer service isn’t unique, we have found that the quality and responsiveness of AvaTrade’s customer service, even over the weekends, is head and shoulders above its competitors. In addition, support is available in various languages via local telephone numbers, email, and live chat in many countries around the world.

Read our full AvaTrade review here.


IC Markets – Best Trading Tools

An excellent all-around broker, IC Markets was founded in 2007 and is well-known for its low trading costs, choice of trading platforms, and wide range of trading tools. IC Markets is one of the few Forex brokers to support all three major trading platforms, including MetaTrader4, MetaTrader5, and cTrader, and offers numerous trading tools for each, including VPS services, managed accounts, Autochartist, Trading Central, and various copy trading services.

While it’s easy to find a broker with some of these tools, finding a single broker with all of them as well as all three major platforms and low trading costs is almost impossible. Once you add the integrated tools, IC Markets makes available on cTrader and the Metatrader platforms, IC Markets is plainly unbeatable for traders looking for the widest range of technical options. We were also very impressed with IC Market’s approach to education; with a full library of course material, independent market analysis, and webinars, IC Markets offers new traders a comprehensive education.

Read our full IC Markets review here.


XM – Best Education and Market Research

A well-regulated market maker broker, XM offers trading on over 1000 instruments, including over 57 Forex pairs. XM also provides some of the best educational and market analysis materials in the industry. XM’s education section is comprised of various sections, including live education available Monday to Friday, daily Q&A sessions, educational videos, Forex webinars presented by highly skilled experts in 19 languages, platform tutorials, and Forex seminars. We have always found XM’s education and analysis to be of the highest quality, and traders taking advantage of this wealth of material will be well-equipped to get their trading careers underway. 

Once fully educated, traders will appreciate XM’s broad range of assets, including Forex, stocks, commodities, equities, precious metals, energies, and shares.  Traders can choose between four live accounts on both the MT4 and MT5 platforms.  XM boasts a strict no requotes and no rejections policy, and 99.53% of all trading orders are executed in less than one second. 

Read our full XM review here.


Skilling – Best Forex Trading Innovation

Founded in 2016, Skilling is a CFD broker with low trading costs on Forex, crypto, indices, commodities, and equities. Alongside industry stalwart MT4, Skilling supports both cTrader and its own trading platform, which integrates directly with cTrader.This innovative approach continues with the Skilling Trader app. Available on both Android and iOS devices, the Skilling Trader app is well-designed and includes a Trading Assistant that walks you through the app. It also has a huge range of technical indicators and charts in multiple time frames. We loved how easy it was to execute orders, and all of Skilling’s educational materials and market news are available on the app.

Read our full Skilling review here.

Forex Awards 2020

Each year FxScouts India and our sister brands FxScouts and Fx-Australia evaluate the best brokers in the world.  We have worked with some of these brands for over 10 years, and as 2020 comes to a close, we feel it appropriate to award some of them for their accomplishments this year. 

Our review process and editorial policy guide the way we review brokers for our State of the Forex Market report.  Our research alone, without bias, is how we create these awards. Congratulations to each of these brands for the hard work and dedication from their staff to be crowned as one of the best of 2020.


AvaTrade – Global Forex Broker of the Year

AvaTrade has consistently delivered for clients in 2020 by offering trading conditions and platforms options on a wide range of assets. Fitting for newcomers and veterans of CFD trading, AvaTrade has strength in regulation from leading global authorities and offers reliable customer support. Read our full AvaTrade review here.


Khwezi Trade – Best FX Broker: Africa

This shining star of local African brokers, Khwezi Trade stands out as our leading broker on the continent for 2020. Headquartered in Cape Town, this FSCA regulated broker receives clients with an exceptional level of customer support and onboarding. The overall trading experience for beginners and experienced traders alike is equally outstanding and is only enhanced by Khwezi Trade’s fast withdrawal process. Read our full Khwezi Trade review here.


FP Markets – Best FX Broker: Australia

FP Markets has a long history of being at the forefront of Australian brokers. With a comprehensive selection of advanced trading platforms, top-tier liquidity, competitive trading conditions, and exceptional customer service, FP Markets wins our Best FX Broker Australia award for 2020. Read our full FP Markets review here.


CMC Markets – Best Forex CFD Provider

Leading the market with a wide range of CFDs and regulation from 3 tier 1 regulators, CMC Markets is our #1 CFD broker for 2020. CMC Market’s competitive trading conditions and platform offering, combined with its comprehensive education and customer support for beginner traders, sets them apart from other leading brokers in the field. Read our full CMC Markets review here.

Best Forex ECN Broker

Axi – Best Forex ECN Broker

With competitive pricing on raw spreads, high liquidity, and fast execution Axi is our best ECN broker of 2020. Other highlights include a detailed and well-structured course for beginners and leading market analysis for all clients. Axi combines leading ECN trading conditions on the pro account with world-class regulatory oversight. Read our full Axi review here.

HotForex – Best Forex STP Broker

Dedicated to the security of client funds and full transparency in trade execution, HotForex wins the best STP Forex broker of 2020. As an STP broker regulated by multiple major international organisations including the FCA, CySEC and the FSCA, HotForex has built a reputation among traders for achieving a stable, fair, secure and transparent trading environment for both the beginner and expert level trader.  Read our full HotForex review here.


MarketsX – Best Trading Platform

Marketsx is a new brand and platform from Markets.com, a well-regulated broker with high-security standards. The Marketx trading platform is packed full of features and trading tools and is optimised for lightning execution. As well as in-depth charting and asset comparison tools, Marketsx also gives traders a wealth of decision-supporting data with sentiment tools, tutorials, and regular live-streamed, expert analysis.

Feature-rich and very easy to use for new traders, Marketsx wins the award for best trading platform for 2020.  Read our full Marketsx review here


Tickmill – Best Trading Conditions

Tickmill’s dedication to reducing trading costs and fast STP market executed trades in the absence of any dealing desk interference is apparent.

With an average execution speed around 0.20 seconds, a minimum trade size of 0.01, low commissions, and a variety of accounts for beginners, intermediates and professionals, Tickmill wins our overall award for the best trading conditions for 2020.  Read our full Tickmill review here.


Exness – Best Trading Account

Over recent years Exness has gained wide international popularity, which we attribute to the quality of the trading accounts. The Exness Standard Account wins best trading account of 2020 for its appeal to all traders – tight spreads, unlimited open positions and a low minimum deposit needed to trade currency pairs, metals, cryptoсurrencies, energies and indices CFDs. Read our full Exness review here.


XM Group – Best Islamic Forex Account

Islamic accounts are notoriously difficult to open. However, XM Group stands out in this category for its commitment to creating an easily accessible swap-free account that does not expire, with no spread widening, no commissions and hidden fees.

For a truly 100% Shariah Compliant account, made easily accessible to traders of the Islamic faith, and with fair and ethical trading conditions, XM Group wins our award for Best Islamic Forex Account 2020. Read our full XM Group review here.


Pepperstone – Best Forex Trading Execution

With most orders executed in less than 30 milliseconds, Pepperstone Group wins our award for best execution, furnishing clients with tight spreads and broad platform support.  Read our full Pepperstone review here.

Best Market Resources BDSwiss

BDSwiss – Best Market Research Provider

The BDSwiss market research team, led by the world-renowned financial expert Marshall Gittler, produces exceptionally detailed and thoughtful market analysis for traders of all experience levels. Head and shoulders above its peers in the industry, the financial commentary at BDSwiss gives traders a unique insight into how to make better trading decisions. In addition, the BDSwiss Trading Academy offers deep and well-structured beginner, intermediate, and advanced trader courses.

This combination has made BDSwiss the best in class for market research, offering a near-perfect research and education experience for all traders. Read our full BDSwiss review here.


FxPro – Best Trading Experience

FxPro provides a thoroughly satisfying experience, from the signup and deposit to onboarding, trading and fund withdrawal. At FxPro, the trading experience on the MT4, MT5 & cTrader accounts as well as on mobile devices is cohesive and elevates the trading experience for all levels of traders. Read our full FxPro review here.


FXTM – Best Customer Service

For FXTM’s dedication to their global client base, FXTM leads our customer service category. Convenient multi-lingual 24/7 customer support by phone, live chat and email in a positive, solution-oriented and welcoming environment wins FXTM the Best Customer Service award for 2020. Read our full review of FXTM here.


XTB – Best Forex MT4 Broker

Well-regulated and with fast execution speeds, XTB is a true leader in the Forex trading industry. With ambitious trading conditions, excellent trader education and rock-solid analysis, XTB’s MT4 offering to clients is best in class. Read our full XTB review here.


IC Markets – Best Forex MT5 Broker

IC Markets wins our MT5 broker of the year award for its remarkable execution speeds and trading flexibility on the MT5 platform. Already feature-rich, the IC Markets MT5 platform has no trading restrictions – ideal for scalping, high-frequency trading and hedging.

All IC Markets MetaTrader 5 servers are located in the Equinix NY4 data centre in New York, offering 1-millisecond latency on a wide range of financial instruments. These features, combined with low spreads and unrestricted trade sizes, makes IC Markets the clear choice for MT5 users. Read our full IC Markets review here.


OctaFX – Best Forex Copy Trading Platform

OctaFX has developed the leading copy trading platform which invites traders to invest using the strategy of successful traders. OctaFX has lowered the threshold to allow beginner traders to profit from the sophisticated trading strategies used by professional traders, using seamless integration in their trading platforms. Read our full OctaFX review here


easyMarkets – Best Forex Trading Innovation

Few leading brands can truly innovate in the Forex industry, but easyMarkets manages it with surprising frequency. With a collection of unique tools such as easyTrade, dealCancellation and Freeze Rate, easyMarkets continues to offer unique solutions for beginner traders to improve their trading experience and mitigate risk. For their commitment to advancing the industry while maintaining their commitment to traditional clients, easyMarkets are the leading innovator in the Forex market for 2020. Read our full easyMarkets review here


Admiral Markets – Best Cryptocurrency Trading Platform

As Cryptocurrency CFDs gain popularity with traders, Admiral Markets has earned their place as the leading broker for trading Bitcoin, Litecoin, and Ethereum. Admiral Markets has shown that the best regulated and established brokers can support a wide range of cryptocurrency CFDs with competitive leverage. Read our full Admiral Markets review here.

First Published: October 29, 2020
Editorial Contact: Chris Cammack – [email protected]

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