The foreign exchange (forex) market is the largest and most liquid financial market in the world. Traders from around the globe buy and sell currencies on a daily basis, taking advantage of price movements and fluctuations. The total daily trading volume in the forex market exceeds $5 trillion, making it a highly attractive marketplace for investors.
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To trade in the forex market, you need to work with a broker that provides you with direct access to interbank currency rates and a trading platform. With hundreds of forex brokers to choose from, finding the right one can be a daunting task. The largest forex brokers have significant advantages - they tend to be more established, have tighter spreads, and offer advanced trading tools and features.
Here is an overview of the 10 biggest forex brokers based on trading volume and market share:
1. XTB
Founded in 2002, XTB is a leading global broker specializing in exchange-traded asset classes including forex, indices, shares, ETFs, and commodities. Dual-listed on the Warsaw and Madrid stock exchanges, XTB serves over 500,000 clients across 14 regulated entities in Europe, Latin America, and Africa.
XTB provides traders with the popular MetaTrader 4 platform alongside its powerful proprietary web-based xStation platforms. No matter their experience level, XTB clients benefit from free access to advanced charting capabilities, trading signals, and daily market analysis.
Key features:
Pros: Publicly listed broker, regulated across major markets, excellent xStation platform
Cons: Slightly higher forex spreads than some competitors, limited platform options
XTB provides a transparent, regulation-centric approach to trading major exchange-traded asset classes across its powerful xStation platforms.
2. FXTM
FXTM (ForexTime) is a leading forex and CFD broker known for offering flexible trading solutions to traders of all experience levels. Founded in 2011, FXTM has rapidly grown into one of the world's largest brokers, with over 2 million registered accounts across more than 180 countries.
FXTM is regulated by top-tier financial authorities, including the UK's Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Financial Sector Conduct Authority (FSCA) of South Africa.
Key features:
Pros: Regulated across major jurisdictions, excellent customer service, comprehensive trading features
Cons: Limited options for account base currencies, high minimum deposit for ECN accounts
FXTM provides an overall excellent trading experience, ideal for new traders looking for professional support and more experienced investors needing advanced trading tools and features.
3. OANDA
OANDA is a global leader in online multi-asset trading, providing access to over 60 currency pairs and a wide range of CFDs. Founded in 1996, OANDA was the first company to offer exchange rate data free of charge on the internet.
OANDA is regulated by top financial agencies worldwide, including the US Commodity Futures Trading Commission (CFTC) and the UK Financial Conduct Authority (FCA).
Key features:
Pros: Tight spreads from 0 pips, excellent currency conversion rates, user-friendly platforms
Cons: Limited account base currencies, higher spreads on CFD instruments
OANDA provides access to an extensive range of CFD and forex instruments via fast, innovative trading platforms suited for all skill levels.
4. IG Group
IG Group is a leading global broker, providing traders with access to over 17,000 financial markets including forex, shares, indices, commodities, and cryptocurrencies. Established in 1974, IG is publicly listed on the London Stock Exchange and forms part of the FTSE 250 index.
IG is fully regulated in major jurisdictions including the UK, Australia, and the UAE, providing clients with reassurance and security when trading.
Key features:
Pros: Regulated across multiple top-tier jurisdictions, excellent trading platforms, wide range of tradable assets
Cons: Slightly higher spreads and commissions compared to some rivals
IG provides traders an extensive selection of assets to trade alongside sophisticated trading tools, ideal for active investors seeking diversity.
5. Plus500
Plus500 is a leading global broker founded in 2008, offering traders access to a vast range of financial instruments including forex, shares, indices, options, and commodities. Operating through subsidiaries across Europe, Asia, and Australia, Plus500 serves over 1 million active customers worldwide.
Plus500 is authorized and regulated by top-tier agencies including the UK's Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).
Key features:
Pros: Highly intuitive platforms, tight spreads, excellent risk tools
Cons: Limited account funding and base currency options, light research and education features
Plus500 provides traders a seamless CFD and forex trading experience through easy-to-use platforms with advanced risk management capabilities.
6. AvaTrade
Founded in 2006, AvaTrade has rapidly grown to become an industry leader, providing retail traders with access to more than 250 financial instruments across 5 asset classes. Regulated across major jurisdictions including Ireland, Australia, and South Africa, AvaTrade serves over 200,000 registered customers globally.
AvaTrade offers its clients flexible trading platforms, including the popular MetaTrader 4, alongside comprehensive market analysis and automated trading options through the proprietary AvaTradeGO solution.
Key features:
Pros: Heavily regulated, great platform choice, excellent education features
Cons: Spreads slightly higher than some competitors, limited account base currencies
AvaTrade provides traders an optimal mix of regulation, platform choice, and trading education alongside access to hundreds of instruments.
7. Pepperstone
Founded in 2010, Pepperstone has rapidly gained a reputation as one of the world's leading forex and CFD brokers, serving clients globally through subsidiaries regulated in top-tier jurisdictions. Pepperstone offers traders the choice of the popular MetaTrader 4 and MetaTrader 5 platforms as well as the option to trade directly from charts via the web-based cTrader platform.
Pepperstone clients benefit from award-winning customer service, low forex spreads, and rapid execution speeds aimed at helping traders make the most of even the smallest market price fluctuations.
Key features:
Pros: Multiple regulated subsidiaries, very low spreads, excellent customer service reputation
Cons: Limited CFD share offerings compared to some rivals
Pepperstone provides an industry-leading trading experience through low costs, great service, and a suite of stable trading platforms.
8. Saxo Bank
Founded in 1992, Saxo Bank set about using technology to improve the trading experience for clients. Today, Saxo provides access to global markets across asset classes to both retail and institutional clients. Based in Denmark, Saxo Bank serves clients through regulated entities in Europe, Asia Pacific, and the Middle East.
Saxo offers its clients a choice of powerful proprietary platforms alongside the popular MetaTrader suite. Added to its extensive market access is a wide range of research and analysis options from SaxoStrats and Morningstar to help inform trading decisions.
Key features:
Pros: Established broker, regulated across major markets, excellent proprietary platforms and research tools
Cons: Higher spreads and commissions than some rivals
Saxo Bank provides a sophisticated trading experience across a vast range of markets and asset classes.
9. TMGM
Established in 2009, TMGM provides traders with access to more than 300 trading instruments including forex, shares, indices, commodities, cryptocurrencies, bonds, and ETFs. Regulated by Cyprus' SEC, TMGM serves retail and institutional traders across Europe and Asia.
The broker offers the globally popular MetaTrader suite alongside its quick-access TMGM trading app aimed at active investors. Added to its range of platforms is a selection of trading tools including live Reuters newsfeeds and daily analysis helping clients make informed decisions.
Key features:
Pros: Competitive pricing, regulated in Cyprus, excellent proprietary mobile app
Cons: Not regulated across multiple jurisdictions, smaller client base than some rivals
TMGM provides traders direct market access across a range of assets through stable, feature-rich trading platforms.
10. IC Markets
Rounding out the top 10 is IC Markets, an online trading provider founded in 2007 in Sydney, Australia. IC Markets offers traders access to over 235 tradeable instruments across forex, indices, commodities, cryptocurrencies, and bonds.
IC Markets holds regulatory licenses from both ASIC in Australia and Seyfint in the Seychelles. The broker provides clients with a range of trading platforms including MetaTrader 4, MetaTrader 5, cTrader, and its own IC Markets cTrader mobile app.
Key features:
Pros: Very competitive pricing, regulated in multiple jurisdictions, great platform choice
Cons: Limited educational resources compared to some rivals
IC Markets provides an ECN environment with institutional-grade execution through a range of advanced trading platforms.
See more: Top Best Forex Brokers in the world
Conclusion
While hundreds of forex brokers exist globally, a select few stand out as industry leaders based on criteria such as trading volumes, market share, reputation, regulation, and advanced trading features. The 10 forex brokers profiled in this article dominate the global market, providing traders with advanced trading platforms, tight spreads, a vast selection of instruments, and the reassurance of strong regulation.
When reviewing forex brokers, key factors for traders to consider include regulation, trading costs and spreads, platform choice and features, asset classes traded, and customer service reputation. While the largest brokers often provide very competitive conditions, traders should evaluate their own priorities and preferences to determine the provider best fitting their trading needs.
FAQs
What is the biggest forex broker?
Based on trading volumes and client asset figures, the biggest retail forex broker is currently IG Group. Other leading giants include CMC Markets, Saxo Bank, and OANDA.
Which forex broker is the best?
The 'best' forex broker depends on a trader's individual needs and preferences around factors like regulation, trading costs, platforms, and instruments offered. Top forex brokers include IC Markets, Pepperstone, and FXTM, but traders should compare multiple brokers to find the optimal fit.
What is the safest forex broker?
The safest forex brokers hold licenses from top-tier regulators like the UK's FCA, Australia's ASIC, and Cyprus' CySEC. IC Markets, AvaTrade, and XTB are examples of brokers with strong, multi-jurisdictional regulation.
Which forex broker has the lowest spreads?
Pepperstone, IC Markets and FXTM are examples of brokers boasting ultra-tight spreads, at times from 0 pips on certain majors. Trading costs vary across brokers, so check their websites for latest spread data on instruments you wish to trade.
Is forex trading legal in all countries?
Forex trading is legal across most of the globe, although some nations restrict leverage levels. Countries where forex trading is currently prohibited include North Korea, Maldives, and a handful of others. Most regulators issue guidelines surrounding forex trading within their jurisdictions. Here are some additional sections to continue the article:
Comparing the Top Forex Brokers
The largest forex brokers in the world have many strengths in common, including strong regulation, advanced trading platforms, and extensive tradable assets. However, some key differences exist that active traders should consider:
Regulation - Most leading brokers are regulated in multiple jurisdictions, but some like IC Markets and TMGM have narrower licensing. FXTM and IG Group stand out for their particularly broad regulatory coverage.
Trading costs - Brokers like IC Markets, Pepperstone and FXTM boast ultra-tight spreads from 0 pips. Others have varying spreads depending on account types. Always check a broker's website for latest spread data.
Platforms - The ability to trade via MetaTrader 4 or 5 is common at leading brokers. Pepperstone, IC Markets and cTrader offer platform choice. Some brokers also have powerful proprietary platforms like OANDA's fxTrade and XTB's xStation.
Asset classes - All top brokers offer forex and CFDs, but some focus specifically on these core assets. Saxo Bank, IG and XTB provide access to a wider array of asset classes.
Market access - Brokers have varying arrangements with liquidity providers. ECN brokers like IC Markets promote direct interbank market access under the true ECN model.
Research & education - Brokers like IG, Saxo Bank, and OANDA stand out for their extensive education and research capabilities like trading courses, daily analysis and webinars.
Choosing the Right Forex Broker for You
With the major forex brokers compared, traders can narrow their selection by determining which features are most important to their individual trading needs.
Traders prioritizing advanced charting capabilities may favor a broker like TradingView, while investors wanting to minimize trading costs may prefer a broker boasting tight spreads like Pepperstone or IC Markets.
Beginner traders wanting extensive education resources should look to established names like OANDA and IG, while sophisticated traders needing a wide market access benefit from multi-asset brokers like Saxo Bank.
Day traders making multiple daily transactions should ensure their broker offers lightning-fast execution speeds, while position traders holding overnight should check there are no excessive overnight financing charges.
While the largest brokers often provide excellent all-round service, taking time to properly evaluate priorities and compare provider features ensures traders end up with the optimal broker for their unique needs and trading style.
The Future of Forex Trading
The future of forex trading points to further growth aided by technological advancements, expanding product offerings, and traders taking advantage of market accessibility and liquidity.
More brokers are likely to adopt AI and machine learning to boost trade automation and generate data-driven market insights. The availability of forex algo trading could expand.
Regulators may tighten rules surrounding leverage and trading conditions to protect new traders drawn to the forex market. Parallel decentralised ledgers through blockchain may also impact operations.
Brokers will continue enhancing mobile trading capabilities to satisfy growing trader demands to manage positions and analyze markets on the go through smartphones and tablets.
With global currency demand diversifying, brokers may offer additional exotic currency pairs and cross rates to provide traders greater diversity in traded instruments.
While increased regulatory oversight seems probable, the abundance of liquidity, coupled with the convenience of online and mobile trading, should ensure forex remains appealing to speculative traders for years to come.
Risk disclosure: Information on the Page is for informational purposes only and does not constitute any motive or suggestion to visitors to invest money. Moreover, we hereby warn you that trading on the Forex and CFD markets is always a high risk. According to the statistics, 75-89% of customers lose the funds invested and only 11-25% of traders earn a profit.
Disclaimer: Page shall not be liable for the consequences of trading decisions made by the Client and for the possible loss of his capital resulting from the use of this website and information published on it. Page does not provide any financial services, including investment or financial advisory services. Also, the Page is not a broker and does not get money for trading in the Forex or CFD markets. Our Page only provides information on brokers and the markets and helps its users to select the best brokerage company based on detailed information and objective analysis of brokers. See more
