18 Biggest Forex Brokers in the World – ( Reviewed ) 2020

Biggest brokers in the world

 

When it comes to measuring the size of a company there is a multitude of criteria that are commonly used. The most common criteria used in ranking companies by size are market capitalization plus revenue and profits.

 

 

Who are the 18 biggest Forex brokers in the world by volume?

 

Below traders can find the biggest forex companies in the world by volume of daily transactions – as stated at the time of this publication. The data used in this article to compile this list was generated from different sources such as company presentations and other information found online. The data is not audited and we cannot guarantee it is accuracy on a future date.

 

Average Volume of Daily Transactions in Billion USD Broker
15.5

Forex.com

13.4

XM Group

12.3

Saxo Bank

10.7

Oanda

9.5

HotForex

8.6

IC Markets

7.8

Ava Trade

6.8

IG Markets

6.5

FX Pro

5.9

Pepperstone

4.7

Swissquote

4.4

Plus500

4.3

Etoro

4.2

Markets.com

3.9

CMC Markets

3.8

FXCM

3.6

Forex Time

3.2

Admiral Markets

 

Here is a quick overview of the 18 Biggest Forex Broker according to Volume at the time of publication and what they have on offer –

 

XM.com Review in south africa
 

XM Group

 

XM Group provides traders with a large selection of assets to choose from and is regulated by some of the most respected financial bodies in the sector.

 

Pros and Cons

 

Pros Cons
Offers traders 57 currency pairs and CFD trading in commodities, indices, metals, energies, and cryptocurrencies. Not available to US customers due to regulatory constraints
Major trading platforms MT4 and MT5 are offered to all traders. Metatrader trading platforms only
Regulated by the world’s most respected regulatory bodies.
An accomplished and well-rounded package -the best broker for new traders.

 

XM Group is owned by Trading Point Financial Instruments Ltd and was established in 2009 and the company is an international brand, with headquarters in Sydney, London, and Belize.

 

XM Markets and Products

 

Instrument Number
Currency Pairs 57
Equity Indices 30
Stocks 1,184
Precious Metals 4
Commodities 8
Energies 5
Shares 100

 

The XM Group offers traders three specific account types to choose from including –

 

Live trading accounts

 

  • For traders within the EU, the XM Group Micro Account and the XM Group Standard Account both feature an unbeatable minimum deposit of $5.
  • The XM Group Zero Account is also offered to traders within the EU and carries a minimum deposit requirement of $100 and spreads start from 0 Pips.
  • Australia-based traders can benefit from the XM Ultra-Low Account with a minimum deposit of $50, this account type offers spreads starting from 0.6 Pips.
  • Traders located outside Australia and the EU, can take advantage of the XM Group Shares Account. This account is only available in US dollars and focuses on trading share CFDs.

 

Demo accounts:  XM Group offers traders forex demo accounts with starting balances of $100,000 with the opportunity to practice using each of the account types listed above.

Islamic accounts:  Clients who follow the Muslim faith can also open Islamic accounts with XM Group.

 

Support services are available via telephone, email, and live chat, and these are available 24 hours a day, from Monday to Friday.

 

A review about OANDA
 

Oanda

 

Oanda refused to provide the information regarding which clients (from which countries) are accepted and not by each of their entity and distinctive features include:

 

  • Wide range of helpful tools facilitating the trading process.
  • Authorised and regulated by a government agency in several counties.

 

Trading Instruments on offer from Oanda include:

 

70+ Currency Pairs Based on major and minor world currencies.
16 Indice CFDs Based on baskets of different blue-chip stocks.
24 Metal CFDs Based on Gold, Silver, Platinum, Palladium and Copper.
3 Energy CFDs Based on Crude Oil (WTI, Brent) and Natural Gas.
4 Soft CFDs Based on Corn, Soybean, Sugar, Wheat.
6 Bond CFDs Based on US, UK and German government securities.

 

A review of HotForex
 

HotForex

 

HotForex is a highly regulated and trustworthy ECN/STP broker which offers a wide range of tradable assets. HotForex offers traders a wide range of tools and materials, to help both novice and pro traders alike, and some very competitive bonuses and loyalty rewards.

 

Pros and Cons

 

Pros Cons
Wide range of tradable assets Doesn’t accept clients from the United States
Highly attractive spreads
Extensively regulated in multiple countries
Great bonuses and contests for non-EU clients
Best broker for traders looking to diversify their portfolio

 

HotForex is an international broker, with over 1,500,000 accounts globally and several types of accounts are on offer.  With over 49 currency pairs available, HotForex online broker provides traders with access to the most liquid assets in the world.

 

A review of AvaTrade
 

AvaTrade

 

AvaTrade is a strictly regulated and highly reputable broker, providing services to traders across the world.  AvaTrade offers traders a wide range of tradable assets, including a relatively unique offering of forex options.

 

Pros and Cons

 

Pros Cons
Extensive range of tradable financial instruments Doesn’t accept clients from the United States
Attractive spreads
Highly regulated in multiple jurisdictions
Low minimum deposit
Excellent bonuses for clients from certain countries

 

The types of accounts available from AvaTrade differs slightly depending on a trader’s location and EU clients can open a Retail or Professional account, clients in the UK and Ireland can also open a Spread Betting Account, clients outside the European Union are only offered the Standard Account.

 

The AvaTrade’s forex site is completely mobile-responsive and support is available via live chat, phone, and email in 14 languages.

 

A review about Pepperstone
 

Pepperstone

 

Pepperstone is one of the biggest Forex brokers in Australia, and the world. Pepperstone is well trusted, boasting thousands of active traders across the globe.  Pepperstone gives traders the opportunity to trade over 150 instruments, including currencies, crypto, indices, or many other markets.

 

Pros and Cons

 

Pros Cons
Highly regulated broker in multiple jurisdictions No proprietary trading platform available
Opportunity to trade over 150 financial instruments CFDs trading portfolio is limited
Excellent webinars in the educational section
Forex, Cryptocurrencies, CFD markets all available
Best broker for enhancing the education of new traders

 

Pepperstone offers two different account types, the Razor and the Standard account, and is considered to be one of the best mobile brokers in the world.  Pepperstone offers traders a wide range of online resources, trading guides, and expert webinars.   Pepperstone offers award-winning customer support services, which are available 24 hours a day, 5 days a week.

 

A review of IC Markets
 

IC Markets

 

IC Markets was founded in Sydney, Australia in 2007 and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the Seychelles Financial Services Authority (FSA).   IC Markets offers services and features suitable for both beginner and professional traders, a ‘go to’ choice for high volume traders, scalpers and trading algos.

 

Pros and Cons

 

Pros Cons
True ECN broker with institutional grade liquidity. Beginner traders may be overwhelmed by the choice of markets and platforms.
MetaTrader and cTrader available on desktop, web and mobile.
Wide range of tradable products with 24/7 customer support.
Impressive library of educational material and videos.

 

A review on Plus500
 

Plus500

 

Plus500 is a leading CFD trading platform which supports stocks, indices, cryptocurrencies, and Forex. Plus500 charges very low spread-rates and offers traders fast trades on a great platform and supports complex trades, includes negative balance protection, and makes trading an educational and hopefully profitable venture.

 

Pros and Cons

 

Pros Cons
Support for 2000+ products to trade Only CFDs, no direct Forex trades
No commission and low spread costs High rates on margin/leverage accounts
Advanced trades and fast execution Less research data than some competitors

 

A review about Admiral l Markets Review
 

Admiral Markets

 

Admiral Markets group accepts clients from all over the world, excluding USA and some third-world countries and distinctive features include:

 

  • Authorised and regulated by a government agency in several counties.
  • Thousands of stocks and hundreds of ETFs available for trading.
  • Tight spreads on major currency pairs.

 

Trading Instruments on offer includes:

 

45+ Currency Pairs Based on major and minor world currencies.
8 Crypto Pairs Based on Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dash, Ripple, Monero, Zcash.
16 Indice Cash CFDs Based on baskets of different blue-chip stocks.
4 Indice Futures Based on baskets of different blue-chip stocks and US Dollar Index.
5 Metal Spot CFDs Based on Gold, Silver, Platinum and Palladium.
3 Energy Spot CFDs Based on Crude Oil (WTI, Brent) and Natural Gas.
2 Bond Futures Based on 10-year Germany Bund, 10-year US Treasury Note.
3300+ Stock CFDs Based on shares of US, UK and EU companies.
350+ ETF CFDs Based on exchange-traded funds containing various tradable assets.

 

A review about Forex.com
 

Forex.com

 

Forex.com is an online broker which was founded in 1999 and offers Forex, Indices, Commodities, Equities and Cryptocurrencies trading with a minimum deposit of $500 needed to make a start.

 

Traders can trade in:

 

  • Over 4500 instruments
  • Over 80 currency pairs

 

Benefits

 

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Guaranteed stop loss
  • Offers Negative Balance Protection

 

Forex.com Trading Accounts on offer include:

 

  • Demo account
  • Mini account
  • Standard account
  • ECN account
  • STP account
  • Islamic account

 

With Forex.com, the minimum and maximum trade requirements vary depending on the trader and the instrument and all accounts support a wide range of languages including English, Chinese, Arabic to name but a few.

 

A review about eToro
 

eToro

 

eToro is an online broker which was founded in 2006 and offers CFDs and Social Trading, with a head office based in Cyprus, UK.  eToro offers traders two ways to trade: CFDs, Social Trading and eToro traders will need to make a minimum deposit of $200 and the platform can accommodate various levels of traders from beginner to expert.

eToro is supervised by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies and has been in operation for over 14 years.

Traders can trade in a wide variety of over 100 instruments and over 50 currency pairs on eToro’s user-friendly custom trading platform which is available as a browser-based web application. eToro also offers traders mobile apps for Android and iOS, making it easier to keep an eye on and execute trades.

eToro trading accounts on offer include:  Demo, Micro, Mini, Standard, STP and Islamic.  eToro supports a wide range of languages including English, German, Spanish, French, and Italian.

 

A review about Markets.com
 

Markets.com

 

Markets.com is an online broker which founded in 2008 and offers Forex, CFDs and Spread Bets. Spread Bets are only available to UK customers trading and Markets.com is a global broker with a head office situated in Cyprus.

New traders will need to make a minimum deposit of $100 and a demo account is available for those who wants to try before they ‘buy’ in.

 

Traders can trade in a wide variety of instruments and currency pairs

 

  • Over 100 instruments
  • Over 80 currency pairs

 

Markets.com offers both of the MetaTrader platforms; MT4 and MT5. plus, mobile apps for Android and iOS.

 

Benefits

 

  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection

 

Markets.com Trading Accounts on Offer include:

 

  • Demo account
  • Mini account
  • Standard account
  • Islamic account

 

Markets.com support a wide range of languages including Arabic, Chinese, Dutch, English, French, German, Italian, Japanese, Norwegian, Polish, Romanian, Russian, Spanish, and Turkish.

 

A review about FXTM
 

ForexTime (FXTM)

 

ForexTime (FXTM) Offers Local NGN Funding, an offer not made by most online brokers which increases exchange costs of currency trading. ForexTime offers NGN account funding through bank wire transfer or Neteller with a minimum deposit of $100 for a standard forex account for ForexTime. This allows traders to start trading a range of currency markets while lowering the exchange costs when moving NGN currency to a standard base currency.

 

Features

 

ForexTime offers social trading (copy trading) which means a trader:

 

  • Selects a Strategy Manager
  • Makes a deposit (minimum deposit of $100)
  • Mirror the Strategy Manager’s trade
  • Watch as you share a percentage of wins/losses
  • Cash-out or add deposits when required

ForexTime is ideal for Nigerian traders new to CFDs with a higher risk profile.

 

A review of IG Group
 

IG

 

IG is regulated and trusted across the globe and offers traders an extensive list of tradeable products, excellent trading and research tools, industry-leading education, and competitive rates.

 

Features

 

Feature IG
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 93
CFDs – Total Offered 17535
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

 

IG uses its size to provide traders competitive pricing across the board, regardless of the product traders choose to trade, and stands out from the crowd for its active trader pricing available through its Forex Direct accounts.

 

Platforms and Tools on offer include: 

 

  • Flagship platform:IG’s main trading platform is its patented web-based platform.

 

  • Charting:The default charts within the platform feature advanced functionality, such as the ability to add an alert on a specific indicator, with a total of 28 studies available to select.

 

  • Additional platforms: The MetaTrader4 (MT4) platform and its L2 Dealer platform where Forex Direct and Direct Market Access (DMA) are available for share trading.

 

  • ProRealTime charts:More advanced charting with nearly 100 indicators is provided by IG via the ProRealTime premium charting.

 

IG provides traders with an excellent selection of quality market research and its mobile app competes with the best of the best as the app comes packed with plenty of features that will satisfy both casual and advanced traders.

 

A review about Saxo Bank
 

Saxo Bank

 

Saxo Bank is a Danish investment bank that was founded in 1992, providing online trading and investments and is regulated by several financial authorities globally, including the Danish Financial Services Agency (FSA) and the UK Financial Conduct Authority (FCA).   Saxo Bank is a global service provider.

Saxo Bank is Recommended for investors and traders looking for a great trading platform and solid research.

 

Pros and Cons

 

Pros Cons
Great trading platform High bond, options and futures fees
Outstanding research High minimum deposit
Broad product portfolio Lacks live chat and 24/7 availability

 

A review about Swissquote
 

Swissquote

 

Swissquote is a Swiss investment bank which was established in 1996 and has two main trading arms: a Swiss unit for trading stocks, funds, options and futures and a company in the UK for CFDs and forex.

 

Swissquote is recommended for affluent investors who value safety and are ok with higher fees.

 

Pros and Cons

 

Pros Cons
Access to many markets and products High trading fees
No inactivity fee Confusing trading platform selection
Rock-solid background Some research tools are not free

 

A review of FxPro
 

FXPro

 

FXPro is an online broker founded which was founded in 2006 and offers Forex, Share Dealing, Spot Indices, Futures, Spot Metals and Spot Energies tradingFXPro is a global broker and has a head office located in the UK.

FXPro provide traders with access to top-tier liquidity and advanced trade execution with no dealing desk intervention and a starting account will need a minimum deposit of $100.

 

What can be traded with FXPro?

 

  • Over 250 instruments
  • Over 70 currency pairs

 

FXPro is one of the few brokers in the market who offers both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform and mobile apps for Android and iOS.

 

Benefits

 

  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Offers Negative Balance Protection

 

With FXPro, the minimum and maximum trade requirements vary depending on the trader and the instrument and the broker offers support in a very wide range of languages including Arabic, Chinese, English, French, German, Hungarian, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, and Vietnamese.

 

A review about FXCM
 

FXCM

 

FXCM caters to multiple trader types including High-volume traders, algorithmic traders, and traders who appreciate robust trading tools and quality market research.

 

Is FXCM Safe?

 

FXCM is considered low-risk. FXCM’s parent company is publicly-traded, does not operate a bank, and is authorised by three tier-1 regulators (high trust), two tier-2 regulators (average trust), and zero tier-3 regulators (low trust).

 

Commissions & Fees

 

FXCM stands out the most in regards to its Active Trader account offering, where low commission rates and average spreads provide competitive pricing for high volume traders.  Active Trader accounts are available for clients who deposit at least $25,000, which comes with a lower commission rate of $25 per million and access to premium research.  Standard account holders are only charged the prevailing spreads, Active Trader accounts are charged a commission per trade, in addition to reduced prevailing spreads.

 

Platforms & Tools

 

FXCM offers a growing range of trading platforms and tools including:

 

  • Trading Station desktop:FXCM’s flagship trading platform, caters well to forex traders of all skill levels.
  • Trading Station web:The web version of Trading Station features includes news, videos, research, market data signals, and links to external resources.
  • Ninja Trader: Features numerous trading tools, including automated trading capabilities.
  • Algorithmic Trading:The FXCM App store provides various add-ons, technical indicators, and automated trading robots.

 

Customer Service

 

  • Average Connection Time:<1 minute
  • Average Net Promoter Score:3 / 10
  • Average Professionalism Score:2 / 10
  • Overall Score:77 / 10
  • Ranking:3rd in 22 brokers

 

FXCM provides a wide variety of market research and related resources. A combination of Trading Station and MetaTrader4 (MT4), FXCM delivers a reliable, feature-rich mobile offering for forex traders.

 

A review about CMC Markets
 

CMC Markets

 

CMC Markets Has the Lowest Minimum Deposit and is one of the largest online brokers for stock market and currency trading in Nigeria. CMC Markets offer:

 

  • A range of financial markets including Bitcoin
  • $0 minimum deposit and easy funding methods
  • Advanced charting through the Next Generation CFD platform

 

Financial Markets With CMC

 

CMC Markets specialise in trading forex with over 330 forex pairs but this is not the only CFDs financial markets traders can trade.

 

Other CFDs include:

 

  • Indices
  • Shares
  • Efts
  • Commodities and treasuries

 

A more recent addition is cryptocurrencies which ranges from:

 

Bitcoin, Ethereum, Litecoin and to Tron. Leverage ranges based on the crypto chosen with more well know cryptocurrencies like bitcoin offering more leverage compared to niche currencies pairs.

 

Funding with CMC Markets

 

CMC Markets offers basic funding methods including:

 

  • Credit Cards (minus AMEX or Diners cars)
  • Debit Cards
  • Bank account transfers

 

The biggest advantage is that CMC Markets has a $0 minimum deposit which means that you can move from a demo account to a live account without a large deposit required.

 

Advanced Charting Through the Next Generation Platform

 

CMC offers the choice of MT4 forex trading platform or the next generation platform.

 

Other key features of the Next Generation charting include:

 

  • 35+ drawing tools
  • Technical indicators
  • Price History
  • Chart Intervals
  • Customised Charts

 

These five key features and the ability to trade directly from charts is why CMC’s CFD trading platform is considered the leader when it comes to charting.

 

In conclusion

 

For a trader, choosing the right broker to entrust their funds to is the No.1 most important step and the most crucial challenge.  Choosing a broker based on their trade quantity is not good enough, as each person has individual requirements and expectations.  Looking at everything a Broker has to offer as whole is crucial, according to research in South Africa.

 

Frequently Asked Questions

 

Is Forex trading difficult?

If your only aim is to make money quickly, then yes, forex trading is difficult. Always keep in mind that taking losses is part of trading in forex.

Who are the biggest forex brokers in the world?

Here is a list of the 18 Biggest Forex Brokers in the World

Do forex brokers cheat traders?

There are those brokers who only get registered and regulated because they are compelled to, and then use ‘regulation’ as a tool used to attract traders to open accounts with them.

What is the biggest market in the world?

The forex market.

Is there a ‘catch’ in Forex trading?

Yes, the Banks that issue currencies have a vested interest in keeping the value of the currencies high. When a currency loses value, a government Bank will often times start buying it in an effort to prop it up.

 

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