BRKV – When you first entered the forex market, the first question always is “What are the top 5 biggest forex brokers?” or “What are the top reliable or best forex brokers?” Of course all traders want to trade with the best forex brokers, but it isn’t easy for beginners to recognize those brokers. It’s even quite difficult for experienced traders as us too!

We have traded forex for a long time. Some of us even worked for some forex companies. And for the last several months, we have been researching and contacting various forex brokers to find you the results below. Thanks to our contacts, you can believe that these results are 100% true and totally unbiased. We also consulted some other lists on the Internet but we do believe that they are fake. For example, when we searched “top biggest forex brokers” and we find FBS or FXTM in those lists, we instantly know that they are just for the sake of advertising. We know these brokers. They are new brokers and they only target at some countries in Southeast Asia and Africa, so it’s impossible for them to be among the largest forex brokers. Without further ado, here is our list of the 5 largest forex brokers in the world:

  1. Exness: $395 Billion  Learn more here
  2. XM: $320 Billion  Learn more here
  3. HotForex: $300 Billion  Learn more here
  4. Saxo Bank: $300 Billion
  5. Forex.com: $300 Billion

Which standards to rank the biggest forex brokers?

Trading volume

Of course to rank the largest forex brokers, we should look at their trading volume first. Some brokers publish their trading volume online so that we can find out how many people choose to trade with them. I really appreciate their transparency. But, of course, I can only trust them when they are audited by the top reliable audit companies. And all the 5 brokers I mentioned above are audited by trusted and large companies. I encourage you to trade at these brokers, because they are very transparent. It’s safer for your fund. And for some other brokers who don’t publish their trading volume, I collect their data from trusted resources such as statistic websites, financial news, or big and famous newspapers.

Some big brokers have very high total trading volume such as: Forex.com and Saxo Bank but actually, their forex volume is just a part of it. It is because they provide many products like Crypto, Forex, Future, Commodities, and Stock… Therefore, the total volume which are shown to us is high but the actual fx volume is lower.

Forex.com’s total trading volume is $500 Billions, but Forex volume is $300 Billions.

Saxo Bank’s total trading volume is $600 Billions, but Forex volume is $300 Billions.

Other standards

However, choosing a forex broker based only on their trading volume? Everyone will say that you’re stupid. I believe you can find other brokers that have higher trading volume but we would not recommend them. Why? Because they can meet the standards we set for the best forex brokers in the world. Our standards are:

Trustworthy Trading costs Trading conditions Customer services
Regulations Spread Accounts Payment system
Historical activities Commission Quotes Local offices
Trading volume Slippages Trading platforms Availability
  Rebate/Bonus Leverage

About reliability, you can look for the brokers’ regulations to know if they can be trusted. Here are the regulations of our 5 largest fx brokers:

Exness CySEC, FCA Learn more here
XM CySEC, FCA, ASIC Learn more here
HotForex CySEC, FCA, FSCA Learn more here
Saxo Bank FCA, FSA  
Forex.com FCM, RFED, CFTC, NFA  

About spread, isn’t it great for the biggest forex brokers to have low spread? As you can see in our article about the lowest spread brokers, spread is a factor that many traders pay attention to when considering a forex broker. Our 5 largest brokerages also come with the very low spread rates:

The trading conditions of these 5 forex brokers are also very good. For instance:

  • Exness offers traders multiple account types, low commission, less slippages, good quotes and really high execution speed. Their automatic payment system is the fastest in the market, which also allows deposit and withdrawal on weekends (an exclusive feature of Exness).

     Check Exness now

  • XM has great Lot-back and deposit bonuses, the best trading platform in the competition, high minimum withdrawal limitation, and the best cryptocurrency trading conditions.

     Check XM now

  • HotForex rarely lets slippages happen and if so, they are very low. They require low minimum deposit. Moreover, they hold the best forex conferences and educational programs for forex traders. I’ve been to several and the experiences were really amazing.

     Check HotForex now

Should we trade with the largest forex brokers?

BRKV – You can see, most brokers in the above list are American and European brokers. So, if you are living in those regions, they may be good for you. But what if you live in Asia, Africa, or Australia? They may not be good for you. They are all reliable forex brokers. But we need to check more things like:

  • Whether they are regulated in your countries.
  • Can we deposit and withdraw by local payment systems?
  • Do they have local support?

I can confidently tell you that, if you are living in Asia and Africa, Exness is the best choice for you.

Exness targets mainly at Asia and Africa. Their payment system is remarkable. You can deposit and withdraw instantly and free, while other Asian brokers who don’t have local payment system will charge you from 1.7- 4% of your deposit fee. Furthermore, you can deposit and withdraw your fund on weekends. No other brokers allow you to do that. Exness also have offices in most big countries such as: China, Indonesia, Thailand, Singapore, Malaysia, Cyprus, South Africa, India and Dubai. For other countries, they support online 24/7. You can get instant responses from their live chat. Or just leave a phone number and they will call you back. To have full information about Exness, you can check my Exness reviews here.

  • If you are living in US, Forex.com is the best option. They are reliable and leading in the US market.
  • If you are living in Europe, Saxo Bank and Exness are the best.

Why should we trade with these biggest forex brokers?

The forex market is a complicated market. There are a lot of scam brokers that will steal your money by dirty hidden acts. For beginners, they don’t know it until they’ve lost all their money. Even for experienced traders, they can also lose a lot until they realized that those brokers are cheating them.

Why can’t we identify a scam broker at the beginning?

As usual, the problems won’t happen at the beginning. They want you win so you will deposit more, and then they can get more later. Even for non-scam brokers, you also tend to win at the beginning. Because you usually follow risk management at the beginning. Yet when you gain higher profit, you tend to be wild and lead to loss. To avoid being scammed, you should know the best forex brokers for beginners.

Trading with largest forex brokers to avoid scam brokers.

Because we can’t check scam brokers until we lost our money, we should trade with largest forex brokers only. When they become largest forex brokers, hundreds of thousands of traders are trading there. They will help us check and reviews those brokers. So, if there is any problem, they will talk about it everywhere and you will know.

Only the best brokers can be biggest brokers. Nowadays, the world has become flat. We share everything on the Internet and social media. So scam brokers can only cheat you once. Only reliable brokers can grow and become the largest forex brokers.

And this is list of 5 biggest forex brokers for you (their average monthly trading volume included as well):

  1. Exness: $395 Billion  Learn more here
  2. XM: $320 Billion  Learn more here
  3. HotForex: $300 Billion  Learn more here
  4. Saxo Bank: $300 Billion
  5. Forex.com: $300 Billion
Fanara Filippo
Fanara Filippo
Hey, I’m Fanara Filippo. I’m a writer living in Vietnam. I have been trading forex for more than 5 years. You can read my articles about the best forex brokers on this page. Let’s review brokers today.

2 Comments

  1. Daisy Gomez says:

    So are the largest brokers better than the best brokers?

  2. Calantha says:

    Wait! What is the difference between the largest brokers and the best?

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