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!
Learn more about the best 5 forex brokers in 2018 today.
We have traded forex for a long time. Some of us even worked for some forex companies. Yet we still didn’t have enough 100% data to rank the top 5 largest forex brokers. However, we have spent some months researching and contacting some brokers to have these results. Therefore, you can trust in these results. We also refer to some online lists but we have the reasons to think they are fake. For example, when we search: “top largest forex brokers”, and we find Hotforex, ICmarket, FBS, or FXTM in those lists, we know those are fake. It is because we know these brokers. They are new brokers and they only target at some countries in South East Asia and Africa, so it’s impossible for them to be largest forex brokers. But we may be wrong as well.
Here is list of the 5 largest forex brokers in the world:
Note that this list is based on Forex trading volume only, so those big brokers who have low forex trading volume won’t be listed, and these are monthly trading volume.
- Exness: $395 Billions >>> Click here for more details
- XM: $320 Billions >>> Click here for more details
- Forex: $300 Billions >>> Click here for more details
- Saxo Bank: $300 Billions
- FXCM: $220 Billions
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.
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.
Which standards to rank the biggest forex brokers?
Some brokers publish their trading volume. Of course, we only trust them if they were audited by the top 4 audit companies. I encourage you to trade at these brokers, because they are very transparent. It’s safer for your fund. Some brokers don’t publish their trading volume, so I used some trusted resources such as statistic websites, financial news, and newspaper.
Some big brokers have very high total trading volume such as: Forex.com and Saxo Bank but their forex volume are lower. It is because they provide many products like Crypto, Forex, Future, Commodities, and Stock… The total volume is high but Forex 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.
Learn more about Best ECN brokers now.
Should we trade with the largest forex brokers?
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, and 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?
So, 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. 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.
Read more about The best choice for beginners.
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.
And this is list of 5 biggest forex brokers for you:
- Exness: $395 Billions >>> Check here
- XM: $320 Billions >>> Check here
- Forex: $300 Billions >>> Check here
- Saxo Bank: $300 Billions
- FXCM: $220 Billions