Jan 26 2021 19

BRKV – When you first entered the forex market, the first question always is “Who 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 like 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 with their highest trading volume in a month:

  1. Exness: $785 Billion/month  Learn more here
  2. XM: $320 Billion/month  Learn more here
  3. HotForex: $300 Billion/month  Learn more here
  4. Saxo Bank: $300 Billion/month
  5. Forex.com: $300 Billion/month

biggest forex broker

Which standards to rank the biggest forex brokers?

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.As you can see, the forex trading volume is just about half of their total trading volume. In this article, we are focus on the forex trading only.

Exness

Exness broker

Exness is a real deal in this market. No trader has never heard of this broker. The popularity alone shows you how big this broker is.

Exness always has the highest trading volume in the market. That means the clients of this company are all big traders. They trade thousands of dollars everyday. Exness must be some broker who is really trustworthy and amazing so that big players choose to do business with them. 

Learn more about Exness here.

XM

XM broker

XM is one of the biggest forex brokers in Asia. Have you ever been to one of their conventions? I have been to several in Malaysia, Philippines, Indonesia, and Vietnam. And I must tell you, those places are packed. XM is considered the destination for professional Asian forex traders. 

They are reliable, professional, and big. They offer really low prices as well as amazing customer services.

Learn more about XM here.

HotForex

Hotforex broker

HotForex is also a well-known name in the forex market. They are a prestigious forex broker who is trusted by a large community of traders from all over the world.

They have a diverse set of trading accounts that meet all the requirements of every forex trader's level. Moreover, they are well regulated and guranteed by big financial companies.

Learn more about HotForex here.

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

Trustworthy

For a broker, safety of security is always a must. And the only way to ensure that is through forex regulations. Forex regulations are like licenses that big and reliable financial organizations grant to brokers after making sure that they can keep traders safe. A reliable broker must always has at least one regulation from the country where they do business. 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 More details
  HotForex CySEC, FCA, FSCA More details
XM CySEC, FCA, ASIC More details

 

A household name

Moreover, to know whether a broker is reliable for not, you should check how famous it is. If there are many people know of that broker, it is safer to trade with them. There are a lot of forums online where to can ask traders from all over the world how they feel about certain brokers.

Trading costs

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:

largest forex brokers

Minimum deposit

The best large forex brokers are the ones who welcome all types of trader. I know there are some big forex brokers who only allow professional traders or experts, not normal traders like us. They require traders to deposit thousands of dollars just to open an account. Normal traders don't like to deposit that much, not to mention beginners. Therefore, a good big forex broker should have low minimum deposit requirement. Check out the minimum deposit to open an account at our biggest forex brokers:

  1. Exness: 1 dollar
  2. XM: 5 dollars
  3. HotForex: 5 dollars

Trading conditions

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

Diverse trading instruments

A good forex broker must always offer traders with as many choices as possible. There are chances everywhere in the forex market, so traders should have at least the opportunity to have access to those trading instruments.

  • Saxo Bank offers traders up to 180 currency pairs.
  • Exness offers traders up to 120 currency pairs.
  • XM offers traders up to 55 currency pairs.
  • Forex.com offers traders 50 currency pairs.
  • HotForex offers traders 45 currency pairs.

Good trading platforms

Trading platform is always an important part of trading forex. Whether it is self designed or a purchased software, a trading platform of a big broker must be able to provide traders with the most useful, common, and advanced trading tools, as well as features and charts. Here, I rank the best trading platforms of my largest forex brokers:

  1. Exness: MT4 and MT5 platforms
  2. XM: MT4 and MT5 platforms
  3. HotForex: MT4 and MT5 platforms
  4. Saxo Bank: SaxoTraderGO and SaxoTraderPRO
  5. Forex.com: MT4 and MT5 platforms

Globalization

The largest forex brokers we are talking about here are the largest in the world. Some brokers only big in there countries. In other to be the largest in the world, a broker must first have local payment system to minimize the transaction fee for traders who want to deposit or withdraw money. Secondly, that broker must be able to form support team who can help customers in their own native languages. Check out the followings for the globally largest forex brokers.

Customer care

The story of customer service never gets old. Every level of forex traders need help from forex brokers. Therefore, this is a very important standard that all brokers have to meet. To help their customers, brokers can open offices in countries that they target at. Moreover, they must have a phone line open 24/7 so that traders can call them any time they need. If telephone is too complicated, at least brokers must have a online message channel on their websites that must be available for customers 24/7. And finally, brokers should not be able to assist clients only in English. Since forex market is a global market, brokers must be able to help us, the traders, in as many languages as possible.

    Languages     Work hour     Live chat     E-mail     Phone  
Exness 13 24/7 24/7 24/5 24/5
  HotForex   9 24/5 24/7 24/5 24/5
XM 8 24/5 24/7 24/5 24/5

 

The biggest brokers bring you the best service

Being big brokers mean that they are rich. And when they are rich, they are able to bring you the best service you can get. Only the big brokers can work with local banks so that you can deposit or withdraw quickly and economically. Moreover, large forex brokers can organize better support service that can fix your problems fast and professionally. And finally, bigger brokers can give you the best prices that small brokers can not keep up with. Small brokers can only give you bonuses as a temporary measure. Big brokers can assure the price stay low all the time.

Biggest forex brokers in the UK

You have to know that the biggest forex brokers in Asia are nothing like the biggest in the UK. What is the difference? The answer is regulation. You cannot apply the same regulation of Asian brokers to European brokers. They operate in different territories, so they can be applied everywhere. In the UK, the forex regulation is that of Financial Conduct Authority, or FCA. Here are the biggest forex brokers that have FCA regulation:

  1. Exness: $785 Billion/month  Learn more here
  2. XM: $320 Billion/month  Learn more here
  3. HotForex: $300 Billion/month  Learn more here

biggest forex brokers

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 with local bank?
  • Do they have local support like offices or seminars or phone numbers?

We 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.

  • 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.
  • If you are living in Africa, check out the best forex brokers in South Africa.

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.

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: $785 Billion/month  Learn more here
  2. XM: $320 Billion/month  Learn more here
  3. HotForex: $300 Billion/month  Learn more here
  4. Saxo Bank: $300 Billion/month
  5. Forex.com: $300 Billion/month

So now you know who the biggest forex brokers are. Trading with the largest brokers is an advantage because they can hardly go bankrupt or scam you. The large forex brokers can definitely guarantee your safety and security in the long term.

author

Fanara Filippo

Hey, I’m Fanara Filippo. I’m the founder of this site. I'm currently living in Bangkok, Thailand. 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.

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19 Comment

Malinda

Sep 21 2020

You may hear that beginners in forex are lucky. I was lucky. I made my first profits when I opened a real account

reply

Nicolas Jem

Jul 24 2020

goodi like exness, Its 1: 2000 leverage is great.

reply

Merrill

Jun 28 2020

hi sir ,which broker you are using?

reply

Ignacio

Jun 17 2020

magnificent post, very informative. I'm wondering why the opposite specialists of this sector don't understand this.You should continue your writing. I'm sure, you have a huge readers' base already!

reply

Rosalinda

May 10 2020

I am now not positive the place you're getting your information, but great topic. I needs to spend some time finding out more or understanding more.Thank you for wonderful information I used to be searching for this info for my mission.

reply

Fanara Filippo

Jun 16 2020

Thank you very much Rosalinda. It's your support that keeps us going.

akomaroCrica

Apr 25 2020

Please let me know more Hotforex. I want to invest next week, BRKV

reply

Fanara Filippo

Jun 16 2020

You can find more information about HotForex broker here:https://brokerreview.net/forex-brokers-reviews/hotforex-broker/


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