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:
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.
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|
|Historical activities||Commission||Quotes||Local offices|
|Trading volume||Slippages||Trading platforms||Availability|
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:
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:
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.
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.
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.
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):