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:
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.
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|
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:
|XM||CySEC, FCA, ASIC|
|HotForex||CySEC, FCA, FSCA|
|Saxo Bank||FCA, FSA|
|Forex.com||FCM, RFED, CFTC, NFA|
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.
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 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:
The trading conditions of these 5 forex brokers are also very good. For instance:
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.
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:
The story of customer service never gets old. Every generation 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.
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:
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:
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.
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.
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):
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.