Do you remember when you just participated in the forex market, you had questions like “Who are top largest forex brokers?” or “How can I find the best or most reliable forex brokers?” All traders of course would like to trade with the best forex brokers, but recognizing those ones is not easy for beginners and even for experienced traders like us sometimes.
We have traded for a long time, and some of us have even worked for several forex companies. Although we haven’t had 100% of data to rank top 5 largest forex brokers, we have spent many months researching and contacting many brokers to get these results. Therefore, you can trust them. We used to refer to some online lists, but then we realized that those lists were fakes. For example, when we searched “top largest forex brokers”, we found the list of Hotforex, ICMarket, FBS, and FXTM. This result is certainly wrong as those brokers are new ones and their target market is only in some countries in South East Asia and Africa. They hence cannot be the largest forex brokers.
Following is the list of 5 biggest forex brokers in the world. Note that this list is only based on forex trading volume, which means other big brokers with low forex trading volume will not be listed. Also, these are monthly trading volume.
- Exness.com: $395 billion.
- XM.com: $320 billion.
- Forex.com: $300 billion.
- SaxoBank: $300 billion.
- FXCM: $220 billion.
Now let go through three questions below for more understanding about top 5 largest forex brokers.
- Why should we trade with these largest forex brokers?
Many of you may know that the forex market is very complicated. There are a lot of scam brokers who will steal your money by dirty hidden acts. For beginners, they will not recognize that until they have lost all their money. Even for experienced traders, they sometimes lose much money before realizing that they are being cheated.
So why cannot we identify a scam broker at the beginning?
Usually, problems seldom happen at the beginning because scam brokers want you to win so that you will deposit more. As a result, they can get more. Even if you trade with non-scam brokers, you also tend to win at the beginning. Though you often follow risk management at first, when you gain high profit, you tend to be wild, which leads to your loss.
Therefore, we should trade with largest forex brokers to avoid the scam ones. Becoming the biggest forex brokers means that hundreds of thousands of traders have checked and reviewed them. Thus, if something bad happen, those traders will spread the news everywhere, and you will know it.
Nowadays, the world has become flat. People share many things on the Internet and social media. So scam brokers can only cheat you once. Only reliable ones can grow and become the largest.
- Which standard can be used to rank the largest forex brokers?
Some brokers publish their trading volume, but some are not. Personally, I encourage you to trade with the ones publishing their trading volume as they are very transparent, which is safer for your fund. Of course, we only trust them if they are audited by top 4 auditing companies. For those not publishing their trading volume, we will use the help of some trustworthy resources such as statistic websites, financial news, and newspaper.
Some big brokers such as Forex.com and Saxo Bank have very high total trading volume, but their forex volume will be lower as they provide many products like Crypto, Forex, Future, Commodities, and Stock, etc.
- Exness.com: total trading volume is $500 billion, but forex volume is $300 billion.
- Saxo Bank: total trading volume: $600 billion, but forex volume is $300 billion.
- Is trading with largest forex brokers good for all traders?
As you can see, most brokers in the above list are American and European brokers. 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 be not good for you. They of course are all reliable forex brokers, but we need to check some more things such as:
- Are they regulated in your countries?
- Can you deposit or withdraw by local payment systems?
- Do they have local support?
If you are living in Asia and Africa, Exness is the best choice for you as its main target markets are Asia and Africa. Also, its payment system is remarkable. You can deposit and withdraw instantly and free, while other Asian brokers who don’t have local payment systems will charge you from 1.7-4% of your deposit fee. Exness supports by regional offices in most big countries like China, Indonesia, Thailand, Singapore, Malaysia, Cyprus, South Africa, India and Dubai. For other countries, it supports online 24/7. You can get instant responses from its live chat. Or just leave your phone number and they will call you back.
If you live in US, I recommend you Forex.com which is a reliable and leading broker in US market.
If you live in Europe, you can choose between Saxo Bank and Exness.
This is the end of my article. Thanks for reading and hope you enjoy it.