15 Biggest Forex Brokers in the World

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Top 5 Biggest Forex Brokers in the World (average volume per day in Billion USD):

IC Markets - Biggest Forex Broker by Average Daily Trading Volume: 29
XM Group - Second Largest Forex Broker by Trading Volume: 16,08
HFM - Third Leading Forex Broker by Average Daily Trading Volume: 13,8
OANDA - Fourth Largest Forex Broker by Trading Volume: 12,84
AvaTrade - Fifth Leading Forex Broker by Average Daily Trading Volume: 9,36

Ever wonder who the big players are when it comes to Forex trading? Curious which brokers dominate the dizzyingly large currency markets? The foreign exchange industry totals over $7 trillion in daily volume as traders around the world bet on which currencies will rise or fall. Amid this sea of activity are several leviathan brokers that tower above the rest in terms of order flow. Some handle titanic volumes worth billions daily, with armies of clients and complex operations spanning continents. We investigate what sets these titans apart when it comes to regulation, tools, fees and more. The answers may surprise you as dark horses emerge alongside household names.

Warning:
There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Why Is Trading Volume Important?

Volume in forex trading represents how much currency is being traded within a given period of time. It is one of the most important aspects of trading, as it reflects the level of interest of the market participants, the traded instrument's liquidity, and can also be used as a leading indicator.

To a broker, daily trading volume is very important as it can have an impact on the company's bottom line. It's a marketing tool to attract clients and, more importantly, retain them. When a client is happy with the liquidity, spreads, and commissions, they are less likely to leave for another broker.

So, what are some benefits of high daily trading volume?

Better Liquidity. This is the most important factor, as it directly impacts the broker's business model. Liquidity refers to the number of buyers and sellers in the market. When there are more participants, it is easier to execute trades at desired prices.
Lower Commissions. When there is a high daily trading volume, brokers are able to charge lower commissions as they are making more money from the volume.
Less Slippage. Slippage is the difference between the expected price of a trade and the actual price where it is filled. When there is high liquidity, slippage is less likely to occur, as there are more counterparties willing to take the other side of every trade.
Fewer Gaps. A gap is when the price of a currency pair moves from one level to another without any trading happening at prices in between. These can happen overnight (when the market is closed) or during the day. When there is a high volume, there are fewer gaps. This is one reason why high-volume trading sessions tend to be more stable.

If you're a forex trader, it is beneficial to choose a broker with the highest daily trading volume. The benefits you get will directly impact your trading success.

List of the Biggest Forex Brokers in the World

We have compiled a list of the 15 top forex brokers in the world according to their trading volume. This list is based on the average daily trading volume thus far in 2025.

	Daily volume, $ bn	Regulation
IC Markets	29	ASIC, CySEC, and FSA
XM Group	16,08	CySEC, FSC (Belize), DFSA, FSCA, FSA (Seychelles), FSC (Mauritius)
HFM	13,8	FCA, DFSA, FSCA, FSA, CMA
OANDA	12,84	FSC (BVI), ASIC, IIROC, FCA, CFTC, NFA
AvaTrade	9,36	BVI FSC , CySec, ASIC, JFSA, FSCA , FFAJ, ISA (Israel)
Pepperstone	8,04	ASIC, FCA, DFSA, BaFin, CMA, SCB, CySec
FxPro	7,8	FCA, CYSEC, FSCA, SCB, FSA (Seychelles)
XTB	6,56	FSC, FCA. CySEC
FXOpen	5,13	FCA, CySEC, The Financial Commission
Tickmill	4,87	FSA, DFSA, FSCA, CySEC, FCA
Moneta Markets	4,34	FSCA, SCA
Dukascopy	3,5	FINMA
FBS	2,18	CySEC, FSC (Belize)
FP Markets	1	CySec, ASIC, FSCA SA, FSC, FSA, SVG FSA, MISA
Plus500		FCA, CySEC, MAS, ASIC, FMA, FSA (Seychelles)

The above data is provided by the services themselves. TU is not liable for any inaccuracies in the above data. The table is sorted by trading volume (descending order).

What Is the Biggest Forex Broker in the World?

IC Markets Review

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IC Markets is the largest forex broker in the world, with close to $10 trillion in trading volume per year. Currently, IC Markets operates in over 200 countries. It also has over 200,000 active clients and is continuing to grow.

The company offers a wide range of financial assets to trade, including major, minor and exotic currency pairs, commodities, precious metals, and stock indices. It also provides different types of accounts, such as Standard, ECN, Swap-Free, and Islamic. Due to their high trading volume (1.11 trillion in January 2023), IC Markets has low spreads, competitive commissions, and ultra-fast order execution.

IC Markets' trading conditions are some of the best in the industry. The spreads start at 0.0 pips for all platforms — MetaTrader 4, MetaTrader 5, and cTrader. Execution is also very fast, with an average of 0.4 ms once an order is placed.

Margin requirements are very low, and available leverage is very high. For major currency pairs, the margin is 0.5%, and the maximum leverage is 500:1. Leverage helps traders magnify their returns but also increases risk.

You can trade 60 currency pairs on all platforms with IC Markets.

IC Markets History

IC Markets was founded in 2007 by a team of finance, trading, and technology professionals. The company was created with the mission to provide lower spreads, superior execution technology, and unrivaled liquidity.

Over the years, IC Markets has continued to innovate and improve its products and services. In 2015, they became the first Australian broker to introduce the cTrader platform. In 2017, they launched the world's largest true ECN forex trading account with a $200 minimum deposit. Compare IC Markets and IG to make the best choice.

Top Forex Brokers in the World by Trading Volume - Compared

When choosing a broker, it's essential to consider not only trading volumes but also other trading conditions such as commission rates, support for a wide range of currency pairs, order execution speed, platform reliability, quality of customer support, and the availability of educational resources and analytical tools. All these factors combined can significantly impact the efficiency and comfort of your trading experience.

	Min. deposit, $	Currency pairs	ECN Spread EUR/USD	ECN Commission	Trading platform	Open an account
IC Markets	200	61	0,1	3,5	MT4, cTrader, MT5, TradingView	Open an account Your capital is at risk.
XM Group	5	57	0,2	3,5	MT4, MT5, MobileTrading, XM App	Open an account Your capital is at risk.
HFM		50	0,2	3	MT4, MobileTrading, MultiTerminal, MT5, HFM Platform	Open an account Your capital is at risk.
OANDA		68	0,15	3,5	WebTrader, MetaTrader4, Mobile platforms, MetaTrader5	Open an account Your capital is at risk.
AvaTrade	100	60			MT4, MobileTrading, AvaTrader, AvaOptions, AvaSocial, AVA Option, MT5	Open an account Your capital is at risk.
Pepperstone		90	0,1	3	MT4, MobileTrading, WebTrader, cTrader, MT5, TradingView	Open an account Your capital is at risk.
FxPro	100	70	0,2	3	MT4, MobileTrading, MT5, cTrader, FxPro Edge	Open an account Your capital is at risk.
XTB		48			MT4, xStation 5	Study review
FXOpen	1	50	0,1	1,5	TickTrader, TradingView, MT4, MT5	Open an account Your capital is at risk.
Tickmill	100	62	0,1	3	MT4, MT5, WebTrader, Tickmill Trader	Open an account Your capital is at risk.
Moneta Markets	50	60	0,3	3	AppTrader, MetaTrader4, MetaTrader5, PRO Trader	Open an account Your capital is at risk.
Dukascopy	100	300	0,3	2	MobileTrading, WebTrader, JForex, Java	Open an account Your capital is at risk.
FBS	5	74			MT4, MobileTrading, MT5, FBS app	Open an account Your capital is at risk.
FP Markets	100	60	0,1	3	MT4, MT5, WebTrader	Open an account Your capital is at risk.
Plus500	100	60			Mobile, Web, Desktop	Open an account Your capital is at risk.

Which country is best for Forex trading?

There is no “best” country to trade in the Forex market as such. Everything depends on your personal preferences, regulations and trading goals. However, there are a number of jurisdictions that are the most comfortable and safe for trading in the international foreign exchange market.

The list of the best countries for Forex trading includes:

USA – the Forex market is strictly regulated in the U.S., with many largest Forex brokers operating in it. The regulatory framework provides users with a high level of protection and transparency.
UK is another large Forex trading center. The Financial Conduct Authority (FCA) is the regulator of the UK overseeing the operation of brokerage organizations and preventing violations of the law.
Switzerland is a country known for its financial stability and clear regulation. The Swiss Financial Market Supervisory Authority (FINMA) is supervising the operation of brokers in the country.
Australia – the country has a developed trading community, where investors enjoy reliable protection. The Australian Securities and Investments Commission (ASIC) is regulating brokerage activity.
Singapore is an important financial center of Asia, attracting Forex traders from all around the world. The Monetary Authority of Singapore (MAS) controls the operation of brokerage companies and ensures the safety and comfort in the market.

Traders Union experts note that regardless of the country, you should always choose a respected and regulated Forex broker that meets your trading needs and offers a safe trading environment. Conduct thorough research, consider such factors as regulation, trading conditions, client support, and the broker’s reputation before making a decision.

Largest Forex Brokers By Country

Forex regulation is important for a number of reasons. First, regulation ensures that brokers are held to certain standards with regard to their conduct and the way they operate their business. This helps to instill confidence in traders that their broker is not going to engage in any shady business practices.

Second, only locally regulated brokers can operate in certain countries or jurisdictions. For example, in order to operate in the United States, a forex broker must be registered with the National Futures Association (NFA) and meet certain requirements. Some of the largest foreign brokers do not operate in the United States because they do not want to comply with the stringent regulations that are in place.

Third, regulation can provide some level of protection for traders. For example, in the event that a broker goes bankrupt, regulated brokers are required to segregate client funds so that they are not used to pay off the broker's creditors. This means that your money is protected in the event that your broker goes under.

Biggest US-Regulated Forex Brokers

OANDA (US) – $12.84 billion in daily trading volume
IG Markets – $8.16 billion in daily trading volume
Forex.com – $18.6 billion in daily trading volume
TD Ameritrade – $3.6 billion in daily trading volume
Interactive Brokers (US) – $4.3 billion in daily trading volume

Biggest Forex Brokers in EU

IC Markets – $29 billion in daily trading volume
Pepperstone – $8.04 billion in daily trading volume
IG - $8.16 billion in daily trading volume
FXCM - $7.11 billion in daily trading volume
XTB - $6.56 billion in daily trading volume
AxiTrader - $7.05 billion in daily trading volume

Biggest Forex Broker in UK

Saxo Bank – $20.1 billion in daily trading volume
Fusion Markets – $4.96 billion in daily trading volume
CMC Markets – $4.11 billion in daily trading volume

Biggest Forex Brokers in Australia

IC Markets – $29 billion in daily trading volume
Saxo Bank - $20.1 billion in daily trading volume
AxiTrader - $7.05 billion in daily trading volume
IG - $5.69 billion in daily trading volume
CMC Markets - $4.11 billion in daily trading volume

What are the Benefits of Trading with a Big Forex Broker?

Trading with a big forex broker can offer several benefits, including:

1. Liquidity

Top forex brokers often have substantial trading volumes, enabling traders to execute orders quickly and at competitive prices. Liquidity is essential in the forex market, as it ensures that traders can enter and exit positions without significant price slippage.

2. Technology and Tools

The biggest forex brokers in the world typically invest in advanced trading platforms and tools, offering traders a superior trading experience. These brokers understand the importance of technology in modern trading and strive to provide their clients with cutting-edge solutions. Advanced trading platforms offer a range of features, such as real-time market data, customisable charts, technical indicators, and order management tools. By utilizing these advanced technologies and tools, traders can enhance their decision-making process and potentially improve their trading results.

3. Regulatory Compliance and Safety

Top 10 forex brokers in the world are typically subject to strict regulatory oversight by reputable financial authorities. This regulatory compliance ensures the safety of traders' funds and helps maintain market integrity. Established regulatory bodies such as the FCA, CySEC, and ASIC monitor the activities of these brokers to protect the interests of investors.

4. Educational Resources

Big forex brokers often provide a wealth of research and educational resources to their clients. These resources can include market analysis, economic calendars, educational articles, webinars, and video tutorials. The research materials offered by these brokers can help traders stay informed about market trends, economic events, and potential trading opportunities.

5. Customer Support and Service

Another advantage of trading with big forex brokers is their comprehensive customer support and service. These brokers typically have dedicated customer support teams available 24/7 to assist traders with any queries or issues they may encounter. Whether it's technical assistance, account-related inquiries, or general trading support, traders can rely on prompt and reliable customer support from these brokers.

How to Choose the Best Big Forex Broker for Your Needs

Choosing the best big forex broker for your needs requires careful evaluation of several important criteria. Here are some of them.

1. Regulation and Compliance

Ensure that the broker is regulated by a reputable financial authority in their operating jurisdiction. Regulation ensures that the broker adheres to industry standards, safeguards client funds in segregated accounts, and operates transparently.

2. Security

Look for brokers that utilize robust security measures, such as encryption technology, to protect your data. Additionally, check if the broker offers two-factor authentication (2FA) to add an extra layer of security to your account. Consider the broker's reputation and track record in the industry, as well as any past security incidents or breaches.

3. Tradable Instruments

While forex is the primary focus, you may also be interested in trading other assets such as stocks, commodities, or cryptocurrencies. Ensure that the broker provides a diverse selection of instruments that align with your trading preferences and goals. This allows you to diversify your portfolio and take advantage of different market opportunities.

4. Spreads and Fees

Spreads are the difference between the buying and selling price of a currency pair and represent the broker's compensation. Lower spreads are generally preferred as they reduce trading costs. Be aware of any additional fees, such as commissions, deposit/withdrawal charges, or inactivity fees.

5. Education and Research

Look for brokers that provide comprehensive educational content, including tutorials, webinars, trading guides, and market analysis. These resources can help you learn about forex trading concepts, develop strategies, and stay updated with market trends.

Expert Opinion

Assessing trading volumes at each broker is a crucial factor in decision-making. It signifies trust, particularly from traders dealing with significant amounts. Holding a large sum with a broker requires genuine trust and confidence that it will provide real quotes, and offer convenient fund withdrawals, and not scam you. Becoming the world's largest broker is very challenging. It requires reaching the maximum level of trust from traders, having appropriate regulation and client fund protection measures, and offering diverse options. Clients working with top global brokers enjoy several advantages since these brokers are generally reliable and offer favorable trading conditions, including the best market liquidity and low commissions.

Summary

The daily trading volume handled by Forex brokers gives valuable insight into their scale and global reach. The ability to process immense volumes while maintaining low spreads and fast execution demonstrates the technological capabilities of the top players. Choosing a broker that functions as one of these titans provides traders access to unrivaled liquidity across dozens of currency pairs.

However, size alone does not determine the best broker for any one trader. Other factors like regulations, account types, educational resources and customer service should factor equally into decisions. While major brokers excel through market dominance, smaller competitors occasionally trump their larger rivals by excelling in niche areas that resonate stronger with certain needs. But in any case, using a sizeable, trusted platform provides the dual benefits of strong liquidity and investor safeguards.

FAQs

What currency pairs are most heavily traded?

The most heavily traded forex currency pairs are EUR/USD, USD/JPY, GBP/USD, USD/CHF, and AUD/USD. These major pairs account for over 75% of the daily forex trading volume globally.

What is "negative balance protection"?

Reputable forex brokers provide negative balance protection to ensure that a trader’s account balance does not drop below zero due to financial obligations. This helps manage trading risks, especially with leveraged positions.

Which forex broker is the safest to trade with?

All of the major forex brokers are regulated, though those regulated by top-tier agencies like the CFTC/NFA in US, FCA in UK and ASIC in Australia considered to be the safest.

Can forex brokers go bankrupt?

Yes, forex brokers can go bankrupt as with any company. Regulated brokers must keep client assets segregated for protection, and different compensation schemes cover eligible losses.

Team that worked on the article

Johnathan M. is a U.S.-based writer and investor, a contributor to the Traders Union website. His two primary areas of expertise include finance and investing (specifically, forex and commodity trading) and religion/spirituality/meditation.

His experience includes writing articles for Investopedia.com, being the head writer for the Steve Pomeranz Show, a personal finance radio program on NPR. Johnathan is also an active currency (forex) trader, with over 20 years of investing experience.

Learn about our editorial policies

Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).

CFD

CFD is a contract between an investor/trader and seller that demonstrates that the trader will need to pay the price difference between the current value of the asset and its value at the time of contract to the seller.

Forex Trading

Forex trading, short for foreign exchange trading, is the practice of buying and selling currencies in the global foreign exchange market with the aim of profiting from fluctuations in exchange rates. Traders speculate on whether one currency will rise or fall in value relative to another currency and make trading decisions accordingly. However, beware that trading carries risks, and you can lose your whole capital.

Cryptocurrency

Cryptocurrency is a type of digital or virtual currency that relies on cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies operate on decentralized networks, typically based on blockchain technology.

Leverage

Forex leverage is a tool enabling traders to control larger positions with a relatively small amount of capital, amplifying potential profits and losses based on the chosen leverage ratio.

Extra

Xetra is a German Stock Exchange trading system that the Frankfurt Stock Exchange operates. Deutsche Börse is the parent company of the Frankfurt Stock Exchange.

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