15 Biggest Forex Brokers in the World for 2024

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.

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.

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.

Other Top Forex Brokers in the World by Trading Volume

Forex.com

FOREX.com Review

With an $18.5 billion average daily trading volume, Forex.com is the second biggest forex broker in the world. It began operation in 2001 and is currently operating in over 140 countries.

Forex.com offers a wide range of currency pairs, CFDs, commodities, and stock indices to trade. It also provides different account types, such as standard, commission accounts, and direct market access accounts.

A standard account is for traders who want a simple and traditional approach to trading forex. Spreads start from 1.0. Commission accounts are for more experienced traders who want to trade with lower spreads and fixed commissions. Spreads start from 0.2. Direct market access (DMA) accounts are for high-volume traders who want maximum control and flexibility. Spreads start from 0.1.

XM

XM Group Review

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77.74% of retail investor accounts lose money when trading CFDs with this provider.

XM is the third biggest forex broker in the world with a $16 billion average daily trading volume. It was founded in 2008 and is currently operating in over 200 countries.

XM offers a wide range of tradeable assets, including currency pairs, CFDs on precious metals, energy futures, equity indices, and cryptocurrencies. It also has different account types such as micro, standard, XM ultra-low account, and a shares account.

Trading conditions are also excellent, with leverage up to 1000:1 and low minimum deposit requirements. Spreads start from 0.6 pips.

Saxo Bank

Saxo Bank Review

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Saxo Bank has an average trading volume of $14.6 billion per day. It was founded in 1992, and is headquartered in Denmark. The company is regulated by the Danish Financial Supervisory Authority and is a member of the Danish Bankers Association.

When you trade with Saxo Bank, you get access to a wide range of global markets. You can trade over 60,000 financial instruments. You also have access to powerful platforms, industry-leading prices, and expert support.

HF Markets

HFM Review

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71.24% of retail investor accounts lose money when trading CFDs with this provider.

HF Markets offers five types of trading accounts. They are micro, premium, zero spread, PAMM, and HFCopy. The minimum deposit for a micro account is $5, and for a premium account, it is $100. You can trade over 150 assets through HF Markets.

OANDA Review

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OANDA is a forex broker that has an average trading volume of $12.8 billion per day. The company began in 1997, and is one of the oldest forex brokers. OANDA has its headquarters in New York City and offices in Toronto, London, Singapore, and Tokyo.

OANDA uses two types of pricing models: spread only and commission. The spread-only model includes the broker's trading fees in the spread. The commission model is a traditional brokerage fee charged separately from the spread. Since the broker doesn’t add anything to the bid/ask spread for commission fee accounts, that provides traders who opt for commission fees to with tighter spreads.

OANDA offers two types of accounts: Standard and Advanced Trader accounts. Either account gives you access to trade over 70 forex pairs. The minimum deposit requirement for a standard account is $0, and the minimum for an Advanced Trader account is $10,000.

AvaTrade

AvaTrade Review

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71% of retail investor accounts lose money when trading CFDs with this provider.

AvaTrade is a forex broker with an ADTV of $9.36 billion. By depositing only $100, you can open an account with this broker. And apart from trading over 60 forex pairs, AvaTrade gives you an opportunity to trade gold, silver, and cryptocurrencies.

AvaTrade trading platforms include MetaTrader 4, Webtrader, and AvaTradeGo. They also have fixed spreads starting from 0.6 pips.

Pepperstone

Pepperstone Review

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Pepperstone is another top forex broker, with an ADTV of $8.04 billion. You don't need to meet a minimum deposit amount to open an account with Pepperstone. Moreover, this broker offers you the opportunity to trade over 200 instruments, including more than 60 forex pairs.

Pepperstone's trading platforms include MT4, MT5, and cTrader. Spreads start from 0 pips.

FXPro

FxPro Review

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FxPro is a forex broker with an ADVT of $7.8 billion, that only requires a minimum deposit of $100. This company provides over 400 tradable instruments, including 70 fx currency pairs and has some of the lowest starting forex spreads available, from as low as 0 pips. FxPro clients can trade using MT4, MT5, cTrader, and Fxtrader platforms.

XTB

XTB Review

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XTB is a forex broker with an ADTV of $6.56 billion. The minimum deposit you need to open an account with XTB is $250. You can trade over 50 forex pairs, as well as other assets, such as indices and commodities with this broker.

XTB's trading platforms include xStation 5 and MT4. Spreads start from 0 pips for pro accounts and 0.9 for standard accounts.

AXI

Axi Review

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74.1% of retail investor accounts lose money when trading CFDs with this provider.

AXI is a forex broker with an ADTV of $5.69 billion. They have over 60,000 traders in over 100 countries.

The minimum deposit you need to open an account with AXI is $0, but the recommended deposit is $200. You can trade over 70 forex pairs with this broker. AXI's trading platforms include MT4 and Webtrader. Spreads are competitive, starting from 0 pips.

FXOpen

FXOpen Review

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77% of retail investor accounts lose money when trading CFDs with this provider.

FXOpen is a forex broker with an ADTV of $5.13 billion. The minimum deposit required by FXOpen is $1. You can trade over 200 instruments with this broker, including over 50 forex pairs.

FXOpen's trading platforms include MT4, MT5, and Ticktrader. Their trading accounts are ECN and STP.

Tickmill

Tickmill Review

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Tickmill is a forex broker with an ADTV of $4.9 billion. The minimum deposit amount you need to open an account with Tickmill is $100 for all account types. You can trade over 70 forex pairs, as well as CFDs on commodities, stocks, and indices.

Tickmill's trading platforms include MT4 and MT5. Spreads start from 0 pips for Pro and VIP accounts, and 1.6 pips for a classic account.

IG Markets

IG Markets Review

IG Markets is a forex broker with over $8.16 billion in ADTV. The minimum deposit amount you need to open an account with them is $250. With this broker, you can trade over 80 forex pairs, as well as other assets, such as indices, stock shares, and cryptocurrencies.

Their trading platforms include MT4, L2 Dealer, and ProRealTime. IG clients get low spreads, starting from 0.6 pips.

FXCM

FXCM Review

FXCM is a forex broker with an ADTV of $7.1 billion. With FXCM, you only need to deposit $50 to open an account and trade over 50 forex pairs.

FXCM's trading platforms include MT4, Trading Station, and NinjaTrader. You'll also get low spreads, starting from 0.3 pips, with this broker.

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

Biggest Forex Brokers in EU

Biggest Forex Broker in UK

Biggest Forex Brokers in Australia

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.