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 - 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 2026.

	Daily volume, $ bn	Regulation
IC Markets	29	ASIC, CySEC, FSA (Seychelles), The Financial Commission
XM	16,08	CySEC, FSC (Belize), DFSA, FSCA, FSA (Seychelles), FSC (Mauritius), SCA (United Arab Emirates), CMA (Kenya)
HFM	13,8	FCA, DFSA, CySec, 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 (Belize), FCA, CySEC
FXOpen	5,13	FCA, CySEC, The Financial Commission
Tickmill	4,87	FSA, DFSA, FSCA, CySEC, FCA
Moneta Markets	4,34	FSCA, SCA, FCA
Dukascopy	3,5	FINMA, JFSA, FCMC
FBS	2,18	CySEC, FSC (Belize)
FP Markets	1	CySec, ASIC, FSCA SA, FSC, FSA, SVG FSA, MISA
Trading.com USA	5,000	CFTC, NFA

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.

	IC Markets	XM	HFM	OANDA	AvaTrade	Pepperstone	FxPro	XTB	FXOpen	Tickmill	Moneta Markets	Dukascopy	FBS	FP Markets	Trading.com USA
Min. deposit, $	200	5			100		100		1	100	50	100	5	100	50
Currency pairs	61	57	50	68	60	90	70	48	50	62	60	300	74	60	69
ECN Spread EUR/USD	0.1	0.2	0.2	0.15		0.1	0.2		0.1	0.1	0.3	0.3		0.1
ECN Commission	3.5	3.5	3	3.5		3	3		1.5	3	3	2		3
Trading platform	cTrader, MT4, MT5, TradingView	MT4, MT5, XM App	MetaTrader4, MetaTrader5, WebTrader, MobileTrading, HFM Platform	MetaTrader4	MT4, AvaTrader, Mobile Apps, WebTrader, MT5, AvaSocial, AvaOptions	cTrader, MetaTrader4, MetaTrader5, TradingView	MetaTrader4, MetaTrader5, cTrader, FxPro Edge	MetaTrader4, xStation 5	MetaTrader4, MetaTrader5, TickTrader, TradingView	MT5, MT4, WebTrader, Tickmill Trader	AppTrader, MetaTrader4, MetaTrader5, PRO Trader	JForex Trader, MetaTrader4, SWFX	MetaTrader4, MetaTrader5, FBS app	MT4, MT5, IRess	MT5, WebTrader, Trading.com App
Open an account	Go to broker Your capital is at risk.	Go to broker Your capital is at risk.	Go to broker Your capital is at risk.	Go to broker Your capital is at risk.	Go to broker Your capital is at risk.	Go to broker Your capital is at risk.	Go to broker Your capital is at risk.	Go to broker Your capital is at risk.	Go to broker Your capital is at risk.	Go to broker Your capital is at risk.	Go to broker Your capital is at risk.	Study review	Study review	Go to broker Your capital is at risk.	Go to broker 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.

These brokers are generally reliable and offer favorable trading conditions

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.

Conclusion

The ranking of the biggest Forex brokers in the world underscores the critical role that trading volume plays in defining industry leaders. As highlighted in the article, top brokers like IC Markets and XM have achieved their positions not only through vast client bases, but also through maintaining robust liquidity and reliable trading environments. For traders, choosing a broker with high trading volume often translates to better execution, lower spreads, and increased market trust. Ultimately, the dominance of these brokers reflects their consistent ability to meet the evolving needs of global traders and signals the importance of scale in the competitive Forex landscape.

FAQs

What factors should traders consider when comparing the biggest forex brokers by trading volume?

When comparing major forex brokers, traders should evaluate not just trading volume but also factors like commission rates, the diversity of available currency pairs, order execution speeds, platform reliability, quality of customer support, and the availability of educational resources and analytical tools. These elements combine to influence the trading experience and can affect both strategy and outcomes.

How does high daily trading volume at large forex brokers impact market liquidity and trading costs?

High daily trading volume at large forex brokers typically results in better market liquidity, which makes it easier for traders to execute orders at desired prices. This increased liquidity can also lead to lower spreads and commissions, reducing overall trading costs and minimizing the risks of slippage and price gaps.

What are the primary regulatory differences for big forex brokers operating in various countries?

Big forex brokers face different regulatory requirements depending on the country of operation. For instance, the U.S. market has stringent rules enforced by agencies like the NFA, while the UK is overseen by the FCA, and Australia by ASIC. Some brokers may not operate in certain regions to avoid complex or demanding regulatory compliance, which can affect the protections and account features offered to traders.

Why might a trader prefer a large, established forex broker over a smaller provider?

A trader might favor a large, established forex broker due to the advantages of higher liquidity, access to advanced trading platforms and tools, robust regulatory oversight, stronger fund protection measures, comprehensive educational resources, and responsive customer support. These factors contribute to a more reliable and secure trading environment.

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Team that worked on the article

Johnathan M. is a U.S.-based writer and investor, a contributor to the Traders Union website.

Learn about our editorial policies

Dan Blystone began his trading career in 1998 as an arbitrage clerk on the floor of the Chicago Mercantile Exchange (CME). He later traded bond and Eurex futures at proprietary firms such as Altea Trading, gaining valuable experience in high-frequency trading and risk management.

Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data.

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