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  In this comprehensive article, we have curated a list encapsulating the top 10 largest forex brokers in the world in 2024. These giants are selected based on their daily trade volume.

  However, rest assured, our selection process does not stop there. We have personally interacted with the tools and offerings on these brokerage platforms, providing you with our first-hand experience. Importantly, our listed brokers bear approval from multiple higher-level regulatory bodies.

  But we don't limit our criteria for trade volume and regulatory licenses. We delve deeper, evaluating crucial elements such as the minimum initial deposit required, accessibility to various markets, variety in account types, flexibility in leverage, cost of trading and non-trading, user experience on their trading platforms, the transparency and efficiency of their deposit and withdrawal processes, quality and range of educational resources provided, responsiveness of customer support, and not forget, the intangible benefits like bonuses and promotions.

  We invite you to leverage this article to compare these brokers in terms of their trading conditions and understand the pros and cons of each, ultimately empowering you to identify the most suitable forex broker for your particular trading needs. Happy trading!


Largest Forex Brokers in the World

Both ASIC & CYSEC Regulated Financial Providers offer You Excellent Security.

24/7 Professional and Multilingual Customer Support Easy to Reach.

A multi-regulated broker, reliable to trade with.

Low forex fees applied, no withdrawal fees.

A long-established Broker, Strictly Regulated by Multiple Regulatory Bodies in Various Jurisdictions, Offering Sufficient Reliability.

Over 80 Currency Tradable, Competitive Pricing Structure with Tight Spreads from 0 Pips.

more

Comparison of Largest Forex Brokers in the World

Forex Broker

License

Minimum Spread

Maximum Leverage

Minimum Deposit

Open account

Details

Compare

Regulated
0.0
1:500
$200
8.24
Regulated
0.4
1:30/1:100
$2,000
8.45
Domestic Regulation
0.0
1:500
$100

4

XM
9.04
Regulated
0.6
1:1000
$5

5

HFM
8.25
Regulated
0.5
1:2000
$5
8.36
Domestic Regulation
0.1
1:200
$0
8.30
Regulated
0.9
1:400
$100

8

IG
8.49
Domestic Regulation
1
1:200
$250
Regulated
0.0
1:500
$200
7.74
Regulated
1.5
1:1000
$100

Largest Forex Brokers in the World Reviewed

ADVT-based Ranking List

Largest Broker ADVT (Billion USD) Regulation
IC
IC Markets 29 ASIC, CYSEC
Saxo
Saxo 20.1 ASIC, FCA, FSA, AMF, CONSOB, FINMA, MAS
Forex.com
Forex.com 18.6 NFA, ASIC, FCA, FSA, IIROC, CIMA (offshore), MAS
XM
XM 16.08 CYSEC, ASIC, FSC (offshore), DFSA
HFM
HFM 13.8 CYSEC, FCA, DFSA, FSA (offshore), CNMV
OANDA
OANDA 12.84 ASIC, FCA, FSA, NFA, IIROC, MAS
AvaTrade
AvaTrade 9.36 CBI, FCA, ASIC, FSA, FFAJ, FSCA
IG
IG 8.16 FCA, ASIC, FSA, NFA, AMF, FMA, MAS, DFSA
Pepperstone
Pepperstone 8.04 ASIC, CYSEC, FCA, DFSA, SCB (offshore)
FxPro
FxPro 7.8 FCA, CYSEC

  ⁕ Data of AVDT (Average Daily Volume Traded) is from the broker's website and Internet (updated in 2024).

① IC Markets

  Founded in 2007 in Sydney, Australia, IC Markets is a well-known Forex and CFD brokerage firm that offers a variety of investment products to its clients. The firm provides traders with the ability to trade in forex pairs, commodities, stocks, cryptocurrencies, indices, bonds, and futures through various trading platforms such as MetaTrader 4, MetaTrader 5, and cTrader. Three account types can be chosen at IC Markets, including Standard, Raw Spread, and cTrader Raw Spread accounts.

IC Markets
⭐⭐⭐⭐⭐
Daily Trade Volume $29 billion
Min Initial Deposit $200
Market Access 2250+, CFDs on forex, commodities, indices, bonds, digital currencies, stocks and futures
Demo Account Yes (free for 30 days)
Islamic Account Yes
Max Leverage 1:500
Spreads & Commissions From 0.8 pips & no commission (Std account)
Trading Platforms MT4, MT5, cTrader
Social/Copy Trading Yes
Deposits & Withdrawals Credit/debit cards, PayPal, Neteller, Skrill, UnionPay, Wire Transfer, Bpay, Broker to Broker, POLI, Thai/Vietnamese Internet Banking, Rapidpay, Klarna
Education Web TV, webinar, podcast, getting started tutorial videos, forex glossary
Customer Support 24/7 live chat, phone, email
Bonus N/A
Inactivity Fee N/A

  According to WikiFX, IC Markets maintains regulatory compliance in both Australia and Cyprus, adhering to the respective financial regulatory standards in these jurisdictions. Regulatory oversight by ASIC and CYSEC helps ensure transparency and accountability in the broker's operations, contributing to a safer trading environment for clients.

  IC Markets' Australian entity, INTERNATIONAL CAPITAL MARKETS PTY. LTD., regulated by ASIC under license number 335692, holding a license for Market Making (MM).

  IC Markets' European entity, IC Markets (EU) Ltd, regulated by CYSEC under regulatory number 362/18, holds a license for Market Making (MM) as well.

Jurisdiction Regulator Licensed Institution License Type License No. License
Austrailia
ASIC - Australia Securities & Investment Commission INTERNATIONAL CAPITAL MARKETS PTY. LTD. Market Making(MM) 335692
ASIC license
Cyprus
CYSEC -Cyprus Securities and Exchange Commission IC Markets (EU) Ltd Market Making(MM) 362/18
CySEC license

  Pros:

  Broad Range of Trading Options: IC Markets offers access to a wide range of markets beyond Forex, including commodities, indices, stocks, bonds, futures, and cryptocurrencies.

   Extensive Trading Platforms: They offer popular platforms such as MetaTrader 4, MetaTrader 5, and cTrader, allowing flexibility for all types of traders.

   Investor Security: IC Markets is well-regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CYSEC).

  Cons:

  × Lack of Additional Services: Unlike some brokers, IC Markets does not provide additional financial services beyond brokerage, such as wealth management or retirement planning.

  × No Stocks Trading for European Clients: IC Markets does not offer actual stocks trading for European clients, but rather CFDs on stocks.


② Saxo

  Saxo Bank is a Danish investment bank specializing in online trading and investments. It offers access to international markets for online trading of a wide range of assets including, but not limited to, stocks, ETFs, bonds, mutual funds, IP0, forex, futures, forex options, and listed options. The company's online trading platforms, SaxoInvestor, SaxoTraderGO and SaxoTraderPRO, are recognized globally for their user-friendly interface and are available on multiple devices.

Saxo
⭐⭐⭐⭐⭐
Daily Trade Volume HKD 157 billion+ ($20.1 billion+)
Min Initial Deposit HKD10,000
Market Access Stcoks, ETFs, bonds, mutual funds, IP0, forex, futures, forex options, listed options
Demo Account Yes
Islamic Account Yes
Max Leverage 1:100
Spreads & Commissions (Forex) Around 0.4 pips (EUR/USD) & commission-free
Trading Platforms SaxoInvestor, SaxoTraderGO, SaxoTraderPRO
Social/Copy Trading N/A
Deposits & Withdrawals Free - Visa, MasterCard, Visa Debit, Visa Electron, MasterCard Debit, Maestro (for UK residents), Visa Dankort (for Denmark residents), Carte Bleue (for France residents)
Education N/A
Customer Support 24/5 phone, email
Bonus N/A
Inactivity Fee N/A

  According to WikiFX, Saxo is currently regulated by many financial authorities including ASIC (Australia), FCA (UK), FSA (Japan), AMF (France), CONSOB (Italy), FINMA (Switzerland), and MAS (Singapore). More detailed info can be found in the table below:

Jurisdiction Regulator Licensed Institution License Type License No. License
Australia
ASIC - Australia Securities & Investment Commission SAXO CAPITAL MARKETS (AUSTRALIA) LIMITED Market Making(MM) 280372
ASIC license
UK
FCA - Financial Conduct Authority Saxo Capital Markets UK Limited Market Making(MM) 551422
FCA license
Japan
FSA - Financial Services Agency Saxo Bank Securities Ltd. Retail Forex License 関東財務局長(金商)第239号
FSA license
France
AMF - The Autorité des Marchés Financiers Saxo bank A/S Retail Forex License 71081
AMF license
Italy
CONSOB - National Commission for Companies and the Stock Exchange BG SAXO SIM SPA Market Making(MM) 296
CONSOB license
Switzerland
FINMA - Swiss Financial Market Supervisory Authority SAXO BANK (SCHWEIZ) AG Financial Service Unreleased
FINMA  license
Singapore
MAS - Monetary Authority of Singapore SAXO CAPITAL MARKETS PTE. LTD. Retail Forex License Unreleased
MAS license

  Pros:

  Diverse Product Portfolio: Saxo Bank offers a wide range of financial instruments to trade, including stocks, ETFs, bonds, mutual funds, IP0, forex, futures, forex options, and listed options.

  Advanced Trading Platforms: They provide two platforms, SaxoTraderGO and SaxoTraderPRO, both recognized for their innovative features and user-friendly interface.

  Strong Regulatory Oversight: Saxo Bank operates under the supervision of several top-level financial regulatory bodies worldwide, such as ASIC, FCA and FSA, which provides traders with an added level of confidence and security.

  Cons:

  × High Minimum Deposit: Saxo Bank's minimum deposit requirement of HKD10,000 to open an account is high compared to other brokers, which is not suitable for beginners or small-scale traders.

  × Complex Pricing Structure: Their pricing structure can be somewhat layered and difficult to understand, particularly for inexperienced traders.


③ FOREX.com

  Forex.com is a global online broker that specializes in Forex trading. It is one of the largest retail Forex brokers in terms of daily trading volume and offers a range of trading products including currency pairs, precious metals, energies, indices, bonds, cryptocurrencies and equities. The platform is known for its advanced trading features, comprehensive educational resources, and extensive market research reports. It provides three types of trading platforms, namely its proprietary Mobile App, Web Trader, and the industry-leading MT5 platform.

Forex.com
⭐⭐⭐⭐⭐
Daily Trade Volume $18.6 billion
Min Initial Deposit $100
Market Access currency pairs, precious metals, energies, indices, bonds, cryptocurrencies and equities
Demo Account Yes ($50,000 in virtual funds and active for 30 days)
Islamic Account No
Max Leverage N/A
Spreads & Commissions (Forex) From 0.018 pips (EUR/USD) & commission-free
Trading Platforms Mobile App, Web Trader, MT5
Social/Copy Trading N/A
Deposits & Withdrawals Free - cards (Visa, Mastercard, Maestro), bank wire transfer, Skrill and Neteller
Education Courses, lessons, platform tutorials, glossary
Customer Support 24h live chat, phone, email
Bonus New account opening: up to $5,000 (from now to December 15th)
Exclusive account opening for new customers: up to $888
Inactivity Fee N/A

  Furthermore, according to WikiFX, it is regulated by multiple financial authorities worldwide, including NFA (USA), ASIC (Australia), FCA (UK), FSA (Japan), IIROC (Canada), CIMA (Cayman Islands), and MAS (Singapore), which adds reliability and trustworthiness to its name. More detailed info on regulation can be found in the table below:

Jurisdiction Regulator Licensed Institution License Type License No. License
USA
NFA - National Futures Association GAIN CAPITAL GROUP LLC Market Making(MM) 0339826
NFA license
Australia
ASIC - Australia Securities & Investment Commission STONEX FINANCIAL PTY LTD Market Making(MM) 345646
ASIC license
UK
FCA - Financial Conduct Authority StoneX Financial Ltd Market Making(MM) 446717
FCA license
Japan
FSA - Financial Services Agency StoneX証券株式会社 Retail Forex License 関東財務局長(金商)第291号
FSA license
Canada
IIROC - Investment Industry Regulatory Organization of Canada GAIN Capital - FOREX.com Canada Ltd Market Making(MM) Unreleased
IIROC license
Cayman Islands
CIMA - Cayman Islands Monetary Authority (Offshore regulation) GAIN Global Markets, Inc Market Making(MM) 25033
CIMA license
Singapore
MAS - Monetary Authority of Singapore STONEX FINANCIAL PTE. LTD. Retail Forex License Unreleased
MAS license

  Pros:

  Regulatory Oversight: Forex.com is regulated by several high-profile financial authorities, including NFA (USA), ASIC (Australia), FCA (UK), FSA (Japan), IIROC (Canada), CIMA ( Cayman Islands), and MAS ( Singapore), which helps ensure that they maintain fair and transparent trading practices.

   Broad Range of Markets: Beyond Forex, Forex.com also provides trading in products such as currency pairs, precious metals, energies, indices, bonds, cryptocurrencies and equities.

  Educational Resources: Forex.com offers a wide range of educational materials, such as courses, lessons, platform tutorials, and Glossary, perfect for beginner traders who are looking to expand their knowledge about trading.

  Cons:

  × Lack of Social Trading Features: Unlike some brokers, Forex.com currently doesn't offer a social trading platform where users can copy trades from more experienced traders.

  × Fees on Deposits & Withdrawals: Forex.com charges some unspecified fees on deposits and withdrawals, while most brokers don't charge any fees.


④ XM

  XM is an online broker that provides access to trading 1000+ financial instruments such as forex and CFDs on indices, commodities, stocks, metals and energies. Founded in 2009, XM has grown to offer its services on a global scale and it's recognized for its strict regulatory compliance.

  They offer multiple account types including Micro, Standard, Ultra low and Shares accounts. All these accounts involve low minimum deposits and provide access to various currency pairs. XM also provides several trading platforms, including MetaTrader 4 and MetaTrader 5, available on both PC and mobile.

  XM is known for its generous bonuses and promotional offers, high-quality customer service, and comprehensive educational resources.

XM
⭐⭐⭐⭐⭐
Daily Trade Volume $16.08 billion
Min Initial Deposit $5
Market Access 1000+, forex, CFDs on indices, commodities, stocks, metals and energies
Demo Account Yes
Islamic Account N/A
Max Leverage 1:1000
Spreads & Commissions (Forex) From 1 pip & commission-free (Std account)
Trading Platforms MT4, MT5, XM WebTrader
Social/Copy Trading N/A
Deposits & Withdrawals Credit/debit cards, Paypal, Skrill Moneybookers, Neteller, WebMoney, CashU, GiroPay
Education XM Live, Live education, Educational Videos, Forex & CFDs Webinars, Platform Tutorials
Customer Support 24/7 live chat, phone, email
Bonus Up to $2,000
Inactivity Fee N/A

  Moreover, according to WikiFX, it's regulated by several financial regulatory bodies, including the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), the Financial Services Commission of Belize (FSC) and the Dubai Financial Services Authority (DFSA), which provides clients with greater protection and transparency in their operations.

Jurisdiction Regulator Licensed Institution License Type License No. License
Cyprus
CYSEC - Cyprus Securities and Exchange Commission Trading Point Of Financial Instruments Ltd Market Making(MM) 120/10
CySEC license
Australia
ASIC - Australia Securities & Investment Commission TRADING POINT OF FINANCIAL INSTRUMENTS PTY LTD Market Making(MM) 443670
ASIC license
Belize
FSC - Financial Services Commission (Offshore regulation) XM GLOBAL LIMITED Retail Forex License 000261/397
FSC license
United Arab Emirates
DFSA - Dubai Financial Services Authority Trading Point MENA Limited Retail Forex License F003484
DFSA license

  Pros:

  Multiple Trading Platforms: XM offers both MetaTrader 4 and MetaTrader 5 platforms, catering to the preferences of a variety of traders.

  Robust Education and Research: XM offers an extensive selection of educational resources and research tools, such as XM Live, Live education, Educational Videos, Forex & CFDs Webinars, and Platform Tutorials, making it a good choice for beginner traders looking to expand their knowledge.

  Reputation and Regulation: XM has a solid reputation and is regulated by multiple organizations, including the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and more.

  Cons:

  × No Proprietary Platform: Unlike some brokers, XM does not have its proprietary trading platform. Some traders may prefer the unique features offered by proprietary platforms.


⑤ HFM (HF Markets)

  HFM is a multi-regulated online forex and commodities brokerage. It provides forex trading services to both professional traders and retail investors globally. Notable instruments that HF Markets offers for trading include CFDs on Forex, Commodities, Bonds, Metals, Energies, ETFs, Indices, Cryptos, and Stocks.

  Founded in 2010, the company prides itself on its client-centred approach and aims to offer the best possible trading conditions. It is known for its tight spreads, flexible leverage, fast trade execution, and various account types that cater to a wide range of traders. The broker provides several trading platforms, including the popular MetaTrader 4 and MetaTrader 5, available on PC, web, and mobile.

HFM
⭐⭐⭐⭐⭐
Daily Trade Volume $13.8 billion
Min Initial Deposit $0
Market Access 1000+ CFDs on Forex, Commodities, Bonds, Metals, Energies, ETFs, Indices, Cryptos, Stocks
Demo Account Yes
Islamic Account Yes
Max Leverage 1:2000
Spreads & Commissions (Forex) From 1.2 pips pips & zero commissions (Cent Account)
Trading Platforms MT4, MT5, HFM App
Social/Copy Trading N/A
Deposits & Withdrawals Free for most deposits & withdrawals, Bank transfers (China UnionPay, Wire transfer), credit/debit cards (Visa/MasterCard), crypto, Fasapay, Neteller, PayRedeem, Skrill, Webmoney, bitpay
Education Trading courses, educational videos, webinars, seminars, podcasts
Customer Support Live chat, phone, email
Bonus N/A
Inactivity Fee N/A

  According to WikiFX, HF Markets is regulated by various reputable financial authorities, including the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) of the United Kingdom, DFSA (United Arab Emirates), FSA (Seychelles) and CNMV (Spain). If you want to know more detailed info about HF Markets' regulation, you can view the regulation table below.

Jurisdiction Regulator Licensed Institution License Type License No. License
Cyprus
CYSEC - Cyprus Securities and Exchange Commission HF Markets (Europe) Ltd Market Making(MM) 183/12
CySEC license
UK
FCA - Financial Conduct Authority HF Markets (UK) Limited Straight Through Processing(STP) 801701
FCA license
United Arab Emirates
DFSA - Dubai Financial Services Authority HF Markets (DIFC) Limited Retail Forex License F004885
DFSA license
Seychelles
FSA - The Seychelles Financial Services Authority (Offshore regulation) HF Markets (Seychelles) Ltd Retail Forex License SD015
FSA license
Spain
CNMV - Comisión Nacional del Mercado de valores HF MARKETS (EUROPE) LTD Retail Forex License 3427
CNMV license

  Pros:

  Multiple Account Types: HF Markets offers various types of accounts, including Premium, Pro, Zero, and Cent accounts, catering to different trading requirements.

  MetaTrader Platforms: HF Markets offers both MetaTrader 4 and MetaTrader 5, two of the most popular trading platforms in the industry.

  Well-regulated: HF Markets is regulated by several reputable financial authorities, including CySEC and the FCA, which enhances its reliability.

  Cons:

  × High Leverage: The maximum leverage offered by HF Markets is up to 1:2000, which can be risky for inexperienced traders.

  × Regional Restrictions: HF Markets do not provide services to residents of the USA, Canada, Sudan, Syria, North Korea, Iran, Iraq, Mauritius, Myanmar, Yemen, Afghanistan, Vanuatu and EEA countries.


⑥ OANDA

  OANDA Corporation is a well-established forex broker that offers online trading services to clients around the globe. Their offering includes a wide range of currency pairs along with various other financial instruments such as CFDs on indices, cryptocurrencies, metals and bonds.

  OANDA has a reputation for its unique tools and services like the historic currency converter and the OANDA Currency Heatmap, which shows the performance of major currency pairs in real-time. They provide trading platform choices like MetaTrader 4 (MT4), their proprietary platform like OANDA Trade web, and OANDA Trade mobile and tablet app.

OANDA
⭐⭐⭐⭐
Daily Trade Volume $12.84 billion
Min Initial Deposit $0
Market Access 120+ CFDs on forex, indices, cryptocurrencies, metals and bonds
Demo Account Yes
Islamic Account N/A
Max Leverage 1:50 (US), 1:30 (EU), 1:200 (other regions)
Spreads & Commissions (Forex) From 0.6 pips (EUR/USD) & commission-free
Trading Platforms MT4, OANDA Trade web, OANDA Trade mobile and tablet app
Social/Copy Trading N/A
Deposits & Withdrawals Deposit: free - PayNow/QR Pay, DBS Bill Pay, PayPal, FAST, Bank wire transfer, Cheques
Withdrawal: PayPal, Bank wire transfer (within the US incur a $20 fee, international incur a $35 fee), Cheque
Education OANDA Academy (videos, tutorials, webinars, and articles)
Customer Support 24/7 phone, email, live chat
Bonus N/A
Inactivity Fee 10 units of the account's base currency per month if there has been no trading activity for 12 months or more

  In terms of regulatory oversight, OANDA is regulated in six different countries by respective financial regulatory bodies, including the National Futures Association (NFA) in the United States, the Financial Conduct Authority (FCA) in the UK, and the Australian Securities and Investments Commission (ASIC). This regulatory oversight enhances the trust and confidence of the traders on their platform.

Jurisdiction Regulator Licensed Institution License Type License No. License
Australia
ASIC - Australia Securities & Investment Commission OANDA AUSTRALIA PTY LTD Market Making(MM) 412981
ASIC license
UK
FCA - Financial Conduct Authority OANDA Europe Limited Market Making(MM) 542574
FCA license
Japan
FSA - Financial Services Agency OANDA Japan Inc Retail Forex License 関東財務局長(金商)第2137号
FSA license
USA
NFA - National Futures Association OANDA CORPORATION Market Making(MM) 0325821
NFA license
Canada
IIROC - Investment Industry Regulatory Organization of Canada OANDA (Canada) Corporation ULC Market Making(MM) Unreleased
IIROC license
Singapore
MAS - Monetary Authority of Singapore OANDA ASIA PACIFIC PTE. LTD. Retail Forex License Unreleased
MAS license

  Pros:

  Strong Regulatory Oversight: OANDA is regulated in multiple key regions, such as ASIC, FCA, FSA, and NFA, offering a level of trust for traders.

  Advanced Trading Platforms: OANDA offers various user-friendly platforms like their proprietary web platform, the popular MetaTrader 4, and a robust mobile app.

  No Minimum Deposit: OANDA has no minimum deposit requirement for opening a new trading account.

  Cons:

  × Inactivity Fee: If an account is left dormant, OANDA applies an inactivity fee of 10 units of the account's base currency per month if there has been no trading activity for 12 months or more.

  × Margin Call Policy: OANDAs margin rules mean that your trades can be closed if your account balance becomes negative, which can be problematic for some traders.


⑦ AvaTrade

  AvaTrade is a globally recognized online broker offering trading services in 1250+ financial instruments, including forex, stock index, stock, commodities, and ETFs. Founded in 2006, AvaTrade is headquartered in Dublin, Ireland.

  AvaTrade is known for offering several trading platforms to accommodate different trading styles and preferences. These include their proprietary platform, AvaTradeGo, and the popular MetaTrader 4 and MetaTrader 5 platforms. They also offer a platform for automated trading, AvaOptions for options trading, and AvaSocial, a social trading platform.

AvaTrade
⭐⭐⭐⭐
Daily Trade Volume $9.36 billion
Min Initial Deposit $100
Market Access 1250+, forex, stock index, stock, commodities, ETFs
Demo Account Yes ($10,000 in virtual capital, lasts for 21 days and can be renewed upon request)
Islamic Account N/A
Max Leverage 1:30 (retail), 1:400 (professional)
Spreads & Commissions (Forex) Typical 0.9 pips on (EUR/USD) & commission-free
Trading Platforms MT4, MT5, WebTrader, AvaTrade Go
Social/Copy Trading Yes
Deposits & Withdrawals MasterCard, Visa, PayPal, Skrill, Neteller, Wire Transfer, etc.
Education Online lectures, video tutorials, CFD E-book, glossary
Customer Support Mon - Fri 8:00 - 23:00 live chat, phone, email
Bonus N/A
Inactivity Fee N/A

  A key attribute of AvaTrade is its strong regulatory oversight. It's regulated across five continents by various global authorities, including the Central Bank of Ireland (CBI), the Australian Securities & Investments Commission (ASIC), and Japan's Financial Services Agency (FSA), which adds to its reliability.

Jurisdiction Regulator Licensed Institution License Type License No. License
Ireland
CBI - Central Bank of Ireland AVA Trade EU Limited Retail Forex License C53877
CBI license
UK
FCA - Financial Conduct Authority AVA Trade EU Limited European Authorized Representative (EEA) 504072
FCA license
Australia
ASIC - Australia Securities & Investment Commission AVA CAPITAL MARKETS AUSTRALIA PTY LTD Market Making(MM) 406684
ASIC license
Japan
FSA - Financial Services Agency Ava Trade Japan K.K Retail Forex License 関東財務局長(金商)第1662号
FSA license
Japan
FFAJ - The Financial Futures Association of Japan AVA TRADE JAPAN K.K. Retail Forex License 1574
FFAJ license
South Africa
FSCA- Financial Sector Conduct Authority AVA CAPITAL MARKETS (PTY) LTD Retail Forex License 45984
FSCA license

  Pros:

   Global Regulation: AvaTrade is regulated by several organizations worldwide, including the Central Bank of Ireland, the Australian Securities & Investments Commission (ASIC), and the Japanese Financial Services Agency.

   Diverse Trading Platforms: They offer a variety of trading platforms, including their proprietary AvaTradeGo, as well as MetaTrader 4, MetaTrader 5, AvaOptions for options trading, and AvaSocial.

  Wide Range of Financial Instruments: AvaTrade offers a good selection of trading instruments, including forex, stock index, stock, commodities, and ETFs.

  Cons:

  × Slow Withdrawal Process: Some users have reported a slow withdrawal process with AvaTrade.

  × Limited Customer Support Time: While AvaTrade offers customer support, some traders have reported issues with its efficiency and responsiveness. Their customer service is only available from Mon - Fri 8:00 - 23:00.


⑧ IG

  IG is one of the world's largest online trading and investment providers, offering spread betting and CFD trading across a range of markets, including forex, indices, cryptocurrencies, shares, commodities, ETFs, options, interest rates, bonds, and more. Established in 1974, IG is a well-known, respected, and regulated online broker globally.

  Their platform includes innovative trading technology with a focus on speed, stability, and improved accessibility. They offer an array of professional-grade trading platforms including their proprietary platform, called IG Trading Platform, the popular MetaTrader 4, and L2 Dealer for advanced traders looking for direct market access.

IG
⭐⭐⭐⭐
Daily Trade Volume $8.16 billion
Min Initial Deposit 0
Market Access 17,000+, forex, indices, cryptocurrencies, shares, commodities, ETFs, options, interest rates, bonds
Demo Account Yes ($20,000 in virtual capital)
Islamic Account N/A
Max Leverage 1:200
Spreads & Commissions (Forex) Average 1 pip (EUR/USD)
Trading Platforms Online trading platform, Mobile trading app, Progressive web app, ProRealTime, MT4, L2Dealer
Social/Copy Trading N/A
Deposits & Withdrawals Credit/debit cards (MasterCard/Visa), bank transfer
Education Limited
Customer Support 24h/day, except from 6 am to 4 pm on Saturday (UTC+8)-live chat, phone, email
Bonus N/A
Inactivity Fee N/A

  According to WikiFX, IG is regulated by several leading authorities globally, such as the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC), enhancing its reputation and the trust of its customers. More detailed regulation info is as follows:

Jurisdiction Regulator Licensed Institution License Type License No. License
UK
FCA - Financial Conduct Authority IG Markets Limited Market Making(MM) 195355
FCA license
Australia
ASIC - Australia Securities & Investment Commission IG AUSTRALIA PTY LTD Market Making(MM) 515106
ASIC license
Japan
FSA - Financial Services Agency IG証券株式会社 Retail Forex License 関東財務局長(金商)第255号
FSA license
USA
NFA - National Futures Association IG US LLC Market Making(MM) 0509630
NFA license
France
AMF - The Autorité des Marchés Financiers IG Europe GmbH Retail Forex License 79238
AMF license
New Zealand
FMA - Financial Markets Authority IG AUSTRALIA PTY LTD Straight Through Processing(STP) 684191
FMA license
Singapore
MAS - Monetary Authority of Singapore IG ASIA PTE LTD Retail Forex License Unreleased
MAS license
United Arab Emirates
DFSA - Dubai Financial Services Authority IG Limited Retail Forex License F001780
DFSA license

  Pros:

  Well-Established and Regulated: IG is one of the earliest brokers in the industry, and it's regulated by leading authorities like the FCA and ASIC, lending it significant trust and credibility.

  Advanced Trading Platforms: IG offers its proprietary platform, the IG Trading Platform, designed for speed and stability, in addition to MetaTrader 4 and L2 Dealer.

  Cons:

  × High Forex Fees: The average EUR/USD spread is 1 pip, while other brokers offer raw spreads from 0.0 pips.

  × Limited Educational Resources: There is very limited info on educational resources, and it is not friendly for beginners.


⑨ Pepperstone

  Pepperstone is an Australian online brokerage that provides traders with access to the forex and CFD markets. Established in 2010, Pepperstone has grown rapidly and is now considered one of the largest forex brokers globally.

  Pepperstone is best known for offering a vast range of tradable instruments – including Forex, Cryptocurrencies, Shares, ETFs, Indices, and Commodities – with competitive spreads and low fees. They offer two main industry-leading trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5), plus cTrader and Smart Trader Tools, which include sophisticated tools and indicators to enhance trading analysis and performance.

Pepperstone
⭐⭐⭐⭐
Daily Trade Volume $8.04 billion
Min Initial Deposit $200
Market Access 1000+, Forex, Cryptocurrencies, Shares, ETFs, Indices, Commodities
Demo Account Yes
Islamic Account N/A
Max Leverage 1:30 (EU)/1:500 (Professional)
Spreads & Commissions (Forex) Average 1.1 pips & commission-free (Std)
Trading Platforms Trading View, MT4, MT5, cTrader
Social/Copy Trading N/A
Deposits & Withdrawals Visa/Mastercard, POLi, Bank transfer, BPay, PayPal, Neteller, Skrill, and Union Pay
Education Trading guides, webinars, video tutorials
Customer Support 24/5 live chat, phone, email
Bonus N/A
Inactivity Fee No

  The broker is regulated by several financial authorities, such as the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK, affirming Pepperstone's commitment to adhere to the stringent regulatory standards of these organizations.

Jurisdiction Regulator Licensed Institution License Type License No. License
Australia
ASIC - Australia Securities & Investment Commission PEPPERSTONE GROUP LIMITED Market Making(MM) 414530
ASIC license
Cyprus
CYSEC - Cyprus Securities and Exchange Commission Pepperstone EU Limited Market Making(MM) 388/20
CySEC license
UK
FCA - Financial Conduct Authority Pepperstone Limited Straight Through Processing(STP) 684312
FCA license
United Arab Emirates
DFSA - Dubai Financial Services Authority Pepperstone Financial Services (DIFC) Limited Retail Forex License F004356
DFSA license
Bahamas
SCB - The Securities Commission of The Bahamas (Offshore regulation) Pepperstone Markets Limited Retail Forex License SIA-F217
SCB license

  Pros:

  Strong Regulatory Framework: Pepperstone is regulated by the ASIC and FCA, two reputable financial regulatory authorities, as well as other regulators.

  Multiple Trading Platforms: The broker supports MetaTrader 4, MetaTrader 5, and cTrader - all popular platforms in the trading community.

  No Inactivity Fee: Unlike many other brokers, Pepperstone does not charge an inactivity fee.

  Cons:

  × No Proprietary Platform: Pepperstone does not have its trading platform, unlike some other brokers.

  × No Guaranteed Stop Loss: Pepperstone doesn't offer guaranteed stop loss, which can leave traders exposed to market gap risks.


⑩ FxPro

  FxPro is an online broker that offers trading in forex and a diverse range of CFDs, including those in Stocks, Futures, Indices, Metals, Energies, and Cryptocurrencies. It was established in 2006 and has its headquarters in London, UK.

  FxPro has won several awards over the years and is well known for its excellent execution speed and diverse trading platform options. The broker offers a variety of platforms, including the popular MetaTrader 4, MetaTrader 5, cTrader, and FxPro Trading Platform.

FxPro
⭐⭐⭐⭐
Daily Trade Volume $7.8 billion
Min Initial Deposit $100
Market Access Forex, Stocks, Futures, Indices, Metals, Energies, Cryptocurrencies
Demo Account Yes (free and last for 180 days)
Islamic Account N/A
Max Leverage 1:200
Spreads & Commissions (Forex) From 1.2 pips & commission-free (Std account)
Trading Platforms MT4, MT5, cTrader, FxPro Trading Platform
Social/Copy Trading N/A
Deposits & Withdrawals Free deposits & fees for withdrawals - Bank Transfer, Credit/Debit Cards (Visa/MasterCard/Maestro), PayPal, Skrill, Neteller
Education Free online courses, videos
Customer Support 24/5 live chat, phone, email
Bonus N/A
Inactivity Fee N/A

  In terms of regulation, FxPro is authorized and regulated by the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC). This high level of regulatory oversight helps to enhance the credibility and reliability of the broker.

Jurisdiction Regulator Licensed Institution License Type License No. License
UK
FCA - Financial Conduct Authority FXPRO UK Limited Straight Through Processing(STP) 509956
FCA license
Cyprus
CYSEC - Cyprus Securities and Exchange Commission FXPRO Financial Services Ltd Market Making(MM) 078/07
CySEC license

  Pros:

  Strong Regulation: FxPro is regulated by multiple well-respected regulators, including the UK's Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).

  Multiple Trading Platforms: They offer several trading platforms to suit different trading styles, including MetaTrader 4, MetaTrader 5, cTrader and FxPro Trading Platform.

  Execution Speed: FxPro is known for its fast trade execution speed, a crucial factor in trading.

  Cons:

  × High Trading Costs: Some traders have noted that the costs of trading with FxPro, including spreads and other fees, are relatively high.

  × Lack of Comprehensive Educational Materials: Compared to some other brokers, FxPro's educational resources for beginners are limited.

  × Regional Restrictions: FxPro does not offer Contracts for Difference to residents of certain jurisdictions including the USA, Iran and Canada.


Largest Forex Brokers in the World by Volume FAQs

What is ADVT?

  ADVT stands for Average Daily Volume Traded. In the context of forex brokers, it refers to the average amount of currency that is traded through the broker each day. A high ADVT is often indicative of a broker with a large number of active users and high liquidity.


Why is trading volume important?

  Trading volume is important for several reasons:

  Liquidity

Higher trading volumes often equate to easier liquidity. This means transactions can usually be executed more quickly and with less slippage.

  Momentum and Interest

High volumes often indicate strong investor sentiment and can often be associated with the start of new trends. A sudden increase in trading volume could signal an upcoming price move or potential trend reversal.

  Confirmation

Trading volume can be used to confirm price trends and chart patterns. For instance, higher volumes may strengthen the validity of breakouts.

  Volatility

High trading volumes can sometimes result in higher volatility, which can present both risk and opportunity for traders.

  Therefore, trading volume can provide valuable information about market activity and the potential direction of a security's price movement.


How is the trading volume of a forex broker measured?

  The trading volume of a forex broker is typically measured in terms of the total number of currency units traded through that broker during a certain period. This information is usually provided by the broker based on internal data. The measurement is often presented in daily, weekly, monthly or yearly volumes. It can include all trades made across all types of trading accounts and platforms offered by the broker. As the foreign exchange market is decentralized, there's no universal or official measure of total forex volume. Each forex broker typically only knows their volume of trades.


What are the benefits of trading with the largest forex brokers?

  Stability

Larger brokers tend to be more stable and have better financial security. This can offer more reassurance for your funds due to their capital sufficiency.

  Reputation

Big brokers usually have a good track record and established reputation which they would want to preserve.

  Regulation

They tend to be regulated by several international regulatory authorities, offering an extra layer of security for traders.

  Comprehensive Customer Service

They typically have extensive customer support, possibly in multiple languages and across multiple communication channels.

  Educational Resources

Many large brokers offer educational materials and resources for traders to improve their market knowledge and trading skills.


Are the largest forex brokers also the most reliable ones?

  Not necessarily. While size and trading volume can indicate the success and popularity of a forex broker, they do not always guarantee reliability.


Are these forex brokers friendly for beginners?

  Yes, many of the largest forex brokers often cater to beginners by providing comprehensive educational resources, user-friendly trading platforms, and practice environments like demo accounts where new traders can learn and develop their skills without financial risk. However, it is also beneficial for beginners to consider factors such as the broker's minimum initial deposit requirements, the complexity of their trading platforms, the availability of customer support, and the broker's overall reputation in addition to their educational offerings. You can learn about these from this article.


Forex Risk Disclaimer

  Trading Forex (foreign exchange) carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, risk appetite, and the possibility of incurring losses. There is a possibility that you may sustain a loss of some or all of your initial investment and therefore you should not invest money that you can not afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.


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