Which are the top 10 Forex brokers in the world?
If you’ve gone through our ultimate guide to Forex trading, you’ll agree that Forex brokers are vital in the exchange market.
Forex brokers are ‘intervening agents’, ‘middlemen’ between individuals and the foreign currency market.
The forex brokers are the slab between a customer and the teller in a bank; they are the countertops between forex traders and forex market.
“forex brokers are the counter tops between Forex traders and the Forex market”
Forex brokers have been defined as “firms that provide traders with access to a platform that allows them to buy and sell foreign currencies”.
Money pays for things but money itself is also traded (sold and bought) every day, research has this statement backed up that there is such a list as top 10 Forex brokers in the world and over $4.5 trillion are traded every single day in the Forex market.
Top 10 Forex Brokers In The World Today
Y’all know that there is always ranking everywhere no matter how much we try to stay away from the subject both willingly and unwillingly.
Of all the numbers of Forex brokers in the world, I cannot out a finger on myself, there are some ranked as the top 10 Forex brokers in the world.
1. IG MARKET
Rated to have an ‘excellent trading and research tools’ not exempting the educative sessions it offers traders on its platform to trade at rates that are challenging to competitors.
It is no wonder it is ranked as one of the top 10 Forex brokers in the world. It all started with one man, Stuart Wheeler.
Stuart started a spread betting business named Investors Gold Index in the year 1974, this business grew beyond leaps to be known as IG Market today and ranked one of the top 10 forex brokers in the world.
It is not just a Forex broker, it is a platform for CFD trading. Its headquarters is located at London, United Kingdom. The following have been accredited to IG Market:
- Website: https://www.ig.com/en
- Minimum Deposit: $250.
- Leverage: 1 : 200.
- An InvestinGoal rank of 4.5 out of 5.
Oanda that was co-founded by computer scientist, Dr Stumm and Dr Oslen, an economist; in the year 1995 is now one of the top 10 forex brokers in the world.
Registered with the Commodity Futures Trading Commission and a member of the National Futures Association; it is regulated by ILROC, DFSA, MAS, and FSA.
It has presence in Canada and Europe and is reputed to have the best API.
Its headquarters is located at New York City, United States of America. The following have been accredited to OANDA:
- Minimum Deposit: $1.
- Leverage: 1 : 50.
- An InvestinGoal rank of 4.1 out of 5.
It has not only been ranked as one of the best Forex brokers in the world but also ‘one of the largest and most important Australian broker.’
Pepperstone was also co-founded by Joe Davenport and Owen Kerr in the year 2010. Fast forward to 9 years after, and it boasts of offices at different locations.
It offers Forex trading on over 70 currency pairs, crypto-currency CFDs, amongst other services.
It is said to have low fees, and the best customer services, including no withdrawal, deposit or inactivity fee. It offers various accounts which include Demo accounts, Standard accounts, and Islamic accounts.
Its headquarters is located at Melbourne, Australia with branches in London, Bangkok, Shangai, and Dallas. The following have been accredited to Pepperstone:
- Website: https://pepperstone.com/au
- Minimum Deposit: Currency equivalent in 200 units.
- Leverage: 1 : 500.
- An InvestinGoal rank of 4.8 out of 5.
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4. SAXO BANK
The Danish investment bank was founded as a brokerage firm in year 1992. It was upon getting a banking licence in year 2001, its initial name, Midas Fordsmaeglerselskab was changed to Saxo.
It is the only broker of the top 10 Forex broker in the world more regulated as a bank than a Forex broker, that doesn’t make it less a foreign exchange broker.
Its headquarters is located at Copenhagen, Denmark. The following have been accredited to SAXO BANK:
- Minimum Deposit: $2000 – $10 000.
- Leverage: 1 : 200.
- An Investing Goal rank of 4.5 out of 5.
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Forex.com is one of the top 10 world’s leading Forex brokers and was founded in the year 1999. It has been reviewed to have ‘high level of safety and professionalism’.
Its headquarters is located at Bedminster, New Jersey, USA. The following have been accredited to FOREX.COM:
- Website: https://www.forex.com/en-us/
- Minimum Deposit: $50.
- Leverage: 50 : 1.
- An InvestinGoal rank of 3.7 out of 5.
It was established in year 2002 as X-Trade before merging to become X-Trade Brokers, the year 2004. It has branches across the globe; Poland, Spain, Germany, France, United Kingdom inclusive.
It operates in over 15 different countries with distinct international versions that differ slightly from each other in spreads, leverage, and account types.
It was listed on the Warsaw stock exchange in year 2016 and was awarded Best Broker in Europe (2005) by Money Markets Journal.
It has an edge with its fast deposit and withdrawal, user friendly account opening and good research tools; no wonder it is not on one of the top ten Forex brokers in the world but ranked the best CFD broker.
It offers demo accounts, pro accounts, Islamic accounts, and standard accounts with terms and conditions.
Its headquarters is located at Bedminster, New Jersey, USA. The following have been accredited to XTB:
- Website: https://www.xtb.com/int
- Minimum Deposit: $250.
- Leverage: 30 : 1.
More Top Forex Brokers List
Our list of best Forex trading brokers still continues.
FXCM is the abbreviation for Forex Capital Market. It is one of the best Forex brokers in the world.
The child company of Jefferies Financial Group (formerly Leucadia National Corporation) and Global Brokerage Incorporation was founded by Drew Niv in the year 1999 as Shalish Capital Market before its current name, FXCM.
The retail broker offers Forex trading in in CFDs on ‘major indices and commodities’ with an estimated ’79.79% of retail investor accounts losing money in trade’.
8. FX Pro
Not excluded from the list of leading Forex trading brokers, FX Pro was founded in year 2006. Its trading platforms include MT4, MT5, and CTrader.
It offers trading platform for CFDs on Forex, Shares, Spot Indices, Future Spot Metals, and Spot Energies.
It was ranked the most trusted forex brand, UK, 2017 by Global Brands Magazine and best FX provider, 2019 by Online Personal Wealth Awards.
Price Water HouseCoopers (PWC) is an external auditor for FX Pro.
Its headquarters is located in the City of London, United Kingdom. The following have been accredited to FX Pro:
- Website: https://www.fxpro.com
- Minimum Deposit: $100 – $500.
- Leverage: 1:500.
The 9 years old Forex brokerage firm, that is owned by Safe Cap Investments Limited, a subsidiary of Playtech; and one of the top ten Forex brokers in the world.
Just like 1xbet, one of the top leading betting companies, Markets.com is in partnership with Arsenal FC as the ‘official forex and CFD trading partner’…yes, footballers too Forex trade.
Its headquarters is located at Nicosia, Cyprus. The following have been accredited to Markets.com:
- Minimum Deposit: $100 or its currency equivalent.
- Leverage: 1 : 300.
- An InvestinGoal rank of 3.8 out of 5.
XM was founded in year 2009 and is said to offer low spreads, minimum trade size of 0.01, and a maximum leverage of 888 : 1.
InvestinGoal ranked it the third largest broker in the world and one of the top 10 forex brokers in the world.
Its headquarters is located at Limassol, Cyprus. The following have been accredited to XM:
- Website: https://www.xm.com
- Minimum Deposit: $5.
- Leverage: 1 : 500.
- An InvestinGoal rank of 4 out of 5.
While we are quite familiar with taking dollars to the bank and smiling out with Naira notes or paying in Naira for that online transaction that spoke in a different currency, this knowledge does not guarantee an A in the Forex market.
When you venture in to this type of foreign exchange trading, you need to have knowledge of currency pairs; it is inevitable as Forex market is centered on it.
What Makes Up a Good Forex Broker?
- Customer Service: A Forex broker that cannot be accessed at least 6 days in a week at anytime within 24 hours does not fit.
Prompt response to inquiries and efficiency of customer service scores a Forex broker high.
- Fee Structure: A good Forex broker gives reasonable fees for services and not charge ridiculous fees, bearing in mind investors, traders also want to make money not dispose of it.
- Markets and Products: There are many Forex brokers out there but not all deal in the same products, currency pairs.
There is a probability that you might not get that product you thought you saw at that high priced Forex brokers’.
- Level of Security: The security features provided by that Forex brokerage firm is very important.
- Web Trading Platform: A good broker has a user friendly trading platform that is well – equipped and efficient.
- Deposit and withdrawal Fee: while some put you on a long waiting list, some might charge you unreasonable amount for withdrawing or closing an account (like say person no need the money).
- A good Forex broker update customers on record directly from the inter bank system.
- Account Opening: A good Forex broker has a demo account on its options for beginners to try out Forex trading and charge reasonable with a probable sign up bonus.
Before deciding on which Forex broker is best suited for you, look at your budget size, capital, investment goals, and others before making that decision.
Remember there are many Forex brokers out there but there are not many of your capital lying around, waiting to be picked up.
Equip yourself with the more info about vital elements that makes up a good Forex trading platform.
If you’re a beginner trader, there are some great trading platforms you can try out which include MeTa Trader 4, MT4 and MT5 and so on.
Last Notes On Top Forex Brokers In the World
You can easily lose money in the foreign exchange market and measures MAY NOT be taken as in the normal financial institutions since the rules that control secured transactions in an ideal finance world may not apply in the foreign exchange market.
There are more than enough trading brokers out there, it’s all up to you to carry out necessary findings and choose the one that suits your trading needs.
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