BRKV - Broker-the intermediary between the buyers and the sales, has always played an important role in the forex market. A question that so many traders ask me when they first join this field is How to know what brokers have high prestige what brokers don’t. To answer that question, I have spent a few months researching, gathering, analyzing and creating a ranking of top 5 best forex brokers in this field. Of course, I don’t have 100% data to rank, but this ranking is the results of months going through information and statistics from trusted sources so the credibility is very high. You can also search for other rankings online but keep it in mind that these results are so diverse and not all of them are correct. Some websites I found online rank Hotforex, ICmarket, FBS, or FXTM in the top 5 largest brokers in the world, which in my opinion is unreasonable. They are new brokers in the market and their targeted countries are only in South East Asia and Africa. Below are my top 5 largest brokers in the world based on their trading volume each month.
Here is a list of the top 5 largest forex brokers in the world:
Exness.com: $395 Billions per month
XM.com: $320 Billions per month
Forex.com: $300 Billions per month
Saxo Bank: $300 Billions per month
FXCM: $220 Billions per month
So, how can we value a broker and rank it? As I mentioned above, we use trading volume to rank brokers since it is the best tool to evaluate the prestige as well as the performance of a broker. If the broker performs well, a lot of traders will work with them, and their reputation as well as their reliability will be higher. On the other hand, if their performance is bad, traders will tell each other head to head. As a result, the prestige of that broker will decrease sharply. But how can we find the statistics about the trading volume of a broker? In the forex market, there are a lot of brokers who publicly post their financial reports on their websites such as Exness. Of course, we can only take these results into consideration when they’re audited by top 4 audit companies (Click here to see more). But, not every broker publishes their financial reports public. In this case, we have to search information through trusted sources such as newspapers, financial news and statistic websites. Until we collect enough data, we can rank top 5 brokers as accurate as possible. In some cases like Forex.com and Saxo bank, their total trading volumes are very high (Forex’s total trading volume is $500 billions/month and Saxo’s total trading volume is $600 billions/month) but their rankings are still lower than some other brokers. The reason is that these brokers work in several fields such as crypto, stock, future,etc...and only their forex’s trading volumes are counted (Forex’s forex trading volume is $300 billions/month the same as Saxo’s forex trading volume). In conclusion, I recommend you to work with the broker who publishes their statistics public due to their transparency.
Another thing that we all agree is that trading with the top largest brokers is really safe. Every trader wants to avoid scam brokers, but not everyone can tell them apart from the beginning. Even experienced traders like me find it nearly impossible to distinguish a scam broker from the start. Scam brokers are very sophisticated as they take advantages of human behavioral activities to trick us. In the forex market, when we make our first move, we usually earn a good amount of profit since we strictly follow risk management. But after winning the first round, we often become subjective and the result is that we often lose a lot of money. Scam brokers apply the same psychology tricks to their customers: first, they offer a great amount of profit to trick us to deposit more money, and then they scam us. So the only way to avoid this is to trade with a reliable broker. Traders can always search for a broker’s background on the internet since any scam activities will be posted on the internet as a warning. In my opinion, those in the top 5 are the most reliable ones since their background are all so clear and they already have good reputations in the market. A large broker usually won’t sacrifice its reputation for money.
But there are several brokers in the top largest brokers? Can we just randomly pick one? The answer is no, we can’t pick randomly. Most of the brokers in the ranking above are from the US/EU region. So if you’re from those areas, feel free to go with any brokers that you feel comfortable with. But if you come from other regions, there are a few things you need to think about. For example, Whether they are regulated in your countries or not, Can we deposit and withdraw by local payment systems? Or do they have local support or not. If you’re living in Asia, then I highly suggest opening an Exness account. Their prestige is super high (find out more here) and their payment system is the best of the best. It’s super fast with no limitations and especially doesn’t require any fees. They also have several offices in China, Indonesia, Thailand, Singapore, Malaysia, Cyprus, South Africa, India and Dubai. In case you need any help, you can go to their offices directly (if you’re living in one of the countries I listed above) or you can receive their online support from live chat 24/7. And if you’re from the US, then hurry up and work with Forex.com- the leading broker in the US’s forex market. What about African and EU’s citizen? I think the best choices for them are Saxo Bank and Exness. If you still wonder about trading with US/EU brokers, please read this post.
Thank you for reading my post. If you need any help, just comment below!! Hope that you find this post helpful.
Hey there, this is Fanara Filippo. I'm the author of this article and I'm currently collaborating with Brokerreview.net, or BRKV in short. My articles are mainly for forex traders from Thailand, Indonesia, India, Bangladesh, and South Africa.
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