UPDATED LIST OF THE TOP 5 LARGEST FOREX BROKERS IN 2018
BRKV - Beginners in forex trading often find themselves filled with questions such as “who is the top largest forex brokers?” and “which one of them is the most reliable?”. Needless to say, we traders all want to do business with the very best broker out there. However, it’s still a difficult thing to accurately determine a broker reliability and trustworthy even for us experienced traders.
That’s why in this article, I’m going to share with my fellow traders some of the information that I and my colleagues have gathered over our years of trading. It took me and my colleagues several months to gather a sufficient amount of data from various different sources and with many different methods but overall it was worth it that we had enough data to come up with a conclusive list. We had thought of including some online lists to this article but we have our own reasons to believe that most of the lists out there are fake and not trustworthy. To provide you with some proof, when we Google searched this phrase:”Top largest forex brokers”, the new and recent brokers such as HotForex, Icmarket, FBS or FXTM appeared on the first page which raised many doubts for its validity. These brokers are only opened not so long ago and their targeted customers are mostly from South East Asia and Africa, which make it almost impossible for these brokers to rise up to the top in such a quick amount of time. Our judgments can be wrong too, perhaps these brokers might actually can be at the top but still, we think it’s very unlikely and you shouldn’t trust the articles from such websites.
Here is our updated list of the best forex brokers in the world based on their month trading volumes:
1. Why should we trade with these largest forex brokers?
The larger brokers are known for their reliability and trustworthy at the cost of a little extra fee, while the smaller, shady brokers often take advantage of your every action to cheat you of your own money. The scamming methods of the smaller brokers aren’t usually noticeable at first and would even take quite a long time for experienced traders to notice that their broker is cheating on them.
Why is it hard to identify a broker as shady at the beginning?
The reason for this is that most brokers, even the largest and legit ones, want to lure you in by making you win fairly more often at the beginning of your trading history. From then on, most people would go overconfident and lose more, if not most of their funds by not thinking straight and not managing their risks. In the long run, the smaller, shady brokers would find more ways to scam your money little by little and most people often don’t recognize this until it’s already too late.
In this day and age, where almost everything is digitalized and can be publicly viewed on the internet, a broker’s history and reviews are no different. All the reliable brokers have overwhelming positive reviews about their services, trading conditions and security while on the contrary, the shady brokers are often flagged as unsafe by their own traders and can’t really survive for so long if they keep doing business that way.
2. Which standards to rank the largest forex brokers?
In this review, we’ll rank the largest forex brokers based on their trustworthy and their trading volumes. As for trustworthy, the most important thing to look for in a broker is its transparency. Most top brokers publicly announce their trading volumes and the names of the companies that performed these audits as well on their website. For those that don’t, I find other ways to determine their trading volume such as using statistic websites, financial news, … in order to have an approximation of those brokers’ trading volume.
There are some big brokers that have exceptionally high total trading volume such as: Forex.com and Saxo Bank while having relatively low forex volume. The reason for this is because they provide a wide variety of products such as Crypto, Forex, Future, Commodities, and Stock...
Learn more about Best ECN brokers now.
3. Choose brokers suitable for your location
As you can see, most brokers that I’ve mentioned in the list above are from the US and UK/EU. Those brokers will certainly be excellent for people who live in the respective countries, however, for people who live outside of these countries, you’d want to consider your options more carefully by expanding your criteria such as below:
For people who’s currently living in Asia and Africa, I’d recommend Exness to be the best choice for you. Exness targets mainly the Asia and Africa continent and have overall excellent supports for their customers. Their customer cares include 24/7 and multiple language customer support. They’re also known for their instant transaction processing time and many other benefits.
Read more about Exness Cent account, the best choice for beginners.
If you are living in Europe, I consider Saxo Bank and Exness to be the best brokers that you could choose.
If you’re still having doubts about whether or not should you trade with the US and EU brokers, you can refer to this article on our website: Best forex brokers for Asian traders
To sum up the article, here’s our list of the 5 largest forex brokers in 2018 based on trading volumes:
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