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HERE IS A LIST OF THE BIGGEST RETAIL FOREX BROKERS BY TRADING VOLUME AND NUMBER OF CLIENTS

The Biggest Forex Brokers in The World

The foreign exchange market, also known as forex, is the world's largest financial market, with trillions of dollars traded daily. Brokers act as intermediaries that connect traders with the vast network of currency buyers and sellers. Selecting a reputable and reliable broker can significantly impact your forex trading experience. In this space, some brokers stand out for their services, attracting a large number of individual traders and trading activity. In this article, we want to look at some of the biggest forex brokers in the world. We will explore their unique offerings and contributions to the global forex market.

How Will We Determine The Biggest Forex Brokers in The World?

There's no single, universally accepted metric to definitively rank the biggest forex brokers. But there are two factors that we can look at to determine how big a broker is. These include:

  • Trading Volume - This measures the total value of forex transactions processed by a broker in a specific period. Data from reputable sources like Finance Magnates and Luquid Finder provides insights into trading volume, although figures may not always be readily available or entirely current.
  • Number of clients - Checking the overall number of individual brokers on a broker site can also be a good measure of how big the broker is. For this metric, we can check the individual websites of brokers that provide this information.

We will use these two metrics to determine the biggest brokers under each of the measures.


Biggest Forex Brokers by Trading Volume

Based on trading volume data, several brokers consistently rank among the biggest. Below are the most notable ones.

  • Exness = $5.1 Trillion trading volume in April 2024 (Source: Liquidity Finder)
  • Saxo Bank = $79.6 Billion monthly trading volume (Source: Finance Magnates)
  • IC Markets = $15 Billion daily trading volume (Source: IC Markets official site > Real traders LP)
  • Pepperstone = $12.55 Billion daily trading volume (Source: Pepperstone About us > Who we are)
  • ATFX = $852 Billion monthly trading volume (Source: Finance Magnates)
  • AvaTrade = $70 Billion monthly trading volume (Source: AvaTrade > About)
  • IQ Option = Over $290 million monthly trading volume (Source: IQ Option About us > IQ Option in numbers)

Biggest Forex Brokers by Number of Clients

  • IQ Option = 48 million+ registered users as of 2020 (Source: IQ Option Official Website > About Us page)
  • eToro = 35 million+ registered users (Source: eToro Official Website, About > eToro Media Center)
  • XM = 10 million+ clients (Source: XM Official website, About Us > Who is XM?)
  • FXPro = 7.8 million+ clients (Source: FXPro Official Website > Homepage)
  • FXTM = 4 million+ clients (Source: FXTM Official Website in Nigeria)
  • HFM (HotForex) = 2.5 million + live accounts (Source: HFM Kenya official website > About Us page)
  • Forex.com = 1 million+ traders (Source: Forex.com official website> About Us page)
  • XTB = 1 million+ customers (Source: XTB official website, Why XTB > About us)
  • Exness = 800,000+ traders (Source: Exness official site > Homepage)
  • Pepperstone = 400,000+ traders (Source: Pepperstone Official website > About Us page)
  • AvaTrade = 400,000+ traders (Source: AvaTrade Official website > About page)

Please note that this is not a full list of some of the biggest brokers in the world. While there may be some that deserve to be here, there was no way to verify their trading volumes or number of clients. This is because some brokers do not publish those numbers or avail them publicly anywhere.


Furthermore, while these brokers stand out because of their large trading volumes and number of clients, that is not the only feature that should attract you to them. It's important to consider factors beyond just the number of clients when choosing a broker. Moreover, these brokers offer quality services that have allowed them to attract such high business. Let’s take a look at some of these brokers to see what makes them stand out among the many.

Some of the Biggest Forex Brokers in The World


Exness

Trading Forex and CFDs entail risk.

Your capital is at risk.

🏦 Regulation: FSCA, CMA, FCA πŸ’° Spreads: As low as 0.2 pips
βš–οΈ Max. leverage: 1:Unlimited ▢️ Min. deposit: $10
πŸ“Š Forex pairs: 100+ πŸ”Ž Trading Platforms: MT4,
MT5, Exness Terminal

Exness is one of the biggest forex brokers in the world for a variety of reasons. For starters, this broker has the biggest trading volume of any retail forex broker in the world and is regulated by a variety of organisations. These include the FCA in the UK, the CySEC in Cyprus, the CMA in Kenya, and the FSCA in South Africa, among others. Additionally, this broker offers a wide variety of market products including CFDs on forex, cryptocurrencies, commodities, stocks, and indices.


Further, the spreads are low starting from 0.2 pips on the standard account. They can go lower on the professional accounts with the raw spread account having a spread from 0.0 pips plus a commission of $3.5 per side per lot. On the zero account, the spreads are also from 0.0 pips and the commission starts from $0.2 pips per side per lot and upwards. Meanwhile, the pro account has spreads from 0.1 pips with no commission.

Pros

  • Regulated by multiple authorities including the FSCA and the CMA.
  • User-friendly platforms including MT4, MT5, and their own Exness Terminal.
  • Competitive spreads and low fees.
  • Low minimum deposit level of just $10.
  • Fast execution speeds.

Cons

  • Limited number of total tradeable assets.
  • Does not accept US and EU clients.

Saxo Bank

Trading Forex and CFDs entail risk.

Your capital is at risk.

🏦 Regulation: ASIC, FCA πŸ’° Spreads: As low as 0.6 pips
βš–οΈ Max. leverage: 1:30 ▢️ Min. deposit: $2,000
πŸ“Š Forex pairs: 185+ πŸ”Ž Trading Platforms: SaxoTraderGO,
SaxoTraderPRO

Saxo Bank, a well-established player in the online trading world, caters to investors with its feature-rich platform and extensive product range. The broker boasts a vast array of tradable instruments, including stocks, ETFs, bonds, options, futures, CFDs, and forex. This caters to a wide range of trading strategies. The trading platforms available include SaxoTraderGO and SaxoTraderPro.


Further, the broker offers some of the tightest spreads in the market. The spreads can start from as low as 0.6 pips for major currency pairs on their main account types which include classic account, platinum account, and VIP account. Finally, this broker is well-regulated in a variety of jurisdictions. These include the FCA in the UK, the FINMA in Switzerland, and the ASIC in Australia.

Pros

  • Award-winning platforms including SaxoTraderGO and SaxoTraderPro.
  • Extensive product selection totalling over 72,000 assets.
  • Competitively low spreads.
  • Saxo Bank is a reputable and regulated broker.

Cons

  • High minimum deposit level of $2,000.
  • Focuses mostly on experienced traders.

IQ Option

Trading Forex and CFDs entail risk.

Your capital is at risk.

πŸ’° Spreads: As low as 1.0 pips βš–οΈ Max. leverage: 1:500
▢️ Min. deposit: $10 πŸ”Ž Trading Platforms: IQ Option (In-house platform)

IQ Option is a good starting point for beginner traders with its user-friendly platform and a low minimum deposit of just $10. This is probably why the broker has the largest number of traders in the market. IQ Option offers a wide variety of trading instruments, including Forex pairs, cryptocurrencies, commodities, stocks, indices, and ETFs. Additionally, the broker is particularly well-known for its binary options trading. This variety allows traders to diversify their portfolios and explore different markets from a single platform.


On another note, IQ Option offers its traders industry-standard spreads. The spreads start from as low as 1.0 pips for major currency pairs with no commission required. Finally, IQ Option is regulated by the CySEC in Cyprus.

Pros

  • User-friendly platform.
  • Wide range of asset offerings.
  • Demo account available.
  • Low minimum deposit of just $10.

Cons

  • Existence of withdrawal fees.
  • Limited educational resources.

eToro

Trading Forex and CFDs entail risk.

Your capital is at risk.

🏦 Regulation: FCA, CySEC, ASIC πŸ’° Spreads: as low as 1.0 pips
βš–οΈ Max. leverage: 1:30 ▢️ Min. deposit: from $50
* Depends on the country of residence
πŸ“Š Forex pairs: 45+ πŸ”Ž Trading Platforms: eToro (In-house built)

eToro is another popular trading platform that stands out with its unique social trading features. The platform allows users to copy the trades of successful investors. This provides a practical learning tool for those new to trading. Moreover, the range of assets available on eToro is impressive. This broker allows investors to access CFDs on forex, stocks, ETFs, commodities, cryptocurrencies, and indices. On top of that, traders can trade real stocks and cryptocurrencies.


In terms of spreads, the company offers fair pricing starting from as low as 1.0 pips for major currency pairs. On regulations, eToro holds licenses from the FCA in the UK, CySEC in Cyprus and ASIC in Australia.

Pros

  • CopyTrader Feature.
  • User-Friendly Interface.
  • Diverse Asset Range.
  • Zero Commission on Stock Trades.

Cons

  • A $5 withdrawal fee.
  • Only USD is supported as a base currency.

XM.com

Trading Forex and CFDs entail risk.

Your capital is at risk.

🏦 Regulation: FSC, CySEC, ASIC, DFSA πŸ’° Spreads: as low as 0.6 pips
βš–οΈ Max. leverage: 1:1000 ▢️ Min. deposit: $5
πŸ“Š Forex pairs: 55 πŸ”Ž Trading Platforms: MetaTrader 4,
MetaTrader 5

XM.com is a versatile trading platform offering over 1,000 financial instruments. These include CFDs on forex, commodities, equity indices, stocks, and energies. It is accessible with a low minimum deposit of $5 and provides competitive spreads, particularly on major currency pairs. The spreads on this broker site can be as low as 0.6 pips on the XM Ultra Low account with no commission required.


The platform supports trader education with extensive resources like webinars, tutorials, and market analysis. Further, XM.com primarily uses MetaTrader 4 and MetaTrader 5, two of the best platforms in the world. On regulations, this broker operates under the supervision of the ASIC, the CySEC, and the FSC.

Pros

  • Wide range of financial instruments.
  • Low minimum deposit of $5.
  • Competitive spreads.
  • Extensive educational resources.
  • Strong, multilingual customer support.

Cons

  • Inactivity fee after 90 days.
  • Spreads are higher on the standard and micro accounts.

FxPro

Trading Forex and CFDs entail risk.

Your capital is at risk.

🏦 Regulation: FSCA, CySEC, FCA πŸ’° Spreads: As low as 1.2 pips
βš–οΈ Max. leverage: 1:200 ▢️ Min. deposit: $100
πŸ“Š Forex pairs: 70+ πŸ”Ž Trading Platforms: MetaTrader 4,
MetaTrader 5, cTrader

FxPro is a well-regarded online trading platform offering a broad range of financial instruments, including CFDs on forex, futures, indices, shares, and cryptocurrencies. Further, FxPro provides access to multiple trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader, giving users flexibility in their trading preferences. It boasts competitive spreads and offers a variety of account types to suit different trading needs. On its standard account, the broker offers spreads as low as 1.2 pips with no commission required.


Additionally, FxPro is highly regulated by multiple financial authorities, ensuring a secure trading environment. FxPro operates under the supervision of a variety of institutions. These include the FCA, the CySEC, and the FSCA.


Pros

  • Wide range of trading instruments.
  • Multiple platforms available.
  • Variety of account types.
  • Well regulated.

Cons

  • Limited educational resources compared to some other platforms.
  • Inactivity fee after 12 months.

Pepperstone

Trading Forex and CFDs entail risk.

Your capital is at risk.

🏦 Regulation: CMA, CySEC, FCA, ASIC πŸ’° Spreads: as low as 1.0 pips
βš–οΈ Max. leverage: 1:400 ▢️ Min. deposit: $0
πŸ“Š Forex pairs: 60+ πŸ”Ž Trading Platforms: MT4, MT5, TradingView,
Pepperstone Trading Platform, cTrader

Pepperstone is a reputable online broker that provides its traders with a variety of trading platforms. These include MetaTrader 4, MetaTrader 5, TradingView, Pepperstone Trading Platform, and cTrader. Additionally, the broker boasts a robust selection of financial instruments, including forex, commodities, indices, shares, and cryptocurrencies. The platform is highly regarded for its fast execution speeds and competitive pricing, with low spreads and commissions.

The spreads on this broker site are as low as 1.0 pips on major currency pairs on the standard account with no commission required. However, the razor account offers lower spreads from 0.0 pips with a small commission. Further, Pepperstone is well-regulated by multiple financial authorities, ensuring a high level of security for traders. These include the CMA in Kenya, the FCA in the UK, the ASIC in Australia, and the DFSA in the DIFC, among others.

Pros

  • Wide range of financial instruments.
  • Fast execution speeds.
  • Competitive pricing with low spreads and commissions.
  • Multiple trading world-class trading platforms.
  • Strong regulatory framework.

Cons

  • Inactivity fee after six months.

AvaTrade

Trading Forex and CFDs entail risk.

Your capital is at risk.

🏦 Regulation: FSCA, CySEC, KNF πŸ’° Spreads: As low as 0.9 pips
βš–οΈ Max. leverage: 1:400 ▢️ Min. deposit: $100
πŸ“Š Forex pairs: 55 πŸ”Ž Trading Platforms: MT4, MT5, AvaTradeGO

AvaTrade caters to various experience levels with a user-friendly AvaTradeGO platform alongside industry-leading platforms, MetaTrader4 and 5. They boast a wide range of tradable instruments including CFDs on forex, stocks, indices, commodities, and even cryptocurrencies. AvaTrade prioritises security with regulation from top-tier authorities. These include the Central Bank of Ireland, the AISC, and the CySEC, among others. The broker also offers competitive spreads starting from as low as 0.9 pips on major currency pairs. New traders can get started easily with a low $100 minimum deposit.

Pros

  • Well-regulated by multiple tier-1 authorities.
  • Diverse platforms for beginner and experienced traders.
  • Wide range of tradable assets.
  • Competitive spreads.

Cons

  • Inactivity fees for accounts not actively used.



Closing Remarks on The Biggest Forex Brokers in The World

The global forex market is vast and diverse, with several brokers standing out due to their significant trading volumes and large client bases. However, it is no surprise that these brokers attract such a high number of traders and trading activities. These brokers offer a range of competitive features, including low spreads, diverse trading instruments, user-friendly platforms, and robust regulatory oversight. Understandably, these brokers attract traders through their extensive services and strong reputations. 


However, it is important for traders to consider their unique needs and preferences. These can include things such as platform usability, available resources, and specific trading conditions. Ultimately, choosing the right broker can significantly enhance your trading experience and success in the dynamic forex market. The size of the broker is a good indicator of the quality of services it offers but it should not be the only thing a trader considers.