The largest Forex brokers in the world by volume are IC Markets, XM, Saxo Bank, and HF Markets.
To choose the largest Forex broker in the world by volume to trade, measure the Average Daily Transaction Volume (ADVT) as a gauge of the size and importance of a broker in the forex market, trading costs (spreads and commissions), platform and tools, minimum deposit, and customer support are the most important criteria.
IC Markets is the largest Forex broker in the world by volume overall, with an ADVT of 18.9 billion USD, spreads (0.1 pips on EUR/USD), minimum deposit ($200), comprehensive platforms (MT4, MT5, cTrader), and active customer support (24/5 availability).
XM, Saxo Bank, and HF Markets follow IC Markets as the largest Forex brokers in the world by volume, with platform and tools (MT4, MT5, and Proprietary Platform), and customer support (24/5 availability via phone, email, and chat). XM, with an ADVT of 13.4 billion USD, offers trading costs with spreads from 0.1 pips on EUR/USD with 3.5 commissions and a minimum deposit of $5. Saxo, with an ADVT of 12.3 billion USD, offers trading costs with spreads from 0.6 pips on EUR/USD with no minimum deposit. HF Markets, with an ADVT of 11.5 billion USD, offers trading costs with spreads from 0.3 pips on EUR/USD with a minimum deposit of $0.
Round-up
The table below shows the comparison between the largest forex brokers in the world by volume in 2024:
| Largest brokers | ADVT (Billion USD) |
|---|---|
| IC Markets | 18.9 |
| XM | 13.4 |
| Saxo | 12.3 |
| HF Markets | 11.5 |
| Forex.com | 15.5 |
| Oanda | 10.7 |
| AvaTrade | 7.8 |
| IG Markets | 6.8 |
| Pepperstone | 6.7 |
| FxPro | 6.5 |
Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
What are the biggest forex brokers by volume?
Below our curated list of the biggest forex brokers according to Average Daily Transaction Volume (ADVT), with details of features and characteristics.
IC Markets
18.9 ADVT (BILLION USD)
IC Markets is the largest forex broker in the world by volume, with an ADVT of 18.9 billion USD. IC Markets offers 200+ tradable assets, including 60+ forex pairs with spreads starting from 0 pips.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About IC Markets
IC Markets is a global forex and CFD broker founded in 2007 and based in Sydney, Australia. IC Markets offers trading on over 2,250 instruments including currencies, commodities, indices, stocks, and cryptocurrencies. IC Markets provides MetaTrader 4, MetaTrader 5, and cTrader platforms. IC Markets is regulated by multiple authorities including ASIC and CySEC. IC Markets is known for its ECN execution model and low spreads. The IC Markets CEO is Andrew Budzinski.
IC Markets Features
The features of IC Markets are listed below.
- IC Markets is the largest forex broker in the world by volume with an impressive ADVT of 18.9 billion USD.
- IC Markets requires a $200 minimum deposit in order to start.
- There are 200+ tradable assets on IC Markets, including 60+ forex pairs.
- IC Markets spreads start from 0 pips on forex.
- The platforms IC Markets provides are cTrader, MT4, and MT5.
IC Markets Pros and Cons
Advantages of IC Markets
The advantages of IC Markets are listed below.
- Low-latency trading environment
- Institutional level liquidity
- MT4, MT5, cTrader platforms are all available
Disadvantages of IC Markets
The disadvantages of IC Markets are listed below.
- Small amount of educational tools for new traders
- Small range of tradable assets compared to other CFD/Forex brokers
XM
13.4 ADVT (BILLION USD)
XM has an ADVT of 13.4 billion USD and requires a minimum deposit of $5. XM offers 1000+ assets, including 55+ currency pairs with spreads starting from 0 pips.
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Regulations:
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Avg. EUR/USD Spread:
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About XM
XM is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. XM provides MetaTrader 4, MetaTrader 5, and proprietary platforms. XM is regulated by multiple authorities including CySEC, ASIC, and IFSC. XM is known for competitive spreads, extensive educational resources, and multilingual customer support. XM serves over 5 million clients from 196 countries. XM offers various account types and a no-requote policy.
XM Features
The features of XM are listed below.
- XM has an ADVT of 13.4 billion USD.
- The minimum deposit XM clients need to make in order to start is $5.
- 1000+ tradable assets can be traded by XM traders, 55+ of these are currency pairs.
- XM spreads start from 0 pips on forex.
- XM Clients can use the MT4 platform, as well MT5.
XM Pros and Cons
Advantages of XM
The advantages of XM are listed below.
- There’s a wide range of account types
- The demo account at XM is unlimited
- Wide range of educational resources
Disadvantages of XM
The disadvantages of XM are listed below.
- No social trading features available
- The account availability changes depending on the location of the trader
- High minimum deposit to invest in securities ($10000 for the XM Shares account)
Saxo
12.3 ADVT (BILLION USD)
Saxo estimates an ADVT of 12.3 billion USD and has no minimum deposit. Saxo offers over 40,000 instruments, including 190+ forex pairs with spreads starting from 0.6 pips.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About Saxo
Saxo is a Danish investment bank and online trading platform founded in 1992. Saxo offers trading in forex, stocks, CFDs, futures, options, and other financial instruments across global markets. Saxo provides proprietary trading platforms and white-label solutions for institutional clients. Saxo is regulated by multiple authorities including the Danish FSA and UK FCA. Saxo serves retail and institutional clients in over 170 countries. The Saxo CEO and co-founder is Kim Fournais.
Saxo Features
The features of Saxo are listed below.
- Saxo’s ADVT is estimated to be 12.3 billion USD.
- There’s no minimum deposit requested by Saxo.
- Clients have access to over 40,000 tradable Saxo instruments, including 190+ forex currency pairs.
- The spreads at Saxo start from 0.6 pips on forex.
- SaxoTraderGO and SaxoTraderPRO are the two top proprietary trading platforms provided.
Saxo Pros and Cons
Advantages of Saxo
The advantages of Saxo are listed below.
- Regulation and Trust
- Extensive Product Range
- Advanced Trading Platform
Disadvantages of Saxo
The disadvantages of Saxo are listed below.
- High Minimum Deposits for Premium Accounts
- Lack of Spread Betting Options
- Custody Fees in Certain Regions
HF Markets
11.5 ADVT (BILLION USD)
HF Markets has an ADVT of 11.5 billion USD and offers accounts with no minimum deposit. HF Markets provides 1000+ instruments, including 80+ forex pairs with spreads starting from 0 pips.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About HF Markets
HF Markets, formerly known as HotForex, is a global multi-asset broker founded in 2010. HF Markets offers trading on forex, stocks, commodities, indices, and cryptocurrencies through MetaTrader platforms. HF Markets is regulated by multiple authorities including CySEC, FCA, DFSA, and FSCA. HF Markets serves clients worldwide and is known for competitive trading conditions and extensive educational resources. HF Markets recently rebranded to emphasize its expanded product range. The HF Markets Group CEO is George Koumantaris.
HF Markets Features
The features of HF Markets are listed below.
- HF Markets has an ADVT of 11.5 billion USD.
- Clients can open a HF Markets account with a minimum deposit starting from $0.
- HF Markets has over 1000+ tradable instruments, including 80+ forex pairs.
- Spreads at HF Markets start from 0 pips on forex.
- The trading platforms provided by HF Markets are MT4, MT5, and HF Copy.
HF Markets Pros and Cons
Advantages of HF Markets
The advantages of HF Markets are listed below.
- High Leverage Options
- Low Minimum Deposit
- Wide Range of Trading Instruments
Disadvantages of HF Markets
The disadvantages of HF Markets are listed below.
- Higher Trading Costs
- Limited Educational Resources
Forex.com
15.5 ADVT (BILLION USD)
Forex.com has an average daily transaction volume of 15.5 billion USD and requires a $100 minimum deposit. Forex.com offers over 4,500 instruments, including 80+ forex pairs with spreads from 0.2 pips.
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Regulations:
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Avg. EUR/USD Spread:
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About Forex.com
FOREX.com is a global forex and CFD broker founded in 2001, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. FOREX.com provides proprietary platforms alongside MetaTrader 4 and 5. FOREX.com is regulated by multiple top-tier authorities including FCA, ASIC, and CFTC. FOREX.com is known for competitive spreads, fast execution, and extensive educational resources. FOREX.com serves over 450,000 clients worldwide. The FOREX.com’s parent company “StoneX Group Inc.” CEO is Sean O’Connor.
Forex.com Features
The features of Forex.com are listed below.
- Forex.com boasts an impressive ADVT of 15.5 billion USD.
- It requests a $100 minimum deposit to open a trading account.
- Forex.com offers over 4,500 tradable instruments for its clients to choose from, including 80+ forex pairs.
- Forex.com spreads start from 0.2 pips on forex.
- You can use Forex.com trading platforms such as MT4, MT5, and their Proprietary Platform.
Forex.com Pros and Cons
Advantages of Forex.com
The advantages of Forex.com are listed below.
- Regulatory Assurance
- Low Forex Fees
- Comprehensive Educational Resources
Disadvantages of Forex.com
The disadvantages of Forex.com are listed below.
- Limited Product Portfolio
- Higher Spreads on Standard Accounts
- No Guaranteed Stop-Loss Orders for U.S. Clients
Oanda
10.7 ADVT (BILLION USD)
Oanda has an estimated ADVT of 10.7 billion USD and requires no minimum deposit. Oanda offers around 100-150 assets, including 70+ currency pairs with spreads starting from 0.6 pips.
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Regulations:
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Avg. EUR/USD Spread:
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About Oanda
OANDA is a global multi-asset broker founded in 1996, offering trading on forex, CFDs, commodities, indices, and cryptocurrencies. OANDA provides proprietary platforms and API solutions. OANDA is regulated by multiple authorities including FCA, ASIC, and MAS. OANDA is known for competitive spreads, fast execution, and currency data services. OANDA serves both retail and institutional clients worldwide. The Oanda Chief Executive Officer is Gavin Bambury since August 2019.
Oanda Features
The features of Oanda are listed below.
- Oanda’s ADVT is estimated at $10.7 billion USD.
- There is no Oanda minimum deposit.
- The number of assets provided by Oanda is around 100-150, with 70+ currency pairs included in this number.
- The spreads charged by Oanda start from 0.6 pips, but for Australian clients, spreads can start as low as 0 pips.
- Oanda trading platforms include MT4 and Oanda Trade Platform.
Oanda Pros and Cons
Advantages of Oanda
The advantages of Oanda are listed below.
- Comprehensive Platforms
- Robust Education
- Highly Regulatory Trust
Disadvantages of Oanda
The disadvantages of Oanda are listed below.
- Higher Spreads
- Proprietary Platform Limitations
- Inactivity Fees
AvaTrade
7.8 ADVT (BILLION USD)
AvaTrade has an ADVT of 7.8 billion USD and requires a $100 minimum deposit. AvaTrade offers 1200+ assets, including 60+ forex pairs with fixed spreads starting from 0.6 pips.
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Regulations:
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Avg. EUR/USD Spread:
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About AvaTrade
AvaTrade is a global forex and CFD broker founded in 2006 and headquartered in Dublin, Ireland. AvaTrade offers trading on currencies, commodities, indices, stocks, bonds, ETFs, and cryptocurrencies. AvaTrade provides proprietary platforms alongside MetaTrader 4 and 5. AvaTrade is regulated by multiple authorities including CySEC, ASIC, and FSA. AvaTrade serves over 300,000 clients worldwide. AvaTrade is known for competitive spreads and extensive educational resources. The AvaTrade CEO is David Dryzin since 2016.
AvaTrade Features
The features of AvaTrade are listed below.
- AvaTrade’s ADVT stands at $7.8 billion.
- The minimum deposit amount AvaTrade requests to open an account is $100.
- There are 1200+ assets provided by AvaTrade, with 60+ being forex pairs.
- AvaTrade is the only broker on the list which charges fixed spreads from 0.6 pips on forex.
- AvaTrade trading platforms include MT4, MT5, AvaTradeGO AvaOptions, their Proprietary WebTrader, and AvaSocial.
AvaTrade Pros and Cons
Advantages of AvaTrade
The advantages of AvaTrade are listed below.
- Tight fixed spreads from 0.6 pips (0.9 pips for retail traders)
- The mobile apps are well designed
- Can be connected to ZuluTrade and Duplitrade
Disadvantages of AvaTrade
The disadvantages of AvaTrade are listed below.
- High inactivity fees
- The demo account is limited to 30 days
IG Markets
6.8 ADVT (BILLION USD)
IG Markets has over 6.8 billion USD ADVT and requires a minimum deposit of $250. IG Markets offers 17,000 instruments, including 80+ forex pairs with spreads starting from 0.6 pips.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About IG Markets
IG Markets is a global online trading provider founded in 1974, offering access to over 17,000 financial markets including forex, stocks, indices, commodities, and cryptocurrencies. IG Markets provides proprietary trading platforms alongside MetaTrader 4 and ProRealTime. IG Markets is regulated by multiple top-tier authorities worldwide, including the FCA and ASIC. IG Markets is known for competitive spreads, extensive educational resources, and innovative features like weekend trading. The IG Markets’ parent company “IG Group” CEO is Breon Corcoran.
IG Markets Features
The features of IG Markets are listed below.
- IG Markets have over $6.8 billion ADVT.
- The IG Markets minimum deposit clients need is $250.
- Traders have access to over 17,000 tradable instruments, with 80+ forex pairs.
- IG clients will have access to spreads starting from 0.6 pips on forex.
- IG Markets’ trading platforms are MT4, L2 Dealer, and ProRealTime.
IG Markets Pros and Cons
Advantages of IG Markets
The advantages of IG Markets are listed below.
- Low spreads from 0.6 pips on Forex
- Wide range of financial instruments
- 40 years of experience in the Forex industry
Disadvantages of IG Markets
The disadvantages of IG Markets are listed below.
- No copy trading features
- No social trading features
Pepperstone
6.7 ADVT (BILLION USD)
Pepperstone has an ADVT of 6.7 billion USD and requires no minimum deposit. Pepperstone offers 200+ instruments, including 90+ forex pairs with spreads starting from 0 pips.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About Pepperstone
Pepperstone is a global forex and CFD broker founded in 2010 in Melbourne, Australia. Pepperstone offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader and cTrader platforms. Pepperstone is regulated by multiple authorities including ASIC, FCA, and CySEC. Pepperstone is known for competitive spreads, fast execution, and extensive educational resources. Pepperstone serves clients in over 160 countries worldwide. The Pepperstone CEO is Tamas Szabo.
Pepperstone Features
The features of Pepperstone are listed below.
- Pepperstone has an ADVT of $6.7 billion USD.
- Clients who want to open a Pepperstone account do not need to meet a minimum deposit.
- Pepperstone offers 200+ tradable instruments, including 90+ forex pairs.
- Pepperstone has spreads starting from 0 pips.
- MT4, MT5, TradingView, cTrader and Pepperstone Trading Platform are the platforms offered by Pepperstone.
Pepperstone Pros and Cons
Advantages of Pepperstone
The advantages of Pepperstone are listed below.
- Stable raw spreads (0,10 pips on EUR/USD on average)
- Caters for algorithmic trading
- Has won over 30 Forex industry awards
Disadvantages of Pepperstone
The disadvantages of Pepperstone are listed below.
- The demo account is not unlimited
FxPro
6.5 ADVT (BILLION USD)
FxPro has an ADVT of 6.5 billion USD and requires a $100 minimum deposit. FxPro offers 400+ instruments, including 70+ forex pairs with spreads starting from 0 pips.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About FxPro
FxPro is a global online broker founded in 2006, offering trading on forex, CFDs, stocks, indices, commodities, and cryptocurrencies. FxPro provides multiple trading platforms including MetaTrader 4, MetaTrader 5, cTrader, and its proprietary FxPro Platform. FxPro is regulated by multiple authorities including FCA, CySEC, SCB, FSC and KNN. FxPro serves clients in over 170 countries and has won numerous industry awards. The FxPro CEO is Charalambos Psimolophitis.
FxPro Features
The features of FxPro are listed below.
- FxPro has an ADVT of $6.5 billion USD.
- The minimum deposit requested by FxPro is $100.
- 400+ tradable instruments are available with FxPro, including 70+ forex currency pairs.
- FxPro spreads start from 0 pips on forex.
- The trading platforms provided by FxPro are MT4, MT5, cTrader, and FxPro Edge.
FxPro Pros and Cons
Advantages of FxPro
The advantages of FxPro are listed below.
- Regulated and Trusted Forex broker
- Diverse Trading Platforms
- Wide Range of Instruments
Disadvantages of FxPro
The disadvantages of FxPro are listed below.
- Inactivity Fee
- Limited Educational Resources
- No Guaranteed Stop-Loss Orders
How to rank the largest forex brokers
Forex brokers aren’t ranked randomly. Several factors should be considered when ranking the largest forex brokers. However, the most relevant ranking criteria for Forex brokers is the Average Daily Transaction Volume (ADVT).
The volatility of the value of a broker’s daily transactions is dependent on the number of active clients the broker has. The more active the clients are, the less volatile the broker’s ADVT and vice versa.
To make the value relevant, the number of active clients for at least 3 months is considered. For a broker to be considered large, it must have an ADVT of at least a billion dollars (more than 10,000 standard lots traded daily).
Why Is Trading Volume Important?
Trading volume plays a pivotal role in the financial markets. It’s the number of shares or contracts traded in a security or an entire market during a given period.
Here are some reasons why it is deemed so crucial:
- Better Liquidity: Liquidity refers to the ease with which assets can be quickly bought or sold without causing a significant change in its price. A market with high trading volume has more market participants involved. The more participants there are, the easier it is to execute trades. This ensures that you can get in or out of positions effortlessly without significant price alterations.
- Lower Commissions: High trading volume means a larger number of trades are being processed. This sheer volume allows brokers to benefit from economies of scale. As a result, they can afford to charge lower commissions to traders. It’s a win-win, with traders benefiting from reduced costs and brokers securing more trading activity.
- Less Slippage: Slippage happens when the price at which a trade is executed differs from the expected price. This can occur when liquidity is low. However, with higher liquidity that comes from increased trading volume, slippage becomes rarer. Traders can thus be more confident that their trades will be executed at their expected prices.
What are the trading benefits with big forex brokers?
Trading with established, high-volume forex brokers comes with a plethora of advantages. Here’s why traders lean towards them:
- Liquidity: As highlighted earlier, liquidity is of utmost importance in trading. Big brokers, because of their vast client base and trading volume, ensure that traders can execute orders promptly with competitive pricing.
- Technology: With the financial muscle that big brokers possess, they invest heavily in technology. This means traders get access to top-notch trading platforms, advanced charting tools, algorithmic trading options, and more. A superior tech infrastructure can drastically enhance a trader’s efficiency and effectiveness.
- Regulations: Established forex brokers are usually subject to strict regulations from recognized financial authorities. This ensures that they maintain transparency, fairness, and adhere to best practices. For traders, this translates into a safe and reliable forex trading environment.
- Educational Resources: Big brokers often have a treasure trove of educational content. Whether it’s timely market analysis, a comprehensive economic calendar, insightful articles, webinars, or interactive courses, they ensure traders are well-equipped with knowledge to make informed decisions.
- Customer Support: The significance of robust customer support cannot be overstated, especially in a market that operates 24/7. Big brokers usually have dedicated customer support teams available round the clock, proficient in multiple languages, ensuring that traders’ queries and issues are addressed promptly.