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The size of forex (Foreign Exchange) brokerage firms can be measured in terms of transaction volume on a daily basis.

The Average Daily Transaction Volume (ADVT) is a measure of how much currency is traded through the broker each day, on average. This value is often used as a gauge of the size and importance of a broker in the forex market.

In this article we have collected a selection of the biggest forex brokers in the world by volume according to ADVT:

  • Minimum deposit requested
  • Number of assets
  • Spreads on forex
  • Platforms offered
Table of Content

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
Forex.com 15.5
XM 13.4
Saxo Bank 12.3
HF Markets 11.5
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 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.
74-89% of retail CFD accounts lose money
  • 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.
81% of retail investor accounts lose money
  • 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.
72,82% of retail investor accounts lose money
  • Saxo’s ADVT is estimated to be 12.3 billion USD.
  • There’s no minimum deposit requested by Saxo Bank.
  • Clients have access to over 40,000 tradable Saxo Bank 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.
72% of retail investor accounts lose money
  • 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.
70.51% of retail investor accounts lose money
  • 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.
CFDs are not available to residents in the United States
  • 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.
76% of retail investor accounts lose money
  • 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.
69% of retail CFD accounts lose money
  • 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 60+ forex pairs.
  • Pepperstone has spreads starting from 0 pips.
  • MT4, MT5, and cTrader are the platforms offered by Pepperstone.
74-89% of retail investor accounts lose money when trading CFDs
  • 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.
72.87% of retail investor accounts lose money

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.

filippo ucchino

About The Author

Filippo Ucchino
Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk. The present page is intended for teaching purposes only. It shall not be intended as operational advice for investments, nor as an invitation to public savings raising. Any real or simulated result shall represent no warranty as to possible future performances. The speculative activity in forex market, as well as in other markets, implies considerable economic risks; anyone who carries out speculative activity does it on its own responsibility.
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