When a new trader first joins the forex market, there are a dozen problems that can make him confused. One of the biggest questions a beginner may deal with is choosing top largest brokers. As you all know, brokers are the intermediaries between one trader and another, so choosing brokers is considered as one of the most important decision. Choosing a good broker may bring back a lot of profit. On the other hand, choosing a scam broker may cost you all your money. So, today, I’m going to give you my top 5 as a reference for you all. To get the most accurate result, it costs me a lot of time and effort to investigate, analyze as well as summarize all information and statistics to create this ranking. I wouldn’t say that my ranking is 100% accurate, but this ranking is the results of months reading and searching for information from trusted sources so the credibility is very high. There are also a lot of online rankings but I’m here to tell you not to have too much faith in those results. Some rankings I found on the internet recognized Hotforex, ICmarket, FBS, or FXTM in the top 5 best forex brokers 2019 which in my opinion is hard to believe. These brokers are still new to the market and their target is only some countries in South East Asia and Africa.
Before giving you my ranking, I want to spend a few minutes to explain the benefits of trading through the top 5 largest brokers. As I mentioned in my last article on the topic: How to choose a reliable broker, I strongly emphasized that the size of a broker could reflect its prestige. But how can we evaluate the size of a broker? From my point of view, I believe that the size of a broker and its trading volume move in tandem. Trading volume is the numbers of transactions that have been operated in a certain period of time. It reflects the broker’s performance as well as the broker’s credibility in the market. If a company has a high trading volume, that means a lot of traders are working with them and if the trading volume is low, then you should consider carefully whether it’s good or not. And the higher the trading volume is, the bigger the broker is. Since the top 5 largest brokers all own high trading volumes, it means that there are a lot of traders trusted them and their backgrounds are all clear with no scam reports. Trading through a broker like that is much more secure than other brokers, especially scamming is an enormous threat in the market. What‘s making it nearly impossible to distinguish a normal broker and a scam broker lies in their similarity at the beginning. At first, both normal brokers and scam brokers give you the profit since you often follow the risk management carefully at the first step. Then you ’ll feel excited about your result and start to deposit more money with a riskier attitude. A scam broker will take advantages of this and swindle money out of you. Their tricks are so sophisticated that even experienced traders like us may have to lose a lot of time and money before realized the ugly truth that was scammed. To prevent this, there is only a certain way: trading through a large broker (especially those in the top 5) because large brokers usually won’t sacrifice their reputation for money. These days, people can’t be scammed twice by the same scam broker because every scam activity will be posted on the internet as a warning. Only good brokers can grow and develop.
So, where can you find the statistics of brokers? In the market, there are 2 types of brokers: the first type is the kind of brokers who are willing to publicize their financial reports online like Exness and the second ones are those brokers who keep their reports confidential. For the first type, we have to consider about the accuracy of the reports, so we can only trust these results only if they’re audited by one of the top 4 audit companies (Click here to learn more). I recommend you to trade through this type of brokers the most due to their transparency. For the second type, you’ll have to work harder to gather information and their statistics through trusted sources such as financial news, newspapers and statistic websites. For some brokers like Forex.com and Saxo bank, they have super high total trading volumes (Forex’s total trading volume is $500 billions/month and Saxo’s total trading volume is $600 billions/month) but they still place their feet at lower ranks than some other brokers. The reason behind this is that they’re all diversified companies (Learn more here), and we only base on their forex trading volume to rank ( Both Forex and Saxo Bank’s forex trading volume are $300 billions/month). So, below are the top 5 largest brokers in 2018 based on their performances each month.
Top 5 Largest Brokers Of the Year!!
Exness.com: $395 Billions/ month
XM.com: $320 Billions/ month
Forex.com: $300 Billions/ month
Saxo Bank: $300 Billions/ month
FXCM: $220 Billions/ month
Yes, they’re the most trusted brokers in the world right now. Trading through any of these brokers are all good, but which one is better for you is really the answer that you need to find out. Most of the brokers in the top 5 are in the US/EU, so if you’re in these areas, then feel free to pick any of them. But if you’re not, then I’m here to give you some recommendations. There are 3 things you need to consider before coming to the final decision. The first thing is whether your country grants regulations for the broker or not, then secondly, do they have local support or not, and the last thing is how is their payment system? If you’re Asian, I highly suggest opening an account from Exness. You can go online and search for Exness’s scam to verify their background but I’m sure you won’t find any scam events. If I have to describe how Exness’s payment system works, It would be perfect. Their speed is super fast with no limitations and absolutely cost you no fees. Their offices are available in China, Indonesia, Thailand, Singapore, Malaysia, Cyprus, South Africa, India, and Dubai so if you’re living in one of these countries, you can receive their direct support from their offices. If you don’t live in one of these countries? Don’t worry, their live chat is online 24/7 and always ready to help you (Click here to find out). And how about the US’s citizens? My recommendation for them is Forex.com-a leader in the US’s forex market (Click here to learn more about Forex.com). And for people who live in Africa and the EU, I think Saxo Bank and Exness are best options. If you’re still wondering, please click here to read a whole article about this topic!!
Thank you for reading my post and I hope you get what you need from my article!!
Read more : 5 Most Reliable Brokers for Asian