In the forex market, there are some keywords that have been searched more regularly in the Internet such as “the top largest brokers” or “most reliable brokers”. That is because biggest brokers are trusted to be more reliable and secured for their trading, especially for new traders. However, not all the results shown are trustful; there will be incorrect lists that present some new traders on the list. And it is not true because they are new and small that just do the business on the areas of few countries in Asia or Africa. I can name some of them like Hotforex, ICMarket, FBS, or FXTM. So, traders should learn what the reliable sources are to have the correct information. Here, from my experiences and learning from many of traders, some of them even work for a forex company and of course some other trusted sites I can definitely provide you the list of top five most reliable brokers:
- Saxo Bank
- How to know they are the largest?
- What do the largest brokers mean to traders?
- But, how it is hard to know which one is scam which one is not?
- So, to avoid any risks of loss, choose the largest brokers to invest.
- The largest brokers should go with some other factors to be perfect.
- The brokers from Asia or Africa can still trade with more advantages
How to know they are the largest?
Base on their trading volume every month or year from their financial reports published on their websites and these reports are sure be checked by audition from some organizations to make the report are true and their business are free from scams. For the brokers that have no reports on their websites at all, use the other tools like review blogs, magazines, or statistic numbers from other websites…. and be sure they are credible. From my own search, I can tell that Forex.com and Saxo Bank are the two greatest brokers with the total trading volume is 500$ billions and 600$ billions each month respectively. But, be aware that these numbers are the total included forex volume and actually, the forex volume of both is just 300 $ billions. Therefore, make sure you are searching for the right figures.
What do the largest brokers mean to traders?
The point is scam brokers do not expose themselves at the beginning, but when you spend too much for the trading, you realize your money is being stolen and it is too late to do anything. So to avoid this situation, you should do them research about the brokers first, and the thing you need to know about is how big they are.
But, how it is hard to know which one is scam which one is not?
It is because these scam brokers are very clever, they seduce you by letting you achieve some profit, which makes you feel like you want to invest more and more and it is dangerous that you can lose your whole amount of money.
So, to avoid any risks of loss, choose the largest brokers to invest.
Check brokers’ trading volume and see how large the amount traded, if they have the huge amount of trading volume that means they work with thousands of clients and obviously, they are reputable and trusted by many traders. You can totally believe the biggest about the scam problems because in the current world of social media, they can be immediately revealed by any dirty tricks. Therefore, big brokers can run their business smoothly and develop through time they can prove their credibility and their transparency too.
The largest brokers should go with some other factors to be perfect.
Forex.com serve very well in US market or Saxo Bank is more suitable for European because when Asian or African brokers want to trader with these brokers, there will be more fees to be charged for them. These brokers do not even have local payment or support that cause a lot of inconveniences although they are considered to be greatest. Therefore, traders should put some more factors in plate to see what biggest brokers are more beneficial. And the elements they should check are the regulations, deposit and withdrawal systems or local service.
The brokers from Asia or Africa can still trade with more advantages
About these problems I have just told above, Exness is the one that can satisfy every requirement. In the aspect of regulation, Exness has been regulated by Asian certificates. And their payment machine is incredible. They serve locally in most of the target countries with their payment systems, which help the process done more quickly and easily. Moreover, the charge fee for transferring is even none, while others will charge traders 1.7-4 % for the deposit because they do not have local payment. Also, Exness is one of the biggest that do a lot of their business in Asian or African countries like China, Indonesia, Thailand, Singapore, Malaysia, Cyprus, South Africa, India and Dubai…So, they advance their working with the service 24/7 on these countries that can support traders directly and in time. Moreover, they tool the application for the traders from beyond with live chat that supports with variety of languages and interacts in just minutes.
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From all the reasons above to trade with the greatest brokers, here is the list of top five biggest brokers that are trusted and tested by some standards:
- Exness.com: $395 Billions
- XM.com: $320 Billions
- Forex.com: $300 Billions
- Saxo Bank: $300 Billions
- FXCM: $220 Billions