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Who are the largest forex brokers?

The foreign exchange market, or more commonly known as forex, is the largest financial market in the world. It is estimated to have a daily turnover of around $5 trillion, making it a lucrative industry for brokers to operate in. Forex brokers are companies that provide traders with access to the forex market, allowing them to buy and sell currencies. In this article, we will delve into the largest forex brokers in the world.

1. IG Group Holdings PLC

IG Group is a UK-based forex broker that is publicly listed on the London Stock Exchange. It was founded in 1974 and has over 239,000 clients worldwide. IG Group offers forex trading, as well as other financial instruments such as CFDs, shares, and commodities. In 2020, IG Group reported a revenue of £649.2 million, with forex accounting for 35% of its revenue.

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2. Saxo Bank

Saxo Bank is a Danish investment bank that was founded in 1992. It is a privately-owned company and is known for its advanced trading platforms and technology. Saxo Bank offers forex trading, as well as other financial instruments such as CFDs, stocks, and bonds. In 2020, Saxo Bank reported a revenue of DKK 3.6 billion, with forex accounting for 33% of its revenue.

3. CMC Markets

CMC Markets is a UK-based forex broker that was founded in 1989. It is publicly listed on the London Stock Exchange and has over 50,000 clients worldwide. CMC Markets offers forex trading, as well as other financial instruments such as CFDs, shares, and commodities. In 2020, CMC Markets reported a revenue of £409.8 million, with forex accounting for 47% of its revenue.

4. Plus500

Plus500 is an Israeli-based forex broker that was founded in 2008. It is publicly listed on the London Stock Exchange and has over 200,000 clients worldwide. Plus500 offers forex trading, as well as other financial instruments such as CFDs, shares, and cryptocurrencies. In 2020, Plus500 reported a revenue of $872.5 million, with forex accounting for 44% of its revenue.

5. XM Group

XM Group is a Cyprus-based forex broker that was founded in 2009. It is owned by Trading Point Holdings Ltd and has over 3.5 million clients worldwide. XM Group offers forex trading, as well as other financial instruments such as CFDs, stocks, and commodities. In 2020, XM Group reported a revenue of $575.8 million, with forex accounting for 58% of its revenue.

6. eToro

eToro is an Israeli-based forex broker that was founded in 2007. It is privately owned and has over 20 million clients worldwide. eToro offers forex trading, as well as other financial instruments such as CFDs, stocks, and cryptocurrencies. In 2020, eToro reported a revenue of $600 million, with forex accounting for a significant portion of its revenue.

7. Forex.com

Forex.com is a US-based forex broker that is owned by GAIN Capital Holdings Inc. It was founded in 2001 and has over 200,000 clients worldwide. Forex.com offers forex trading, as well as other financial instruments such as CFDs, stocks, and commodities. In 2020, Forex.com reported a revenue of $353.3 million, with forex accounting for a significant portion of its revenue.

Conclusion

The forex market is a highly competitive industry, with thousands of brokers vying for clients’ attention. The above-listed forex brokers are some of the largest and most well-known in the industry, with a global presence and a strong reputation for reliability and security. When choosing a forex broker, it is important to consider factors such as regulation, trading platforms, fees, and customer support.

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