Opening an account is the first step toward a trading and investment career. You should have an account in a reputable bank. Now the question is how will you decide that your selected bank is famous for its services?
Offshore accounts and trading of currencies is not a very simple task. Being a volatile market people may scam and empty your account in FX. You should have a lot of research and understanding of banking to be the safest account for forex trading.
We are here to solve your problem of:
Which bank account is best for forex trading?
There are many multinational banks for the forex market but most leading banks are JP Morgan, Citi, UBS, BNP Paribas, Deutsche, HSBC, FNB, and mercantile banks.
Choosing a good account depends on your demands and what type of trade you will adopt. Let’s move to our topic and enjoy its detail.
How to Choose the Best Bank Account
Some factors are necessary to consider when you choose your bank account. For convenience, we shortlist these points to understand the necessity of carefully choosing a bank account.
Let’s start:
Easy Approach to Branch
Find the branch near your workplace or house.
High-interest rate
You can check which bank offers the best interest rates, or offer the most generous overdraft.
Good incentives
Most banks offer attractive packages. You can check which one suits you. Every offer has a specific fee.
Best customer service
There are so many surveys that tell you which one bank provides the best service, choose that one.
Additional financial services
Some banks offer additional services like mortgages, credit cards, and savings deals to their current account, etc, so keep it in your mind while observing other outcomes of financial products.
Switching incentives
Bankers often switch incentives to close old accounts and open new ones. These often have rewards of some money.
List of Banks Awarded for Different Categories in Forex Market 2022
For the best performance, the FX industry announces awards in different categories. All of these belong to different countries and prove themselves as the best in their respective fields. So you can focus on which bank is suitable for your requirements.
Product categories
Products or outcomes are the basic things on which we can judge the performance of different banks. Many banks are popular for their results.
Here we discuss their name and also the departments for which they are at the top.
- Top bank for the FX: City
- Leading bank for a spot: UBS
- Best place for forwarding/swaps: BNP Paribas
- Finest bank for options: Deutsche
- Prominent bank for NDFs: Citi
- Best Bank in FX algos:BNP Paribas
Zonal Categories
Different banks are popular in different regions. These not only fit in their atmosphere but also get fame internationally. These banks can give you the best services if you are native to their city or country.
- Top bank of Europe: BNP Paribas
- Best performance in North America: JP Morgan
- Prominent bank for APAC: HSBC
- Supreme bank for EMEA: UBS
- Greatest bank for LatAm: Banco Santander
On The Base of Currency Pairs Categories
The forex market deals with different currency pairs. In some banks, some pairs are trade ed in perfect mana ner while other banks are popular for providing their services to more than two to many pairs, especially international banks.
- Topmost bank for EUR/USD: JP Morgan
- Best place for GBP/USD: UBS
- Leading bank for USD/JPY: Citi
- Finest bank for USD/CAD: Bank of Montreal
- Greatest bank for AUD/USD: ANZ
- Prominent bank for USD/CNY: Bank of China
- Best Bank for the exchange of USD/CHF: UBS
- Best for exchange of USD/HKD: for USD/KRW: HSBC
- Suprem bank for EUR/GBP: NatWest
- Top Bank for USD/MXN: Citi
Best Banks based on Infrastructure
Clients are more attracted to banks with strong and advanced infrastructure. The banks that provided good services in e-trading and other recent trading systems after the covid pandemic are successful worldwide.
Banks with the best infrastructure are:
- Excellent performance in e-trading: UBS
- Top bank for FXBP: NatWest Market
- Best performance in retail and large corporates: Citi
- Finest performance in SMEs”: Barclays
- Leading regional or domestic bank: BBVA
- Excellent post-trade services: NatWest market
- Greatest for service of TCA: Citi
- Ideal bank for client clearing: Citi
- Super bank for wealth management: UBS
- Bank good at sustainable Finance: Paribas
- Good at single dealer platform: UBS
Which Bank Is Best for Forex in India
India has stricter rules and regulations for forex trading. Only a few pairs are allowed to trade. Forex trading is allowed legally but only in Indian exchanges like:
- BSE
- NSE
- MCX-SX
You can trade only with those brokers who have membership in the above-mentioned exchanges.
The most famous and recognized banks for forex trading are:
- Saxo Bank
- Fusion Market
- CMC Markets
- Interactive Brokers
- ICICI bank
Which Bank Is Best for Forex in South Africa
South Africa is the biggest forex market in Africa. The currency of South Africa is Rand which is also used in Namibia, Lesotho, and Eswatini and designated as ZAR.
The five topmost banks for forex are:
- FNB
- Mercantile Bank
- Nedbank
- Absa
- Standard Bank
Brokers that provide services in local currency Rand are termed as Zar accounts. Three banks are famous for ZAR account are:
- Plus500
- Exness
- ICMarkets.com
Which Bank Is Best for Forex in the UK
The UK is a very hot market for Forex. That’s why many banks offer you many facilities and attract you toward opening an account. These are leading banks and the top most are here:
- Wise
- Barclays
- Co-operative Bank
- First Direct
- Halifax
- HSBC UK
- Lloyds
- Metro Bank
- RBS
- Nationwide
- Santander
- TSB
Which Bank Is Best for Forex in the USA
JP Morgan is one of the best banks for international trade. It serves 60 international markets and is considered one of the best banks for trading. Global currency experts help every client and steer successfully complex exchange of currency.
Some other famous and excellent banks in the FX market are:
- City Bank
- HSBC
- Bank of America
- Wells Fargo (It offers 28 currencies)
Some are famous for providing a variety of deposit and withdrawal methods. These are
- ICMarkets
- Hugosway bank
Some banks are especially popular for providing specific services for travelers. Here we have a short list of the best banks for exchanging currency. NerdWallet publishes these names.
- Charles Schwab Bank: Best for ATM.
- Capital One 360: Famous for the transaction of foreign currency fees.
- HSBC Bank: Best for foreigners for high balance.
- City Bank: Popular for wiring money.
- Revolut Bank: Well known for non-bank multi-currency accounts.
Which Bank Is Best for Forex in European countries
The foreign exchange market is controlled by several local offices or authorities, of which big players are central banks and commercial banks. In Europe, the German-based multinational service provider is Deutsche Bank. The network of this bank is spread in 58 countries.
Royal Bank of Scotland. RBS has 700 branches and is highly reputable in its services for the FX market.
Famous Asian Banks for Forex
In Asia, China has the most impressive growing economy. Many banks are prominent and reputed for FX. These are:
- China Construction Bank Corp
- Bank of China
- Industrial and Commercial Bank of China
DBS Bank located in Marina Bay in Singapore is one of the most popular banks. It is the number one safest bank in Asia and the 15th Safest bank in the world.
BBK Bank. Kingdom of Bahrain and State of Kuwait laid the foundation of the Bank of Bahrain and Kuwait
Different banks provide different services but some are prominent and richer than others. Their global market shares can check their wealth. Here we provide a list of the top ten banks and their shares in the market.
- JP Morgan 11.41%
- UBS 10.02%
- Deutsche Bank 8.49%
- XTX Market 6.69%
- City 6.18%
- Jump Trading 5.91%
- Gold Sachs 5.20%
- Bank Of America 4.69%
- State Street 4.54%
- HSBC 3.49%
FAQ
Which bank is best for forex trading in South Africa?
In Forex trading choice of a bank depends upon performance and efficiency. In South Africa, the best bank is FNB (First National Bank)
Name the ‘’Big Four’’ banks of the UK.
The UK is fertile land in the case of banking. Many banks show wonderful performance but the leading four are introduced here:
1. Barclays:
It provides services in more than 50 countries and its regular clients are 58million. These multinational banks get an award in the FX industry in 2022 for their performance in SMEs.
2. HSBC:
It is the Sixth largest bank by total assets and the largest in Europe and the UK. This will be awarded in the FX industry 2022 in the field of trade in USD/HKD, USD/KRW, and EM currencies. It is also considered the best bank for APAC.
3. Lloyds Banking Group:
This group includes Lloyds bank, Halifax, and the Bank of Scotland. Scottish Widows is its brand. It opened in 1765 and so the oldest bank in the UK.
4. NatWest Group:
This bank is now named as Royal Bank of Scotland group. It includes NatWest, Royal Bank, and Ulster Bank.
Final Words
Choosing a bank to open a new account is difficult because of the high competition. But we make it very easy and understandable for you.
We describe all the leading banks which give their services in all FX market categories. Now it is up to which bank you consider for your account.
You may choose a local bank of good repute or select an international branch. Select and share your experience with our viewers.
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