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When you join forex trading, the brokers are the first to welcome you. Your trading journey starts with them and ends with them. They are the backbone of the forex money-making market.
Wondering how many of them are there in total? You might think this number crosses 4 digits. Yes, you are right. There are thousands in the world. If you are interested in counting them, this post is for you!
How many forex brokers are in the world?
The total number of forex brokers is 1231. This number includes all those brokers who offer MetaTrader 4 platforms. This list does not include brokers who are not indexed on search engines that use the keywords of some other language rather than English.
There is as such no organized system to count them. We counted them by collecting the data of those brokers who offer Metatrader 4 platforms. The typical belief is that almost all traders do offer this platform. That’s why we used it as the main factor.
How Many Forex Brokers Are There
It’s pretty hard to find out the exact number of forex brokers in the world. The reasons are that they tend to open shops daily. Some do work as full-time brokerages.
Some provide services as introductory brokers. Some are even not indexed on different search engines; some are indexed but search engines don’t use English as a keyword.
With all the above types of brokers, we can still determine the total number of brokers around the world. However, it would not be an exact figure. This figure is good for rough estimation not for exact estimation.
Research is conducted to calculate the exact number. In this research, the brokers who don’t offer MetaTrader 4 are excluded. Plus, the brokerage companies that own their personal proprietary platforms were also excluded such as Dukascopy Bank, IBFX, and Saxo Bank.
According to the results of researches, the total number of active MetaTrader 4 brokerages in the world is 1,231 which is One thousand two hundred and thirty-one. Though only those brokers were included in this count down who offer MetaTrader 4 platforms.
No matter these Meta trader 4 brokerages are full-time brokers, daily basis brokers under white labels, or Introductory brokers IB. The main condition of this countdown was to offer a Metatrader4 platform.
How many Binary Options Brokers Are There
Wondering how many active binary Options brokers are there in the world. Though counting this number was not as difficult as counting the total number of brokers in the world. For this, a comprehensive countdown was conducted.
Only those traders were included in the count down who offer standard binary options brands under white flags, full-time brokerage services, or Introductory brokerage.
The results showed that the total number of active Binary Options Brokers in the world is 501 (Five Hundred and One). That’s a good number indeed!
Who is the biggest Forex Broker in The World
Brokers with a high volume of average daily transactions are considered the biggest brokers. Among them, Forex.com stands first. They share more than 15% of daily transactions in billion USD per day. Below is the volume of the 18 biggest brokers of the world
| Broker’s Name | Average Volume of Daily Transaction in Billion USD |
| Forex.com | 15.5 |
| XM Group | 13.4 |
| Saxo Bank | 12.3 |
| Oanda | 10.7 |
| Hot Forex | 9.5 |
| IC Market | 8.6 |
| Ava Trader | 7.8 |
| IG Market | 6.8 |
| Fx Pro | 6.5 |
| Pepperstone | 5.9 |
| Swissquote | 4.7 |
| Etoro | 4.3 |
| Markets.com | 4.2 |
| CMC Markets | 3.9 |
| FXCM | 3.8 |
| Forex Time | 3.6 |
| Admiral Market | 3.2 |
Which is Best Forex Broker in The World
The best forex broker is one who is interested in succeeding you as a trader and in return makes an earring from your success. The top quality of the best trader should be honesty, legality, and making money from legal ways.
Many people think that the world of forex is full of scam brokers. There are indeed a few bad people who are destroying the reputation of good brokers. Still, many brokers earn from commission fees and try to make their traders successful. Below is the list of 9 best forex traders that you can trust:
- ICMarkets: Best Forex Broker for Experienced Traders
- CMC Markets: Best For All Level Traders
- London Capital Group (LCG): Best Forex Broker for Learners
- Saxo Capital Markets: Best Forex Broker for Advanced Traders
- XTB Online Trading: Best Forex Broker for Low Costs traders
- IG: Best Forex Broker for the U.S. Traders
- Pepperstone: Best Forex Broker for Experienced Traders
Frequently Asked Questions (FAQ)
Can I trade Forex Without a broker?
No, you can’t trade forex without brokers. This is because brokers are the main connecting bodies. They serve as the only connecting agents between Forex Traders and Forex Markets. So, focus on making your trade profitable rather than trading without brokers.
How many forex traders are there in the world?
According to statistics, there are 9.6 million traders who are trading in the market. The total population of the world is 7.6Billion. There is a prediction that in upcoming years 2% of the world population will be trading forex. Now, this number is 0.47% of the world population. But it’s increasing rapidly.
How to know if my forex broker is regulated?
To check whether your broker is regulated or not, you should check the license and verify all given information. You can verify the given information from the official broker’s website. After this, you need to verify the license from the official regulatory website. You can also check the reputation of the broker through reviews.
Conclusion
It’s obvious from the above post that counting the exact number of forex brokers in the world is not a dream job. It is possible if we categorize the brokers as full-time brokers, daily basis brokers under white labels, and Introductory brokers.
Knowing the right digit of the total brokerage in forex is important. This may be the first step to avoid a broker’s scam. Counting them can help to legalize them. You can also know how to do forex broker trade against you.
In this way, wide numbers of forex trading scams can be avoided. Hopefully, in the future, there will be an organized mechanism to count traders all over the world.
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