Fact – “180 currencies are accepted as legal tender in the world today”. With such a vast variety of ways to pay for the purchased goods and availed services, there is always a need for converting currencies from one currency form to other. Undeniably, foreign exchange plays a vital role in the global economy in currency conversion-related stuff. There are many online foreign exchange (forex) platforms.
Here we will study some of the leading foreign exchange providers in the world.
- FXCM
This forex platform is headquartered in New York City. It operates in 13 countries and it is regulated across 5 entities. This platform provides practice accounts and three different tiers of paid accounts based on included services and minimum deposit level.
- MahiFX
MahiFX is regulated and controlled by the New Zealand Financial Markets Authority (NZFMA) and the Australian Securities and Investment Commission (ASIC). It gives a free practice account, and there are no fees or minimum deposits for opening an account.
- Oanda
Oanda forex has offices in Europe, North America, and Asia-Pacific. The forex company ensures coverage of foreign currency exchange services for many clients in most nations in the world. Both demo and live accounts are available. This allows users to take a trial of the platform first without any kind of obligation. It is a part of regulatory bodies in 6 different nations.
- AvaTrade
AvaTrade was established in the year 2006. It provides a wide range of trading platforms, with 8 variety of options available for automated or manual trading. Four account tiers provide different levels of advantages based on the minimum deposit need. AvaTrade is an Irish forex company. It is based in Dublin and has 8 other international offices for providing support all over Africa, Asia-Pacific, and Europe.
- XE
XE was founded in Toronto in 1993. XE doesn’t provide online forex trading accounts but it provides a currency data API. This currency data API provides reliable and accurate exchange rates for businesses. XE also provides the service of an international money transfer.
- IG
IG is established in the UK and is solely controlled by the Financial Conduct Authority (FCA). Its complete services are not present in all countries. The most unique offering of IG is that it provides the ability for dealing with bitcoin prices without the need of buying and storing bitcoins.
- FOREX.com
It was launched in 2001. Forex.com platform stands out from its competitors with an execution scorecard. This scorecard holds forex.com publicly accountable for consistently delivering accurate and fast trade executions.
- CMC Markets
CMC Markets was founded in 1989. It is currently the world’s leading provider of contracts for difference. It is a London-based company and has 13 other offices in the world. Demo accounts are available and individual as well as corporate accounts depending on the country of residence of users.
- GMO CLICK
GMO CLICK Group is famous as the world’s largest and leading retail forex provider for three successive years. It is one of Japan’s largest and most significant online financial service providers. There are no fees or commissions for opening an account or for maintenance, and there is no need for minimum balance or deposit needs.
- Pepperstone
Pepperstone is based in Melbourne, with offices in Texas, Dallas, and Shanghai. It was founded in 2010 for providing better service to forex traders. It is serving over 65 countries and it is the only company that provides an option of four variety of account types and also 11 trading platforms to choose from.
Due to the global nature of forex trading and the inadequacy of a centralized exchange platform, currencies in the world can be traded from Monday to Friday 24 hours a day. Inspire of the high transactions, profits for forex companies are generally less in comparison to other fixed-income markets. But for ensuring the continued growth of international trade, forex platforms are an essential element of the financial sector as international businesses have to make payments using local currencies.
