10 Most Trusted Forex Brokers in the World

Note : A Forex broker ranking on “credibility and reputation” is just one factor that indicates the basic possibility of not being scammed. It is unable to identify if these brokers are really good or not. In case you want to see excellent brokers in all aspects, you can click the link below.

1st Rank Broker : XM

XM is operating under its parent company called Trading Point, which holds 13 licenses (both FCA and ASIC are included). Trading Point owns both XM.com (global service) and Trading.com (Focus on traders within Europe)

With its continuous development, XM has been able to build a global customer base. (Especially the 30 USD bonus is considered a magnet for attracting customers).

In addition, Linkedin data shows that there are over 1,353 verified employees working at XM, indicating that XM is a large organization.

xm logo

Year of Establishment: 2009

XM is a subsidiary of Trading Point Holdings Ltd.

In which Trading Point Holdings Ltd. is the owner of two broker companies which are: 

  1. XM
  2. Trading.com

License Certificate (Regulator)

XM Group Licenses

1. IFSC (International Financial Services Commission) : Belize

xm ifsc

2. CySec (Cyprus Securities and Exchange Commission)

3. ASIC (Australian Securities and Investments Commission)

4. FCA (Financial Conduct Authority)

Additional Licenses of Trading Point of Financial Instruments Ltd. 

  • BaFin Bundesanstalt für Finanzdienstleistungsaufsicht (Germany) under registration number 124161
  • CNMV Comisión Nacional del Mercado de Valores (Spain) under registration number 2774
  • AFM Autoriteit Financiële Markten (Netherlands)
  • FI Finansinspektionen (Sweden)
  • FIN Finanssivalvonta Finansinspektionen (Finland)
  • MNB Magyar Nemzeti Bank (Hungary) under registration number 538324
  • CONSOB : Commissione Nazionale per la Società e la Borsa (Italy) under registration number 3046
  • ACP Autorité de Contró Prudentiel (France) under registration number 73640
  • KNF Komisja Nadzoru Finansowego (Poland)

Head Office

XM’s Head Office is located in Cyprus

Address: Richard I & Berengaria of Navarre, Limassol 3042, Cyprus

Employee Number: 201-500 persons

(A total of 1,371 employees are active on LinkedIn)

Customer capital protection:

Customers’ funds will be transferred to the company’s customer separate bank account. These funds are not on the balance sheet and cannot be used to settle debt in the event of corporate bankruptcy.

Suspicion

*** We have detected a Website called xmtrading.com. which looks very similar to xm.com

*** By which the Live chat informs that “XM TRADING or www.xmtrading.com (Tradexfin Limited) is not affiliated with XM.com”

*** In which xmtrading.com holds a FSA (Seychelles Financial Services Authority) License, License Certificate Number: SD010.

*** The Support informs that they are different companies but!! using the same Live chat system, that is, when logging into Live chat in xm.com, the support staffs would be of the same set as xmtrading.com*** (Waiting for clarification from Xm.com and XmTrading.com)

Answers:

Is Xm.com and Xmtrading.com the same company?

Answer: No, in which earlier Xmtrading.com. used to be part of the Xm Group, while now it’s separate.

Using the same Live chat system?

Answer: Due to the fact that the system of xmtrading.com is the same as that of xm.com in almost any means. Showing the same responses means that the cache and cookies have not been removed yet.

xmtrading xm

Comment from our team: We think this issue is very confusing to customers, both companies should solve this problem, one way or another.

We provide more credit to XM.com because XM has been reputed as XM.com, not XMTRADING.com. In addition, the licenses of XM.com are more and are rather more reliable.

2nd Rank Broker : EXNESS

Exness is a standard broker with an excellent level of services. The number of customers is increasing every year. This is an emphasis on the high quality and reliability of the company. 

The overall corporate image is at a good standard, bringing Exness to the 2nd place in our credit rating.

exness logo

Year of Establishment : 2008

License Certificate (Regulator)

1. CySec (Cyprus Securities and Exchange Commission)

2. FSA (Seychelles Financial Services Authority)

  • License Certificate No: SD025
  • It is the License Certificate of Nymstar Limited, duly authorized to operate under the “Exness” brand and trademark.
  • Click to view the License Certificate
  • For global customers

3. FCA (Financial Conduct Authority)

Head Office

Exness’s Head Office is located in Cyprus

Address: 1, Siafi Street, PORTO BELLO, Office 401, 3042, Limassol, Cyprus

Employee Number : 201-500 persons (A total of 866 employees are active on LinkedIn)

Customer capital protection

Exness policy is to completely separate customers’ funds from the company’s account.

BARCLAYS Baltikums OCBC Bank

By which, Exness has deposited its customers’ funds with the world’s leading trusted banks such as BARCLAYS, Baltikums and OCBC Bank.

Exness Auditor

Exness has selected Deloitte (one of the four largest auditing companies in the world) to audit, manage risk and provide financial advisory services to the firm.

deloitte

Financial data reporting

Although Exness is not a listed company, the company however tries to disclose the information of the company’s work in various aspects so as to show transparency of such works.

(Normally, companies listed on the stock market will report financial statements for investors to view. For companies that are not in the stock market, investors will not be able to view the information of that company)

Able to view Exness’ financial reports here: Click to View Financial Reports.

3rd Rank Broker : IC MARKETS

The broker originated from Australia. To operate business in this country, it is subject to a license from the ASIC (Australian Securities and Investments Commission), which is a very strict regulatory organisation. Therefore, anyone who holds this license is decently guaranteed to be reliable.

ASIC

icmarkets logo

Year of Establishment : 2007

License Certificate (Regulator)

  1. CySec (Cyprus Securities and Exchange Commission)
    • License Certificate No: 362/18
    • Available for customers within the EEA countries (European Economic Area), except Belgium, Switzerland and Latvia.
    • There is a € 20,000 insured to compensate customers in the event of the broker bankruptcy (click to see details).
    • Click to view the License Certificate
  2. FSA (Seychelles Financial Services Authority)
  3. ASIC (Australian Securities and Investments Commission)

Head Office

IC Markets’ Head Office is located in Sydney, Australia

Address: International Capital Markets Pty Ltd, Level 4, Carrington Street, Sydney, NSW 2000, AU

Employee Number : 51-200 persons (A total of 480 employees are active on LinkedIn)

Customer capital protection

IC Markets has a policy to separate customers’ funds from the corporate accounts. The company will not use the customer’s funds for any expenses in the company’s operations.

NAB-Westpac

The funds are held with National Australia (NAB) and Westpac Banking Corporation.

4th Rank Broker : FXPRO

FxPro is rated by two credit rating companies, creditsafe and DeuDil , for the reliability (security) of their business. FxPro is found to be in the “very good” category, surpassing significantly the big brokers such as Forex.com, FXCM, and Plus500.

creditsafe deudil

fx pro logo

 

Year of Establishment : 2006

License Certificate (Regulator)

1. FCA (Financial Conduct Authority)

2. CySec (Cyprus Securities and Exchange Commission)

3. FSCA (Financial Sector Conduct Authority)

4. SCB (Securities Commission of The Bahamas)

EEA Registrations (License to conduct financial business in the European Economic Area)

Head Office

FxPro Office is located in London, United Kingdom

Address: 13-14 Basinghall St, London EC2V 5BQ, United Kingdom

Employee Number : 51-200 persons (447 persons are on LinkedIn)

Customer capital protection

FxPro completely separates the company’s funds from the customer’s fund, such deposits are kept in a separate bank account. This is to ensure that the customer’s fund is not used by the company for any other purposes.

Auditor

FxPro uses the PWC audit firm to audit its financial statements (1 of the 4 largest audit firms in the world).

Credit rating

FxPro is rated for reliability (security) of the business at a very good level from two credit rating companies; creditsafe and DeuDil.

credit rating fxpro

As evident, the credit rating of FxPro is much higher than the big brokers like Forex.com and FXCM

5th Rank Broker : PEPPERSTONE

Pepperstone is a broker that holds both ASIC and FCA licenses, making it a highly reliable broker. This is because the two licenses are regarded as highly reliable licenses in the Forex industry.

asic fca

pepperstone logo

Year of Establishment : 2010

License Certificate (Regulator)

1.  ASIC (Australian Securities and Investments Commission)

2. FCA (Financial Conduct Authority)

  • License Certificate No: 684312
  • Pepperstone Limited
  • Provides services for traders within European countries (European Union)
  • Compensation insurance of up to GBP85,000 per person
  • Click to view the License Certificate

3. DFSA (Dubai Financial Services Authority)

  • Provides services for traders within Middle-Eastern countries
  • Middle East: 16 countries: Bahrain, Egypt, Iran, Turkey, Iraq, Israel, Jordan, Kuwait, Lebanon, Qatar, Saudi Arabia, Syria United Arab Emirates, Yemen and Palestinian Territories

4. SCB (Securities Commission of The Bahamas)

  • Provide global services

Head Office

Pepperstone’s Head Office is located in Melbourne, Australia

Address : Level 16, Tower One, 727 Collins Street Melbourne, VIC Australia 3008

Employee Number : 51-200 persons

(A total of 306 employees are active on LinkedIn)

Customer capital protection

Pepperstone has a policy to separate customers’ funds from the company’s account.

The funds are held with Commonwealth Bank and National Australia Bank

Commonwealth Bank and National Australia Bank 

Auditor

The Pepperstone Group is audited by Ernst & Young, one of the four largest auditing firms in the world.

Ernst & Young

6th Rank Broker : ALPARI

Alpari receives quite a good reputation rating, as it has been in operation since 1998 (over 20 years). The point has been deducted due to the fact that headquarter location is on Mauritius Island and has an FSC (Mauritius) license which is considered low in reliability.

However, Alpari is a member of The Financial Commission, which makes it a member of the Traders’ Safety Protection Fund. The fund has insurance against damages in case of various disputes up to 20,000 EUR each.

alpari logo

Alpari is a trading name of EXINITY LIMITED, the same owner as FXTM.

Year of Establishment : 1998

License Certificate (Regulator)

1. FSC (Financial Services Commission) – Mauritius

  • License Certificate No: C113012295
  • Click to view the License Certificate
  • Provide services to customers all over the world
  • Except : USA, Mauritius, Japan, Haiti, Suriname, the Democratic Republic of Korea, Russia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Armenia, Moldova, Tajikistan, Uzbekistan, Turkmenistan, Ukraine, Georgia, New Zealand and Canada.

Head Office

Alpari’s Head Office is located in Mauritius (An island country off the coast of Africa in the Southwest Indian Ocean).

Address : Exinity Limited, 5th Floor, 355 NEX Tower, Rue du Savoir, Cybercity, Ebene 72201, Mauritius

Employee Number : 201-500 persons

(A total of 408 employees are active on LinkedIn)

Customer capital protection

Alpari is a member of the Financial Commission where all members of this organization automatically join The Commission’s Compensation Fund.

Which is a fund that provides security protection for traders in the event of various disputes which if the broker refuses or does not comply with the decision of the Commission, the maximum loss compensation fund is 20,000 EUR each.

alpari Financial Commission

Compensation Fund : €20.000 per complaint
Date of registration : 22.03.2019

Click: See the details, The Commission’s Compensation Fund

Alpari has a policy of separating client funds from the company’s.

Without clearly stating on the website, but it is stated in “Client Agreement” Clause 7.10

alpari segregated

Click to view the full version of Alpari’s Customer Agreement here

Data reporting

Aplari does not report financial information, but there are reports on trading such as Order Execution Speed, Slippage Rate and Requotes Rate.

requotes alpari

Alpari’s requotes rate is around 2-4%.

7th Rank Broker : TICKMILL

Tickmill is a broker that has recently started its operation, started business in 2014, it still requires some time to prove themselves.

The overall composition is considered satisfactory. The company is ready to provide services. It is believed that if Tickmill continues to develop, there is an opportunity to be the top broker in the world.

Year of Establishment : 2014

License Certificate (Regulator)

1. FSA SC (Seychelles Financial Services Authority)

2. FCA UK (Financial Conduct Authority)

  • License Certificate No: 717270 (สำหรับ Tickmill UK Ltd)
  • License Certificate No: 733772 (สำหรับ Tickmill Europe Limitd)
  • You can become a member of the FSCS, which protects customers’ funds for compensation in case of company bankruptcy up to £85,000 : Click to see details
  • Click to view the License Certificate

3. CySec (Cyprus Securities and Exchange Commission)

  • License Certificate No: 278/15
  • Tickmill Europe Ltd
  • Coverage of €20,000 in case of bankruptcy of the company.
  • Click to view the License Certificate
  • Countries that provide services under this license

cysec tickmill

4. LFSA (Labuan Financial Services Authority )

5. FSCA (Financial Sector Conduct Authority)

  • License Certificate No: FSP 49464
  • Tickmill South Africa (Pty) Ltd

Head Office

Tickmill does not have a head office in but there are offices scattered around the world, according to the license held.

FSA

Address : 3, F28-F29 Eden Plaza, Eden Island, Mahe, Seychelles

LFSA

Address : Office No. 5, Unit 25,1st floor Paragon Labuan, Jalan Tun Mustapha, 87007 Labuan F.T., Malaysia

FCA

Address : 3rd Floor, 27 – 32 Old Jewry, London, England, EC2R 8DQ

CySec

Address : Kedron 9, Mesa Geitonia, Limassol 4004, Cyprus

Employee Number : 51-200 persons

(A total of 278 employees are active on LinkedIn)

Customer capital protection 

Under the supervision of Tickmill’s regulator, the company shall separate the customers’ funds from the company’s account to protect customer assets.

  • For Tickmill UK Ltd., customers will receive £85,000 worth of coverage.
  • For Tickmill Europe Ltd., eligible customers will be insured for €20,000 (per person) or 90% of the invested amount to be reimbursed, depending on which amount is lower.

8th Rank Broker : LAND-FX

A broker from the British Isles, holding two licenses, FSA and FCA. For the services standard, it is considered to be in a good level. However, the deduction point came from the lack of proof of the office registration license at the Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent & Grenadines.

Year of Establishment : 2012

License Certificate (Regulator)

1. FSA (Finance Services Authority)

  • License Certificate No: 23627 IBC 2016
  • Landprime Ltd (land-fx.com)
  • Provide services to customers all over the world, except; USA, Cuba, Sudan, Syria and North Korea
  • *** Normally, the list of brokers registered in the FSA will appear in the Website: www.fsaseychelles.sc/capital-markets, but we couldn’t find it.

2. FCA (Financial Conduct Authority)

  • License Certificate No: FRN 709866
  • Land-FX UK Ltd. (land-fx.co.uk)
  • Provide services to customers within Europe (European Union)
  • Clients become a member of the Financial Services Compensation Scheme, which provides protection for customers’ funds of up to £50,000 in the event of company bankruptcy or closure.
  • Click to view the License Certificate

Head Office

Actually, Land-fx has offices all over the world, but according to the law of the regulatory organisation, they only allow to notify the address of two offices on the website, which are;

1.London, United Kingdom 

Address: 1 Filament Walk, Wandsworth, London SW18 4GQ, United Kingdom

2. Griffith Corporate Centre Office, St. Vincent & Grenadines 

Address: Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent & Grenadines

*** It is a small island country, where many Forex brokers come together. There are both big brokers who expand branches and register their brokers here (such as HotForex, Fair Forex, Templer FX, Diamond FX, AMarkets, TIO Markets Ltd, World Forex, AAAFx International, Goldencapitalfx, PAXFOREX, WesternFX, FxGen, BCS Forex, Global Liquidity Exchange, TNFX and many more).

*** Brokers with bad reputation usually only have one office here ***

Other branches (Have been removed from the website)

  • Russia : 4th Lesnoy Pereulok, 4, Moscow, 125047
  • Singapore : 8 Marina View, #07-04 Asia Square, Tower 1, Singapore, 018960
  • Malaysia : Level 14 & 15, DPulze Cyberjaya, Lingkara Cyber Point Timur, Cyber 12, Selangor, 63000 Cyberjaya
  • Indonesia : H Tower 18th floor, Jl HR. Rasuna Said, Jakarta, 12940
  • Thailand : Sorachai Building, 33, 23 Soi Sukhumvit 63, Khlong Tan Nuea, Watthana, Bangkok 10110
  • New Zealand : Plaza Level, 41 Shorland Street, Auckland, 1010 New Zealand Tel : +(64) 9 363 9770
  • Egypt : 22, Heliopolis, Cairo, Egypt

Customer capital protection

Land-Fx segregates the customers’ funds account from the company account. Customers’ funds are deposited in world-class banks such as Bank of America and Barclays, which are securely managed.

bank of americabarclays

9th Rank Broker : OCTAFX

Broker with its headquarter in Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines, where countless Forex brokers (over 100 brokers) are located. We had to cut our rating because of this issue.

List of brokers using this address as their office

HotForex, Fair Forex, Templer FX, Diamond FX, AMarkets, TIO Markets Ltd, World Forex, AAAFx Internationa, Goldencapitalfx, PAXFOREX, WesternFX, FxGen, BCS Forex, Global Liquidity Exchange, TNFX and many more.

One observation from the team is that “Brokers with bad reputation usually only have one office here.”

octa fx logo

Year of Establishment : 2014

License Certificate (Regulator)

1. CySec (Cyprus Securities and Exchange Commission)

octafx cysec

2. Law of Saint-Vincent and the Grenadines

  • Having no license number ***
  • Provides services to customers all over the world
  •  

Head Office

OctaFx’s Head Office is located in St. Vincent and the Grenadines.

Address: Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines

*** It is a small island country, where many Forex brokers come together. There are both big brokers who expand branches and register their brokers here (such as HotForex, Fair Forex, Templer FX, Diamond FX, AMarkets, TIO Markets Ltd, World Forex, AAAFx International, Goldencapitalfx, PAXFOREX, WesternFX, FxGen, BCS Forex, Global Liquidity Exchange, TNFX and many more).

*** Brokers with bad reputation usually have one office here ***

Employee Number : 11-50 persons

(A total of 205 employees are active on LinkedIn)

Customer capital protection 

Octafx has segregation of customers’ funds from company accounts | It is in Customer Agreement clause 2.41. Click to see Customer Agreement.

10th Rank Broker : FBS

FBS refused to disclose its headquarters location. (Saying only in Russia) and holding only 1 untrusted license (IFSC), it’s no surprise that it is a very low-trusted broker.

In addition, there was quite a lot of news that the broker is cheating customers, making FBS ranked the last in terms of reliability.

fbs logo

Year of Establishment : 2009

License Certificate (Regulator)

1. IFSC (The International Financial Services Commission)

  • License Certificate No: IFSC/60/230/TS/19
  • FBS Markets Inc.
  • Provides global services
  • The service is not provided in the following countries: Japan, USA, Canada, UK, Myanmar, Brazil, Malaysia, Israel and the Islamic Republic of Iran
  • Click to view the License Certificate

2. CySec (Cyprus Securities and Exchange Commission)

cysec fbs

Head Office

FBS’s Head Office is located in Russia

Address: Not disclosed (The team has tried to inquire with the staff many times, but they did not disclose the address details of the head office)

Employee Number : 501-1000 persons

(A total of 6 employees are active on LinkedIn)

The number of actual employees on LinkedIn is only 6 persons, which is totally unreasonable.

fbs linkedin

Customer capital protection

FBS does not have a customer capital protection policy. (There is no notice on the website page and the staff does not provide an answer on this matter)

Scoring Criteria of the Forex Brokers Rating Review

Year of Establishment

Period of operation is a good reflection of the company’s credibility. Long-established brokers represent capability to overcome many obstacles and are still able to maintain business operation until today. Therefore, the older the broker, the more reliable the broker is.


License / Regulatory Organization (High Trust / Low Trust)

The Forex Broker Regulations are the ones that monitor the functionality and transparency of Forex brokers to prevent corruption or various frauds of the broker. The broker must conduct business in accordance with the requirements of the regulatory organizations. Generally, the following requirements should be met;

  • Business operations are in accordance with standards.
  • Company’s capital and liquidity
  • Retention of customers’ funds (In most cases, the customers’ funds must be separated from the company account.)
  • Operational Transparency

In which each organization has different requirements. Some of them have extremely strict requirements (High reliability), but some have lax requirements (Low reliability)

High credibility regulatory organizations (High Trust)

Low credibility regulatory organizations (Low Trust)


Head Office

Forex brokers with offices in well-known countries such as UK, Australia, Poland, USA, etc. are tend to be more reliable than brokers headquartered on small islands such as St. Vincent & Grenadines, Seychelles, etc.

*** There are over 100 Forex brokers with offices called “Griffith Corporate Center” located at Beachmont, Kingstown, St. Vincent & Grenadines.

Is it possible that more than 100 brokers are gathered in one place?


Number of Employees

We use employee count data in Linkedin, which can authenticate employees. The number of employees often directly project the size of the company, and the size of the company also matches credibility.

linkedin employees


Customer Capital Protection

Trusted Forex Brokers should pay more attention to the customer’s capital. Must build confidence with customers that customers’ fund will not vanish.

Most good companies have a policy of separating their customers’ funds from their corporate accounts or having insurance to protect their customers’ funds in the event of company bankruptcy.


Disclosure

Disclosure of the broker’s information such as location, financial statements, details, etc., shows the sincerity that the broker has a transparent business operation, does not defraud customers and it’s certainly not going to close down.


Other

Other elements also play a part in building the trust of the broker. For example, sincerity. Doing business must ensure sincerity. Any broker that can demonstrate such sincerity will increase its credibility. Therefore, every aforementioned detail will be taken into account in the reliability ranking as well.

Conclusion

Choosing to trade with a reliable broker makes us confident that the brokers will not cheat, close down, vanish, but rather build confidence in trading. Customers do not have to worry about other things and focus purely on trading. Our team has studied information, tested brokers on various aspects, so as to obtain the highest quality information for traders.

References

  • Alpari
  • Exness
  • FxPro
  • IC Markets
  • Land-Fx
  • OctaFx
  • Pepperstone
  • ThinkMarkets
  • Tickmill
  • FBS
  • Forex.com
  • FXCM
  • FXTM
  • IG
  • OANDA
  • Vantage Fx
  • XM
  • XTB

Writer : Yoda Yoshida

  • Position : Editor
  • Biography : Former waiter to professional traders
  • Experience : 20 years in the Forex industry
  • Goal : To select the best broker for traders.
  • Short greetings : Some things take time to grow.
  • Full biography of the writer, Click >

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