13 Best Foreign Exchange Companies to Look For in 2022

180 currencies are recognized as legal tender around the world today. Foreign exchange is the process of changing one currency into another for various reasons, usually for commerce, trading, or tourism. It is one of the most actively traded markets in the world, with an average daily trading volume of $6.6 trillion.

The vast majority of currency conversion is undertaken to earn a profit. A foreign exchange company also known as a foreign exchange broker or simply forex broker is a company that offers currency exchange and international payments to private individuals and companies.

The foreign exchange market is a global decentralized or over-the-counter market for the trading of currencies. The conversion rates for almost all currencies are constantly floating as they are driven by the supply and demand market forces.

Factors Affecting Currency Value

• The value of any particular currency is determined by market forces related to trade, investment, tourism, and geopolitical risk.
• Foreign exchange is handled globally between banks and all transactions fall under the auspice of the Bank for International Settlements (BIS).
• The factors include various economic, political, and even psychological conditions.
• The economic factors include a government’s economic policies, trade balances, inflation, and economic growth outlook.
• Another important factor of demand occurs when a foreign company seeks to do business with another in a specific country.

1. Citigroup Inc.
2. HSBC Holdings Plc
3. State Street Corporation
4. Deutsche Bank AG
5. JPMorgan Chase & Co.
6. Barclays PLC
7. XTX Markets Limited
8. Goldman Sachs Group, Inc.
9. Standard Chartered Group
10. UBS AG
11. BNP Paribas Group
12. Royal Bank of Scotland Plc
13. Saxo Bank

1. Citigroup Inc.

Founded: 1998

Headquarters: New York

Citigroup Incorporation is also known as Citi is a financial service corporation started in 1998. It is an American-based multinational company focusing on financial services and is headquartered in New York. Citigroup is given the tag of being the third largest banking institution group in the US and also forms an integral part of the big four banking institutions of the US.

The formation of Citigroup Incorporation was quite dramatic with the merger of two big firms named Citicorp and Travelers Group. Citicorp was a banking giant whereas Travelers Group was a big financial corporation. Citigroup mainly focuses on providing the best financial services to its clients.

The services given by Citigroup, in general, include facilities like providing financial services to different people falling in the organization of government, corporate, institution, etc. They also strive to provide simple yet effective financial solutions to their clients.

Pros of Citigroup Inc forex:

• Includes more than one brand for its clients to select from for forex trading.
• The platform allows international trading of foreign currency with its wide working area.
• Allows forex trading at $0 commission to its clients.

2. HSBC Holdings Plc

Founded: 1865

Headquarters: London

HSBC is acknowledged as the largest bank in Europe initiated in the year 1865. It is a multinational universal bank along with a financial holding British company. It is headquartered in London. The letters HSBC belong to the initials of its origin by the Hongkong and Shanghai Banking Corporation.

HSBC is one of the biggest banking service-providing companies with more than 64 countries covered and around 40 million customers served. The company mainly focuses on providing banking and financial services along with inventing new methods to make banking easy. It also allows different financial services like trading, private and investment banking, capital market, etc.

Pros of HSBC Holdings Plc forex:

• Direct access to all facilities is provided rather than the involvement of any third-party service providers.
• The process is made transparent and clear by the platform for easy use.
• Can be accessed from multiple regions.

3. State Street Corporation

Founded: 1792

Headquarters: Boston

State Street Corporation is counted among the oldest operating banking companies in the US. It was initiated in the year 1792 and is headquartered in Boston. State Street Corporation is counted as a financial service provider and a bank holding company.

State Street Corporation is ranked 15th among the largest banks in the United States. The firm is responsible for providing services like cash management, services revolving around international exchanges, financial assets management, and also provides investment advisory services.

Pros of State Street Corporation forex:

• It provides fully automatic service that is 100% transparent for its customers.
• The service is available in almost all major regions across the world.
• Excellent services are provided by the platform including the best customer service support.

4. Deutsche Bank AG

Founded: 1869

Headquarters: Frankfurt

Initiated in the year 1869, Deutsche Bank AG is a Germany-based financial service providing firm. It has its headquarters located in Frankfurt, Germany. The firm mainly works in the field of providing investment banking services along with other financial services to its clients worldwide.

Deutsche Bank AG is considered the largest financial service-providing firm in Germany and is also included in the list of largest banks in the world. The firm focuses on four different aspects of banking services including the investment bank, corporate bank, private bank, and asset management.

The firm helps government and private organizations along with small and medium-sized businesses by providing them with the needed services in the banking field to provide ethical and sustainable services to all.

Pros of Deutsche Bank AG forex:

• The forex process is completely seamless and transparent with quick actions.
• Provides competitive rates on the foreign exchange currency.
• Provides swift transfer of funds through its platform.

5. JPMorgan Chase & Co.

Founded: 2000

Headquarters: New York City

Initiated in the year 2000, JPMorgan Chase & Co. is the largest multi-financial bank in the world at the present year. JPMorgan Chase & Co. is an America-based multinational company focused on providing services related to investment banking services and financial banking services with its headquarters located in New York City.

JPMorgan Chase & Co. forms an integral part of the large four banks of America and is currently in the fifth position of the largest banks in the world for its assets. The firm mainly focuses on providing services like asset management, investment management, private equity, etc. The services provided by them are mainly targeted at individuals and businesses.

Pros of JPMorgan Chase & Co. Forex:

• Services are provided worldwide.
• Has different customizable options for easy understanding of the tools and news.
• Provides access to the largest committee of currency pairs.

6. Barclays PLC

Founded: 1960

Headquarters: London

Barclays PLC was introduced in the year 1960 as the universal multinational bank based in Germany. It has its headquarters located in London and is known to provide services worldwide.

Barclays is operated as two different units termed Barclays UK and Barclays international. The firm mainly focuses on providing services like retail banking, credit services, investment banking, wealth management, etc.

Pros of Barclays PLC forex:

• Provides detailed market insight to their clients.
• Has an excellent customer support system.
• Includes different tools for foreign exchange risk management.

7. XTX Markets Limited

Founded: 2015

Headquarters: London

XTX Markets Limited was introduced in 2015 as an algorithmic trading company with its headquarters located in London. XTX Markets Limited is a non-banking firm that still comes under the list of top liquidity providers for the foreign exchange market.

The services provided by XTX Markets Limited mainly focus on equities, foreign exchange, commodities, fixed income, derivatives, etc.

Pros of XTX Markets Limited forex:

• The platform is multilingual and supports 26+ languages.
• Provides fair and efficient services.
• The platform is counted amongst the top 3 forex liquidity providers.

8. Goldman Sachs Group, Inc.

Founded: 1869

Headquarters: New York City

Founded in 1869, Goldman Sachs is an America-based investment and financial service providing the firm with its headquarters located in New York City. The firm is quite famous for its investment in budding startups.

Goldman Sachs Group, Inc. comes second in the list of investment banks across the world due to its revenue. And is also included in the list of Fortune 500. The firm mainly provides services like asset management, commercial banking, investment banking, etc.

Pros of Goldman Sachs Group, Inc. forex:

• Has a range of tools that helps its clients with a better estimation of trading platforms.
• Has a demo account for the clients to work and experience the service of Goldman Sachs to try before.
• They serve worldwide.

9. Standard Chartered Group

Founded: 1853

Headquarters: London

Standard Chartered Group was established in 1853 with its headquarters in London. It is a universal bank known to operate a large chain of units. Standard Chartered is a Britain-based multinational company providing financial and investment services.

Standard Chartered Group is known to own a network of more than 1200 branches and outlets in different parts of the world. They cover more than 70+ countries. The firm mainly works in the field of providing services to corporate and institutional services only.

Pros of Standard Chartered Group forex:

• They provide excellent guidance to their clients for a better understanding of the terms and strategies.
• The platform is widely spread across the globe and can give access to multiple currencies.
• Their help support is quite reliable.

10. UBS AG

Founded: 1998

Headquarters: Zurich

Introduced in 1998, UBS AG is the largest Swiss banking instruction, also co-headquartered in Zurich and Basel. It is a multinational and Switzerland-based financial service providing company also focusing on investment banking.

UBS AG is the third largest bank in Europe. It focuses on providing services to private and government organizations. The services provided by UBS AG fall in the category of global wealth management, personal and corporate banking, investment banking, etc.

Pros of UBS AG forex:

• They provide a worldwide network with a global franchising platform to sort out their client's needs.
• The platform keeps on updating from time to time to meet up the demands of the real world.
• They provide excellent customer support along with the required guide to the platform.

11. BNP Paribas Group

Founded: 2000

Headquarters: France

Founded in 2000, BNP Paribas Group was formed by the merger of two different firms named National Bank of Paris and Paribas. The initials BNP came from the National Bank of Paris and Paribas came from other parts of the merger. It is a French company with its headquarters in France.

BNP Paribas is counted among the top 10 largest banks in the world and is placed second as the largest bank group in Europe. It provides services focused on the category of commercial, personal banking, and services. It also provides services for corporate and institutional banking. It also works to provide investment and financial services.

Pros of BNP Paribas Group forex:

• The platform provides secure and safe transactions.
• Allows access to more than 130 currencies for the FX.
• Provides optimal tools to make the process more efficient.

12. Royal Bank of Scotland Plc

Founded: 1724

Headquarters: Edinburgh

Introduced in 1724, Royal Bank of Scotland Plc is a major player in the field of the retail and commercial banking sector in Scotland. Its headquarters are in Edinburgh. Royal Bank owns more than 700 branches across the country of Scotland and a few branches spread out in the major towns and cities covering England and Wales.

Royal Bank of Scotland Plc works to provide services to trusts, charities, private companies, etc. Its services include online banking, investments, saving accounts, fund transfer, etc. The firm operates by the means of a large networked server including different branches, outlets, online communication, etc.

Pros of Royal Bank of Scotland Plc forex:

• They provide services concerning more than 60+ currencies from across the world.
• Customized solutions are provided by them to fulfill the needs of their clients.
• Provides help with advanced tools to manage the account and get more insight to risk management terms.

13. Saxo Bank

Founded: 1992

Headquarters: Denmark

Introduced as a brokerage firm in 1992, now called Saxo Bank is a Danish firm giving out services like investment and online trading. It is headquartered in Denmark and the firm operates as an online broker platform.

Saxo Bank is in connection with more than 180 countries and provides services like investment banking solutions, online platforms for trading and investment, etc. The firm is widely spread in different parts of the world.

Pros of Saxo Bank forex:

• Saxo Bank is acknowledged as the best forex broker and has an online trading platform from multiple sources.
• Has great tools to help their customers get their needs completed.
• Multiple currencies are supported by the platform.

Conclusion

The word "Forex" stands for the combination of two words foreign exchange. Forex means changing the currency of one country into another. This method requires different terms and rules to follow than the normal currency exchange. Foreign Exchange of currencies is done because of many reasons but not many platforms are trusted for the process. The above article contains a list of foreign exchange companies with their features.

FAQs

What are the top 10 currencies in the world?

The top 10 currencies in the world are Kuwaiti Dinar, Bahrain Dinar, Oman Riyal, Jordan Dinar, Pound Sterling, Cayman Island Dollar, European Euro, Swiss Franc, US Dollar, and Canadian Dollar.

What is the foreign exchange market?

A foreign exchange market is a trading place where the currencies of multiple countries are bought and sold at different rates just like the stock market.

Which currency has the lowest value?

The least valued currency can keep changing concerning changes in currency value. However, at present time Iranian Rial is considered the lowest valued currency.

What is forex earning?

Forex earning means the profit earned by selling goods and products in the global marketplace. It can also mean the simple exchange of only currencies in the global market as per the demand and supply rule.