Best Foreign Exchange Companies

Souvik Dey Souvik Dey
Dec 14, 2020 9 min read
Best Foreign Exchange Companies

180 currencies are recognized as legal tender around the world today. Foreign exchange is the process of changing one currency into another currency for a variety of 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 $5 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 market forces of supply and demand.

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.
Foreign Exchange
Foreign Exchange

FXCM

FXCM, also known as Forex Capital Markets, is a retail broker for trading on the foreign exchange market. Forex Capital Markets is a UK-based broker offering forex and CFDs trading. The company has won numerous awards over the years, with the most recent awards in 2015 recognizing FXCM’s industry leadership in providing insightful analysis. It has won three awards at the 2020 Global Forex Awards. Founded in 1999, the company's mission is to provide global traders with access to the world's largest and most liquid market by offering innovative trading tools, hiring excellent trading educators, meeting strict financial standards, and striving for the best online trading experience in the market. FXCM Pro provides retail brokers, small hedge funds and emerging market banks access to wholesale execution and liquidity while providing high and medium frequency funds access to prime brokerage services via FXCM Prime.

MahiFX

MahiFX, founded in 2012, is a Forex market maker with offices in Christchurch, New Zealand, and London. The MahiFX trading platform was named the winner for 2013 Best Trading System at the 13th annual FStech Awards recognizing excellence and innovation in the field of information technology within the UK and EMEA financial services sector. MahiFX is a financial services technology company focussed on providing the most technologically advanced foreign exchange and spot metals trading environments and e-FX solutions for retail and institutional clients.

Transparency, fairness, and integrity are central. MahiFX’s institutional offering provides banks and businesses with the most comprehensive and technologically advanced e-FX technology systems, connectivity, infrastructure, and support required to optimize their FX trading business. The MahiFX desktop application for both practice and live accounts is available for easy download from the MahiFX platform login screen.

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OANDA

OANDA uses innovative computer and financial technology to provide Internet-based forex trading and currency information services to everyone, from individuals to large corporations, from portfolio managers to financial institutions. OANDA is a market maker and a trusted source for currency data. It has access to one of the world's largest historical, high frequency, filtered currency databases.

OANDA Services:

  • OANDA.com—Currency information, tools, and resources for investors, businesses, and travelers.
  • fxTrade—A fair, transparent, low-cost, and flexible Forex trading platform for traders, investment managers, financial institutions, and corporations.
  • Forex Blog—RSS feeds and daily market reports from our resident currency analysts.
  • OANDA Research and Innovation—It is about innovation, product design, and next-generation trading technology.

OANDA agrees to acquire 100 % of the shares of leading Polish multi-asset class broker, Dom Maklerski TMS Brokers, creating the base from which to grow across the Baltics and Eastern Europe. OANDA named Singapore’s No. 1 FX Broker for the fourth year in a row by the Investment Trends 2017 Singapore CHD & FX Report.

AvaTrade

AvaTrade (AVA Trade EU Ltd) is a CFD and forex broker founded in 2006. AvaTrade one of the most secure brokers in the industry, with 7 regulations across 6 continents. We offer a wide choice of assets, leading platforms, and generous trading conditions. AvaTrade is guided by our customer-first approach to business and places the values of quality, integrity, and transparency as the cornerstones of everything AvaTrade does. AvaTrade is committed to empowering people to invest and trade, with confidence, in an innovative and reliable environment; supported by best-in-class personal service and uncompromising integrity.

Top findings on AvaTrade:

  • AvaTrade is a safe online broker, regulated by top tier jurisdictions. This makes it a trusted Forex and CFD broker.
  • Their range of markets is good and should be good for most traders.
  • Avatrade offers a great selection of trading platforms. On top of their proprietary platform, they offer MetaTrader, ZuluTrade, and DupliTrade.
  • Their education is good, above the industry average.

XE

The company provides a foreign exchange service (Xe Money Transfer) and a commercial currency data feed service (Xe Currency Data) that offers accurate and reliable exchange rates for businesses. XE proudly part of the Euronet Worldwide (NASDAQ: EEFT) family, who are recognized as formidable leaders in currency exchange. Together, XE forms the third largest money transfer business in the world. XE strives to offer the most simple, reliable, and friendly money transfer service. With XE Money Transfer service can transfer money between almost any two countries in the world. XE Money Transfer is widely trusted and appreciated by its customer base.

Features of XE:

  • You can easily set up an account online and make currency exchange transactions using their secure online platform (available all day, every day) or by contacting their customer service center.
  • You can fund transactions via your bank account, debit card, or credit card. Be aware that funding via credit card will incur an additional fee.
  • You can get help with any type of transaction including the assistance of a personal account manager if you’re transferring large amounts.
  • They also offer advice if you’re trying to target a specific rate, want to make multiple payments, or if you have complex needs.
  • In addition to standard foreign exchange, they provide forward contracts and other currency transfer services.
  • They also have several business-specific services for international commerce.
  • XE Money Transfer lets you transfer money between over 120 countries and over 60 currencies with most transactions being completed the same working day.
  • They offer good exchange rates with no fees and provide regular updates on your transfer via email or SMS.
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IG

IG Group is a UK-based company providing trading in financial derivatives such as contracts for difference and financial spread betting and, as of 2014, stockbroking to retail traders. IG is a world-leading online trading provider, giving you access to opportunities across thousands of financial markets. IG enables thousands of traders to seize their opportunity on indices, forex, shares, and more using CFDs. More traders trust IG with their money than anywhere else, making IG the world’s No.1 CFD provider.

FOREX.com

Forex.com, founded in 2001 as part of GAIN Capital Holdings, is an established global online broker that caters to individuals seeking to trade the retail FX and CFD markets. FOREX.com is registered with multiple regulatory bodies around the world and FOREX.com takes commitment to financial strength and security very seriously. FOREX.com work hard to provide transparent pricing and tight spreads. FOREX.com only use self-funds for hedging and never engage in proprietary trading. FOREX.com is part of StoneX Group Inc., a NASDAQ-listed company with a strong balance sheet and experienced management team, serving clients in multiple countries worldwide. Globally, Forex.com offers an extensive range of offerings, from CFDs, to spread betting to futures, across several different asset classes, though not all are available in every region that it services.

FOREX.com actively complies with all anti-money laundering and anti-terrorism laws and regulations to the fullest extent that it can, under all applicable foreign and domestic laws.

CMC Markets

CMC Markets is a UK-based company that offers online trading in shares, spread betting, contracts for difference (CFDs), and foreign exchange across world markets. CMC is headquartered in London, with hubs in Sydney and Singapore. CMC's flagship platform is a feature-rich, web-based offering aptly named ‘Next Generation.’

Benefits of CMC Markets:

  • CMC Markets offers clients one of the largest product catalogs available in the online forex brokerage community.
  • CMC Markets is regulated by the Financial Conduct Authority which is one of the main regulatory agencies in the UK and is highly regarded globally for being strict in ensuring that market practices are fair for both individuals and businesses.
  • CMC Markets emphasizes customer service, which includes 24/5 telephone support with access to live brokers and chat service.
  • CMC Markets' dedication to providing clients with top-notch research is to be commended. It is comparable with the best that the online forex brokerage arena has to offer.
  • CMC Markets offers ‘negative balance protection’ which has become a fairly important feature that most online brokers are offering.
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GMO CLICK Securities

GMO CLICK Securities is an online securities company an industry-leading system development capabilities. GMO CLICK Securities, Inc. offers financial services. The Company provides securities purchase meant, securities sales, securities brokerages, and other services. GMO CLICK Securities serves customers throughout Japan.

GMO CLICK Securities’ FX trading services have No.1 transaction volume worldwide in 2018 for the 7th consecutive year according to Finance Magnates’ report.

Pepperstone

Pepperstone Group has emerged as a top-tier player in the online brokerage landscape, building a highly competitive and full-featured trading portal that focuses on forex, shares, indices, metals, commodities, and even cryptocurrencies. Numerous desktop, mobile, and web-based platforms, an industry-standard product catalog, above-average educational resources, tight spreads, and multiple account types all combine to offer a trading experience that will appeal to novice and professional traders alike.

Pepperstone's account opening is fast, easy, and fully digital. Customer service provides quick and relevant answers. Deposit and withdrawal processes are user-friendly and, in most cases, free of charge.

Benefits of Pepperstone:

  • Fast and fully digital account opening
  • Great customer service
  • Seamless and free deposit and withdrawal
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