Forex Brokers by Country

• USA- National Futures Association (NFA) & Commodity Futures Trading Commission (CFTC): Both NFA and CFTC work as the regulatory body in the USA. It was established in 1982. However, both of these regulations are strict, and that is why you will not get to see many brokers in the USA.
• Canada-Investment Industry Regulatory Organization of Canada (IIROC): Although Canadian retail forex is not very popular, they have a regulatory body that was established in 2008. IIROC mainly oversees the trading activities and the investment dealers.
• United Kingdom- Financial Conduct Authority (FCA): FCA regulates more than 60,000 financial services and companies in the UK and governs the forex brokers as a part of their service. FCA started its operation in 2013 as an independent regulator to make sure that the customers’ fund remains safe inside the country. Nevertheless, the strict and organized FCA makes the UK one of the best countries for forex trading.
• Australia- Australian Securities & Investment Commission (ASIC): ASIC was created with the aim to observe the financial firms as well as the organizations in Australia. Started in 1998, AISC enforced the laws strictly for the financial, market and corporate level and aimed to build a healthy financial system. You will find many top forex brokers list in Australia, which you can use to choose the next broker.
• New Zealand- Financial Markets Authority (FMA): FMA is a government organization that forces financial companies to follow the rules and ensure security for the customers.
• Singapore- Monetary Authority of Singapore (MAS): MAS works on establishing rules for the financial institution in Singapore. It implements regulations, legislations, directions, notices and more in Singapore.
• UAE- Dubai Financial Service Authority (DFSA), Financial Services Regulatory Authority (FSRA), Central Bank of the UAE: The DFSA is an independent regulatory organization that was built to make a financial-free zone in Dubai. Due to its easy regulatory body, for Muslims, it is the best country for forex trading.
• South Africa- Financial Sector Conduct Authority (FSCA): FSCA ” target=”_blank” rel=”noopener”>FSCA oversees the financial services and products in South Africa, including banks, insurance, retirement funds and more. The main goal of FSCA is to create market efficiency.
• Kenya- Capital Markets Authority (CMA): It is an independent government authority that is responsible for licensing, supervising and monitoring the financial market activities.
• Nigeria- Central Bank of Nigeria (CBN): The Central Bank of Nigeria works as a bank and monetary authority. It was established by the CBN act of 1958.
• India- Securities and Exchange Board of India (SEBI): SEBI mainly regulates and controls the Indian security market. It protects the investors and promotes regulated securities and exchange.
• Philippines- Securities and Exchange Commission (SEC): SEC is a government agency in the Philippines that regulates the securities industry. Additionally, also responsible for maintaining the country’s company register.
• Cyprus- Cyprus Securities and Exchange Commission (CySEC): It is one of the top regulatory bodies in the world that regulates the top forex brokers in the world. It is an EU member state, so CySEC complies with the European MiFID.
• Ireland- Central Bank of Ireland: First of all, it is Ireland’s central bank, but it is also responsible for regulating the country’s financial farms as well as the forex market.
• Malaysia- Securities Commission of Malaysia: This organization directly works on making the rules and enforcing them for the betterment of the investors as well as the forex brokers.
• Germany- Federal Financial Supervisory Authority: BaFin is an independent federal organization in Germany that supervises the ministry of Finance all over the country.
• France- Autorite Des Marches Fianciers (AMF): AMF is mainly the stock market regulator in France that works keenly in safeguarding the traders as well as maintaining the financial market.
• Austria- Financial Market Authority (FMA): Established in 2002, FMA is the sole organization and autonomous supervising authority that checks the country’s financial activities. All of this regulatory body will help you with the forex broker list in the world.

Why the Reputation of Top Forex Brokers Matters

A broker’s reputation is a key factor when selecting a forex broker by country. However, a good reputation alone does not guarantee authenticity. Some brokers may manipulate their online reviews through sponsorships or paid promotions. To ensure you are dealing with a legitimate broker, you can either conduct your own research or check our detailed broker reviews for unbiased insights.

If you choose to research independently, here are some key factors to consider:

1. Website Design & Transparency

A broker’s website can reveal important clues about its legitimacy. If the website appears too flashy or overly persuasive, it may be a tactic to attract traders rather than provide transparent services. A reliable broker should clearly display its license number and regulatory status on the website, particularly on the About Us page.

2. Trading Restrictions

Brokers featured in top forex broker lists should allow traders to execute their own trades without unnecessary restrictions. If a broker limits trading activity or prevents users from placing trades, this is a major warning sign and could indicate a scam.

3. Illegal Actions (Hunting & Sniping)

Certain manipulative practices, such as hunting and sniping, are illegal in forex trading. However, traders often cannot detect these practices unless they experience them firsthand. To avoid falling victim, it’s wise to consult with other traders or check independent reviews for complaints about unfair trading practices.

4. Criminal History & Fraudulent Activities

Before choosing a broker, research their past activities through forums, reviews, and trader discussions. If a broker has been linked to criminal actions such as money laundering, corruption, or financial fraud, it’s best to avoid them altogether.

Choosing the Best Forex Broker for Advanced Traders

Even though advanced traders are familiar with the criteria for selecting a broker from the top 100 forex brokers or even the top 20 forex brokers in the world, it is still essential to highlight key considerations when choosing the right broker.

1. Identify Your Needs as an Advanced Trader

Before selecting the best forex broker, determine your specific requirements:

• Are you a passive investor or an active trader?
• What are your trading goals?
• What type of forex trades do you execute most frequently?

Having clear objectives will help you narrow down the best broker suited to your trading style.

2. Filter Your Options Based on Trading Activity

Once you understand your needs, refine your search by:

• Identifying brokers that specialize in your trading strategies.
• Reviewing the biggest forex brokers in the world to find those that match your requirements.

3. Assess the Broker’s Security & Reliability

Since advanced traders handle larger investments, security is crucial. Check if the broker:

• Has strong regulatory oversight from authorities such as the FCA, ASIC, or CFTC.
• Provides secure fund protection and segregated accounts.

4. Compare Account Offerings & Fees

• Evaluate the broker’s account features compared to your previous broker or the current best broker you are using.
• Compare fees, including spreads, commissions, and withdrawal costs, while also considering the broker’s overall offerings.

5. Test the Trading Platform with a Demo Account

Opening a demo account allows you to:

• Experience the trading interface firsthand.
• Assess whether it meets your expectations.
• Identify if it provides the best forex trading platform features.

6. Check for Advanced Charting & Analytical Tools

Since technical analysis is a key component of advanced trading, ensure the platform offers:

• Comprehensive charting tools.
• Customizable indicators and timeframes.
• Real-time market data.

Which Country Trades Forex the Most?

With the rapid growth of internet accessibility and digital trading platforms, the number of forex traders has surged dramatically. In 1995, the global forex trading volume stood at $1.2 trillion, rising to $5.1 trillion in 2016, and reaching $6.6 trillion per day today. This significant increase highlights the expanding popularity of forex trading worldwide.

Approximately 9.6 million registered forex traders exist worldwide, equating to 1 in every 781 people. This number continues to grow as new traders enter the market daily. The UK has the highest number of forex traders in Europe, with 280,000 traders, according to the Office of National Statistics 2017, surpassing other European countries. Regionally, North America and Europe each have around 1.5 million traders, while Asia leads the market with 3.2 million traders, making it the most active forex trading region.