Forex Brokers Market Report 2024

This Forex Brokers market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The forex brokers market size has grown strongly in recent years. It will grow from $4.39 trillion in 2023 to $4.83 trillion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth during the historic period can be attributed to increased consumer awareness, the ease of working with forex brokers, high liquidity and transactional transparency, the expansion of the global forex market, improved data reporting providing valuable insights, and the high accessibility and liquidity of forex trading.

The forex brokers market size is expected to see strong growth in the next few years. It will grow to $7.07 trillion in 2028 at a compound annual growth rate (CAGR) of 10%. The anticipated growth in the forecast period can be attributed to factors such as a country's rising exports compared to imports, central bank decisions on interest rates, the increasing integration of modern technology into trading platforms, improved efficiency and transparency, the growing need for currency exchange services for cross-border transactions, and a surge in demand for tax software. Major trends expected during this period include an increase in strategic partnerships, technological advancements, product innovations, compliance with regulatory requirements, and strategic corporate decisions.

The increase in cross-border transactions is expected to drive the growth of the forex brokers market. Cross-border transactions involve financial exchanges between buyers and sellers located in different countries. This growth is fueled by globalization, expanded international trade, and advancements in digital payment technologies. Forex brokers are crucial for managing currency exchange and mitigating foreign exchange risks in cross-border transactions, ensuring efficient and cost-effective international payments and investments. For example, in August 2023, JPMorgan Chase & Co., a US-based investment banking firm, reported that cross-border payments are rising, with international transfers projected to grow by 5% annually until 2027. Consequently, the increase in cross-border transactions is boosting the forex brokers market.

Leading companies in the forex brokers market are focusing on technological innovations, such as foreign exchange platforms, to maintain a competitive edge. These platforms are online systems that facilitate currency trading by offering real-time market data, trading tools, and transaction execution for traders and investors. For instance, in October 2023, Bank of New York Mellon (BNY), a US-based investment banking firm, launched Universal FX, a new forex broker platform designed to manage execution across client portfolios and provide market-leading price transparency. Universal FX caters to various market segments, including investment managers, corporates, hedge funds, and wealth managers, and supports clients through the industry shift to T+1 settlement.

In July 2023, AT Global Markets LLC, a UK-based foreign exchange company, acquired Rakuten Securities Australia (RSA) for an undisclosed amount. This acquisition enhances AT Global Markets' presence in the Australian market and leverages RSA's established customer base and experienced team. Rakuten Securities Australia (RSA) is an Australia-based forex broker.

Major companies operating in the forex brokers market are JPMorgan Chase & Co., Bank of America, Citigroup Inc., Wells Fargo & Company, BNP Paribas SA, The Goldman Sachs Group Inc., Union Bank of Switzerland, Barclays PLC, Deutsche Bank AG, FMR LLC, Charles Schwab & Co. Inc., BlackRock Inc., State Street Global Advisors Inc., The Vanguard Group Inc., TD Ameritrade Inc., Interactive Brokers Group Inc., IG Group Holdings plc, Lightspeed, Saxo Bank A/S, Bloomberg Industry Group Inc., Paymentus Holdings Inc., Angel One Limited, Zerodha Broking Ltd., Wealthfront Corporation, OANDA Corporation, Forex.com, OctaFx India Pvt. Ltd.

North America was the largest region in the forex brokers market in 2023. The regions covered in the forex brokers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the forex brokers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A forex broker, or foreign exchange broker, is a financial services company that provides traders with a platform to buy and sell foreign currencies. These brokers act as intermediaries between traders and the interbank market where currency trading takes place. They often offer additional services such as market analysis, educational resources, and customer support to help traders make informed decisions.

The main types of forex brokers include currency swaps, outright forwards, FX swaps, and FX options. A currency swap is a financial arrangement where two parties exchange principal and interest payments in different currencies over a specified period. The counterparties in these transactions include reporting dealers, financial institutions, and non-financial customers, with applications spanning both enterprises and individuals.

The forex brokers market research report is one of a series of new reports that provides forex brokers market statistics, including forex brokers industry global market size, regional shares, competitors with an forex brokers market share, detailed forex brokers market segments, market trends, and opportunities, and any further data you may need to thrive in the forex brokers industry. This forex brokers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The forex brokers market includes revenues earned by entities by providing services such as commissions, overnight financing fees, premium research, advanced trading tools, and inactivity fees. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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