When it comes to trading, safety is always the most important and critical aspect to consider. Choosing a secure forex trading platform is of utmost importance, including aspects such as regulation, deposit and withdrawal processes, system stability, and fund security.
As we welcome 2024, our trading journey embarks on a new chapter. Today, let's take a look at the ranking of the safest forex brokers in 2024.
1. FXTM
FXTM is a global broker with over 10 years of history, regulated by the UK FCA and Cyprus CySEC, and holds user funds with the Lloyd's Banking Group.
FXTM is a member of the EDR organization The Financial Commission's fund, providing each user with additional protection of up to 20,000 euros.
For deposits, FXTM generally offers instant processing, while withdrawals usually take 1-5 business days. In the case of international wire transfers, deposits can take 3-5 business days, and withdrawals are typically processed within 24 hours. On average, FXTM has a reconnection time of around 56.3ms, ensuring high system stability.
2. IG
IG is a leading global broker with top-tier regulations, including the UK FCA, Australia ASIC, and US NFA. User funds are segregated and distributed across major bank networks.
IG typically processes deposits and withdrawals within 1-3 business days. With fast and accurate quoting, IG achieves a trade execution rate of 99.76% within 1 second.
On average, IG has a reconnection time of approximately 11.2ms, boasting high system stability.
3. IC Markets
IC Markets, a global leading Australian broker, is dual-regulated by Australia ASIC and Seychelles FSA, with user funds independently held in AA-rated banks like National Australia Bank (NAB).
IC Markets offers diverse deposit and withdrawal channels. Generally, withdrawals and deposits take 3-5 business days, with international wire transfers possibly taking up to 14 business days.
In terms of system stability, IC Markets has an average disconnection frequency of 0.2 times per day, with an average reconnection time of 76.3ms per disconnection.
4. ATFX
ATFX, a globally leading broker, is regulated by the UK FCA and Cyprus CySEC. Client investment funds are housed in different bank accounts and undergo scrutiny by regulatory authorities.
ATFX usually processes deposits instantly, with withdrawals taking around 2 business days. International wire transfers may take 3-7 business days for deposits and withdrawals. ATFX has an average disconnection frequency of 0.7 times per day, with a reconnection time of 112.1ms per disconnection.
5. TMGM
TMGM, an Australian broker, is regulated by Australia ASIC and New Zealand FMA. User funds are independently held at National Australia Bank, with TMGM acquiring $5 million in professional liability insurance annually.
TMGM offers a seamless deposit experience, with deposits taking 1-3 business days and withdrawals processed within 24 hours. International wire transfers typically take 3-5 business days.
In terms of system stability, TMGM has an average disconnection frequency of 0.2 times per day, with an average reconnection time of 148.5ms per disconnection.
6. Exness
Exness is a globally influential broker offering CFD trading in forex, indices, commodities, stocks, and cryptocurrencies. Regulated by Cyprus CySEC, South Africa FSCA, and Seychelles FSA, user funds are held in international banks.
Normally, Exness processes deposits within 30 minutes and withdrawals within 24 hours, providing a smooth deposit and withdrawal experience.
Exness has an average disconnection frequency of 0.5 times per day, with an average reconnection time of 192ms per disconnection.
7. AC Capital
AC Capital is a global leading broker with top-tier regulations, including Australia ASIC and Vanuatu VFSC. User funds are segregated and distributed across major bank networks.
AC Capital Markets usually processes deposits and withdrawals within 1-3 business days. With fast and accurate quoting, AC Capital Markets achieves a trade execution rate of 97.36% within 1 second.
Typically, AC Capital Markets has an average reconnection time of around 10.9ms, ensuring high system stability.
8. XM
XM is regulated by Belize FSC and Cyprus CySEC, achieving a trade execution rate of 99.35% within 1 second.
Deposits with XM usually take up to 24 hours to process, while international wire transfers may take 2-5 business days. XM has an average disconnection frequency of 0.1 times per day, with an average reconnection time of 199.2ms per disconnection.
9. Eightcap
Eightcap, founded in Melbourne, Australia, holds top-tier regulations from the UK FCA and Australia ASIC. User funds are independently held in trust accounts at top-tier banks, and Eightcap also secures deposit liability insurance from top insurance companies.
Eightcap provides various deposit methods, with instant deposits and withdrawals usually processed within 24 hours. International wire transfers typically take 1-5 business days for deposits and withdrawals. Eightcap has an average disconnection frequency of 0.2 times per day, with an average reconnection time of 141.2ms per disconnection.
10. GMI
GMI is a globally renowned broker with UK FCA regulation.
GMI usually processes deposits instantly and withdrawals within 1-2 business days, offering a smooth deposit and withdrawal experience. GMI's system stability is reflected in its average disconnection frequency of 0.6 times per day, with an average reconnection time of 74.3ms per disconnection.
In conclusion, safety is the foundation of sustainable trading. Licensing status and deposit/withdrawal processes reflect a platform's adherence to compliance frameworks. In this regard, EBC stands out among the rest.
Of course, safety extends beyond these factors. For example, during volatile market conditions, a platform's ability to provide stable, slippage-free quotes also indicates its professionalism, depth, and safety, serving as a valuable reference for traders when choosing a platform.
