Global Forex Brokers Market 2024: Insights and Share Analysis

The Business Research Company recently released a comprehensive report on the Global Forex Brokers Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The forex brokers market size has grown strongly in recent years. It will grow from $4396.93 billion in 2023 to $4831.25 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to the rising consumer awareness, ease of work benefits of forex brokers, high liquidity and transactional transparency, the growth of the global forex broker, the enhanced data reporting providing insights, and high accessibility and liquidity of forex.

The forex brokers market size is expected to see strong growth in the next few years. It will grow to $7071.85 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to an increase in a country's exports relative to imports, decisions by central banks regarding interest rates, the rising integration of modern technology in trading platforms, enhancing efficiency and transparency, need for currency exchange services to conduct cross-border transactions, the surge in demand for tax software. Major trends in the forecast period include the surge in the number of strategic partnerships, technological advancement, increase in product innovations, compliance with regulatory requirements, and strategic decisions of corporations.

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Market Drivers and Trends:

Rising cross-border transactions are expected to propel the growth of the forex brokers market going forward. Cross-border transactions refer to any financial transactions where the buyer and seller are located in different countries. Cross-border transactions are growing due to globalization, increased international trade, and advancements in digital payment technologies. Cross-border transactions use forex brokers to efficiently manage currency exchange and mitigate foreign exchange risk, ensuring smooth and cost-effective international payments and investments. For instance, in August 2023, according to JPMorgan Chase & Co., a US-based investment banking company, cross-border payments are on the rise, with international transfers expected to increase by 5% per year until 2027. Therefore, rising cross-border transactions are driving the growth of the forex brokers market.

Major companies operating in the forex brokers market are focusing on technological advancements, such as foreign exchange platforms, to gain a competitive edge in the market. Foreign exchange platforms are online systems that facilitate the trading of currencies, providing 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 company, launched Universal FX, a new forex broker platform that meets client needs to manage execution across their entire portfolio and access market-leading price transparency. Universal FX supports BNY Mellon clients across all market segments, such as investment managers, corporates, hedge funds, and wealth managers, as well as helping them navigate the industry transition to T+1 settlement.

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Major Key Players of the Market:

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.

Forex Brokers Market 2024 Key Insights:

• The forex brokers market size is expected to grow to $7071.85 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%.
• Growing Demand For Cross-Border Transactions Fuels Forex Broker Market Expansion
• Forex Brokers Leverage Technological Advancements To Gain Market Edge
• North America was the largest region in the forex brokers market in 2023

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