Who is the biggest forex broker in the world?

Without further ado, here is our list of the 5 largest forex brokers in the world with their highest trading volume in a month:

Exness: $785 Billion/month Learn more here.
XM: $320 Billion/month Learn more here.
HotForex: $300 Billion/month Learn more here.
Saxo Bank: $300 Billion/month.
Forex.com: $300 Billion/month.

What broker should I use for forex?

Here are the best online brokers for forex trading in 2021: TD Ameritrade. Forex.com. Ally Invest. IG.

Which country is best for forex trading?

If popularity is any metric, you could argue that Thailand is at the top of the list. Not just for Forex traders, but many people who work online gravitate there. There is no capital gains tax, life is cheap, the people are very friendly, there’s good internet, and a lively ex-pat community to help you get settled.

In which countries forex trading is illegal?

India – Restrictions on the way Indian citizens are allowed to trade in the Forex markets are being regulated by Securities and Exchange Board of India (SEBI)
Belgium.
North Korea.
Malaysia.
France.
Bosnia Herzegovina.
Israel.
Countries with strict Sharia laws such as Pakistan.

Which country Forex is legal?

While many developed countries allow citizens to make money trading in Forex, some countries have many restrictions. Belarus, Canada, China, India, Japan, Iran, Pakistan, Saudi Arabia, South Korea, and Turkey are (some) countries where traders should operate only through domestically licensed brokers.

Will Forex ever be banned?

Most traders consider a complete ban on retail FX a highly improbable event in the next few years. It is likely that a lot more regulation will be applied to the field, but it is also likely that we all still be able to buy and sell a few lots to earn our share of profit.

Is Forex banned?

Having said that, local forex traders must abide by extant laws to operate legally in Nigeria. In Nigeria, it is illegal to trade with other people’s funds as only licensed brokers are authorized to do that. Forex traders should also note that forex like other business transactions is subject to tax deductions.

Is Forex banned in US?

Forex trading is legal in the USA, but it also comes with various differences as opposed to trading within any other continent in the world. The US has various different rules and regulations as opposed to other countries.

Do Forex traders pay tax in USA?

Forex Options and Futures Traders Forex futures and options are 1256 contracts and taxed using the 60/40 rule, with 60% of gains or losses treated as long-term capital gains and 40% as short-term. Spot forex traders are considered “988 traders” and can deduct all of their losses for the year.

Do you need a Licence to trade forex?

If you’re simply trading using your own monies and aren’t investing resources belonging to other people or agencies, then there is no need to be licensed. You do normally need a license if you’re intending to offer a brokerage service to customers.

Do you pay tax on forex?

Do traders pay tax in the UK? Forex trading is tax free in the UK if it is done as spread betting by an amateur speculator. How do you pay tax on Forex? In the U.K., if you are liable to tax on personal profits from Forex trading, it will be paid and charged as Capital Gains Tax (CGT) at the end of the tax year.

Do forex brokers report to IRS?

FOREX. FOREX (Foreign Exchange Market) trades are not reported to the IRS the same as stocks and options, or futures. FOREX trades are considered by the IRS as simple interest and the gain or loss is reported as “other income” on Form 1040 (line 21).

How do forex traders avoid tax?

The tax on forex trading in the UK depends on the instrument through which you are trading currency pairs: you can fall under spread betting or you can trade contract for difference (CFD). If the trading activity is performed through a spread betting account the income is tax-exempt under UK tax law.

How do I close my forex account?

Call or write the professional who manages your FOREX account and request an account termination form. Your representative will have all of the information needed to close your account. Your representative might ask about why you are closing your account and urge you to keep your account open.

Can you write off forex losses?

Forex net trading losses can be used to reduce your income tax liability. However, the IRS limits the loss amount you can deduct each year and traders must calculate the amount accurately. Go to the IRS website and download Form 8949 and Schedule D.

Do Forex traders pay tax in Nigeria?

Finally, earnings from forex trading are taxable, but not subject to any specific withholding tax deductions. However, every Nigerian is expected to file an annual Personal Income Tax Return. Online forex trading profits are treated as Capital Gains Tax chargeable at the rate of 10%.

Is Forex illegal in Nigeria?

Forex trading is legal in Nigeria if you have a broker that is licensed to do so and if the person simply trades for themselves. In most countries around the world, the foreign exchange market is regulated. However, foreign exchange trading is regulated by the Central Bank of Nigeria.

Which is the best forex broker in Nigeria?

Best Forex Brokers in Nigeria

FXTM – Nigerian Naira (NGN) Funding.
IC Markets – Lowest Spread Nigerian Broker.
HotForex – Best High Leverage Forex Broker.
AvaTrade – Best Fixed Spread Trading Account.
OANDA – Most Regulated Broker (FCA, ASIC)
Plus500 – Best Forex Demo Account.
OctaFX – Top Nigerian Islamic Account.

Is Forex trading profitable in Nigeria?

Is Forex Trading Profitable in Nigeria; another yes. Trading forex in Nigeria either part-time or full-time is profitable as long as you are; trained, equipped with the best trading tools, and trading with tested winning trading strategies.