Forex trading is extremely popular in modern society, and it’s something that’s constantly shifting and changing. Much of this is due to technology quickly evolving and industries attempting to keep up. However, this picture makes it more important than ever to choose the right forex broker.
To simplify the situation, I’ve put together a comprehensive guide to the top banks offering forex trading. I’ve carefully assessed their pros and cons, features, and other pertinent information. It’s important to compare forex brokers to find the ideal choice for personal needs, which makes fx trades much easier overall.
Of course, regulation is vital too. Before we start, why not explore our resource on FCA regulated forex brokers, ideal for UK-based traders.
Two commission-free accounts: Charging trading commissions on transactions is how many brokers make their profit. However, BSC Forex offers its customers two commission-free accounts; pro and direct.
Offers a range of tradable instruments: BSC has multiple trading instruments on its platform. Traders can access forex pairs, commodities, cryptocurrencies, CFDs, and stocks.
Popular Trading Platforms: BCS Forex provides clients access to the popular MetaTrader 4 and MetaTrader 5 platforms. These platforms are available on the web and the broker’s proprietary mobile app.
Cons
Charges Inactivity Fees: Unlike many brokers who wait about 12 – 16 months before charging inactivity fees, BCS Forex charges its customers a $100 monthly inactivity fee after six months of an account’s dormancy.
Charges Personal Income Tax: This review gathered that BSC Forex is a tax agent; hence, clients must pay personal income tax on every withdrawal.
Limited Customer support: The customer support channels on BCS Forex are only available 24/5 between 9 a.m. and 9 p.m. GMT +3. This implies that trading hitches can only be resolved on weekdays and within the specified 12 hours.
Two commission-free accounts: Charging trading commissions on transactions is how many brokers make their profit. However, BSC Forex offers its customers two commission-free accounts; pro and direct.
Offers a range of tradable instruments: BSC has multiple trading instruments on its platform. Traders can access forex pairs, commodities, cryptocurrencies, CFDs, and stocks.
Popular Trading Platforms: BCS Forex provides clients access to the popular MetaTrader 4 and MetaTrader 5 platforms. These platforms are available on the web and the broker’s proprietary mobile app.
Cons
Charges Inactivity Fees: Unlike many brokers who wait about 12 – 16 months before charging inactivity fees, BCS Forex charges its customers a $100 monthly inactivity fee after six months of an account’s dormancy.
Charges Personal Income Tax: This review gathered that BSC Forex is a tax agent; hence, clients must pay personal income tax on every withdrawal.
Limited Customer support: The customer support channels on BCS Forex are only available 24/5 between 9 a.m. and 9 p.m. GMT +3. This implies that trading hitches can only be resolved on weekdays and within the specified 12 hours.
JP Morgan is an industry leader with excellent execution quality and global presence.
BNP Paribas excels in European markets and offers competitive pricing.
Citi provides an extensive range of currency pairs and strong research capabilities.
HSBC stands out for its coverage of Asian currencies and robust risk management.
Barclays offers a powerful proprietary trading platform and strong regulatory compliance.
UBS shines with its wealth management expertise and comprehensive research.
Deutsche Bank is a powerhouse in European markets with advanced trading technology.
Bank of America Securities provides solid execution quality and strong presence in North American markets.
Comparison Table
Bank
Best Known For
Regulation Score
Execution Quality Score
JP Morgan
Global Market Dominance
5/5
5/5
BNP Paribas
European Market Expertise
5/5
4.5/5
Citi
Diverse Currency Pair Offerings
5/5
4.5/5
HSBC
Asian Market Expertise
5/5
4.5/5
Barclays
Advanced Trading Technology
5/5
4.5/5
UBS
Wealth Management Integration
5/5
4.5/5
Deutsche Bank
European Market Liquidity
5/5
4.5/5
Bank of America Securities
North American Market Expertise
5/5
4.5/5
Criteria Breakdown Summary
To fully assess I created a set of criteria to measure each of the banks offering investment trading. My criteria included regulation, platforms, currency pairs, spreads and fees, customer support, educational resources, leverage, and execution speed. I also looked at customer reviews to give a fully-rounded view of each option, before scoring them out of five for each criteria.
JP Morgan
Best Known for Global Market Dominance
JP Morgan is a big player in the world of forex trading and it uses its global reach to offer the best technology and services to its users. This bank was founded in 1799, so it has a long history to give extra reassurance, proving its reliability. Throughout the years, this huge establishment has adapted to changing market conditions and the emergency of new technology. It is now one of the most reputable banks offering forex trading.
JP Morgan was founded in 1799 and is one of the best banks offering forex trading. Source: JP Morgan
Features
Although JP Morgan is quite an old establishment, it has plenty of innovative features that push it ahead of its competitors. There are over 300 currency pairs to choose from, including some exotic choices. Additionally, there are advanced order types available, plenty of real-time market data, and strong analytical tools.
Pros
Unparalleled liquidity and market access
State-of-the-art trading technology
Robust research and analysis resources
Strong regulatory compliance and risk management
Cons
High minimum account requirements for institutional focus
Less suitable for retail traders
Complex platform may have a steep learning curve
Criteria Evaluation
Regulation: 5/5
Trading Platforms: 4/5
Currency Pairs: 4.5/5
Spreads and Fees: 4/5
Leverage: 3.5/5
Customer Support: 4/5
Research Resources: 4.5/5
Execution Quality: 5/5
Community Reviews and Expert Recommendations
Overall, JP Morgan receives positive praise from users, with many noting the long-standing history of this bank for extra reassurance. Users mention the range of currency pairs and excellent analytical tools. Additionally, customer service is highlighted in positive terms.
“I am a very happy customer. I enjoy this service and a round of applause to customer service for always helping me solve my problems or just responding very thoroughly to my questions.” – Katy Pickett via Trustpilot
“I spoke to Falak on 29 March and he was absolutely amazing! I have a new phone and was having some issues with the app’s verification process. I’ve spoken to a few people at JPM over the last few weeks to help me resolve the issue and they were all really helpful but Falak really went out of his way and exceeded my expectations.” – Natalie Fiann via Trustpilot
Industry experts recommend JP Morgan for its reliability and history. However, they feel that this bank may be a steep learning curve for total beginners.
Pricing
JP Morgan’s pricing structure suits large-volume traders and institutional clients in particular. Spreads are competitive and vary with market conditions and trade size. To learn more, visit JP Morgan’s FX trading page.
BNP Paribas
Best Known for European Market Expertise
An instantly recognizable name, BNP Paribas is the largest bank in France and it has a strong grasp of the forex industry. This large bank has a unique combination of traditional banking offerings, along with the best technology around. As a result, it is a good choice for institutional and corporate clients in Europe.
BNP Paribas is one of the top banks offering forex trading, especially in Europe. Source: BNP Paribas
Features
BNP Paribas has a large range of features within its forex suite, particularly their Cortex FX platform. This gives up-to-date, real-time pricing on more than 200 different currency pairs, with a strong focus on the Euro. There is also a high-quality FX Algorithmic Suite which allows for algorithmic trading, along with the Options Pricer advanced tool.
Another key feature is the ability to look at post-trade analytics to identify learning opportunities. Additionally, BNP Paribas is known for its insights into trends within the European region, giving extra information on potentially profitable trades.
Pros
Strong presence and expertise in European markets
Innovative sustainable finance offerings in FX
Comprehensive corporate hedging solutions
High-quality economic research focused on Eurozone
Cons
Less competitive in non-European currency pairs
Limited retail forex offerings
Platform may lack some features available from pure-play FX providers
Criteria Evaluation
Regulation: 5/5
Trading Platforms: 4/5
Currency Pairs: 4/5
Spreads and Fees: 4/5
Leverage: 3.5/5
Customer Support: 4/5
Research Resources: 4/5
Execution Quality: 4.5/5
Community Reviews and Expert Recommendations
In general, BNP Paribas enjoys positive feedback from users, mostly due to its big name and strong reputation in the industry. Many users feel reassured about trading with this bank and mention the range of features positively. Users also mention quality customer support and fast execution speeds.
“I have always had immediate response and guidance from my personal agents during our face to face meetings. Recently, I had one of the most positive reactions to a complicated situation by Ms. Solim Gnassinbe. Thank you for excellent customer service and solution targeted attitude.” – Shevketoglou Mouge via Trustpilot
“Spoke to a lovely lady called Alisha Riaz. She went above and beyond with my customer service experience and I cannot thank her enough.” – Hayley Day via Trustpilot
Industry experts recommend BNP Paribas and highlight its Cortex FX platform in positive terms. They also highlight the quality of this bank’s risk management tool.
Pricing
BNP Paribas offers competitive pricing for EUR-based currency pairs. It also offers spreads that are often tighter than many competitors during European trading hours. Additionally, this bank uses a tiered pricing model.
Citi
Best Known for Diverse Currency Pair Offerings
Citi is part of Citigroup and its influence extends worldwide. As a result, it is one of the top banks offering forex trading. There is a large range of currency pairs available, including exotic choices. Traders can easily diversify portfolios through this bank, thanks to its global market access.
Citi is part of the wider Citigroup and a bank that offers forex trading. Source: Citi
Features
The primary focus of Citi’s forex services is the CitiFX Pulse platform. This is an easy-to-use option that has institutional-level tools for fx trades and risk management. Additionally, real-time streaming prices, post-trade analysis, and advanced order types are all possible. The market analysis tools are also excellent, covering a range of different markets. This is predominantly through the TreasureVision Analytics suite, which offers a wealth of valuable information.
Pros
Unmatched range of currency pairs, including exotic and frontier markets
Strong presence in emerging markets
Robust research and market analysis capabilities
Integrated solutions for corporate treasurers and asset managers
Cons
Higher fees for some services compared to specialized forex brokers
Complex platform may be overwhelming for less experienced traders
Minimum account sizes can be prohibitive for smaller traders
Criteria Evaluation
Regulation: 5/5
Trading Platforms: 4.5/5
Currency Pairs: 5/5
Spreads and Fees: 4/5
Leverage: 4/5
Customer Support: 4.5/5
Research Resources: 4.5/5
Execution Quality: 4.5/5
Community Reviews and Expert Recommendations
Overall institutional clients in particular praise Citi, especially for its fast execution and range of forex pairs. Users also mention the good quality customer service and fast response times.
Industry experts recommend Citi for institutional clients in particular and feel the platform may be too complicated for new users.
Pricing
Citi’s pricing structure is competitive, especially for large volume traders and those dealing in emerging market currencies. The bank offers dynamic pricing based on market conditions and client trading patterns.
HSBC
Best Known for Asian Market Expertise
HSBC is a well-known name and its origins are in Shanghai and Hong Kong. However, it is a strong forex player and excels in Asian currencies in particular. The HSBCnet platform is a quality choice that makes forex trading easier, and the HSBC Evolve feature uses AI insights.
This particular bank is a good choice for forex traders who want to focus specifically on Asian markets.
HSBC is a leading global bank with forex trading capabilities. Source: HSBC
Features
The HSBCnet and HSBC Evolve platforms are the main features of this bank’s offerings. They both have a range of tools included, specifically for risk management, fx trades, and hedging. Due to its global presence, this bank offers more than 150 currency pairs and, as mentioned, has a strong focus on Asian currencies.
FX Order Watch is an automated service for order execution, ensuring fast turnaround. There are also a range of pre-trade analytics that are powered by AI for fast and accurate responses.
Pros
Unparalleled expertise and liquidity in Asian currencies
Strong corporate banking integration for seamless FX risk management
Advanced technology platforms with AI-driven insights
Comprehensive research focusing on emerging Asian markets
Cons
Less competitive in some non-Asian currency pairs
Higher minimum account requirements for full platform access
Some features may be overkill for traders not focused on Asian markets
Criteria Evaluation
Regulation: 5/5
Trading Platforms: 4/5
Currency Pairs: 4.5/5
Spreads and Fees: 3.5/5
Leverage: 3.5/5
Customer Support: 4/5
Research Resources: 4/5
Execution Quality: 4.5/5
Community Reviews and Expert Recommendations
HSBC receives positive feedback from users and industry experts, particularly for its focus on Asian markets. While some users feel the platform can be difficult to use for total beginners, many feel it is packed with excellent features. Users also emphasize quality customer service.
“Really good service from HSBC this evening. Over 12 mins on the phone but the agent was very patient when my husband!’s credentials on the HSBC mobile app failed to recognise him. Top marks HSBC for talking us through this.” – Ann HallCustomer via Trustpilot
“HSBC INDIA customer service is outstanding, I’m forced to write this because I see a lot of negative comments for a company that is doing a great job in servicing its clients.” – Consumer via Trustpilot
Industry experts recommend HSBC for traders who want to focus on Asian currencies in particular.
Pricing
HSBC’s pricing is competitive for Asian currency pairs, with tighter spreads often available during Asian trading hours. They also use a tiered pricing model.
Barclays
Best Known for Advanced Trading Technology
Barclays is a long-standing feature in British banking but it also has a wide global presence in forex trading. This is predominantly down to its BARX FX platform which is intuitive, uses complex algorithms, and offers fast execution speeds. With a service covering major currencies pairs and lesser-known ones, this is a quality option for advanced traders in particular.
Barclays is a well-established bank that offers forex trading. Source: Barclays
Features
Barclays delves into the forex world with its platform, BARX FX. This has a large number of analytics and trading tools for users of all ability levels. Additionally, there is real-time pricing on more than 180 currency pairs. These focus on G10 countries but there are some emerging market currencies too.
This bank facilitates algorithmic trading with several options, and a risk analytics suite to help manage risk via stress testing and scenario analysis.
Pros
Cutting-edge trading technology and execution algorithms
Strong presence in European and UK markets
Robust quantitative research and analysis
Advanced risk management tools for institutional clients
Cons
Platform complexity may be challenging for less experienced traders
Higher minimum account requirements for full feature access
Less competitive in some emerging market currencies
Criteria Evaluation
Regulation: 5/5
Trading Platforms: 4/5
Currency Pairs: 4/5
Spreads and Fees: 3.5/5
Leverage: 3.5/5
Customer Support: 4/5
Research Resources: 4/5
Execution Quality: 4.5/5
Community Reviews and Expert Recommendations
Overall, Barclay receives high praise from users and industry experts. Most value algorithmic capabilities and many find the platform easy to use. Additionally, users appreciate the customer service offered. However, some customers feel the platform may be too advanced for beginners.
“Their customer service was responsive, professional, and genuinely cared about resolving my issue. The support team at Barclays went above and beyond, making me feel valued and supported throughout the process. I can’t praise them enough and highly recommend Barclays to anyone looking for a reliable and trustworthy banking experience.” – Cayti via Trustpilot
Industry experts praise Barclays for its long-standing reputation and quality tools. They also feel that the platform is complex for new users and recommend it for advanced traders in particular.
Pricing
Barclays’ pricing is competitive for major currency pairs, with particularly tight spreads available for G10 currencies. The bank offers a tiered pricing structure.
UBS
Best Known for Wealth Management Integration
UBS is Switzerland’s largest bank and is also heavily involved in the forex market. Along with currency trading, this bank is also known for its wealth management, making it a good choice for those with a high net worth. The UBS Neo Platform is the main feature, offering a one-stop-shop for trading and portfolio management.
UBS is Switzerland’s largest bank and offers forex trading opportunities. Source: UBS
Features
The UBS Neo Platform is a strong choice that has a range of different tools, including trading, risk management, and analytics. Offering more than 170 forex pairs, this bank focuses on both major and exotic pairs.
FX Option Pricer is a tool that allows for pricing complicated FX derivatives. The Portfolio FX hedging tool is ideal for automated currency risk management. This bank also has various algorithmic trading tools.
Pros
Seamless integration of forex trading with wealth management services
Strong Swiss banking heritage and global presence
Comprehensive research combining fundamental and quantitative approaches
Advanced tools for portfolio currency risk management
Cons
Higher account minimums may be prohibitive for smaller traders
Platform may be overly complex for those solely focused on spot FX trading
Less competitive pricing for retail-sized trades
Criteria Evaluation
Regulation: 5/5
Trading Platforms: 4.5/5
Currency Pairs: 4/5
Spreads and Fees: 4/5
Leverage: 3.5/5
Customer Support: 4.5/5
Research Resources: 5/5
Execution Quality: 4.5/5
Community Reviews and Expert Recommendations
UBS has many positive reviews from both users and industry experts, in particular for its wealth management aspects and forex trading. Users particularly rate the customer service. However, they feel that clients who don’t require wealth management tools may find this service too heavily focused in that direction.
“Customer service via the telephone or mobile banking app is always prompt, friendly, and helpful.” – Mitchell Sloan via Trustpilot
“Simply great client service. I love it and please accept my highest recommendations.” – Julian Steiner via Trustpilot
Industry experts recommend UBS for advanced and high volume traders. They feel the platform may be too complex for beginners.
Pricing
UBS’s pricing structure is tiered. While spreads may not be the tightest for retail-sized trades, the bank offers competitive pricing for larger transactions.
Deutsche Bank
Best Known for European Market Liquidity
Deutsche Bank is a popular name and it’s also Germany’s biggest bank. For many years, this bank has been at the forefront of forex trading, and it’s mainly focused on European currencies. This bank is famous for its advanced trading tools, along with deep liquidity pools. It is a good choice for institutional clients and corporations in particular.
Autobahn FX is Deutsche Bank’s forex trading platform. Source: Deutsche Bank
Features
The main feature of Deutsche Bank’s forex services is its Autobahn FX platform. This is full of features like trading, analytics tools and risk management. More than 200 currency pairs are available, however this bank does focus mostly on the Euro and Eastern European currencies.
Additionally, there are a range of services for institutional clients and hedge funds in particular.
Pros
Exceptional liquidity and execution quality in European currencies
Advanced algorithmic trading capabilities
Strong corporate banking integration for seamless FX risk management
Comprehensive research focusing on European markets
Cons
Platform complexity may be challenging for less experienced traders
Higher minimum account requirements for full feature access
Less competitive in some non-European currency pairs
Criteria Evaluation
Regulation: 5/5
Trading Platforms: 4/5
Currency Pairs: 4.5/5
Spreads and Fees: 3.5/5
Leverage: 3.5/5
Customer Support: 4/5
Research Resources: 4.5/5
Execution Quality: 4.5/5
Community Reviews and Expert Recommendations
Overall, Deutsche Bank receives positive reviews from users, especially its institutional clients. Many emphasize execution speed and quality, along with liquidity, especially in European currencies. As with many of the banks I’ve reviewed, some users feel that the platform may be complex for new users at first.
“Best bank in the whole of Germany! Forget about challenger banks, if you really want a global bank, that takes care of you, that’s the place!” – Linda Wu via Trustpilot
“Great service, really fast answers. I really enjoyed the customer service. No problems so far.” – Maria Dalton via Trustpilot
Industry experts praise Deutsche Bank for its reliability and long-standing nature. They recommend this bank for advanced traders.
Pricing
Deutsche Bank’s pricing is highly competitive for European currency pairs, with particularly tight spreads available during European trading hours. The bank offers a tiered pricing structure.
Bank of America Securities
Best Known for North American Market Expertise
The final bank offering forex trading I reviewed was Bank of America Securities. This is the investment part of the Bank of America and it’s quickly become a popular option in the forex world. This is a particularly good choice for traders who want to focus on North American markets.
With a wide range of forex pairs and many features that give insights into economic news and trends, this bank is a solid choice.
Bank of America Securities is a big player in the forex trading world. Source: Bank of America Securities
Features
The FX Trading platform is the main features of this bank’s forex services and it is an easy to use choice that is full of tools. These include advanced trading and analytical options that can be navigated with ease. More than 160 currency pairs are available, and these mostly focus on USD and Latin American currencies.
Additionally, the research capabilities are extensive, giving up-to-date news on US economic trends and how they affect the global market.
Pros
Strong liquidity and execution quality in USD pairs and Americas currencies
Comprehensive corporate FX risk management solutions
Robust research focusing on US economic trends and their global impact
Seamless integration with other BofA banking and investment services
Cons
Less competitive in some non-USD currency pairs
Platform may lack some features available from pure-play FX providers
Higher minimum account requirements for full service access
Criteria Evaluation
Regulation: 5/5
Trading Platforms: 4/5
Currency Pairs: 4/5
Spreads and Fees: 3.5/5
Leverage: 3.5/5
Customer Support: 4/5
Research Resources: 4/5
Execution Quality: 4.5/5
Community Reviews and Expert Recommendations
Bank of America Securities enjoys positive feedback from users and industry experts. As a big name in global finance, users feel reassured and its long-standing nature hints at reliability. Users particularly enjoy the quality customer support and range of advanced trading tools.
“I’ve been with Bank of America for a few years now, and overall, it’s been a solid experience. The convenience of their online and mobile banking is definitely a highlight.” – Steven Shoptein via Trustpilot
“Bank of America has always been easy to work with since 1990. I always get phone calls right after I leave a message.” – Customer via Trustpilot
Industry experts agree that this bank is a good choice for advanced traders. However, they feel the platform may lack special features compared to other banks.
Pricing
Bank of America Securities offers competitive pricing for USD-based currency pairs, with spreads often tighter than many competitors during US trading hours. The bank uses a tiered pricing model.
Notable Mentions
While these banks are all excellent choices for forex trading, the following banks also deserve a notable mention.
Alfa-Forex
Alfa-Forex isn’t a bank per se, but it is affiliated with Alfa Bank. This is a Russian-based forex broker that offers a range of tradable instruments. CySEC regulates it and is a well-regarded option. Learn more in our Alfa-Forex Review.
Standard Bank
Standard Bank is another option to consider. With decades of experience in African financial markets, including South Africa, this is a strong bank in the region. It also offers forex trading with a large range of forex pairs available.
NatWest Markets
Natwest is a large UK bank and it also offers forex services. Established in 1968, this bank has a good reputation and it offers many currency pairs and risk management tools.
Banco Santander
My final choice is Banco Santander, a bank that has global reach. Not only does it offer a range of regular banking solutions but it also has a solid forex presence. It offers major and minor currency pairs and many risk management solutions.
FAQ
What factors should I consider when choosing a bank for forex trading?
When deciding on a bank for forex trading, it’s important to think about different elements. These include regulatory compliance, trading platforms, currency pairs, customer support, research resources, leverage, and execution speeds. However, you should also think carefully about your personal trading preference and goals, aiming to choose a bank that is in alignment.
While you’re here, why not explore our article about the banking crisis and forex, as it provides more information before choosing a bank.
How do bank forex services differ from retail forex brokers?
While both banks and retail forex brokers offer the ability to trade forex pairs, banks usually cater to larger clients. These include institutions, corporations, and high net-worth traders. They usually have deeper liquidity available, along with complex research tools. Moreover, they offer regular banking services.
The main downside is higher minimum account sizes, and usually less competitive pricing.
What is the difference between electronic and voice forex trading?
Electronic forex trading means a trader places an order through a digital platform. This means faster execution speeds, and usually tighter spreads. On the other hand, voice training means dealing with a bank trader by phone. This can be quite useful for large orders. Most banks offering forex trading allow both options.
How do banks manage forex risk for their clients?
Banks offering forex trading have many tools to help their clients manage risk when executing fx trades. These usually include options, forward contracts, and complex derivatives. Additionally, some banks have automated hedging solutions and advisory services.
What role do banks play in the global forex market?
Banks are an important part of the overall forex market as they are liquidity providers and market makers. However, they are unlikely to replace online forex brokers. They aid in currency transactions for many clients, but they also have a large part to play in developing new FX products and trading technologies.
Final Thoughts
Banks offering forex trading have a large number of features and tools to help institutional and corporate clients execute potentially successful trades. While these aren’t aimed toward retail traders or beginners, it’s important to understand their role in the forex market.
Choosing one of these banks comes down to individual goals and preferences. Banks consistently invest in new technology in the trading world, so it’s vital to explore your options.
It’s true that banks offer unrivaled liquidity and access to the global market, but this often comes at a much higher price point. As a result, retail traders may find better value and personalized features with specialized forex brokers.
Here at TopBrokers, we’re committed to helping all traders choose their personal best way forward. We have many comparison articles available, allowing you to understand the pros and cons of each in more detail. Why not read our resources on the best forex brokers for US traders, or the best MT4 forex brokers?
