What Is The Scope Of The Global Forex Brokers Market?
A forex broker, also known as a foreign exchange broker, is a financial services company that provides traders with access to a platform for buying and selling foreign currencies. These brokers act as intermediaries between traders and the interbank market, where currency trading occurs, and they often offer additional services such as market analysis, educational resources, and customer support to assist traders in making informed decisions.
Forex Brokers Global Market Report 2024 provides data on the global forex brokers market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The forex brokers market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Forex Brokers Sector?
The forex brokers market has seen strong growth, expanding from $4,396.93 billion in 2023 to $4,831.25 billion in 2024 at a CAGR of 9.9%. Contributing factors include increased consumer awareness, liquidity, and advanced data insights. By 2028, the market is projected to reach $7,071.85 billion at a CAGR of 10.0%, driven by export growth, central bank policies, and modern trading technologies. Trends include technological innovation, compliance advancements, and strategic partnerships.
Which Factors Are Boosting Growth In The Forex Brokers Market?
The rise in cross-border transactions is expected to support the growth of the forex brokers market. As international trade and digital payment technologies advance, cross-border transactions are increasing, requiring forex brokers to manage currency exchange and minimize foreign exchange risks. For example, in August 2023, JPMorgan Chase reported that cross-border payments are expected to rise by 5% annually until 2027. As a result, the growth in cross-border transactions is propelling the forex brokers market.
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What Key Areas Define The Segmentation Of The Global Forex Brokers Market?
The forex brokers market covered in this report is segmented –
1) By Type: Currency Swap, Outright Forward and Foreign Exchange (FX) Swaps, Foreign Exchange (FX) Options
2) By Counterparty: Reporting Dealers, Financial Institutions, Non-Financial Customers
3) By Application: Enterprise, Individual
How Are Emerging Trends Reshaping The Dynamics Of The Forex Brokers Market?
In the forex broker market, companies are advancing forex trading platforms to enhance competitiveness. For instance, in October 2023, Bank of New York Mellon launched Universal FX, a new platform that offers price transparency and supports clients across various market segments. It also helps clients navigate the industry transition to T+1 settlement.
What Is The Fastest Growing Region In The Forex Brokers Market?
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.
