Forex banking license has higher credibility, choose a forex broker with a banking license, you can also enjoy various advantages。

During these days, foreign exchange brokers with banking licenses were all the rage.。Forex banking licenses give financial institutions greater credibility, giving them better brand awareness and credibility in the eyes of potential customers。

What is a "foreign exchange banking license"?？

Banking institutions play a key role in the foreign exchange market, and banks themselves are licensed to act as intermediaries between buyers and sellers in foreign exchange transactions.。Traditionally, banks also provide customers with a variety of services, such as currency exchange, foreign exchange savings deposits and foreign exchange account custody.。

With the development of advanced financial technology, many investment banks have sought additional licenses to offer their own proprietary forex trading platforms.。Not only that, forex brokers may apply for banking licences to supplement their group's business and expand their client base。

There are very few licensed forex brokers, but the situation varies from company to company。The "foreign exchange banking license" can be divided into three categories:

• Traditional investment banks serve clients through proprietary trading applications while retaining regular banking services such as Barkclays and Citibank。
• Financial institutions were initially licensed as banks, but later switched to become forex brokers such as Dukascopy and Saxobank.。
• Financial groups initially operated as forex brokers but have since acquired banking licences, such as Finam and IG Group, through acquisitions.。

PossessionForeign ExchangeBest broker for banking license

1.Barclays Barclays Bank

Barclays offers 450 currency pairs (including foreign currencies) through its cross-asset electronic trading platform BARX。The platform also offers state-of-the-art features including real-time market data, innovative pricing models, charting tools, advanced algorithms and customizable trading techniques。BARX does not specify minimum or maximum deposit requirements, but the maximum leverage limit is 1: 100 and the minimum position is 50,000 (0.5 standard hands)。

2. Dukascopy

Dukascopy is the most popular forex broker with a banking license and has been serving retail traders since 1998.。Other banks mainly serve corporate customers and high-value individuals, while Dukascopy offers trading services with a minimum deposit requirement of $100.。

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Geneva-based Dukascopy was founded in 2004 and offers trading instruments such as Forex, Metals, Binary Options, Bond CFDs, Commodities, Indices, Equities, ETFs and Cryptocurrencies.。Following the development of the Swiss foreign exchange market, Dukascopy obtained a Swiss banking license and launched Dukascopy Bank in 2010.。

The broker's services are based on the following key principles: equal trading rights and a transparent pricing environment.。Dukascopy is licensed in Switzerland through the Swiss Financial Market Supervisory Authority (FINMA) and in the EU through the Latvian Financial and Capital Markets Commission (FCMC)。

Dukascopy's ECN market represents advanced liquidity aggregation in the industry with unique technology to instantly hedge any client's trades directly with other liquidity providers。The company is currently connected to Bank of America, Commerzbank, Nomura, Barclays, Currenex, Deutsche Bank, JPMorgan Chase and other liquidity providers.。

All of Dukascopy's trades are typically executed within milliseconds, providing the deepest source of liquidity in the industry, so spreads are small.。

After opening an account with Dukascopy, you can trade on its proprietary platform called JForex (accessible via desktop and mobile devices)。On the desktop, traders have access to multiple features, including hundreds of indicators, advanced charts, historical tests, real-time news, and embedded customer support.。

However, Dukascopy has weaker customization, no pop-up charts or built-in complex desktop and watch lists。Java-based web software triggers security warnings in Chrome and other browsers, while JForex Mobile makes it easy to sync across platforms。

Not only JForex, but also trading in Dukascopy can use the MetaTrader4 platform with key features such as expert advisors and customizable templates。

In addition, Dukascopy offers two types of accounts, including Mobile Current Account (MCA) and Standard Current Account (SCA).。For individual users, traders can choose between these two account types。But for commercial use, SCA is more suitable。The minimum acceptable order quantity is 1000 units of main currency。

Depending on the Dukascopy service used by the customer, a commission may be charged。Commissions and spreads are calculated through a step-by-step system, with customers classified by monthly trading volume and net income.。

Dukascopy has won several awards, including Best Forex Trading App of 2019, Best Platform & Tools of 2018, Best Mobile Trading and more.。In addition, the company was named "Best Forex Bank 2018" by China (Shenzhen) Forex Expo, "Best Forex ECN / STP Broker 2018" by London Forex Show, and "Best Liquidity Provider 2017" by IAFT Awards.。

Traders can top up their accounts in a variety of ways, including credit and debit cards, wire transfers and bank transfers。Protection of up to CHF 100,000 per customer in terms of bank insolvency risk。However, in addition to the withdrawal fees that banks or credit cards may charge, there is a $20 handling fee。

Dukascopy's customers have the opportunity to earn more profit through the bonus program, including stock dividends, discount programs, experience sharing and annual dividends。

The minimum deposit for the Dukascopy European account is $100, while the minimum deposit for the Dukascopy Bank SA account is $1,000, accepting deposits in 23 currencies。In addition to this, the company offers several additional features depending on the customer's profile and account type。

Dukascopy Bank provides a wide range of free financial information and other attractive resources through its website, DukascopyTV online TV, Freeserv products, and an active online Dukascopy community with more than 130,000 members.。Based on reviews from its customers, the product section and trading platform point to "How To" articles and videos about Forex, CFDs, indices and cryptocurrency trading venues。

Members of Dukascopy can exchange trading experience, market views, trading strategies in multiple languages, win prizes in various competitions, and communicate freely through its advanced and secure chat and video conferencing system。

The company offers a 24 / 6 support team via phone and live chat, traders can also email questions。The company has an active social media portal as well as dedicated JForex and automated trading support forums.。

Overall, Dukascopy is suitable for experienced, high-volume traders.。Above-average transaction costs can be a burden for beginners and retail accounts, who may struggle to adapt due to weak educational resources。

3.Citibank Citibank

A few years ago, Citibank was one of the world's largest forex traders.。Recently, their rankings have declined, but since 2009, the CitiFX Pro platform has been one of the main choices for retail and small institutional traders.。

CitiFX Pro provides at least 130 currency pairs, settled in the customer's basic currency, advanced order management tools and one-click trading。Standard accounts require a minimum deposit of $10,000。

4. IG Group

IG Group started its spread betting business in 1974 and has grown into one of the UK's largest brokerage firms。The company, which is listed on the London Stock Exchange and has licenses issued by several regulators, is heavily regulated.。

The IG Group currently consists of a number of subsidiaries, including IG Bank, which is authorised and regulated by the Swiss Financial Market Authority (FINMA) and has no minimum deposit requirements.。

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IG Markets is an online trading provider with decades of experience in the financial markets。It was founded in 1974 and as of 2019 had more than 178,000 customers worldwide, covering more than 16,000 markets, authorized and regulated by ASIC.。

In addition to solid experience, IG Markets is also known for its truly broad range of trading tools。In fact, the broker has long offered clients the most assets to trade, with a wide range of optional instruments including forex pairs, 26 indices, over 12,000 stocks, hard and soft commodities, cryptocurrencies and other markets such as bonds, interest rates and options.。

Forex trading in IG Markets is provided in two ways: CFD and DMA. The following are the conditions for each type of trading:

Forex CFD

Minimum spread: 0.6 Points Commission: No Platform: Web, Mobile App, MT4, ProRealTime, L2 Dealer, Terminal and API Trading Size: Contract Demo Account: Yes Forex DMA

Minimum Spread: Unknown Commission: $10 per transaction from $1 million Platform: Web, Mobile App, L2 Dealer, Terminal and API Trading Size: lots Demo Account: No

All customers can use both trading methods。However, the DMA does not support trading in MetaTrader 4, nor does the client allow virtual trading in a demo account.。It is essentially a type of trading reserved for experienced traders, who are in great need of the best pricing in the market, as the DMA provides market depth from a range of exchanges (including the full market depth of the London Stock Exchange).。

Trading platforms in IG Markets are accessible via web, mobile app and desktop。They offer 2 main varieties: core platform and professional platform。Core platform for all types of transactions with DMA, ProRealTime access and ForexDirect add-ons; professional platforms include L2 Dealer, ProRealTime and MetaTrader4。

The fees charged by the first two platforms include a minimum balance of $2,000 and a monthly fee for stock data and Tier 2 price (for L2 Dealer), and a monthly platform fee of $40 and a monthly fee for stock data (for ProRealTime)。

There is no minimum balance requirement for IG Markets to open an account, it also offers no overnight interest accounts and customers do not have to pay any interest, rollover or overnight interest charges on overnight positions.。However, all costs and fees are factored into the spread, and the account is ideal for long-term traders who need to keep a position for days or even weeks.。

For beginners, IG Markets has established the IG Academy, offering interactive education and online trading courses。In this way, customers can master the financial markets through infographics, video presentations and trading highlights provided in after-school quizzes。Even better, IG Academy has been integrated into its mobile application, so customers can always understand the financial markets in a more effective way。

In summary, IG Markets is a client-friendly broker with over 40 years of experience to support its reputation, and their efforts and commitment to provide the best trading platform variety are proven in a unique core and professional platform.。

Less experienced traders can apply for a Forex CFD account in Core Platforms or MetaTrader4, while professionals can get the best experience in the financial markets through IG Markets' DMA trading and L2 Dealer or ProRealTime platforms。

5. Saxobank Bank

Saxobank is a licensed bank incorporated in Denmark and is better known as a forex broker and liquidity provider.。

Some of the most popular Forex brands were established as white label products of Saxobank, including certain services of CitiFX Pro。

Saxobank requires a minimum deposit of $2,000 for entry-level trading accounts。

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Saxobank was founded in Denmark in 1992 as a brokerage firm.。At present, they have penetrated the online banking and foreign exchange trading business into the international market, known as one of the best companies in the industry。

Their innovative platforms have been used by Microsoft's global institutions, Barclays Stockbrokers Ltd and TD Waterhouse, including the award-winning trading platform SaxoTraderGO, and are available as the flagship of Saxobank; the other two platforms are SaxoTraderPRO and SaxoInvestors。Each platform has its advantages and features。

SaxoTraderPRO is suitable for advanced traders and institutional customers. It can trade faster by quickly turning off all functions and viewing trade order books and execution reports in real time; on the other hand, Saxo TraderGO is a platform for retail traders. This type of platform can be easily managed by a single account Portfolio。For example, traders can get real-time and historical reports of net positions。

Saxo Investor is a user-friendly case product platform tailored for retail investors, equipped with browse-curated themes and pre-made screenings。In addition, customers can choose a diversified portfolio, is a responsive platform accessible from any device。

The Saxobank website caters to international clients in dozens of languages。In addition to English, there are Japanese, Mandarin, French, Italian, Indonesian and so on。

When choosing Saxobank, clients choose to trade with a fully regulated industry leader that complies with strict regulatory requirements in 15 financial centers around the world, including the UK, Singapore, Hong Kong and Denmark.。

In addition, traders have a wide range of trading tools to choose from, covering 40,000 instruments for 184 forex pairs, 9,000 CFDs, 19,000 shares, 200 stock options, 2,500 ETFs, futures, gold, silver and more.。

Since the company also acts as a bank, its execution speed can be guaranteed。However, some traders may feel that Saxobank is not suitable for individual trading because the minimum capital is too large and spreads and commissions are a burden for many clients.。Saxobank charges a fairly large spread per pair, making it unsuitable for scalpers。At the same time, the commission that the trader must pay to this broker starts from $1。

In addition, Saxobank often stops trading for a few seconds before important news releases and does not reactivate until after the news release, which leaves message traders with no best chance of taking action against Saxobank.。

In fact, the deposit amount can be adjusted according to the account level chosen by the customer。Saxo's accounts are divided into three levels, including Classic (minimum funding of £500), Platinum (minimum funding of £50,000) and VIP (minimum funding of £1,000,000)。Customers can use 1: 200 leverage with a minimum of 0 lots.05。

Saxobank offers a variety of dedicated facilities that can be adapted to the needs of traders。The higher the level, the more complete the facilities provided。For example, a trader with a VIP account will get a personal relationship manager and 24-hour direct access to a trading expert.。These facilities cannot be found when traders choose classic and platinum accounts。

For enterprise customers, Saxobank offers 40,000 tools with 1: 1 support from an expert account manager and 25 years of experience in security。

Customers can also join a professional account if they meet professional standards and need to have a financial portfolio of more than approximately €500,000, have conducted at least 20 large related transactions in the past four quarters, and have worked in the financial sector for at least one year.。

In addition, Saxobank has more than 100 institutional experts in offices in major financial centres such as Denmark, London, Singapore, Shanghai, Hong Kong, Switzerland and Dubai.。Customers can choose the location closest to their area。

In summary, Saxo is better suited for deep-pocketed forex traders interested in forex trading as a portfolio, and its focus is more on institutional clients than retail clients.。

PossessionForeign ExchangeAdvantages of a bank licensed broker

There are many benefits to joining a licensed forex broker, including:

Avoid suspicious entities, as offshore companies usually do not get formal authorization from both banks and forex brokers。To become a licensed forex broker, you usually have to register in the US, UK, EU or Russia。

Banks are required by law to disclose all information about their capital, organizational structure, assets and liabilities.。They must also safely pass stress tests set by the central bank。As a result, your funds are relatively more likely to be protected from second-party risks。Banks will also go bankrupt and cheat you like other financial institutions, but the existence of a banking license greatly reduces the possibility of financial bankruptcy and fraud。

Banks themselves are major players in the foreign exchange market。They do not have to rely on other entities as liquidity providers, so they can provide forex traders with the best trading conditions and minimal spreads.。