Companies that offer currency exchange services.

A foreign exchange company which is also known as the Forex broker is a company that allows the exchange of currency and the making of international payments to both private clients and companies. The term online currency exchange services are usually used for currency exchange that offers physical transfers from one currency to another and not towards the bank. Currency exchange is an integral part of the world economy. Besides handling money in the foreign exchange market, the exchange companies will also offer additional services such as credit card payments, utility bill payments, and other related payments. In the past, only large international financial institutions were allowed to offer currency exchange services but with the introduction of online currency exchange platforms, individuals are given the opportunity to invest and increase their capital by trading the currencies. The company provides a platform for individuals to involve themselves in speculative trading of currencies.



Like many other types of businesses, there are a variety of options to choose from when selecting a foreign exchange platform. The online currency exchange services include the following platforms:

1. FXTM

FXTM or Forex time was founded in 2012 and is still considered to be a newcomer in the Forex trading scene. However, within a span for only 24 months, the company has carved out its name against all odds and has won a number of significant awards such "the best newcomer 2013".FXTM is headquartered in Cyprus and regulated by FSB.

2. Oanda

This is a highly respected foreign broker that is based in the U.S. The firm was created in 1996 and was a pioneer that tailored to make the current modern Forex a reality for the general public. Oanda has won several awards following a good customer satisfaction and customer services in recent years. The company has offices in North-America, Asia and Europe. Both live and demo accounts are live in Oanda which gives the prospective clients a chance to try out the platform without any obligations.

3. AvaTrade

Avatrade was established in 2006 and is located in Dublin, Ireland and it offers trading services to over 150 countries located all over the world. It also offers a wide selection of trading platforms that with 8 different options available for manual and automated trading. The platforms also offer four different options of tiers that are based on minimum deposit requirements. Avatrade is committed to providing a safe trading environment that is fully regulated by the EU.

4. Pepperstone

The company is based in Melbourne, Australia with offices in Texas and Shanghai, China. It was founded in 2010 with the goal of offering Forex traders better services with lower spreads. Pepperstone is considered to be the largest share market mover with a 3.5% increase which is mainly attributed to a strong customer support. The company is true ecn broker which allows Forex trading without the intervention of dealers through their razor account.

5. GMO click

According to latest data, GMO click is still the biggest Forex broker in 2016.The company expanded to Hong Kong in 2011 and followed the UK in 2015.There are no fees to open an account or for maintenance.

The continual growth of cross-border commerce ensures that online currency exchange services remain an essential part of the financial sector as the multinational businesses need to make payments by using the local payments.



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