⭐ 2021 Forex Brokers List

Forex broker	Country	Regulation	Popularity	Journal
12Trader	SVG	not regulated	⬤ average	12Trader
7Bforex	SVG	not regulated	⬤ average	7Bforex
AAAFx	Greece	HCMC	⬤ average	AAAFx
AAATrade	Cyprus	CySEC	⬤ low visits	AAATrade
AAFX	SVG	not regulated	⬤ average	AAFX
Abshire-Smith	UK	FCA	⬤ low visits	Abshire-Smith
AccentForex	Vanuatu	VFSC	⬤ low visits	AccentForex
AccuIndex	Cyprus	CySEC, FSC	⬤ average	AccuIndex
ActivTrades	UK	FCA, SCB	⬤ top visited	ActivTrades
ACY Securities	Australia	ASIC, VFSC	⬤ average	ACY Securities
Admirals	UK	FCA, CySEC, EFSA, ASIC	⬤ top visited	Admirals
AdroFx	SVG	no	⬤ low visits	AdroFx
ADSS	UAE	CB, FCA, SFC	⬤ top visited	ADSS
Advanced Markets	Cayman Isl.	ASIC	⬤ low visits	Advanced Markets
AETOS	Australia	ASIC, FCA	⬤ low visits	AETOS
AGEA	Montenegro	SCMN	⬤ average	AGEA
Al-Awal	UK	FCA	⬤ low visits	Al-Awal
Alfa Financial	UAE	CB	⬤ low visits	Alfa Financial
Alfa Financials	South Africa	FSCA	⬤ least visited	Alfa Financials
Alkimiya Markets	SVG	not regulated	⬤ least visited	Alkimiya Markets
Alpari	Mauritius	FCS	⬤ top visited	Alpari
AlphaFX Markets	SVG	not regulated	⬤ average	AlphaFX Markets
Alvexo	Seychelles	FSA	⬤ average	Alvexo
AMarkets	SVG	not regulated	⬤ average	AMarkets
AMEGA	Vietnam	not regulated	⬤ average	AMEGA
Amenda Markets	Latvia	FCMC	⬤ average	Amenda Markets
AMP Global	Cyprus	CySEC	⬤ avergae	AMP Global
Anzo Capital	Belize	IFSC	⬤ average	Anzo Capital
ArgusFX	Cyprus	CySEC	⬤ low visits	ArgusFX
Aron Groups	SVG	not regulated	⬤ average	Aron Groups
ARUM Capital	Cyprus	CySEC	⬤ low visits	ARUM Capital
AssetsFX	Marshall Isl.	not regulated	⬤ low visits	AssetsFX
ATC Brokers	Cayman Isl.	CIMA	⬤ low visits	ATC Brokers
ATFX	Mauritius	FSC, FCA, CySEC, ESMA EU	⬤ average	ATFX
AtlasForex	Belize	IFSC	⬤ least visited	AtlasForex
AvaTrade	BVI	ASIC, FSC, FSA, FSCA, CBI	⬤ average	AvaTrade
AXES	SVG	not regulated	⬤ average	AXES
Axi	SVG	FCA, DFSA, ASIC	⬤ top visited	Axi
AximTrade	BVI	FSC	⬤ average	AximTrade
Axiory	Belize	IFSC	⬤ top visited	Axiory
AZAforex	SVG	not regulated	⬤ low visits	AZAforex
BAXTER-FX	Australia	ASIC	⬤ low visits	BAXTER-FX
BCR	BVI	FSC	⬤ low visits	BCR
BDSwiss	Seychelles	FSA, FSC, CySEC	⬤ average	BDSwiss
BlackBull Markets	Seychelles	FSA	⬤ low visits	BlackBull Markets
Blackwell Global	UK	FCA	⬤ least visited	Blackwell Global
Blue Suisse	Malta	MFSA	⬤ least visited	Blue Suisse
Blueberry Markets	Australia, Vanuatu	ASIC, VFSC	⬤ average	Blueberry Markets
BrightWin Securities	New Zealand	not regulated	⬤ low visits	BrightWin Securities
Bulbrokers	Bulgaria	FSC, BNB	⬤ low visits	Bulbrokers
Cabana Capitals	SVG	not regulated	⬤ average	Cabana Capitals
Capital Index	UK	FCA	⬤ low visits	Capital Index
Capital Street FX	Mauritius	FSC	⬤ low visits	Capital Street FX
Capital.com	Cyprus	FCA, CySEC	⬤ top visited	Capital.com
CapitalXtend	SVG	not regulated	⬤ average	CapitalXtend
CapproFx	UK	not regulated	⬤ low visits	CapproFx
CedarFX	SVG	not regulated	⬤ low visits	CedarFX
CFI Financial Group	Mauritius	FSC	⬤ average	CFI Financial Group
CIBfx	SVG	not regulated	⬤ low visits	CIBfx
CIM Bank	Switzerland	FINMA	⬤ average	CIM Bank
City Credit Capital	UK	FCA	⬤ low visits	City Credit Capital
City Index	UK	FCA, ASIC, MA	⬤ average	City Index
CIX Markets	UK	FCA	⬤ low visits	CIX Markets
CJC Markets	Australia	ASIC, FINTRAC	⬤ average	CJC Markets
ClickTrades	Seychelles	FSA	⬤ average	ClickTrades
CLMarkets	SVG	not regulated	⬤ low visits	CLMarkets
CM Trading	Seychelles	FSA, FSCA	⬤ average	CM Trading
CMC Markets	UK	FCA, ASIC, IIROC, MA, FMA	⬤ top visited	CMC Markets
CMSTrader	SVG	not regulated	⬤ low visits	CMSTrader
CommerceWealth	SVG	not regulated	⬤ low visits	CommerceWealth
Core Spreads	UK	FCA	⬤ low visits	Core Spreads
Cornertrader	Switzerland	FINMA	⬤ low visits	Cornertrader
CPT Markets	Belize	IFSC	⬤ low visits	CPT Markets
CPT Markets UK	UK	FCA	⬤ low visits	CPT Markets UK
Darwinex	UK	FCA	⬤ top visited	Darwinex
Daxbase	Marshall Isl.	not regulatd	⬤ low visits	Daxbase
DeltaFX	UK	not regulated	⬤ low visits	DeltaFX
DeltaStock	Bulgaria	FSC	⬤ average	DeltaStock
Deriv	Malta, Malaysia	FSA, FSA, FSC, FSC	⬤ high	Deriv
DIF Broker	Portugal	CMVM	⬤ low visits	DIF Broker
Doo Prime	Vanuatu	VFSC	⬤ least visited	Doo Prime
Dukascopy Bank SA	Switzerland	FINMA, FCMC, JFSA	⬤ top visited	Dukascopy Bank SA
easyMarkets	Cyprus	CySEC	⬤ average	easyMarkets
EightCap	Australia	ASIC	⬤ average	EightCap
EMD Forex	SVG	not regulated	⬤ average	EMD Forex
Errante	Seychelles	FSA	⬤ low visits	Errante
eToro	Cyprus	CySEC, FCA, ASIC	⬤ top visited	eToro
ETX Capital	UK	FCA	⬤ average	ETX Capital
Euro Pacific Bank	SVG	OCIF, FSC	⬤ average	Euro Pacific Bank
Eurotrader	Marshall Isl.	FSCA	⬤ low visits	Eurotrader
EverFX	Cyprus	CySEC, CIMA, FSA	⬤ low visits	EverFX
Evolve Markets	SVG	not regulated	⬤ average	Evolve Markets
EXANTE	Cyprus	CySEC, FCA, SFC	⬤ average	EXANTE
EXNESS	Seychelles	FSA, CySEC, FCA	⬤ top visited	EXNESS
FBS	Belize	IFSC, CySEC	⬤ top visited	FBS
FIBO Group	BVI	FSC, CySEC	⬤ average	FIBO Group
Fidelis Capital Markets	SVG	not regulated	⬤ low visits	Fidelis Capital Markets
Financika	Vanuatu	not regulated	⬤ top visited	Financika
FinmaxFX	Vanuatu	FCS	⬤ low visits	FinmaxFX
Fondex	Bermuda	not regulated	⬤ low visits	Fondex
FOREX.com	US	CFTC NFA IIROC, FCA, ASIC, MA, FFAJ, CIMA	⬤ top visited	FOREX.com
Forex.ee	SVG	not regulated	⬤ low visits	Forex.ee
Forex4you	BVI	FSC	⬤ top visited	Forex4you
ForexChief	Vanuatu	VFSC	⬤ average	ForexChief
FOREXimf	Indonesia	BAPPEBTI	⬤ average	FOREXimf
ForexMart	SVG	not regulated	⬤ average	ForexMart
ForexVox	UK	FCA	⬤ least visited	ForexVox
FortFS	SVG	not regulated	⬤ average	FortFS
Fortrade	Canada	IIROC, FCA, ASIC, NBRB, CySEC	⬤ average	Fortrade
FP Markets	Australia	ASIC, CySEC	⬤ low visits	FP Markets
FreshForex	SVG	not regulated	⬤ average	FreshForex
Fullerton Markets	SVG	not regulated	⬤ average	Fullerton Markets
Fundiza	SVG	not regulated	⬤ low visits	Fundiza
FXCC	Cyprus	CySEC, VFSC	⬤ average	FXCC
FXCentrum	Seychelles	FSA	⬤ least visited	FXCentrum
FXChoice	Belize	IFSC	⬤ top visited	FXChoice
FXCM	UK	FCA, ASIC	⬤ top visited	FXCM
FXDD	Malta	FSA, FSC	⬤ average	FXDD
FXFlat	Germany	BaFin	⬤ low visits	FXFlat
FXGiants	Bermuda	not regulated	⬤ average	FXGiants
FXGlobe	Cyprus	CySEC	⬤ low visits	FXGlobe
FXGlory	SVG	not regulated	⬤ average	FXGlory
FXGM	Cyprus	CySEC, FSP	⬤ average	FXGM
FxNet	Belize	IFSC	⬤ low visits	FxNet
FxOnUs	Marshall Isl.	not regulated	⬤ low visits	FxOnUs
FXOpen	Nevis	not regulated	⬤ top visited	FXOpen
FXOpen UK	UK	FCA	⬤ top visited	FXOpen UK
FXORO	Seychelles	FSA	⬤ low visits	FXORO
FXPIG	Vanuatu	VFSC	⬤ low visits	FXPIG
FxPlayer	Marshall Isl.	not regulated	⬤ low visits	FxPlayer
FXPRIMUS	Cyprus	CySEC, FSCA, VFSC	⬤ average	FXPRIMUS
FxPro	UK	FCA, CySEC, SCB, FSCA, DFSA	⬤ average	FxPro
FXTM	Mauritius	FSC, CySEC, FCA	⬤ top visited	FXTM
FXTRADING	Australia	ASIC	⬤ low visits	FXTRADING
Fxview	Cyprus	CySEC	⬤ top visited	Fxview
GBE brokers	Cyprus	CySEC, BaFin, FCA	⬤ low visits	GBE brokers
GCI	SVG	not regulated	⬤ low visits	GCI
Gerchik Co	Vanuatu	VFSC	⬤ top visited	Gerchik Co
GetzCapital	SVG	not regulated	⬤ least visited	GetzCapital
GKFX	Malta	FSA	⬤ low visits	GKFX
GKFX Prime	BVI	FSC	⬤ low visits	GKFX Prime
Global Prime	Australia	ASIC, VFSC	⬤ average	Global Prime
GO Markets	Australia	ASIC	⬤ average	GO Markets
GQFX	Belize	IFSC, SCB	⬤ average	GQFX
Grand Capital	SVG	not regulated	⬤ average	Grand Capital
Grinta Invest	Marshall Isl.	not regulated	⬤ low visits	Grinta Invest
GTCM	Cyprus	CySEC, CNMV	⬤ average	GTCM
Hantec Markets	Mauritius	FSC, FCA, ASIC, SC	⬤ low visits	Hantec Markets
Hextra Prime	SVG	not regulated	⬤ low visits	Hextra Prime
Hirose UK	UK	FCA	⬤ low visits	Hirose UK
HotForex	SVG	CySEC, FCA, DFSA, FSCA, FSA	⬤ top visited	HotForex
House Of Borse	UK	FCA	⬤ low visits	House Of Borse
HSB	Indonesia	BAPPEBTI	⬤ low visits	HSB
Hugos Way	SVG	not regulated	⬤ top visited	Hugos Way
HYCM	UK	FCA, CySEC, CIMA, FSA	⬤ average	HYCM
IBKR	US	CFTC SEC FINRA SIPC IIROC, FCA, ASIC, CSSF, SFC, SEBI, NSE, BSE, FFAJ, JSDA	⬤ top visited	IBKR
IC Markets	Australia	ASIC	⬤ top visited	IC Markets
ICE FX	Malaysia	FSA	⬤ average	ICE FX
ICM Capital	UK	FCA	⬤ low visits	ICM Capital
IFC Markets	Cyprus	CySEC, FSC	⬤ average	IFC Markets
iFOREX	BVI	FSC, CySEC	⬤ top visited	iFOREX
IFS Markets	Australia	ASIC	⬤ least visited	IFS Markets
IFX Brokers	South Africa	FSCA	⬤ average	IFX Brokers
IG	Bermuda	BMA	⬤ top visited	IG
IMMFX	SVG	not regulated	⬤ low visits	IMMFX
INFINOX	Bahamas	SCB, FSCA	⬤ average	INFINOX
INGOT Brokers	SVG	ASIC	⬤ top visited	INGOT Brokers
InstaForex	BVI	FSC	⬤ top visited	InstaForex
Intertrader	Gibraltar	GFSC, FCA	⬤ low visits	Intertrader
InvestAZ	Nw Zealand	not regulated	⬤ low visits	InvestAZ
InvestMarkets	Belize	IFSC	⬤ average	InvestMarkets
IronFX	Bermuda	not regulated	⬤ average	IronFX
ISIKFX	Turkey	CMB	⬤ low visits	ISIKFX
JFD	Cyprus	CySEC, VFSC	⬤ low visits	JFD
Juno Markets	Vanuatu	VFSC	⬤ low visits	Juno Markets
Just2Trade	Cyprus	CySEC	⬤ average	Just2Trade
JustForex	SVG	not regulated	⬤ top visited	JustForex
KaleFX	Turkey	not regulated	⬤ least visited	KaleFX
Key to Markets	Mauritius	FSC, FCA	⬤ average	Key to Markets
KGI Securities Singapore	Singapore	MAS	⬤ low visits	KGI Securities Singapore
Kitco Markets	SVG	not regulated	⬤ least visited	Kitco Markets
Land-FX	SVG	not regulated	⬤ average	Land-FX
Larson and Holz	Marshall Isl.	not regulated	⬤ low visits	Larson and Holz
LCG	Cayman Isl.	CIMA, SCB, CySEC, FCA	⬤ average	LCG
LCM-FX	SVG	not regulated	⬤ low visits	LCM-FX
LegacyFx	Vanuatu	VFSC	⬤ average	LegacyFx
Libertex	Cyprus	CySEC	⬤ average	Libertex
Lider Forex	UK	FCA	⬤ low visits	Lider Forex
LIRUNEX	Cyprus	CySEC	⬤ low visits	LIRUNEX
LiteForex	Marshall Isl.	CySEC	⬤ top visited	LiteForex
LMAX	UK	FCA	⬤ average	LMAX
LMFX	SVG	not regulated	⬤ average	LMFX
LQDFX	Marshall Isl.	not regulated	⬤ average	LQDFX
M4Markets	Seychelles	FSA	⬤ low visits	M4Markets
MARKETS.COM	Cyprus	CySEC, FSCA, ASIC	⬤ top visited	MARKETS.COM
Merit Forex	Vanuatu	FSC	⬤ low visits	Merit Forex
MEX Exchange	Australia	ASIC	⬤ low visits	MEX Exchange
MFM Securities	Vanuatu	VFSC	⬤ average	MFM Securities
MIFX	Indonesia	BAPPEBTI	⬤ low visits	MIFX
Milton Markets	Vanuatu	VFSC	⬤ low visits	Milton Markets
Mocaz Financial Markets	SVG	not regulated	⬤ low visits	Mocaz Financial Markets
Moneta Markets	Vanuatu	VFSC	⬤ low visits	Moneta Markets
MTrading	SVG	not regulated	⬤ average	MTrading
MultiBank Group	BVI	FSC, DFSA	⬤ average	MultiBank Group
NAGA	SVG	not regulated	⬤ top visited	NAGA
NBH Markets	SVG	not regulated	⬤ low visits	NBH Markets
NICOFX	Cyprus	CySEC	⬤ least visited	NICOFX
NordFX	Vanuatu	VFSC, CySEC	⬤ top visited	NordFX
NPBFX	SVG	not regulated	⬤ average	NPBFX
NSBroker	Malta	MFSA	⬤ low visits	NSBroker
NSFX	Malta	FSA	⬤ average	NSFX
OANDA	US	CFTC SEC IIROC, FCA, MA, ASIC, FFAJ	⬤ top visited	OANDA
OctaFX	SVG	not regulated	⬤ top visited	OctaFX
Olymp Trade	SVG	not regulated	⬤ high	Olymp Trade
OMF	New Zealand	FMA	⬤ low visits	OMF
One Financial Markets	UK	FCA, FSCA, ASIC	⬤ low visits	One Financial Markets
Orbex	Mauritius	FSC	⬤ average	Orbex
OspreyFX	SVG	not regulated	⬤ top visited	OspreyFX
Pacific Financial Derivatives	New Zealand	FSPR	⬤ low visits	Pacific Financial Derivatives
Pacific Union	Seychelles	FSA	⬤ average	Pacific Union
Pepperstone	Australia	ASIC, FCA	⬤ top visited	Pepperstone
PhillipCapital UK	UK	FCA	⬤ low visits	PhillipCapital UK
Plus500	Cyprus	CySEC, FCA, ASIC, MA	⬤ top visited	Plus500
Price Markets	UK	FCA	⬤ low visits	Price Markets
PriorFX	Cyprus	CySEC	⬤ low visits	PriorFX
Profiforex	Belize	not regulated	⬤ low visits	Profiforex
Profx Market	UK	not regulated	⬤ low visits	Profx Market
Rakuten Securities	Australia	ASIC	⬤ low visits	Rakuten Securities
Rally Trade	Nigeria	not regulated	⬤ average	Rally Trade
Range Markets	SVG	not regulated	⬤ low visits	Range Markets
RannForex	SVG	not regulated	⬤ low visits	RannForex
Renesource Capital	Latvia	FCMC	⬤ low visits	Renesource Capital
RoboForex	Belize	IFSC	⬤ top visited	RoboForex
Rockfort Markets	New Zealand	FSPR	⬤ average	Rockfort Markets
ROInvesting	Cyprus	CySEC, ESMA EU	⬤ average	ROInvesting
Royal	Cyprus	CySEC, ASIC, CMA, FCS	⬤ low visits	Royal
Samtrade FX	SVG	FINTRAC	⬤ average	Samtrade FX
Saxo Bank	Denmark	FINMA, FSA, FCA	⬤ top visited	Saxo Bank
Scandinavian Capital Markets	Sweden	FI	⬤ low visits	Scandinavian Capital Markets
SCHATZ Markets	SVG	not regulated	⬤ low visits	SCHATZ Markets
Scope Markets	Belize, Cyprus	IFSC, CySEC	⬤ average	Scope Markets
Sentry Derivatives	Ireland	CBI, FSC, FSA	⬤ low visits	Sentry Derivatives
Seven Star FX	SVG	not regulated	⬤ low visits	Seven Star FX
SGT Markets	BVI	FSC	⬤ average	SGT Markets
SimpleFX	SVG	not regulated	⬤ top visited	SimpleFX
Skilling	Cyprus	CySEC, FSA	⬤ low visits	Skilling
SquaredFinancial	Cyprus	CySEC, FSA	⬤ average	SquaredFinancial
SuperForex	Belize	IFSC	⬤ top visited	SuperForex
Swiss FS	Kuwait	KCCI	⬤ low visits	Swiss FS
Swissquote Bank	Switzerland	FINMA, SBA	⬤ top visited	Swissquote Bank
Sword Capital	Kuwait	CMA	⬤ low visits	Sword Capital
TD Ameritrade	US	FINRA CFTC NFA SEC US	⬤ top visited	TD Ameritrade
tegasFX	Vanuatu	VFSC	⬤ top visited	tegasFX
TeleTrade	Cyprus	CySEC	⬤ low visits	TeleTrade
TeraFX	UK	FCA	⬤ low visits	TeraFX
ThinkMarkets	Bermuda	FCA, ASIC	⬤ top visited	ThinkMarkets
Tickmill	UK	FCA, CySEC, FSA	⬤ top visited	Tickmill
Tifia	Vanuatu	VFSC	⬤ average	Tifia
TigerWit	Bahamas	SCB, FCA, SFC	⬤ low visits	TigerWit
Titan FX	Vanuatu	VFSC	⬤ top visited	Titan FX
TMGM	Vanuatu	VFSC, ASIC, FMA	⬤ top visited	TMGM
TopFX	Cyprus, Seychelles	CySEC, FSA	⬤ average	TopFX
trade.Berry	Cyprus	CySEC	⬤ low visits	trade.Berry
TRADE.com	Cyprus	CySEC, FCA	⬤ low visits	TRADE.com
Trade12	Vanuatu	not regulated	⬤ low visits	Trade12
Trade360	Marshall Isl.	ASIC, CySEC	⬤ average	Trade360
TradeApp	Cyprus	CySEC	⬤ least visited	TradeApp
TradeFW	Cyprus	CySEC	⬤ low visits	TradeFW
TradeFxP	UK	not regulated	⬤ low visits	TradeFxP
Tradeo	Cyprus	CySEC	⬤ low visits	Tradeo
Traders Trust	Bermuda, Cyprus	BMA, CySEC	⬤ average	Traders Trust
Traders Way	Dominica	not regulated	⬤ top visited	Traders Way
Tradeview	Cayman Isl.	CIMA	⬤ average	Tradeview
Trading 212	UK	FCA, FSC	⬤ top visited	Trading 212
Tradize	SVG	not regulated	⬤ low visits	Tradize
TrioMarkets	Mauritius, Cyprus	FSC, CySEC	⬤ average	TrioMarkets
Trust Capital	Lebanon	CMA	⬤ low visits	Trust Capital
TryMarkets	Belize	IFSC	⬤ low visits	TryMarkets
Turnkey Forex	Seychelles	not regulated	⬤ low visits	Turnkey Forex
UFX	Cyprus	CySEC	⬤ average	UFX
Umarkets	Marshall Isl.	not regulated	⬤ low visits	Umarkets
UNFXB	Mauritius	not regulated	⬤ average	UNFXB
Uniglobe Markets	Marshall Isl.	not regulated	⬤ average	Uniglobe Markets
Unum Capital	South Africa	FSP	⬤ low visits	Unum Capital
Valutrades	UK	FCA, FSA	⬤ low visits	Valutrades
Vantage FX	Cayman Isl.	CIMA, ASIC, FCA, FSC	⬤ average	Vantage FX
VARIANSE	UK	FCA	⬤ low visits	VARIANSE
Velocity Trade	UK	ASIC, FCA	⬤ least visited	Velocity Trade
Victory International Futures	Indonesia	BKDI	⬤ low visits	Victory International Futures
VT Markets	Cayman Isl.	CIMA, ASIC	⬤ average	VT Markets
W7BT	SVG	not regulated	⬤ low visits	W7BT
WesternFX	SVG	not regulated	⬤ low visits	WesternFX
WH SelfInvest	Luxembourg	CSSF, FSMA, NBB	⬤ low visits	WH SelfInvest
Windsor Brokers	Cyprus	CySEC, IFSC	⬤ average	Windsor Brokers
World Forex	BVI	VFSC	⬤ low visits	World Forex
XGLOBAL	Cyprus	CySEC, FSC	⬤ low visits	XGLOBAL
XM	UK	CySEC, IFSC, ASIC, FCA	⬤ top visited	XM
XTB	Belize	IFSC, FCA, KNF, CySEC	⬤ top visited	XTB
Xtrade	Belize	IFSC	⬤ average	Xtrade
XtreamForex	Marshall Isl.	not regulated	⬤ low visits	XtreamForex
Yadix	Seychelles	FSA	⬤ low visits	Yadix
ZFX	Seychelles	FSA, FCA	⬤ average	ZFX

⬤ Top visited Forex brokers

"Top visited" does not automatically mean "Most popular choice" among Forex traders. These brokers are definitely most searched for and compared to, but not necessarily become traders' final choice.

⬤ Average visits Forex brokers

Normal visitor activity. Are normally considered and compared by Forex traders, although less often than Top visited brokers.

⬤ Low visits Forex brokers

Known to be less visible in general and/or newly established. Usually discovered by Forex traders due to certain features, advantages or promotions being offered.

*Forex Brokers who work exclusively with Professional and Institutional clients would also see "low visits" simply due to high deposit requirements (among other factors).