HOW TO POINT OUT THE BEST FOREX BROKERS FOR YOUR TRADING CAREER?

Finance

It’s necessary for traders to choose the best forex brokers to partner up with. Among several brokers everywhere, it’s very hard to find the best forex brokers. We need some popular standards to base on. After many years of trading with various brokers, I have experience to evaluate the best forex brokers by following some standards: credibility, trading cost, and customer services. Now, it’s time to have a look at these standards to identify the best forex brokers in the world 2018.

– Exness: 9/10

– HotForex: 8.5/10

– XM: 8/10

– FBS: 7.5/10

– FxPro: 7/10

CREDIBILITY

Trading forex in a safe condition is a prerequisite. To determine the credibility of a broker, the regulations are vital tool. And of course, regulations are given by trusted financial organizations around the world. They decide on the standards, merits, conditions of a broker to make sure that traders will be well-protected.

In case, brokers have several regulations from various organizations, there are some disadvantages.  For example, their spread will be higher. Their leverage will be lower. Their commission will be higher. This will have effects on the competition among others. So, a broker with one or two trusted regulations from a reliable organization is enough to trade with. Here is a list of regulations of the 5 brokers which are trustful and famous.

Broker names Regulations
Exness CySEC, FCA
HotForex CySEC, FSCA, FCA
XM CySEC, FCA, ASIC
FBS CySEC, IFSC
FxPro CySEC, FCA, DFSA, FSB

TRADING COST

High or low trading cost will be the primary concern of trader. It also determines how reliable a broker is. Trading cost can be calculated from several elements, but the most important ones are spread, commission, and minimum deposit rate.

Spread is considered as difference between the Ask price and the Bid price. It is the most basic trading cost that you’re required to pay for the brokers. Spread is measured in pip. If the spread is high, this leads to the high trading cost. That’s reason why almost all traders would prefer to trade with the lowest spread brokers. The spread of the biggest forex brokers will be listed in detail as follows:

  • Exness: 0.7 pip
  • Hotforex: 1.1 pip
  • FBS: 1.1 pip
  • XM: 1.7 pip
  • FxPro: 1.7 pip

Two types of account are popular with each trader: regular account and ECN account. ECN account’s spread is nearly zero. Therefore, the broker has to charge commission instead of spread, since spread and commission are the main income of brokers. Here are the commission charged by the top 5 brokers for the ECN accounts:

  • Exness: $2.5
  • Hotforex: $6
  • FBS: $6
  • XM: $6
  • FxPro: $45

It’s compulsory to open an account with minimum deposit. As usual, new traders don’t want to put too much money in a broker because they believe that 90% will lose everything right from the start. Professional traders will take this factor into consideration when they want to draw a lot of new brokers. Here is the minimum deposit rate of those brokers:

  • Exness: $1
  • FBS: $1
  • Hotforex: $5
  • XM: $5
  • FxPro: $500

CUSTOMER SERVICES

In a matrix of forex trading, many problems and questions will arise, especially for new traders. Reliable brokers are available to handle everything at any time. Also, they should have local offices in targeted countries so that they can help traders as soon as possible.

Moreover, most of the Asian traders aren’t good at English, so it’s best for a broker to support their customers in different languages, especially in English. Finally, it’s necessary for brokers to cooperate with local banks in some countries. This will help traders to minimize the cost of transferring and withdrawing

After all, the top 5 best forex brokers will be a close partner in your trading path to your success:

  • Exness: 9/10
  • HotForex: 8.5/10
  • XM: 8/10
  • FBS: 7.5/10
  • FxPro: 7/10

For readers from Thailand, click here for ฟอเร็กซ์ โบรกเกอร์

Leave a Reply