Choosing the best forex broker for you may not be an easy task. From my experience, I would want to deliver a brief review so many new traders would know how to choose their best forex brokers in the world 2018.
This is a very important standard. You should trade with brokers that have your country’s regulations. But if your country doesn’t have one, you may not be protected. In this case, I would recommend you to trade with brokers that have one reliable regulation, and one is enough. The regulation can be based in UK, AU, JP, Hong Kong, US, CySEC and Singapore as well. All of the regulations are trustworthy.
What regulations do five of the biggest brokers have?
|2||FxPro||CySEC, FCA, DFSA, FSB|
|4||HotForex||CySEC, FSCA, FCA|
|5||XM||CySEC, FCA, ASIC|
This is my top standard I always look for in a broker. And you should do too because you will find forex trading very complicated throughout your trading career. And customer support from brokers can be a very good source for you to seek for help. I have found that the aforementioned brokers offer top-notch customer service as they not only provide 24/7 service but also provide it in many languages. Not just that, you can also come to their local offices in many Asian countries like China, Malaysia, Indonesia, Dubai and Thailand.
For countries that do not have local offices, you can access to their online and phone support in English or your local languages as well. Supporting local languages can be crucial to traders who want to trade with the top 5 ECN brokers in Asia or South Africa because many traders in those regions aren’t good at English. Below are brokers that can help you with many different languages:
– FxPro and FBS supports 19 languages
– Exness supports 18 languages 24/7
– XM supports 23 languages 24/7
– HotForex support 27 languages
Low trading cost
Pretty much all traders would want to save as many trading costs and possible as even small amount can add up to a big sum of money after a long time of trading. That is why you should check the trading costs of the brokers you are considering. If you don’t know what spread and commission are, they are the two main income sources of brokers.
Because of the disadvantages of the US and UK regulations, brokers with those will have to offer low bonuses and leverage, and also they have to pay higher regulation fee. Therefore, they have to charge higher spread and commission to make up for those disadvantages.
If you are ASIAN traders, Exness (one of the best forex brokers in Thailand, Indonesia,) is the best brokers for Scalpers.
If you are Africa traders, XM and FxPro are the best.
If you are US traders, Forex.com is the best
If you are European traders, XM, FxPro and Exness are the best.
Why many traders care about the minimum deposit? The answer may depend on the main aim of those traders. Some new traders they want to practice in real trading conditions but they don’t want to put too much money yet because 90% of beginners will fail at the start of their careers. Moreover, even experienced traders want it because they want to test the brokers’ features first such as testing the spread, payment system, the execution speed, etc.… before really trading with them.
– FBS and Exness minimum deposit is $1.
– XM, Hotforex minimum deposit is $5:
Here are my broker rank judging from the above criteria:
– Exness: 9/10. You can check out our Exness reviews and Exness accounts for more details
– HotForex: 8/10.
– XM: 8/10.
– FBS: 7.5/10
– FxPro: 7/10.
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