by admin | November 29, 2018 5:50 am
All traders want to trade with the best forex brokers. Among hundreds of brokers around the world, it’s difficult to identify them. We have some certain criteria to base on. After many years of trading with a lot of brokers in the world, I realize that we need have some standards to point out the best forex brokers. They are: credibility, trading cost, and customer services. Now take a look at the top forex brokers according to these standards:
– Exness: 9/10
– HotForex: 8.5/10
– XM: 8/10
– FBS: 7.5/10
– FxPro: 7/10
Safety is the primary foundation of any forex trading. Traders want to trade in a protected environments. Regulations will be tool to determine the credibility of a broker. Regulations are licensed by trusted financial organizations around the world. They decide the standards, merits, conditions of a broker to protect all traders from any risks in trading.
Sometimes, a broker has a lot of regulations from several organizations. It doesn’t seem good. In detail, their spread will be higher. Their leverage will be lower. Their commission will be higher. At the meantime, brokers’ competitions among others will be reduced. So, a broker with only one or two trusted regulations from a reliable organization is worthy of being closely tied. The following list of the 5 brokers with famous and trusted regulations will be shown here:
|HotForex||CySEC, FSCA, FCA|
|XM||CySEC, FCA, ASIC|
|FxPro||CySEC, FCA, DFSA, FSB|
Traders often pay attention to the trading cost in finding the best forex brokers. They will prefer the low cost of trading. Trading cost can be calculated from various elements, but the most important things are spread, commission, and minimum deposit rate.
Spread is defined as the difference between the Ask price and the Bid price. It’s very basic in trading cost that you have to pay for the brokers. Spread is measured in pip. If the spread is high, the trading cost is also high. That’s reason why all traders want to trade with the lowest spread brokers. Here is the spread of the 5 best forex brokers:
The minimum deposit is compulsory in opening an account. No traders want to put a lot of money into brokers at the first time because it’s kind of risky. They know they will lose in the beginning. Professional traders take this factor into consideration when they want to attract new brokers. Here is the minimum deposit rate of those brokers:
There are two types of accounts: Regular account and ECN account. ECN account’s spread is nearly zero. Therefore, the broker has to charge commission instead of spread, because spread and commission are the main income of brokers. Here is the commission charged by the top 5 brokers for the ECN accounts:
Forex is a complicated matrix, especially for beginners. I’m sure that several problems will arise when trading. Therefore, an instant support from brokers will be highly appreciated by traders. The customer service needs to be available 24/7. In addition, they should have local offices in targeted countries so that they can help traders directly with any interruptions.
As you know that, Asian traders aren’t confident in English, so it’s more convenient for a broker to support their customers in different languages. Besides, brokers should cooperate with local banks in some countries so that the cost of transferring and withdrawing can be minimized.
I hope that the top 5 best forex brokers will be good choices in your trading path.
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