The best guide to choose your best broker

The best guide to choose your best broker
November 26 10:18 2018 Print This Article

It is important and very hard for traders to choose their best brokers. Therefore, in this review, I hope that I can provide traders with some brief information on how to choose the best forex brokers 2018 for themselves.

 

Regulations

Don’t ignore the regulations, it can be really important standard in the best broker. For example, if your country doesn’t provide a regulation, you may not be protected when trading with brokers. Therefore, if your country doesn’t have any regulation, you should look for regulations based in US, AU, UK, JP, CySEC, Hong Kong and Singapore. They are very trustworthy regulations.

Below are regulations that big brokers have:

No Broker names Regulations
1 FBS CySEC, IFSC
2 FxPro CySEC, FCA, DFSA, FSB
3 Exness CySEC, FCA
4 HotForex CySEC, FSCA, FCA
5 XM CySEC, FCA, ASIC

 

Customer care

 

A standard that many traders put at their top priority when choosing a broker. After trading for a while, new traders may struggle to deal with the complexity of forex trading and then they would find how important a good customer care is. With a good customer care, they will get fast responses for all of their problems. The aforementioned brokers including Exness, FBS, FxPro, Hot Forex and XM offer excellent customer care with 24/7 support in multiple languages. They also offer local offices in Malaysia, China, Thailand, Indonesia and Dubai.

Without local offices, there are still phone and online support available for both English traders and local traders with their local languages. Many traders, especially traders in African and Asian countries, that want to work with the best ECN brokers 2018 prefer native language support as not all of them can speak English really well. You can see brokers who are offering supports in a lot of different languages as follows:

– Exness supports 18 languages 24/7

– HotForex support 27 languages

– XM supports 23 languages 24/7

– FxPro and FBS supports 19 languages

Low trading cost

Many traders including me always want to have the lowest trading cost, even just a little bit lower can turn to a huge sum of money after a long time of trading. Therefore, I always pay a lot of attention to the trading costs. In case you don’t know about the commission and spread. They are the main sources that broker gets income from.

Even though regulations from US and UK offer a lot of benefits, they also restrict brokers to offer high leverage and bonuses and also charge those brokers higher regulation fee. As a result, brokers have to increase their spread and commission charge to make up for those losses.

If you are ASIAN traders, Exness is the best broker 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.

You may wonder why many traders want minimum deposit so badly? Firstly, many traders who just started their trading careers would want to practice with real trading conditions for a low cost first because they know 90% of traders will fail when they start trading. Therefore, brokers with low minimum deposit always get a lot of attention from new traders. In addition, many experienced traders also choose brokers with low minimum deposit too as they also want to test brokers’ features before trading, features like spread, payment system or fee….

– FBS and Exness minimum deposit is $1.

– XM, Hotforex minimum deposit is $5:

Conclusion

With those criteria above, this is my personal ranking of the best forex broker.

– 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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