Don’t Trust In The Best Forex Brokers Until You Read This…

Choosing the best forex brokers is a crucial step in your trading path. There are hundreds of brokers in the world and it’s hard to identify the best forex brokers among them. It’s necessary to have some standards to evaluate a broker. Some following standards are drawn from many years of trading with several brokers everywhere: credibility, trading cost, and customer services. Let’s take our journey to the best forex brokers 2018 and go into detail about these standards

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

CREDIBILITY

Credibility is the foundation of any business. When it comes to trading, it’s the most important factor if you want to partner up with brokers. And the tool to determine the credibility of a broker is the regulations. The trusted financial organizations will license to brokers if they meet standards, merits, conditions for the purpose of protecting traders from trading risk.

If a broker has too many regulations from various organizations, their trading conditions will be affected. For example, their spread will be higher. Their leverage will be lower. Their commission will be higher. Those factors will make brokers become less competitive when compared to others. Sometimes, one or two trusted regulations from trustworthy organization is enough to trade with. The following table will show you in greater detail.

Broker names

Regulations

Exness

CySEC, FCA

HotForex

CySEC, FSCA, FCA

XM

CySEC, FCA, ASIC

FBS

CySEC, IFSC

FxPro

CySEC, FCA, DFSA, FSB

TRADING COST

Trading cost is the primary concern of any traders. They don’t want to lose their money in vain. Trading cost can be calculated from various factors, but the most important ones are spread, commission, and minimum deposit rate.

Spread is the difference between the Ask price and the Bid price. It is the 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. Hence, all traders would prefer to trade with the lowest spread brokers. Here is the spread of the 5 best forex brokers:

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

The minimum deposit is required to open an account. New traders don’t tend to put too much money in a broker because the chance of winning is almost zero at the first stage. Professional traders take this factor to attract many new brokers. Here is the minimum deposit rate of those brokers:

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

There are two types of accounts in 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 is a list of the commission charged by the top 5 brokers for the ECN account:

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

CUSTOMER SERVICES

When you join trading forex, it’s unavoidable to run into troubles, especially for beginners, so a lot of questions will be asked to brokers. Therefore, a good broker needs to be available most of the time. Also, they should have local offices in targeted countries so that they can have prompt and face-to-face support. At that time, traders will feel secure and well-informed.

Moreover, most of the Asian traders aren’t fluent in English, so it’s best for a broker to support their customers in English and in different native languages. If they do so, they can easily be the best forex brokers in Thailand, Indonesia, Malaysia, Vietnam... Finally, the win-win cooperation with local banks in some countries is to minimize the transferring and withdrawing cost of traders.

In short, here is a list of the top 5 best forex brokers which followed some typical criteria of identifying the best brokers.

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

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