The 5 Leading Forex Brokers In 2018

The best brokers are always the desires of traders. However, they have no idea on which aspects to judge a broker. The standards to evaluate a broker depending on the personal experiences. To me, they are credibility, trading cost, and customer services. So, there are the top forex brokers satisfying my standards.

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

Credibility

Initially, traders should understand the safety trade of brokers before starting the career. The regulations are the primary technique provided by qualified financial organisations worldwide. They define the standard, merits, conditions of brokers to protect traders a safety trading. Conversely, a brokers with too many regulation will badly influence its trading conditions, particularly, higher spread, lower leverage, higher commission. So, it would lead that broker to a less competitive in the market. Therefore, one or two qualified regulations are enough. There are 5 most well-known regulations that I would mention

Broker names

Regulations

Exness

CySEC, FCA

HotForex

CySEC, FSCA, FCA

XM

CySEC, FCA, ASIC

FBS

CySEC, IFSC

FxPro

CySEC, FCA, DFSA, FSB


Trading cost
Along with the credibility, the second aspect that traders mostly consider is trading cost. Although it has different ways to account the trading costs, the most common aspects are spread, commission, and minimum deposit rate.
The spread, the difference between the ask price and the bid price, is the basic trading cost that brokers charged. The spread’s unit is pip. The higher spread means the higher trading cost. Hence, traders are always prefered low spread brokers. Here are the top 5 low spread brokers:

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

The second aspect is the minimum deposit requirement of opening an account. As the ease of losing at the beginning, starter and new traders don’t want to deposit too much. Meanwhile, experts and experience traders consider this factor in trying out a new broker. The minimum deposit of leading brokers are as below:

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

There are two basic account types of most brokers, which are regular and ECN account. The ECN account has benefit of zero spread. So. the traders of ECN will be charge high commission as the basic fee for brokers. The top 5 brokers’ commission charges of ECN account are

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

Customer services

No trader can stand alone with the complication of Forex trading. There are thousand of problems that traders need helps. Hence, an always available broker is the best. Besides, a local support office is extremely convenient and helpful of brokers in their target markets. Moreover, as English is the barrier of Asian trader, they also need helps in their language, which require brokers to support in many different languages. Then. a collaboration with local bank for transferring and withdrawing would help to minimise the trading costs.

All and all, the 5 leading Forex brokers are ranked as below

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

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