If you don’t know how to choose the best forex brokers in the market, then you are in the right place. It is said that the best brokers should focus on their clients, trading cost, conditions. They should not consider the short-term profit or pay IB more money to get traders. This article will be showing some common standards to choose the best forex brokers.
Regulations of the best forex brokers
This is one of the most important parts in forex market, which can indicate how reliable a broker is. The brokers having trusted licenses mean that they are trusted enough to work with. However, you should not concentrate on the number of licenses because having more regulations doesn’t mean the broker is better. In fact, a broker should have only the regulation of the country which it mainly focuses on. These are the reliable licenses: ASIC, CySEC, FSA, CFTC, NFA, NFA. Moreover, obtaining more regulations just makes more requirements and limits for brokers. In short, one trusted license is enough for the best forex brokers.
Support team of the best forex brokers
Nowadays, there are not many brokers which have local offices to help clients in their countries. It often takes a long while to bring the care for the customers and even, those customers could not understand clearly with the support team because of the difference in languages. As a result, the best forex brokers should have the great support team to help their clients instantly and timely.
Among the brokers which have the best support teams such as Exness, FxPro, FBS and XM, Exness has the most valuable support for their customers. Its team is very strong, supportive, helpful and available to the local markets. They are also available 24/7 for online service with instant response and help.
Trading cost of the best forex brokers
Transaction cost includes spread and commission.
For spread, traders use EUR/USD for the most popular currency pair and it is easier to compare this pair at each broker:
Exness’ spread is 1.1 pips.
XM and FXTM’s spreads are 1.7 pips.
Hotforex’s spread is 1.1 pips.
As above, Exness, Hot Forex, and FBS have the lowest spread.
For commission, those brokers mentioned above only charge commission for ECN account as ECN’s spread is nearly zero. Commission, as a result, is the main income in this case. According to this, Exness has the lowest commission, which is only $2.5 for each lot. Exness reviews say that they have no competitors in this term.
Leverage of the best forex brokers
There is a fact that most traders like the higher leverage. However, forex brokers from England, America and Japan cannot offer high leverage because of the regulation in their countries. This makes them less competitive than other brokers in the market such as below:
- FBS: 1:1000
- Hotforex: 1:1000
- XM: 1:888
- Especially Exness, its leverage can be up to unlimited for the account having under $1000 with over 5 lots traded. For the account having over $1000, the leverage is 1:2000.
Account of the best forex brokers
Mostly, the big forex brokers are for big traders since they require a huge amount of money deposited. Like FXCM, its minimum deposit required is $2000, while Forex.com requires $500 for the minimum deposit. Below are some brokers that are suitable for small traders:
– Exness minimum deposit is $1.
– FBS minimum deposit is $1.
– Hotforex minimum deposit is $5.
There are not such best forex brokers for all traders but only suitable broker for each other. These are the best forex brokers based on my own experience for your consideration:
– Exness: 9/10.
– HotForex: 8/10.
– XM: 8/10.
– FxPro: 7.5/10.