To find out the best forex brokers for your trading, it’s necessary to identify them. They will mainly focus on traders, keeps improving their trading conditions to help traders earn money.
When you choose a forex broker, don’t let the bonus trick you, because it can be a trap. Usually, only brokers with less prestige offer too many promotions. Trading with such brokers is very unsafe. In forex, the more profit you get, the riskier it gets. Thus, all large forex brokers often don’t offer many bonuses.
Which forex broker has the most license?
The legal forex certificate tells you about standards, capabilities, and reputation. However, if you focus solely on the forex certificate, there will be many disadvantages. From my experience, I highly appreciate some types of forex licenses: ASIC, CySEC, FSA, CFTC, NFA, NFA. A broker mustn’t be better if he/she has more licenses. For example, brokers on the Asian market do not need US or UK licenses.
The main disadvantage of having many licenses is to be offered low leverage, high spread, less trading tools, high requirement deposits, and less competition… So don’t judge only by the licenses. Sometimes, a reliable license is decisive element.
What forex brokers offer the lowest transaction cost?
Firstly, I will compare their spread. EURUSD is the most popular currency pair. So I will compare its spread among these forex brokers:
Exness’ spread is 1.1 pip.
XM and FXTM is 1.7 pips.
Hotforex spread is 1.1 pip.
So, if we compare spreads, Exness and Hotforex have the lowest spread.
Secondly, I will compare those brokers’ commissions. All of them don’t charge commission for regular accounts. They only charge commission for ECN account because ECN spread is almost zero. Commission is the main income of the best ECN brokers.
For ECN account, Exness is outstanding in terms of low commission cost. They only charge $2.5 for each lot.
Which forex broker has the best support team?
To judge forex brokers, we must mention to their customer service. It’s a big drawback if trading brokers don’t have local support team. In case of something wrong, they will respond slower compared to in other markets. Besides, the language barrier will last the response time. Therefore, it’s one of the criteria to evaluate whether a forex broker is good or not.
Among a lot of brokers, the famous international forex brokers have good support as follows: Exness, FxPro, FBS and XM.
Exness has the best support team. A team of sales, supports, and marketing is always available to the local markets. Therefore, if you have any problems with forex, just contact them on the website 24/7, and you will get the response instant. They target countries with many collaborators. I’m impressed by instant and helpful responses.
What brokers offer the highest leverage?
Leverage is the tool widely used by most traders all over the world. Often, British, American, and Japanese licensed brokers offer low leverage because they have to comply with these licenses of these countries.
The following forex brokers have the best leverage:
– Exness: unlimited. For accounts under $1000 and have traded over 5 lots, you can try with unlimited leverage. For accounts with more than $1000, the leverage is 1:2000.
– FBS: 1:1000
– Hotforex: 1:1000
– XM: 1:888
What forex broker offers the best account types?
The biggest forex brokers often ask for a big deposit amount. Example: FXCM requires a $2000 minimum deposit and for Forex.com, it is 500$. Small traders usually prefer lower minimum deposit rates.
– Exness does not require minimum deposit.
– FBS minimum deposit is $1.
– Hotforex minimum deposit is $5.
From what I mentioned above, I think the ranking list is your overriding concern.
– Exness: 9/10.
– HotForex: 8/10.
– XM: 8/10.
– FxPro: 7.5/10.