Many traders want to trade with the best forex brokers, but none actually know the answers for these questions: How can you know that broker is the best, not the others? Or in other words, which criteria making a broker become the most perfect one?
Understanding that, I wrote an article to give you an overview of the forex trading brokers who are currently providing services.
- The brokers who have low trading costs:
Low trading cost is one of the most considered things of traders when choosing the best brokers. That’s because small costs can add up to a large amount of money after a long time trading. Two terms you should know when trading are spread and commission (the main income for brokers).
As I mentioned in many previous articles, due to the weaknesses of their regulations, US and UK regulations don’t allow them offer high leverage or bonuses, and they have to pay more for the regulation fee. As a result, they have no choice but charging more spread and commission.
So, rather than trading with US or UK brokers, you can choose the following ones:
- If you are ASIAN traders, Exness is the best brokers 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.
Reasons making forex traders care about the minimum deposit of a broker depend on their purposes. If they just want to practice trading in real conditions, they will choose a broker that requires very little deposit to start trading with real accounts. In case they are experienced traders, they need to test the features of a broker such as the spread, the execution speed, payment system, fees… before working with them. In such case, they also don’t want to deposit much. Such traders can choose the following brokers:
– FBS and Exness minimum deposit is $1.
– XM, Hotforex minimum deposit is $5.
This is an important standard. It will be an advantage if your country has regulations because you can trade with any brokers provided that they have your country’s regulations. If your country does not have regulations, it is still ok. You can choose a broker that has one of these trusted regulations: US, UK, AU, JP, Hong Kong, Singapore, and CySEC.
This table is about top 5 best forex brokers and their regulations:
|2||HotForex||CySEC, FSCA, FCA|
|3||XM.com||CySEC, FCA, ASIC|
|5||FxPro||CySEC, FCA, DFSA, FSB|
- Brokers and their support team:
Always, when doing business, the leading factor we should pay attention is customer service because business is all about people, trust and profit. In the forex trading world where everything is so complicated, this factor is more important. As beginners, they lack experience and may be knowledge; they are almost always in need of professional help and advices on how to make money safely. In this case, top 5 best forex brokers can help them as they have good customer service.
For their branches in China, Thailand, Indonesia, Malaysia, and Dubai, they support 24/7 and multiple languages.
For countries that don’t have regional offices, they offer support online as well as via phone in English or native languages.
– Exness supports 18 languages 24/7
– XM supports 23 languages 24/7
– HotForex support 27 languages
– FxPro and FBS support 19 languages
In a nutshell, I will show you the rank of the best forex brokers based on what I have analyzed above.
– Exness reviews: 9/10.
– HotForex reviews: 8/10.
– XM reviews: 8/10
– FxPro reviews: 7.5/10.