What are the best forex brokers? Do they focus on their clients and bring as much value as they can, or they just want to make money and earn more profit? This article will be showing how to know if a broker is good or not by listing some common standards of the best forex brokers 2018.
The best forex brokers obtain the reliable licenses
The regulation is an important part in forex market, which can show the standards, capabilities and reputation of a broker. However, it is not the most important part that we should only focus on. Some traders just consider about the number of forex certificate of a broker but don’t know the fact that one trusted license is enough. A broker doesn’t have to obtain more regulations, which makes more requirements and limits to them. If a country that it serves already has a regulation, then one regulation is good enough for that broker. These are good licenses in the market: ASIC, CySEC, FSA, CFTC, NFA, NFA.
The best forex brokers build a great support team
It is necessary to have the useful and supportive team to help the traders with their problem. Moreover, the service should be instant and timely with the understanding between the support team and the customers. Because of the difference in languages and the response time of support, the customer service is significant in forex system.
These are the top forex brokers which have the best support team: Exness, FxPro, FBS and XM (the best forex brokers in Thailand). Meanwhile, Exness has the strongest and most supportive team. It has a lot of languages supported for their traders, which is also on 24/7. There are also many local offices and strong IB network.
The best forex brokers offer the lowest trading cost
Spread and commission are parts of the transaction cost.
For spread, it is often for regular account and the most currency pair now is EUR/USD. Below are some brokers with low spread in the market:
Exness’ spread is 1.1 pips.
XM and FXTM’s spreads are 1.7 pips.
Hotforex spread is 1.1 pips.
As it is above, the spread of Exness, FBS and Hotforex is the lowest of all.
For commission, it is only for ECN account. While ECN account’s spread is nearly zero, the main income is commission. In this term, Exness has the lowest spread, which is only $2.5 that no other brokers could have this rate.
Leverage of the best forex brokers is the highest
It is said that brokers of US, UK and Japan could not have high leverage because of their regulations in their countries. Therefore, they are less competitive than other brokers since most traders prefer high leverage. Following are brokers with the highest leverage:
– Exness: It is the special one. If account is less than $1000 and 5 lots traded, the leverage is unlimited. If the account is over $1000, the leverage is 1:2000.
– FBS: 1:1000.
– Hotforex: 1:1000.
– XM: 1:888.
These are the brokers which are suitable for small traders as they require only little amount of money deposited:
– Exness minimum deposit is $1.
– FBS minimum deposit is $1.
– Hotforex minimum deposit is $5.
On the other hand, big traders often work with big brokers as they require a lot of money deposited. For example, FXCM requires $2000 while Forex.com requires $500.
Each broker has their own advantages and disadvantages, which are suitable for different kinds of traders. These are recommended forex brokers, which are also the best for your consideration:
– Exness: 9/10.
– HotForex: 8/10.
– XM: 8/10.
– FxPro: 7.5/10.