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3 THINGS YOU MUST KNOW BEFORE CHOOSING THE BEST FOREX BROKERS IN THE MARKET

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There are many good forex brokers but not all are the best. In addition, there are the best forex brokers but not all are suitable for you. Each broker has their own advantages or disadvantages that traders should consider which brokers fit their trading strategies and trading conditions. With the most objective point of view, this article will be explaining some standards for the best forex brokers 2018 in the market.

 

Regulation of the best brokers

The best forex brokers have the most reliable regulations because in the case a country doesn’t have any regulations; they are the most suitable brokers for traders. On the other hand, if your country already has regulation, a broker with one trusted license is also enough. The most reliable regulations are from US, UK, AU, JP, Hong Kong, Singapore, and CySEC. Below are some brokers with these licenses:

No Broker names Regulations
1 Exness CySEC, FCA
2 Hotforex CySEC, FSCA, FCA
3 XM CySEC, FCA, ASIC
4 FBS CySEC, IFSC
5 FxPro CySEC, FCA, DFSA, FSB

Customer service of the best brokers

Because forex market is complicated itself, there need to be much help and support from brokers to their customers (both beginners and experienced traders). For example, Thai traders often find many difficulties in trading forex and even, they are not allowed to do business with forex brokers since it is not legal in Asia. Therefore, the best forex brokers in Thailand should have the best support team. Those brokers mentioned above are all suitable for Thai and also Asian traders. They provide many languages in addition to English. They also have 24/7 online services and many local offices in China, Thailand, Indonesia, Malaysia, and Dubai…, which is really convenient.

If countries don’t have any regional offices, then the support team must offer service via phone or online with, especially, many native languages of those countries because some traders are not good at English. For example, ECN traders in South Africa and Asia cannot speak and understand English well, the top 5 ECN brokers in these areas should support in their native languages. In this term, Exness is one of the best (regarding to article “Exness reviews” here) and below is also some supportive brokers:

– Exness supports 18 languages 24/7

– XM supports 23 languages 24/7

– HotForex support 27 languages

– FxPro and FBS support 19 languages

Trading cost of the best brokers

Most traders are concerned much about trading cost, which are mostly spread and commission. Because the spread and commission are bigger by time, if traders are not careful, they might have to pay much more than they intended.

In this term, US and UK brokers are less competitive because of their regulations that they follow. Accordingly, they have to pay more fee for regulation and then, offer low leverage/bonuses with high spread/commission.

  • If you are ASIAN merchants, Exness is the best brokers for Scalpers.
  • If you are Africa merchants, XM and FxPro are the best.
  • If you are US merchants, Forex.com is the best
  • If you are European merchants, XM, FxPro and Exness are the best.

Minimum deposit amount is also considered much. For Cent/Mini account, it requires small amount and this is mostly for beginners. This is their practice and learning time, so they just need a small deposit amount. However, some traders are not concerned about this issue such as ECN traders. They are interested in working with the best ECN brokers since they are all experts.

– FBS and Exness minimum deposit is $1.

– XM, Hotforex minimum deposit is $5.

Conclusion

Below are some best forex brokers with their ranking scores for your recommendation:

– Exness: 9/10.

– HotForex: 8/10.

– XM: 8/10.

– FBS: 7.5/10

– FxPro: 7/10.

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