As traders, you of course want to trade with the best forex brokers. But 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?
This article will help you find the answers. In this article, I will try to be as most objective as possible to give you an overview of the forex trading brokers who are currently providing services.
- The brokers who have the best licenses:
When talking about security, we will immediately think of the licenses because they imply the standards, capabilities, and reputation of a forex trading broker. So, does it mean that the more licenses the better? Actually, it doesn’t. The main disadvantages of having many licenses are that brokers must offer low leverage, high spread, less trading tools, high requirement deposits, and less competition. As a result, only one of the following forex licenses is good enough: ASIC, CySEC, FSA, CFTC, NFA, NFA.
- Those with the best account types:
Big forex brokers are good but are not suitable for small traders who usually prefer lower minimum deposit rates. Those appropriate for small traders are the followings:
– Exness does not require minimum deposit.
– FBS minimum deposit is 1 dollar.
– Hotforex minimum deposit is $5.
- The brokers with the lowest transaction cost:
First, let me compare their spread.
Exness’ spread is 1.1 pips
XM and FXTM are 1.7 pips
Hotforex spread is 1.1 pips
- Exness, Hot Forex, and FBS have the lowest spread.
Second, let me compare their commissions.
All of them charge commission for only ECN account because ECN spread is nearly zero.
In the top 5 ECN brokers, Exness is leading in terms of having the lowest rate no other competitors can offer – $2.5 for each lot.
- Those who have the best support team:
Support team is a worth consideration when choosing the best broker. If the support team of your broker is good, they can help you anytime when problems occur at local offices. Also, they can solve everything related to language barrier.
Exness, FxPro, FBS and XM are the prestigious global forex brokers that have great support team. Among them, I suppose Exness to have the best support team.
This broker has very strong sale, supporting, and marketing team who is always available to the local markets. Moreover, Exness supports clients 24/7.
For more details about Exness, click here.
- The brokers with the highest leverage:
– Exness: Limitless. For accounts that have under $1000 and have traded over 5 lots, you can experience unlimited leverage. For accounts that have more than $1000, the leverage is 1:2000.
– FBS: 1:1000
– Hotforex: 1:1000
– XM: 1:888
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.
You can consult this rank when considering the best broker. However, to have the highest effectiveness, you should open accounts in at least 2 top brokers and trade with them. After 1 month, the brokers that you get more profit rate is better and you can deposit all your fund to that broker.