When you are a trader in forex trading market, choosing a good broker is very important. To make a good decision, you need to make a comparison by looking at the core of the brokers. In my opinion, the best forex brokers should be the one which concentrate on traders, offers advanced trading conditions without focusing on short-term profit or pay IB more money to attract clients.
A matter when choosing a broker I think you should be careful is bonuses. It is clear that bonuses is alluring but don’t let them trick you. The reason for this is you will have to pay them back.
Based on my experiences, my trading time as well on the reliable information sources, in this article today, I will give you some detailed reviews of the most popular brokers in the forex trading market now.
The forex broker has the most license
Speaking of the security, the forex certificate is very crucial. It indicates that whether the brokers which you are concerning have standards, capabilities and reputation or not. Nonetheless, the brokers having more license doesn’t mean that it is superior. In fact, some brokers which only focus on the Asian market do not need US or UK license. In the same way, brokers don’t need to have UK license if they operate primarily in the US.
On the other hand, when a broker has many licenses, it must offer low leverage, high spread. There are also less trading tools, high requirement deposits as well less competition. Therefore, the licenses is not only factor used to judge a broker.
The forex broker with the best support team
The Forex trading world is complex and traders always need as much help as possible. Admittedly, support team is one of the most crucial features for traders to choose their suitable brokers.
Most big trading brokers don’t provide local support team for all countries. Consequently, if anything happens, they will respond as fast as in other markets. Besides, the response time is also extended owing to the language barrier. Many traders are non-English speaker and they find it difficult in explaining their problems in English. The best international forex brokers that have good support team can be listed such as: Exness, FxPro, FBS and XM, the best forex brokers in Thailand.
Because Exness has very strong sale, supporting, and marketing team who is always available to the local markets, this broker seems to have the best support team. Its IB network is also very good. It provides clients service 24/7. The traders will get the response immediately if they chat with Exness on the website.
Which forex brokers have the lowest transaction cost?
Transaction cost here is the cost after the traders calculate the spread and commission.
When it comes to the spreads, Exness, Hot Forex, and FBS have the lowest spread. About the commissions of the brokers such as FXTM, XM, Hot Forex, FBS and Exness don’t charge commission if you trade with regular account. If you choose ECN account, they will charge commission since this type of account has nearly zero spread.
Which brokers offer the highest leverage?
The brokers which have many licenses are often less competitive. Among famous international brokers, the following brokers have the outstanding leverage:
– Exness accounts which have under $1000 and have traded over 5 lots, traders even can experience unlimited leverage. For accounts which have more than $1000, the leverage is 1:2000.
– FBS: 1:1000
– Hotforex: 1:1000
– XM: 1:888
As far as I’m concerned, this is the ranking of the best forex brokers:
– Exness reviews: 9/10.
– HotForex reviews: 8/10.
– XM reviews: 8/10.
– FxPro reviews: 7.5/10.