The core comparison of best forex brokers is the traders focus, continuously improving trading conditions and long-term benefited concentration to attract customer.
The bonus is not really ideal aspects to consider a forex broker. It is risky to trade with brokers that offer so many promotion, especially the less prestige and new brokers. Regarding those brokers, the more profit you earn, the riskier it is. Currently, large brokers have minimal bonus. This article is to review brokers that relies on trusted information.
The most reliable forex brokers
The security in trading on Forex is certificate or license, which represents the standards, capabilities and reputation of a Forex trading broker. Not all of licenses are advantage. In Forex, ASIC, CySEC, FSA, CFTC, NFA, NFA are good enough to consider. Depending on the market segmentation and location, the Brokers will follow a possible certificate. For example, Asian market brokers don’t have to follow US or UK license and vice versa.
The drawbacks of following many standard is the cause of low leverage, high spread, minimal trading tools, high minimum deposit, and less competitive. So, one trusted certificate is enough.
However, the multinational brokers are always following at least one certificate. So, I have no particular recommended brokers.
The best customer support teams
The customer service is an important aspect to consider as it affects the responding speed. Besides, there are some traders limiting in speaking English. Hence, the availability of customer service team is the evaluating criteria of Forex brokers.
Exness is best at supporting service, including sale, customer support and marketing. Beside, regarding the effective IB network, you will able to query and get response immediately on their website at 24/7.
Exness supports good service in many collaborated countries with IB. the most honorable is FxPro.
Brokers with the highest leverage
Regarding to the above discussion, the more certificates cause the less competitive, as UK, US and Japanese brokers offering low leverage in order to comply with their confined licenses. As the more preferable aspect of trader, leverage of these brokers are the best
- Exness accounts: 1:unlimited
- FBS accounts: 1:1000
- Hotforex accounts: 1:1000
- XM accounts: 1:888
The lowest brokers’ transaction fee
This is the cost charged after the spread and commission
About the spread, EUR-USD is the most popular currency pair. So, I will compare relying on this pair.
- Exness: 1.1pip
- XM and FXTM: 1.7 pips
- Hotforex: 1.1 pip
So, the spread of Exness, Hotforex and FBS is the lowest.
About the commission, while regular accounts are always free of charge, ECN account is charged as it is the almost zero spread. Exness is leading ECN account regarding the low commission, charging $2.5 per lot. This rate is unbeatable low rate.
The brokers with the best account types
While Deposit amount are usually required high from big Forex brokers, such as FXCM’ minimum deposit of $2000, this is not suitable for small traders. The lower the better for small traders.
- Exness minimum deposit: $1
- FBS: $1 minimum
- Hotforex: $5 minimum
Overall, the ranking for the leading Forex brokers as below
- Exness: 9/10 .
- HotForex: 8/10
- XM: 8/10
- FxPro: 7.5/10
This rank is subjective to my preference. However, every brokers have its own pros and cons. I suggest that you should trade with at least 2 leading brokers. The broker that leads you to higher profit in a month is the best suit you and you should deposit all your fund to that broker.