There are many ways to determine the best forex brokers, but the most common way is looking at their core. The best brokers will focus on traders and keep improving their trading conditions to help traders earn money more than just concentrating on short-term profit or paying IB more money to get customers’ attention.
In this article today, I will give you a review of the best forex trading brokers based on the trustworthy information sources and my own experience. I hope the article will help you easily choose a perfect broker for yourselves.
First, let learn about the forex brokers that have the best support team.
With my experience of trading for a long time, I suppose that support team is a critical standard for considering a forex trading broker. So, why is this criterion important? That’s because good support teams can help solving everything occurring in local offices and everything related to language barrier.
For famous forex brokers in the world like Exness, FxPro, FBS and XM, their support teams are often very good. Among them, I consider that Exness has the best support team.
Second, I will show you the forex brokers offering the lowest transaction cost.
Here, transaction cost is the cost after you calculate the spread and commission.
Exness’ spread is 1.1 pips
XM and FXTM are 1.7 pips
Hotforex spread is 1.1 pips
These brokers only charge commission for no account except ECN as its account is nearly zero. Commission is the main income they get from ECN accounts.
For ECN account, Exness only charges $2.5 for each lot. Thus, it becomes the low-commission-cost leader.
Third, let talk about the brokers offering the best account types.
Small traders will be usually attracted by lower minimum deposit rates. Thus, they should choose one of the following brokers.
– Exness minimum deposit is $1.
– FBS minimum deposit is 1 dollar.
– Hotforex minimum deposit is $5.
Fourth, let find the answer for this question “What brokers offer the highest leverage?”
British, American, and Japanese licensed brokers offer lower leverages than others as they must comply with the licenses of their countries. Thus, if you want to find the brokers with high leverages, followings are what you need:
– Exness: No limitation: 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
Final, let consider which forex broker has the most licenses.
Certificate is important as it can tell us the standards, capabilities, and reputation of a forex trading broker. However, too many licenses will not be that good. According to me, a broker just needs to obtain only one of the following forex licenses is good enough: ASIC, CySEC, FSA, CFTC, NFA, NFA.
Before the article comes to an end, let me rank the best forex brokers in the order as follows:
– Exness reviews: 9/10.
– HotForex reviews: 8/10.
– XM reviews: 8/10
– FxPro reviews: 7.5/10.
That’s all information regarding the best forex brokers I would like to share with you. Hope it will be useful for you and hope you love it.