The 2018 5 Best Brokers

Seeking the best forex brokers is always the aim of traders to have a good trading. But, how do we know that forex brokers is appropriate or not? To answer for this question, we need to find a method to evaluate and determine a broker.  In my experience of many years trading with variety of brokers, I come up with my own method to settle down which one is the best. This method consist of credibility, trading cost, and customer services. Now take a look at these 5 best brokers that I have following my method:

  • Exness reviews: 9/10
  • HotForex reviews: 8.5/10
  • XM reviews: 8/10
  • FBS reviews: 7.5/10
  • FxPro reviews: 7/10

Trustworthiness

Safety is the first criteria of choosing a broker before starting trading with. The regulations are the key factor to measure credibility of a broker. In explanation, the reputable financial organizations around the world will save and protect traders’ benefit by providing regulations to brokers including standards, merits, conditions. However, having too many regulation from many different organizations will be a demeric point to a broker and that can affect the trading condition. In other words, they will get higher spread, lower leverage and higher commission. All of these facts can lead that broker to be less competitive in comparison to others. One or two regulations from reliable organization that enough. Here are the regulation of 5 brokers listed above, all are well known and realizable.

Broker names

Regulations

Exness

CySEC, FCA

HotForex

CySEC, FSCA, FCA

XM

CySEC, FCA, ASIC

FBS

CySEC, IFSC

FxPro

CySEC, FCA, DFSA, FSB

TRADING COST

After picking up some credible brokers, their trading cost might be the next thing you want to have a look. They consist of  various elements, however there are only three critical elements that obviously affect the value of trading cost respectively spread, commission, and minimum deposit rate.

The gap between the Ask price and the Bid price is called the spread and it is measured in pip. This is the entry cost you have to pay to the brokers for trading. If spread is high in the value, that meant you have to pay more for the trading. That why most of the traders put the lowest spread brokers on their list. Here are the spreads of the best forex brokers 2018:

  • Exness: 0.7 pip
  • Hotforex: 1.1 pip
  • FBS: 1.1 pip
  • XM: 1.7 pip
  • FxPro: 1.7 pip

The incomes of brokers not only come from the spread but also come from commission. In other worlds, they normally have two types of account the Regular and ECN one. Because the spread in ECN account is zero, so that you have to pay for commission. Here is the list of commission charge of 5 top brokers for ECN accounts:

  • Exness: $2.5
  • Hotforex: $6
  • FBS: $6
  • XM: $6
  • FxPro: $45

Last but not least, the minimum deposit to open an account also makes trader consider. For the newbies, they may not want to put a large amount of money for the first time cause they tend to lose them easily. For the experts, they may concern about it when want to go with a new broker. Here is the reference.

  • Exness: $1
  • FBS: $1
  • Hotforex: $5
  • XM: $5
  • FxPro: $500

CUSTOMER SERVICES

Traders are always obstructed by multiples of problems of trading due to the complexity of Forex. Hence, the good brokers are expected to be available at all times with local office for face-to-face support and traders’ native language services. These support would help traders with limited English ability for their convenience. Furthermore, the local banking, such as transferring and withdrawing, is essential for traders to minimise the transaction fees.

Overall, regarding my standards, the top 5 brokers are listed respectively

  • Exness: 9/10
  • HotForex: 8.5/10
  • XM: 8/10
  • FBS: 7.5/10
  • FxPro: 7/10

For Thai readers, click here for โบรกเกอร์ forex ที่ดีที่สุด 2018