Top 5 Brokers That You Should Really Consider

It is obviously best for traders to find the best possible forex brokers to trade with. But not everyone knows how to find the best possible forex brokers. There are many standards out there that they have to choose to evaluate a broker. With many experiences of trading with many brokers, I have come up with three most important standards for myself: credibility, trading cost and customer services. Below are the best 5 brokers that I pick from those standards:

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

CREDIBILITY

Traders must know if the broker they want to trade with is reliable or not. And they can use regulations as a standard to choose because regulations are provided by trusted financial organizations all over the world. And those organisations can decide the merits, standards and also conditions of brokers to make sure that those brokers protect their users. But don’t think that the more regulations you have, the better the brokers are. It is actually pretty contrary as with a lot of regulations, brokers may have to offer higher spread, commission rate and also lower leverage. And that make the brokers much less attractive. Therefore, I always say that staying with 1 or two regulations is very important. Here is the list of regulations of my top 5 brokers.

Broker names

Regulations

Exness

CySEC, FCA

HotForex

CySEC, FSCA, FCA

XM

CySEC, FCA, ASIC

FBS

CySEC, IFSC

FxPro

CySEC, FCA, DFSA, FSB

TRADING COST

When a trader finishes checking a broker’s reliability, the next step they should do is checking that broker’s trading cost. There are many factors they can calculate the trading cost but the three most common factors are still spread, commission rate and minimum deposit rate.

In case you don’t know about the spread, you can understand spread as the difference between the Bid and the Ask price. Spread is a very common trading cost that traders will be charged when trading and it is usually measured in pip. If a broker charges a high spread, then your trading cost will be high as well. That’s why I and many traders always prefer the lowest spread brokers. Below are the spreads of my top 5 brokers:

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

Regular and ECN accounts are two types of account that each broker has. For ECN account, the spread will be almost zero. Therefore, a broker will charge commission instead because they mostly gain income from spread and commission. Below are the commission rate charged for ECN accounts by my best forex brokers 2018:

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

The final factor is the minimum deposit requirement. It is important because when new traders start their trading careers, they only want to put as low money as possible as they know you are going to lose all of it. But not only new traders, professional traders also pay attention to this as sometimes they want to try out brokers that are new to the forex market. The top 5 brokers’ minimum deposit requirement is as follows:

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

CUSTOMER SERVICE

The majority of traders would need much support from brokers due to the complexity of forex trading. Throughout trading career, many of them will have to face many types of problems. Therefore, good brokers have to be the ones offer 24/24 support. Also, they should establish offices in many countries as well so that traders can have face-to-face support. In addition, not every Asian trader are good at English, so supporting in other languages is also another important factor. If they can do that, they can easily be the best forex brokers in Thailand, Indonesia, Malaysia, Vietnam... Finally, cooperating with banks in some countries is important as well because it can not only make depositing and withdrawing easier for traders but also reduce their trading cost.

With these factors, below are the top 5 brokers in customer service:

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