There are many various ways that the best forex brokers use to attract customers, such as trader focus strategy, continuously improving trading conditions, and offer benefits for long term. They also have many bonus programs, but, this is not for evaluating the quality of Forex Brokers. the bonus contains risks for traders. The higher bonus leads to the higher risk. So, large brokers have limited bonus programs while less prestige and new brokers offer many bonuses. This article will provide review based on trusted information from different sources.
The most reliable forex brokers with regulations
The regulation is a certificates or license that broker try to achieve to show their trading security. On Forex market, it indicates the principles, competencies and reputation of a broker. However, brokers should follow some particular standards, such as ASIC, CySEC, FSA, CFTC, NFA, NFA, while too many licenses are not a good mean. Depending on the market, brokers will consider the applicable regulation that fit the market and governments.
The brokers with many regulations approved will be less competitive in term of low leverage, high spread, high required deposit fund and minimal trading tools. There is always at least license that international broker achieved. So, that is enough for security.
The brokers with the best customer service
The customer queries would be quickly response through a good customer support system. Besides, it would be helpful for those traders are unable to speak English. So, it is important to evaluate a broker with its customer support service.
Exness is leading the customer support service reflecting the sale and marketing. Exness also operates IB network which provides immediate response to customers’ queries 24/7, especial FxPro.
The brokers with the lowest transaction fees
The charge is accounted after the spread and commission
EUR-USD is the most trading currency pair. Based on this pair, I will compare the spread from the lowest spread brokers:
- Exness: 1.1 pip
- XM and FXTM: 1.7 pips
- HotForex: 1.1pip
Then, Exness, HotForex and FBS spreads are the lowest.
While regular are free from transaction costs, ECN account is the one charged as it is the zero spread.
Exness offers the lowest commission for ECN account, $2.5 per lot. It is the lowest on the market.
The highest leverages brokers
The competitiveness of brokers is low as they obtain more licenses. The leverage from US, UK or Japanese are example of low leverage. These are the brokers with the most preferable leverages
- Exness: unlimited for account having less than $1000 with over 5 trading lots. The other accounts have leverage of 1:2000
- FBS: 1:1000
- Hotforex: 1:1000
- XM: 1:888
The best account types of Forex brokers
Most of Forex brokers are required high minimum deposit fund, such as minimum $2000 of FXCM. Meanwhile, small traders cannot deposit as required and expect a low minimum deposit fund.
- Exness: no minimum deposit
- FBS: $1 minimum
- Hotforex: $5 minimum
My final rank for Forex brokers are
- Exness reviews: 9/10 .
- HotForex reviews: 8/10
- XM reviews: 8/10
- FxPro reviews: 7.5/10
This is subject to my personal experience. However, all brokers have their pros and cons. According to my experience, you should trial trade with two brokers to figure out which broker bring you a higher profit. Then, you will deposit all your fund there.