The reason why many traders get stuck in the brokers that they have accounts in is that they do not do some researches first to know how a broker function and how they carry the trading system and process. Particularly, trading cost, local support and reliability are some crucial factors should be reviewed the most.
Best forex brokers provide fantastic local service
Forex is worked in a very wide area and the company may not be located in the countries that they have clients in. So, they establish the offices that behave like their representatives with staff and consultants to help their clients in needs. This way helps clients can have the direct support and the problems solved clearly and satisfyingly. In addition, the language block is important in some Asian countries because the majority of Asian traders are not good at English and they feel welcoming if they can speak their own language in the business. Top forex brokers are aware of that and supply the various language tools. Besides, the local payment is more saving and quickly that best brokers are focusing on.
The trading charges are narrow down as much as possible
Traders have to evaluate some fees carefully when they execute the trading so that they can limit the loss because of the fees. Usually, commission, minimum deposit and spread are put first to count when trading.
Commission: this kind of fees is counted when traders open ECN account not the regular account. ECN forex brokers do not ask for spread, which mean spread is free for ECN account; then they will hit the commission more to gain the revenue. Here is top smallest commission rate:
- Exness: $2.5
- Hotforex, FBS, XM: $6
- FxPro: $45
Minimum deposit: the smallest minimum deposit amount could be an attraction for two kinds of traders, traders who are learning to trade and traders who wants some experience on the the trading platform of the brokers. They are all in the trial period so starting with a small deposit is a wiser choice for them. The smallest minimum deposit is with Exness, FBS, at 1$ or Hotforex and XM, at 5$ and with FxPro with 500$, which is higher than others.
Spread: This fee is dealt by traders more regularly in the forex business for many kinds of accounts. The spread is just a bit but many trading could lead to a bigger amount. Then top lowest spread of the largest forex brokers are better be kept in mind:
- Exness: 0.7 pip
- Hotforex, FBS: 1.1 pip
- XM, FxPro: 1.7 pip
The top forex brokers are ruled by the best certificates
To be secured in any situations that can harm your trading and financial state, you should do some research about the brokers’ credibility to see what rules they are following and what they can do to protect you. This is related to the licenses brokers have because the licenses are certificated by famous agencies and they force brokers to qualify standards and requirements before they can issue the licenses. Although licenses can prove the safety for traders but traders do not totally stick on brokers having many licenses because it is unnecessary and even cause the bigger amount for trading fee like more spread and more commission rate while the benefit is smaller. It is worth looking at the brokers’ licenses
Exness: CySEC, FCA
HotForex: CySEC, FSCA, FCA
XM: CySEC, FCA, ASIC
FBS: CySEC, IFSC
FxPro: CySEC, FCA, DFSA, FSB
In conclusion, top five best forex brokers are the ones that can qualify some certain requirements such as the trading expense, customer care and the reliability through license matter. These five brokers below are sure checked by a lot brokers and ranked as the list:
– Exness: 9/10
– HotForex: 8.5/10
– XM: 8/10
– FBS: 7.5/10
– FxPro: 7/10
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