It is estimated that there have been hundreds of brokers on the forex market. And of course, it’s not easy to identify the best forex brokers among them, especially for newbie traders. I’ve been trading with a lot of forex brokers such as: the best forex brokers in Thailand and the best ECN brokers and so on.
After conducting many reviews, like Exness reviews, I can point out some of the best forex brokers in this article. Besides, I will discuss some of the following standards to identify the best forex brokers.
Forex regulation is crucial to both security and mutual trust between traders and brokers. If your country has regulations, the good news is that you should trade with brokers offering local regulations.
But if your country doesn’t have regulations, it means no matter how many licenses that brokers have, you won’t be protected. In this case, it’s much wiser to choose brokers who have a trusted regulation. This regulation can be US, UK, AU, JP, Hong Kong, Singapore or CySEC.
What regulations do the best forex brokers have?
|2||HotForex||CySEC, FSCA, FCA|
|3||XM.com||CySEC, FCA, ASIC|
|5||FxPro||CySEC, FCA, DFSA, FSB|
- Good support team
Customer service is an essential condition in any business because the business is all about people, trust and profit. In a complicated and vast world of forex, customer service plays vital role in helping the traders and giving them advice on how to make money safely.
The aforementioned brokers all have excellent customer service with support of 24/7 and multiple languages. Most of them have their local branches in China, Thailand, Indonesia, Malaysia, and Dubai…
If your country doesn’t have regional offices, they will offer online support as well as via phone in English or your native language. If you’re not good at English, don’t worry about that. Here is a list of typical brokers who can help you in different languages.
– Exness supports 18 languages 24/7. Remember that you can easily open Exness accounts everywhere.
– XM supports 23 languages 24/7
– HotForex supports 27 languages
– FxPro and FBS supports 19 languages
- Low trading cost
All traders like to be offered the trading costs as low as possible because these small costs can gradually accumulate quite a lot of money after a long time of trading.
Because there are some of the disadvantages of regulations, US and UK regulations don’t allow them to offer high leverage or bonuses, and they have to pay more for the regulation fee. That’s why they have to charge more spread and commission.
If you are ASIAN traders, Exness is the best brokers for Scalpers.
If you are Africa traders, XM and FxPro are the best.
If you are US traders, Forex.com is the best
If you are European traders, XM, FxPro and Exness are the best.
Most forex traders care about the minimum deposit of a broker. There are several reasons for this. Some beginners just prefer to practice trading in real conditions, because they don’t want to deposit too much money into practicing because the true fact that 90% of new traders will lose everything in the beginning.
If any brokers require little deposit to start trading with real accounts, they’re warmly welcomed. On the other hand, many experienced traders need to test the features of a broker: spread, execution speed, payment system… before trading with them. For the sake of testing, they also don’t want to deposit much. Here are some of the brokers with minimum deposits.
– FBS and Exness minimum deposit is $1.
– XM, Hotforex minimum deposit is $5.
Finally, I ranked among the best forex trading brokers in order based on my experience and my aforementioned discussion.
– Exness reviews: 9/10.
– HotForex reviews: 8/10.
– XM reviews: 8/10.
– FBS reviews: 7.5/10
– FxPro reviews: 7/10.