REVEAL TOP 5 BEST FOREX BROKERS FOR YOUR SUCCESS THIS YEAR!

REVEAL TOP 5 BEST FOREX BROKERS FOR YOUR SUCCESS THIS YEAR!

You will make a partial success of trading forex if you choose the best forex brokers. It seems difficult to point out the best forex brokers among hundreds of brokers around the world. Some standards should be applied to evaluate a broker. Some following standards are abstracted from my experience in trading with a lot of brokers. They consist of: credibility, trading cost, and customer services. Let’s get started with discovering the top forex brokers and go into detail about these standards

– Exness: 9/10

– HotForex: 8.5/10

– XM: 8/10

– FBS: 7.5/10

– FxPro: 7/10

CREDIBILITY

Trust is the primary concern of trading forex. Traders will feel safer when trading with a reliable broker. The method to determine the credibility of a broker is based on regulations. Regulations are given by trusted financial organizations around the world. They decide the standards, merits, conditions of a broker to protect traders from any risk of trading.

Sometimes, a broker has many regulations from various organizations, their trading conditions will be largely influenced. In detail, their spread will be higher. Their leverage will be lower. Their commission will be higher. All of them will make broker less competitive when compared to others. One or two trusted regulations from a reliable organization is enough. This table will clarify regulations from some 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

All traders will mainly focus on trading cost when they choose a broker. Trading cost can be calculated from many different factors, but the most important ones are spread, commission, and minimum deposit rate.

By definition, Spread is the difference between the Ask price and the Bid price. It is the cost that you have to pay for the brokers in trading. Pip is the measurement unit to indicate the spread. If the spread is high, the trading cost will become higher. That’s reason why the lowest spread brokers are the favorite choices of all traders. Here is the spread of the 5 best forex brokers:

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

The minimum deposit is required to open an account. New traders just want to put a little of money in a broker at first because their chances of losing are unavoidable at the first time. Professional traders take this factor to draw as many new brokers as possible. Here is the minimum deposit rate of those brokers:

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

Each broker has two types of account: Regular account and ECN account. For ECN account’s spread is nearly zero. Therefore, the broker has to charge commission instead of spread, because the spread and commission are the main income of brokers. Here is the commission charged by the top 5 brokers for the ECN account:

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

CUSTOMER SERVICES

I’m strongly sure that many problems will arise when traders take part in forex because it’s very complicated and vast. Therefore, a good broker needs to be available 24/7. Also, they should have local offices in targeted countries so that they can help traders as soon as possible.

As you know, Asian traders are not usually fluent in English, so it’ better for a broker to support their customers in English and in other native languages. In addition, I highly appreciated if brokers cooperate with local banks in some countries so that the transferring and withdrawing cost of traders can be minimized.

In general, this is the top 5 best forex brokers. Hopefully, one of them will become a close partner in your success.

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

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