To determine the best forex brokers, you need to look at their core. If they are the best ones, they will focus on traders and keep improving their trading conditions to help traders earn money instead of concentrating on short-term profit or pay IB more money to attract customers.
Based on the trustworthy information sources and my personal point of view sometimes, this article will give you an overview of the forex trading brokers who are currently providing services.
- Which forex broker has the most licenses?
It can be said that the forex certificate is extremely important in terms of security as it shows standards, capabilities, and reputation of a forex trading broker. However, it doesn’t mean that we always base on the number of certificates to evaluate a broker. In my opinion, only one of the following forex licenses is good enough: ASIC, CySEC, FSA, CFTC, NFA, NFA.
- Which forex broker has the best support team?
Support team is also a significant standard for considering a forex trading broker. Good support teams can help solving problems occurring in local offices and deal with language barrier.
The famous international forex brokers that have good support team include: Exness, FxPro, FBS and XM. Among them, Exness is supposed to have the best support team.
What forex brokers offer the lowest transaction cost?
Transaction cost means the cost after you calculate the spread and commission.
- Spread:
Exness’ spread is 1.1 pips.
XM and FXTM are 1.7 pips.
Hotforex’s spread is 1.1 pips.
From this comparison, we can see that Exness, Hot Forex, and FBS have the lowest spread.
- Commissions:
These brokers only charge commission for ECN account because of its nearly-zero spread. Thus, commission is the main income they get from ECN accounts.
In the top 5 ECN brokers, Exness is the low-commission-cost leader as they only charge $2.5 for each lot.
- What brokers offer the highest leverage?
For British, American, and Japanese licensed brokers, their leverages are often low as they have to comply with the licenses of their countries. Followings are the forex brokers who have the best leverage:
– Exness: No limitation: For accounts that have under $1000 and have traded over 5 lots, you can experience unlimited leverage. For accounts that have more than $1000, the leverage is 1:2000.
– FBS: 1:1000
– Hotforex: 1:1000
– XM: 1:888
- What forex broker offers the best account types?
Small traders usually prefer lower minimum deposit rates. Hence, the brokers below will be suitable for them.
– Exness does not require minimum deposit.
– FBS minimum deposit is 1 dollar.
– Hotforex minimum deposit is $5.
To sum up, after analyzing all the above criteria, I will rank the best forex brokers in the order as follows:
– Exness reviews: 9/10.
– HotForex reviews: 8/10.
– XM reviews: 8/10
– FxPro reviews: 7.5/10.
As each broker has its own strengths and weaknesses, I suggest that you should open accounts in at least 2 top brokers and trade with them for a month. After 1 month, the brokers that you get more profit rate is better and you can deposit all your fund to that broker.