Many traders find it hard to identify the best forex brokers among several brokers everywhere. They can’t distinguish between the best forex brokers and the worst ones. I spent a lot of time trading with a lot of brokers such as: the best forex brokers in Thailand and the best ECN brokers and so on.
In addition, I carried out many reviews, such as Exness reviews to determine the best forex brokers. This article is released to help you point out the best forex brokers among them. And it’s necessary to indicate some standards of the best forex brokers.
One of the most important criteria for traders when choosing a forex Broker is the regulations of the broker. Regulation helps to make sure the security of their clients’ money. If your country has regulations, you should trade with brokers with local regulations. But if your country doesn’t have regulation, it means no matter how many licenses that brokers have, they won’t protect you. In this case, a reliable regulation is enough. This regulation can be US, UK, AU, JP, Hong Kong, Singapore, and CySEC.
So, what regulations do these brokers have?
|2||HotForex||CySEC, FSCA, FCA|
|3||XM||CySEC, FCA, ASIC|
|5||FxPro||CySEC, FCA, DFSA, FSB|
- Low trading cost
The trading costs are the top concern of any traders. They want to be offered as low as possible because these small costs can accumulate quite a lot of money after a long time of trading.
Due to some disadvantages in the 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 among the top 5 ECN brokers.
Many forex traders care about the minimum deposit of a broker. The answers can be different. Some beginners just want to practice trading in real conditions, but they don’t want to put too much money into practicing because they all know that 90% of new traders never win right from the start.
Therefore, they long for a broker to offer very little deposit with real accounts at the first time. On the other hand, some experienced traders need to test the features, such as the spread, the execution speed, payment system, fees… before partnering with them. For the sake of testing, they also don’t want to deposit much.
– FBS and Exness minimum deposit is $1.
– XM, Hotforex minimum deposit is $5.
- Good support team
In forex world, it’s like a matrix of complication and vastness. It’s very hard if every trader has to deal with it alone. They are always in need of professional and prompt help as well as advice on how to make money safely.
The aforementioned brokers all have excellent customer service which supports 24/7 and multiple languages. Most of them have their own branches in China, Thailand, Indonesia, Malaysia, and Dubai…
If there are not any regional offices in your country, they are available online via phone in English or your native language. If you’re not good at English, that is no big problem. Here is a list of the best forex brokers who can help you in several languages.
– Exness supports 18 languages 24/7 – Besides, you can open several Exness accounts easily and quickly.
– XM supports 23 languages 24/7
– HotForex supports 27 languages
– FxPro and FBS supports 19 languages
After my evaluation of all the above criteria, I can rank the best forex brokers in order:
– Exness: 9/10.
– HotForex: 8/10.
– XM: 8/10.
– FBS: 7.5/10
– FxPro: 7/10.