FROM ZERO TO HERO WITH THE BEST FOREX BROKERS

It’s wise to trade with the best forex brokers. In general, they are more reliable and experienced. But among several brokers all around the world, it’s hard to identify them. There are standards to evaluate brokers. From my experience in trading with a lot of brokers, I will name some of the typical standards: credibility, trading cost, and customer services. Let’s have a look at the top forex brokers as follows:

– Exness: 9/10

– HotForex: 8.5/10

– XM: 8/10

– FBS: 7.5/10

– FxPro: 7/10

CREDIBILITY

Safety is a top priority in trading forex. Safety will decide who is more reliable to trade with. Regulations are tools to determine the credibility of a broker. Regulations are certified by trusted financial organizations around the world. They decide on the standards, merits, conditions of a broker to make sure that all traders are prevented from trading risk.

However, if a broker has too many regulations, their trading conditions will be affected. For example, their spread will be higher. Their leverage will be lower. Their commission will be higher. All elements will make contributions to be less competitive when compared to others. So, one or two prestige regulations from a reliable organization are enough. The 5 following brokers with famous and trusted regulations deserve to refer:

Broker names Regulations
Exness CySEC, FCA
HotForex CySEC, FSCA, FCA
XM CySEC, FCA, ASIC
FBS CySEC, IFSC
FxPro CySEC, FCA, DFSA, FSB

TRADING COST

Trading cost is an important factor to think about. Most of the traders prefer low cost of trading. Trading cost can be calculated from several factors, but the most important ones are spread, commission, and minimum deposit rate.

Spread is regarded as the difference between the Ask price and the Bid price. You have a responsibility to pay for the brokers in terms of trading cost. Spread is measured in pip. If the spread is high, the trading cost is also high as a consequence. So, all traders would like to trade with the lowest spread brokers. Here is the spread of the 5 biggest forex brokers:

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

Regular account and ECN account are 2 popular accounts for any traders. For ECN account, the spread is nearly zero. Therefore, the broker has to charge commission instead of spread, because spread and commission are the main income of brokers. Here is the commission charged by the top 5 brokers for the ECN accounts:

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

To open an account, it’s required to make the minimum deposit. New traders don’t tend to put a lot of money into a broker at the first time because the fact that 90% beginners will lose at the first stage. Professional traders take this factor in serious consideration because they want to attract as many new traders as possible. Here is a list of the minimum deposit rate of those brokers:

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

CUSTOMER SERVICES

It’s not easy to master everything in forex. Because it’s vast and complex, it’s vital to have brokers to answer all the concerning questions. Therefore, customer service should be available to support traders 24/7 as soon as possible. Besides, they should have local offices in targeted countries so that they can help traders directly.

The fact that most Asian traders are not usually good at English, so it’s best for a broker to support their customers in different languages, especially in English. Also, I highly appreciate if they cooperate with local banks in some countries to minimize the transferring and withdrawing cost of traders

In short, this is the top 5 best forex brokers for your reference in your trading career:

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

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