Some typical signals can distinguish the best forex brokers from other brokers. They will focus on traders, keep improving their trading conditions to help them earn a lot of money, and don’t concentrate on short-term profits.
When you choose a forex broker, watch out for broker’s bonus which can be a trap in trading forex. Usually, only brokers with less prestige or new brokers offer that many promotions. Trading with such brokers is riskier.
In forex, the more profit you get, the riskier it gets. Thus, all of the large forex brokers offer very little bonus. This article will express an objective opinion of the forex trading brokers who are currently providing forex services.
Which forex broker has the most license?
The forex certificate symbolizes its standards, capabilities, and reputation of a forex trading broker. In my opinion, only one of the following forex licenses is good enough: ASIC, CySEC, FSA, CFTC, NFA, NFA. When a broker has many licenses, this doesn’t mean that broker is better. For example, an Asian broker don’t need US or UK licenses. Similarly, a broker in the US doesn’t need UK licenses.
The major disadvantage of having many licenses is that they must offer low leverage, high spread, less trading tools, high requirement deposits, and less competition… So do not evaluate only by the licenses. One reliable license is enough.
Which forex broker has the best support team?
It’s inconvenient if most large trading brokers don’t have local support team for all countries. Traders want to be supported as soon as possible with tongue mother. That’s an important criterion to evaluate whether a forex broker is good or not.
And some of the famous international forex brokers can meet their demands, such as: Exness, FxPro, FBS and XM, the best forex brokers in Thailand. On the whole, Exness seems to have the best support team. There is a team of sale, customer service, and marketing who is always available to the local markets. Therefore, if you have any problems, just contact them on the website, and you will get the prompt response. Moreover, Exness supports clients 24/7.
What forex brokers offer the lowest transaction cost?
Transaction cost is the cost after you calculate the spread and commission.
Firstly, I will compare their spread. EURUSD is the most popular currency pair. So I will compare its spread among these forex brokers:
Exness’ spread is 1.1 pip.
XM and FXTM is 1.7 pips.
Hotforex’s spread is 1.1 pip.
Secondly, I will compare those brokers’ commissions. All of them don’t charge commission for regular accounts. They only charge commission for ECN account because ECN’s spread is nearly zero. Commission is the main income they get from ECN accounts. For ECN account, Exness reviews are really outstanding. They only charge $2.5 for each lot. This is the lowest rate in the forex world.
What brokers offer the highest leverage?
Leverage is the tool widely used by most traders. Often, British, American, and Japanese licensed brokers offer low leverage because they have to comply with these licenses in that country. Among the reliable international brokers, the following forex brokers offer the best leverage:
– Exness: Unlimited. For accounts under $1000 and have traded over 5 lots, you can experience unlimited leverage. For accounts 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?
Big forex brokers often require a big deposit amount, so it’s not for small traders.
– Exness doesn’t require minimum deposit.
– FBS minimum deposit is 1 dollar.
– Hotforex minimum deposit is $5:
I come to my conclusion based on some above-mentioned criteria, I will rank the best forex brokers in order:
– Exness: 9/10.
– HotForex: 8/10.
– XM: 8/10.
– FxPro: 7.5/10.