The best forex brokers are attracting customers from different aspects, including trader centric, improving trading environments, and long-term concentration on benefits.
The bonus program is not only unideal criteria for considering the best Forex brokers, but it also contains risks. Less prestige and new brokers usually offer many bonuses which lead to risk for traders. The higher the profit earn with these broker, the riskier the trader is. Meanwhile, large brokers offer limited number of bonus program. In this article, the review is based on trusted information from different sources.
The best certified brokers
The certificates and licenses are the security assurance for traders on Forex trading. It represents the standards, capabilities and reputation of a Forex broker. Having too many licenses are probably not good. Particularly, Forex brokers just follow ASIC, CySEC, FSA, CFTC, NFA, NFA are enough. Different market nations, the applicable regulations are different. For example, Asian market brokers have no mean to follow US or UK regulations.
Meanwhile, having too many regulation lead to the low leverage, high spread, less trading tools, high minimum deposit and less competitive. International brokers are always certified by at least one regulation. So, one trusted license is safe enough.
The good customer service would help traders to receive the queries response quickly. Furthermore, there are many traders unable to speak English. So, the customer service is an important aspect in evaluation the quality of Forex brokers.
The customer service of Exness is good in terms of sale, customer support, and marketing. Furthermore, with active IB network, the customers’ enquiries are responded immediately in 24/7. The most honorable of Exness is the Fxpro, which collaborate countries with their IB network.
The lowest transaction cost
This cost is the charge accounted after the spread and commission
EUR-USD is the most common currency pair. Hence, my comparison of the lowest spread brokers:
- Exness: 1.1pip
- XM and FXTM: 1.7 pips
- Hotforex: 1.1 pip
So, the lowest spreads are Exness, Hotforex and FBS.
Meanwhile, most regular accounts are charge-free. However, ECN account is the zero spread that charged a commission per transaction
The ECN account of Exness is the lowest commission, $2.5 per lot, which is unbeatable.
The brokers with the highest leverage
As the more certificates the brokers achieve, the less competitive they are. Such US, UK and Japanese brokers’ leverage are always low. The leverage of these brokers are the most preferred by traders
- Exness: unlimited for account having less than $1000 with over 5 trading lots. The other accounts have leverage of 1:2000
- FBS: 1:1000
- Hotforex: 1:1000
- XM: 1:888
The account types of brokers
Minimum deposit funds are usually required high by the big Forex brokers, such as minimum $2000 of FXCM. Small traders do not meet this standard. They prefer a low minimum requirement.
The overall ranking of the top Forex Brokers are
- Exness reviews: 9/10 .
- HotForex reviews: 8/10
- XM reviews: 8/10
- FxPro reviews: 7.5/10
Although this rank is subjective relying my experience, I know every broker’s pros and cons. My recommendation is that you should trial to trade with 2 brokers. Then, the brokers that bring you the higher profit after a month is the one that suite you’re trading reference and you and deposit all your fund there.