Best forex brokers for your success in trading
In a forex world, you can identify the best forex brokers via some certain standards. They are ready to encourage traders to earn money, give them the best trading conditions and of course they never focus on short-term profit.
When you choose a forex broker, watch out for the bonus which can harm you later on. When it comes to investing, the more profit you get, the riskier it gets. Thus, all large forex brokers offer very little bonus. This article is written to give you an overview of the forex trading brokers.
Which forex broker has the most license?
A forex certificate represents standards, capabilities, and reputation of forex trading brokers. And it’s not enough if you have the certificate alone. In my opinion, only one of the following forex licenses is good enough: ASIC, CySEC, FSA, CFTC, NFA or NFA. Having more licenses doesn’t mean that broker is better. If brokers focus on Asian market, it’s not necessary to have US or UK licenses. Similarly, brokers who work mainly in US don’t need UK licenses.
It isn’t always good if you have many licenses as you think. Brokers must offer low leverage, high spread, less trading tools and high requirement deposits. It’s wrong to judge only by licenses. Sometimes a reliable license is enough.
Which forex broker has the best support team?
Customer service plays a vital role in evaluating whether a forex broker is good or not. It’s a disadvantage if any trading brokers don’t have local support team for all countries. If something wrong happens, they will respond slower compared to other markets. Traders long for a prompt and exact response to solve their problems.
Luckily, many brokers can meet those needs. Some famous international brokers can be listed here: Exness, FxPro, FBS and XM.
Exness seems to have the best support team, one of the best forex brokers in Thailand. They have a team of sales, support, and market who is always available in the local markets. Therefore, if you need their help, just chat with them on the website, and you will get the instant response and they support clients 24/7.
What forex brokers offer the lowest transaction cost?
Transaction cost are broadly defined as the cost after you calculate the spread and commission.
Firstly, I will compare their spread. EURUSD is the most popular currency pair.
Exness’ spread is 1.1 pip.
XM and FXTM is 1.7 pips.
Hotforex 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 spread is nearly zero. Commission is the main income they get from ECN accounts.
What brokers offer the highest leverage?
Leverage is the tool preferred by most traders in the world. Often, British, American, and Japanese licensed brokers offer low leverage because they have to comply with these local licenses. Among reliable international brokers, the following forex brokers have the best leverage:
– Exness: 1:unlimited
– FBS: 1:1000
– Hotforex: 1:1000
– XM: 1:888
What forex broker offers the best account types?
Big forex brokers often require big deposit amount and it’s not for small traders.
– Exness does not require minimum deposit.
– FBS minimum deposit is 1 dollar.
– Hotforex minimum deposit is $5:
From what I mentioned above, I can rank the best forex brokers in order as follows:
– Exness: 9/10
– HotForex: 8/10
– XM: 8/10
– FxPro: 7.5/10