DO YOU KNOW THESE 3 STANDARDS FOR THE BEST FOREX BROKERS?

There are many good forex brokers but not all are the best. Moreover, there are the best forex brokers but not all are suitable for you. Each broker has their own advantages or disadvantages that traders should consider which brokers match their trading strategies and trading conditions. Therefore, this article will explain some standards for the best forex brokers in the market, with the list of the top forex brokers in 2018:

– Exness: 9/10

– HotForex: 8.5/10

– XM: 8/10

– FBS: 7.5/10

– FxPro: 7/10

Trustworthy

To indicate which brokers are reliable, let’s check their regulation first. The regulation is the license that are provided to forex brokers by trusted financial organizations to make them follow the rule and provide a safe trading environment for traders in the market. Traders will be protected whenever there is any trouble. However, you should not concentrate on the number of licenses because having more regulations doesn’t mean the broker is better. It even makes more limits such as high cost of transaction, including spread and commission, but low bonuses or leverage. Therefore, those brokers are less competitive than others. In common, a broker needs only one trusted license. The licenses must come from the reliable sources as below:

Low fee for transaction

When traders know clearly about the regulations, they want to know more about the cost of transaction: spread, commission and minimum deposit rate.

Spread is the difference between the Ask price and the Bid price. This is the main income for most brokers and the main cost for traders as well. If the spread is high, the trading cost is high, too. To avoid high cost of transaction, traders prefer those brokers with low spread. Here is the top lowest spread brokers in the market:

–           Exness: 0.7 pips

–           Hotforex: 1.1 pips

–           FBS: 1.1 pips

–           XM: 1.7 pips

–           FxPro: 1.7 pips

There are 2 common types of account, which are regular accounts and ECN account. With ECN account, the spread is nearly zero, so it charges commission as the main income. Here are some rates of the commission at the largest forex brokers in the market:

–           Exness: $2.5

–           Hotforex: $6

–           FBS: $6

–           XM: $6

–           FxPro: $45

The final thing that traders consider most is the minimum deposit required. Beginners are those who should not deposit much money in the beginning since they would lose it all in the end. Instead, they should practice with a little amount of money to learn and study about forex market. Professional traders are not new to the market but they also prefer low minimum deposit because they can test their trading strategies and the trading environment of the brokers.

Efficient support

One of the standards to see if a broker works well or not is its customer service. We can evaluate a broker’s service by its response time or the communication with the clients. Traders from all over the world need guide and support when joining in the forex market since they always have much trouble and problem. The best forex brokers should have the most supportive team who could help and assist their clients instantly and immediately. Moreover, they should provide 24/7 online service with many languages supported because not all traders are good at English. Finally, they must work well with local banks to reduce the cost of transferring money and withdrawal for traders.

In short, this is the list of top best forex brokers in the market:

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