In the forex world, there are many brokers. And of course, many of them can be reliable or not. To evaluate the best forex brokers among them for your trading strategies, it’s rather complicated, especially for beginners or new traders.
I’ve been trading with a lot of forex brokers, such as: best forex brokers in Thailand and best ECN brokers and so on. Besides, I conducted many reviews, like Exness reviews to evaluate the best forex brokers, so I came to my conclusion to depict the best forex brokers, in which some typical standards will be listed to determine the best forex brokers.
Regulations are rules provided by law to follow. If your country has regulations, you should trade with brokers who have your local regulations. But if your country doesn’t have regulation, it means no matter how many licenses that brokers have, they won’t protect you from forex risks. In this case, it’s wiser to choose brokers who have a trusted regulation. This regulation can be US, UK, AU, JP, Hong Kong, Singapore, and CySEC.
This following table will show you in greater detail.
|2||HotForex||CySEC, FSCA, FCA|
|3||XM||CySEC, FCA, ASIC|
|5||FxPro||CySEC, FCA, DFSA, FSB|
- Good support team
Customer service is a representative face of any business. To forex, it’s like a matrix of complication and vastness, especially for beginners. A team of customer service is required. Traders are always in need of prompt help and pieces of advice on how to make money safely.
The aforementioned brokers all have excellent customer service with support 24/7 and multiple languages. Most of them have their local branches in China, Thailand, Indonesia, Malaysia, and Dubai…
For countries without regional offices, they offer support online via phone in English or your native language. Here is the list of the best forex brokers who can help you in different languages.
– Exness supports 18 languages 24/7. Take note that you can open Exness accounts easily and prompt.
– XM supports 23 languages 24/7
– HotForex support 27 languages
– FxPro and FBS supports 19 languages
- Low trading cost
Trading costs is the first concern of any traders. They want to be offered as low as possible because these small costs can add up to quite a lot of money after a long time of trading.
Due to some disadvantages of the regulations, US and UK regulations don’t allow them to offer high leverage or bonuses, and they have to pay more for the regulation fee. That’s why they have to charge more spread and commission.
If you are ASIAN traders, Exness is the best brokers for Scalpers.
If you are Africa traders, XM and FxPro are the best.
If you are US traders, Forex.com is one of top 5 ECN brokers.
If you are European traders, XM, FxPro and Exness are the best.
The minimum deposit of a broker is a matter of great concern. Some beginners will use it to practice trading in real conditions. They don’t want to deposit too much money into practicing because they all know that 90% of new traders will lose when they jump at first trading. If a broker provides with very little deposit to start trading with real accounts, it’s a wonderful policy.
In addition, many experienced traders need to test the features of a broker like the spread, the execution speed, payment system, fees… before working with them. For the sake of testing, they won’t deposit a lot of money. Here are some brokers who offer the best deposit.
– FBS and Exness minimum deposit is $1.
– XM, Hotforex minimum deposit is $5.
From this article, my experience knowledge of forex, I can rank the best forex brokers in order as follows:
– Exness: 9/10.
– HotForex: 8/10.
– XM: 8/10.
– FBS: 7.5/10
– FxPro: 7/10.