Traders always need to find the best forex brokers to trade with. But do they know what to look at when finding the best forex brokers? There are standards that need to be made to evaluate a broker. After many years trading with various brokers, I have found my own set of standards: credibility, trading cost, and customer services. Now look at the top 5 best forex brokers in my opinion under these standards:
- Exness reviews: 9/10
- HotForex reviews: 8.5/10
- XM reviews: 8/10
- FBS reviews: 7.5/10
- FxPro reviews: 7/10
Cost required for trading
Once traders carry the orders when trading forex, there will be some fees that they have to regularly pay for. They will have to pay for commission, spread and minimum deposit. These costs may be sometimes minor but they can be raised up to a big amount through time. Therefore, it is a big worry for trader.
Commission
Commission is usually a matter for trader owning ECN accounts because ECN account is charged zero spread and commission is major benefit for brokers. Although spread is free but traders still worry that commission becomes bigger and reduce their profit rate. Now, top five best brokers also have low commission charge. Among them, Exness costs the least, at 2.5 $ only, other low commission brokers are Hotforex, FBS and XM, which is at the same level with 6$ while FxPro costs a little more at 45$.
Spread
Spread is a well-known fee that most of traders know that they have to pay for the difference of the price of bid and ask. Once again, to save a lot of money for each time trading, traders would like the low spread rate brokers like Exness with 0.7 pip or Hotforex or FBS with 1.1 and then there come XM and FxPro with 1.7 pips. These spreads are at the top lowest now.
Minimum deposit
The matter of minimum deposit depends on the kinds of clients with the brokers. For example, small minimum deposit is preferred by the starting traders and traders who want to make some research about one broker’s trading method. They are unskilled about trading or unfamiliar with the brokers; therefore they are not going to put too much money at first for the deposit. As a result small minimum deposit is quite suitable. And top lowest minimum deposit is:
| Exness: $1 |
| FBS: $1 |
| Hotforex: $5 |
| XM: $5 |
| FxPro: $500 |
If they are reliable or not
To answer this question trader should find out about what license brokers gain. Because of the the fact that licenses can tell about what law is ruling the brokers and what standard they have to follow with. Therefore, licenses apply the principle for brokers to guarantee some advantages for traders. But, numbers of license should be limited as one or two reputable only, with the reason that more licenses equal higher spread and commission while the leverage is quite low. So, what license top forex brokers have now?
| Exness | CySEC, FCA |
| HotForex | CySEC, FSCA, FCA |
| XM | CySEC, FCA, ASIC |
| FBS | CySEC, IFSC |
| FxPro | CySEC, FCA, DFSA, FSB |
How thoughtful the client services are?
To define if brokers are wonderful or not, traders should take a look at their policy for the local help and the language support. For example, in the targeted areas, best service brokers will locate the office their so the clients can come and get helps directly. Or, the languages to communicate should be various because in some regions like Asia, they are not influent in English; then speaking their own language would make them feel convenient. The local banking is a very excellent idea because it can help traders to save a lot of money for transaction.
Generally, the best performing now can be named as below:
- Exness: 9/10
- HotForex: 8.5/10
- XM: 8/10
- FBS: 7.5/10
- FxPro: 7/10
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