Skip to main content

BEST FOREX BROKERS COMPARED IN 2018

How to find the good broker for our business? This is the question that many people often ask me when they are looking for the best forex broker.  Despite having two years of experience in trading with many different forex brokers, it is very difficult to give immediate advice to the trader that I like this broker and you should choose it instead of choosing other brokers. And more than any other way, I think making comparisons between different elements is the only way you can decide which one is the most suitable for your trading strategy and involves. The ratings for the best forex broker will be based on how they look after and what the broker can offer to their trader. It goes without saying that it is the best trading conditions, the best tools and the most caring. Moreover, their reputation and security are things that cannot be ignored. From my point of view, common names like Exness, FxPro, Hot Forex, XM, and FBS in the Asian market should be mentioned in the rating.
LOW SPREAD …

BEST FOREX BROKERS IN 2018


During two years working in the forex market and trading with the best forex brokers from all over the world, I have been frequently asked for advice about brokers. For those who have just started their trading career, they often crave for the assurance that they are choosing the right broker. In my opinion, it is no easy task to search for the “best broker”, therefore all I could do is to apply my experience to the reality and help them find the most suitable broker for themselves. I will also compare some famous brokers from different aspects and rank them based on some basic features. Hopefully after this article, you will manage to choose the most suitable broker for yourself. I believe it is best for you to identify your trading methods and needs so as to find the right broker.
Based on my experience, I tend to rate a broker by observing what they offer and how they treat their traders. Good trading conditions, useful tools and heartfelt service are the features that distinguish quality brokers from normal ones, not to mention their reputation and security system. Throughout this article, I will give an insight to some popular forex brokers in the Asian market such as Exness, FxPro, Hot Forex, XM, and FBS... and rank them based on different criteria.


1.      LOW SPREAD
It is a fact that most brokers are not able to charge the commission fee that is why their profit mainly comes from the spread rate. To explain further, spread is the difference between the ask price and the buy price. And it is obvious that traders would love to find a broker with low spread rate such as  Exness, FBS, or Hot Forex, since the spread is merely around 1.1 pip for the popular EUR/USD currency pair.
2.      LOW COMMISSION
According to the previous category, most brokers tend to skip the commission fee for customers. However, you should be aware that only the regular accounts are not charged for commission fee. For the ECN account users, which is the type of account that is more preferred by many professional traders, the spread rate is extremely small. Therefore, brokers ought to charge the commission fee from customers during trading. From my observation, I think Exness has a competitive advantage in this field, providing a charge of only 2.5 USD for each lot traded.
 
3.      MINIMUM DEPOSIT
Newcomers in the field have the tendency of avoiding to spend a large amount of money for deposit. Surprisingly, most experienced traders are not bothered by the large deposit amount. This is the reason why big brokers such as FXCM or Forex.com will aim to the professional traders and require a large sum of money for the minimum deposit, which is approximately $2000 and $500 respectively. On the contrary, brokers that are designed for small and medium traders would require very little minimum deposit. Examples can be listed out as Exness and FBS (only $1 minimum) or Hot Forex ($5).
OPEN AN ACCOUNT AT FBS TODAY!
4.      HIGH LEVERAGE
In terms of leverage, I have to admit that Asian traders receive a lot more benefits than Western ones. This is due to the fact that most brokers in the United States, United Kingdom and Japan have are strictly regulated by the authority. Therefore, it might be illegal for them to offer low leverage. Meanwhile, this rule is not applied in Asia, therefore Asian traders can enjoy relatively high leverage. For example:
· Exness: For accounts with less than $1000 and having traded more than 5 lots, the leverage is unlimited. For accounts with over $1000, it is up to 1:2000.
· Hot Forex: up to 1:1000.
· FBS: up to 1:1000.
· XM: up to 1:888.
5.      WITHDRAWAL TIME
The time for withdrawal is the utmost detail that traders have to take notes when they search for a new broker. Despite having the advantage of short trading time, domestic brokers are not as reliable as international brokers. Nevertheless, even though foreign brokers are more secured, the process of withdrawal or transferring money can add up to hours. It is your task to look for a trader that complements your trading methods. From my point of view, I would highly recommend Exness since they have modern machines to be in charge of these tasks, so it only takes them millisecond to complete the withdrawal process. To be frankly, Exness almost has no competitors when it comes to this category.
6.      REPUTATION
Based on my experience, I noticed that the reputation of a broker is mostly based on three main things: the license, the audit, and search traffic.
·         License:
A broker associated with a license from famous agencies such as ASIC (Australia), CySEC (Cyprus), FSA (Japan), CFTC (United States), NFA (also United States), and FCA (United Kingdom) is more than reliable. Nevertheless, a license comes with limitations since it imposes strict regulations on brokers. These rules sometimes prevent brokers from providing traders with the best trading deals (such as low spread, high leverage, low commission) since brokers have to pay fees to their agencies termly.
 
·         Audit:
Personally, I think brokers that are audited by big accounting firms (such as Deloitte, PWC, EY, and KPMG) are extremely trustworthy. These big companies can standardize the accuracy and transparency of a broker. You should take note of finding a broker with high transparency values. Apparently, I think Exness and FxPro are the most reliable brokers in this field because they are always willing to public all of their financial reports as well as many related information. Exness even increase their transparency level by showing how much money they have in the bank.
 
·         Search traffic:
I have come to realization that a frequently searched broker is a reliable one. To explain further, the performance of a broker has to meet a certain standard so as to be trusted by many people. Based on Google Keyword Planner, I have listed out a few brokers that are frequently searched on the Internet:
XM: 40,000 search monthly.
OPEN AN ACCOUNT AT XM NOW!
Exness: 36,000 search monthly.
FBS: 30,000 search monthly.
7.      TRADING VOLUME
From my perspective, I believe traders should always take in to account the trading volume of a broker. The reason is because the large trading volume illustrates that the broker is qualified in the field. Imagine that there is a broker with millions or thousands of customers that just enjoy trading with them, then it is obvious that this broker must have good quality and services. I have made a research on the monthly trading volume of some big forex brokers and listed out as follow:
Exness: $323 billion a month.
Hot Forex: $280 billion a month.
Forex.com: $185 billion a month.
FXCM: $108 billion a month.
8.      CUSTOMER CARE
The forex market is no place to fool around, so it is vital that a broker provides not just good, but excellent customer service system. New traders are the one that need many instructions from the senior ones. As a result, I believe that good brokers must be available 24/7 to help their customers whenever they need and also provide a vast of different language services. Despite the fact that English is the most popular language in trading, this does not mean that all traders, especially Asians, are fluent in English. Therefore, a good broker should be aware of all different situations and provide as many language services as possible. Big brokers such as Exness, FBS, FxPro, and XM are famous for their excellent customer service (24/7 service, multiple languages).
Click here to find out more about Exness.
In conclusion, searching for a long-term broker that is complements your trading conditions and methods is no easy task. I genuinely hope that this article can help you have understand the general the forex market and provide you the features you should notice when searching for a new broker. To be frank, most big brokers are almost similar to each other, even though each has its own advantages and disadvantages that distinguishes one from another. Nevertheless, the final decision is yours to choose the best broker for yourself.

Comments

Popular posts from this blog

BEST FOREX BROKERS COMPARED IN 2018

How to find the good broker for our business? This is the question that many people often ask me when they are looking for the best forex broker.  Despite having two years of experience in trading with many different forex brokers, it is very difficult to give immediate advice to the trader that I like this broker and you should choose it instead of choosing other brokers. And more than any other way, I think making comparisons between different elements is the only way you can decide which one is the most suitable for your trading strategy and involves. The ratings for the best forex broker will be based on how they look after and what the broker can offer to their trader. It goes without saying that it is the best trading conditions, the best tools and the most caring. Moreover, their reputation and security are things that cannot be ignored. From my point of view, common names like Exness, FxPro, Hot Forex, XM, and FBS in the Asian market should be mentioned in the rating.
LOW SPREAD …

WHO IS THE BEST FOREX BROKER IN THE WORLD PRESENTLY?

Nowadays, the forex market is becoming more and more popular than ever and everyone is looking for the best forex broker. Everyday there are a large number of traders exchanging from all over the world. As a consequence, there are so many organizations that offer forex services, which are named forex brokers, aroused daily. For beginners, choosing a great broker to start trading might be quite a problem. That’s why today I’ll make a comparison among some well-known brokers and rank them based on 8 different categories so you can decide which one is the top broker in 2018. One thing to bear in mind is that, this article is intended for Asian traders. How can we assess a broker? The answer is the way they treat their traders. A good broker to cooperate with must give their traders high-quality trading conditions as well as customer services. Furthermore, transparency and security is a requirement. Finally, they have to guarantee the long-term profit for the traders. Never get deluded by …