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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 RANKING 2018

After spending about 2 years making trades with many brokers, I have been frequently asked for advices on who is the best forex broker. People always want to be assured that they are on the right track with the right broker. From my own perspective, it is indeed very hard to determine which broker is the best, therefore the least thing I could do is to compare these brokers based on several criteria and help you decide the best one for yourself. I believe that you should find a broker that matches your trading methods and needs.


Personally, I rank a broker based on what they are willing to offer and how well they treat their traders. Good trading conditions, useful tools and enthusiastic caring are the typical traits of reliable brokers, not to mention their reputation and security system. In this article, I will list out some popular forex brokers in the Asian market such as Exness, FxPro, Hot Forex, XM, and FBS...to analyze and rank them.



1.      LOW SPREAD
Commission usually remains unaltered since brokers are not allowed to charge the commission fee. As a result, most brokers’ income is mainly based on the spread rate. To explain, spread is the difference between the ask price and the buy price. Obviously, traders will search for brokers with low spread rate such as Exness, FBS, or Hot Forex, with the spread is merely around 1.1 pip for the popular EUR/USD currency pair.


2.      LOW COMMISSION
According to what I mentioned before, the commission is not charged by most brokers. Nevertheless, it is important to note that only the regular accounts are not charged for commission fee. For ECN account, which is the account type that is preferred by most professional traders, the spread is equal to none. Therefore brokers would have to charge the commission fee during trading. Exness has a competitive advantage in this field, providing a charge of only 2.5 USD for each lot traded.


To find out more about Exness accounts, click here.


3.      MINIMUM DEPOSIT
Beginner traders certainly want to avoid depositing too much money when they start.
Meanwhile this is not much of a problem for experienced traders. As a result, big brokers such as FXCM or Forex.com tend to require quite a large sum of money for the minimum deposit, with $2000 and $500 respectively. On the contrary, brokers that aim for small traders require very little minimum deposit. Examples can be listed out as Exness and FBS (only $1 minimum) or Hot Forex ($5).


4.      HIGH LEVERAGE
In terms of leverage, in fact Asian traders benefit a lot more than Western ones. To explain, most brokers in the United States, United Kingdom or Japan have to obey the strict regulations of the law. Therefore, it is impossible for them to offer low leverage. Meanwhile, the regulations are not applied in Asia, therefore traders are provided with very high leverage. For instance:
· 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.
Open an Exness account to check their leverage now!
· Hot Forex: up to 1:1000.
· FBS: up to 1:1000.
· XM: up to 1:888.
5.      WITHDRAWAL TIME
The withdrawal time is one of the important details of brokers that traders have to pay attention to. Even though the time for trading with domestic brokers is relatively short, these brokers are not as trustworthy as international brokers. However, despite the fact that foreign brokers are more reliable and secure, the time for withdrawal or transferring money can take up to hours. It is your choice to search for the fastest trader that matches your trading strategy. Personally, I would highly recommend Exness since the machine is responsible for this category, so it only takes millisecond to finish these tasks. To be honest, Exness almost has no competitors when it comes to this feature.


6.      REPUTATION
Based on my experience, I noted that a broker’s reputation is mainly based on three things solely: the license, the audit, and search traffic.


·         License:
A broker 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 always reliable. Nevertheless, a license will also impose strict regulations that prevent brokers from offering the best trading deals (low spread, high leverage, low commission) since brokers have to pay fees to these agencies termly.


·         Audit:
In my opinion, brokers that are audited by big accounting firms (such as Deloitte, PWC, EY, and KPMG) are certainly trustworthy. These companies can ensure the accuracy and transparency of a broker. It is important for you to search for a broker with high transparency values. Apparently, I find Exness and FxPro most reliable since they are willing to public all their financial reports and related information. Exness even takes risk in showing how much money they possess in the bank.




·         Search traffic:
Personally, I think that the more searched a broker is, the more reliable they are since their performance have to reach a decent standard to be trusted by many people. These are a few brokers that received high search rate on the Internet. This result is taken from Google Keyword Planner.
XM: 40,000 search monthly.
Exness: 36,000 search monthly.
FBS: 30,000 search monthly.


7.      TRADING VOLUME
In my opinion, it is important to take into account the trading volume of a broker. Why? You might ask. The answer is because the large trading volume illustrates how reliable a broker is. Given that there are approximately millions or thousands of traders that love trading with a certain broker, then it is obvious that the respective broker must be qualified and safe at some level. These are the monthly trading volume of some big forex brokers.
Exness: $323 billion a month.
Hot Forex: $280 billion a month.
OPEN AN ACCOUNT AT HOT FOREX TODAY!
Forex.com: $185 billion a month.
FXCM: $108 billion a month.


8.      CUSTOMER CARE
The forex market is a complex place full of traps, so it is extremely vital that a broker provide good customer service system. Novice traders constantly need instructions and guidance from the expertise. I believe a good broker must be available 24/7 to help their customers and provide a wide variety of language services. Even though English is the global language, this does not mean that all traders are fluent in English, especially Asians. Therefore a good broker should be prepared for all possible circumstances and provide language service in different languages. Famous brokers such as Exness, FBS, FxPro, and XM all provide excellent customer service (24/7 service, multiple languages) for their customers.


Go here if you want to find out more about Exness.


Indeed, it is a struggling task to choose a long-term broker that is suitable for your trading conditions and methods. Hopefully, this article can help you have an insight and know the basic details you need to pay attention to when it comes to a new broker. To be honest, most big brokers tend to be quite similar, yet each has its own pros and cons that distinguish one from another. The final task is yours, to choose the broker that suits you the most.

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