In order to compare the forex brokers properly and find out which is the best, we need to first see into their very core. The best ones are usually focusing a lot more on the benefit of their traders. When you decide on a forex broker, remember not to get tricked by the apparently juicy bonuses. You will just have to pay that back one way or another. Thus, these are the brokers that I believe to be the best ones there are:
- Exness reviews: 9/10.
- HotForex reviews: 8/10
- XM reviews: 8/10
- FBS reviews: 7.5/10
- FxPro reviews: 7/10
To pick out these best forex brokers, here are what I use:
There is no need to emphasize the importance of customer service. We all know that it is the single most vital thing when we talk about businesses. After all, a business depends completely on profit, trust, and people. This is not mentioning how the complicated and vast forex trading scene will often make the new traders confused.
There is always someone needing some professional help and advice about the methods of making money in a safe way. The top 5 brokers have impeccable customer services with support in multiple languages throughout each day of the week. In addition, they are the best forex brokers in Thailand, Dubai, Malaysia, Indonesia, and China, etc.
These things are also quite important. If by any chance your country does have a regulation, you should just stick to the brokers who have it. However, in the case of your country not having one, a broker will not be able to protect you no matter how many other licenses they have in their possession. If that is the case, you should pick out the one with at the minimum one reliable regulation. We just need one of those reliable regulations to be able to determine.
The top 5 brokers of this list have these regulations:
- Exness has FCA and CySEC regulations
- HotForex has FCA, FSCA, and CySEC regulations
- XM has ASIC, FCA, and CySEC regulations
- FBS has IFSC and CySEC regulations
- FxPro has FSB, DFSA, FCA, and CySEC regulations
Cost for trading
Any kind of trader will want the cost for trading to be the lowest possible. After all, they all can become quite a giant number when they are added together after you have been trading for a long time. Due to this reason, it is always advisable to do extensive researches on the cost for trading at a broker. For the new traders who are still not familiar with the professional terms, the main income sources of a broker are the spreads and commissions.
As their regulations cost a lot more to maintain, the brokers basing in the US or UK have a harder time when they want to increase the rewards or leverage. In addition, they also have to pay a large chunk of money as the fee for the regulation. Due to those reasons, they usually charge more on the spreads and commissions.
- For the Asia regions, Exness is great
- For the Africa regions, FxPro and XM are great
- For the US region, Forex.com is great
For the Europe regions, any of XM or FxPro or Exness is are the best forex brokers.
Why does a trader have to worry about the minimum deposit of any broker? This question’s answer depends purely on the goal of that trader. For example, a beginner may want to have some practices. However, they don’t want the emulated experience while not wanting to lose too big of an amount on the line. Thus, they will need dealers that have lax minimum deposit requirements. Another example is the experienced traders. Those guys have a lot of things to consider before deciding on any change. Thus, they will try out lots of things, which will demand low minimum deposit requirements.