As traders, no one wants to trade with the bad forex brokers. But how can you know that broker is the best, not the others? Or in other words, which criteria making a broker become the most perfect one?
These questions will be very hard to answer unless you read this article. In this article, I will try to be as most objective as possible to give you an overview of the best forex brokers 2018 who are currently providing services.
- THE HIGHEST LEVERAGE:
Here are some brokers that have the highest leverages:
- Exness: Infinite. For accounts under $1000 and over 5 lots, you can experience unlimited leverage. For accounts that have more than $1000, the leverage is 1:2000.
- FBS: 1:1000
- Hotforex: 1:1000
- XM: 1:888
- THE BEST LICENSES:
We all know that the licenses are really important because they indicate the standards, capabilities, and reputation of a forex trading broker. Nevertheless, that a broker obtains lots of certificates is not a good idea. The main disadvantages of having many licenses are that brokers must offer low leverage, high spread, less trading tools, high requirement deposits, and less competition. So, the notable thing here is that only one of the following forex licenses is good enough: ASIC, CySEC, FSA, CFTC, NFA, NFA.
- THE LOWEST TRANSACTION COST:
First, let me compare their spread.
Exness’ spread is 1.1 pips.
XM and FXTM are 1.7 pips.
Hotforex spread is 1.1 pips.
- Exness, Hot Forex, and FBS have the lowest spread.
Second, let me compare their commissions.
All of them charge commission for only ECN account because ECN spread is nearly zero.
For ECN account, Exness is leading in terms of having the lowest rate no other competitors can offer – $2.5 for each lot.
- THE BEST ACCOUNT TYPES:
For small traders who usually prefer lower minimum deposit rates, they should consult the brokers below:
– Exness minimum deposit is $1.
– FBS minimum deposit is 1 dollar.
– Hotforex minimum deposit is $5.
- THE BEST SUPPORT TEAM:
My experience of trading for a long time shows that support team is a critical standard for considering a forex trading broker. So, why is this criterion important? That’s because good support teams can help solving everything occurring in local offices and everything related to language barrier.
For famous forex brokers in the world like Exness, FxPro, FBS and XM (the best forex brokers in Thailand), their support teams are often very good. Among them, I consider that Exness has the best support team. Learn more about Exness, click here.
In conclusion, the above analysis helps me make a rank of the best forex brokers as follow:
– Exness: 9/10
– HotForex: 8/10
– XM: 8/10.
– FxPro: 7.5/10.
This rank is a good source for you to find a satisfied broker. However, if you would like to have the highest effectiveness, here is my advice for you: open accounts in at least 2 top brokers and trade with them. After 1 month, the broker that you get more profit rate is better and you can deposit your entire fund to that broker.