BRKV - At the present, I am doing consultancy work for a myriad of traders, who are having more than 2 years in trading with the best forex brokers 2018. They always aspire to work with the top forex brokers in order to ensure the quality and services. This can be a big dilemma, in my opinion, which requires me to make a comparison among different brokers with a view to clearly showing what are the strengths and weaknesses of each broker. From this, traders have more opportunities to fully capture main points of the best brokers. In order to evaluate the rank of best brokers, from my point of view, I will mainly focus on their services and the way they treat their customers. Normally, there are some criteria which enable us to assess what is the best broker such as good care, trading conditions, great tools. Here are some forex brokers with the best quality of services. In addition, we should pay more attention to their reputation and security service which are considered to be two important aspects. To be more specific, I will compare some prominent forex brokers of Asian market which support me to give a specific evaluation such as Exness, Hot Forex, XM, FxPro, and FBS…
1. LOW SPREAD
Spread, obviously, is considered to be a major income for most brokers because they do not charge commission. It would be better to fully understand what the spread is. In reality, it is pretty easy to know more about the spread by distinguishing the difference between the ask price and the buy price. It is true that the majority of traders captivated by low spread, and I will suggest some suitable forex brokers. There are some brokers that can meet the expectation of traders such as Exness, FBS, and Hot Forex; specifically, their spread is roughly 1.1 pip for both currently popular currencies, USA AND EUR. You can click here to know more about the spread of Exness as an example.
2. LOW COMMISSION
In terms of regular accounts, most brokers will not charge commission. ECN account, for instance, is the one that draws much attention of professional and big-budget customers. Apparently, if you are about to have a trading with this service, it requires forex brokers to perform commission because the spread is nearly none. Exness, the best broker, is conducting this duty so as to ensure the profit of traders. In reality, Exness only charges 2.5 USD for each lot traded, which is an ideal number for traders, who are looking for a good broker.
3. MINIMUM DEPOSIT
It is indisputable that beginners who are not interested in a big deposit when they start trading. On the other hand, big brokers, for example FXCM and Forex.com, are applying higher deposit for traders. To make it clearer, they require $ 2000 and % 500 for minimum deposit considered as unexpected numbers for new traders. For some brokers like Exness and FBS, small traders do not need to make a big deposit (only $ 1 minimum) which most traders are fairly keen on. We can check it here for further information about minimum deposit of some brokers.
4. HIGH LEVERAGE
In general, this category does wonder for Asian traders; in terms of Western ones, it is not fairly compatible with. Transparently, some brokers in the United States, United Kingdom and Japan, cannot offer low leverage by dint of several regulations of laws there. It can be a disadvantage for some traders when trading with these brokers. Yet, it is far easier for Asian brokers to give their clients higher leverage because they are not controlled by severe laws of their countries. Here are some brokers who are offering an ideal leverage for their customers.
This is some examples to illustrate this.
Exness: For accounts with less than $1000 and having traded more than 5 lots, the leverage is unrestricted. 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
Withdrawal time is a big worry of traders. When you are trading with domestic brokers, it can be quicker but is not completely trusted compared with international forex traders. Trading with foreign brokers is safer but the withdrawal process requires much time, which is considered to be a real hassle. In fact, in order to save time, choosing the fastest broker is not an easy task. Luckily, Exness is the one that meets the satisfaction of customers because they use machine to perform various duties. Until now, Exness is a leading company of this field. You can check it here.
In order to assess the reputation of best forex brokers, in my opinion, we need to follow three aspects: license, audit, and search traffic
There are some well-known agencies, which are ASIC (Australia), CySEC (Cyprus), FSA (Japan), CFTC (United States), NFA (also United States), and FCA (United Kingdom), that you can totally rely on. But, brokers are not allowed to give best trading conditions (low spread, high leverage, low commission) to their customers on account of the license. It is simply that these agencies require brokers a fixed fee.
If brokers are audited by larger accounting companies such as Deloitte, PWC, EY, and KPMG, they would be more trustworthy. The accuracy and transparency of brokers would be determined by those firms. It is advisable for you to choose a broker with high transparency because of its perks. Up till now, I can show you two companies that are much more reliable than others because they are showing their financial status and relevant information. One of both, Exness is the one that is willing to displays their budget on their website
From my perspective, most searched brokers are getting better and better than ever, simply because they are forced to do it well to attract people come searching for their companies. Some of the best brokers that have higher search on the internet.
The result is based on Google Keyword Planner.
XM: 40,000 search monthly.
Exness: 36,000 search monthly.
FBS: 30,000 search monthly.
7. TRADING VOLUME
The trading volume is a vitally important matter, which ensures the reliability of a broker. Why is it important? In one word, the thousands of traders opt for trustworthy brokers in order to make sure that they will have the safety and credibility.
So here are some of the monthly trading volume of big forex brokers.
Exness: $323 billion a month.
Hot Forex: $280 billion a month.
Forex.com: $185 billion a month.
FXCM: $108 billion a month.
You can click here to know top three highest trading volume forex brokers in the world.
8. CUSTOMER CARE
It is widely perceived that forex market is really sophisticated. The utmost importance of being a good broker is a good customer service. Therefore, a well-rounded broker is the one that are always available for giving a helping hand to their customers when they are in an urgent need.
A good broker therefore should be in charge of taking care of their customers at any time. They should give their clients good services and clear instructions. Most importantly, language is a big barrier in the world, thus broker should support their clients to tackle this problem. There are several big brokers that are implementing good customer care services like Exness, FBS, FxPro, and XM. They are always available for 24/7 and diverse languages. Some good brokers’ customers service for traders.
In one word, making a decision to a suitable broker is not completely an easy task. I myself believe that this article can help you to know more about the greatest brokers. At the same time, you will be able to choose an appropriate one that you really rely on. Certainly, most brokers are the same but they all have their strong and weak points. I thus think that you can make a good decision in order to come to the one which suits you the most.
Hey there, this is Fanara Filippo. I'm the author of this article and i'm currently collaborating with Brokerreview.net, or BRKV in short. My articles are mainly for forex traders from Thailand, Indonesia, India, Bangladesh, and South Africa.