Forex trading has become very popular in the world right now. The forex market has become the largest market in terms of trading volume. Everybody is trading forex. And of course, they all want to trade with the best forex brokers.
To become the best forex broker in the forex trading, brokers must meet the standards which will be figured out in this article. They are also pocket secrets for traders when choosing a reliable and good broker to work with. Accordingly, I can recommend the top 3 as the following:
9/10 XM: 8.5/10 HotForex: 8/10
THE STANDARDS OF THE BEST
There is no exact definition of ‘the best’ but with the following key components, things would probably be easier for you to obtain great success:
- Trading cost
- Trading conditions
- Payment System
- Customer services
All relationships are sure to be broken without the reliability. Same to the forex trading, credibility cannot be lack between brokers and traders. Currently, brokers grow like mushrooms after rain, traders have lots of choices with ideal benefits. So how to keep customers’ trust in the forex field? Regulation is the answer.
Brokers are evaluated and controlled through regulations or licenses. However, not all regulations are good, or brokers with many regulations are the best ones. The note here is trusted regulations which are granted by authorized organizations. CySEC and FCA are the best, especially in Asia and Africa.
Here are the regulations of my favourites:
- Exness: CySEC, FCA
- XM: CySEC, FCA, ASIC
- HotForex: CySEC, FSCA, FCA
Years of function can also prove the trustworthiness, traders can find out more about brokers’ history on the internet, their acts through hard times, and scam reports – if there are any, and so on. All brokers that we mentioned have more than ten years of services, with the good reputation of time.
From another aspect, it’s worth noting that the significant result shows good accomplishment and also the number of traders who lay their trust in such following names:
- Exness is the largest retail forex brokers with the highest trading volume last month $400 billion.
- XM’s trading volume is second with $320 billion updated.
Moreover, these three brokers current target is the Asian continent, so better the customer care in the regions
This standard includes spread, deposit rate, and commission which are the most essential for traders to pay attention to. For people who are interested in the forex trading, those terms are not new, or you can find their meaning on the internet.
The thing traders need to notice here is that the lower those items are, the more profits and benefits traders can get. The spread is measured in pip, if pip is small, it is preferable. The commission is a kind of fee brokers charge their customers via each transaction because they need to have income. It is better to choose brokers who charge this fee cheap. Besides, the minimum deposit should be low also, especially for beginners. Beginners are afraid of losses, and experts need to test brokers first before giving a decision. For that reason, the minimum deposit fee is very important when traders open accounts.
Here traders can check the spread, commission charge and the minimum deposit of the best brokers I have suggested:
The spread of the most common currency pair – EUR/USD:
- Exness: 0.7 pip
- XM: 0.7 pip
- Hotforex: 1.1 pips
Commission charge for ECN accounts (because this account is zero spread, the commission is higher than other accounts):
- Exness: $2.5
- Hotforex: $6
- XM doesn’t have a true ECN account.
- Minimum deposit rate:
- Exness: $1
- Hotforex: $5
- XM: $5
Regarding the trading conditions, each broker provides various context as well as account types. The regulation can only assure you that the regulated brokers are safe, it doesn’t mean that traders can always succeed. You need to understand the games’ rules and also figure out the suitable strategy of yours with each broker, so read things carefully. Otherwise, the failure is an inevitable future.
As mentioned above, for forex traders in Thailand, US and UK brokers have disadvantages in the geographic distance so the direct support, and more than that, the trading conditions are sort of tight, which make things more difficult to currency trading in Asia countries.
Concerning the trading platform, the MT4 and MT5 are the popular and potential emerging forex trading platform. However, for Window OS like XP and Vista, these two are not compatible, so another problem that Asian traders must encounter. From our list, FxPro and XM open great integrated platforms with fascinated tools that compatible with any operating system, from desktop to mobile app, even tablet and web-terminal.
The payment system and local support directly affect traders from any regions. Clean and safe connection with local banks support is the plus that improves the execution speed and acquires traders’ needs. Mentioning the fast services, Exness and XM find no rivals. Under the sponsorship with Usain Bolt the lightning, XM provide winged services with safe guarantee. From Exness, all transactions are instant, there is no wasted second, admired by the community of traders globally.
As I said above, there are important factors to evaluate a broker to consider whether it is the best one. So the first thing I would prefer is customer services. It is clear that customers never want to throw their trust out of the window with bad brokers. If brokers want to keep and even push their rank in the race, they have to focus on customer services.
The forex trading is coming to Asia and Africa; therefore, traders are unfamiliar with its operation. Traders need support as much and well-timed as possible. In other words, they prefer brokers with 24/7 support so that they can ask for help anytime, even at midnight.
Besides, face-to-face conversations are always the best method to solve all matters. It means that local offices should be built. Traders cannot wait for a phone call to explain their troubles while both parties might not understand each other. One another mean to be invested is a website where traders can go to update news, promotions, or get assistance when they cannot make a call.