What should the best forex brokers have? Reliable licenses, great support team or lowest trading cost? You will know it all after reading this article, which is about some standards of the best forex brokers.
Should the best forex broker need many regulations?
When a trader choose a broker, they often check whether it has a reliable regulation or not since it is an important part of forex system and it can indicate which rules that broker follows. Some brokers believe it is better to have more than one licenses but the fact is they just need one license of the country they mainly focus on. That is one of these trusted licenses: ASIC, CySEC, FSA, CFTC, NFA, NFA.
The best forex brokers don’t have to obtain many licenses since it just makes more limits to them. Instead, one good regulation is enough for the best broker.
Should the best forex brokers have the great customer service?
The best forex brokers know how to serve and support their clients by building a great support team. They can solve the problem for the customers instantly and fast while making sure that their clients are fully understanding with their languages. This is now one of the standards for the best forex broker.
In this term, Exness reviews say that they do the best among other top brokers such as FBS, XM or FXPro. It has great team with timely and instant help. It has many languages which can help traders from many countries.
Should the best forex brokers have the lowest trading cost?
There are spread and commission in regard to the cost of transaction.
About the spread, we are now considering EUR/USD trading as it is the most popular. These are the spread of some brokers in the market:
Exness’ spread is 1.1 pips.
XM and FXTM is 1.7 pips.
Hotforex’s spread is 1.1 pips.
It could be seen that Exness, Hot Forex, and FBS have the lowest spread of all.
About commission, we are just seeing the ECN account because regular accounts dont have commisson. Moreover, spread of ECN account is nearly uncounted and so, commission is the main income of ECN. In this term, Exness’ commission is only $2.5, which is the lowest in the market.
Should the best forex brokers have the highest leverage?
Traders get attracted by the high leverage and that is the reason they dont really like to trade with brokers from US, UK and Japan. Those brokers often provide the low leverage because of their regulations in their countries, which makes them less attractive to traders. Folowing are some brokers with good leverage:
– Exness: 1:2000 when the account is more than $1000 and unlimited when it gets under $1000 with more than 5 lots traded
– FBS: 1:1000
– Hotforex: 1:1000
– XM: 1:888
Each account type of the best forex broker
There are types of account for both small traders and big ones in the market. Often, big traders work with big brokers as they deposit a lot of money, while those brokers’ minimum deposit required is also a lot. For example, FXCM requires $2000 and Forex.com requires $500. Meanwhile, there are suitable brokers for small traders as below:
– Exness minimum deposit is $1.
– FBS minimum deposit is 1 dollar.
– Hotforex minimum deposit is $5.
Conclusion
Each trader should choose for their own a suitable broker based on their trading strategies and their trading plans because there is no “best forex brokers” for all traders. Following is the list of top brokers that are highly recommended:
– Exness: 9/10.
– HotForex: 8/10.
– XM: 8/10.
– FxPro: 7.5/10.
