How to get the best forex brokers? One of the advices for you is that making a comparison by looking at the core of the brokers. I think the best forex brokers should concentrate on traders and provide advanced trading conditions instead of just focusing on short-term profit or pay IB more money to attract clients.
Today, in this article, let me give you some reviews of the big brokers, which are based on the reliable information sources as well as my experiences in the forex trading market.
About the licenses of forex brokers
First of all, when it comes to of the security, the forex certificate is considered as an important factor. It can show the standards, capabilities and reputations of the brokers that you are concerning. However, it is not sure that the brokers which have more licenses are better. Some brokers don’t need US and UK license if they only focus on the Asian market and brokers which operate mainly in the US also don’t need to have UK license.
When a broker acquires many licenses, it must offer high spread and low leverage. There are also less trading tools and competition and high requirement deposits.
The support team
Clearly, support team is one of the most important factors that the best forex brokers should have. Most large trading brokers don’t provide local support team for all countries. For this reason, if anything happens, they will not respond as fast as in other markets. The language barrier extend the response time. Many traders are non-English speaker and they find it difficult in explaining their matters in English. Some famous forex brokers that have great customer support are Exness, FxPro, FBS and XM, the best forex brokers in Thailand.
Exness own very effective sale, supporting, and marketing team who is always ready for support the local markets. I think this broker have the best support team. IB network of Exness is excellent. The service is 24/7 and the traders will get the response instantly supposing that they chat with Exness on the website.
Transaction cost here is known as the cost after the traders calculate the spread and commission.
Exness, Hot Forex, and FBS are the lowest spread brokers. If you use regular account to trade, the brokers including Exness, FBS, HotForex, XM and FXTM don’t charge you commission. If you trade with ECN account, they will charge commission as ECN account has nearly zero spread.
The leverage of the brokers
The brokers that acquire many licenses are often less competitive. I will give you information about the leverage of some big forex brokers:
- Exness: Traders even can experience unlimited leverage with the accounts which have under $1000 and have traded over 5 lots. The accounts which have more than $1000 has limited leverage, which is 1:2000.
- FBS: 1:1000
- Hotforex: 1:1000
- XM: 1:888
To my mind, the following list is the ranking of the best forex brokers:
– Exness reviews: 9/10.
– HotForex reviews: 8/10.
– XM reviews: 8/10.
– FxPro reviews: 7.5/10.