Which are the best forex brokers in the market? It might take a while to answer this question because it is actually the most suitable forex brokers for each trader. However, there are common standards to see if the broker is good or not. Let’s take a look in this article.
The trusted regulation
Regulation is the license from trusted financial organizations to control the forex brokers and therefore, it could protect traders and makes them safe. However, some countries have regulations and some don’t, in the case that your countries don’t have any regulation, you have to choose the brokers with one trusted license, which is also enough. These are the forex brokers with reliable regulations which are from US, UK, AU, JP, Hong Kong, Singapore, and CySEC:
|2||Hotforex||CySEC, FSCA, FCA|
|3||XM||CySEC, FCA, ASIC|
|5||FxPro||CySEC, FCA, DFSA, FSB|
The excellent support team
In addition to the regulation, customer service is also important. As traders often find difficulties and trouble when they join in the market, it is necessary to have the instant and helpful team. They will guide beginners from the first step, help traders with their problem and support 24/7. They also have to provide many languages supported since not all traders are good at English. There are also regional offices of the best forex brokers, which are mostly in China, Thailand, Indonesia, Malaysia, and Dubai…
If the countries don’t have the local offices of brokers, there need to be much support via telephone and online with native languages. As it is mentioned above, not all traders are good at English, especially South African and Asian traders. Exness is one of the most supportive brokers in the market, which is featured in the Exness reviews article. Here is the list of supportive brokers, which are also the best ECN brokers:
– Exness supports 18 languages 24/7.
– XM supports 23 languages 24/7
– Hotforex support 27 languages
– FxPro and FBS support 19 languages
The low trading cost
Most traders, especially experienced ones, care about the trading cost, which includes spread and commission. It could be a small amount at the beginning but will become bigger and bigger after long time trading. There is a disadvantage of US and UK regulation because it makes their brokers offer low leverage/bonuses but high cost of transaction. That’s why some traders don’t prefer these brokers. Accordingly, these are some brokers for your recommendation:
– If you are ASIAN seller, Exness is the best brokers for Scalpers.
– If you are Africa sellers, XM and FxPro are the best.
– If you are US sellers, Forex.com is the best
– If you are European sellers, XM, FxPro and Exness are the best.
There are some types of account, which require different amount of minimum deposit. Beginners are advised to trade with Cent/Mini account because this is the time when they practice and learn about forex, so they want as small amount as possible. Besides, experienced traders also prefer minimum deposit when they get started at a new broker to test the trading strategies, trading conditions; Exness accounts are also suitable for many kinds of traders. On the contrary, ECN traders who often work with the best ECN account are mostly experts and high experienced traders; they care more about the profits and the reliability of the brokers.
– FBS and Exness minimum deposit is $1.
– XM, Hotforex minimum deposit is $5.
Below are the best forex brokers that might fit your trading strategies and conditions, each has their own scores:
– Exness: 9/10.
– Hotforex: 8/10.
– XM: 8/10.
– FBS: 7.5/10
– FxPro: 7/10.