Don’t let the bonuses affect you when choosing a forex broker because eventually, you’ll have to pay it back. Usually, all large forex brokers on the world offer very little bonus.
Only brokers with less prestige or new brokers offer that many promotions.
In order to help you easily choose a suitable broker, I write this article to give you an overview of the forex trading brokers who are currently providing services.
- BROKERS WITH THE BEST SUPPORT TEAM:
To determine which brokers are perfect, the first criterion we should consider is their support teams. The advantages of the support team are that they can solve the sudden problems in regional offices as well as the language barrier.
Here are some well-known international forex brokers that have good support team: Exness, FxPro, FBS and XM.
The support team of Exness reviews is considered to be the best one. They have strong sale, supporting, and marketing team always available to the local markets. They also support clients 24/7.
- BROKERS WITH THE BEST LICENSE:
Licenses are important as they represent standards, capabilities, and reputation of a forex trading broker. However, if a broker has too many licenses, there will be many disadvantages. The major drawbacks of having many licenses are that they must offer low leverage, high spread, less trading tools, high requirement deposits, and less competition. Thus, only one of the following forex licenses is good enough: ASIC, CySEC, FSA, CFTC, NFA, NFA.
- BROKERS OFFERING THE LOWEST TRANSACTION COST:
- Comparison of their spread:
Exness’ spread is 1.1 pips.
XM and FXTM is 1.7 pips
Hotforex spread is 1.1 pips
From the comparison, we can infer that Exness, Hot Forex, and FBS have the lowest spread.
- Comparison of their commissions:
They don’t charge commission for regular accounts. They only charge commission for ECN account because ECN spread is nearly zero.
In the top 5 ECN brokers, Exness is leading in term of low commission cost which is only $2.5 for each lot – the lowest rate no other competitors can offer.
- BROKERS PROVIDING THE BEST ACCOUNT TYPES:
In this filed, big forex brokers are inappropriate for small traders as they often ask for big deposit amount. Thus, brokers with lower minimum deposit rates will attract such small traders.
– Exness does not require minimum deposit.
– FBS minimum deposit is 1 dollar.
– Hotforex minimum deposit is $5.
- BROKERS WITH THE HIGHEST LEVERAGE:
Below are the forex brokers whose leverages are the best:
– Exness: Unlimited. For accounts that have under $1000 and have traded over 5 lots, you can experience unlimited leverage. For accounts that have more than $1000, the leverage is 1:2000
– FBS: 1:1000
– Hotforex: 1:1000
– XM: 1:888
Summary
This is the rank of the best forex brokers based on the above standards:
– Exness: 9/10.
– HotForex: 8/10.
– XM: 8/10.
– FxPro: 7.5/10.
This rank can help you to select the best forex brokers for yourselves. However, whether a broker is good for you or not depends not only on that broker itself but also on your trading strategies and some other factors. So, my suggestion is that you should open accounts in at least 2 top brokers. And you should trade at those 2 brokers. After 1 month, the brokers that you get more profit rate are better and you can deposit your entire fund to that broker.
