Traders need to look at the main features of forex brokers. To be more precise, the best forex brokers have to focus on their traders, developing trading conditions to help traders instead of focusing on on short-term profit or pay IB more money to attract customers.
In this article, I would give you some reviews of the best forex brokers that I think are superior.
The forex broker has the most license
The forex certificate is considered as one of the most important factors when speaking of security. It show not only standards, capabilities but also reputation of a broker. Nonetheless, providing that you attach much importance to the forex certificate, there will be some disadvantages. Some brokers only focus on the Asian market and they do not need US or UK licenses so having more licenses does not mean that the broker is better the others. In the same way, brokers which operate mainly in the US do not need UK license.
The major drawback of having many licenses is that the brokers must provide low leverage, high spread, less trading tools, less competition and also high requirement deposits. Hence, please do not judge a broker only by its licenses.
Which forex broker offers the best account types?
Big forex brokers often require big deposit amount. It is not a good idea for most of small traders. To give you an example of what I mean, FXCM asks for clients a $2000 minimum deposit while this amount of Forex.com is 500$. Small traders tend to prefer lower minimum deposit rates. Besides, Hotforex’s minimum deposit is $5 this amount of FBS and Exness minimum deposit is 1 dollar. On the other had, Exness does not need minimum deposit.
The forex brokers have the lowest transaction cost
Transaction cost here is the cost after traders have calculated the spread and commission.
About the spread
The most popular currency pair is EURUSD. The spread of the brokers including Exness Hotforex, FBS are lowest, which is is 1.1 pip while that amount of XM and FXTM is 1.7 pips.
All of above-mentioned brokers don’t charge commission for regular accounts. However, they charge commission for ECN account since the spread of this account type is nearly zero. Commission is the main income the brokers get from ECN accounts.
ECN account of Exness offer low commission cost, which is only $2.5 for each lot. This is the lowest rate that no other competitors can offer.
The forex brokers have the highest leverage
The reason why British, American, Japanese licensed brokers often offer low leverage is that they have to comply with these licenses of these countries. As I have mentioned above, brokers which have many licenses are often less competitive. Among famous international brokers, this is the list of the forex brokers which have the best leverage:
- XM: 1:888
- FBS, Hotforex: 1:1000
- Exness: The leverage is unlimited on the condition that traders use accounts that have under $1000 and have traded over 5 lots. The leverage is 1:2000 supposing that traders trade with accounts that have more than $1000.
The forex broker has the best support team
The outstanding international brokers that have good support team include: Exness, FxPro, FBS and XM.
Exness reviews show that it is one of the brokers which have the best support team. This broker support clients 24/7. It offers strong sale, supporting as well marketing team who is always available to the local markets. Moreover, this broker has effective IB network. Thus, assuming that traders have any problem, just chat with them on the website, and they will get the response instantly.