THE UNIQUE ARTICLE MEETING READERS’ EXPECTATION – FOUR CRITERIA FOR THE BEST FOREX BROKERS

Trading in a complicated environment like the forex market will be easier than ever if you can find the best forex brokers to trade with. As traders invest lots of money, even their entire assets in trading, looking for trusted forex brokers is more and more important. As usual, you might search the phrase “best forex broker” when you were new traders. Then you might find several famous brokers, start trading and change brokers. That is similar to me when I was beginners.

After a long time of trading, I realize that there exist no brokers that can be perfect for all traders in the world. In fact, some brokers are really good for experts but beginners. Some bring benefits for scalpers but risks for long term traders. Some are suitable for Asian but American.

If you are now feel confused about such questions as what the criteria of the best forex brokers are, whether dealing desk brokers or non-dealing desk brokers are better, etc., this article is for you. In this article, I will give you a deep understanding about the standards of the best forex brokers so that you can choose a good one to trade with after that.

Before detailing, I would like to show you a brief summary of the article as below:

Defining factors of top best forex brokers

  1. Reliability: regulations, historical activities
  2. Trading expenses: spread, commission, slippage, bonus, payment methods
  3. Trading conditions: quotes, trading platforms
  4. Local support: offices, availability

List of top 5 best forex brokers in 2019:

-Exness: 9/10

-Hotforex: 8.5/10

-FBS: 8/10

-XM: 8/10

-FXTM: 7.5/10

Now let’s learn about the specific details.

  1. RELIABILITY:

Based on six following elements we can decide whether or not a broker is trustworthy.

– Regulations

– Historical activities

– Scale

– Offices

– Time of foundation

– Accounts

Out of these factors, regulations can be said to be the most important one. In order to get the regulations from trusted financial organizations, brokers have to reach many requirements and standards. As far as I know, these are the reliable regulations: CySEC, FCA, IFSC, FSB, etc.

Considering only the regulations are not sufficient to evaluate a broker. We should also read the past reports of that brokers to see whether it has scams or something like that. By doing so, we can learn its professionalism and credibility through the way it dealt with incidents and handled the situations.

Here is the list of three most trusted brokers:

-Exness: 9/10

-HotForex: 8.5/10

-FBS: 8/10

  1. TRADING EXPENSES:

A perfect broker should have low trading costs. The whole trading expenses are calculated by adding such elements as spread, commission, deposit or withdrawal fees, bonus, slippage and swap.

The difference between the Ask price and the Bid (or Buy) price of a currency pair is called the spread. Spread are measured in pips and can be tight or wide. 15 pips are considered wide spread while 0.5 pip is tight spread. As the higher the spread is, the higher the trading cost will be, you ought to choose the brokers offering the lowest spreads.

Forex brokers include two types: dealing desk and no-dealing desk. Dealing desk brokers get quotes from the liquidity providers, and then add the transaction fee to those quotes. Like dealing desk brokers, the non-dealing desk ones also get quotes from the liquidity providers. However, they don’t add the spread to such quotes, making their spread nearly zero. As a result, they have no choice but charging commission to get income.

Click here for the best ECN brokers.

Another factor that has an impact on the total trading costs is slippage or swap. Slippage means the dissimilarity between the expected price and the price you actually get of a trade. It can be controlled by the brokers and happens most clearly when the market has high volatility.

Below are three brokers offering the lowest trading expenses:

– Exness

– HotForex

– FBS

  1. TRADING CONDITIONS:

The most significant element for considering the trading conditions is leverage, a tool that most brokers around the world prefer. Leverage is defined as a trading strategy of using the money you borrow in order to multiply the profits you may get after a transaction.

There exist two kinds of leverage including account’s leverage and trading leverage. Here I am mentioning about the account’s leverage which is the higher the better. Leverage is important, but it is not the deciding factor for your success in trading forex. Those really critical are your trading tactics, knowleverage, and discipline which you can gain by practicing.

Now I will give you a list of the brokers with the best leverage:

– Exness: No limit

– HotForex: 1:1000

– FBS: 1:1000

  1. LOCAL SUPPORT:

Looking for a broker who can help you with the problems you encounter when trading is really necessary. That broker needs to set up an impressive support team that are available for customers 24/7. Also, it should have regional offices in target countries because communicating in person is always better than via phones or emails. In addition, they should not support only in English as just some traders are good at English. Instead, they had better support in other languages like Chinese, Vietnamese, Thai, etc. (Click here for the best brokers in Thailand: โบรกเกอร์ forex ที่ดีที่สุด).

Live chat is supposed to be the most common means of supporting all brokers use. By entering brokers’ websites, you can immediately talk to the brokers whenever you want. You can also find their phone numbers to call them when you need help.

Here are three brokers that have the best support teams:

– Exness: 18 languages, serving 24/7

– XM: 23 languages, supporting 24/7

– HotForex: 27 languages

This is the end of the article. I believe it can give you enough information for your clear understanding about the four standards of top best forex brokers in the world. Also, I hope you can find a good broker to trade with. For more details, please visit our website. Thanks for reading.

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