You want to find the best forex broker, but you don’t know how to do? Don’t worry. All you need to do is just looking at the core of the brokers and making a comparison. The best forex broker will concentrate on traders and help traders win money by improving their trading conditions. They do not focus too much on short-term profit or paying IB more money to attract customers’ attention.
If you would like to become a smart trader, I have a sincere advice for you: Never let the bonus control you when choosing a forex broker, because you finally will have to pay it back. Usually, only brokers who are new or not prestigious offer that many promotions. Trading with such brokers is really risky as when you invest, the more profit you get, the riskier you are. Hence, all outstanding forex brokers on the world offer very little bonus.
Trying my best to use the reliable information sources and sometimes my own objective opinions, I hope this review can give you an overview of the forex trading currently providing services.
1. WHICH IS THE FASTEST-DEPOSIT-SPEED FOREX BROKER?
When talking about deposit speed, Exness can be said to be the best one. Thinking about your trading strategies is not as problematic as waiting for the deposit from brokers. While domestic forex brokers are unreliable, foreign forex brokers trade in longer withdrawal time. In a nutshell, both have their own upsides and downsides.
Back to the question: Why does Exness has the fastest deposit speed? That’s because of an automatic withdrawal system with zero human intervention. Also, Exness provides many convenient local payment systems. You can deposit $1 from your phone within only 30 seconds with no fee at all. That’s the reason why most traders prefer Exness.
2. WHICH FOREX BROKER HAS THE MOST TRADING VOLUME?
In this field, I only review the most popular forex brokers supporting Asian traders. They are Hot Forex, Exness, FxPro, FXCM, FXTM, and XM.
Exness.com: $323 billions /month.
Hotforex.com: $280 billions/month.
Forex.com: $185 billions/month.
FXCM: $108 billions/month.
You ought to consider the trading volume so that you can know why many foreign traders like to trade in these brokers. If the world traders trust them, then why shouldn’t you?
3. WHICH IS THE MOST LICENSED FOREX BROKER?
The forex certificate is very significant when mentioning about security as it is the standards, capabilities, and reputation of a forex trading broker. However, it is not a good idea to consider sorely on the forex certificate. We cannot judge whether a broker is better than others based on the quantity of his certificates. For instance, if a broker only concentrates on Asian market, he will not need US or UK license. And if he operates basically in the US, then an UK license will not be necessary to him. Thus, I suppose only one of the following forex licenses is enough: ASIC, CySEC, FSA, CFTC, NFA.
When brokers have many licenses, they will offer low leverage, high spread, less trading tools, high requirement deposits, less competition… So do not judge only by the license. Just one trusty license is enough.
In this category, I do not mention any brokers because most international brokers have at least one license.
4. WHICH FOREX BROKER HAS THE BEST SUPPORT TEAM?
One of the leading criteria when considering a forex trading broker is the support team. Most prestigious brokers do not have local support team in all countries. Hence, when a problem happens, they will not respond as fast as in other markets. Moreover, because of the language barrier, traders sometimes cannot explain their problems in English fluently, which leads to the extension in the response time. As a result, to know the capabilities of a forex broker, we need to look at the availability of the support team and their response time.
Exness, FxPro, FBS and XM are the outstanding international forex brokers with good support team.
Exness can be said to be the best support team with very strong sale, supporting and marketing team always accessible and ready to the local markets. Also, they have very strong IB network and support customers 24/7, so you can contact them on their website anytime you are in trouble. They will respond you straightaway.
5. WHICH FOREX BROKER HAS THE LOWEST TRANSACTION COST?
Transaction cost here means the cost after you calculate the spread and commission.
To see which forex broker provides customers with lower transaction cost, I will compare their spread first and then their commissions.
_ The comparison of their spread: EURUSD is the most common currency pair. Thus I will give you a comparison of its spread among these forex brokers:
Exness’s spread is 1.1 pips.
XM and FXTM’s spreads are 1.7 pips.
Hotforex’s spread is 1.1 pips.
FBS’s spread is 1.1 pips.
Through this comparison, we can see that Exness, Hot Forex, and FBS have the lowest spread.
_ The comparison of their commissions: All those brokers only charge commission for ECN accounts as it nearly has zero spread which is the main income they get.
For ECN account, Exness has no competitor regarding low commission cost because they charge only $2.5 per lot.
6. WHICH FOREX BROKER IS THE RICHEST?
“Rich” here I mean the generous promotions they offer. XM is willing to pay a lot of money in form of contests. For example, they currently offer a-million-dollar prize contest and spend millions of dollars on banners to attract people everywhere.
7. WHICH IS THE MOST CELEBRATED FOREX BOKER?
In this section, who the winner is depends on the times people search them.
I will use the help of Google Keyword Planner to check it.
No.1: XM.com: 40,000 search monthly
No.2: Exness.com: 36,000 search monthly
No.3: FBS.com: 30,000 search monthly
8. WHAT BROKERS OFFER THE HIGHEST LEVERAGE?
Leverage is the tool most traders in the world love. Because of having to abide these licenses of their countries, British, American, and Japanese licensed brokers often offer low leverage. That’s why I mentioned above that the more licenses brokers have, the less competitive they are. Followings are some international forex brokers with the best leverage:
Exness: No limit for accounts under $1000 and traded over 5 lots. For those over $1000, the leverage is 1:2000.
FBS: 1:1000
Hotforex: 1:1000
XM: 1:888
9. WHICH FOREX BROKER HAS THE BEST ACCOUNT TYPES?
Large forex brokers will require large withdrawal amount and hence, it is inappropriate for most small traders. For instance, FXCM requires a $2000 minimum withdrawal and $500 for Forex.com. Usually, small traders like lower minimum withdrawal rates.
Exness does not ask for minimum withdrawal.
FBS minimum withdrawal is $1.
Hot Forex minimum withdrawal is $5.
10. WHICH FOREX BROKER IS MORE TRANSPARENCY?
Transparency is very capital because of the complicated forex market. Since scam brokers are a lot out there, choosing a transparent broker is necessary than ever. It is the first step to succeed, and it will ensure you that transparent brokers will allow you withdraw money when you win and it has no manipulations.
The only two transparent brokers are Exness and FxPro. You can learn their financial information on their websites easily. However, Exness seems to be more transparent as you can check their fund in bank. Exness currently has about 151 million USD in bank, which is four times bigger compared to their clients’ withdrawal.
WITH THE ABOVE CRITERIA, THE BEST FOREX BROKER CAN BE RANKED AS FOLLOWS:
Exness: 7/10.
XM: 7/10.
FxPro: 6.5/10.
Hotforex: 6/10.
FBS: 5/10.
This ranking in terms of the best forex broker is based on my own experiences. Because each broker has his own upsides, I suggest that you’d better open accounts in at least 2 best forex brokers and trade at that 2 brokers. After a month, the broker bringing you more profit rate will be the better one and you can withdraw your entire fund to them.
