Traders anywhere have the same wonder that which broker are the best and sometimes they think the biggest brokers are the best brokers. But the truth is that brokers have their advantages and disadvantages depending on their trading targets like if they are scalpers or long last traders and if you are from Asia or Europe and Americas… That means there are no best forex brokers but the most suitable brokers.
In order to figure out the most appropriate brokers for your trading, traders need to focus on some main elements such as their standards, the broker types that fit them, like Dealing Desk or Non-dealing Desk, the account types they should choose and where the brokers are from. These elements to find out the best brokers for you are also the main things that are going to be explained as below.
Best brokers qualify some standards
– Trading condition:
- good in quotes
- trading platforms
-Trading fees:
- Low spread
- Low commission
- Low slippages
- Good rebates and bonus
- Low swap
– Reputation
- Regulation
- Activities through time
– Support service
- Local support
- Local offices
- Availability
From all the aspects investigated, here I can summarize top four best forex brokers who can prove their performance through the year
- Exness: 9/10.
- HotForex: 8,5/10.
- FBS: 8/10.
- XM: 8/10.
- FXTM: 7/10.
Click to see Exness reviews.
Low level of trading fees
Trading fees include mainly spread, commission, swap, slippages, deposit and withdrawal charge and also bonus and rebate.
Spread is usually cost by dealing desk brokers who combine spread with quotes they get from liquidity providers. On the other hand, non-dealing desk brokers make no changes to the quotes they get; therefore, their spread is almost one at all. However, to gain benefit and revenue, they still have to pay commission. Commission fees are dependent on various brokers. So, traders should choose the lowest to save fee funds.
Spread in general is the balanced between ask and bid prices for certain pair of currency. If the spread is big like 10 pips this is seen as the far spread; in opposite, 0,2 pips, for example, is close spread. Spread has a big effect on total charge, so, traders need a low spread brokers to save more money.
Besides spread, swap or slippages are also usually confronted by traders. Traders deal with slippages when there are differences between price they made and the real price in the markets when the orders are made. The differences happen when in the market, the unstable situation happens with the economy. The volatility can be managed by brokers, so the brokers with high technique to deal with this situation can be chosen more.
Their trading condition is convenient
When talking about trading condition, leverage is more concerned than others. Some may be afraid that high leverage can be a danger but the main point is that leverage varying following the account types not just the brokers. And leverage has the advantages to add up the profit from the amount you loan from the brokers. Therefore, leverage is pros that are preferred by most of the brokers. On the other hand, your trading strategy is also important for how to use the leverage and choose the high leverage. So, it is not all about the leverage that decides on your success.
They can prove that they are reliable
There are a lot of proofs that traders can base on to decide if the brokers are reputable or not. Some main factors that are worth considering are: history of performance, certifications, office of supporting, account kinds, set operation, the level of their business.
To check their incredibility, traders also need to look at their activities for a very long time ago, which is from when they were established to see how they fulfilled and run their business because in the process there may be the scam reports the accidents that can express how they settle down the situations.
And the most crucial factor is about their regulations that they gain from being checked to be the authentic business and perform the best service according to the standards of some financial organizations that have the authority to issue the licenses to the brokers. The most trustful license now can be recognized are CySEC (from Cyrus), FCA (UK), or IFSC, FSB (South Africa)…
Their service is supportive
Service here is understood as the helping tool that traders can contact for any problems or any questions they get about trading. It is easy to express their issues directly not just through emails, phones…. The best support service can qualify this need and also they can help traders to communicate about their wonders by their own languages not just English, which is not too familiar with some brokers from some countries, especially, Asian countries, like Thailand, Vietnam, Indonesia… (Click here for the best forex brokers in Thailand). This also points out that traders are from many different parts of the world to contact with brokers, so the best service can be reached at any time of a day, and one of the helpful tools for them to discuss with brokers is through live chat and phone that can be easy to install and get the number on their websites.