Double Your Income With Top 5 Best Forex Brokers This Year

Traders will get confused about choosing the best forex brokers 2018 to trade with because there are hundreds of brokers at the present everywhere, so we need some criteria to evaluate a broker. After many years of trading with a lot of brokers, I realized that there are some standards to determine a broker: credibility, trading cost, and customer services. Now it’s time for us to take a look at credibility, trading cost, and customer services and get detailed information of those standards.

  • Exness: 9/10
  • HotForex: 8.5/10
  • XM: 8/10
  • FBS: 7.5/10
  • FxPro: 7/10

CREDIBILITY

It’s very crucial to indicate how good the brokers are. Traders need to know that they are safe and reliable to work with. We’re lucky to have the tool which is regulations to determine the credibility of a broker. Regulations are offered by trusted financial organizations around the world. They decide the standards, merits, conditions of a broker. They want traders to be protected from any risk of trading.

In reality, sometimes, a broker has several regulations from various organizations, their trading conditions will be affected. Some examples will be provided: Their spread will be higher. Their leverage will be lower. Their commission will be higher. All factor will affect the low competition when compared to others. The following table will go into detail about regulations of the 5 brokers.

Broker names

Regulations

Exness

CySEC, FCA

HotForex

CySEC, FSCA, FCA

XM

CySEC, FCA, ASIC

FBS

CySEC, IFSC

FxPro

CySEC, FCA, DFSA, FSB

TRADING COST

Trading cost is an important factor in determining how reliable a broker is. Trading cost can be calculated from several factors, but the most important ones are spread, commission, and minimum deposit rate.

By definition, Spread is the difference between the Ask price and the Bid price. It is the most basic trading cost paid for the brokers. Spread is measured in pip. If the spread is high, the trading cost is also high. That’s reason why all traders prefer to trade with the lowest spread brokers. Here is the spread of the 5 best forex brokers:

  • Exness: 0.7 pip
  • Hotforex: 1.1 pip
  • FBS: 1.1 pip
  • XM: 1.7 pip
  • FxPro: 1.7 pip

The condition to open an account is the minimum deposit. Newbie traders tend to put just a little of money in brokers because they know that fact that 90% of them will fail in the beginning. Professional traders care about this factor when they want to try out a new broker. Here are rates of the minimum deposit of those brokers:

  • Exness minimum deposit: $1
  • FBS minimum deposit: $1
  • Hotforex minimum deposit: $5
  • XM minimum deposit: $5
  • FxPro minimum deposit: $500

In common, there are two types of account of each broker: Regular account and ECN account. For ECN account, the spread is almost zero. Therefore, the broker has to charge commission instead of spread, because spread and commission are the main income of brokers. Here is the commission charged by the top 5 brokers for the ECN accounts:

  • Exness: $2.5
  • Hotforex: $6
  • FBS: $6
  • XM: $6
  • FxPro: $45

CUSTOMER SERVICES

There are many problems in forex trading, especially for beginners, because forex is very complicated and vast. Therefore, a good broker needs to be available 24/7. In addition, they should have local offices in targeted countries so that they can help traders as soon as possible.

Moreover, Asian traders aren’t usually confident in English, so it’s wonderful for a broker to support their customers in English and in different native languages. By doing that, they can easily be the best forex brokers in Thailand, Indonesia, Malaysia, Vietnam... Finally, it’s economical for them to cooperate with local banks in some countries so that the transferring and withdrawing cost of traders can be minimized.

From my above-mentioned information, here is a list of the top 5 best forex brokers for your reference in your trading career.

  • Exness: 9/10
  • HotForex: 8.5/10
  • XM: 8/10
  • FBS: 7.5/10
  • FxPro: 7/10