To make a proper comparison, one needs to see the core of forex brokers. The very best ones usually are more focused on their traders. When you pick one, never get tricked by the bonus, as you will just pay it back eventually. Now, let’s see the standards we will be using.
The ones with the best staff for support
This is indeed one of the more important criteria to consider when picking a broker to do trades with. Since large brokers usually don’t place support offices locally for all countries, they will be slower when responding to problems. Furthermore, the response time will also be extended due to the barrier in language. After all, it is not uncommon for traders to have problems expressing themselves in English. Thus, I consider the response time and availability of the brokers’ support staffs important criteria in deciding whether or not they are good.
Famous international brokers with great support teams are XM, FBS, FxPro, and Exness, the best forex brokers in Thailand.
The ones with the lowest cost for transactions
Transaction costs are the number you get after calculating the commissions and spreads. Us traders always want the cost to be as low as it can be as these small-looking costs can become quite a big sum once they are added together. For a broker, the spread and the commission are their main incomes.
Due to the disadvantages of the regulations, UK and US brokers cannot have high bonuses and leverages. In addition, they have to pay an additional fee for the regulation. That is the reason they charge more spreads and commissions.
- If you trade in Asia, Exness is good
- If you trade in Africa, XM or FxPro are good
- If you trade in the US, Forex.com is good
- If you trade in Europe, XM, Exness, or FxPro are good
Why should traders concern about the minimum deposit a broker offers? The answer is dependent on what the trader is aiming for. Some beginners want practices in some real conditions but they don’t want to throw away too much money. That is why they would like a broker which needs little deposit as their starting point. Now, the process of changing to a new broker has always been a pain for long-term traders. Unlike the newbies, they must consider a lot of factors before making a change. Thus, they would need to test out all the features that a broker is offering such as the fees, payment systems, execution speed, spread, etc. before deciding to work with them. Thus, as they will need to test with a lot of brokers, they will not want to deposit too much cash.
These are actually quite important. If there is already one in your country, you should choose brokers who have it. However, in the case there is none, then no matter what number of licenses a broker has, they will not protect you. If this is true, you should just pick a broker that has just one trustworthy regulation, as just one is sufficient. The regulation can be CySEC, Singapore, Hong Kong, JP, AU, UK, and the US. Those are all trustworthy regulations.
- Exness has FCA and CySEC regulations
- HotForex has FCA, FSCA, and CySEC regulations
- XM has ASIC, FCA, and CySEC regulations
- FBS has IFSC and CySEC regulations
- FxPro has FSB, DFSA, FCA, and CySEC regulations
After considering all the criteria, I can now rank the best forex brokers as follows:
- FxPro: 7/10
- FBS: 7.5/10
- XM: 8/10
- HotForex: 8/10
- Exness: 9/10
You should remember that this is only a ranking that is based thoroughly on my personal experience. In truth, each of these brokers has their own advantages and weaknesses.