The proper comparison of the best forex brokers tends to focus on the customer centric, trading condition thrive to improve, and long-term profit from IB.
Bonus is a trick. Brokers that offer bonus are those less prestige and new on the market. They will drive you to pay them back. The profit from bonus program are risk averse. Thus, large brokers have not many bonuses. Regarding the trusted information, I will evaluate the brokers objectively which give you overview about the best Forex trading brokers.
The best brokers with regulations
The security trading on Forex relies heavily on the regulations, licenses and certifications. It helps to identify the quality, ability and reputation of Brokers. However, having all desired licenses are disadvantage of low leverage, high spread, less trading tool, high required deposit, and less competitive. The certificates of ASIC, CySEC, FSA, CFTC, NFA, NFA are enough. Based on the market, the brokers just need to follow appropriate licenses. So, you should not judge Brokers by certificates.
The best customer support teams
The customer support is an important aspect in evaluating brokers reflecting the response time, local support, language support. For instance, there many traders are inefficient to English and cannot explain their troubles in English. Among the top, the good customer service teams are from Exness, FxPro, FBS and XM.
Exness is outstanding this aspects regarding the local support, IB network and 24/7 service. The FxPro come the last.
The transaction cost – the lowest
After the spread and commission, the charge occurred is the transaction cost.
About the spread, relying on the most popular trading currency pair EUR-USD, the spread of the lowest spread brokers are as below:
- Exness’ spread is 1.1 pip.
- XM and FXTM is 1.7 pip.
- Hotforex spread is 1.1 pip.
- Overall, Exness, Hot Forex and FBS offer the lowest spread
About the commission, while all brokers don’t charge regular accounts for commission, the ECN accounts which is zero spread type are charge as their main income. Exness charges the lowest commission on this account
The brokers with the highest leverage
Leverage is the profitable tool for traders. While the brokers with many licenses offer low leverage, traders prefer the high leverage ones. These are the best leverage brokers.
Exness: accounts under $1000 and over 5 trading lot are unlimited leverage. The accounts more than $1000, the leverage is 1:2000.
- FBS: 1:1000
- HotForex: 1:1000
- XM: 1:888
The best brokers with their account premium
Minimum deposit is usually required high amount from the big brokers, like $2000 minimum from FXCM. However, small traders cannot comply with this requirement. So, here are the preferable low minimum deposit rate.
- Exness: no minimum
- FBS: $1
- HotForex: $5
The rank of brokers relies the above criteria as below
- Exness reviews: 9/10 .
- HotForex reviews: 8/10
- XM reviews: 8/10
- FxPro reviews: 7.5/10
This review is due to my experience. However, I suggest that you should open account in at least 2 brokers to have a comparison. The one that you earn more profit is suitable to your trading strategy. You can deposit all money there.