General

BEST 5 FOREX BROKERS IN 2019

As you all know, we are always looking for the best in every single thing. Traders are no exception; they need the best forex brokers. But what are the best forex brokers? What are the standards that we use to judge a broker whether he or she is good or not? Having traded with many brokers in my life, I am now confident to say that there are three most reliable standards you need to find in a broker: credibility, trading cost, and customer services. Here is my list of top five forex brokers that are most suitable for those standards:

– Exness: 9/10

– HotForex: 8.5/10

– XM: 8/10

– FBS: 7.5/10

– FxPro: 7/10

CREDIBILITY

Safety is what traders need in every transaction. They have to make sure whether it is safe to trade with the broker or not. And what can be used to evaluate the credibility? In my opinion, it is regulations. Regulations are given by trusted organizations and companies all over the world. They are the scale measuring the standards, merits, conditions of a broker to protect traders from any risk that could happen. Nevertheless, having too many regulations from different organizations will somehow affect the broker’s trading conditions. Obviously, it will turn into the fact that the broker will be less competitive, while others don’t. Therefore, I believe that a broker only needs a few worthiest regulations from the most trusted organizations.  In the table below are the regulations of those five brokers I have talked about earlier, of course, they are reliable:

Broker names Regulations
Exness CySEC, FCA
HotForex CySEC, FSCA, FCA
XM CySEC, FCA, ASIC
FBS CySEC, IFSC
FxPro CySEC, FCA, DFSA, FSB

TRADING COST

After that, the second thing you need to focus on is the trading cost. It is very important in your business; you don’t want to waste too much money on them. The cost consists of these most vital factors: spread, commission, and minimum deposit rate. Spread is the first concern; it is the difference between the Ask price and the Bit price, measured in pip. The smaller the spread is, the smaller the cost. Basically, all traders want the spread to be as low as possible. These are the spread of five brokers I mentioned above:

  • Exness: 0.7 pip
  • Hotforex: 1.1 pip -> HotForex reviews.
  • FBS: 1.1 pip
  • XM: 1.7 pip
  • FxPro: 1.7 pip

Next, we will consider a commission. The commission is a form of payment that brokers get from traders. These two types of fees are the main earning of brokers. Like spread, traders wouldn’t want the high commission fee. Therefore, the ECN account ( Electronic Communications Network ) of each broker which having an approximately zero in the spread is needed. However, in this method, broker charges commission not spread itself. So what is the commission charged by the top five brokers for the ECN accounts? The answer is here:

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

The last thing traders need to know is the minimum deposit rate to have an account. The new ones won’t be comfortable when putting a lot of money at the very first stage because they don’t know what would happen after that. Everything can disappear in the blink of an eye. Meanwhile, professional traders using this factor only when they need to find a new broker. The minimum deposit rate is given below:

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

 

CUSTOMER SERVICES

You know that traders will always need assistance from brokers as forex is a very

complex subject. They will surely have all kinds of unwanted issues during their work progress. Because of it, a suitable broker is the one who is available whenever needed.

Not only that, but a good broker also having a local workplace in particular countries in order to help traders faster and better. Furthermore, some traders are not good at using a foreign language, English for instance, that means broker must be able to support their clients as many languages as possible. Lastly, the broker should collaborate with regional banks to help traders decrease as much cost as they can. This will help please customers and things can be dealt better.

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In conclusion, I believe the following five are the best forex brokers that will interest any traders:

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