It is a question that what is the best forex broker? To answer this question, I have to say there is no exact answer for this because the best forex brokers can not be decided based on their goodness or weakness but on the traders. The factors like traders’ experience, phase, locations, or the trading styles they are following. It is not easy to find out the best brokers but it is lucky that there are some general features of best brokers so that traders can rely on and then choose the most perfect for them. Usually, the matters that traders usually have the questions for are the elements of the best brokers, brokers from US or UK or Cyprus are good, or sometimes they do not know whether they choose the Dealing Desk or Non-dealing Desk brokers, and if they should open ECN account or Micro account for their trading phase.
Below is the review for all traders who want to analyze the main elements of the best forex brokers in their area or for their trading aims and targets.
Trading cost is small
Trading cost will charge a quite big amount of traders if they choose the high level of trading cost brokers because there are some certain charges that they need to pay when they do the trading such as spread, commission, slippages, swap and bonus.
Slippage and swap happen when changes happen in the market that causes a lot moving for the balance of currency pairs. The changes will make the difference between the price you make and the price you get after the execution is done. This is a common situation because the market is volatile and sometimes it is hard to predict. Traders can avoid the high slippage fee by choosing the brokers that know how to handle the volatility.
Spread is a main fee that traders need to charge for when they face the difference between the currency pairs you trade. Dealing desk brokers are the one will cost higher spread because they add some extra fee into the quotes they get from liquidity providers while the other one is Non-dealing desk brokers maintain exact quotes and give it to traders so the spread is nothing. Dealing desk brokers charge you spread for income; and Non-dealing desk brokers charge nothing for spread but commission and also as the revenue. Spread can be little at 0.2 pips, which is tight, but 10 pips, for example, is far.
They are trustful
To know of the brokers or not, the prior thing to check is their license. The licenses are provided by trusted financial organization with the condition that brokers meet some requirements that these organizations give. Usually, these organizations will rule the brokers in their areas and countries. CySEC (from Cyrus), FCA (UK), or IFSC, FSB (South Africa)… are suggested as the reliable regulation providers.
One more is needed to see if brokers are credibility or not, which is their reports that announce their state of activity. By reviewing their operation through time, traders can have the information about their transparence and their policy to the troubles or crisis that may occur. By that, traders can feel safe even when some incidents may happen to their trading.
In summary, to check the reliability level of brokers, some main factors should be put on the plate are their regulation, history, foundation activities, their offices and volumes.
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They make the beneficial trading condition
It is true that leverage is a profitable tool to help raise the benefit for traders. It is like the form of loaning money and making a bigger number. However, it is not about leverage that is the ultimate way to earn money. To win trading, there are other important factors like strategies, experience and skills…Obviously, all the traders are attracted by leverage, but sometimes they have the fear that too high leverage is not guaranteed because it can cause big loss. They should know that leverage is divided into account’s leverage and trading leverage. Therefore, the point is that what account traders choose and higher the leverage is more benefit they can get.
Support is convenient
There are a lot of problems related to trading business that traders are not always informed clearly. Therefore, the best brokers are the ones can help them have the solutions for these problems. The best way to discuss these problems is in person at the offices. And it is better communicated in their countries’ languages, not only in English because there are traders from Asian countries that are not too fluent on English. The best support ways should be on duty for the whole day. And some brokers even install live chat running on their website for traders from the countries that they do not have offices in to contact them by phone or by other tools like laptops and computers. In general, the main standards of best support service are the working time, local offices, multi languages supporting, live chat. (Click here for the best forex brokers in Thailand).
Top three brokers below are those who focus on developing their supporting system and be listed as top best service:
- Exness: supports 18 languages and work on 24/7
- XM supports 23 languages and work on 24/7
- HotForex support 27 languages
From all the checked elements, top 5 best brokers in 2019 mentioned as below
- Exness: 9/10
- HotForex: 8,5/10
- FBS: 8/10
- XM: 8/10
- FXTM: 7/10