STANDARDS OF THE BEST FOREX BROKER

Until now there are still some confuses in determining the best forex brokers in the world. When you search phrases “the best forex brokers” on the internet, the results are various depending on some pages. Traders may confuse because of these results. There may be some unreliable pages so that traders will be trapped. That is the reason why I decide to write this article to have the review of real best forex brokers in the world. The information in this article is based on real sources and reliable origins so you can trust in it. Hopefully this is useful for you, especially traders all over the world.

1. The credibility

When mentioning the credibility of the broker, traders often think of licenses of regulations. So what is the regulation? Regulation includes the rules that profit or non-profit organizations order to manage the brokers. These regulations are hard for traders to obtain it so if brokers get one reliable rule, it means that they are reliable enough for traders to trade with.

After making the survey, I conclude that ASIC, CySEC, FSA, CFTC, NFA are the most reliable rules in the world. In my opinion, one broker should have one reliable license, which is enough to prove their qualification. The more regulations, the more trading cost traders must pay. Because brokers have many regulations, they would charge the high spread and commission to cover all actions to fulfill the rules. So one reliable license is enough.

Below is the list of licenses that best forex brokers gain:

1. The best payment system and customer service

Customer service: Since the forex market is very complicated so that traders could not have the clear understanding of all. So it is necessary to have advices and support from customers to help them make money safely. Brokers created the live chat, phone and local offices to give the big support to customers properly. Most of best forex brokers have the branches in China, Thailand, Indonesia, Malaysia and Dubai. For countries without local offices, they support online through live chat or phone in English and native languages. They can support multiple languages. For example:

• Exness supports 18 languages 24/7
• XM supports 23 languages 24/7
• HotForex support 27 languages
• FxPro and FBS supports 19 languages

Payment system: Brokers have the connection with the local banks in Asia and Africa to give customers the best transfer method. If traders want to deposit through Credit Card, the banks will charge them the rate of 1.7 to 4% of total rate. This amount is too high for traders so that they could not have the chance to have profit if they win the trading. It is much better to trade with broker with the best local payment system.

1. The low trading cost

The spread and commission are the main income of the brokers however depending on each broker, there will be different rates. In general, the best forex brokers tend to charge more spread and commission since they have to pay more for the regulation fee. Exness spreads are among the best.

Moreover, traders sometimes concern about the minimum deposit from brokers because some of them just want to practice trading in the trading condition but they don’t want pay too much money. And other want to test some trading features such as spread, the execution speed, payment system and fees. Below brokers have the lowest minimum deposit for your reference:

– FBS and Exness minimum deposit is $1.

– XM, Hotforex minimum deposit is $5

Based on all above standards, I conclude that the below brokers are the best for traders.

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