Are you finding the best forex brokers in the world 2018 to trade with? Are you confused about how to evaluate a broker or how to determine whether a broker is good or not? If the answers are yes, this article is for you. In this article, I will show you three important standards used to appraise a broker including credibility, trading cost, and customer services.
- The best brokers usually offer low trading cost:
Usually, to calculate the trading cost, we use such factors as spread, commission, and minimum deposit rate.
- Spread:
- The difference between the Ask price and the Bid price
- Being measured in pip
- The lower the spread is, the lower the trading cost will be. That’s why almost all traders would love to trade with the lowest spread brokers.
- Followings are the spread of top 5 best forex brokers for your reference:
- Exness: 0.7 pip
- Hotforex: 1.1 pip
- FBS: 1.1 pip
- XM: 1.7 pip
- FxPro: 1.7 pip
- Commission:
- The main income of brokers like spread.
- For ECN account, the broker has to charge commission instead of spread as spread is nearly zero.
- Here are the commission of the top 5 ECN brokers:
- Exness: $2.5
- Hotforex: $6
- FBS: $6
- XM: $6
- FxPro: $45
- Minimum deposit rate:
- Attracts attention of both beginners and professional traders.
- Beginners prefer minimum deposit rate as they don’t want to put too much money in a broker at first because they will easily lose everything.
- Professional traders pay attention to this factor when they want to try out a new broker.
- Exness: $1
- FBS: $1
- Hotforex: $5
- XM: $5
- FxPro: $500
- The best forex brokers must be credible:
Credibility or reliability is very significant when finding a broker. We can determine the credibility of a broker based on its regulations. Regulations are the licenses issued by reliable financial organizations around the world, deciding brokers’ standards, merits, and conditions to ensure safety and good protection for traders. However, this does not mean that the more regulations the better. If a broker obtains many regulations from many organizations, its spread and commission will be higher, and its leverage will be lower. As a result, it will be less competitive than others.
To conclude, you should choose a broker that has one or at most two trusted regulations.
Below are top 5 best forex brokers and their regulations.
| Broker names | Regulations |
| Exness | CySEC, FCA |
| HotForex | CySEC, FSCA, FCA |
| XM | CySEC, FCA, ASIC |
| FBS | CySEC, IFSC |
| FxPro | CySEC, FCA, DFSA, FSB |
- The best forex brokers need to have good customer services:
Trading is not an easy thing. Traders can easily encounter all kinds of problems when trading. Thus, they need good customer services offering from brokers. As a result, the best forex brokers need to have local offices in targeted countries, supporting in different languages and cooperating with local banks to minimize the transferring and withdrawing cost of traders.
Here is the rank of top 5 best forex brokers based on the above standard. You can refer this rank to choose a suitable broker for yourselves.
- Exness: 9/10
- HotForex: 8.5/10
- XM: 8/10
- FBS: 7.5/10
- FxPro: 7/10
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