I will use information from reliable sources along with my own experience to write a quick review for you so you can choose the best forex brokers that suits you the most.
Table of Contents
Why is forex license important?
Forex license is important as it can show the reputation, capabilities and also standards of brokers. But having too many irrelevant licenses are is also not good. For example, you are trading in Asian countries, then the Asian-based license is the only license you need. In my opinion, brokers should only acquire one of these five licenses: NFA, CFTC, FSA, CySEC, and ASIC.
Having too many licenses can be bad for brokers because they are bound to more responsibilities like offering lower leverage, less trading tools, high spread and other things as well. So, just one license is good already.
I don’t recommend any particular broker because most of big broker have more than one license.
Brokers with the lowest transaction fees
In terms of commission, most of brokers don’t charge their traders commission fee for regular accounts. They only charge ECN account because its spread is almost zero so commission is their source of income.
$2.5 for each lot is the lower commission cost which Exness is currently offering.
In terms of spread, the currency pair I use to compare is EUR/USD due to its high popularity
Hotforex’s spread is 1.1 pip.
XM and FXTM’s spread is 1.7 pips.
Exness’ spread is 1.1 pip.
Hot Forex and Exness are clearly the winners with only 1.1 pip
Brokers that have the best customer support
This is an important criterion you should consider when picking a broker. Because without a good customer support, you may have a lot of problems in trading. For example, they may respond to you slower which may affect your trading. Moreover, if you can’t speak English, you may struggle a lot in getting help from brokers.
Brokers that have excellent customer support and Exness, FBS, XM and FxPro, the best forex brokers in Thailand. And the best so far is Exness, with 24/7 customer support.
Brokers with the highest leverages
This is the tool man traders favor a lot. Brokers that have Japanese, US and British licenses usually offer lower leverage compared to other brokers due to the requirements of those licenses. Therefore, they can be less competitive. Below are several brokers with the highest leverages.
- Exness: Unlimited Leverage with some requirements.
Accounts ( <$1,000 balance and 5 lots finished) get unlimited leverage.
Accounts (> $1,000 balance) get a leverage of 1:2000.
- XM: 1:888
- FBS: 1:1000
- Hotforex: 1:1000
Brokers with the best account types
Some big brokers may ask traders to deposit a large sum of money and that’s is just bad for small traders as they can only deposit a small amount. For example, Forex.com and FXCM require $500 and $2,000 minimum deposit.
– Hotforex minimum deposit is $5:
– Exness minimum deposit is zero.
– FBS requires minimum deposit of 1 dollar.
Conclusion:
This is my personal ranking after going through the above standards:
– Exness: 9/10.
– HotForex: 8/10.
– XM: 8/10.
– FxPro: 7.5/10.
This list is made from my experience of trading with these brokers for a long time. My advice for you is that don’t stick with a broker just yet. Just pick some best ECN brokers and trade with them for several months before making the final choice. I recommend you that because each has their own advantages. It may or may not fit you so trading with some of them will help you to choose the one that fits you the most.