THE HOTTEST ARTICLE IN 2019 – THE MOST PRESTIGIOUS FOREX BROKERS AND THE CRITERIA THEY SHOULD HAVE

THE HOTTEST ARTICLE IN 2019

When trading forex, of course every trader will like trading with the best forex brokers. This is a normal thing because they invest much money which may be their whole capital sometimes. As a result, finding trusted forex brokers to trade with is supposed to be the vital thing to do.

Based on my personal experience, I believe that all beginners will enter the phrase “best forex brokers” when searching. Then they learn about some large brokers, start to trade and then change into another one. Actually, there exists no best brokers for every trader around the world. Some brokers may be perfect for beginners but awful for experts and vice versa. Some are born for the scalpers but harmful for long-term traders. Some are the number one for the American but Asian traders.

As I used to be a forex beginner like many of you now, I understand and sympathise with such questions you are confusing as:

  1. What are some criteria to determine the best forex brokers?
  2. Which should I choose, Dealing Desk or Non-dealing Desk brokers?
  3. Should I trade Micro account, ECN account or the regular ones?
  4. Which are better, U.S, UK or Cyprus brokers?

Fortunately, you now can relax and needn’t worry too much about those questions because this article will give you a deep understanding about the forex-broker world. From that, it enables you to analyze and select an appropriate one for you.

Honestly, different brokers in different countries will have different features. Thus, it is not easy to determine which is the best. However, we still have some criteria to consider the most perfect brokers.

Before going into details, I will give you a brief summary about such standards as follows:

  • Reliable: regulations, historic activities
  • Costs for trading: low spread, commission, slippage and swap, attractive bonus, free-chanrge ways of payment.
  • Conditions for trading: perfect quotes,trading structures.
  • Local services: local support and offices, av availability

Here is the reference list of top forex brokers in the world and their rankings:

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

Now let’s learn about the specific details of the above-mentioned criteria.

  1. Reliability

This is necessary to know whether or not these brokers are credible as we invest much capital. Below are six elements which a good broker should have.

– Regulations

– Historical activities

– Time they were founded

– Brokers’ scale

– Brokers’ offices

– Their accounts

Among such factors, regulations are the most important. If a broker can meet the established criteria of the trusted financial organizations, such organizations will give that broker their regulations. Some reference reliable regulations include CySEC, FCA, IFSC, FSB, etc.

Also, we ought to read previous reports of that broker to consider if it has scam or something similar to that. From that you can learn how to deal with the incidents as well as handle the situations.

Now let me show you a list of three most trusted brokers:

– Exness: 9/10

– HotForex: 8.5/10

– FBS: 8/10

  1. Low costs for trading

After ensuring the safety of the broker which we are going to trade with, we will move to another step: testing its trading costs. We can base on such elements as spread, commission, bonus, a slippage to calculate the whole trading cost of that broker.

As some of you might have known, spread is defined as a currency pair’s dissimilarity between the Ask price and the Bid price. It is measured in pips and consists of two types: tight spread and wide spread. Let me give you a specific example: If a spread has 10 pips, it is called wide spread. On the other hand, if it has 2 pips, it will be tight spread. Also, it is the major income of dealing desk brokers so they will make decisions on how much it will cost. The higher the spread is, the higher the trading cost will be. From that we can infer that the lower the spread is, the lower the trading cost will be, which is the better for us.

There are two types of forex brokers: one is dealing desk, and the other is non-dealing desk. About Dealing Desk brokers, when getting quotes from liquidity supporters, brokers will add the spread to such quotes. For Non-dealing desk brokers, they give the exact quotes provided by the liquidity providers, which makes their spread zero. Thus, the commission becomes their major income. As different brokers have different commissions, you had better find the one with the lowest one.

Additionally, the total trading costs are also influenced by the slippages or swaps. Slippage is supposed to be the dissimilarity between the trade’s price that you expect and the price you actually get. We can see the slippage most clearly when the market has high volatility. Such slippage is domained by the brokers, so you should consider carefully.

Followings are three brokers which provide the lowest trading expenses:

– Exness

– HotForex

– FBS

Click here for Exness reviews.

  1. The trading conditions

When talking about the trading conditions, the most important thing we should mention will be the leverage – a tool most traders in the world prefer. Leverage is a trading strategy for multiplying the profit you may get after your transaction. There are two types of leverage: account leverage and trading leverage. The one I mention here is the latter which is the higher the better.

You should note that leverage cannot decide your success in the trading market. The ones can really do that are tactics, knowledge and discipline gained by lots of times to practice.

Here are the top three brokers with the best leverage:

– Exness: Limitless

– HotForex: 1:1000

– FBS: 1:1000

  1. Support services

The best forex brokers need to have the most impressive support team to take care of their clients and help them solve the problems they face when encountering. Also, they should be available 24/7 and have regional offices at the target markets. Besides, as not all traders are good at English, they ought to support in other languages such as Thai, Chinese, Vietnamese, etc.

Click here for the best forex brokers in Thailand.

There exist several means of supporting like emails, phones, live chats, but the most common one is live chat which allows you to speak directly with the operators whenever you want. Now I will recommend you three brokers with the most perfect support services:

– Exness: 18 languages

– HotForex: 27 languages

– XM: 23 languages

In conclusion, we have just analyzed the criteria which the best forex brokers should have. We hope such analysis can help you choose a good and suitable one to trade with. For more information regarding forex trading, please visit our website. Thanks for reading.