WHAT MAKES THE BEST FOREX BROKER IN 2018?

Posted by nguyendinhlam nguyendinhlam on September 14th, 2018

WHAT MAKES THE BEST FOREX BROKER IN 2018?

When engaging in the forex market, all beginners want to learn thoroughly and make beneficial decisions for their business. The best forex broker is the first thing you need to find out. I'm convinced that forex market is not only a complex but also highly competitive place and those people who can find themselves the fastest a good broker that is the person who has the most advantage. Therefore, many people seek advice from experienced people who have worked with a lot of different brokers, including myself. To answer all of those questions, than anyone else, I would like to write this article to give you some indicators of rating and ranking for the broker this year.

My own view of the matter, a good broker who can provide the right policies and the perfect services to satisfy all the requirements from the trader. Moreover, they must ensure that they have enough reputation and security to create certain trust in their customers. For the Asian market, many people are no stranger to names such as Exness, FxPro, Hot Forex, XM, and FBS… So, let's take a look at the following features and choose a broker who satisfies your requirements and goes with them on your way.

LOW SPREAD

As far as I know, most brokers are not required to charge commission, so spread is their main revenue source. What does the spread tell about the broker? That is a broker with a low spread will always be favorite by the traders. Because spread is the different between the ask price and the buy price and who is the trader, always wants to be beneficial in every transaction. Highlighting the crowd, there are some broker such as Exness, FBS, or Hot Forex …whose are the only representatives in this field when charging only 1.1 pips for the most popular currency pairs, EUR / USD.

SMALL COMMISSION

The fact that the non-charge commission is only happening to regular accounts. And if there is an account that does not choose spread as the main source of income, who is it? ECN account is the name that mentioned the most from major and professional brokers with a virtually zero spread and this forces them to charge commission upon trade. I'm convinced that Exness is a professional when it requires just 2.5 USD for each one lot traded in this aspect.

HIGH LEVERAGE FOREX ACCOUNT

What I reckon is Asian traders are the most profitable in this respect, where the broker is not subject to strict policies by law like Western ones: the United States, United Kingdom and even Japan. There are some popular broker that are very open-handed about leverage such as Hot Forex and FBS…Exness gives the account having less than 1000 $ and having traded for 5 times, the unlimited leverage and even an account having 2000$ the leverage up to 1:2000,

FBS which offer the quantity of leverage up to 1:1000, and XM with 1:888.

TRANSFER PROCESS

What traders look for as brokers can offer rapid and safe withdrawal time. It's my considered opinion that the domestic brokers can show the fast process but they are less professional and lack of security than international brokers when you trading. On the other hand, there are brokers who are willing to invest in both professionalism, clarity and speed. None other than Exness, they can perform this process only in milliseconds, because all tasks are done by the machine effectively and quickly. This is a big advantage because no broker has overcome Exness.

LOW DEPOSIT RATES

The new traders do not expect to put too much money for the first deposit. However, this is not a matter for experienced traders, for huge brokers such as FXTM or Forex.com they require a lot for the minimum deposit, 00 and 0 respectively. Exness or FBS just demand the minimum amount for deposit with only 1$ for each times or Hot Forex with just 5$ for opening a new account.

REPUTATION

Due to the reputation of broker is rely on many factor. However, for this article, I only mention the three most important characteristics: the license, the audit, and search traffic.

•    License

All traders can completely trust in the broker if they have a license from well-known bureau such as ASIC (Australia), CySEC (Cyprus), FSA (Japan), CFTC (United States), NFA (also United States), and FCA (United Kingdom). However, a license that can be big barrier for brokers from offering traders best trading conditions like low spread, high leverage, low commission because they have to pay a fee to those agencies.

•   Audit

For auditing, it means the broker can show all documents, reports clearly about their management and financial systems and make sure that all process happened smoothly or has been resolved satisfactorily. The status of a broker is influenced by the names of the auditors, these are companies really famous and professional? Deloitte, PWC, EY, and KPMG are big firms that bring trust to many brokers. What is not mentioned is the virtual reports, it will be a real test for the broker and give the correct view to the trader. If you ask me which broker has the highest transparency, please no one else that is Exness and FxPro, because all their financial reports and information are publicized by the internet. Exness even can show you how much money they have in the bank.

• Search traffic

In this respect, many people can follow up or searched the traffic of brokers through the internet. Here some statistics from Google Keyword Planner:  XM has the most traffic with 40,000 searches monthly, Exness keep in the second when they have 36,000 searches per each month and FBS has 30,000 searches per month.

TRANSACTION VOLUME

If I may say so it is also very significant to know the trading volume of a broker. Since when there are a lot of traders trading with them, that means they have many things that almost trader want to work with or the credibility of people with this broker is very high. If there are like thousands or event millions of traders like that broker, it must be low-risk and trust-worthy. There are some big forex brokers that they gain big trading volume like Exness achieved 3 billion a month, Hot Forex earns 0 billion a month, or Forex.com with 5 billion a month, and FXTM’s trading volume is 8 billion a month.

CUSTOMER SERVICE

To be perfectly frank, a good care service is the best way for the broker to attract their clients. People often tell each other about service attitudes of businesses and referrals when they feel good and satisfied. Traders will ask a lot of questions for the broker at the beginning and who is willing to spend hours to answer and encourage them to choose their services as a great broker. So the solution is 24/7 service, multiple languages. Why must be use many languages? Of course, the forex market is very large. If a business wants to grow and compete, it cannot just talk to local traders as well as not all traders good at English, especially in Asia. So, all brokers should update this service with all the capabilities that they can. If you have a chance to experience the service of the big bosses like Exness, FBS, FxPro, and XM, you can see that all have these amazing customer service for their clients.

I am under the impression that each broker always has advantages and disadvantages. However, it’s up to your decision and I hope that it can give you a holistic look and find yourself a suitable broker from these arguments presented.

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