To be honest, I have been working with a lot of top forex brokers and I understand that it is not easy to start forex market with the best forex brokers in 2018, which everyone wants. Therefore, I write this article to help you choose a broker who is the most suitable for you by making comparison among famous forex brokers to the Asian market such as Exness, FxPro, Hot Forex, XM and FBS,… in many categories.
In my opinion, I rank forex brokers according to what they provide and the way they behave to their customers. Additionally, from my point of view, a good broker must bring many excellent trading conditions, tools and care for the traders. You also should notice the reputation and security of the best forex brokers in 2018.
1. LOW SPREAD
Every market has a spread and forex market is not an exception. Most brokers are not supposed to charge commission, so spread is their main income. Actually, spread is defined as the difference between the ask price and the buy price. I think that new traders have to be familiar with this definition because this is the first cost of trading between currencies.
It cannot be denied that traders want to work with the best forex brokers in 2018 with low spread such as Exness, FBS, or Hot Forex. Because the spread of them is only around 1.1 pip for the most popular currency pair, the EUR/USD.
2. LOW COMMISSION
You can see that commission is not charged by most of the best forex brokers in 2018 but that is only for regular accounts. When it comes to ECN account, which is a professional and popular account with big traders, the spread is almost none, so the best forex brokers in 2018 have to charge a commission when you trade. The best broker in this category is Exness, who only charge 2.5 USD for each lot traded.
3. MINIMUM DEPOSIT
When new traders start stepping into forex market, they obviously don’t want to risk their life by depositing too much money. However, experienced traders don’t care much about that, it is the reason why big brokers such as FXCM or Forex.com want a lot of money for the minimum deposit, which are $2000 and $500 respectively. Other brokers only require a little for the minimum deposit, such as Exness and FBS (only $1 minimum) or Hot Forex ($5).
4. HIGH LEVERAGE
In terms of leverage, I believe that Asian traders benefit much more than Western ones because the law about brokers in the United States, United Kingdom or Japan is extremely strict, they can’t offer low leverage. Conversely, the regulation in Asia is not the same and the best forex brokers in 2018 there can provide traders with really high leverage. For example:
· Exness: For accounts with less than $1000 and having traded more than 5 lots, the leverage is unlimited. For accounts with over $1000, it is up to 1:2000.
· Hot Forex: up to 1:1000.
· FBS: up to 1:1000.
· XM: up to 1:888
5. WITHDRAWAL TIME
The withdrawal time of a broker is always noticed by traders. When you trade with the best forex brokers in 2018 from your country, the time is probably shorter. Nevertheless, those brokers are not as reliable as international ones. Although trading with foreign brokers is more secured and safer, it takes really long time for you to withdraw or transfer money, even sometimes up to hours. In my opinion, you need to find a trader who is the fastest so that you can follow your trading strategy. I recommend Exness since they have machines to deal with all this work, so you can save a lot of time. In other words, when it comes to withdrawal or transfer time, Exness is the best.
The reputation of a broker is based on many things. In my opinion, I will rate reputation by three main criterions which are the license, the audit, and search traffic.
Admittedly, the best forex brokers in 2018 having a license from such well-known agencies like: ASIC (Australia), CySEC (Cyprus), FSA (Japan), CFTC (United States), NFA (also United States), and FCA (United Kingdom) are believable. However, a license will prevent the best forex brokers in 2018 from offering traders outstanding trading conditions (low spread, high leverage, low commission) because they have to pay money to those agencies.
Brokers that are audited by big accounting firms, such as Deloitte, PWC, EY, and KPMG, are absolutely also trustworthy. Those companies can make sure the accuracy and transparency of a broker. Therefore, you should go to a broker with high value of transparency. Currently, I find Exness and FxPro most reliable because they allow their clients to view all their own financial reports and other information on their websites. Exness even show how much money they have in the bank.
· Search traffic:
I think that the best forex brokers in 2018 which are searched the most online are the good ones because they have to perform really well so people want to find out more about them. Here are some brokers that have the largest number of people searching for them on the Internet. The result is from Google Keyword Planner.
XM: 40,000 people search monthly.
Exness: 36,000 people search monthly.
FBS: 30,000 people search monthly.
7. TRADING VOLUME
It is also very necessary to know the trading volume of a broker because the more traders choose to trade with that broker, the more reliable they are. If there are millions or thousands of traders choose that broker, it must be safer and more trustworthy to some extent. Here are the trading volume each month of some big forex brokers.
Exness: $323 billion a month.
Hot Forex: $280 billion a month.
Forex.com: $185 billion a month.
FXCM: $108 billion a month.
8. CUSTOMER CARE
It is true that the forex market is very hard and complicated, so a good customer service should be considered carefully. Especially, beginners or new traders always want advices and instructions from their brokers. Thus, the best forex brokers in 2018 should be available all the time for the customers and be willing to help them in different languages. Because there are some traders who are not good at English, especially in Asia, so it’s necessary for a broker to be able to help customers in different languages. Big brokers like Exness, FBS, FxPro, and XM all have amazing customer service such as 24/7 service, multiple languages for their clients.
I have to say that choosing a broker who is the most suitable for your trading conditions and tactics is very important when you start your forex trading career. I hope that after reading this article, you will understand more about the best forex brokers in 2018 and choose for yourself a good broker as well. Every broker has its own characteristics and I believe that when you understand what I write in this article, you will know whether characteristics is good or bad for your strategy.