COMPARISON OF THE BEST FOREX BROKERS IN 2018
Having traded two years with different forex brokers, I’ve been invited to give advice on the brokers to many people to help them select the best forex brokers in 2018 when they first start trading. In my view, it seems to be really difficult to say which broker is number one. However, with my following comparison, I believe you can choose the most suitable broker for your trading strategy and needs.
My ranking is based on things a broker provide and ways they take care of traders. The number one broker will always provide their traders with profitable trading conditions, best tools, and great care. They are also prestigious and secured. Now I will compare some famous brokers to the Asian market such as Exness, FxPro, Hot Forex, XM, and FBS …
1. LOW SPREAD
Spread is the main income of the best forex brokers in 2018 because they don’t charge commission. Spread is the difference between the ask price and the buy price. Traders of course always prefer low spread brokers such as Exness, FBS, or Hot Forex since its spread is just about 1.1 pips for the most common currency pair – the EURUSD.
2. LOW COMMISSION
Like I said above, the best forex brokers in 2018 don’t charge commission, but that’s only used for frequent accounts. For ECN account, there is almost no spread for an account that is professional and be-loved by many celebrated traders. Thus, the best forex brokers in 2018 have to charge commission when you trade. In this case, Exness has no competitor as it charges only $2.5 per lot traded.
3. MINIMUM DEPOSIT
While no new trader adventures to deposit too much money, experienced traders are willing to deposit a lot. As a result, big brokers such as FXCM or Forex.com demand a lot for the minimum deposit, $2000 and $500 respectively. Those for small traders only ask a little for the minimum deposit; Exness and FBS (only $1 minimum), or Hot Forex ($5), for example.
4. HIGH LEVERAGE
With the strict law of the countries, Western traders in the United States, United Kingdom, and Japan don’t benefit as much as Asian ones because they cannot provide low leverage. Adversely, the best forex brokers in 2018 in Asia can offer very high leverage because their countries don’t apply those regulations. Let me give you some examples:
- Exness: Unlimited leverage for accounts with less than $1000 and more than 5 lots traded. For those 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 always gets traders’ attention. Trading with the best forex brokers in 2018 from your country can be faster but not be as trusty as international ones. Trading with foreign brokers is more secured and safer, but it may take very long time to withdraw or transfer money, sometimes up to hours. Therefore, you’d better find the fastest trader to follow your trading strategy. In this case, I advise that you should choose Exness as it has the machine do all this work, so the performance time will be millisecond. As a result, Exness can be said to be the number one in withdrawing or transferring time.
Making a broker’s reputation requires many factors, but three factors I like the most are the license, the audit, and the search traffic.
A license from the outstanding famous agencies such as ASIC (Australia), CySEC (United States), NFA (also United States), FSA (Japan), CFTC (United States), and FCA (United Kingdom) can always help a broker be trusted. However, it cannot ensure that the broker is able to provide traders with best trading conditions (low spread, high leverage, low commission) as he has to pay fees to those agencies.
With the auditing of big accounting companies like Deloitte, PWC, EY, and KPMG, a broker will be really trusted as these companies can prove his accuracy and transparency. In this category, Exness and FxPro are supposed to be the trustiest ones because they public all their financial reports and information, and even how much money they possess in the bank.
- Search traffic:
I always believe in searched brokers as I know that if they are not good, people won’t search for them. Followings are some brokers most searched on the Internet. The result is based on Google Keyword Planner.
XM: 40,000 search/ month.
Exness: 36,000 search/ month.
FBS: 30,000 search/ month.
7. TRADING VOLUME
Understanding the trading volume of a broker? Important or not?
☞☞It’s very important and useful if we have the knowledge of the trading volume of a broker. You know, the more traders would like to trade with that broker, the trustier he is. At some levels, a broker is supposed to be safe and trustworthy if there are millions or thousands of traders prefer him. Here is the trading volume per month of several big forex brokers.
Exness: $323 billion/ month.
Hot Forex: $280 billion/ month.
Forex.com: $185 billion/ month.
FXCM: $108 billion/ month.
8. CUSTOMER CARE
The forex market is supposed to be difficult and complicated, so a broker should have a good customer service. Since new traders always need good advices and instructions, a good broker had better be available for the customers 24/7 and can help them in different languages because not all traders are English native speakers, especially in Asia. The best forex brokers in 2018 such as Exness, FBS, FxPro, and XM all provide their clients with awesome customer service (24/7 service, multiple languages).
In a nutshell, selecting an appropriate broker for your trading conditions and tactics when you begin your forex trading job is critical. By sharing my experience, I hope this review will be a useful source for you to look at before you decide to trade. Though the best forex brokers in 2018 are similar, every single one of them has its unique feature making it outstanding. So you just have to choose the one that you think most suitable for you.