According to my experience in 2 years trading with different forex brokers, I can understand that many people don’t know how to choose a good broker while they all want to make sure they can work with the best forex brokers in 2018 in the beginning. In my opinion, it is really difficult to decide which one is the best, but I can compare them in different sides so that you can choose which one is the most suitable for your trading strategy and needs.
My ranking is based on what a broker offers and how it takes care of their traders. Moreover, the best forex brokers in 2018 have to give traders good trading conditions, best tools, and great care. Their reputation and security is one more thing that should be put into consideration as well.
In order to help you all compare, I will choose some best forex brokers in 2018 to the Asian market such as Exness, FxPro, Hot Forex, XM, and FBS...
1. LOW SPREAD
Because most of the brokers are not supposed to charge commission, spread is their main income. Spread is known as the difference between the ask price and the buy price. It could be easily understood that traders love brokers with low spread such as Exness, FBS, or Hot Forex, whose spread is only around 1.1 pip for the most popular currency pair, the EURUSD.
2. LOW COMMISSION
To be honest, not all of the brokers don’t charge commission, that’s only for regular accounts. For example, ECN account, which professional and big traders prefer, the spread is almost none, so brokers have to charge commission when you trade. In this category, I have to admit that the best broker is Exness, who only charge 2.5 USD for each lot traded.
3. MINIMUM DEPOSIT
There is a common belief that new traders don’t want to risk by putting too much money in minimum deposit when starting. However, this is not a big problem for experienced traders, this is the reason why the best forex brokers in 2018 such as FXCM or Forex.com require a lot for the minimum deposit, $2000 and $500 respectively. Other brokers for small traders only demand a little for the minimum deposit, such as Exness and FBS (only $1 minimum) or Hot Forex ($5).
4. HIGH LEVERAGE
Westerns traders don’t benefit as much as Asian ones in this category. One of the main reasons is that brokers in the United States, United Kingdom or Japan is strictly regulated by the law there so they can’t offer low leverage. Meanwhile, in Asia, where those regulations are not effective, the best forex brokers in 2018 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
Traders always want to find a broker with the shortest withdrawal time. However, when you trade with brokers from your own country, the time may be shorter but those brokers are not as reliable as international brokers. In contrast, when trading with foreign brokers, it is more secured and safer but it takes really much time for you to withdraw or transfer money, sometimes up to hour is a normal thing. Therefore, you need to find a trader that is the fastest so that you can follow your trading strategy. In this aspect, I suggest Exness since they leave all this work for the machine, so the time to perform these tasks is not a problem. In other words, when it comes to withdrawal or transfer time, Exness has no competitor.
6. REPUTATION
A broker’s reputation is based on many things. From my point of view, I will decide that by three things: the license, the audit, and search traffic.
· License:
You can always trust a broker with a license from such famous agencies like: ASIC (Australia), CySEC (Cyprus), FSA (Japan), CFTC (United States), NFA (also United States), and FCA (United Kingdom). However, a license will prevent the best forex brokers in 2018 from offering traders best trading conditions (low spread, high leverage, low commission) because they have to pay a fee to those agencies.
· Audit:
The best forex brokers in 2018 that are audited by big accounting firms, such as Deloitte, PWC, EY, and KPMG, are really reliable. Those companies can confirm that accuracy and transparency of a broker. Speaking of transparency, you should go to a broker that highly values transparency. Currently, I find Exness and FxPro most reliable because they public all their financial reports and information. Exness even show how much money they have in the bank.
· Search traffic:
I think that most searched brokers are better because they have to perform really good that people come searching for them. Here are the best forex brokers in 2018 that are most searched on the Internet. The result is from Google Keyword Planner.
XM: 40,000 search monthly.
Exness: 36,000 search monthly.
FBS: 30,000 search monthly.
7. TRADING VOLUME
When you start trading, you need to know the trading volume of a broker. Why so? This is a simple question. Because the more traders decide to trade with that broker, the more reliable they are. If there are like millions or thousands of traders are interested in that broker, it must be safe and trust-worthy at some level. 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
Like everyone, I have to admit that the forex market is very difficult and complicated, so it is very important for a broker to have a good customer service. Beginners or new traders are always in need of good advices and instructions. A good broker must be available for the customers anytime and anywhere and can help them deal with the problem in different languages. Not all traders are English native speakers, especially in Asia, so it’s better for a broker to be able to help customers in different languages. In terms of customer service, the best forex brokers in 2018 like Exness, FBS, FxPro, and XM all have amazing customer service (24/7 service, multiple languages) for their clients.
It is obvious that choosing a broker that suits your trading conditions and tactics is very difficult when you start your forex trading career. I hope that after reading this article, you can limit your choices and know what you should do to find a good broker. Almost all big brokers are the same, but each has its own key characteristic that makes it stand out. It is up to you to decide which suits you the most.
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