The Best Brokers In Credibility, Trading Cost And Customer Service

Traders always have to seek for the top brokers to trade with. But how to find the top brokers is a very hard task to do as there are a lot of standards that they have to make to evaluate brokers. With a lot of experience in trading with a ton of brokers, these are my three most important standards in choosing the best broker: credibility, customer service and trading cost. And from these 3 standards, I have personally pick the best forex brokers in the world 2018:

  •  Exness: 9/10
  •  HotForex: 8.5/10
  •  XM: 8/10
  •  FBS: 7.5/10
  •  FxPro: 7/10

CREDIBILITY

This is a standard that is very important to all traders. And one of the best way to do that is regulations which are provided by trust organisations and they are the one that decide brokers’ merits, conditions and standards as well because they want to make sure that traders have the best experience. However, that doesn’t mean acquiring a lot of regulations is good, it actually brings a lot more troubles. To be more specific, their commission rate and spread are lower while the leverage is lower. And all of this makes brokers appear less competitive. So, brokers should only get 1 or 2 maximum. These are the best 5 brokers and their regulations:

Broker names

Regulations

Exness

CySEC, FCA

HotForex

CySEC, FSCA, FCA

XM

CySEC, FCA, ASIC

FBS

CySEC, IFSC

FxPro

CySEC, FCA, DFSA, FSB

TRADING COST

You should check the trading cost next after you finish with the credibility of the brokers you are choosing. Spread, commission and minimum deposit are the most common factors that you can use to calculate the trading cost.

Spread can be understood as the difference between the Ask and the Big price and it is pretty much the main cost brokers will charge you. It is mostly measured in pip. And if a broker charges you high spread, it means your trading cost will increase also. That explains why a ton of traders would love to trade with the lowest brokers. Check out the spreads of top 5 brokers in my aforementioned list:

  • Exness: 0.7 pip
  • Hotforex: 1.1 pip
  • FBS: 1.1 pip
  • XM: 1.7 pip
  • FxPro: 1.7 pip

Every broker offer two account types which are Regular and ECN account. Different from regular accounts, brokers will charge commission instead of spread because spread and commission are their two main income sources. You can check the commission rates that the largest forex brokers are charging:

  • Exness: $2.5
  • Hotforex: $6
  • FBS: $6
  • XM: $6
  • FxPro: $45

Minimum deposit requirement is the final factor. New traders want low requirement because, in the early stage of their trading careers, they don’t want to put a lot of money because they know that they are going to lose it all. Therefore, they just want to use that money to practice trading as much as possible. Moreover, experienced traders also sometimes pay attention to this factor because it is important if they want to try out new brokers. Below are the minimum deposit requirements of the 5 best brokers I listed:

  • Exness: $1
  • FBS: $1
  • Hotforex: $5
  • XM: $5
  • FxPro: $500

CUSTOMER SERVICE

Forex traders always need a lot of help from brokers due to the complexity of forex trading. Therefore, traders will have a lot of difficulties during their trading career. Therefore, good brokers have to support them all the time. Moreover, brokers should establish local offices at the countries they are targeting so that they can face-to-face support their traders. In addition, Asian traders are usually not really good at English so it is better for them to offer support in other languages as well. Finally, they also need to cooperate with banks in some countries so it is better for traders to deposit and withdraw money easier as well as minimize their transferring fee.

Below are the top 5 with the best customer service:

  • Exness: 9/10
  • HotForex: 8.5/10
  • XM: 8/10
  • FBS: 7.5/10
  • FxPro: 7/10

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