The Best Forex Brokers

I will use my own experience and also other reliable sources to write a brief review on how to choose the best forex brokers for you and recommend some notable brokers.

Which forex broker has the most license?

Forex certificate is very important as it shows the standards, reputation, and capabilities of a broker. But having good licenses that suit you is better than having too many licenses that do not matter to you. For example, if you are an Asian trader and that broker has a UK license, then it is useless to you. In my opinion, a broker only needs to have one of these licenses: ASIC, FSA, CFTC, CySEC, and NFA.

The main disadvantage of acquiring too many licenses is that brokers will have to offer lower leverage, high spread, less trading tools and many more. So I strongly believe that one reliable license is already enough.

In this aspect, I don’t recommend a specific broker as most of the international brokers have at least one license.

Which broker has the best customer support

This can be a very important criterion for many traders to choose a broker. Because no local support team means that slower responses to traders and also make it harder for traders who are not good at English.

The popular brokers that offer good customer support are Exness, FxPro, XM and FBS, the best forex brokers in Thailand. And I personally think that Exness has the best customer support team with 24/7 service.

What brokers offer the highest leverage?

Leverage is the tool majority of traders would love. Brokers with British, Japanese and US licenses often the one offer low leverage because it is the rules of those licenses. Therefore, brokers with many licenses like that can be less competitive. Brokers with the best leverage are as follows:

  • Exness: Unlimited. Accounts with balance less than $1,000 and have finished more than 5 lots, can get unlimited leverage. Accounts with balance higher than $1,000, the applied leverage will be 1:2000.
  • FBS: 1:1000
  • Hotforex: 1:1000
  • XM: 1:888

What forex broker offers the best account types?

Big brokers often ask you to deposit pretty high amount and that is not really good for small traders. For example, FXCM requires to deposit a minimum amount of $2,000 and it is $500 in Forex.com. Small traders prefer much lower minimum deposit requirement.

- Exness does not require minimum deposit.

- FBS minimum deposit is 1 dollar.

- Hotforex minimum deposit is $5:

What forex brokers offer the lowest transaction cost?

For the spread comparison, I will use EUR/USD because it is the most common currency pair.

Hotforex’s spread is 1.1 pip.

XM and FXTM’s spread is 1.7 pips.

Exness’ spread is 1.1 pip.

So, you can clearly see that Exness and Hot Forex have the lowest spread.

Moving on to the comparison of the commission. All of the brokers do not charge a commission for regular accounts, only ECN account. Because ECN’s spread is almost zero so they have to get income from commission.

In terms of the best ECN brokers, Exness is the broker that offers the lowest commission cost of $2.5 for each lot which is the lowest rate.

Conclusion

After going through several criteria, my broker ranking is as follows:

- Exness: 9/10.

- HotForex: 8/10.

- XM: 8/10.

- FxPro: 7.5/10.

This is my personal ranking of the best brokers, based on my own experiences. Each broker has different advantages. I would recommend you to open accounts in two or more top brokers. After a month or so of trading, choose the brokers that you can gain more profit.



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