Do you know which features of the best forex brokers are? What are the differences between those brokers with others? This article will be explaining more about the features that the best forex brokers should have. There are standards for the best brokers that may help traders choose their own suitable ones.
What is the regulation of the best forex brokers?
As one of the most important parts in forex system, regulation is always considered by both traders and brokers. Although many brokers think that having more licenses is better than obtaining just one, one regulation is enough. If a country already has a regulation, the broker only needs that regulation to work and serve traders in that country. These are the trusted licenses in the market: ASIC, CySEC, FSA, CFTC, NFA, NFA.
In short, having just one trusted license is good and enough for a broker. If they have more than one, it even makes more limits and requirements to them.
How is the support team of the best forex brokers?
One of the standards to see if a broker works well or not is its customer service. We can evaluate a broker’s service by its response time or the communication with the clients. The best forex brokers can support their customers well despite the languages barriers. They must also respond quickly and instantly for their clients.
Among the top forex brokers such as FxPro, FBS and XM, Exness is believed to have the best support team. They have many local offices with strong IB network. They also support in many languages, which is so convenient to the traders. They even serve 24/7 and those things above are enough to make Exness the best in this term.
What is the trading cost of the best forex brokers?
The cost of transaction includes spread and commission.
Now let’s take a look at the spread of EUR/USD trading because the traders use it mostly. Here are the spreads of some brokers for your consideration:
Exness account’s spread is 1.1 pips.
XM and FXTM is 1.7 pips.
Hotforex’s spread is 1.1 pips.
We can see that Exness, FBS and Hotforex’s spread is the lowest of all.
When it comes to the commission, we are talking about the ECN accounts as there is not commission in regular account. Also, the spread of ECN is nearly zero and then, the main income for this account is the commission. Exness, in this term, also has the lowest commission, which is only $2.5.
What is the leverage of the best forex brokers?
It is said that US, UK and Japan’s brokers are less competitive as they could not offer high leverage. It is because of the regulations in their countries. On the other hand, these brokers below have the best leverage:
– FBS: 1:1000
– Hotforex: 1:1000
– XM: 1:888
– Exness: 1:2000 if the account is more than $1000 and unlimited when it is less than $1000 with over 5 lots traded
What is the account type of the best forex brokers?
Big traders often trade with big amount of money and so, they work with big brokers which require a lot of money deposited such as FXCM with $2000 and Forex.com with $500. On the other hand, if you are small traders, these forex brokers may fit you with their minimum deposit required:
- Exness minimum deposit is $1
- FBS minimum deposit is 1 dollar.
- Hotforex minimum deposit is $5.
Conclusion
If you are finding your own suitable forex brokers, then these are recommended ones that may be your reference:
– Exness: 9/10.
– HotForex: 8/10.
– XM: 8/10.
– FxPro: 7.5/10.
