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Top 5 Best Forex Brokers In 2018

Top 5 Best Forex Brokers In 2018

Trading with the best brokers is always the thing that all traders want. But the hard part is how to evaluate and choose the best brokers. They have to make many standards to evaluate and choose brokers. From a lot of experiences with many traders, here are my three top standards in choosing the best brokers: credibility, trading cost, customer service. From these standards, these are 5 brokers that I ranked them as the best forex brokers in the world 2018 in my opinion:

 

CREDIBILITY

Choosing if a broker is trustworthy or not is still the most important standard to choose the best brokers. And to do that, you better pick regulations because they are provided by reliable organisations. And those trusted organisations will decide the brokers’ merits, conditions and also standard of a random package. However,  it doesn’t mean that you should work for brokers that many regulations because with that many regulations, brokers may have to increase the spread and also commission rates along with lower leverage as well. Therefore, brokers may appear to be less competitive than other forex brokers.  Just choosing 1 or 2 regulations are good enough. Below are the regulations that acquired by them:

Broker names Regulations
Exness CySEC, FCA
HotForex CySEC, FSCA, FCA
XM CySEC, FCA, ASIC
FBS CySEC, IFSC
FxPro CySEC, FCA, DFSA, FSB

TRADING COST:

If you already finish checking if a broker is reliable or not, let’s move to the trading cost. You can check the trading costs using many different factors, but spread, commission rate and minimum deposit rate are still the 3 most common factors in my opinion.

In case you have no idea what spread is. You can calculate it as the difference between the Ask and the Bid price and it is what brokers normally charge you. And if they charge you high spreads, it will increase your trading costs as well. As a result, traders always look for brokers with the lowest possible spreads. Below are the spreads that 5 top brokers in my list are charging:

Each broker offers two account types: Regular and ECN accounts. Different from regular accounts, brokers will mostly charge a commission for ECN account instead of spread because their main income sources are spread and commission. My top 5’s commission rate of the top 5 ECN brokers are as follows:

Minimum deposit requirement is the final important factor. Not only new traders but also experienced traders pay attention to this factor. New traders want this because they want to put just a lot of money to get a lot of practice and they are aware of the fact that it is commonly known that new traders often lose all of their money. For experienced traders, they want low requirement because they often aim to try new brokers in the market. Below are the list of top 5 brokers with their minimum deposit requirements:

CUSTOMER SERVICE

Because of how complicated forex trading is, traders always need help from brokers. Therefore, good customer care is very important. Moreover, brokers also need to offer local offices so that traders can come and have face-to-face support. Moreover, Asian traders often struggle in communicating in English so they would prefer brokers that support many different languages. Finally, brokers that corporate with banks in many countries also got more attention from traders because that can save them a lot of withdrawing and depositing fee. With these factors, I have chosen the top 5 brokers that have the best customer care:

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