What come firstly to traders is to seek the best Forex brokers. The question arise is the standard to evaluate a broker. My experience for years with variety of brokers helps to figure out my set of standards including reliability, trading fees, and customer support. My list of top 5 best forex brokers regarding my standards are as below
– Exness: 9/10
– HotForex: 8.5/10
– XM: 8/10
– FBS: 7.5/10
– FxPro: 7/10
They must have low trading cost
When we are sure that this broker is safe to work with, we then check its trading cost. The total trading cost of a broker is calculated by adding and taking various factors like: the spread, the commission, the deposit/withdrawal fees, bonus or rebate, and slippage and swap.
Spread is the difference between the ask price and the buy price of a currency pair. Spreads are measured in pips. We can either call spread tight or wide. For example, 10 pips would be a wide spread while 0.2 pips is considered tight. Each broker will decide how much their spread is for each currency pair because spread is known to be one of the main incomes of a dealing desk broker. If the spread is high, it means that the trading cost will be high too. That’s why we all want the spread to be as low as possible so the best forex brokers should have the lowest spreads. Forex brokers are divided into 2 types: Dealing desk and Non-dealing desk. The first type’s main income is spreads. When they get quotes from liquidity providers, they will add the transaction fee (spread) to those quotes.
Then come the Non-dealing desk brokers. They provide the exact quotes that the liquidity providers gave them. So their spread is around zero. That’s when they have to charge us commission as their main income. Each broker will have different commission rate so you should be looking for ones with the lowest commission.
Moreover, to trade forex, you must deposit an amount of money to the brokers to start trading so we will take the minimum deposit required by brokers into account when calculating the trading cost. Some brokers don’t charge much but some really demand us to deposit a lots. You should pay attention to this factor when opening an account at a broker.
Another feature that affect the total trading expenses is the bonus or rebate (sometimes both) the broker offers. Bonus/rebate is an amount of money that a broker rewards you with when you have traded a specific number of lots or just simply by registering an account. You can use the money to continue trading or you can withdraw it. It really depends on the broker you’re working with. There are three types of bonuses: welcome bonus, deposit bonus and lot back bonus.
The final factor is the slippages or swaps. Slippage is the difference between the expected price of a trade and the price you get when the trade is actually executed. Slippage happens the most when the market experiences high volatility, maybe when there is big news just got released. Slippage can be controlled by the brokers. Therefore, when you consider a broker, you should also pay attention to their slippages.
3 brokers with the lowest trading cost:
They should have the best support team
We can all agree on one thing that forex is a very complicated subject. So, it would be great to have someone who work for the brokers helping us with the problems we encounter while trading. Therefore, in order for a broker to be called “the best”, they need to establish an impressive support team that can keep in touch with the clients 24/7. Moreover, they should have local offices at targeted markets because face-to-face communication would be a better help than talking through phones or emails. Finally, they shouldn’t be supporting only in English. Not many traders are fluent in English so it’s best for brokers to be able to assist customers in their mother languages such as Thai, Chinese, Japanese, Bahasa, Indonesian, and Vietnamese…
The most popular means of supporting of all brokers is through live chat. You just simply go to the broker website and you can talk to their operator immediately at any time. Most great brokers can also be reached through phone. You can find their numbers on the websites and call them in times of need. A good broker must have a good customer service.
Top 3 brokers with the best support team:
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