No matter who you are, once you start trading in the forex world, you will agree with the belief that there is nothing more important for a trader than the best forex brokers. After all, in this forex trading world, the traders always put in quite a big sum of money almost every single day. There are also cases where some people even put in all of their fortunes. Thus, it is quite important for us traders to actually choose a trustworthy broker to put in our money.
In this article, I will help you to have a more in-depth understanding of the world of forex trading. I hope that you will be able to personally analyze all the available brokers after going through the article and then pick out the one that suits your situation the most.
Depending on the country, the very best forex dealers will be changing continuously. Thus, it is actually quite a hard task to confidently say which of those great brokers is unarguably best of the forex exchanging world. Fortunately, we were able to build up a set of criteria that can help you greatly in the task of defining the best-suited broker for yourself.
After applying those criteria, we were able to actually put together a list of the currently best suited forex dealers for you:
- Exness: 9/10.
- HotForex: 8,5/10.
- FBS: 8/10.
- XM: 8/10.
- FXTM: 7/10.
As we regularly invest in the dealers quite a big sum of money, it is needless to say that we must make it our first priority to find out if the broker is actually reliable. Thus, reliability has become quite an important criterion for us to go through before we decide on any kind of forex brokers. When we want to check out the reliability of a forex dealer, we should check out these six factors:
– Their regulations
– Their operating history
– Their scale
– Their offices
– Their time of foundation
– Their available accounts
There is nothing more important in these factors for checking a broker’s reliability than their regulations. Respected financial orgs will send out these regulations to the dealers that are operating in the countries or regions that they were managing. Of course, only the ones who can meet the criteria that the orgs have set can get the regulations. Here are some of the most well-known regulations: FSB (South Africa), IFSC, FCA (UK), or CySEC (Cyrus), etc.
After checking through the regulations, one should always try to look for the reviews and past reports about the broker so that they can know if the broker has been reported on scamming or other things along the line. In addition, we can also learn quite a bit on how the dealers take care of those incidents, this can give a lot of insight into their credibility as well as professionalism.
Low costs for trading is a must
After making absolutely sure that a broker can be trusted, we can then move to check the cost of trading through that broker. The total of this cost can be calculated through adding as well as taking a multitude of factors such as its spread, its commission, its deposit/withdrawal fees, its rebate or bonus, its slippage as well as swap.
As for the spread, it means the difference between the buy price and the asking price of any currency pair. They are usually measured by pips, and we can call them either wide or tight. A broker would decide the value of their spreads. After all, the spreads are the main sources of incomes for dealing desk brokers. If spreads get high, the cost of trading will also be high. When a dealing desk broker gets quotes from liquidity providers, it will then add in the spread. As for the non-dealing desk, their spreads gets around zero due to them giving the exact quotes.
Click here for the lowest spread brokers.
Conditions for trading
Leverage is what we call a strategy in forex trading that utilize the money the trader borrowed to multiply with the profit that trader gains after a transaction. This is unarguably the tool that all traders love, no matter where they are. The leverage that a broker offers should be high. I am well aware that a lot of traders believe that it will get riskier when the leverage gets high. However, that is not what we are discussing here, as there are trading leverage and account’s leverage, and the account’s leverage needs to be as high as possible. You should also remember that while it is indeed quite important, leverage is still not the deciding part of your trading success.
Support for traders
There is always a main consensus when people discuss forex trading, and it is the fact that it is quite a complicated subject to grasp. Thus, it will always be quite helpful that there is someone working for the broker to help us with all the issues that we encounter while doing trades. That is why if a broker wants to be recognized as “the best” in the market, the broker must have quite an impressive team of support established. In addition, that support team must be able to be in contact with its clients all 24 hours of a day. Furthermore, there should also be local offices available at the markets that they are targeting. After all, we all know that communicating directly is always more helpful than communicating through emails or phones. Lastly, they need to be able to support in more languages than just English. You can click here for the best brokers in Thailand: โบรกเกอร์ forex ที่ดีที่สุด.
As of right now, the unarguably most popular supporting means is live chat. This is due to its simplicity, as you only have to go on the website of the broker and then you can communicate with the operator immediately.
Here are the brokers that have the best team of support:
- Exness supports 18 languages 24/7
- XM supports 23 languages 24/7
- HotForex support 27 languages