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A REVIEW ON THE 5 BEST FOREX BROKERS OF 2019

Traders have always been having the problem of figuring out the good forex brokers for them. However, they also have been failing to do so as they do not have any idea what to look for whenever they are trying to evaluate a broker. As for me, I am fortunate enough to be able to put together a list of standards exclusively for myself. Using it, I was able to determine the current 5 best forex brokers:

  • Exness: 9/10
  • HotForex: 8.5/10
  • XM: 8/10
  • FBS: 7.5/10
  • FxPro: 7/10

Trading Cost

One of the most vital things that you need to know in order to make an educated guess about whether or not a broker can fit you is trading cost. The cost is usually calculated with respect to a lot of different factors. Out of those, the most common things are minimum deposit, the commission, and spread.

The spread is in truth the Ask and Bid price’s gap. This thing is one of the most vital parts of the trading cost that you will have to deal with. If a broker’s spread receives a boost, your trading cost inevitably will also increase. That is why so many traders love to do trades with the brokers who have the lowest possible spread. Thus, it is important to know about the spread that the top 5 brokers offer:

  • Exness: 0.7 pip
  • Hotforex: 1.1 pip
  • FBS: 1.1 pip
  • XM: 1.7 pip
  • FxPro: 1.7 pip

Click here for the lowest spread brokers.

As for the account types, there are two main types: ECN and regular. The ECN type of account has zero spread. Thus, they will charge more commission to make up for the loss is spread. After all, the broker mainly relies on these two things to make money. Here are the offers for commissions from the brokers on the list:

  • Exness: $2.5
  • Hotforex: $6
  • FBS: $6
  • XM: $6
  • FxPro: $45

Customer Service

There is no way that you can deny the importance of this requirement. After all, anyone who has had some experience in this field knows just how hard forex trading can be. Thus, the traders will not escape issues when they trade forex. Consequently, no broker that does not have full availability for support can be considered the best. Another additional requirement is that they must place at least one local office in the regions that they are looking at. With that, they will be able to do face-to-face helping for their clients, making it much more convenient. Moreover, traders in Asia are usually not that great in using English. Thus, the best brokers should be able to help their clients in other languages.

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Lastly, they should have connections with banks that work in the locales they are working on. This is to limit the trading cost for the traders as much as possible. In this category, the top 5 ranks as follows:

  • Exness: 9/10
  • HotForex: 8.5/10
  • XM: 8/10
  • FBS: 7.5/10
  • FxPro: 7/10

Credibility

There is nothing more dangerous than an unsafe broker for forex traders. Thus, we must first find out all we can about the credibility of the broker we want to trade on. The one tool that most of us will use to do this task is the regulations. These things are handed to the brokers by financial organizations that are well-known. Their responsibility is to determine standards of any broker under them so that the traders will actually be protected when they trade forex.

However, in the case of one broker acquiring too many unique regulations, the conditions they offer will undoubtedly be affected greatly. For example, the spread, as well as the commission, rise up, while the leverage goes down. Thus, the broker will undoubtedly be not as competitive as the others on the market. That is why I say that a broker needs no more than one single trustworthy regulation. As for the top 5, here are their regulations:

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