Arnold247's Blog

 In recent years, the forex market is increasingly favored in the global. It is one of the most outstanding and profitable markets in comparison with any other markets. This market has some superior advantages like no commissions, unlimited leverage, etc. For that reason, traders from all over the world exchange everyday. As a result, there are so many companies that offer forex services, which are called forex brokers, founded daily. For beginners, choosing a good broker to start trading might be difficult. Forex brokers play important role of helping traders decide some situations.

So how to pick out the best forex broker of 2018? That’s why today I’ll compare some famous brokers and rank them based on 8 different categories so you can make a decision which one is the top broker in 2018. Remember, this article is for Asian traders. 

How can we evaluate a broker? The answer is how they treat their traders. A good broker to come to must provide traders with excellent trading conditions as well as customer services. Moreover, they need to be transparent and safe. Lastly, they have to pay attention to the long-term profit for the traders. Don’t be fooled by the bonuses or promotions from small brokers. You must understand that you can’t make profit instantly in the forex market. It takes times, effort, and strategy. That’s why the top largest brokers offer little bonus for traders. On the other hand, trading with small brokers is riskier because they are less secured and professional.

I hope that after this article, you can choose for yourself a broker that suits your conditions and trading tactics.

1. THE BEST FOREX BROKER NEEDS TO MAKE SURE ADEQUATE REGULATIONS

It is very crucial for a forex broker to have license from a trusted organization. The license shows that that broker has standards, reputation, and capability. There are some well-known and trusted certificates such as ASIC (Australia), CySEC (Cyprus), FSA (Japan), CFTC (United States), NFA (also United States), and FCA (United Kingdom). A license can guarantee the safety of traders but remember that it is territorial. For example, a broker that has the FCA certificate cannot protect their clients in Asia. Therefore, being regulated by many doesn’t make that broker better. But still, it’s better to know that your broker has license than none.

On the other hand, a license will limit many things for a broker. They will have to offer higher spread, lower leverage, less trading tools, and higher minimum deposit... It clearly shows that having many licenses is not good at all. One trusted certificate is enough.

Since almost all big brokers have at least one reliable license, I can’t tell which one is better in this category. Remember, those organizations only give license to big international brokers, so don’t trade with small, unregulated ones.I can introduce a good forex broker which is Exness.

2. AlSO OF GREAT CONCERN TO SELECTING THE BEST FOREX BROKER IS TRANSPARENCY & SECURITY

It is highly important to know as much as possible about your broker. The forex market is a complicated place. There are scammers everywhere, so it’s best that you choose a broker that is not shy to show their financial reports and performances. Up to now, only two brokers let their customers view anything about them, which are Exness and FxPro. You can easily find their financial reports or other information right on their website. Exness even takes their transparency to whole new level when they reveal how much they have in the bank. Currently, their fund is 4 times the deposit of their clients so you don’t have to worry about losing money due to technical problems or crisis when trading with Exness. Moreover, most brokers promise to compensate clients when there are unexpected problems. One more thing, you should also check the audit of your broker to make sure that the company is carefully audited annually.

3. WE NEED TO GO INTO TRADING VOLUME IN PICKING OUT THE BEST OF FOREX BROKE

Why should we review the trading volume of a broker? It’s simple. The more people choose to trade with that broker, the more trusted they are. If traders from around the world choose to trust them, why shouldn’t we?

So here are some of the monthly trading volume of big forex brokers.

Exness: $323 billion per month.

Hot Forex: $280 billion per month.

Forex.com: $185 billion per month.

FXCM: $108 billion per month.

4. CUSTOMER SERVICE IS AN ESSENTIAL CRITERION IN CHOOSING THE BEST FOREX BROKER

The forex field is relatively difficult to everyone, so the broker’s customer service is vital. New traders constantly need support and instructions. A good broker is one that is always available and can help customers with anything. Moreover, language also the key. Not all traders are good at English so it’s better for a broker to be able to help customers in different languages. There are some big brokers that have outstanding customer care (24/7 service, multiple languages) like Exness, FBS, FxPro, and XM.

5. NO ONE DOESN’T CARE  ABOUT COST & FEE IN MAKING A DECISION FOR THEMSELVES THE BEST FOREX BROKER

By cost and fee, I mean the spread and commission that a broker charges traders. Traders obviously don’t want to be charged much when trading so forex brokers should keep their spread and commission as low as possible. For the most popular currency pair, which is EUR/USD, some big brokers’ spread is as low as 1.1 pip, like Exness, Hot Forex, and FBS. XM and FXTM’s spread is a little higher, 1.7 pip.

Most brokers don’t charge any commission for the regular accounts. When it comes to ECN account, the spread is almost none, so they have to charge commission. Exness is the leading broker in this field. They charge only $2.5 for each lot, which is the lowest price of all.

6. LOOK AT  WITHDRAWAL/TRANSFER SYSTEM IN SELECTING THE BEST FOREX EXNESS

Withdrawal time is always the concern of traders. For internal brokers, the time is shorter but they are not reliable. When trading with overseas brokers, it is safer but the withdrawal process takes tremendously long time. You need to find a trader that is the fastest so that you can follow your trading strategy. I recommend Exness which is the best forex broker since they leave all this work for the machine, so the time to perform these tasks is only millisecond. When it comes to withdrawal or transfer time. Exness has no competitor in this field.

7. CONSIDERING LEVERAGE IS A VITAL STANDARD FOR PICKING OUT THE BEST FOREX BROKER

All traders love brokers with high leverage. The higher is the better. However, forex brokers in Japan, United States or United Kingdom have to offer low leverage since they are strictly regulated by these countries, just as I mentioned above. Therefore, traders usually don’t come to brokers with too many licenses. Here some brokers with best leverage and especially is Exness

Exness: For accounts with less than $1000 and having traded more than 5 lots, the leverage is unlimited. For accounts with over $1000, it is 1:2000 top.

Hot Forex: 1:1000 top.

FBS: 1:1000 top.

XM: 1:888 top.

8. PAYING ATTENTION TO MINIMUM DEPOSIT IN COME TO A DETERMINATION ABOUT THE BEST FOREX EXNESS

When you are just a small or even a beginning trader, this one is very important. You don’t want to put too much money in your account when starting because 90% of new traders will lose all their money in the beginning. Brokers that offer accounts which only require a little deposit is more suitable for you. Here are some:

Exness: only $1.

FBS: only $1.

Hot Forex: $5.

I hope after this, you can decide which broker is suitable for you. Of course, each broker has their strength and weakness. It is up to you to decide who to go with. We always give you information usefully and meaningfully.

Read more : WORLD’S TOP BROKERS IN 2018