Everything You Need to Know about the Best Forex Broker of 2018

  Over the past 2 years, I have been trading with top forex brokers and making some profits. Many people came to me and asked me about how to choose the best forex broker. I answered that it was very hard to tell which one was the best. From my experience, I looked for top forex brokers and compared them in different aspects, including their personal information and trading policies. From that, I chose the best one which perfectly met my needs and strategy.

In my opinion, the ranking of top forex brokers should depend on some vital factors. These can include best trading tools, good trading conditions and great customer support. For me, the reputation, security and transparency of that broker are also important. From what I’ve learned and gained in the Asian market, I will choose some popular brokers, such as Exness, Hot Forex, FxPro, FBS and XM. I will explain my choice below.

Reputation

Reputation is the first thing I usually check before choosing a good forex broker. Personally, I think that a reputable broker is the one that has the following features.  

License

In the forex market, licenses or certificates are very important for all forex brokers. These can show the standards, capability and reputation of brokers. Licenses must be certified from reliable and famous organizations. Some well-known and trusted licenses are FCA (United Kingdom), NFA (United States), CFTC (United States), ASIC (Australia), FSA (Japan) and CySEC (Cyprus). However, a license can have some negative impacts on both traders and brokers. Because brokers have to pay fee to those agencies, traders will get lower benefits, including higher spread, lower leverage and higher commission.

Audit

Top forex brokers are often audited by big accounting firms. They are KPMG, EY, PWC and Deloitte. Those companies can be reliable because they can guarantee the transparency and accuracy of brokers. In term of transparency, I advise that you should choose a broker with highly values transparency. In this field, I completely believe in Exness and FxPro. They show all of their personal information (including financial reports) to their customers. Exness even reveals how much money they keep in their bank account.

Search traffic

In my opinion, best brokers are those that are most searched on the Internet. It’s just because they perform well and people find them. From Google Keyword Planner, I choose top forex brokers with big search traffic. They are:

FBS: 30,000 search monthly.

Exness: 36,000 search monthly.

XM: 40,000 search monthly.

Trading Volume

Trading volume of a broker is the second most important factor I pay attention to. This factor can help you determine whether the broker you invest money with is reliable. The higher trading volume, the more reliable. Personally, I love to trade with a broker that has millions or thousands of traders. Below are the monthly trading volume of top forex brokers.

FXCM: $108 billion a month.

Exness: $323 billion a month.

Hot Forex: $280 billion a month.

Forex.com: $185 billion a month.

Minimum Deposit

For new and beginning traders, minimum deposit is one of the most important things to consider. I myself noticed that most of new traders lose their money when starting. So, do not put too much money in your account if you’re a trading beginner. Here are the minimum deposit of some big forex brokers. You should choose the broker which is suitable and reliable to you.

Exness and FBS: only $1 minimum

Hot Forex: $5

Forex.com: $500

FXCM: $2000

Withdrawal Time

For most traders, withdrawal time of a broker is extremely important. In this field, forex brokers have different advantages and disadvantages. For internal brokers, withdrawal time they offer can be shorter but they are not reliable. Foreign brokers, on the other hand, offer longer withdrawal time, but they can be reliable. You should choose a broker that suggests best trading services with fast withdrawal time. In this field, I only believe in Exness. Because their withdrawal or transfer system works by automatic machine, it can take you only millisecond.

Low Spread

Forex brokers make money through commissions and spreads. Some of top forex brokers even charge no commission. Instead, they earn money through wide spreads. As an experienced trader, I recommend that you choose brokers with low spread. The lower their spread is, the better they are. Exness, FBS, and Hot Forex are some typical brokers that offer low spread. For the most popular currency pair EUR/USD, their spread is only around 1.1 pip. Go to this link to see Exness spreads and commissions.

Low Commission

As mentioned above, forex brokers earn money through commissions. The higher commissions, the more money they make. But for regular accounts, most brokers don’t charge any commission. For ECN account, they hardly offer spreads, but charge more commissions. In this field, I believe that Exness is the best, among top forex brokers 2018. They charge a very low commission of 2.5 USD for each lot traded.

High Leverage

All traders love trading with a broker that offers high leverage. But, regulation and licenses can impact suggested leverage and other trading policies. Because of strict regulation, forex brokers in the United Kingdom, United States and Japan usually offer low leverage. Meanwhile, Asian brokers can provide their traders with higher leverage. Here are top forex brokers with high leverage.

XM: 1:888 top.

FBS: 1:1000 top.

Hot Forex: 1:1000 top.

Exness: unlimited leverage. 

Customer Support

For new and beginning traders, customer care is very important. A broker with good customer service can assist you in getting information and solving problems. In this field, Exness does great job. Their customer service is available for 24/7 and they can assist traders in different languages. Top forex brokers that are famous for amazing customer service include Exness, FBS, FxPro, and XM.

The forex exchange market is a very complicated marketplace. To avoid unexpected risks during trading, check these factors before investing your money. I hope that my experience will give you useful information and help you choose the best forex brokers 2020.