How to choose the best forex brokers 2018 that is accountable and suits your trading strategy? This is always the difficult problem to new traders who stick their eyes on surface profits. Forex bonuses are always catchy, but later you have to pay it back. Promotions are attractive but often come from less prestige or new brokers. It is risky to work with such companies, and traders should highly focus on the essence. So, this article today is to detail the key components of several names that found their top places of the online broker generation.
Strong Regulations
It’s fair enough to hold one standard license like ASIC, FCA, CySEC, or NFA. Tighter brokers’ trading condition such as higher minimum deposit requirement, increased spread, less trading tools usually stick to brokers who have more regulations. In addition, several brokers need not one of those passports while focusing purely on the Asian forex market. On such occasions, Asian financial association regulations are far better and safer.
Open Trading Conditions
- Various Account Options
Same as every corner of life, there are three fx-trading levels: beginner, experienced, and expert. More than that, each man have different minds so different forex trading strategies. For that reason, various account options would properly attract new clients from every class. Don’t forget to check the minimum deposit requirement, which differs between brokers and its accounts. High deposit demands are common difficulties for traders to start trading currency, normally goes with Classic and ECN accounts. Here we have several exceptions:
- Exness minimum deposit – only $1
- FBS – at least 1 dollar as the downpayment
- HotForex – requires 5 dollars minimum deposit
- Low Transaction Cost
Transaction Costs are the spread and commission fee that brokers take as the main income. Good brokers offer high spread and low commission, or vice versa. Another example with EUR/USD the most popular currency pair, compare between the top lowest spread competitors:
- Exness and Hotforex – 1.1 pips
- XM and FXTM – 1.7 pips
Even on top with Hotforex, Exness still have special orders with free-commission and low spread on most of its accounts. Only Exness ECN option has commision fee but zero Spread. That besides the broker’s attractive Lot back Bonus makes many consider Exness as one of the best ECN brokers.
- High Leverage
There has the absolute risk and fabulous chance to profit much better. New traders usually lose for the first time, so they hope to risk with low margin and high leverage. And, the expert habit is to consider the potential. Therefore, low leverage from the US, UK, and Japanese, who comply with countries’ licenses, are less competitive. The international brokers are more open:
- Exness – 1 : 000 (For Cent, Mini, Classic MT4 accounts)
- FBS, HotForex – 1 : 1000 (All accounts)
- XM – 1 : 888 (All accounts)
Vigorous Team on Support
Biggest brokers develop a long list of languages support and a broad locality system. There always has both online and direct support. The online support must be capable to respond in seconds, and the direct support on weekdays usually have your town-mate staff members who can exchange things with clients easily.
Exness, FxPro, FBS, and XM all have the best team on the post that provided all features that mentioned. Local offices and the payment services can be found on their websites. There are many International Banks collaborating with largest forex brokers and traders can get the response in no time.
Conclusion
We orderly consider the strongest brokers based on years of knowledge and experience: Exness, HotForex, XM, FxPro. With the light deposit, a start-up with 2 brokers is recommended, so you can find out which one you prefer after the first month. Then you can focus your fund to the broker that feeds you better. Keep your head cool with tight discipline, then comes the profit. See you next time!
