Most traders want to find a “best” broker in forex trading without knowing exactly what criteria is needed to evaluate a broker. From my experience, I have come up with a list of basic standards to rate a broker, including credibility, trading cost, and customer services. Following is the list of 5 brokers which I believe to be the current best brokers in forex trading:

– Exness reviews: 9/10

– HotForex reviews: 8.5/10

– XM reviews: 8/10

– FBS reviews: 7.5/10

– FxPro reviews: 7/10

CREDIBILITY

Reliability is the first criteria of a broker that should be checked. In order to check the reliability, traders can examine the regulations, which are licenses provided by trustworthy financial systems. These licenses are made to protect the safety of clients, yet it might restrict certain trading conditions of brokers such as the standards, merits, etc. A broker possessing many regulations will be limited in spread and leverage rate. To be specific, that broker’s spread rate will be higher while the leverage rate will be lower compared to other brokers, which is not a beneficial feature for traders. Moreover, the commission rate of a broker with many licenses might also be higher. As a consequence, a broker with multiple licenses is proved to be no good for traders. Therefore, traders should only search for brokers with one or two valid regulations. I have made a list of regulations hold by the top 5 brokers:

TRADING COST

Trading cost is the second criteria that should be checked. This category is different depends on each broker, but the basic features are spread, commission, and minimum deposit rate.

As for spread rate, traders should already know that spread is the difference between the Ask price and Bid price and its currency is pip. A high spread rate will result in high trading costs and vice versa. Therefore, it is obvious that traders should work with brokers that provide low spread to lower their trading fees. I have listed the detail spread fee of the best forex brokers 2018 as below:

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

Regular account and ECN account is two of the account offered by forex brokers. ECN account charges commission fee instead of spread rate, therefore its commission fee is relatively high while its spread is almost zero. Here is the commission price of each broker for the ECN account:

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

As for the minimum deposit amount, each trader type will have different expectations for this criteria. Meanwhile, expert traders also consider this feature carefully when checking a new broker. As for beginners, they would avoid depositing too much since they have a higher chance of losing their money. Below is the minimum deposit amount required by each broker:

• Exness: $1
• FBS: $1
• Hotforex: $5
• XM: $5
• FxPro: $500

CUSTOMER SERVICES

In the complex field of forex trading, any brokers that are always available to help traders in need are brokers that win their customers’ heart. A good customer service team will always be available to guide clients 24/7. In addition, brokers that establish local offices will be extremely beneficial for traders since it provides face-to-face conversation which is more convenient. Moreover, some brokers even provide support in languages other than English so as to help their customers more easily. Another feature that traders should notice is if the broker has partnership with their local banks since this can lower their trading costs remarkably.

Below is my rating for the customer support system of these brokers:

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

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