BRKV How can you know which broker is among thein the world? What standards are used to determine that? This article is the answer for you. CFDs are complex instruments, so you need good brokers in order to succeed in trading. Believed by many, the best forex brokers tend to be the ones who focus on improving their trading conditions to help traders earn money, and do not concentrate on short-term profit or pay IB more money to attract customers. In my opinion, for a broker to be qualified as the best, it has to meet these standards below:
Here are 10 forex brokers that I think can meet the standards above:
The best forex brokers must have trusted regulations
The best forex brokers must have good ratings and no scams reported
The best forex brokers must have low spread and commission
The best forex brokers must have all account types
The best forex brokers should have better trading platforms
The best forex brokers should have offices in your countries
The best forex brokers should have the best payment systems
The best forex brokers must have trusted regulations
I have traded forex for many years and have many trader friends. We discussed a lot about brokers regulations. At the beginning, most of my friends thought US and UK regulated brokers are better. I asked them why. They chose US brokers because they trust US financial management system. I asked them: How about UK, AU, Hong Kong, Singapore, and Japan? They actually didnt know exactly why, they just have a trust in America.
Yes, US and UK regulations are very good. If a forex company can acquire one of these regulations, it means their trading platforms, technical, financial health, and management are good. Because it isnt easy to get these licenses. Brokers have to qualify all of the qualifications of these regulations to get the licenses.
Below are the 3 best forex brokers with UK regulations:
But it doesnt mean that brokers who dont have US, UK regulations are unreliable or less reliable. Its simple because they dont have business in those regions. Asia is the second biggest forex market in the world. So, many brokers became the large forex brokers just by serving this market such as Exness. Exness is thebiggest retail fx brokernow. Their forex trading volume last month is nearly $400 billion, and 99% of this volume is from Asia. They dont have US licenses. Its okay because they dont do business in the U.S.
Top 3 biggest market-maker forex brokers 2019.
If you are Asian and African traders, I dont encourage you trade at US brokers. Because their spreads and commission are much higher than other continents brokers.
Conclusion for regulations.Regulations are very important. If your country have regulations, you should trade with brokers who have your countries regulations. But if your countries dont have regulation, it means no matter how many licenses that brokers have, they wont protect you. In this case, you should choose brokers who have 1 trusted regulation, which is enough. This regulation can be US, UK, AU, JP, Hong Kong, Singapore, and CySEC. All of these are trusted regulations.
Top 5 brokers with the most reliable regulations:
As usual, I choose brokers which are over 10 years old and didnt have any scam claimed. I think 10 years is enough for brokers to prove themselves. There are many big annual economic news that influence the fx market. We can see how these brokers solve these problems and how they treat their clients.
For example, in 2015, when Swiss Central Bank floats its CHF. The CFH/USD was changed over 3000 pips. Most brokers lost. Some brokers lost hundreds millions Dollars. You can find details about these events and see how these brokers treated their clients loss below:
As traders, we all want to the trading costs as low as possible because these small costs can add up to quite a lot of money after a long time trading forex. Thats why its also important to pay attention to the trading costs of your broker.
For those of you who are not familiar with the termspreadandcommission, these two are the main income for brokers. When a broker get its quotes from the liquidity providers, a kind of transaction fee (spread) will be added to those quotes. This process is calledMash up. There are two types of brokers in total:dealing deskand non-dealing desk. Spread is basically the main income for the dealing desk type, whereasnon-dealing deskbrokers main income is mostly commission paid by traders.
Thus obviously, a good broker must always the one who has the low spread and/or commission on currency pairs. Having done several researches of our own, below are the specific spread on the most popular currency pair, EUR/USD of the top best fx brokers:
The US and UK regulations usually prevent their brokers from offering rebates or bonuses. This is one of the main drawbacks of having too many regulations that Ive mentioned above. Professional or expert traders might not care that much about bonuses since theyve invested too much money to care about a little increase in their profit. However, for regular traders like we are, a good rebate/bonus program shouldnt go unnoticed. A $5 rebate per slot means youre essentially saving on a 0.5 pip spread. These advantages might prove to actually be quite beneficial for small to medium traders in the long run.
Out of the 5 brokers that Ive mentioned above, only XM have good bonus programs. You can get as much as30$ welcome bonuswhen creating account for the first time. Whats more amazing is that you can also get a 100% bonus when depositing for these accounts.
Of course when you want to start trading, you have to deposit some money in. Its not free. You know that, right? This is when beginners get nervous. They dont want to deposit to much at first, because statistically speaking, over 98% of forex beginners lose everything from the start. Thats why brokers with low minimum deposits are appreciated. Here are the lowest minimum deposits rate of each of my favorite brokers:
Every broker must have 3 types of account for all levels of trader (beginner, experienced, expert). Those 3 account types always are: demo account, regular account, and ECN account. All 10 brokers I pick have these account types. If a broker doesnt have one of these accounts, it is probably not a real broker.
As you may know,MT4andMT5are among of the most popular trading platforms. But they arent perfect since they arent compatible with some operation system such as Windows Vista and Windows XP, as well as smart phones. Thats why some brokers have taken the initiative to invest in their own trading platforms which are more compatible with smart phones and older operating systems.
XM is currently ahead of everyone else in the developing/improvingtrading platformsarea.
Needless to say, customer service is one of the most important when doing business since business is all about people, trust and profit. Not to mentioned that the whole forex trading market is a rather vast and complicated place that the beginners/new traders sometimes find themselves lost. They are almost always in need of professional help as well as advices on how to make money safely.
Of course, they should be in the list of the largest fx brokers. If they have an office in your country, they are the more reliable. Each broker has their targeting countries. And they only open office in countries where they are popular. They can only be popular in your country when they offer you the best services and the most competitive conditions if you have a comparison between brokers.
Moreover, when they have office in your country, they will support you faster. If there is any problem, you can get support from their offices. If they scam you, the law will protect you.
But, it doesnt mean brokers who dont have office in your country arent reliable. As I mentioned above, the brokers in the top biggest forex companies with the above regulations are trusted enough. If they have offices in your country, they are even better. Exness is leading in this category since they have offices in Indonesia, Malaysia, Thailand, Singapore, China, Korea, and Cyprus.
BRKV For countries that dont have regional offices, they offer support online as well as via phone in English or your native language. The language support is very crucial to traders who want to work with the best forex brokers in Asia because those traders may not be very good at English. Here is the brokers list of those who can help you in different languages.
Exness supports 18 languages 24/7CHECK DETAILS
XM supports 23 languages 24/7CHECK DETAILS
HotForex support 27 languagesCHECK DETAILS
FXTM supports 19 languagesCHECK DETAILS
Fast and no-limit payment system is the best. We deserve to get our profit and deposited fund quickly. I knew some brokers try to reject our withdrawal if we withdraw too much. Because they dont have enough available money for the withdrawal. And if they keep you money too long, you may lost all your fund in trading forex. So, dont trade with these brokers.
Low or zero fee for deposits and withdrawals.
I have traded with many brokers and Exness has the best payment system. All transactions are instant. You can get your money within seconds. You also can withdraw in the weekends. There are many free-of-charge and local payment systems that all are instant and free.
Why is Exness Payment system so fast? Exness payment system is truly a step ahead of every other brokers. Its fully automatic, all the works are done by the machine. Exness payment system is programmed to make a comparison between your transfer/withdrawal information and your personal ID to ensure that each transaction is always secured.
And this is 5 brokers that I think they are the best forex brokers:
Hey, Im Fanara Filippo. Im a writer living in Vietnam. I have been trading forex for more than 5 years. You can read my articles about the best forex brokers on this page. Lets review brokers today.
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Hi am in Africa(Ghana) and to trade. Will it be safe to trade with these brokers?
Should I open any brokers account in 2019?
Why not? Have you started any investment for yourself? If not yet you have to start thinking about it. You dont have to start with big amount.
Am New here and want to know more about the trading. Who will help me know more about it.
As a beginner, how many months can I register for? Is it good to start trading before I can learn it. How much should I start the trading?
You OPINION on forex broker was so good. Thank you for this.
Whats the best way to learn about Forex Trading?
Is regulation that important? I see all brokers have the same.
To me, trading cost is the most important. Im here to make money.
You should change the title to Top 5 haha
I think trading platform is the most important when choosing the best forex brokers.
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If you are a beginner in forex trading and you wish to find reliable and unbiased educational resources, BRKV is the answer youre looking for. We are BRKV, or , a forex review website from Bangkok, Thailand. We are currently working with many well-known experts in forex trading such as Mr. Fanara Filippo or Mr. Mario Draghi. We aim to offer readers a trusted, useful, and professional source of education about the best forex brokers in this market as well as other forex-related topics.
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