[The best forex broker] To make a judgment, you need to look at the core of the issue. The best forex broker is the one who focuses on traders, improving trading conditions to help traders earn money, not to focus on short-term profitability as well as spend more money for IB to attract customers.
When you choose a forex broker, never let the bonus blur your eyes. Because you have to pay it back. As usual, only the brokers with less prestige and new brokers offer many promotions. Trading on such brokers is riskier. In investment, much profit always goes with many risks. Thus, the large forex brokers on the world offer very little bonus.
In this article, I will try to write in the most objective way based on the trusted information while sometimes providing my personal comments. I hope this article will give you an overview of the forex trading brokers who are providing services.
1. Which forex broker has the fastest deposit/withdrawal speed?
For this, Exness has no competitor. Thinking about how to win gives less headache than waiting for withdrawal from brokers. Domestic forex brokers is not reliable. Trading at foreign forex brokers would result in longer time of withdrawal. In general, any broker has both advantages and disadvantages.
Back to the topic: Why withdrawal of Exness is fast? It is because it has an automatic withdrawal system without human intervention. It’s usually the quickest way to get your account credited. Moreover, Exness also offers many local payment systems that are very convenient. You can deposit just 1$ by your phone for 30 seconds and no fee. This is why most of traders like Exness.
See more details here.
2. Which forex broker has the most trading volume?
In this section, I only consider forex brokers that support Asian traders. The most popular forex trading brokers are: Hotforex, Exness, Fxpro, FXCM, FXTM, XM.
– Exness.com: $323 billions/month.
– Hotforex.com: $280 billions/month.
– Forex com: $185 billions/month.
– FXCM: $108 billions/month.
Why did I put this section here? Because there must be a reason why foreign traders like to trade in these brokers. Traders in the world trust them, so there is no reason why you should not trade.
3. Which forex broker has the most license?
The forex certificate is extremely important. It represents standards, capabilities, and reputation of a forex trading broker. But basing sorely on the forex certificate has many disadvantages. In my opinion, only one of the following forex license is good enough: ASIC, CySEC, FSA, CFTC, NFA, NFA. Having more license doesn’t mean better. As there are some brokers who only focus on Asian market, they do not need US/UK license. Similarly, brokers who operate primarily in the US do not need UK license.
The major disadvantage of having many license is that they offer low leverage, high spread, less trading tools, high requirement deposits, less competition … so do not judge only on licenses. One reliable license is enough.
For this category, I do not recommend any broker as most international brokers all have at least one license.
4. Which forex broker has the best support team?
This is one of the most important criteria for traders to choose a forex trading broker. Since most large trading brokers don’t have local support team for all countries, thus if anything happens, they will respond at a lower speed compared to in other markets. In addition, the language barrier extends the response time; sometimes traders do not know how to explain their problems. Therefore, one of the criteria to evaluate whether a forex broker is good or not is: availability of support team and its response time.
The famous international forex brokers which have good support team include: Exness, FXpro, FBS and XM.
Exness seems to have the best support team. This broker has very strong sales, support, and marketing team who dedicated for local markets. Besides, Their IB network is very strong also. So, if you have any problem, just chat with them on website, and you will get responses instantly. Moreover, Exness also supports clients 24/7 and 24 hours daily.
Learn more about Exness Here
The next is FBS broker. They regularly organize events in target countries with many collaborators and IB. Their support is very good also. I got a lot of fast and useful supports. The last one is FXpro.
Learn more about FBS here
5. What forex brokers offer the lowest transaction cost?
Transaction cost here are spread and commision.
Firstly, will compare their spread. EURUSD is the most popular currency pair. So i will compare its spread among forex brokers:
Exness’ spread is 1.1 pip. Check here
XM and FXTM is 1.7 pips. Check here
Hotforex’s spread is 1.1 pip. Check here
FBS’s pread is 1.1 pip. Check here.
So, if we compare spreads, Exness, Hotforex, and FBS are the lowest spread brokers.
Secondly, i will compare brokers’ commisions. All of them don’t charge commission for regular accounts. They only charge commission for ECN account because ECN’s spread is nearly Zero. And commission is the main income of ECN accounts.
For ECN, Exness have no competitor in term of low commission cost. They only charge 2,5$ for each lot. This is the lowest ever that no competitor can offer.
Check detail here.
6. What is the richest forex broker (XM).
Rich means that they offer generous promotions. XM is the richest broker. This broker spent the contest a lot of money. Currently, there is still a contest with a $1 million prize. This is the highest prize ever. Moreover, they also very generous to spend million dollars for banners that you can see them everywhere.
View details of XM forex contest >> Here
7. Which forex brokers are the most famous?
I will base on the criteria that how many people search these brokers monthly. I use Google Keyword Planner to check it out.
– No.1: XM.com: 40,000 search monthly
– No.2: Exness.com: 36,000 search monthly.
– No.3: FBS.com 30,000 search monthly
8. What brokers offer the highest leverage?
Leverage is the tool that most traders in the world would love. Often, British, American and Japanese license brokers offer low leverage because they have to comply with these license of these countries. So as I mentioned above, brokers with many licenses often are low competitive. Among prestigious international brokers, the following forex brokers have the best leverage:
– Exness: Unlimited. For under $1000 accounts and have traded over 5 lots, you can use unlimited leverage. For accounts that are more than $1000, the leverage is 1:2000. Read more >> Here
– FBS: 1:1000
– Hotforex: 1:1000
– XM: 1:888
9. What forex broker offers the best account types?
Big forex brokers often ask for big deposit amount and not suitable for most of small traders. Example: FXCM ask for 2000 minimum deposit and 500$ for forexcom.
For small traders prefer lower minimum deposit rates.
– FBS minimum deposit is 1 dollar.
– Hotforex minimum deposit is $5:
10. What forex brokers are more transparency?
Why is transparency important? Because forex market is very complicated. There are many scam brokers there. So, choosing a transparency broker is the first step to be successful. Because it’s making sure that they will let you withdraw money when you win, and there isn’t manipulations.
Only Exness and FxPro are transparency brokers. You can easily check their finance information on their website. And Exness is more transparent because you event can check their fund in bank. Currently, Exness store about 151 millions USD in bank. This fund is 4 times bigger than their client’s deposit.
After all the above criteria, I can rank the best forex broker in the order as follows:
– Exness: 7/10. Create an account >> Exness.com
– Hotforex: 7/10. Create an account >> Hotforex.com
– XM: 5/10. Create an account >> XM.com
– FBS: 4/10. Create an account >> FBS.com
– Pxpro: 4/10. Create an account >> Fxpro.com
This is the ranking of the best forex trading broker based on my experiences. In fact, each broker has its own advantages. The big US brokers such as FXCM, forex.com have high deposit, low leverage, and high transaction costs but safer. Smaller brokers have higher leverage, lower spread, and lower deposit. It is important to understand your needs in order to choose the best forex broker for you.