Jun 10 2020 0
In the forex market, the number of traders has always been finding the best site for forex trading to trade with. However, they do not really know some important steps before finding the best site forex brokers.
The best sites for forex trading can be found easily in the forex market, so how can you know that they are good for you. That’s why you need to learn about other aspects of the broker to decide whether or not they are truly good for you. The standards besides reliability are trading cost and customer service. If a broker is good in all 3 categories, it is the broker you should trade with.
This is the list of the best sites reliable forex brokers:
How to find the best sites for forex trading
Reliability is considered to be one of the most vital aspects that decides whether you are trading with good brokers or not. The credibility of a broker can be measured based on the regulations. In fact, it is really difficult for a broker to attain a regulation in the forex market. They have to follow certain aspects if they want to obtain the regulations in the forex market. In reality, regulations will decide the standards, merits and trading conditions of forex brokers. If a broker has many regulations, they cannot offer their customers good trading conditions because of the impact of different organizations. This might make brokers charge higher spread as well as higher commission. Therefore, you should trade with a broker who has only one trusted regulation.
This is the list of reliable forex brokers with their current regulations.
- Exness: CySEC, FCA
- XM: CySEC, FCA, ASIC
- HotForex: CySEC, FSCA, FCA
- ForexTime: IFSC
- Forex.com: FCA, FSCA
The best sites for forex trading should offer better trading cost
Undeniably, traders have a tendency to trade with brokers who offer lower trading costs because they want to gain more profits. Trading cost can be seen as the income of forex brokers, which normally focus on spread, commission and deposit rate.
Spread is the difference between the Ask price and the Bid price. Spread is measured in pip. When you trade with brokers who offer higher spread, the trading cost will be higher. As a result, traders always want to trade with the lowest spread brokers. The reliable forex brokers with low spread are Exness, XM, and HotForex.
When it comes to forex accounts, brokers normally offer two types of accounts, which are ECN account and Regular account. When traders choose an ECN account, brokers will charge a commission because the spread of the ECN account is nearly zero. So if you are looking for reliable forex brokers with low commission: you should choose Exness, XM, and ForexTime. They have the lowest commission rate in the market.
The minimum deposit is required for opening an account in the forex market. New traders of course do not want to deposit a lot of money. Therefore, they tend to choose some brokers who offer lower deposit rates. Experienced ones, however, do not care about this issue. They normally want to experience different brokers, especially new forex trading companies.
The best sites for forex trading should have great customer service
It is advisable that traders should go for brokers who always support their customers. In fact, due to the complexity of the forex market, traders have to understand deeply about both forex brokers and forex markets with the view to gaining profits. The best forex brokers need to offer their customers different languages. In terms of Asian traders, they might not speak English well, which makes them confused in some cases. Therefore, they should be supported by their native language. In addition to this, the best sites for forex trading also need to collaborate with local banks so that traders can minimize their trading cost.