ALL FOREX BROKERS COMPARISON | FEE INCLUDED

Apr 24, 2020
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One thing that forex traders concern the most is whether their broker is a good forex broker or not. The most common question I see on various forex forums is “Is [broker’s name] good or not?” People are all scared of being scammed by a low-quality forex broker so that they want a good and reliable one. Therefore, today we will do a comparison between the top biggest and most prestigious forex brokers in the market, which are:

  • Exness.com
  • XM platforms
  • FxPro.com
  • Hotforex.com
  • FXTM.com

We will compare them in terms of the most important factors in forex trading: Credibility, Trading fees, Trading platforms, and Customer service.

Which broker is the most reliable?

When comparing the safety and security score of forex brokers, we must first look at the forex regulations of those brokers. Forex regulations have always been the symbol of a broker’s reliability. Regulation is granted to brokers by a financial organization that monitors the forex trading activities in a country. As a result, there are some regulations that are more respected than others. 

Here are the regulations of our forex brokers for comparison:

Brokers Regulations Trust score
Exness.com FCA, CySEC 100
XM.com FCA, CySEC, ASIC 100
FxPro.com FCA, CySEC 100
Hotforex.com FSCA, CySEC, FSC 100
FXTM.com FCA, CySEC, FSCA, IFSC 100

Since all of them have a top-tier regulation like FCA or CySEC, their reliability scores are all 100.

Forex fee comparison

Since the trading fee of a broker combines many factors, we will compare them all one by one.

Forex spread comparison

Spread is the difference between the Bid price and the Ask price. It is the primary trading fee of every transaction. For each broker, their spread varies by account types. Regular accounts’ spread is usually higher than ECN account’s spread. Traders care about spread only when they are trading regular accounts. 

Therefore, here is the comparison of the spread of regular accounts of our brokers:

Brokers Spread Cost score
Exness.com 1 pip 90
XM com 1.3 pips 70
FxPro.com 1.7 pips 30
Hotforex.com 1.2 pips 80
FXTM.com 1.3 pips 70

Forex commission comparison

Instead of regular accounts, professional traders would prefer ECN accounts because they open less positions. For ECN accounts, the spread is nearly zero. The main fee is the commission. Therefore, traders look for brokers with low commission. 

You can check out our forex brokers comparison in terms of commission here:

Brokers Commission Cost score
Exness.com $7 80
XM com $6 90
FxPro.com $45 30
Hotforex.com $6 90
FXTM.com $8 70

Forex leverage comparison

Leverage has always been a wonderful tool for traders to multiply their profit from forex trading. If you let your brokers hold a part of your fund as margin, you can borrow money from them in a ratio you want, which is called leverage. The higher the account’s leverage is, the more you can make from trading.

The followings is the comparison between our brokers’ highest leverage rate:

Brokers Leverage Cost score
Exness.com 1:Unlimited 100
XM com 1:888 50
FxPro.com 1:1500 70
Hotforex.com 1:1000 60
FXTM.com 1:2000 80

Brokers minimum deposit comparison

Normally, if a broker doesn’t have welcome bonus programs, you have to deposit at least some money so as to start trading. Most traders don’t like high minimum deposit rate because before investing in anything, we have to test first. If the broker is not good, they will lose a lot of money due to the minimum deposit requirement.

Here are our comparison for the minimum deposit required by those brokers:

Brokers Minimum deposit Cost score
Exness.com 1 dollar 100
XM com 5 dollars 80
FxPro.com 500 dollars 30
Hotforex.com 5 dollars 80
FXTM.com 10 dollars 60

Trading platforms comparison

Everything you do when trading happens on the broker’s platform. Therefore, the quality of the platform will affect your trading results greatly. The most common trading platform in the market is the MetaTrader platforms, developed by MetaQuotes Software. Hundreds of brokers have bought the license to use this platform and hundreds of thousands of traders are used to it. It is the standard trading platform of this industry. On the other hand, some brokers decide to self-design their trading platform in order to give exclusive looks and features to their clients. In our opinion, standard and self-design platforms are just as good.

Check out the platforms of our forex brokers:

Brokers Trading platforms Platform score
Exness.com MetaTrader platform 90
XM.com MetaTrader platform 90
FxPro.com MetaTrader and cTrader platform 100
Hotforex.com MetaTrader platform 90
FXTM.com MetaTrader platform 90

Customer service comparison

For customer service, we rate brokers by three categories: availability, local office, and languages. The best customer service is the one that is available 24/7 through multiple means of contact like phone call, email, or live chat on their pages. Local office means that they open offices in your country in order to help customers more directly and efficiently. Finally, the language in which they support you is also very important. Not everyone is fluent in English, so it’s better for brokers to be able to assist clients in various languages.

After contacting and testing those brokers, we have come to the comparison between their services:

Brokers Customer service Service score
Exness.com 24/7 for 17 languages 60
XM.com 24/5 for 22 languages 70
FxPro.com 24/5 for 31 languages 90
Hotforex.com 24/5 for 20 languages 60
FXTM.com 24/5 for 17 languages 40

Forex brokers comparison result

After comparing about top famous brokers in the world, we have calculated the score for each broker and came to the conclusion of this forex brokers comparison:

  1. Exness.com: 620/700
  2. Hotforex.com: 560/700
  3. XM.com: 550/700
  4. FXTM.com: 510/700
  5. FxPro.com: 450/700