Jan 02 2022 5
My name is Mario and I am trading forex for just over five years now. I didn’t want to share my story at first but recently I have read some forex success stories. They are not only bull crap but also very false and inaccurate. I can see that the motif of all those stories is that a very young rich guy tells you forex is easy and simple and it’s very easy to make money from it. Non-sense.
Forex is very complicated. If you don’t have enough knowledge, experience, and discipline, you will easily lose all your hard earned money there. The best way to tackle this market is find yourself the best forex brokers.
How to find the best forex brokers as the best forex traders? Which standards to base on when we decide if a broker is the best or not? This article will be showing some personal common standards for the best forex brokers in the market, based on the long experience of the author. There are: credibility, trading cost, and customer services, which are shown clearly in these top brokers in 2020.
We are talking about how reliable a broker is. There is one thing that could indicate if a broker is trusted or not, which is regulation. Regulations are provided by the trusted financial organizations, but the more regulations a broker has, the more affected its trading conditions are. In accordance, the cost is higher, the leverage and bonuses are lower. This makes brokers less competitive than others with good trading conditions. Therefore, one license is enough for making forex success stories.
After regulations, we will discuss about the trading cost, which includes spread, commission and minimum deposit amount.
Most brokers charge spread as the main income. Spread is the difference between the Ask price and the Bid price. The more the spread, the more the cost of transaction. As a result, most traders like working with brokers with low spread. Below are the brokers with top lowest spread:
- Exness: 0.7 pips
- Hotforex: 1.1 pips
- XM: 0.8 pip
The next thing to consider is account type, which consists of 2 types in common: Regular accounts and ECN account. Spread is mostly in regular account, while ECN brokers mostly charge commission as the main income. Here are the top 5 ECN forex brokers with the best commissions:
- Exness: $5
- HotForex: $6
- XM: $6
Because forex is complicated itself, traders always need help and support from their forex brokers. They get into trouble easily and have problems that cannot be solved by themselves. The best forex brokers should have the best customer service and support team which can help their clients as soon and immediately as possible. They also need to have local offices, which makes things easier and more convenient. Also, Asian traders are not all good at English, support team should provide help in many languages such as Thai, Indonesian, Vietnamese,… Lastly, they have to work well and connect greatly with local banks in some countries to make the cost for transferring or withdrawal be minimized. In conclusion, this is the top best forex brokers that are highly recommended for forex success stories:
That's my forex success story. I made it in this market because I was able to find myself a suitable forex broker. Finding a good forex broker is very important. I hope you have learned something from the story I shared today.