Sep 26 2019 6
How can you be one of the most successful forex traders in the world? Well, let me tell you. It’s not that difficult. You just need to follow risk management, gain some experience, and trade with the best forex brokers. After a while, you will surely be one of the best forex traders. As my experience, the following top 3 should be the best brokers to work with:
If you are a trader, how a broker can get your trust? Or in another word, which factor you will base on to consider whether a broker is reliable? Regulation is the answer. For traders in US or UK, they have many choices of brokers, but it is another story in other religions. The forex trading is still not legal in Asia and Africa as examples. So regulation is considered as the card which can protect traders in the game.
One or two licenses from authorized organizations are enough for a broker to be trusted. Lots of regulations from various organizations does not make brokers valuable or reliable, in the opposite, it can be the reason for the higher cost. For that reason, traders should think about the quality, not the quantity. Check my best brokers' regulations here:
Clearly, I have chosen randomly without evidence. The above result is based on how much the best brokers can meet standards. One of the standards which are the most essential to sort brokers is the trading cost.
What is the trading cost? It is the simple fee for every transaction of traders. In order to optimize benefits, you should choose brokers who offer a good rate. The profit you can get for every lot traded, it is silly if you have to spend a half or more for only transaction fee. That’s a reason why the most successful forex traders prefer brokers who have systems linked to local banks so that the transaction fee is cheap.
Mentioning to the trading cost, we have to talk about the spread, commission, and minimum deposit. Those are the main income of brokers. If those are high, it means your profit will be low. So the low trading cost is always the best choice. See the table below for your comparison:
Accordingly, the spread, commission, and minimum deposit of them are much lower than other brokers in the same field.
Business is customer service, and the winner is the one who understands and satisfy customers. It is extremely true to the forex trading. No support, no customers. Here, customer services mean support anytime and with all possible ways like face-to-face conversations, phone call, and chats on the website. The low trading cost and trusted regulations cannot keep brokers survival if their customer services are so bad. Customers are ready to pay a little higher to be pleased, they never accept to be disappointed and mad due to no support or bad assistance.
After all, this is the top 3 best forex brokers based on the above standards: