[The best forex broker] To properly make a comparison, you need to look at the core of the brokers. The best forex brokers tend to be the ones who focus on traders, keep improving their trading conditions to help traders earn money, and do not concentrate on short-term profit or pay IB more money to attract customers.
When you choose a forex broker, never let the bonus trick you, because eventually, you’ll have to pay it back. Usually, only brokers with less prestige or new brokers offer that many promotions. Trading with such brokers is riskier. When it comes to investing, the more profit you get, the riskier it gets. Thus, all large forex brokers on the world offer very little bonus.
In this article, I will try to be as most objective as possible. This review is based on the reliable information sources and sometimes my own opinions. I hope this article will give you an overview of the forex trading brokers who are currently providing services.
- 1 Which forex broker has the fastest deposit/withdrawal speed?
- 2 Which forex broker has the most trading volume?
- 3 Which forex broker has the most license?
- 4 Which forex broker has the best support team?
- 5 What forex brokers offer the lowest transaction cost?
- 6 Who is the richest forex broker (XM)?
- 7 Which forex brokers are the most famous?
- 8 What brokers offer the highest leverage?
- 9 What forex broker offers the best account types?
- 10 What forex brokers are more transparency?
- 11 Conclusion
Which forex broker has the fastest deposit/withdrawal speed?
In this field, Exness has no competitor. Thinking about your trading strategies is less of a problem than waiting for the withdrawal from brokers. Domestic forex brokers is not reliable while trading with foreign forex brokers would result in longer withdrawal time. In conclusion, both have their own advantages and disadvantages.
Back to the topic: Why is withdrawing with Exness fast? Because Exness has an automatic withdrawal system that has zero human intervention. The machines of course make it quickest possible. Moreover, Exness also offers many local payment systems that are very convenient. You can deposit just $1 from your phone and it will take only 30 seconds and there is no fee at all. This is why most of traders like Exness.
See more details >> Here.
Which forex broker has the most trading volume?
In this section, I only review forex brokers that support Asian traders. The most popular forex trading brokers in Asia are: Hot Forex, Exness, FxPro, FXCM, FXTM, and XM.
|1||Exness||$395 billion||Learn more|
|2||Hotforex||$280 billion||Learn more|
|3||XM||$300 billion||Learn more|
Why should you consider the trading volume? Because there must be a reason why a lot of foreign traders like to trade in these brokers. Traders from all over the world trust them, so there is no reason why you should not.
Which forex broker has the most license?
The forex certificate is extremely important when it comes to security. It represents standards, capabilities, and reputation of a forex trading broker. However, if you consider sorely on the forex certificate, there will be many disadvantages. In my opinion, only one of the following forex licenses is good enough: ASIC, CySEC, FSA, CFTC, NFA, NFA. Having more license doesn’t mean that broker is better. As there are some brokers who only focus on the Asian market, they do not need US or UK license. Similarly, brokers who operate primarily in the US do not need UK license.
The major drawback of having many licenses is that they must offer low leverage, high spread, less trading tools, high requirement deposits, and less competition… So do not judge only by the licenses. One reliable license is enough.
For this category, I do not recommend any broker as most international brokers have at least one license.
Which forex broker has the best support team?
This is one of the most important criteria for traders to consider a forex trading broker. Since most large trading brokers don’t have local support team for all countries, if anything happens, they will respond slower compared to in other markets. In addition, the language barrier will extend the response time; sometimes traders do not know how to explain their problems fluently in English. Therefore, one of the criteria to evaluate whether a forex broker is good or not is the availability of the support team and their response time.
The famous international forex brokers that have good support team include: Exness, FxPro, FBS and XM.
Exness seems to have the best support team. This broker has very strong sale, supporting, and marketing team who is always available to the local markets. Besides, their IB network is also very strong. Therefore, if you have any problem, just chat with them on the website, and you will get the response instantly. Moreover, Exness supports clients 24/7.
Learn more about Exness >> Here
Exness targets countries with many collaborators and IB. Their support is also very good. I got a lot of fast and useful responses. The last honorable mention is FxPro.
What forex brokers offer the lowest transaction cost?
Transaction cost here is the cost after you calculate the spread and commission.
Firstly, I will compare their spread. EURUSD is the most popular currency pair. So I will compare its spread among these 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
So, if we compare spreads, Exness, Hot Forex, and FBS have the lowest spread.
Secondly, I will compare those brokers’ commissions. All of them don’t charge commission for regular accounts. They only charge commission for ECN account because ECN’s spread is nearly zero. Commission is the main income they get from ECN accounts.
For ECN account, Exness is leading in term of low commission cost. They only charge $2.5 for each lot. This is the lowest rate ever that no other competitors can offer.
Check detail >> Here.
Who is the richest forex broker (XM)?
By saying rich, I mean that they offer generous promotions. Then XM is the richest broker. This broker gives away a lot of money in form of contests. Currently, there is still a contest with a-million-dollar prize. This is the highest prize I have ever seen. Moreover, they also very generous. They have spent millions of dollars on banners so that you can see them everywhere.
View details of XM forex contest >> Here
Which forex brokers are the most famous?
In this category, I will decide the winner by comparing how many times people search them. I use Google Keyword Planner to check it.
– No.1: XM: 40,000 search monthly. Read more >> Here
– No.2: Exness: 36,000 search monthly. Read more >> Here
What brokers offer the highest leverage?
Leverage is the tool that most traders in the world would love. Often, British, American, and Japanese licensed brokers offer low leverage because they have to comply with these licenses of these countries. So as I mentioned above, brokers with many licenses are often less competitive. Among prestigious international brokers, the following forex brokers have the best leverage:
– Exness: Unlimited. For accounts that have under $1000 and have traded over 5 lots, you can experience unlimited leverage. For accounts that have more than $1000, the leverage is 1:2000. Read more >> Here
– FBS: 1:1000
– Hotforex: 1:1000
– XM: 1:888
What forex broker offers the best account types?
Big forex brokers often ask for big deposit amount and it is not suitable for most of small traders. Example: FXCM asks for a $2000 minimum deposit and for Forex.com, it is 500$. Small traders usually prefer lower minimum deposit rates.
– Exness does not require minimum deposit.
– FBS minimum deposit is 1 dollar.
– Hotforex minimum deposit is $5
What forex brokers are more transparency?
Why is transparency important? Because the forex market is very complicated. There are many scam brokers out there so choosing a transparent broker is the first step to be successful, because it makes sure that they will let you withdraw money when you win, and there isn’t manipulations.
Only Exness and FxPro are transparent brokers. You can easily check their financial information on their websites. Exness is more transparent because you even can check their fund in bank. Currently, Exness has about 151 million USD in the bank. This fund is four times bigger than their client’s deposit.
After all the above criteria, I can rank the best forex brokers in the order as follows:
– Exness: 9/10. Create an account >> Exness.com
– HotForex: 8.5/10. Create an account >> Hotforex.com
– XM: 8/10. Create an account >> XM.com
– FBS: 8/10. Create an account >> FBS.com
– FXTM: 7.5/10. Create an account >> FXTM.com
This is the ranking of the best forex trading broker based on my experiences. In fact, each broker has its own advantages. My suggestion is that you should open accounts in at least 2 top brokers. And you should trade at that 2 brokers. After 1 month, the brokers that you get more profit rate is better and you can deposit all your fund to that broker.