Before getting on with this review, we must first make sure that the new traders understand the requirements of the best forex brokers. After all, the good ones are, at their core, more interested in the financial safety of their clients. Another thing to remember is to never fall into the trap of juicy rewards. Those things will never stay with you as the broker will always find out a way to make you give them back. Now, onto the main course, as I will give you my personal gauges to evaluate any broker:
· Trading cost
Why do I use these gauges? It is due to the fact they are the most vital part of any broker.
If you are a trader who is looking to trade forex in big amounts, then there really is nothing that can be as important as the regulations. After all, it is these things that will be your main method of identifying the trustworthiness of any broker. If you are lucky to be trading in a country that has some kind of regulation, then don’t hesitate and just pick whichever dealer that is having that regulation in possession. You should remember that if your based country does not have one, then the broker will never be able to give you protection in spite of the regulations they have.
Thus, in that case, you should just choose the dealer that has at the minimum one dependable regulation. There will be no need for any number greater than one as that’s all the evidence you will need. Here are some examples for further information:
Exness has CySEC and FCA licenses.
FxPro has CySEC, FSB, DFSA, and FCA licenses.
The importance of this department is never emphasized enough. This is the most important part of any business. After all, a business will always have to deal with people. There is also the vast and complicated foreign exchange scene that has always been making new traders baffled.
Thus, there would always be some traders in dire need of professional help as well as some genuine advice on how to make safe money. The best forex brokers in Thailand, Indonesia, Malaysia, or Vietnam… must also have some high-quality customer service. One such example would be multi-languages support all days of a week.
These are the expenses that you will be spending throughout the whole time you spend trading forex. If you are indeed a true forex trader, there is no way that you do not want to get the lowest possible amount of trading cost. This is due to the fact that while these costs are not quite noticeable individually when we add them together after a sufficient trading time, they will grow to an enormous size. This is the basis of the advice on doing throughout researches on the trading cost of any broker before making a decision. For the newbies who have never heard of these terms, when we say spreads and commissions, we mean the two main income sources of a broker.
As we all know, a regulation cost quite a lot to get and then to maintain. Thus, the ones who have regulations from America or Britain will no doubt have a much harder time if they try to raise the bonuses or even the leverages. This is still not counting the enormous amount of money they have to pay regularly to cover the fee of the licenses. Consequently, it is natural that these brokers will be charging more spreads or commissions.
After considering and benchmarking the brokers with my personal standards, I have concluded that these brokers should be the best ones there are:
– Exness reviews: 9/10.
– HotForex reviews: 8/10.
– XM reviews: 8/10.
– FBS reviews: 7.5/10
– FxPro reviews: 7/10.
However, this is still just purely based on my personal opinion.