To decide on the most suitable brokers for your trading strategy, you should test on a lot of matters belong to brokers such as trading cost, support tools, account sorts,… to know how much they can help you develop your trading business, not just try to make profit from you. Here is my review for some best forex brokers 2018 that have the best policies.
The best brokers’ accounts
Different brokers have different plans about the account sorts and with each account, it requires various minimum deposit amount. The brokers that ask for big amount of deposit are not preferred like FXCM and Forex.com with the requirements of 2000$ and 500$ respectively. Meanwhile, Exness does not require any limit number, and FBS with 1$ or Hotforex with 5$ only. These small deposit amounts are liked by most little fund owners because they do not want to risk money at the first time.
The lowest trading cost of the biggest brokers
The brokers ask for the little amount of commission and spread will help traders to save a lot of money for their trading. Exness and Hotforex are now having the lowest cost for spread, which are 1.1 pip, coming after them is XM and FXTM with 1.7 pip. And also it is Exness forex broker that has the most reasonable commission fee in the top 5 ECN brokers, at 2.5$ for one trading lot. For regular accounts, most of the largest brokers will not cost any amount of commission, so you can evaluate the commission rate of brokers through the commission of ECN account which are spread-free and commission is the only earning source of them.
The biggest leverage amount
Among the biggest forex brokers now, Exness has the highest rate for leverage, which is unrestricted for under 1000$ and traded for five times accounts and for account has the fund bigger than 1000$, the leverage could be 1:2000. FBS and Hotforex are the second highest with 1:1000 and coming last is XM with 1: 888. The big amount leverage is not the thing that big brokers from Japan, UK and US can give their traders because of more fees for a lot of licenses.
The appropriate licenses
The number of licenses and where the licenses from are the major aspects of licenses that should concern traders. Firstly, more traders make brokers ask for more fees and more deposit with little competitive capacity. Or, the origin where the license is from could show the advantages or disadvantages of the license. For example, Asian traders will stick with brokers that have licenses from Asia not from UK or US because their main working area is only Asia. Most of the trustful brokers today have one of reputable licenses such as ASIC, CySEC, FSA, CFTC, NFA, NFA to prove their reliability.
The best support policies
The best service can be told is Exness. Exness builds their offices in the countries that they do their business, and also in these countries they also make the IB system very connected so they can help traders with every issue. Traders can also contact them within 24 hours a day and use online tool to communicate with support service. It seems that Exness also focus on many kinds of teams to help traders with many problems like sale section, marketing teams…As a result, with Exness, traders can get help in just minutes and can comfortably express their problem with support team. While other big brokers can be at the maximum level of the availability because they do not have local service and they do not have language helping tool so the reply speed is slow. Apart from Exness, there are other brokers that focus on developing their support system like FxPro, FBS, and XM, the best brokers in Thailand.