A broker’s job is to arrange a transaction between buyers and sellers for commission paid after a completed transaction. For me, the best forex broker has been the topic of countless questions and inquiries, and how to begin trading with the best brokers. In my perspective, determining or saying the very best brokers seems impossible to state, but in this article, you may find comparison in different aspects so that you may feel a little more comfortable when it comes to trading strategies.
My article is depended on a broker’s offers and services, which means how they treats their clients in significant steps. Having excellent trading conditions, tools and, and far more expected support, many lift the broker to higher level of success. In addition, I think, if a broker knows how to build not only reputation, but trading security, will be a plus.
In this article, some forex brokers to Asian market- Exness, FxPro, Hot Forex, XM, and FBS (the best forex brokers in Thailand) is made of a clarification and comparison article.
- LOW SPREAD
Brokers’ income is gained by spread, not commission because most of them do not charge commission. It is different between the price that is asked and that of price. Exness, FBS, or Hot Forex become favorable brokers because their low spread, which is 1.1 pip for the EURUSD currency pair.
- LOW COMMISSION
As I mentioned, not many brokers charge commission, excepted regular accounts. Typically ECN account, preferred and recommended by professional and big traders, the spread is zero to none, therefore, it is a must for traders to charge for commission. Exness become the most outstanding broker among others, whose lot traded as of 2.5 USD.
- MINIMUM DEPOSIT
At the beginning of trading process, new traders hardly ever wish to deposit too much money due to safety, but experienced brokers such as FXCM or Forex.com, to whom require a great amount for minimum deposit, consequently $2000 and $500. Other traders’ brokers require a small deposit, for example Exness and FBS (only $1 minimum) or Hot Forex ($5)
- HIGH LEVERAGE
Comparing Asian and Western traders, the advantages which fall over Asian side because brokers in United States and United Kingdom or Japan is strictly controlled and standardized by law, it is impossible for them to offer lower leverage to clients. Whereas, in Asia, where regulations applied not, brokers are eligible to provide traders much higher leverage, for instance:
- Exness: For accounts with less than $1000 and having traded more than 5 lots, the leverage is unlimited. For accounts with over $1000, it is up to 1:2000.
- Hot Forex: up to 1:1000.
- FBS: up to 1:1000.
- WITHDRAWAL TIME
Traders usually pay close attention to the broker’s withdrawal time. It is appealed that domestic trading saves more time than that of international trading because of withdraw or transfer money, but it is another story when it comes to reliable and truthfulness that two trading may bring to their clients. Trading with foreign brokers sometimes take hours to complete and more importantly, it is more secure and safer. Choosing the fastest trading trader to follow your trading strategy appealed to be the best alternative. In my point of view, Exness is my first and only recommendation because the process is automated, which means they let the machine to fulfill the work, as the result, it only the millisecond to perform. Exness has no opponents regarding to this category.
There are various criteria that a broker’s reputation is counted, including the license, audit and search traffic.
With license, a, broker become more trustworthy. It can be certified by famous agencies, such as SIC (Australia), CySEC (Cyprus), FSA (Japan), CFTC (United States), NFA (also United States), and FCA (United Kingdom). But, it turns about to be trader’s prevention from offering trading conditions, for instance low spread, high leverage, low commission), because the fees will be shared to their partners.
Being audited by big accounting firms, such as Deloitte, PWC, EY, and KPMG, brokers become extremely conscientious among other brokers in the market. Based on the reputation that the firms have built, they can in hand confirm brokers’ exactitude and transparency. Until recently, I have found that Exness and FxPro are the 2 most reliable due to the publicity financial reports and information. It is evidently to for them to reveal how much money they have in the bank account without any hesitation.
- Search traffic:
Also, I have figured that most searched brokers are the largest forex brokers because of their good performance which leads to their name appeared and found more on top. This is understandable and alike to search engine and key words. I would like to introduce you some most-frequent-searched brokers on the internet, citing “Google Keyword Planner”
XM: 40,000 search monthly.
Exness: 36,000 search monthly.
FBS: 30,000 search monthly.
- TRADING VOLUME:
Knowing trading volume of a broker plays such an important role in client’s success. Why is that? This business is counted as the number of frequent trading and traders. The more traders who are willing to trade, the better and more reliable the brokers seem to be at the end. If the broker is listed on top favorite list of traders, he or she must perform very well and be traders’ best friend. To know about trading volume be like, here is the statistic:
Exness: $323 billion a month.
Hot Forex: $280 billion a month.
Forex.com: $185 billion a month.
FXCM: $108 billion a month.
- CUSTOMER CARE
People find that forex market is such demanding and complex, where included lots of risks and stressful, by this reason, knowing how to provide excellent customer service will be an advantage for those who know the ways. If you are a new trader, collecting advices, listening truthfully and following experts’ instruction are must. The ideal and best forex brokers are someone who is available 24/7 with multi-languages support. English is a common-used language, but however, not every traders are native speakers, specifically those come from Asia countries. Being known and recognized as famous and big brokers Exness, FBS, FxPro, and XM have tremendously perfect customer services for their clients.
It is the first step to a successful trading with a broker’s supportive hand. I strongly believe that after reading my article, you will feel there is a broker inside you, calling for trading. Seemingly that all if brokers are quite the same, but they have their own unique that made forex exchange market become hotter and more interesting day by day.