New traders or even experienced traders may struggle to choose the best brokers for themselves. I once struggled too. Therefore, I write this guide from my own experience to help you choose the best forex brokers.
Regulation is a very important standard. For example, if your country has a regulation and a broker has that regulation, you should choose that broker because you can be protected. But if your country doesn’t have any regulation, it is better for you to pick brokers with 1 trusted regulation, yes, 1 is enough for you. The regulation can be from Singapore, CySEC, US, JP, UK, AU and Hong Kong. You can trust these regulations
So what regulations are some of the best brokers have?
|2||HotForex||CySEC, FSCA, FCA|
|3||XM||CySEC, FCA, ASIC|
|5||FxPro||CySEC, FCA, DFSA, FSB|
Great customer service
Needless to say, customer service is very important in doing any business. With the complexity of forex trading, it makes customer service even more important as traders need a lot of professional supports from brokers. Therefore, they care about the customer service a lot. The aforementioned brokers can offer you all that. They offer 24/7 customer services in many languages. And most of those best forex brokers for beginners also have local offices in Malaysia, Dubai, Indonesia, Thailand and China.
Don’t worry if they don’t have local offices in your countries as their phone and online support are also very good, supporting in both English and other languages. The native languages support can be a dealbreaker for ECN brokers as many traders in South Africa and Asia are not good at English. Here are the brokers that have support in many different languages:
- Exness supports 18 languages 24/7
- XM supports 23 languages 24/7
- HotForex support 27 languages
- FxPro and FBS supports 19 languages
Low trading cost
I guess all of traders want to have the lowest trading cost possible as it can really gain them a huge profit after a long time of trading. And because of that, I always recommend everyone to look for traders who offer low trading cost. And in case you don’t know about the terms spread and commission, they are the two main brokers’ source of income.
Due to acquiring US and UK-based regulations, they are not allowed to offer high bonuses and leverage and they also have to pay a higher fee for those regulations. Therefore, brokers with those generally have to charge higher commission rate and spread.
If you are European traders, XM, FxPro and Exness (three of the best ECN brokers) are the best.
If you are US traders, Forex.com is the best
If you are Africa traders, XM and FxPro are the best.
Why is minimum deposit is important to many traders? Because of those traders’ aim. For new traders, they want to invest just a small money to trade with the real trading conditions because 90% of new traders will fail in the early stage of their trading careers. Therefore, they want brokers that allow them to deposit small sum of money. But not just new traders, experienced ones also love low minimum deposit brokers because they always want to test a broker’s features first, things like spread, payment systems ,fee … before trading.
– FBS and Exness minimum deposit is $1.
– XM, Hotforex minimum deposit is $5:
From those criteria, I made my personal ranking of best broker as follows:
– Exness: 9/10. You can read more about Exness in our Exness reviews and Exness accounts
– HotForex: 8/10.
– XM: 8/10.
– FBS: 7.5/10
– FxPro: 7/10.