We know that traders are getting confused with all of the new-born brokers in forex. This business is climbing up but we, the traders are in a complicated networking and too wide range of choice.
For both newbies and experienced investors, choosing a good forex broker to trade is the top priority before seizing your hands on any benefits.
So which factors decide the best forex brokers?
Here we got some concerns to thank about: Regulations, deposit, trading cost an assistant.
Hence, we are going to discuss which of four factors play the bigger role.
Regulations or licenses could be the first traders tend to think of. It’s understandable because licenses can tell about broker’s credibility.
We would not refuse the importance of regulations. They are hard to get and all of the organizations are prestigious.
The point is we focus too much on it while it’s not the most important one. Traders, especially new ones, intend to go with brokers with as many licenses as possible. It’s not necessary.
So how much concern is enough?
Just a trustworthy license is enough. If possible, traders should find a local regulation or regional licenses. For example, CySEC or FCA is better for Asian traders then US or UK regulations.
A broker with too many licenses can cause high trading fee and limited conditions as they have to follow more terms by authorized organizations.
What comes after the deposit is transaction cost. Each broker has their own policy in charging trading cost. Firstly, transaction cost might be the spread. Except for ECN brokers, almost others offer higher spread. Exness is the one who has the lowest spread, 1.1pip (for USD/EUR currency pair).
The commission is also a type of trading cost that many brokers apply. The commission is more stable than the spread. Exness charge 2.5 USD per lot but it’s the lowest rate in forex. Other brokers ask for more. It is one of the best forex brokers for beginners.
The second concerns after you register an account should be the fund you are going to deposit.
It’s a common sense that you do not want to throw too much money on the first trial. Meanwhile, a common deposit is around 500$ or even more.
On the other hands, some brokers offer much affordable deposit such as Exness, FBS or Hotforex.
Customer service- the decisive factor
For either beginners or long-term investors, assistance helps the most. There are many brokers who have good trading conditions, attractive bonuses or low cost. But, we can cooperate with them in the long-term only because of customer service.
That’s why we can determine this is the most important factor of the four. A good customer service means they should have offices in local sites and native staffs. Exness, XM, Hotforex are the best forex brokers in Thailand, Indonesia, Vietnam, and Malaysia…
By my experiences in forex, we would like to recommend the list below as the best forex brokers:
– Exness: 9/10.
– HotForex: 8/10.
– XM: 8/10.
– FxPro: 7.5/10.