With experience from trading with a lot of brokers along with information from reliable sources, my article will help you to choose the most suitable and best forex brokers for you.
Why it is important for brokers to have good licenses?
Suitable licenses are not only for brokers but also for traders as it shows the brokers’ standards, capabilities and also reputation. Suitable can benefit traders a lot as it can protect them when bad things happen. For example, if you are trading in Asian countries, you can be protected under Asian-based licenses, not US & UK-based or other licenses. For me, I believe that brokers should only get one out of these 5 licenses: CySEC, ASIC, FSA, NFA and CFTC.
Acquiring a lot of licenses can be bad for brokers as they may have to follow the rules and offer high spread, less trading tools, lower leverage and a lot of others. So, I would say just one license is good enough.
In this aspect, almost all of the international brokers have two or more licenses so I don’t recommend any of them here.
Brokers with the top customer service
Don’t ignore how important the customer service is. In this complex trading world, you would really need a good customer service so you can get fast supports and also if you are not good at English, you can seek help in other languages.
In my opinion, Exness, FxPro, FBS and XM, the best forex brokers in Thailand, are the ones that offer top-notch customer services. And Exness is the best of all with 24/7 customer service.
Brokers that offer the top leverage
Many traders love to have the best leverage. However, many brokers that have British, Japanese and US licenses often have to offer low leverage due to the licenses’ requirement. Therefore, they may be less appealing to many traders. Some of the best leverages are as follows:
– FBS: 1:1000
– Hotforex: 1:1000
– XM: 1:888
– Exness: Unlimited Leverage with several condition.
Accounts (higher $1,000 balance) get a leverage of 1:2000.
Accounts (lower than $1,000 balance and 5 lots finished) get unlimited leverage.
Brokers that offer the top types of account
You may have to deposit a high amount of money when trading with some of the big brokers and that’s may be bad if you are only a small trader. For example, you have to deposit at least $500 and $2,000 when trading with Forex.com and FXCM.
– Exness has no minimum deposit.
– FBS requires 1$ minimum deposit.
– Hotforex requires $5 minimum deposit
Brokers that offer the lowest cost for transaction
To compare the spread, I will use EUR/USD – the most common currency pair
You can see that Exness and HotForex have the lowest spreads with only 1.1 pip
Exness’ spread is 1.1 pip.
XM and FXTM’s spread is 1.7 pips.
Hotforex’s spread is 1.1 pip.
In terms of commission, I will compare commission rate of ECN account because brokers do not charge commission for regular accounts. With spread being close to zero, ECN’s commission rate is the source of income of broker for this account.
Exness currently has the lower commission rate among the top 5 ECN brokers with only $2.5 per lot.
Based on the above criteria, their rankings are as follows:
– Exness: 9/10.
– HotForex: 8/10
– XM: 8/10.
– FxPro: 7.5/10.
This is a list that I make based on my own trading experiences. Each broker has their own strengths and weaknesses. Therefore, you should firstly trade with a few brokers to experience their trading conditions and then pick the one that suits you.