Obviously, as traders in forex trading market, you always pay much attention to choosing to trade with the best forex brokers. How to make a good decision? In my opinion, it is necessary for you to make a comparison by looking at the core of the forex brokers.
There are 2 situations. The first is that your country have regulations then you should choose the brokers who have your countries regulations. The other situation is your countries don’t have any regulations. It means although the brokers have many licenses, they won’t protect you. Therefore, you could always choose brokers who have 1 only regulation such as US, UK, AU, JP, Hong Kong, Singapore, and CySEC. What regulations do some big brokers have?
- Exness: CySEC, FCA
- XM: CySEC, FCA, ASIC
- HotForex: CySEC, FSCA, FCA
- FBS: CySEC, IFSC
- FxPro: CySEC, FCA, DFSA, FSB
Good support team
Admittedly, brokers with excellent customer service are always preferred. Traders almost always need the professional help and advices on how to make money safely. The brokers I have mentioned above all have great customer service such as 24/7 and multiple language support. Most of them have their own branches in Dubai, China, Indonesia, Thailand, Malaysia,…so that they can help clients in these areas conveniently.
So what about clients in the countries that don’t have regional offices? Brokers will provide support online and via phone in English or clients’ native languages. Especially for traders who are not good at English, the language support is very important. XM and Exness, the best forex brokers in Thailand, are the broker who supports many languages 24/7, which are 23 and 18 respectively. HotForex supports 27 languages. FxPro and FBS supports 19 languages.
Low trading cost
The trading costs is a factor that is expected to be as low as possible since these small costs can add up to quite a lot of money after a long time trading. Therefore, you have to mind the trading costs of your broker.
Due to the drawbacks of their regulations, US and UK regulations don’t allow them offer high leverage or bonuses. They also have to pay more for the regulation fee. As a result, they have to charge more spread and commission.
Exness is highly recommended for ASIAN traders, especially for Scalpers.
If you are Africa traders, XM and FXPro can be good choices.For US traders, Forex.com can be suitable for them. For European traders, the brokers such as XM, Exness and FxPro are the best.
The minimum deposit depends on the aim of the traders. Some beginners don’t want to deposit too much because they just want to practice trading in real conditions. That’s why they need a broker that requires little deposit to start trading with real accounts.
In addition, experienced traders want to test the features of a broker such as the spread, the execution speed, payment system and fees… before they decide to work with them. For the test, they also don’t want to deposit much. FBS and Exness minimum deposit is $1. These amounts of XM and Hotforex is $5.