When joining into the forex market, traders always want to work with the best forex brokers since they think that those brokers are the most trusted, the most supportive with the lowest trading cost. This article will be explaining why most traders have that point of view by listing some common standards for the best forex brokers in the world 2018.

The best brokers should be reliable

The first important thing when you find a broker is to check its regulation. It could indicate the reliability of that broker while showing which rules it is following. Licenses are given by trusted financial organizations in the world, who set rules, standards and conditions for brokers to make sure that traders are safe and protected. However, having too many licenses just creates more limits to brokers and make their conditions affected. Accordingly, the spread is higher, the commission is higher, too, but the leverage and bonuses are lower than usual, which makes brokers less competitive in the market. Therefore, one license is enough, but it has to come from trusted sources as below:

Broker names Regulations
Exness CySEC, FCA
HotForex CySEC, FSCA, FCA
XM CySEC, FCA, ASIC
FBS CySEC, IFSC
FxPro CySEC, FCA, DFSA, FSB

Reasonable cost

Trading cost is the second important thing after regulation when you join in the forex. There are many parts of cost, but mainly are spread, commission, and minimum deposit rate.

In common, each broker has two types of account: regular accounts and ECN account, which are different from each other. While regular account charges more spread as the main income, ECN account charges commission more since its spread is nearly zero. For more information, this is the list of top lowest commission rates of the top 5 ECN brokers:

  • Exness: $2.5
  • Hotforex: $6
  • FBS: $6
  • XM: $6
  • FxPro: $45

Spread is the difference between the Ask price and the Bid price, which is the main trading cost that you have to pay for the brokers. Spread is measured in pip. If it is higher, the trading cost is also higher. As a result, traders love to work with brokers giving the lowest spread. Here are those brokers:

  • Exness: 0.7 pips
  • Hotforex: 1.1 pips
  • FBS: 1.1 pips
  • XM: 1.7 pips
  • FxPro: 1.7 pips

The last thing to consider is the minimum deposit rate when you open an account. If you are beginners, you would like to deposit as small as possible because it is your practice time, you have to learn and know more about the forex system and therefore, the small minimum deposit is suitable for you. But if you trade with ECN account, you just care about the brokers bringing much profit in the market because this is the special account type, which is mostly for experts. Here are some minimum deposit rates that might be suitable for you:

  • Exness minimum deposit: $1
  • FBS minimum deposit: $1
  • Hotforex minimum deposit: $5
  • XM minimum deposit: $5
  • FxPro minimum deposit: $500

Instant support service

Nowadays, there are not many brokers which have regional offices to help clients in their countries. It often takes a long while to bring the care for the customers and even, those customers could not understand clearly with the support team because of the difference in languages. As a result, the best forex brokers should have the great support team to help their clients instantly and timely. They also provide more native languages in addition to English as there are not many people good at it. Finally, the best forex brokers should support transferring and withdrawing through local banking systems so that the cost for traders will be minimized dramatically.

In short, these are some forex brokers that might fit your need  when you join in the market:

  • Exness: 9/10
  • HotForex: 8.5/10
  • XM: 8/10
  • FBS: 7.5/10
  • FxPro: 7/10

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