In this day and age, there are more and more untrusted brokers in the forex market, which lead to the fact that the multitude of traders do not decide to pour their money into their accounts . Furthermore, there are several principles to know who will be a good broker. The responsibility of brokers can be the first and foremost factor which directly choose best brokers.
In today’s forex market, US and UK brokers are regarded as best brokers in the world. Cyprus brokers have been providing the variety of good trading conditions such as: lower spread, lower margin, better trading platforms, better payment systems….
So, what makes the best ECN brokers? There are some standards which can decide a good broker. Therefore, a good broker is connected to good standards.
We can look at this table and what we can see is Exness now has the highest rating.
- Best ECN brokers refer to best standards.
On the one hand, there are several criteria that we should pay particular attention to. If traders actually desire to come to best traders, it would not be difficult. It is possible to choose best forex brokers.
Here are some certain standards for being best brokers:
- Reliable ECN brokers
- Lower spread
- Lower commission
- Better payment systems to lower deposit and withdrawal fee.
- Better rebate
- Better bonus
- Better Trading conditions: Better quotes, developing more trading platforms, lower slippages, better execution speed, lower swap or free swap.
- Better local supports.
- What are these regulations?
Before making decision to choosing the best forex brokers 2018, traders need to know more about the regulations which brokers are having. A number of traders now are trading with unregulated brokers, and as a result they will be deceived by them. Therefore, traders can evaporate a lot of money if trading with these brokers. Regulations are important factors with regard to becoming a good broker. I think that all traders should have access to necessary information of brokers. Choosing brokers without caring about their regulations would be a serious thing, they would therefore be better prepared for trading. I would ensure that regulated brokers should follow regulations which make them more reliable. For instance, when traders have trading with unregulated brokers, their money might be evaporated. On the contrary, I reckon that traders should gravitate towards regulated so that they can have more profits.
Some regulations you should know before trading with brokers.
- Maximum Leverage
- Quotes quality
- Broker’s minimum operation fund.
- Segregated accounts to protect clients.
- Advertising messages to avoid misleading for traders…
- Does the best broker have negative factor?
It is believed that US/UK ECN brokers are most trusted ones. Yet, they also have a few negative sides such as:
- High spread and commission.
- Higher margin requirements.
- Less trading platforms supported.
- Less payment methods…
There is a truth that forex brokers will not be able to offer high leverage to their traders because of these regulations. Firstly, brokers have to buy insurance for their traders’ fund with a big amount of money which can seriously affect their income. In terms of segregated accounts, it will cost brokers a lot when they spend money on this kind of account. From my perspective, if brokers have many regulations, they might be not good. Because, when brokers have several regulations, they will be controlled by laws of their country.
- Regulations of best brokers.
Here are some regulations of ECN brokers:
|1||Exness.com||CySEC, FCA (UK)|
|2||FxPro.com||CySEC, FCA (UK), DFSA (Dubai), FSB (South Africa).|
|3||XM.com||CySEC, FCA, ASIC|
Obviously, what we can see from this table is that all these brokers have at least one trusted regulation such as CySEC, FCA or ASIC. It is better for brokers have only one regulation rather than many regulations. They will have higher trading volume if they have one reliable regulation.
- Exness: $400 Billions monthly.
- XM: $300 Billions monthly
- FxPro: $ 100 Billion monthly.
It will be essential to have at least one trusted regulation, these are five top brokers that have high trading volume in the current forex market.
- ECN brokers have lower trading cost.
US brokers often charge higher spread and commission. The spread of FXCM, for example, is from 1.7 to 2 pip for the most ubiquitous pair of currency, EUR/USD. You can click here to know more about the spread of some brokers that I’ve mentioned above. They often charge lower spreads, which are around 50% lower than US brokers. For ECN accounts, they charge about 0.0xx pip for spread and 5-7$ for each Lot. In this field, the spread of Exness is lowest, only 0.0xx pip. Exness only charges 0.0 pip for spread. In terms of commission, Exness charges only 5$ per Lot, while ICMarket charges from 6 – 7$, XM charges 6$.
Having trading with US or UK brokers can be seen as a good thing. Yet, if you trade with two these brokers in Asia and Africa, it would be a terrible thing. If I deposit by Credit Card in Asian country, banks will charge me roughly 1.7-4% from my account. Obviously, traders hardly have any benefit from this if they spend a lot of money on deposit. In this case, it would therefore be better to choose ECN brokers with good local payment systems.
- Exness has good payment system.
we need to concentrate on one vital thing. Exness has been using machine so that traders can withdraw money from their account easily and quickly. Everything will be simple if you choose Exness broker.
- US/UK brokers are offering many bonuses.
Surely,they cannot offer bonuses because of stringent regulations. It would completely be a negative thing of these brokers.
- ECN brokers are good.
I think that lower cost and transparency are two important aspects of this type of account. On the other hand, choosing ECN account would be more beneficial for new traders.
9. These brokers always support their traders.
In reality, the myriad of brokers who are supporting their traders online and only English . However, these five brokers are now supporting their customers over 20 languages and are always available anytime. They are always available for 24/7 which supports their clients in the best way. It is important to help traders whenever they have some difficulties. Traders will be captivated by brokers that support them various languages and other necessary supports. It is a better chance for traders to choose these 5 brokers which are always available to assist them in every time.
Most of these forex brokers have office in China, Thailand, Indonesia, Malaysia and Dubai.
For the countries that they do not have any regional office, they will support their traders by live chat and phone.
– Exness supports 13 languages and 24/7
– XM supports 30 languages and 24/7
– FxPro supports 19 languages