Everyone, or traders in particular, always want to find the best brokers to trade with. But do every trader know how to pick the best brokers for them? There are some standards that they should you to evaluate a broker. After many years trading with a lot of brokers, I have come up a set of standards of my own: customer services, credibility and trading cost. Now let’s look at the top forex brokers based on my own standards:

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

CREDIBILITY

Traders have to know if the broker they want to trade is reliable or not before trading with it. And the best way to do that is regulation. Regulations are provided by reliable financial organizations all over the world. They are the one that set the standards, conditions and also merits of brokers that have their regulations to make sure that traders are protected. However, if brokers have too many regulations, it can affect their trading conditions, or to be more specific, it can lead to higher spread, lower leverage, and higher commission rate. And all of them make a broker be less competitive compared to other brokers with fewer regulations. So I would say just one or two regulations are enough. Below are the regulations that top 5 brokers above have:

TRADING COST

After knowing the broker is reliable, the next step should be finding out their trading cost. You can calculate trading costs from many factors, but the most important ones are commission, spread and minimum deposit requirement.

Spread, which is measured in pip, is the difference between the Ask and Bid price. It is the most common trading cost you have to pay. Therefore, if high spread will increase your trading costs as well. That is the reasons why many traders want to trade with brokers with low spread. Below are the spreads of my top 5 brokers.

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

A broker usually offers two account types: Regular and ECN account. For ECN account, brokers hardly charge any spread and they will charge commission instead because spread and commission are the source brokers get income from. Below is the commission rate my top 5 ECN brokers charge for their ECN accounts:

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

Finally, the minimum deposit is required to open a new account. New traders generally do not want to invest too much money in trading in their early trading career because they will lose most of their investment. Professional traders also pay attention to this as they usually want to test a new broker. Below are the minimum deposit rate of my top 5 brokers.

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

Minimum deposit requirement is the final factor. New traders generally only invest a little money in a broker because they know that they are likely to lose a lot. Experienced traders also want low minimum deposit requirement as well because they usually want to tryout new brokers. Below are the minimum deposit my top 5 brokers require:

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

CUSTOMER CARE

Customer care is another important factor that traders always look for in a broker. Throughout their trading careers, traders will have to face a lot of problems and that’s why they need as many help as possible. Moreover, they also prefer face-to-face support as well so local offices are also something brokers need to offer. In addition, Asian traders usually can’t communicate in English that well so local language support is another important factor. Lastly, in order to minimize traders’ withdrawing and depositing fees, brokers should cooperate with local banks in some countries.

To conclude, below are the top 5 brokers that I think offer best customer services.

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

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