Choosing the best forex broker online in 2019 is still quite a controversial topic for forex traders. To be frank, there is no perfect brokers either, since each broker will have their own advantages and disadvantages in the market. It is already established that brokers from America or Europe are extremely reliable, while Cyprus brokers would more likely to provide better trading conditions including low trading cost or good platforms.
Based on my experience, I believe the categories of rating a good broker consist of reliability, trading costs, and client support. Below is the list of brokers that could be regarded as the best forex broker online 2019:
- Exness.com – 8/10
- XM.com – 7.5/10
- Hotforex.com – 7/10
Each category of evaluating a reliable broker will be further analyzed in order to choose these brokers.
A trustworthy broker always possess globally acknowledged forex regulations. To explain, regulations are policies established by big financial organizations in order to oversee the work performance of brokers. Most regulations are common in terms of leverage, quote, broker’s operation fund, etc. to protect clients’ benefits.
Here is the list of regulations from my favorites:
- Exness – FCA, CySEC
- XM – FCA, CySEC, ASIC
- HotForex – FCA, FSCA, DFSA
As long as a broker has licenses, it is reliable since these licenses are hard to be achieved. However, regulations can also restrict brokers significantly. For instance, regulations from American or England do not allow their brokers to offer low spread, commission or margin rate. Moreover, trading platforms and payment methods are also limited. This is why I believe one regulation should be more than enough for each broker. From my perspective, CySEC is more reliable than other licenses.
LOW TRADING COSTS
US brokers usually demand wide spreads and commission from traders. For instance, an average rate from 1.7 to 2 pips for the EURUSD pair is charged by big brokers such as Forex.com and FXCM, while most normal brokers require very low spread fee. In short, US brokers charge twice as much as most of the brokers mentioned above.
Nevertheless, a well-operated broker must be able to provide appropriate payment systems for their clients. As for US/UK brokers, foreign traders – especially Asian traders – are not fond of them as much as domestic traders do. This is due to the lack of flexibility in trading methods. To explain, traders will be charged from 1.7 to 4% of their total fund if they trade by credit cards. An average trader can earn about 5% each month, therefore allocating 4% for depositing only is too much to handle. In other words, traders should avoid working with US/UK brokers and choose brokers with local payment methods instead.
GOOD SUPPORT SYSTEM
Support for traders is extremely important due to the complex nature of forex trading. Traders usually encounter many difficulties, therefore brokers must always be available and help them whenever they need. Another advantage of these brokers is that they provide local language services, which is extremely helpful for traders who are not fluent in English. Exness and XM also provides 24/7 support.
Now you know how to choose the best forex broker online 2019. Trade with the brokers I recommended and success will come to you.
Synthesized by top4forexbrokers.net