Swap is a fee that brokers charge you when you keep a position overnight. Many traders don’t like swap, so a great number of brokers create an account that is free of swap for those who want it. You can easily find a swap-free account at almost all brokers. However, are they good brokers? Today, I’m going to show you how to pick the best forex brokers swap.
MUST HAVE REGULATIONS
The first step of finding these brokers is to see whether they have any forex regulations. Due to the fact that the regulations are created by big financial organizations. The regulations offered from different organizations, yet they require quality on a lot of similarities such as quotes, bonuses, broker’s fund, accounts to protect clients, maximum leverage and so on.
Here are some regulations followed by brokers
- Exness – CySEC, FCA
- FxPro – CySEC, FCA, DFSA, FSB
- XM – CySEC, FCA, ASIC, IFSC
- FXTM – IFSC
As a matter of fact, it would be a daunting task for brokers to possess a license, they will be much more trusted when they get it. Nonetheless, those rules have their own negative aspects. In US or UK, the spread, commission, and margin are higher than other parts. In addition, it is hard for traders to enjoy good trading platform and have not as many payment methods. Hence, brokers should have less than two regulations.
LOW TRADING COSTS
In reality, US forex brokers have a tendency to charge higher spreads and commission. For instance, U.S. brokers like FXTM or Forex.com charge 1.7 to 2 pips on the EURUSD pair. In contrast, all aforementioned brokers charge little spreads. It would be better for traders to have good payment system or payment method from brokers.
It is the fact that U.S. and U.K. brokers can be good in those countries, yet they are not really good in Asia. For example, traders will be charged from 2% to 4% of their total fund when they deposit by their credit cards. Not every trader wants to pay for 4% when depositing and get 5% profit rate. As a result, the best scheme for traders is to find brokers who have local payment and better payment system.
GOOD TRADING PLATFORMS
MT4 and MT5 can be two most prominent trading platforms in the world. On the other hand, they also have some negative sides, which lead some problems for traders. It is not available for traders to download them on their phones. Hence, it will be a great thing for traders to create their own trading platforms. There are two leading trading platforms, which are FxPro and XM.
GREAT SUPPORT SERVICE
It is vitally important for traders to have big support from forex brokers because they always encounter some problems while trading in forex market. As a result, they should have face-to-face support, which requires brokers to have offices in various countries.
Exness and XM have the best forex brokers swap because they are always available 24/7. They can support their clients in different languages, while other brokers only support their clients in English.
Synthesized by top4forexbrokers.net