BRKV - Based on my own experience, this article will outline the features and characteristics of the best forex brokers in 2018. I have been working in this forex market for 2 years and have been trading with different brokers. It’s not a very long time, but not a short time. Personally, I want to share with new traders about my knowledge, understanding and experience about this field.

From my point of view, good forex brokers are the ones who offer great customer service, good tools and favored trading conditions. Besides, their security, transparency and reputation are vital elements to pay attention to. I will pick some familiar forex brokers in the Asian market to explain their features and characteristics. These brokers include Exness, FxPro, Hot Forex, XM, and FBS.

Positive Reputation

The reputation of a forex broker depends on many things. I only love to trade with a broker that guarantees three following elements.

A broker with trusted license

As I observe, good and reliable brokers often own trusted licenses. These licenses should be certified from well-known and reliable organizations. They can be FSA (Japan),CySEC(Cyprus), ASIC (Australia), NFA (United States), CFTC (United States), and FCA (United Kingdom). A license can present the standards, capabilities and reputation of a broker. However, it can limit a trader’s benefits because that broker has to pay fee to the regulation organizations.

A broker with transparent and detailed information

Accuracy and transparency of a broker are what traders have to put in consideration. In this field, I only choose brokers that are audited by big and reliable accounting companies, for example, EY, PWC, KPMG and Deloitte. To confirm if the broker is reliable, I also check their personal data on their main websites. I recognize that Exness and FxPro are top forex brokers with highly valued transparency. They make public all their financial statements and information. Exness even reveals their amounts of money in the bank. So if you’re interested in trading with these brokers, you won’t be worry about cheating or scamming.

Read more Top 5 best ECN forex brokers reviewed 2018

A broker with high search traffic

Search traffic is one more thing that has helped me evaluate the reputation of a broker. In this aspect, I highly recommend brokers with high and positive search traffic. Personally, I think good forex brokers are most commonly searched on the Internet. From my ranking, the top forex brokers with highest search traffic is:

FBS: 30,000 search per month

Exness: 36,000 search per month

XM: 40,000 search per month

Good Trading Volume

The number of traders who have been trading with a broker is referred to as the trading volume. To my mind, good forex brokers often have high trading volume. The higher their trading volume is, the more trusted they are. Personally, I only trust top forex brokers with millions or thousands of traders. They are Exness, Forex.com and FXCM. Here are their monthly trading volume.

FXCM: $108 billion per month

Forex.com: $185 billion per month

Hot Forex: $280 billion per month

Exness: $323 billion per month

Low Minimum Deposit

Beginners love brokers with low minimum deposit. Because new traders often lose all their money when starting, they don’t want to deposit too much. Top forex brokers with low minimum deposit for small traders are Hot Forex ($5) and Exness and FBS (only $1 minimum). But for experienced traders, they can be well-informed about this market and they love earning more. Therefore, they choose big brokers with higher minimum deposit, such as FXCM ($2000) or Forex.com ($500).

Low Commission

Brokers benefit from spreads and commissions. These things can vary, depending on the type of your account. There are many different account types in the forex market. Regular accounts often have no commission. But for ECN accounts, because there is no spread offered, traders have to pay commission. Big and professional traders often prefer to use ECN accounts. As I see it, Exness is one of top forex brokers that charge very low commission. For each lot traded, I have to pay only 2.5 USD. Clickhereto learn more.

Low Spread

As I mentioned before, some brokers charge very low or even no commission. They make money through wide spreads, instead. This is the gap between the sell price and the buy price. The higher the broker's spread is, the more money they make. So, trade with brokers that offer low spread. I consider that Exness, FBS and Hot Forex are top forex brokers in this field. They provide their traders with a spread of around 1.1 pip for EURUSD.

High Leverage

From where I stand, top forex brokers often offer high leverage. However, leverage can be affected by different factors, such as licenses. In this field, Western traders can be at a disadvantage compared with Asian traders. Because brokers in the Western areas are strictly regulated in their terrorisms, they can provide high leverage. In the meantime, Asian brokers offer high leverage since the strict regulations are not applied there. Here are some big Asian brokers with very good leverage.

FBS: up to 1:1000

Hot Forex: up to 1:1000

XM: up to 1:888

Exness: unlimited (for a trader with less than $1000 in their account and over 5 lots of trading)/ 1:2000 (for accounts with more than $1000). Clickhereto see more.

Fast Withdrawal and Transfer

Personally, I pay high attention to transfer and withdrawal system. Here, I will compare domestic brokers and international brokers. Domestic brokers are not reliable as international brokers. However, they can provide with faster withdrawal and transfer time. Meanwhile, foreign brokers are safer and more secure, but their withdrawal and transfer process can take really long time. In this field, I highly appreciate Exness. They are the fastest among top forex brokers with good trading policies. Because the withdrawal and transfer system of Exness is automatic, their trading process takes only millisecond.

Good Customer Support

No matter who you are- a new or experienced trader, you always need advice and support from your broker. In my view, what a broker provides and how they take care of their clients can affect the trading results. In term of customer service, I highly recommend some good forex brokers, such as Exness, FBS, FxPro and XM. They have 24/7 customer service and assist their clients in multiple languages.

The forex market is considered as the confusing and difficult world, especially for beginners. There are numerous forex brokers in that world, andscamsare everywhere. I hope that several features and characteristics of the top forex brokers mentioned above can be useful for you. If you’re just starting out as a trader, I advise that you should pick a broker that meets your trading strategy and needs. Clickhereto see best forex brokers.

Hey there, this is Fanara Filippo. I'm the author of this article and i'm currently collaborating with Brokerreview.net, or BRKV in short. My articles are mainly for forex traders from Thailand, Indonesia, India, Bangladesh, and South Africa.

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