The Review of Top Ranked Forex Brokers

BRKV – When a question about “the standards that are used to identify the best brokers” are given to many traders, including me, no one could give out a perfect standard lists. Because the best broker to each person is not the same, it based on the country you are living on and trading tactics. An example would be people said that the American (US) and British (UK) brokers are the most reliable in the world, but brokers in Cyprus provide better trading conditions such as lower spread and commission, or better trading platforms. In the end, we all agreed that there is some general standard could be shared in the case new traders would like to find out the best ECN brokers in their countries that are suitable to their trading plans. Here are some criteria that are discussed in today article. For more brokers’ review information, please click this link:

• Reliability

• Desirable trading conditions

• Delighted local customer services

Moreover, I will also analyze the most favorite ECN brokers, which are:

    

1. Reliability

Since no one wants to work with bad brokers, reliability is the first standard you need to consider before choosing a broker. Những sàn forex đáng tin cậy could be identified by viewing the licenses they are having. Licenses are handed to brokers by profit or non-profit organizations and each license had its own criteria that brokers must achieve namely:

1. Maximum Leverage

2. Quotes quality

3. Broker’s minimum operation fund.

4. Bonus

5. Segregated accounts to protect clients.

6. Advertising messages to avoid misleading for traders.

As you could observe, it is not easy for a broker to get a license so the more reputable the license is, the more reliable that broker is. Despites the advantages that licenses bring back to the brokers, the more licenses a broker owns the more cost that broker needs to pay, and sometimes the licenses also bring back limitation to the brokers.  To be more specific, brokers’ incomes are reduced because the best forex brokers have to pay regulation fees to the licensing organizations but they are not allowed to set high leverage causing their trading volume to decrease and finally it leads to lower income. Additionally, regulated brokers have to create a segregated account for client-fund insurances’ payment, so it even reduces more of their incomes. Hence, brokers need to charge higher spread or commission; this also means that the more licenses they have, the less benefits they could offer to the customers to gain competitive advantages.   In my perspectives, having lots of licenses does illustrate how good a broker is. Although licenses demonstrate a broker’s standards, the more they have the less advantages they could offer to the customers. Therefore, my belief is quality if more important than quantity, so it is better for a broker to achieve one reliable regulation to prove that their finance is well managed and they are trustworthy. Here are some licenses that famous brokers have:

Despites from more than one reliable license these brokers have, they are also in the top largest forex brokers. Their large trading volume per month makes them become even more sterling:

•    Exness – the largest forex broker earns $400 billion per month.

•    XM  monthly Trading volume is $300 Billion

•    FxPro monthly income is $ 100 Billion.

Furthermore, traders could also view these brokers’ scam report to see if there are any complaints. All these retail brokers have stayed in the market for around 10 years and there isn’t any scam report about their trading system.  Most of the complaints on the social network are because of new traders don’t get a full insight into the trading system. For more detailed on how traders misunderstand about Exness trading system, please visit this page.

2. Desirable trading conditions:

A survey with a question “what type of Forex account do you think is the best forex account for trading?” was given to 100 traders and 95% of them think that ECN account is the best one. Surprisingly, 80% of traders in real life chose to do trade in Market Maker and STP accounts. Why there is such a difference in the traders’ answers and their real choices?

ECN accounts are known for low cost and high transparency, but the drawback of it is volatility. Trading in by ECN account is risky for who just first started because its quotes are much more volatile than STP and MM accounts. Moreover, ECN slippages are higher, so quotes are not stable. As the result, there are lots of no-quote errors and gaps.  Some people think that liquidity provider will deliver better quotes, but in facts, liquidity providers will contribute more quotes for themselves so they are not persistent. Hence, no quote situation, gaps and slippages will occur. But don’t worry, the 5 mentioned brokers providing much safer quotes as their systems collect best quotes from ten liquidity providers before delegate the quotes to retail clients, so if there is any problem when one liquidity provider got the quotes, there still be nine more providers to them. Hence, less slippages, gaps and no-quote problems occur to the trades. Here are top 3 best ECN quote brokers:

Although MT4 and MT5 are the most 2 popular platforms, they could not be accessed on some operation system like Windows Vista, XP or even in some phones. That creates a demand for some brokers to invest more in trading platforms that are useable on the phones. FxPro and XM are leading in developing and improving trading platforms. . Check XM trading platform here

3. Delighted customer services

Exness, XM and Hot forex online services support the customers in more than 20 languages. To be more specific, the numbers of language they have are:

• Exness supports 13 languages and 24/7

• XM supports 30 languages and 24/7

• Hot Forex supports 27 languages and 24/7

Traders in China, Thailand, Indonesia, Malaysia and Dubai could directly go to there regional offices for support. However, if the country you are living in does not have their offices, you could ask for online help through live chat, phones, which are available 24/7 hours and serve by the most common languages like English, Chinese and Thai. So traders don’t have to be so worry whenever they have any challenges with their forex trading, they could easily ask for help by contacting to these brokers in local languages.

On the whole, you might find other standards that are suitable to your trading plans and conditions when you keep searching for your best broker. My experiences would help you to have a good first step on your currency-trading road.

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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