After years of engaging myself in the forex market, I have come to a realization that there are no basic guidelines that help traders to evaluate a broker appropriately. Therefore, the aim of this article is to provide traders with the basic criteria that should be applied when it comes to rating a broker, including reliability, cost of trading and customer support. Moreover, here is the list of brokers that I believe to be the best forex brokers in the world 2018:

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

CREDIBILITY

Traders should certainly examine the regulations of a broker before working with them. To explain, financial organizations provide licenses to brokers to prove that they are regulating the trading activities of the said broker. This is why traders should never work with traders that have no regulations. However, a broker with plenty of regulations is not worth working with either. This is due to the fact that brokers with many licenses have their trading conditions restricted significantly. These kind of brokers are more likely to have high spread, low leverage yet high commission rate – factors that are not friendly at all to the profits of traders. In short, it is highly recommended that traders should work with brokers that have one or two valid regulations. I have listed out the regulations that each top brokers possess below:

TRADING COSTS

In terms of trading costs, there are certain features that should be examined carefully, including the spread rate, commission fee and minimum deposit requirement.

As for the spread rate, brokers should know that spread is simply the difference between the ASK price and BID price and is usually denoted in pip. Since high spread leads to high cost, traders should certainly find brokers that offer low spread rate. To find the spread rate more easily, I have made a list of the spread rate of each top broker here:

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

As for the trading account, ECN and Regular account are the two main account types that brokers offer. The ECN account, even though it has an extremely low spread rate, its commission fee is relatively high to make up for the loss of spread. Here is the commission fee of the top 5 ECN brokers:

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

Finally, the minimum deposit requirement is the last category to be checked. Considering new traders in the field, these traders are fond of brokers that require a small amount of deposit since they are not used to depositing a large amount of money. You can check for the deposit requirement below:

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

CUSTOMER SERVICES

It is no doubt that any traders, even professionals, will need a lot of support from brokers. Therefore, a high-quality broker should also come along with a high-quality support team to help traders who are in need. From my perspective, I believe that customer support should always be available to traders 24/7. Moreover, brokers can even establish offices in some countries to help traders more easily. As a matter of fact, some brokers even provide help in multiple languages other than English for traders. Finally, brokers should make a connection with the local bank to provide more transaction options for traders.

From my past experience, here is my rating for the support system of these brokers:

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

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