Currently, we can see that the forex market in general and the Forex market in particular have never been so developed, the most concrete evidence for this rapid growth is the addition of more new brokers every day established. Therefore, choosing a reputable broker is not easy for traders. That is why you should choose a reliable broker: All orders when you trade are processed on the broker’s trading platform and the amount you deposit and withdraw is managed by the exchange. So which criteria to evaluate reputable and best broker? Or even the Topmost prestigious brokers in the world are? After more than 10 years of trading in the market and doing research, I have come to the conclusion that the criteria are: reliability, transaction costs, trading conditions, and customer support.
Here are the top 10 forex brokers in the world that I think can meet the standards above:
- Exness: 9/10 Learn more here
- FxPro: 8.5/10 Learn more Here
- XM: 8/10 Learn more here
- Hotforex: 8/10 Learn more here
- Icmarkets: 8/10 Learn more Here
- Pepperstone: 7.5/10
- Natureforex: 7/10
- Think Market: 6.5/10
- SaxoBank: 6/10
- BS: 5/10
STANDARDS FOR CHOOSING THE BEST FOREX BROKERS
If you go online to learn about a certain broker, you will find that every broker recognizes itself as the best, the world’s most prestigious. Get rid of the word that is the best in the world and the most prestigious in the world. It is important that you have enough knowledge to evaluate and find the best forex broker, reputable, and best suited for you. In my opinion, for a broker to qualify as the best forex broker in 2020, it must meet the following criteria:
|Reliability||Trading costs||Trading conditions||Customer services|
|Historical activities||Commission||Deposit/withdrawal||Local offices|
|Transparency||Leverage||Trading platforms||Education programs|
|Minimum deposit||Bonus programs|
Top 10 best forex brokers – How to choose the best forex broker
Through the above criteria, you can also find yourself a suitable Forex broker, right, or you can refer to some of the forex brokers below selected by us based on our experience. real battle transactions for nearly ten years.
Regulations on the reliability of the best brokers
The brokers are growing exponentially, proving that the forex market is very attractive. It contains a lot of pitfalls for traders. If you do not understand the market and the exchange you will easily encounter fraud. Therefore, the regulation on the reliability of the brokers plays the most important role for traders to choose to deposit and withdraw money to trade on that exchange.
The level of reliability is assessed based on seniority of operation, headquarters, operating licenses of the trading floor, supervised by large and reputable agencies in the world. If a broker wants to operate legally, they must meet the standards set by these organizations. Therefore, a broker with regulations is a safer and more reliable forex broker. Here are the top reliable forex brokers with their regulations:
- Exness.com: FCA, CySEC Check regulations.
- XM.com: ASIC, CySEC, IFSC Check regulations.
- HotForex.com: FCA, DFSA, FSCA, FSA Check regulations.
- Fxpro.com : FCA, DFSA, FSCA, FSA Check regulations.
- Icmarkets.com: FCA, DFSA, FSCA, FSA Check regulations.
- Forex.com: FCA, FSCA
- SaxoBank.com: FCA, ASIC, SFC, JFSA, MAS, FINMA
Financial transparency and operational history
For large forex brokers, their licenses are issued and managed by the FCA agency. According to this regulation, the trading account of the brokers must be separated from the customer’s account, in order to unfortunately the risk floor, the customer is still compensated floor, and the customer’s account is still safe.
In addition, Transparency in finance is also reflected through that brokers always publicly reporting the financial statements of the company to their customers. This has been very well implemented by Exness, by how you can go to the Website to find out their operating history and their entire business records. You can check that out here.
Transparency and activities
How to define the transparency of a forex broker? Transparency means the broker has nothing to hide from their customers. They want to show their traders as much as possible. In terms of transparency, nobody can beat Exness. This broker upload their whole business records and information on their website. Customers can check anything they want and see how the company performs over a year. You can check that here.
Another aspect that decides the credit of a broker is whether or not they have segregated accounts for customers’ money. All brokers under the FCA regulation have to do this.
To trade with any brokers, traders must pay the broker a certain fee to maintain their trading problems. But their customers always want the brokers with fees when trading most attractive to maximize profits, because the truth to make a profit from this market is not easy. The transaction cost of a broker is a combination of many different factors. Let’s take a look at them:
Brokers have the lowest spread fees
The spread fee is the difference between the bid and the price of a currency pair at the time the trader executes the trade order. Each broker will have different spread rates for different currency pairs. Therefore, all traders who want to trade with brokers have very low spreads on the major currency pairs.
Take EUR / USD as an example. You buy EUR for 1,12345 USD and sell for 1,12356. The difference is $ 0,00011, or in pips, it is 1.1 pips. In some exchanges, this difference will be around 2 to 3 pips, even some maybe 3 to 5 pips.
After more than 10 years of trading in the forex market with small and large brokers, I can introduce attractive spread fees on the popular EUR / USD currency pair, of the lowest forex brokers:
- Exness – 0.7 pip. Check Exness spread here
- XM – about 0.8 pip. Check XM spread here
- Hotforex – about 1 pip. Check HotForex spread here
Brokers have the most competitive commission
In order to meet the needs of traders, every forex broker has two basic types of accounts: spread accounts with no commission fees. And the main type of commission collection, in return the spread will be much lower than the first type of account. It is calculated for every trade you make on the platform. If you want low transaction costs, you should choose brokers with low commission. Here are the lowest commissions on the market.
- FXTM.com: $10
- Exness.com: $7 Check Exness commission here
- Forex.com: $50
When trading, there are no other hidden fees
You should be familiar with some of the other fees (if any) of the brokers. For example, you should be aware of swap rates (overnight fees), depending on the currency pair as well as the rules of each forex broker will have different swap rates. Therefore, when trading any pair, especially in the long run, you need to consider this fee.
Best forex leverage
Traders can take advantage of the leverage provided by brokers to increase the profit of trading orders. When you use leverage, the broker will keep some of your funds to prevent you from losing more than you can afford. The deposit will return to your account when the transaction is completed. Here are the brokers with the highest leverage on the market:
- Exness.com: 1:Unlimited
- FBS.com: 1:3000
- FXTM.com: 1:1000
Low minimum deposits
When you want to start trading, you must deposit an amount of money into your account. For beginners trading or traders with little capital they always want to find out which broker has a low margin, to avoid the most risk for their account. That is why brokers with low minimum deposits are appreciated. Here are the lowest minimum deposit rates of each of my favorite brokers:
- CMCMarkets.com: No minimum deposit required.
- IG.com: No minimum deposit required.
- Exness.com: 1 dollar
An overnight fee, also known as a Rollover or Swap, is the amount you pay when you keep your position open overnight. It is important to know about this fee because I know some traders were confused when their winning position was suddenly lost in the morning. Brokers automatically charge this fee each time the US session is closed. Speculators or traders who trade in the day do not care about Swap fees because they close all their positions in one trading day. Long-term traders, on the other hand, always want to choose brokers with low swap rates. Here is the swap of my best brokers for EUR / USD:
- Exness: 0.3 pip
- XM: 0.3 pip
- ICMarkets: 0.4 pip
The best forex account types
To suit the different trading styles of traders, brokers must have a variety of account types for their clients to choose from. Usually, there are 3 levels of customers: beginners, experienced, experts corresponding to each level will have the following account types: demo accounts, regular accounts, and ECN accounts. If a broker is considered the best one must have all these types of accounts.
Best ECN brokers
For professional traders, they trade every day with a very large amount of money so they need an account with low prices, high security, low slippage, excellent trading platform, and fast payment system, therefore, brokers often provide customers with a type of account that can meet the above criteria is called a real ECN account, also known as ECN trading floor. Here is a list of the best ECN brokers:
The best forex brokers should have better trading platforms
Currently, most brokers use the MetaTrader4 (MT4) and MetaTrader5 (MT5) software, which are the most popular trading platforms on the market, developed by MetaQuotes Software. They come with a variety of indicators and charting tools that make it easy for customers to trade and find more profit-generating opportunities. These are the best forex brokers using the MetaTrader platform:
Best trading platforms: Self-designed
Besides, some brokers will design their own platform for their clients. These platforms are designed with a number of exclusive features, integrating many feature tools to suit the trading audience on their exchange. Some brokers use the best self-designed trading platforms:
Servers – host system
The processing speed of the server is quite important. If the server processes slowly, slippage may occur when you have opened an order, which reduces your profits. To avoid slippage in trading, you should choose brokers with strong servers so your orders can be processed faster. Here are the brokers with the fastest and most stable servers:
Best social trading platforms
A version of trading platform is social trading platform. Exness released its exclusive social trading platform early this year. I have tried it for 6 months now and I must say, it’s really impressive. Exness social trading platform lets you copy the trades of the top forex traders these days for free. You can easily earn money just as the professionals do it. Since Exness is one of the biggest forex brokers, the traders there really focus on stable and long-term profit, not just some short-term goals to lure beginning followers. They are ranked according to different criteria like profit percentage, risk score, and commission.
Best online brokers
For some countries that do not have a local broker such as Thailand, Vietnam .., having to find yourself a reliable online broker price, with the best trading conditions and stable transaction costs. Here is the best online forex broker ranking for 2020:
BEST LIQUIDATION SYSTEM
For the best brokers in the world, fast liquidity will enhance their position in the forex market. Normally for Traders they always want their profits to be withdrawn quickly. If the exchange refuses to let them withdraw money, leaving the money in the account for too long, will cause them to execute other trading orders. It’s easy to lose all that money. So don’t trade with these brokers.
Good liquidity system should meet the following criteria:
- Quick deposit/withdrawal
- Unlimited deposit and withdrawal amount
- Free deposit/withdrawal or with the lowest cost
- There are links with major banks in the world and locally.
- Deposit / withdraw money on weekends and public holidays.
- Deposit / withdraw in various forms: Netteller, skill, visa,…
I have traded with many brokers and Exness has the best payment system, meeting almost all of the above standards.
Check Exness payment system now!
Best forex bonus
The use of brokers’ bonus policies will attract more customers to trade at their exchanges. You can use bonuses/discounts to reduce your trading costs or to check for a free broker.
Here are the best forex rewards of all brokers we can find:
Top 10 best forex brokers –CUSTOMER SERVICE AND CONTACT METHOD
No one can guarantee that there will be no problems during the transaction, so the support to customers is the most necessary, which makes the trust and satisfaction of customers. You should also choose brokers that have support in local languages or are available to advise you 24/7.
The fact is that foreign exchange investment is also risky, if brokers have a local office in your country, they are more reliable. They can only be popular in your country when they provide you with the best services and unbeatable conditions if you have a forex broker comparison. Moreover, if there is any problem, you can get support from their office more quickly and especially if they cheat you, the law will protect you.
- Exness has local offices in Cyprus, China, Malaysia, Singapore, and Thailand CHECK LOCATION
- XM has local offices in Spain, New Zealand, Greece, Hungary, and Australia CHECK LOCATION
- FxPro has local offices in the UK, Cyprus, Monaco, UAE, and the Bahamas
But, that does not mean that brokers without offices in your country are not reliable. As I mentioned above, brokers in the largest forex companies with the above rules are trusted enough
Means of contact
For countries that don’t have regional offices, they offer support online as well as via phone in English or your native language. The language support is very crucial to traders who want to work with the best forex brokers in Asia because those traders may not be very good at English. Here is the brokers list of those who can help you in different languages.
- FxPro supports 32 languages 24/5
- XM supports 23 languages 24/7
- IG supports 22 languages 24/7
The best foreign exchange contests
Good forex brokers often hold contests because they want to attract new traders. By illustrating trading on the foreign exchange market in the best and most desirable conditions, they have created trust in new traders. Beginners think that dealing with brokers is easy and straightforward. However, in reality, trading is not easy and new traders may encounter unexpected situations often.
Moreover, experienced traders participate in contests because they want prizes. And, you should know, getting things done is harder.
Here are the top forex contests right now:
- HotForex Demo Contest
- FBS Forex Demo Contest
- FXTM Titan Demo Contest
Top 10 best forex brokers –BEST FOREX TRADING APPS
In the era of the development of the Internet, there are many smart trading applications, you can use them to help you analyze the market easier as well as looking for more opportunities to make profits for you. Here are the best trading apps that I think any trader should have on his phone:
- Bloomberg Business: best source of financial news. It can keep you updated 24/7
- Forex Hours: Global market analysis.
- FXDailyReport: Real-time forex market analysis.
THE BEST FOREX BROKERS FOR BEGINNERS
For beginners who are inexperienced when trading, they are afraid of losing money or looking to find a suitable broker. They need brokers to provide them with low-cost accounts, low trading spreads, and enthusiastic advisors to help them with various questions when trading. You can see the list of best forex brokers for beginners:
- Exness is arguably the best forex broker for beginners. They have different types of accounts, from Cent, Mini to Standard, and ECN. Their accounts have really low spreads for the major currency pairs. Moreover, they have a 24/7 support team ready to support customers in many different languages.
- FxPro is also the right place for you to start trading, with attractive competitive costs, their support team also have known up to 36 languages ready to advise you 24/7.
- XM is the right choice if you are a beginner. They regularly organize educational seminars in different localities, helping customers better understand the market to seek more trading opportunities.
THE UNIVERSAL STANDARDS FOR THE BEST FOREX BROKERS
No matter where you come from, there are some common standards for the best forex brokers in your country:
- It must be regulated by a financial organization that monitors foreign exchange in your country. If your country doesn’t have one (like most Asian countries), pick a broker with the top regulation (such as US, UK regulations). It has to be a big foreign broker.
- It has to be low-cost. Don’t trade with broker whose spreads are wide.
- MT4 or MT5 platform is the most suitable for you. It is easy to find instructions online because these platforms are very common.
- Finally, it is best to find a foreign broker that can support in your native language. Things will be much clearer.
Those are the common standards for the best brokers anywhere. If a broker can meet all these requirements, it is a broker that can bring your profits and safety while trading.
Invest with little risk
For traders, we all know that it’s not easy to make money in the forex market, so you will never want to lose everything. The only way to protect your money and minimize your risk is to trade with a trusted broker..
Maximize your profits
Once you have found yourself a reliable broker, you will be assured to look for opportunities to make yourself better in this potential forex market..
Better trading platform
What comes with a reliable forex broker is a good trading platform. A good trading platform is a root for the success of any kind of trading strategy. For investors who mainly trade when there are big fluctuations, they need a trading platform with really low spreads and large execution speeds. And for swing traders with longer trading times, they need platforms with low exchange rates. All of that can only be provided by a reliable broker. When you trade with a reliable forex broker, you will really see the difference.
In short, there are a lot of exchanges being established every day, there will be a lot of virtual exchanges and they often make advertising tactics to attract customers, especially new clients opening forex accounts to retain traders. For more than 10 years, trading in the Forex market and through large and small exchanges around the world, I am confident to recommend the above reliable trading platforms. To help you choose a reputable forex broker that suits you best.
AVOIDING SCAMMING BROKERS
A good way to avoid scammers in the forex market is to join forums or groups on various social networks. There are multiple groups like that on Facebook and many more forums online. I know you’re asking: But don’t those scammers join these groups as well? Actually, it is quite easy to figure out who’s telling the truth. A good group or forum would never let the number of scammers exceed the number of true traders. Whenever you need to review a broker, the opinion of the majority is correct most of the time.
Sometimes, your forex broker is not a scammer yet. They just do some tricks in order to take advantage of certain situations. For example, sometimes they can widen the spreads so that the price will hit all of your Stop Losses at once. In order to find out whether this is true, you need to do a price comparison in various situations to see if your broker changes the way they act.
Keeping a trading journal
In order to perform that price comparison, it is a good idea to keep a trading journal of your own. By doing this, you can easily keep track of how your broker is behaving. Plus, you can also see how much you have grown in terms of trading forex and whether your strategies are working or not. This can help you improve your forex trading knowledge as well as experience.
In conclusion, based on hundreds of tests and years of trading, we are very confident to say that these are the top forex brokers list:
The top 10 forex brokers rankings in-depth:
|Trust score||Trading costs||Trading conditions||Customer services|
On our journey to find the best forex brokers out there, we cannot single-handedly trade at all forex brokers. The measure we used is that we set up a network of forex traders from our friends and acquaintances. From there, they will get connected with other traders as well and we will discuss all forex brokers that we have ever trade with. So, the knowledge you’re getting here is from the collective of hundreds of traders.
Moreover, when we finally narrow down the top brokers in the market, we will trade at those brokers at the same time to see which one really stands out. We compare those brokers factors by factors to see overall, who is the most suitable forex broker for each type of forex trader.
Check out our forex brokers comparison.
Forex risk disclaimer:
Foreign exchange risk (also known as FX risk, exchange rate risk or currency risk) is a financial risk that exists when a financial transaction is denominated in a currency other than the domestic currency of the company. The exchange risk arises when there is a risk of an unfavourable change in exchange rate between the domestic currency and the denominated currency before the date when the transaction is completed. Learn more here.
Hey, I’m Nicolas Juan. I’m the founder of this site. I’m currently living in Bangkok, Thailand. I have been trading forex for more than 9 years. You can read my articles about the best forex brokers on this page. Let’s review brokers today.