Is it difficult for choosing best brokers? It seems to be hard for traders to answer this question. Up till now, after answering the plenty of questions from traders about how best brokers are, I reckon that we can decide on best brokers by knowing more about their trading strategies and customer services. At present, US and UK brokers are more trusted than other ones, yet Cyprus brokers now are providing traders many good trading conditions such as: lower spread, lower margin, better trading platforms and payment systems…It would be easier for traders to opt for best brokers if they concentrate on some standards. In order to have a better understanding about these standards, I will make a list of five top ECN brokers which help all traders will be able to choose their future brokers.
We can look at this table. I will make a comparison of these five brokers, which helps us to have a good decision before trading with them.
From the table above, we can easily see that Exness broker now are having the highest rate.
- What we should know about standards of best ECN brokers.
- Reliable ECN brokers
- Lower trading cost:
- Lower spread
- Lower commission
- Better payment systems to lower deposit and withdrawal fee.
- Better rebate.
- Better bonus
- Better Trading conditions: Better quotes, developing more trading platforms, lower slippages, better execution speed, lower swap or fee swap.
- Better local supports.
These are some standards that we should take into account before trading with brokers. Because, it will represent on what best brokers must have. Normally, if brokers have these standards, they will be best brokers. Best brokers mean they can provide their traders best services. Having these standards can certainly lead to best brokers.
- Best brokers must be reliable.
All traders dream of choosing best brokers, but they sometimes are victimized by some untrusted brokers. Therefore, before trading with any broker, we need to check their regulations, which are regarded to be most important factors. A trusted broker means they have good regulation, and they are supplying their customers a lot of good services. Clearly, possessing a good regulation can be a dilemma for the vast majority of brokers.
- What are regulations?
Regulations are profit/non-profit organizations that regulate brokers. Each regulation contain their own regulations that all regulated brokers must conform to.
- Maximum Leverage
- Quotes quality
- Broker’s minimum operation fund.
- Segregated accounts to protect clients.
- Advertising messages to avoid misleading for traders…
It is obvious that brokers must complete these criteria in order to achieve a regulation. It can certainly be arduous for brokers to have a regulation, thus trader should come to brokers that they all have at least one broker. If broker possess a trusted regulation, they would be more impeccable for traders.
- Some negative aspects of regulations:
In reality, traders will find more credibility in their brokers when they have regulation. On the other hand, brokers might be able to face some disadvantageous things if they get more regulations. I will explain this issue here.
Here are prevalent adverse aspects of US/UK ECN brokers:
- High spread and commission.
- Higher margin requirements.
- Less trading platforms supported.
- Less payment methods…
The reason why US and UK brokers have dealing with some disadvantageous sides is because of their regulations. Indeed, having many regulations can prevent brokers from offering high leverage, which led to low trading volume. As a result, the income of broker will be seriously influenced in this case. To be more specific, their income will be lower due to these regulations. When brokers have less income and they have to pay a big amount of money for extra costs. They tend to charge more spread and commission. In one word, if brokers have more regulations, they have less chance to compete with others. All these problems are considered to be big problem of US and UK brokers.
- Regulations of these five forex brokers.
|1||Exness.com||CySEC, FCA (UK)|
|2||FxPro.com||CySEC, FCA (UK), DFSA (Dubai), FSB (South Africa).|
|3||XM.com||CySEC, FCA, ASIC|
We can obviously see that all these five ECN brokers have at least one trusted regulation such as: CySEC, FCA or ASIC. As I mentioned above, when brokers have at least one trustworthy regulation, they might be more better than others.
Here are three top biggest forex brokers in the world with higher trading volume.
- Exness: $400 Billions monthly.
- XM: $300 Billions monthly
- FxPro: $ 100 Billion monthly.
As we can see, Exness forex broker now is having the highest trading volume, which is super beneficial for traders. These three forex brokers are existing around more than ten years, and having no scam report.
6. These ECN brokers charge lowest trading cost.
Presently, ECN accounts are charging lowest trading cost so that traders can benefit from. On the contrary, US brokers always charge highest spread and commission. Take Forex.com and FXCM as an example, they charge around 1.7-2 pip for trading EUR/USD, which can be disadvantageous for traders. On the other hand, five aforementioned brokers charge only a little bit spread, which is 50% lower than US brokers. ECN accounts, for instance, charge about 0.0xx pip spread and 5 – 7$ for each lot. Specifically, Exness charges lowest spread which is always a top of choice of traders. Their spreads is only 0.0xx pip. Sometimes, Exness charges lowest spread which is zero.
- These five forex broker are offering best payment systems.
Unquestionably, US and UK brokers seem to be good sometimes. However, they will charge a lot if you are in Asia or Africa. For instance, when I deposit Credit Card, my fund will be charged from 1.7 to 4 %. How can I get profit in this case? It is certain that I will choose ECN brokers that I can have a lot of perks. In fact, ECN brokers will provide their clients many benefits, especially local payment systems. Exness has the best payment system now. Exness is offering more than 30 different payment methods which traders can completely rely on this broker. From my experience, I totally bank on this broker because of its benefits and security. In other words, I will be able to gain more beneficial things and other better services. Exness is always my perennial favourite broker up till now.
- Is there any special thing on Exness Payment system?
I ensure that Exness payment system is the best because traders can make use of machines, which facilitate their withdrawal. Take me as an example, I choose Exness because I do not need to wait a long period of time for withdrawing money from my account. Whenever I want to withdraw my money, what I need to do is just use the machine and get money. It is super fast and convenient for all traders. In order to save time, we should come to this broker. Moreover, it is safer for us to pour a great deal of money into this broker without worrying about cheating problem.
9. These five brokers have better trading platforms
As we all know, MT4 and MT5 are 2 most popular trading platforms in the world. In fact, they are not really good. Certainly, when making a comparison with other systems like Windows Vista, Xp. Two operating systems are better than MT4 and MT5 because we can download both on our cellphones. It leads to the reason that the majority of traders who always decide on two operating systems.
10. Good supports mean best brokers.
It is true that the multitude of brokers who are supplying their customers through online form, and only focus on English. However, these five traders are more and more supporting their traders with a variety of supports. Customers will be able to have an access to various things including live chat, phone and local office. They all support traders with many beneficial factors, and are always available for 24/7. Therefore, whenever traders have problems, they can immediately come to these brokers and ask for help.
Exness, for instance, is providing clients various great services. To be more specific, they provide around 11 languages and are available for 24/7. As a result, it would be of better use to traders when choosing this broker.
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