5 MAIN FACTORS TO CONSIDER WHEN CHOOSING THE MOST RELIABLE BROKERS

The most reliable brokers earn their great reputations by following the strict regulations of famous organizations. However, not all reliable brokers offer good trading conditions and treat well to their clients. For example, the US and UK brokers are the most reliable, but their trading conditions are not as good as Cyprus brokers. Moreover, these brokers do not protect their traders in other countries, especially in Asia and Africa. Asia makes up 30 percent of worldwide trading volume. But, their traders often suffer the most disadvantages in this market. Asian brokers, on the other hand, can be more reliable as they offer local traders with the best trading conditions and support. Some of the most reliable brokers in Asia that I think it would be suitable for you are:

• Exness
• FxPro
• XM
• com
• Hot Forex

So if you’re an Asian trader, I recommend checking the five factors below for choosing the best forex brokers Brokersguru.

1. Transparency

This is the first and most important factor to consider when choosing a forex broker. No one wants to trade with a broker that is cheating on their clients. To know if your broker is reliable, check their company history and scam reports. Besides, by searching on the Internet, you can check that broker’s rating and see how their customers say about them.

Exness is one of the most reliable brokers with high accuracy and transparency. There is no scam reported about this broker. Besides, Exness shows up all their information, including their financial reports on their websites. The broker is also audited by Deloitte, one of the biggest firms in the world. They even reveals the amount of money that they have in the bank to their customers.

Here are some of the most reliable brokers that I think they would be suitable for you.

• FxPro: 6/10 rating.
• Saxo bank: 6/10 rating.
• com: 6/10 rating.
• XM: 7.5/10 rating.
• Exness: 8/10 rating.

2. Regulation

As mentioned above, the US and UK brokers are the most reliable brokers in the world. That means their regulations are famous and trusted by most of traders. I have asked some friends who are trading with the US and UK brokers about the reasons why they choose them. They said that those brokers meet all of the qualifications of reliable regulatory organizations and agencies. Because of following those strict regulations, the US and UK brokers tend to offer better trading platforms, better management and better technical and financial health. But the problem is that they do not protect traders in the rest of the world, especially Asian and African ones. Besides, I knew that the US and UK brokers often charge higher transaction costs. It’s said that they have to pay quite high fees to their regulatory organizations.

However, there still are reliable brokers with many other famous regulations. For example certifications licensed by Cyprus, Japan, Australia, Hong Kong and Singapore. The most advantage of brokers with these regulations is that they have business in Asian countries. So, they can protect traders there better and provide them with better trading conditions.

If you’re an Asian trader, I recommend that you should trade with brokers who have regulations in your region. In my opinion, Exness is the biggest and most reliable brokers in Asia. Although they don’t have US regulations, they have been licensed by CySEC (Cyprus) and FCA (UK).

3. Trading volume

Personally, I think that a reliable broker is the person who has high trading volume. The only reason is that the more reliable you are, the more customers come to you. Usually, I spend several weeks to a month to test trading problems of that broker. I recommend that you should do that before putting your money at risk. Those problems do not happen at the beginning, some even come out after months of trading. So, you need to be patient and try to take advantage of those results.

Finally, brokers with high trading volume are generally large brokers. You should only choose the broker that suits your trading strategies. Here are some examples:

• com: $209 billion trading volume per month.
• Saxobank: $265 billion trading volume per month.
• com: $290 billion trading volume per month.
• com: $300 billion trading volume per month.
• com: $400 billion trading volume per month.

4. Payment systems

From my point of view, the most reliable brokers often have the best payment systems. So, I recommend checking 5 following factors before choosing the lowest cost broker. These are:

• Good local payment systems
• Various payment options
• Fast payment time
• High minimum withdrawal limit
• Low or zero payment fees

I have been trading with many different brokers and I think that Exness is the king in this field. They provide their traders with more than 30 different payment options. Besides, their local payment systems in most countries are completely free. Another thing that makes me love Exness most is their fast deposit and withdrawal time. While other brokers takes hours of payment time, Exness takes only a few seconds.

5. Regional offices

Finally, you need to check if the broker you’re interested in has offices in your country. In my opinion, brokers with regional offices can help solve problems and support you better. For example, when there is any problem during your trading, local offices can solve it faster. Especially, they can assist you in your own language. And, their customer service is always available for 24/7.

However, it’s not easy to open representative offices in all countries in the world. Some of the best brokers can only open local offices in several countries where they are popular. But, you shouldn’t be worried so much about this problem. Without regional offices, some brokers still provide online help or support by phone and live chat. Certainly, these support is also available for 24/7. So, you can skip this factor if you have confirmed that the brokers you choose are the most reliable brokers.

This article about the most reliable forex brokers is written by Mt. Bruce Kovner from Brokersguru. Brokersguru is a review website based in Bangkok, Thailand. We aim to bring traders the best, most reliable, most helpful, and totally unbiased information about forex brokers and other forex-related matters.