Forex is a complicated market and I have realized that many traders try to find the best brokers. But it is hard to decide because it is about where you live actually. Traders from US/UK will be served well with these brokers but to whoever from Asian or Africa, Cyprus is a better choice. The reason is that it provides traders with low cost of spread or commission but high leverage and good payment system or trading platform.

The best ECN brokers have some standards

There are some factors that are worth considering finding out the most suitable for your trading. They are credibility, trading cost, trading condition, support or quotes.

Best brokers are more reliable

Licenses are issued by credible organizations. These organizations have some standards and brokers have to be tested before they get the licenses. But do a lot of licenses mean more reliable and beneficial they are? The answer is no. Because more licenses require more fees to pay for organizations or for insurances so they can offer low commission fee or spread because they need that for the income. Like US or UK brokers, they own a lot of licenses and that cause them some drawback. Meanwhile, Exness, ExPro or XM, they just need one or two trusted licenses to define their reputation and gain trust from traders. Therefore, one and trustful certificate is a good idea.

Trading volume
The amount of money that is transacted every month can tell a lot about the brokers’ reputation and credibility. The greater trading volume means they are trustful and more traders have worked with them. They have more fund and will save clients from the risky situations. There are some reliable ECN brokers that have a huge trading volume in month-basic.

Exness: $400 Billion monthly- the largest in the market
XM: $300 Billion monthly
FxPro: $100 Billion monthly.

History and scam summary
The top 10 ECN brokers have been run for a long time ago and there are no summary for the scams. They are transparent and have everything shown on the website. But, beginners sometimes can be confusing about the problems about stop loss. They may concern about this because they do not understand clearly about buying and selling position when trading.

Trading cost is low

Low level of spread and commission fee

Like I said before, US and UK brokers can not supply the low fees for commission or spread because they have more licenses and require more charges for this. For instance, and FXCM ask traders for almost 1.7-2 pip with spread and even 6-7$ commission charge. Comparing with other ECN brokers like Exness, they charge the traders only 0.0xx pip for the spread and with each lot traded, clients just need to pay 5$ for the commission fee. Exness ECN account even offers zero spread rates when there are no changes or sudden accidents.

Payment systems are convenient and the deposit is reasonable

The payment systems of US or UK are great. But that is when they serve the local clients. If you are from other areas you have to pay more to make sure your investments are safe and secured. Traders need brokers that can serve them economically and effectively. Payment systems should be placed at the locals so traders can transact easily. Exness is one of the brokers that have the payments systems perfectly built. They have payment service in most of the countries that they have traders in. So the transferring will not take hours or days but just minutes or seconds in order to withdraw the money. Moreover, Exness minimum deposit is just as low as $1.

Even more, Exness has auto payment systems that use the machine to count and process everything so it is so amazingly quick for the payment process. Traders even do not to pay the fee and the steps are simple too. Traders just make sure their ID numbers and withdrawal information matched. Besides, money for payment is placed in a lot of application for traders like e-wallet and banks...

The deposit is more concerned when trading with US and UK brokers because they require traders from other countries to pay 1.7- 4 % of the Credit Card when they want to open an account but it is so ridiculous because they just gain back 5% from this for each month.

The supports for clients are great

For the beginners, the support and advice from brokers are especially important because forex is totally complicated. Sometimes, to start open an account, traders will need some help from brokers. But, there are still some common problems that prevent them from contact the brokers. They are timing and language. Top-rated ECN brokers have clients from many different countries such as like China, Thailand, Indonesia, South Africa, Malaysia, Vietnam, Iran, Russia...and they do have office in these countries and their working timeframe is perfect. They open the offices 24/7 and even they equip live chat for the clients from the countries they do not have office in. In the case of language, there are brokers that can communicate with 20 different languages. For example, Exness serve in 13 languages and open service 24/7, XM has 30 languages for support and FxPro with 19 languages and work in 24/7 frame too

Top-rated brokers have more stable quotes

I have carried a survey with the question about what types of Forex accounts that traders think is the best for trading. The result shown that ECN brokers are preferred. But in reality, there are 80 % of the MM or STP accounts. What have caused the opposite? That is because ECN brokers’ quotes are less stable. They are more widely worked and everybody tries to cheat each other. So, the result is that ECN brokers even have high slippages, more no-quote errors and gaps. That is why traders want to work with less risky quotes providers.

However, top ECN brokers have a brilliant solution for this problem. They know that liquidity providers are thought to be more reputable and give more stable quotes. Actually, these big providers give the quotes by themselves and that are even more risky and unstable. ECN brokers like Exness or FxPro choose to combine all the quotes from liquidity providers then supply for traders so that if there are any accidents they can have more choices and alternative quotes. That means there will be no higher slippages, no-quote errors or gaps. That is excellent.

From all the factors I have studied, here I give you top five ECN brokers for your review:

No - Broker names - Rating
1 - - 8/10
2 - - 7.5/10
3 - - 7.5/10
4 - - /10
5 - - 6.5/10

Author's Bio: 

Hasan root, a dream lover.