How to Choose the Best Forex Broker

Choosing the best forex broker is integral if you want to succeed in the business of trading currencies.A forex broker acts as the middleman that brings buyers and sellers together to carry out transactions in the foreign exchange market.

Brokers are agents that float the best price in the forex market for participants to use.

It is true that forex trading is a lucrative business. Because of its many advantages, many people are daily abandoning the traditional financial markets and channeling their investments in currency trading.

At the same time, an increased number of forex brokerage firms have sprung up and are enticing inexperienced traders using their large and glittering advertisements to invest their hard-earned cash with them.

Since the industry is littered by so many currency trading brokers of all types, to choose the best forex broker correctly can be a daunting task.

As such, on this website, we have reviewed and listed only the best forex brokers who have earned the industry’s reputation in quality service delivery and unmatched commitment at addressing the needs of their customers.

Click here to read the reviews.

Choose best broker in forex trading


Here are some essential considerations you should bear in mind when you are looking for a top rated forex broker:

  • Assess the quality of customer service your preferred broker is providing:

Because the online trading of currencies does not require you to walk into your broker’s office to place orders, it is important you choose a broker who is responsive, patient, and supportive at addressing any problems you may be having.

Some forex brokers are known to be very friendly and cooperative when you want to start trading with them, but abandon you soon after you have deposited money into your live account.

Like any other thing on this planet, brokers are not perfect. Therefore, you need a good forex broker who will be fast at addressing any issues you may be having at a future date.

  • Check if the broker is certified with a regulating authority:

The lucrative forex industry is full of fraudsters who are out to suck money from innocent traders.

However, there are numerous financial regulation agencies situated all over the world that aim to tame this fraudulent behaviors of forex brokers.

Therefore, to protect you from being a prey of the so-called online thieves, you should ascertain whether your preferred broker is registered by any of these regulatory bodies.

The most common ones are the U.S. Commodity Futures Trading Commission (CFTC), National Futures Association (NFA), Financial Services Authority (FSA), and the Australian Securities and Investment Commission (ASIC).

If any currency trading broker has not passed through the painstaking certification process offered by these regulatory bodies, then you should dissociate yourself from it.

Best forex brokers will maintain their industry reputation by making sure they have a certified license of operation.

Click here to read more on worldwide forex regulation.

  • Highly ranked forex brokers usually offer various account types for their customers:

In the world of forex trading, everyone has his or her own tastes and preferences in trading. Therefore, the best forex brokers have tailor made different account types to suit the background and style of trading of their customers.

Even if an online currency trading broker provides only one type of account, it should be designed such that it can be customized easily to resonate well with the needs of its customers.

Worth mentioning, the account types should be as user friendly as much as possible.

  • How many tradable instruments does your preferred broker offer?

During these times of economic uncertainties, most investments are considered to be insecure. Therefore, you need to diversify your portfolio so as to cushion some of your investments in times of economic hardships.

In addition to currencies, quality forex brokers usually offer other tradable instruments such as commodities (crude oil, gold, copper etc), Contracts for Differences (CFDs), stocks, and others.

You should not agree to deposit your cash with brokerage firms that offer only one tradable instrument or some few others because you never know when it would be your rainy day.

  • Best forex brokers usually offer the most competitive spreads in the market:

Spread, which is the difference between bid and ask price, is key in the business of online trading of currencies because it is the amount you are charged by your broker every time you place a trade on your trading platform, irrespective of whether you make profits or losses from the position.

Spreads are either fixed or variable. Fixed spreads do not change while variable spreads fluctuate depending on the conditions of the market.

It is preferable to go for a broker with a fixed spread than a broker with a variable spread. This is because in very volatile market conditions, the stop loss orders may get hit if the spread provided by the broker increases by a large number.

  • Top rated forex brokers provide a demo (practice) account:

Before you invest your hard-earned money in forex trading, you should experiment your trading style comprehensively using a demo account.

Although it has virtual money, demo account gives the real market conditions that will enable you to explore the strengths and weaknesses of your strategy for navigating the market without risking any of your cash.

As such, if you start trading using a demo account, you will boost your confidence, develop discipline, perfect your skills, and develop consistency when trading currencies.

Best forex trading brokers usually provide demo accounts on their websites for free. You should stay away from brokers who fail to offer this important tool, especially if you are an alien in the world of forex trading.

  • Best forex brokers have high rate of execution of orders:  

Since the values of currencies move very fast, brokers that do not offer instantaneous execution of orders may compromise your profits.

A common problem regarding execution of orders in currency trading is slippage. It takes place when your order is delayed and filled at a price different from what you expected.

Do you want to experience that? Therefore, you should think twice before depositing your money with a broker who has not invested in state-of-the-art technology in order execution.


Success in the trading of currencies requires that you have a credible and reliable broker that will meet your needs without undue compulsion. Therefore, to choose the best forex broker is important.

Before you are enticed by that attractive looking banner to open an account, you should first analyze the industry practice of the broker as outlined in this article.

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