41

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.

Summary

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.

Filed in: Top Brokers Tags: , ,

Share This Post

Related Posts

41 Responses to "How to Choose the Best Forex Broker"

  1. Many thanks, this website is very helpful

  2. Hi there everyone, it’s my first pay a visit at this web site, and paragraph is genuinely fruitful for me,
    keep up posting these types of posts.

  3. www.laddinc.com says:

    Hi mates, its wonderful piece of writing about teachingand fully explained, keep it up
    all the time.

    Here is my blog – loan money (www.laddinc.com)

  4. okwwkzpcb.jimdo.com says:

    The cheapest Software On the web cheap OEM software web site —
    acquire software package deal value.

    My web site … okwwkzpcb.jimdo.com

  5. www.cavernclub.org says:

    The most affordable Pharmacy On the internet

    Check out my web page: http://www.cavernclub.org

  6. Derwick says:

    Excellent article! We are linking to this great article on our site.
    Keep up the great writing.

  7. I needed to thank you for this good read!! I
    definitely loved every little bit of it. I have you book marked to check out
    new things you post…

  8. Hi, this weekend is fastidious for me, as this time i am reading this wonderful informative paragraph here
    at my residence.

  9. Barbour Factory Shop says:

    I am not sure where you’re getting your information,
    but good topic. I needs to spend some time learning more or understanding more.
    Thanks for great info I was looking for this info for my mission.

  10. I am actually delighted to glance at this webpage posts which carries tons of useful facts, thanks
    for providing these statistics.

  11. investing in gold says:

    I used to be able to find good information from your articles.

  12. restaurants says:

    Your method of describing the whole thing in this article is truly pleasant, every
    one can without difficulty be aware of it, Thanks a
    lot.

  13. stairlifts says:

    I couldn’t refrain from commenting. Perfectly written!

  14. Greate article. Keep writing such kind of information on your blog.
    Im really impressed by your blog.
    Hey there, You’ve done a fantastic job. I will certainly digg it and in my view suggest to my friends.

    I am sure they will be benefited from this website.

  15. Marvelous, what a web site it is! This website presents useful data to us,
    keep it up.

  16. http://www.ccgkoreanschool.com/ says:

    I belieѵethis is among tthe so muсh vitаl informatiоn fοr me.
    And i’m glad studying youг artiсle.
    Howeveг ωant to observatiοn on
    few commοn things, The ωeb ѕite taste is great, the
    articleѕ is rеally great : D. Just right job, cheeгs

  17. facebook password says:

    I think the admin of this web site is genuinely working hard for his
    site, as here every data is quality based data.

  18. pozycjonowanie says:

    Thank you a bunch for sharing this with all people you actually know
    what you’re speaking about! Bookmarked. Kindly additionally discuss with my web site =).
    We will have a hyperlink trade agreement between us

  19. tadich grill says:

    Attractive section of content. I just stumbled upon your website and in
    accession capital to assert that I get actually enjoyed account your blog posts.

    Any way I’ll be subscribing to your feeds
    and even I achievement you access consistently
    quickly.

  20. family survival course says:

    Great post. I am going through many of these issues as well..

  21. how to crack windows 8 says:

    Somebody essentially assist to make seriously articles I’d state.
    This is the very first time I frequented your web
    page and to this point? I surprised with the research you made to create this particular submit amazing.
    Excellent job!

  22. hack facebook password says:

    This is really attention-grabbing, You’re an excessively skilled blogger.
    I have joined your feed and look forward to seeking more of your fantastic post.

    Additionally, I’ve shared your site in my social networks

    my blog post … hack facebook password

  23. brothertoner.biz says:

    Very energetic post, I liked that a lot. Will there be a part 2?

  24. Fantastic website. Lots of helpful info here.

    I’m sending it to several friends ans also sharing in delicious.
    And certainly, thanks on your sweat!

  25. I do consider all of the ideas you have introduced for your post.
    They are very convincing and can certainly work.
    Still, the posts are too quick for starters. May you please prolong them a bit from subsequent time?

    Thank you for the post.

  26. windows 8 pro activation crack says:

    Have you ever considered about including a little bit more than just your articles?
    I mean, what you say is valuable and everything.
    But imagine if you added some great visuals or videos to give your posts
    more, “pop”! Your content is excellent but with images and video clips, this blog could certainly be
    one of the very best in its niche. Fantastic blog!

    my web page – windows 8 pro activation crack

  27. Mickey says:

    Thanks for finally talking about > How to Choose the Best Forex Broker | Forex Trading Big < Liked it!

    My web page – window 8 activator (Mickey)

  28. download windows 8 crack says:

    It’s appropriate time to make some plans for the long run and it’s time to be happy.
    I’ve learn this publish and if I may just I wish to counsel you
    few fascinating issues or advice. Maybe you can write subsequent articles regarding
    this article. I desire to learn even more issues about it!

    Also visit my homepage; download windows 8 crack

  29. windows 8 loader activator download says:

    My spouse and I stumbled over here from a different
    web page and thought I should check things out.
    I like what I see so i am just following you. Look
    forward to looking into your web page yet again.

    Here is my weblog … windows 8 loader activator download

  30. Madonna says:

    I love what you guys are usually up too. This
    type of clever work and exposure! Keep up the amazing works guys I’ve incorporated you
    guys to our blogroll.

    Feel free to visit my web site facebook password hack – Madonna,

  31. facebook password hacker says:

    I do agree with all the ideas you’ve offered to your post. They’re really convincing and can definitely work.
    Still, the posts are very quick for novices. Could you please extend them a bit from subsequent time?
    Thanks for the post.

    Also visit my webpage – facebook password hacker

  32. whoah this weblog is excellent i really like studying your articles.
    Keep up the great work! You realize, a lot of individuals are
    searching round for this information, you can help them greatly.

    Also visit my site … facebook account hacker

  33. hack facebook account says:

    Hello there! This is kind of off topic but I need some help from an established blog.
    Is it very hard to set up your own blog? I’m not
    very techincal but I can figure things out pretty quick.
    I’m thinking about creating my own but I’m not sure where to start.
    Do you have any tips or suggestions? With thanks

    my web page hack facebook account

    • Bigtrader says:

      Please send us a message through our contact form on this site if you need specialized assistance in creating a blog. Thanks.

  34. how to hack facebook says:

    I don’t even know how I ended up here, but I thought this post
    was great. I do not know who you are but certainly you’re going to a famous blogger if you are not already 😉
    Cheers!

    Feel free to visit my web site how to hack facebook

  35. how To hack a facebook says:

    Greetings I am so grateful I found your site, I really found you by accident, while I was browsing
    on Askjeeve for something else, Anyways I am here now and would
    just like to say kudos for a tremendous post and a all round
    interesting blog (I also love the theme/design), I don’t have
    time to read through it all at the moment but I have bookmarked it and also included your RSS feeds, so when I have time I will be
    back to read a lot more, Please do keep up the great jo.

    My website; how To hack a facebook

  36. What are Contracts for Differences (CFDs)? Also explain virtual money in demo accounts. What does it mean?

    I appreciate the article. Thanks

    • bigtrader_fx says:

      Thanks for your comment. CFDs generally refers to an agreement between two parties to settle, at the close of the contract, the difference between the opening and closing prices of the contract.

      And, virtual money refers to the cash the broker gives you for demo trading. You cannot withdraw the profits from virtual trading as it is meant only for reasons of practice.

Leave a Reply

Submit Comment

© 2017 Forex Trading Big. All rights reserved.
Website designed by Opidue Services.