We will begin by explaining just why choosing a good broker is a key part of trading success and work our way up to how you can identify the one that’s right for you.
A great Forex broker or the best Forex broker, as some might hope for, is simply the one that’s best suited to fulfill your trading needs. There is no secret recipe for success, so don’t bet on what works for the clear majority. Look into different broker profiles, see what they offer and stick with the one that does the trick for you.
Whomever you might end up choosing, make sure it’s a regulated broker. The best Forex trading account has nothing to do with perks, it has a lot to do with safety, and that can only be found through legitimate Forex trading. Here’s a list of features that legit Forex trading companies never skimp on:
Sturdy brokerage history
This basically states that before getting into actual trading operations, you must check the broker’s background and their current market position. Depending on where they have their headquarters, regulation may vary. See which laws they abide to, how long they’ve been on the market etc. to get a global picture of their legitimacy. You can either do this yourself or leave it up to experts, depending on how much time and financial resources you have at your disposal.
Platform and trading instruments
Online foreign exchange trading insights are found on many Forex broker websites, but we found that the following can save you a lot of work by offering the best Forex broker reviews: myforexeducation.com is the go-to site for highest rated Forex brokers, international Forex brokers and any other type of broker you might think of. This is where you see brokers on a wider scale: what assets they offer for trading, their terms and conditions, leverage, commission or lack thereof, etc.
Aside from basic packages that mostly every trader offers, a crucial tool not most have is the Economic calendar; this tool facilitates access to major economic events that will surely influence your trading activity. It will influence your daily decisions and boost your profits on the spot, since economy is the main factor that sways the market.
Forex brokers’ differences
And now, the answer to a question that’s on everyone’s lips: just how different are Forex brokers amongst each other? Here’s where the difference lies: in fees, quality of execution and technology. We all know spreads and commissions differ, but what we don’t know is that some brokers have hidden fees: be on the lookout for additional costs, check out the broker’s approach before you get started and opt out whenever the broker tries to push you into a trade you’re not sure about.
A broker that tries to keep services at an optimal level is the one that you should go for, not the one that trades against its clients and tries to sway the price of execution. Brokers that are only interested in profit will end up losing more than anticipated, not to mention their clients’ trust. Slow or stagnant technologies, major slippage, slow execution and stop-loss hunts are the signs you should be on the lookout for!
Forex brokers’ reviews
Forex trading services evaluations should be based on broker reviews, and that is solely your job. With the help of the mentioned above site, properly rating brokers becomes a piece of cake that even the most inexperienced trader can handle. Beware of scammers, decide if you want to work with counterpart brokers or Direct market access ones and explore your other options: there are major differences between retail brokers.
Most retail traders think that their trading strategy is what causes them to lose, but most of the time their broker is to blame. Again, the clear majority thinks that they only pay according to spread / commission, but Forex trading entails an additional cost: “execution costs” or “slippage”are what FX brokers use to make a quick profit.
What also makes a difference is volume: high order volumes multiplied with the number of executes trades increase your profits, so don’t be disappointed if at first your gains are slim: in time, profits are likely to soar!
After a detailed research of the broker you opt for, you’ll be able to get a clear overview of their services, by making a pros and cons list. Reviews written by experts like the ones you can find at Myforexeducation.com tell you that some features a broker misses out on can majorlyimpact your trading experience, so you should avoid trading with those that display this problem. On the other hand, you should carefully consider the fact that several cons will not exclude have a lot more pros that can compensate and turn your bidding into profit, right off the start.