Having trouble choosing the right forex broker? Let us help you to make a rational decision.
Our forex broker reviews are written in comprehensive manner to help you make an independent decision about which broker suits your trading style and goals. This is a complete collection of in-depth top 10 forex brokers reviews, based on our own experience, research and overall summary.
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A forex broker is a necessary ingredient in forex trading. Forex brokers take care of the orders, perform the transactions, offer trading platforms and all the necessary trading tools, such as charts, real time news, fundamental and technical updates, economic calendars and more. Therefore, it is important for a beginner in forex to spend enough time figuring out which forex broker is most suitable. What defines a good broker? How do you know which broker suits you best?
As the interest in forex grows exponentially, the number of available online forex brokers increase accordingly. The interaction between forex broker and a trader is unavoidable; therefore it is crucial to select a broker according to trader’s preferences and general reputation.
When it comes to forex broker, there are several things a trader should pay attention to:
Regulation and Reliability
In order to figure out whether a selected forex broker is worth your trust, it might be a good idea to:
Commissions and Extra Fee
No one works for free. When the broker mentions no commissions and no extra fees, it isn’t really so. First of all, in most cases forex broker earns according to the spread Spread is calculated in terms of pips and pips is the difference between the rate at which a currency is bought and the price at which it can be sold at a specific time.
A broker adds more pips onto the spread that already exists on the market (usually between 1 and 4 pips). This difference goes to the broker as a fee. So, it is important to find a broker with low spread (some brokers add 8 or even more, therefore make sure to pay attention to this).
It should also be clear from the start if any extra fees are involved. For example, some brokers may charge for withdrawals, others – for account maintenance. Whatever reason, it needs to be clearly started to the trader – you. If you are not sure, contract your broker for details.
The best way to test a trading platform offered by the selected broker is to download the free demo version and try it out. Most reliable trading platform today is MetaTrader 4, however not every trader, especially not a beginner, understands and knows how to use it.
The alternatives to MetaTrader 4 are user-friendly platforms with more graphical interfaces. It is your responsibility to figure out how to use it and take it for a test drive, in the beginning, with demo account and later on with a small deposit.
Search for the answers to the following questions:
Terms and Conditions
Pay attention to terms and conditions you agreeing to when opening an account with a selected broker. Each broker has different terms and conditions, which may also vary by the account type chosen. In any case, these terms have to be mentioned at the time of the account opening. If something isn’t clear to you, make sure to ask before you agree.
No Fairy Tales
A professional forex broker will not try to promise a “Happy Land” to a trader. It will mention the risks involved, explain the basics and offer assistance. Whenever 100% profit is mentioned – run away! Forex is not a fairy tale. There is no “get rich fast” scheme.