So many online brokers to choose from! How to select a reputable broker? Where to find reliable forex broker reviews? What is the checklist in selecting a broker? These any many other questions answered.
Decided to get your fair share of FX trading, but not sure where and how to begin? Don't worry that everything seems new and it's hard to figure things out right away, because even skilled and experienced Forex traders had to start from zero. Besides, there is so much information online these days about currency trading, including cryptocurrency, you will catch up with the basics in no time. This website is a great resource and introduction to the industry of Forex and brings you the latest and the freshest updates an details of the best Forex brokers right to your finger tips. Our selection of the best Forex broker will help you make the right decisions and take the most out of one of the most popular investment these days. Let's get started!
You have most likely traveled at least once to a foreign country. But even if you didn't, you are well aware of the different local currency used abroad, which can be different to the one you are used. So in order to pay for goods and services during your holiday or business trip, you have to drop by a local bank, or exchange places at the airport or in the city, where you have to change your currency into the money of the country you are visiting. Believe it or not, by exchanging one currency to another, you are FX trading, without even realizing it!
Tips on finding the best FX brokers
Newbie or not, choosing the brokerage firm that fits you most can take time. The great thing about online currency exchange is that there are millions of traders around the world who share their experiences, good or bad. Another great thing about trading is that all Forex brokers have free demo accounts to practice and try out the features before you deposit any of your money into it. There are also educational resources, trading signals and simple and advanced charts to read and understand the market movements. Some of the things you should pay attention to the most are the following:
- Forex trading platform - go over several types of platforms, because there are plenty to choose from. Some are online trading platforms and some are downloaded version. Which one sounds more attractive to you? Which one do other traders consider the best? What kind of features and options do you need? There are various trading platforms to consider so it is important to understand the trading interface inside out in order to choose the one!
- Professional customer support - Selecting a Forex broker with outstanding customer support is one of the very important parts which will have major influence on your overall Forex trading experience and, in fact, profits. You have no idea how many things can go wrong technically or fundamentally, and choosing a top Forex broker with fast, insightful customer assistance is a must. Try to get in touch with the representatives with all listed means of contact possibilities - from online chat, phone call to email. See how long does it take for an email to get answered and whether the phone line is available at busy trading hours.
- Regulation - it is a good idea to check whether the broker is registered with any recognized regulated authorities. There are several major authorities such as National Futures Association NFA for FX brokers in USA, Commodity Futures Trading Commissions CFTC, Financial Service Authority FSA takes care of UK based brokers. There are tones of other regulatory bodies and Forex broker that is not regulated, you should think real hard if it is worth the test to trade with it. After all, if things go south - you have no protection at all.
- Leverage can range from FX broker to broker, and there are different range of maximum leverage to select from. It can be as little as 50:1 to as much as 1000:1. Leverage can work both ways for a trader - either increase the potential profits or completely destroy your trading account within minutes. Always make smart choices when you are in risk, and calculate the potential profits vs possible losses.
- Spreads is the salary of any brokerages, so the best FX brokers would offer you logical commissions and spreads. Nothing is for free and even the brokers who claim not to charge commissions, they make their money with wider spreads. Pay attention to how much will a trade cost you at the end of the day.
- Initial deposit can vary from as little as $1 to thousands of dollars. Various FX brokers bring wide range of trading account types to cover all types of traders, with minimum deposit requirements ranging based on the features you get with each account. These days a lot of firms allow you to join Forex industry with very small amounts, and this is the main reason why Fore trading has become such an attractive option.
- Deposits are important but you also need to be able to withdraw your money when you want to. So each FX broker has its own withdrawal terms and conditions, and we strongly advise you to go over the little details of the terms and conditions of the broker's payment policies, so you will not be unpleasantly surprised with extra fees or other requirements to take your money out.
All of these and more factors are the basic building blocks of your Forex trading career. While trading isn't as easy as it sounded at first, if you do not give up and stay disciplined enough, you will reach the success you dream of. Stay in tuned with this website, because we constantly update and refresh our contest with things you definitely want to know!