Hi! I have been reading about Forex and I’m learning, but I don’t know how I can use it. I need to know about brokers. Do you know what the best is?
Have you spent enough time for learning and by trading demo? You also have to decide the way you will trade, have your own method and then look for a broker that fits your trading style. Is not easy but it is possible to find a good broker, read posts, reviews, ask people who have already experience with brokers, do a little research and then join demo first and live after you got familiar with their platform. Hope this helps. One of my brokers is Finexo and I am really pleased with this broker; user friendly platform, no downloads needed, very good support, etc.
One of the most important first steps to being successful in Forex is choosing the right broker. The potential for profit in Forex is unprecedented but let's face it, Forex trading comes with a high level of risk as well. When investing your hard earned money in this market, it's essential to choose a broker which allows you to most effectively minimize your losses & maximize your profits.
However, many traders are not sure what to look for when choosing a broker. There's so many advertisements, promotions & bonuses being offered by various brokers, it's difficult to tell which brokers are really worth trading with. Here are some things to look for when making this important decision:
1.) First & foremost, check online reviews for this broker.
Independent reviews sites, Forex message boards, forums & rating sites can be excellent sources of information on brokers. Individual traders visit these sites and post their experiences with a specific broker, positive or negative.
2.) What does this broker offer that makes it unique?
You want to choose the best broker out there right? Have a look at what each broker is offering that makes it fit to your trading needs. Is it MT4? Do they offer managed accounts? Is it a commission or non-commission broker? Are there micro/mini accounts? etc.
Along with the different features, have a look at the promotions that broker is running. Deposit bonuses have become common so I would recommend choosing a broker that offers one.
3.) Does this broker have a forum?
Ok, this one is very important. A forum indicates that a broker has nothing to hide and is very open to traders questions & concerns. A forum is a place for traders to congregate & voice their opinions, only a legit broker would provide one because, let's face it, a low quality broker wouldn't want it's traders conversing about all of it's problems on it's own site.
4.) Try the demo account
All legit brokers offer a demo account so you can try their trading platform and see if the broker's specific style & feel fits your trading techniques. Use the demo account to test your trading strategies & methods.
5.) The essentials
Any Forex broker worth their salt provides:
* Live market news feeds
* 24/7 customer service
* Charts & graphs for your trading convenience
* Instant Execution of Order(sounds obvious)
* Execution of stop loss rate
Once you’ve chosen the right broker, the odds are in your favor & your chances of succeeding in Forex increase greatly.
Brokers must be registered with the exchange and should follow all the regularities and acts, which are to be followed and must provide good services to their clients. Like I found it with Oanda, Iforex and AVAFX they are really providing good services to their clients.
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I agree with previous post - regulated forex brokers tend to be much more reliable. This should not be the overlooked criteria when choosing a broker.
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I personally recommend a well regulated broker. I think there are many quality brokers the key is finding the right one instead of falling for the advertisements & promotions like so many traders do.
The most popular broker in the world right now( I won't mention any names ) has traders screaming scam & poor execution all over message boards, sometimes the power of advertising is stronger than the power of results.
One of the most important first steps to being successful in Forex is choosing the right broker. The potential for profit in Forex is unprecedented but let's face it, Forex trading comes with a high level of risk as well. When investing your hard earned money in this market, it's essential to choose a broker which allows you to most effectively minimize your losses & maximize your profits.
However, many traders are not sure what to look for when choosing a broker. There's so many advertisements, promotions & bonuses being offered by various brokers, it's difficult to tell which brokers are really worth trading with. Here are some things to look for when making this important decision:
1.) First & foremost, check online reviews for this broker.
Independent reviews sites, Forex message boards, forums & rating sites can be excellent sources of information on brokers. Individual traders visit these sites and post their experiences with a specific broker, positive or negative.
2.) What does this broker offer that makes it unique?
You want to choose the best broker out there right? Have a look at what each broker is offering that makes it fit to your trading needs. Is it MT4? Do they offer managed accounts? Is it a commission or non-commission broker? Are there micro/mini accounts? etc.
Along with the different features, have a look at the promotions that broker is running. Deposit bonuses have become common so I would recommend choosing a broker that offers one.
3.) Does this broker have a forum?
Ok, this one is very important. A forum indicates that a broker has nothing to hide and is very open to traders questions & concerns. A forum is a place for traders to congregate & voice their opinions, only a legit broker would provide one because, let's face it, a low quality broker wouldn't want it's traders conversing about all of it's problems on it's own site.
4.) Try the demo account
All legit brokers offer a demo account so you can try their trading platform and see if the broker's specific style & feel fits your trading techniques. Use the demo account to test your trading strategies & methods.
5.) The essentials
Any Forex broker worth their salt provides:
* Live market news feeds
* 24/7 customer service
* Charts & graphs for your trading convenience
* Instant Execution of Order(sounds obvious)
* Execution of stop loss rate
Once you’ve chosen the right broker, the odds are in your favor & your chances of succeeding in Forex increase greatly.
Hi there,
Thats correct..... just wanted to contribute that before setting up an account with a Forex broker you will need to do further investigation. How quickly will these brokers execute your buy/sell orders? What is their policy on slippage? What are the transaction fees? What is the spread, fixed or variable? What are the margin requirements and how are they calculated? Does the margin change with currency traded? Is it the same for mini accounts and standard accounts?
Don't forget to ask about minimum account balances and interest payments on account balances. Make sure that your funds will be insured.
Re: Which one is the best?
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