What to Look for When Choosing Fx Broker?
There is a vast number (I counted over 200 last time I checked) of Fx brokers available online and it is very difficult to choose the right one. They will all offer you some kind of benefit (usually a bonus) when joining, which is not what you will be looking for.
Play It Safe
First, and this is not exclusive to Fx brokers, this is a must when browsing the internet, if website asks you for your personal and/or payment information and it does not have SSL (https://) connection on that page – get the hell out of there!
When you are on your smartphone, you want to see a padlock next to website address in address bar or when on desktop look for “secure” and padlock in address bar. If the page with your personal information is not secured – your data is at big risk.
Regulation of Fx Brokers
Next, you want to know if your Fx broker is regulated or not. ForEx market is decentralized market, meaning there is no central exchange. Due to this nature it has been less regulated than other financial markets but some countries regulate ForEx brokers and issue licences for those that comply with regulatory rules. Financial Conduct Authority (FCA) regulates financial firms providing financial services and keeps the integrity of the UK’s financial markets. Australian Securities & Investments Commission (ASIC) acts as Australia’s corporate regulator. Find more about regulations here.
Best ForEx Broker Is a Phone Call Away
Personally, when I handle my money to someone I like to be able to stay in touch with that person. What you want to see on Fx broker’s website is telephone number you can dial and get support 24/7 if you have any kind of problem with your account.
E-mail support sounds good if you don’t have a burning issue (on a demo account), chat support is even better, but always look for Fx broker with telephone support. Test that phone line and offered support level before opening real Fx account.
Platforms and Leverage
My favorite platform is MetaTrader 4 and it is in my opinion, Fx trading standard. With this trading platform you will have everything you need. Fx Technical Analysis tools, numerous indicators. Here is a good review of MT4.
Leverage the Fx broker offers is important. Find out more about leverage here.
Currency Pair Spread Broker Offers
This is simple, lower the spread, the better for you. But beware of very low spreads offered by ForEx brokers. This is the way they make their money. And if they do not make it with spread the are probably making it some other way. Watch it.
Free Educational Materials
Good Fx broker will always have lot of educational videos, both about Fx trading and about their Fx trading platform itself. Watch them all. Don’t rush into things. Take your time and practice.
After getting back to my Fx trading after 4 years I have watched hundreds of hours of videos. Most of them were directly from these Fx Brokers. As mentioned before, everything you need for your success in ForEx is free. The best Fx brokers will offer you free market analysis, free trading education videos and free seminars. Use them to your advantage.
No Riba ForEx Accounts
If you are practicing Islam then you would probably want a Swap-free Fx account. This is also called “Islamic ForEx Account” and it does not imply swap or rollover interest on overnight positions. All brokers featured here offer No Riba Accounts. Read more about ForEx and is it Halal or Haram.
Reputable Broker Awards
ForEx market is getting bigger each day and consequently getting more popular. With years the ForEx community has established awards for reputable brokers in different categories. Take them into consideration when choosing your ForEx broker.
Best Brokers on ForEx Market
According to above standards couple of brokers stand out. Listed are top notch ForEx brokers and you won’t go wrong if you choose any of them. As with top class brands, there are things that are solely individual and specific to each and every individual that may make you choose one over another ForEx broker on this list.
One word. Experience. Twenty years in the market full of sharks means something. Although based in United Kingdom LCG is globally recognized brand and they offer trading of different CFD classes: forex, shares, indices, spot metals, futures, bonds and interest rates. Winner of many awards in categories of innovation, technology and service. The best Fundamental Analysis provider and Best Mobile/Tablet Trading Application awards winner. London Capital Group offers large variety of tools and educational materials that will help you with your trading. First choice ForEx broker for many beginner traders due to education centre with a mix of audiovisual and textual content to help beginners learn as much as possible about successful trading. Click here to read more.
Although not being present at ForEx market as long as LCG it was enough for Pepperstone to earn both market’s and their client’s respect and recognition. With Pepperstone everything is made to meet client’s needs. With number one ForEx trading platform and spotless customer service it is no wonder why the Pepperstone has been voted fastest growing company in Australia. Click here to read more.
Professional and to-the-point ForEx broker. Among most popular Forex brokers in Saudi Arabia, Middle East and Canada. With perfect trading conditions, professional customer support and inter-bank market access at your disposal, Orbex will meet all your trading needs. They have put the ladder even higher providing their traders premium Technical Analysis by Trading Central. Click here to read more.