A Top forex brokers is an intermediary between banks, individual trader and the Forex market. Trades can’t operate the Forex market without Top Forex Brokers. As traders can’t buy or sell currencies directly, top Forex brokers give them this opportunity. In fact top Forex broker gives traders an opportunity to operate on the foreign exchange market as they serve as an agent between the forex market on one side and a client on the other. Top Forex brokers today are online Forex companies with trading platforms offering broad functionality and stable access all business week. Practically top Forex brokers provide traders with online Forex trading systems, web platforms, analysis tools, Forex charts and leverage. To be able to choose the top Forex broker that fits your demands most completely a Forex trader should obligatory analyze a large amount of information. Our Forex rating, comparison tool, overview facilitate your choice and make it faster.
There are many top Forex brokers in our rating that can suit you trading requirements. Before choosing a top Forex broker, we strongly recommend to examine our huge Forex broker reviews database that we started in 2006. Since that time professional Forex traders and experts were sharing their trading experience and opinions about top Forex brokers, their withdrawal methods and execution problems, software bugs, Forex bonus programs and so on. These reviews about best Forex companies may be of interest not only for beginners but also for senior traders.
After making the analysis of the top Forex broker reviews you can turn to choosing the account size that will suit you demands and ambitions. Foreign exchange trading carries a high level of risk. The possibility that we lose all our money or part of deposited funds really exists. We should be careful and use your mini or practice Forex account until you receive enough experience and confidence to make profitable trades for a long time. Some Forex brokers provide mini Forex trading option and mini Forex trading platform for those who are unable to meet certain minimum requirements set by the dealer. Rates offered to mini Forex trading accounts by the brokerages are less advantageous compared to those offered to regular clients. Today all top Forex brokers do their best to provide all clients with the same service quality regardless of their Forex account size. Some of the Forex brokerages even do not have the minimum balance requirements or minimum deal size requirements which make the need to have a mini Forex trading account option obsolete.
After examining top Forex broker ranking, deciding what top Forex broker suits you best and what Forex account size is optimal, it’s time to choose the best forex platform. Almost every top Forex broker companies have MetaTrader as a Forex platform, as well as at least one own downloadable trading platform. MetaTrader usually doesn’t vary greatly among top Forex brokers. We’ll consider some key features of several proprietary Forex trading platforms. FXCM’s trading platform offers a good complex of rich data and advanced charting tools. Though, at first glance the platform’s interface seems a little bit overloaded, it can be easily customized. It gives you an opportunity to focus only on the selected and active currency pairs.
The Best Forex Broker Criteria:
1) Means to deposit and withdraw money: This is the most important factor. Some Forex brokers offer very limited options that might not suit you. Some only offer CC deposits, which is not always applicable if you’re considering a large amount of deposits at any given stage. Also make sure the Forex Broker asks for papers/documents that you are able to provide (like the Tax Forms etc…)
2) Availing all/most of the Tradable Currency Pairs. This is mandatory, as you would like to trade all currencies as well as commodities from the same trading platform. Some brokers provide only main currency pairs which might appeal to beginners initially. Don’t get trapped!
3) Support: Availability of Phone Support is a key when choosing a Forex Broker. Sometimes, you will have a critical issue and you need immediate assistance to get a resolution in place. Email response times are not always satisfactory for some Forex traders.
4) Currency Spreads: Do not go for a broker that offers very high spreads. Do your homework by comparing the key trading pairs among all brokers you’re considering. Also, make sure to have a demo account to ensure that the spreads they claim is actually implemented. Some Forex brokers claim to offer as low as 1pip spread, although they never do!
5) Trading Platform: Make sure you try it very deeply in the demoing phase. Go only for a platform that offers a very user friendly GUI as well as some chart options and a pane for live news if you are an intraday trader.
6) Trading Leverage: Don’t be flattered by sky-rocketing figures like 1:400 and the likes. Some countries like that US have limited by LAW the trading leverage used. This is for the sake of safety trading. Your Trading Equity could easily hit margin call if you are trading at higher than 1:100 and your Money Management Techniques are set to a high risk level!
In conclusion, Choosing the Best Forex Broker is a subjective topic and can be selected differently by each Trader, however the above key criteria should help you a lot choosing the best Forex broker FOR YOU!