Broker Reviews

How To Choose An Online Forex Broker

There are many reliable, trustworthy brokers that offer forex trading. It’s important to look for one that provides great trading conditions, a good selection of trading instruments, and helpful customer support. Here are a few suggestions for what to look for when trying to choose an online forex broker.

Regulation

Make sure that the forex broker has a licence and is regulated by an official regulatory body. If you’re unsure whether a broker is regulated, you can check to see if they have a licence number listed on the footer of their website. You can also search for them online and look for information in forex broker reviews.

Fund Safety

Check that the forex broker keeps their clients’ funds in segregated accounts. This means that your money is held separately from the broker’s company funds and that they can’t use them for operational purposes. In addition, make sure that the broker keeps client funds in top-tier banks, especially those that are considered the best banks for investment.

Trading Platforms

Try to find out which trading platforms the forex broker offers. Most brokers will offer at least one of the industry’s top online trading platforms – MT4 and MT5. They will also make sure that you can access these platforms on any device – whether that’s a computer, mobile or tablet. Think about which trading tools you need, and which platforms you feel confident using.

Trading Conditions

Have a look at what account features and trading conditions are available with your particular forex broker. Most good brokers will have a wide range of forex pairs for you to choose from. They will also offer you the opportunity to trade with high leverage, low commissions, tight spreads.

Minimum Deposits

How much money are you going to start with? All forex brokers ask for a minimum deposit so it’s important to think about how much money you have for trading. Most good forex brokers will offer at least one account with a low minimum deposit, and some allow traders to open accounts with as little as $10.

Deposits & Withdrawals

How will you fund your account? Look for brokers that offer several secure payment options and check to see if there are any deposit or withdrawal fees. Most good brokers will let you fund your account using a credit card, debit card, or bank transfer. Typically, they will also give you the option to fund your account using an e-wallet like Skrill, Neteller, or Fasapay.

Trading Tools

Do you need any specific tools to trade with? Most good brokers will usually offer a good selection of helpful trading tools. For example, they might give you free trading calculators or trading signals. The best forex brokers will also give you access to more advanced tools, such as EAs and chart indicators, to help you manage your trades and carry out your market analysis.

Forex Education

Do you want to improve your trading skills? All good forex brokers will make sure you have access to free educational resources and do their best to help you become a better online trader. Most companies give you access to free educational articles. However, the best online forex brokers will also give you access to trading courses, educational videos, and free forex guides.

Extra Trading Services

Would you benefit from copy trading tools or free market news? The best forex brokers will do everything they can to help you trade successfully. It’s important to think about what extra help you might need. For example, if you need help with your trading plan, then you should look for a broker that also offers the right resources for your specific needs.

Customer Support

Are you likely to need help with your account? Most reliable forex brokers understand the importance of customer service and will make sure they have a great customer support team. It’s important to choose a broker that lets you contact them via your preferred contact method – whether that’s email, phone, and live chat. It’s also important to trade with a broker that is available during trading hours so that you can get immediate assistance if needed.