Choosing Forex brokers by categories
Once you decide to start trading in the Forex market, the most important decision you will need to make is which Forex broker to use. With such an important decision and little experience to make this decision, it can take a lot of time and research trying to understand the difference between the good and bad brokers and then, which broker to choose. With our new service, we have taken the hard work out of this decision by launching our new service that provides you with all of the information you need.
For the convenience of all traders, we have compiled a list of brokers and categorized them to simplify your search. This means that you no longer have to research brokers, our category search finds your broker to meet all your requirements.
To make it even easier, you can trust our experience and simply choose one of the companies that we have listed and ranked for you.
The Most Important Factors for choosing the Best Forex Broker
Reliability.It is the most important factor to look for in a broker. It is the broker's experience on the exchange, license availability, its reputation among other traders most important. Ensure to read customer reviews.
Commission amount.You should learn about the number of swaps and spreads, as it is the broker's earnings.
Orders execution speed.It’s an important for the broker to show how quickly your trading in the market will close.
Amount of the initial deposit.Different Forex brokers on the exchange have different conditions to open an account. When starting as a beginner choose a broker that accepts the smallest minimum deposit.
Capitalization of a Forex broker.Ensure that your broker is stable. A stable broker will be able to pay out its traders in all circumstances.
Tips For Selecting A Good Forex Broker
Spread amount.It is important to understand whether a company offers a fixed or a floating spread, this can seriously vary with significant market changes;
Features of money replenishment and withdrawal.You will want to know what options your broker offers for deposits and withdrawals of funds;
Additional restrictions.Some brokerage companies set limits on the minimum amount of funds on deposit and the number of trades;
Cooperation agreement.It is necessary to learn the dispute resolution mechanism written in the contract before signing it with a broker;
Company history.It is important to find out all other information about the broker: when it started working, when the license was issued, where it is registered, what the amount of capital is, what customers say about it. The more you know the better your chance of success.
How to Identify And Avoid Forex Scams
The information about the company indicates all the pros and cons; the broker works with both beginner and experienced traders
Prefer to work with beginner traders, and target their promotional materials at beginners
Commissions and spreads are clearly indicated
Hidden commissions and payments
No slippage or malfunction
Problems with active scalping, servers “freeze”, frequent slippage
Customer service responds quickly, the consultants are well-qualified
Customer service doesn’t respond, it is impossible to solve the problem quickly.
Funds withdrawal is carried out promptly
Customers feedback on problems with the earned funds withdrawal
A company with a long history, large capitalization, a license and a huge number of positive reviews
The company was created recently, the origin and the amount of the authorized capital is not known, the license is not published, customer reviews are negative, or the reviews are positive, but they are written as if “carbon copy”