Trading currency pairs become easier and profitable when you are trading with a trusted brokerage firm. Though there are hundreds of brokerage firms, only a few can be called the top Forex brokers that you can trust. The best Forex broker has become a must these days for trading owing to the highly competitive nature of the Forex market. It is evident that the best Forex brokers have multiple job responsibilities like taking care of orders, performing transactions and also offer a wide range of trading tools like Forex charts, real time market information, fundamental and technical news updates, etc. They are the best Forex brokers precisely for the reason that they focus on the customers/traders. Needless to say it is extremely necessary to choose a top Forex broker as with them only you can become an accomplished trader. To get the the best Forex broker you have to bear in mind the following
First is to check if he affiliation to professional associations and compliant to industry standards. Although the market itself is not regulated, Forex brokers are regulated to protect traders and investors. For example in the USA, a broker ought to be accredited as a Futures Commission Merchant with the Commodity Futures Trading Commission or CTFC and a member of the National Futures Association or NFA. To make sure that your deposits are in good hands, you need to only open an account with brokers who are duly regulated.
First the spread :
The gap between the amount of your bid and ask price. And mind that the lower it is, the cheaper will be your trading. Choose a broker offering affordable trading amounts and minimum account openings so you can learn with small amount of money and then increase it gradually.
Instant Execution Of Trades
Time is the enemy when it comes to Forex, especially during spikes or sudden fluctuations in currency value. If you open a position at the wrong time or close too late, you can lose a big profit potential or even lose a lot of money. Therefore, the best Forex broker should provide a platform that instantly executes every trade.
Free Educational Materials
Knowledge is definitely power in this game. So do they offer training or do they let you sink or swim alone? Does their free training teach you only how to run their software, or do they cover in-depth topics such as fundamental and technical analysis? Do they have a library of online resources you can study, with articles such as this one to teach you how to trade?
How long have you been in business and how many clients do you have? Obviously the longer they have been around, the better the sign. The best Forex broker should have a number of customers for a long time to help allay any fears.
Reputation and customer service are also two aspects that the best Forex broker ought to have. Browse forums and ask for recommendations from relatives, friends, and workmates who are also into currency trading to help find a reliable ones. Choose the best Forex broker only after thorough evaluation of the review Make sure that the broker you are planning to shortlist has high level of success because that would speak of his trading abilities in this highly volatile Forex market.