You could be unsatisfied with your present broker, or be a new trader. Looking for top rated forex brokers is not easy. You want them to provide a good service, and let you focus on trading.
One component needed for success is a broker that shows an interest in your continued development as a successful trader. The firm should provide you with tools you need to compete with institutional traders.
It is hard to find out how many brokers there now are in forex. One guide lists 181. Sorting them out and making comparisons is very difficult. As a case study here, we will look at XM.
The first step is Internet searching. Reviews can be found on various sites. XM is rated at or very near the top of the lists found on some popular search results. Going down the list we start to see reviews that are not mentioning the firm at all. Apparently there is some conflict of interest or bias in favor of certain brokers or some self promoting going on.
We can see that XM is called a new broker with an established industry name, due to high reliability quotient. A lot of searching finally reveals how new. They were established in 2009. They are located in Cyprus and are regulated in Cyprus, Australia and Europe.
After studying the reviews and comments, we also look at their website. They are trying very hard to present a polished professional image. The site looks great, with a few parts that do not seem to be completed yet, or have some errors in English grammar. That could be understandable for a new, fast moving company. Anything you want to know is easy to find and presented in a straight forward, to the point manner.
Examining the most important features, it can be seen that they offer two options in trading platforms. First is their own proprietary one, having three viewing sections available to accommodate different experience levels in traders. Also, the popular Metatrader 4 trading platform is offered. Virtual account demo can be tried. They use real time trading.
The XM Academy and webinars are highly touted, and they seem motivated to help the trader be successful. They are traders themselves and their alerts and signals are about positions they take with their own money using action patterns institutional traders use. These are delivered directly to your platform, 24 hours a day.
The 24 hour telephone support centers in 20 countries are well liked. Three types of accounts are available. A 5 USD minimum deposit is required. Rewards of 15% to 500 USD are paid on first deposits. The spread is 1 pips. There are 30 secure options for payment, including credit card. Some traders have complained of withdrawal delays. This is attributed to the high degree of regulation in the Cyprus financial industry, and high standards for security.
No one can say if this is the top rated forex brokers. They certainly have some strong features. After gathering what information you can, and trying the demo, it depends partly on your individual user preferences.