Top Online Forex Brokers
What are Top Online Forex Brokers?
Choosing a forex broker is one of the biggest and most important financial decisions a trader can make in their trading career. This is one of the initial steps before entering the world of trading. Do you choose the broker based on educational resources and trading tools or do you go for one that can offer a trading platform that’s internationally recognised, such as the MT4, the best forex trading platform? Since most brokers offer more or less the same things, perhaps there are other key elements that will determine the final decision. Which factors will eventually help you choose the best broker for you? Read on for more helpful information and ways to choose the top forex brokers online with Forexonlinefx.
How to choose the top forex brokers online?
Regulations
To start with, before selecting a forex broker, clients need to check its reputation. For instance, being a member of the National Futures Association (NFA), a self-regulatory organisation for the futures industry or being registered with the Commodity Futures Trading Commission (CFTC), which regulates the commodity futures and options markets in the US, add to the broker’s reputation. Solely having an eye-catching website would not guarantee the broker’s trustworthiness. Therefore, an account should be opened with companies that are fully regulated.
Available Currency Pairs
As is widely known, there is a wide variety of currencies available for trading. However, only a few are traded frequently, hence they have the greatest liquidity. Further to the EUR/USD and GBP/USD pairs, the major pairs include USD/JPY and USD/CHF. It doesn’t matter if a broker offers a huge selection of forex pairs as long as they offer the pairs which are of interest to you as a trader.
Customer Support
Since forex trading occurs 24 hours a day, 5 days a week, a broker’s customer support should be available at all times. Traders should also have in mind how easy it will be to reach someone live on the phone. Communicating with a responsible person can give you an idea of the type of customer service they provide and the immediacy of responses.
Trading Platform
The trading platform is the trader’s entrance to the forex market. For this reason, traders should ensure that the broker’s platform comes with the technical and fundamental analysis tools they need and that it can be used on multiple devices and platforms. The ease of using it should also be considered. Traders should go for a clearly designed interface.
Account Features
Another important feature is what each forex broker offers. Each broker has different offerings. There are four areas to consider when comparing features among brokers: leverage and margin; commissions and spread; initial deposit requirements and how straightforward deposits and withdrawals are.
More factors to consider
Other factors to take into account include: customisation options, order entry types, auto trading, strategy builders, back testing features, trading alerts, and available research and educational material. The majority of brokers offer free demo accounts so that traders can practise trading prior to opening and funding a live account.
There are numerous companies available in the market online, with some being more trusted than others. Once you stick to a trading style that suits your trading needs and have formed a trading strategy that meets your requirements it is also helpful to check out some of the existing strategies available, to get a guidance on what could work for you. At Forexonline FX, we’ve gathered what makes a top online forex broker, some of their key features, as well as provided some of the best choices currently available online.
IG | CM Trading | IronFX | FXGiants | Trade ATF |
CTAs |
|
|
|
|
Search for Forex Brokers’ Reviews
Checking out what there is online about each broker in terms of user reviews will also help. Seeing what other traders think of a broker from personal experience offers useful guidance on what it is like to trade with them. Doing a thorough research before selecting a broker is a must prior to entering the market. Once you have reviewed the above, you will be ready to choose a forex broker. As already mentioned, there are many choices available to you, but the key factor is to take your time and go with a company you feel that you can trust and which can help you achieve your goals.