The Forex industry has grown to a massive scale with millions of traders from all across the globe and thousands of brokers. With such a variety, it is quite easy to be overwhelmed and lose sight of the criteria that define which brokers deserve your attention. How to find the best Forex brokers?
There are several qualities that all good brokers have. These qualities are easy to identify. Let’s start with some obvious features of a good broker:
- Their website is nicely designed. Great UX/UI is an important indicator of quality. It is quite expensive to develop a great website with convenient navigation and impactful visuals. If a website is good-looking and efficient, it means that a company is interested in building a long-lasting brand.
- The customer support is lightning-fast and well-trained. Another expensive part of any business is a trained customer support staff. You can ask a couple of general questions via different channels to test a support team.
- The company offers a wide variety of assets. It is always a good thing that you can trade with diversification in mind. Having a choice is never a bad thing for traders. If you use techniques from fundamental analysis, you will always have good indicators for very specific assets.
- Education, analytics, and communication. A good broker tries to ensure that their clients have the latest and most relevant information in regard to the market situation. Additionally, educating traders reduces the chances of them losing money which is more profitable for brokers in the long run. Education and analytics are both parts of a larger communicational infrastructure. It means that a good broker creates such communications and maintains them.
- Risk insurance. It is quite important to work with a company that has a partnership with an organization that acts as an insurance company. There are many examples of brokers that offer their clients insurance in case something bad happens.
These are all features of a reliable company that you can trust. However, there are also technical details demanding your attention. What else can you expect from the best broker?
Getting technical
Some of the finest companies in the market focus on transparency and providing lots of data. Many brokers use the services of rom two liquidity providers and ensure that market execution is as fast and reliable as possible. There are also other less noticeable and, let’s be honest, marketable things that a company can offer.
- No markup. Some companies may charge extra over very narrow spreads making it less profitable to make short-term orders. It is a good idea to search for a broker that does not have such commissions.
- Different currencies. If you can deposit funds in your national currency and use it for trading, it is generally a better idea since you will never be confused about the size of the order.
- Multilingual customer support. It is quite important to receive assistance in your native language to avoid any miscommunication.
- Multi-platform experience. As many traders use several devices throughout the day, it is quite important to work with a broker with several trading terminals for laptops and mobile devices.
- Multiple regulators. A good broker will try to obtain licenses from different regulators to legally operate in as many countries as possible.
- Flexible leverage. While something that has big leverage is good, you must remember that leverage is a tool that should be used smartly and when applicable.
- MT4 and MT5 support. If a company does not support these highly popular and insanely flexible tools, you are losing a plethora of instruments for technical analysis.
- Generous bonuses. Bonuses from brokers can significantly improve your chances to earn big right away and kickstart your trading career.
These small nuances may seem insignificant to some people, but they often become the tiniest things that either bring your trading game to the next level or become the source of your demise. The best Forex broker is the one that suits your very specific needs and provides a lot of good instruments.
Additionally, read testimonials and reviews to select brokers that suit your particular trading style and preferences the most. When making a choice is hard, create demo accounts and test their products before making your first deposit.