Unlike in the past, when a trader had to make use of a telephone to invest in the financial market, nowadays, online trading has simplified the investment process.
The presence of broker platforms has made the forex market arguably the best in the world.
Currently, everything seems simple, but until you come across the worst broker, it is when you’ll realize that trading forex is not a walk in the park.
Working with the best forex broker will determine how successful you can become in the market. Interestingly, there’re several brokers available, with almost all of them claiming to be the “best.”
However, not all deliver what they promise or simply what they claim to offer. Therefore, it requires that you go the extra mile to define which broker is really the best for your needs.
The Top Forex Brokers
It’s no longer a secret that the success you achieve in the forex market heavily depends on the forex brokerage you choose. The following are the top brokers you can consider:
- CMC Markets
- FXOpen UK
All these brokers have different characteristics, and each offer perhaps something that the other may not be offering.
Besides, you won’t be dealing with all the brokers, as mentioned earlier. Therefore, you’ll have to narrow down your search to one.
To help you come out with the best broker, here are some of the things that you’ll have to consider.
How to Choose the Best Forex Broker
Regulations and Licenses
The forex market works in that you put your money in the hands of someone looking to make profits in return. Therefore, you’ll not want to just throw your money like that to an entity that you’ll not sure about.
Ensure that you pick a broker that is authorized or regulated by the major regulatory bodies like the National Futures Trading (NFT).
It’s the only way to be sure of your money’s safety and some guarantee in case anything happens to the broker.
Most traders get into the forex market because of the leverage being offered. Different brokers offer different leverages. With high leverage, a trader can make high profits.
However, there’s a risk as well of accumulating losses, which can be equally high. Therefore, ensure that you choose a broker that only fits your needs.
One of the reasons as to why a broker can be deemed best is the type of trading platform they offer.
A platform is where all the trades take place, and hence it has to be simple, intuitive, and easy to navigate.
Most brokers may not offer the platform they promise; hence, it’s recommended that you try some of them by signing to their platform and personally confirm the platform.
Deposit and Withdrawals
Ensure that you understand the policies of the broker in relation to deposits and withdrawals.
Understand the minimum amount accepted to start trading, the various deposit methods available, the currency options provided, the waiting time, and the minimum withdrawal amount.
Furthermore, ensure that you’re aware of the broker’s trading costs. Learn whether the broker offers variable or fixed spreads.
Another aspect to consider is the broker that offer demo accounts. A demo account helps to start with a practice account to try the platform and understand it before getting into a live account.
A demo account will get you to feel the broker’s platform and everything you need going forward.
Customer Support Services
Forex is not as easy as it looks, and at some point, you may need some answers to some of the questions.
The best broker is the one that has responsive and willing customer service at all times. Therefore, evaluate the customer support of the broker to ensure that you don’t have to wait for several days for responses.
Another additional aspect is to go for a broker that offers educational services. A good broker will help you master the forex market.
Moreover, when everything is said and done, you can consider a broker with the first deposit bonus as the last factor. After all, who doesn’t like free lunch?
In conclusion, all you want in the forex market is to make profits. Choosing the best broker is one of the significant steps you can make into becoming successful; therefore, take your time and choose wisely.