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How to Choose a Forex Broker

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Up to 70 trades per month. There are more than 5 pairs available.

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Until a little more than a decade ago investing meant doing all your trading by phone. For every action, you had to call your broker and place an order. Online trading has changed all that and today you can manage every aspect of your trading right from the broker’s online trading platform. Simple, right? But the question is how to choose a Forex broker when there are so many choices on the net today. New traders are offered a huge variety of Forex brokers to choose from. So how do you choose? It all comes down to finding the broker that you think will best suit your needs. We are here to help you do just that.

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7 Providers that match your filters
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7 Providers that match your filters
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Trading Platforms
Regulated by
Additional Features
Min. Deposit
€0
Min. Spread
0
Max. Leverage
0:1
Currency Pairs
0+
Rating
0 or better
Mobile App
0 or better
Featured Broker
299 New users today
Rating
Total Cost€0.00
Mobile App
9/10
Min. Deposit€100
Min. Spread0.9 pips
Max. Leverage400:1
Currency Pairs50
Trading Platforms
Demo
WebTrader
MT4
MT5
AvaSocial
Ava Options
Deposit Methods
Bank TransferCredit CardNetellerSkrill
Regulated byCySEC, CBFSAI, BVIFSC, ASIC, FSCA, FSA, FFAJ, ADGM, FRSA
Total Cost
€0.00
71% of retail investor accounts lose money when trading CFDs with this provider.
What you can trade
Forex
Indices
Actions
Cryptocurrencies
Raw Materials
ETFs
Average spread
EUR/GBP
1
EUR/USD
0.9
EUR/JPY
1
EUR/CHF
1
GBP/USD
1
GBP/JPY
1
GBP/CHF
1
USD/JPY
1
USD/CHF
1
CHF/JPY
1
EUR/RUB
1
USD/RUB
1
Additional Fees
Rolling fee
Conversion
Leveraged
CySEC
30:1
CBFSAI
30:1
BVIFSC
30:1
ASIC
30:1
FSCA
400:1
FSA
400:1
FFAJ
400:1
ADGM
400:1
FRSA
400:1
71% of retail investor accounts lose money when trading CFDs with this provider.
Featured Broker
Rating
Total Cost€3.50
Mobile App
10/10
Min. Deposit€100
Min. Spread0.0 pips
Max. Leverage100:1
Currency Pairs40
Trading Platforms
Demo
WebTrader
MT4
MT5
Deposit Methods
Bank TransferCredit CardGiropayNetellerPaypalSepa TransferSkrillSofort
Regulated byFCA
Total Cost
€3.50
71% of retail investor accounts lose money when trading CFDs with this provider.
What you can trade
Forex
Indices
Actions
Cryptocurrencies
Raw Materials
Average spread
EUR/GBP
0.0
EUR/USD
0.0
EUR/JPY
0.3
EUR/CHF
0.2
GBP/USD
0.0
GBP/JPY
0.1
GBP/CHF
0.3
USD/JPY
0.0
USD/CHF
0.2
CHF/JPY
0.3
Additional Fees
Rolling fee
Variables
Conversion
Variables
Leveraged
FCA
1:30
71% of retail investor accounts lose money when trading CFDs with this provider.
Featured Broker
489 New users today
Rating
Total Cost€0.00
Mobile App
10/10
Min. Deposit€50
Min. Spread1 pips
Max. Leverage50:1
Currency Pairs52
Trading Platforms
Demo
WebTrader
CopyTrading
Deposit Methods
Bank TransferCredit Card
Regulated byFCA, CySEC, ASIC, CFTC, NFA, BAFIN
Total Cost
€0.00
Your capital is at risk.
What you can trade
Forex
Indices
Actions
Cryptocurrencies
Raw Materials
ETFs
Average spread
EUR/GBP
2.5
EUR/USD
1
EUR/JPY
2
EUR/CHF
5
GBP/USD
2
GBP/JPY
3
GBP/CHF
4
USD/JPY
1
USD/CHF
1.5
Additional Fees
Rolling fee
Conversion
Leveraged
FCA
30:1
CySEC
30:1
ASIC
30:1
CFTC
30:1
NFA
30:1
BAFIN
30:1
Your capital is at risk.
Rating
Total Cost€6.00
Mobile App
7/10
Min. Deposit€10
Min. Spread1 pips
Max. Leverage10:1
Currency Pairs60
Trading Platforms
Demo
WebTrader
MT4
Deposit Methods
Credit Card
Regulated by
Total Cost
€6.00
Your capital is at risk.
What you can trade
Forex
Indices
Cryptocurrencies
Average spread
EUR/GBP
1
EUR/USD
1
EUR/JPY
1
EUR/CHF
1
GBP/USD
1
GBP/JPY
1
GBP/CHF
1
USD/JPY
1
USD/CHF
1
CHF/JPY
1
EUR/RUB
1
USD/RUB
1
Additional Fees
Rolling fee
Conversion
Leveraged
Your capital is at risk.

 

Remember: there is no such thing as “the best Forex broker”. What you’re looking for is the best broker for your needs. By knowing the kind of trading experience you want to get, you can decide on the broker who is right for you.

In this article, we will try to make the selection process simpler and easier so you can focus on investment opportunities, rather than which online broker to trade with.

Main Parameters to Check Before Choosing a Good Forex Broker

 

1. Regulations/ Licenses

We advise you to only choose brokers authorized and regulated by leading regulation authorities like CFTC, NFA, FSA.
Why? It indicates a broker’s reliability and will protect your money.
Plus500 and AvaTrade are good examples for fully regulated online brokers.

2. Easy to Use Forex Trading Platform

Online Forex trading needs to be simple, intuitive and easy to trade. A good User Interface is important.
Markets.com, Plus500, and eToro have the best Forex trading platforms in the industry for beginners.

3. Customer Support

This is a key point. Good and efficient support is a must because you are probably going to use it.
We advise you to communicate a bit with brokers’ customer service reps before depositing.
Ask a few questions by mail or over the phone before opening an account.
Get a feeling for the speed of service as well as its quality and availability.
eToro, 4XP, and FXCM all provide fast, high-quality support.

4. Leverage Options

Different Forex brokers offer different leverages.
The higher the leverage you use, the more profit you can potentially make, but the higher the risk you will take also.
That’s why there is no best level of leverage, it depends on your trading style.
There are some brokers that offer up to x100, x200 and even more in some cases.

5. First Deposit Bonus

Each broker wants to attract you with high capital bonuses on your first deposit.
In this case, you get extra money to trade with. There are a few brokers offering great starting bonuses. One example is AvaTrade’s offer of up to 100%. eToro also runs some very attractive promotions.

6. Deposits and withdrawals

You need to pay attention to the broker policy regarding withdrawals.
Check out the waiting time for your withdrawals and other written policies.

7. Trading Costs

Brokers make money through the fees traders pay. A significant source of revenue (for your broker) and operating expense (for you – the trader) will be the spread –
the price difference between the bid and ask prices.

Know how your broker handles spreads:

  • Are spreads fixed or variable?
  • What is the average (and MAX) spread for each of the currency pairs you plan to trade?
  • What are the spreads during times of high volatility?
  • Are there commissions per trade, in addition to the spread. FXCM and eToro all offer fixed spreads.

 

8. Demo Account

Have you ever bought a car without taking it for a test drive, first? We certainly hope not.
Likewise, you should open a practice account with any broker you are planning to trade with.
Almost all brokers now offer practice accounts, which let you get a feel for the broker before committing any money.
It allows you to practice on virtual money before you decide to start trading your real capital.
It also allows you to test the broker’s trading platform. Plus500 offers unlimited demo account for their customers.

Additional Parameters for Choosing the Best Forex Broker

Account Minimums

Some brokerages offer rock-bottom account minimums. You don’t need to deposit high capital anymore, in order to trade Forex.

Promotions

Online brokers will try to snag your business by offering promotions. Cash and prizes are all part of the game.

Education

The educational services your broker provides will aid in your mastery of the Forex market. Most brokers offer a variety of educational tools to assist in a trader’s assessment of the Forex market. Learn 2 Trade has done the market research for you – check out the Best Forex brokers here.

In conclusion

Choosing the best Forex broker could make the difference between making money and losing money. Make sure you choose the broker that will provide you the best possible environment to succeed in. Above all, a broker that you can trust.

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