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Tips for Choosing the Best Broker for Online Currency Trading

Ali Qamar

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Forex trading is skyrocketing, and it’s arguably the most significant financial market currently across the globe. On average, over 4.5 trillion is traded daily. However, unlike other markets with a central marketplace, the forex market doesn’t have one, and hence traders have to choose a forex broker for conducting their trading activities.

 

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4 Providers that match your filters

Payment methods

Trading platforms

Regulated by

Support

Min.Deposit

$ 1

Leverage max

1

Currency Pairs

1+

Classification

1or more

Mobile App

1or more
Recommended

Rating

Total cost

$ 0 Commission 3.5

Mobile App
10/10

Min.Deposit

$100

Spread min.

Variables pips

Leverage max

100

Currency Pairs

40

Trading platforms

Demo
Webtrader
Mt4
MT5

Funding Methods

Bank Transfer Credit Card Giropay Neteller Paypal Sepa Transfer Skrill

Regulated by

FCA

What you can trade

Forex

Indices

Actions

Cryptocurrencies

Raw Materials

Average spread

EUR/GBP

-

EUR/USD

-

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 Fee

Continuous rate

Variables

Conversión

Variables pips

Regulation

Yes

FCA

No

CYSEC

No

ASIC

No

CFTC

No

NFA

No

BAFIN

No

CMA

No

SCB

No

DFSA

No

CBFSAI

No

BVIFSC

No

FSCA

No

FSA

No

FFAJ

No

ADGM

No

FRSA

71% of retail investor accounts lose money when trading CFDs with this provider.

Rating

Total cost

$ 0 Commission 0

Mobile App
10/10

Min.Deposit

$100

Spread min.

- pips

Leverage max

400

Currency Pairs

50

Trading platforms

Demo
Webtrader
Mt4
MT5
Avasocial
Ava Options

Funding Methods

Bank Transfer Credit Card Neteller Skrill

Regulated by

CYSECASICCBFSAIBVIFSCFSCAFSAFFAJADGMFRSA

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

Additional Fee

Continuous rate

-

Conversión

- pips

Regulation

No

FCA

Yes

CYSEC

Yes

ASIC

No

CFTC

No

NFA

No

BAFIN

No

CMA

No

SCB

No

DFSA

Yes

CBFSAI

Yes

BVIFSC

Yes

FSCA

Yes

FSA

Yes

FFAJ

Yes

ADGM

Yes

FRSA

71% of retail investor accounts lose money when trading CFDs with this provider.

Rating

Total cost

$ 0 Commission 6.00

Mobile App
7/10

Min.Deposit

$10

Spread min.

- pips

Leverage max

10

Currency Pairs

60

Trading platforms

Demo
Webtrader
Mt4

Funding Methods

Credit Card

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

Additional Fee

Continuous rate

-

Conversión

- pips

Regulation

No

FCA

No

CYSEC

No

ASIC

No

CFTC

No

NFA

No

BAFIN

No

CMA

No

SCB

No

DFSA

No

CBFSAI

No

BVIFSC

No

FSCA

No

FSA

No

FFAJ

No

ADGM

No

FRSA

Your capital is at risk.

Rating

Total cost

$ 0 Commission 0.1

Mobile App
10/10

Min.Deposit

$50

Spread min.

- pips

Leverage max

500

Currency Pairs

40

Trading platforms

Demo
Webtrader
Mt4
STP/DMA
MT5

Funding Methods

Bank Transfer Credit Card Neteller Skrill

What you can trade

Forex

Indices

Actions

Raw Materials

Average spread

EUR/GBP

-

EUR/USD

-

EUR/JPY

-

EUR/CHF

-

GBP/USD

-

GBP/JPY

-

GBP/CHF

-

USD/JPY

-

USD/CHF

-

CHF/JPY

-

Additional Fee

Continuous rate

-

Conversión

- pips

Regulation

No

FCA

No

CYSEC

No

ASIC

No

CFTC

No

NFA

No

BAFIN

No

CMA

No

SCB

No

DFSA

No

CBFSAI

No

BVIFSC

No

FSCA

No

FSA

No

FFAJ

No

ADGM

No

FRSA

71% of retail investor accounts lose money when trading CFDs with this provider.

The good news is that there’re a plethora of forex brokers nowadays claiming to offer traders with quality services. Unfortunately, not all brokers are genuine. The worst part is that the broker you choose will determine the overall success in your forex trading.

Therefore, choosing the best forex trader is the first step in becoming successful in the forex market. So, how do you choose the best broker?

What’s a Forex Broker?

A forex broker is merely the company providing the traders with access to the forex platform, enabling them to buy as well as sell foreign currencies. The broker offers the platform to allow the trader to access the market 24-hours.

They get compensated via the “bid-ask spread” of the currency pair. Therefore, choosing the best broker is crucial in forex trading.

So, to ensure that you’re on top of your trading experience, here are some of the tips to allow you to choose the “best” broker.

Security

Choosing the best broker with the highest level of protection is a no brainer. Proper regulation should be the first characteristic of any forex trader. After all, are you going to throw in your hard-fought thousands to a non-legit person?

The best forex broker has to meet all the minimal requirements for operation. The requirements differ depending on the country of operation. For instance, NFA is a popular agency that regulates forex trading in the US. An adequately regulated broker is an assurance of safety for your funds.

The Trading Platform

Most of the trading activity in forex trading takes place in a brokers’ trading platform. That only means one thing for a trader – it has to be user-friendly as well as stable. Moreover, the platform has to have several technical as well as fundamental analysis tools.

The “sell” and “buy” buttons on the platform have to be precise. Besides, a “panic” button is essential as it helps to close all the open positions.

Currency Pairs Offered

There’re a lot of currencies that can be traded; however, only a few get the attention and hence trade with the most exceptional liquidity. As much as the forex broker may offer several pairs, it’s for your own good to choose the broker providing the pairs that you’re interested in.

The major pairs are the EUR/USD, USD/JPY, USD/CHF, and the GBP/USD.

Deposits and Withdrawals

Different forex brokers have specific funding and withdrawal policies. The broker only holds your funds for easier trading, and hence, they don’t really have to make it very difficult to withdraw or fund your account.

Besides, the process should be made smooth and speedy. The methods that are mostly allowed for both processes are via credit card, PayPal, ACH payment, and wire transfer.

Trade Execution

In forex trading, time and rates are critical for success. Therefore, you should choose a broker with the best trade execution practices.

Forex brokers can be either market makers or the STP brokers. The market makers follow the opposite side of the trade meaning when they gain; you gain too. The STP brokers offer floating spreads which expand depending on the market movement.

Commissions, Spreads, and Fees

Trading costs do have an impact on the traders’ profits. Therefore, before making any decision, ensure you understand the brokers’ commission, fees as well as the spreads charged. Spreads are a brokers’ primary source of income.

Always choose a broker with spreads that suit your trading requirements. Some charge commissions for each successful trade and others don’t.

Customer Service

One thing for sure is that not even one broker is perfect. Working with a broker is almost sure that at some point, you’ll have to contact their customer care. Therefore, a broker with the best quality of customer support should be a priority.

To ensure that the service responds faster, you need to contact them and check how professional they respond. Satisfactory customer service and on time will always set you above other traders.

The Bottom Line

Having confidence with your broker will help in devoting time as well as attention to the analysis to developing the forex strategies. Typically, a good broker increases the traders’ odds of successfully trading the forex market. Nevertheless, the best broker should have the best customer support, proper regulation, best trading platform, and the best product coverage.