- Forex Broker Reviews
- Why it is necessary to get a good Forex Broker.
- Choosing the Best Forex Brokers.
- How to choose a good Forex Broker.
- Data Security
- Dealing Spreads
- Commissions and Fees
- Currency Pairs
- Deposit Required
- Account Types
- Trading Platforms
- Trading with mobile
- Automated Trading
- Market Alerts
- Information Resources
A Forex broker is your manager, your agent, your dealer and executor in the Forex dealing industry. Forex brokers are the middlemen between you and the Forex reserve.
Forex Broker Reviews
BDSwiss (Review) is a Forex and binary options broker owned by BDSwiss Holding Plc . BDSwiss is regulated by the Cyprus Securities and Exchange Commission, CySEC License No. 199/13. Founded in 2012, BDSwiss has already built a global customer base of over 500,000 and recently received an award for being the “Most Reliable Broker’ among its peers in 2015, Read more.
- 24Option offers automated trading software with a popular robot, check here.
Why it is necessary to get a good Forex Broker.
The currency exchange dealing industry is full of many genuine dealings but nevertheless, it has its own fair share of fraud and scam deals. You can’t go out into the street and give someone $500 to manage for you without knowing every possible bit of information about the person and whether you can trust and work with him.
The same applies to Forex trading and Forex brokers. There is a saying that you are the 1st line of defense when it comes to preventing fraud on your investment.
The only way to protect yourself against fraud and scams of Forex brokers is to ensure that the Forex brokers with whom you partner are well monitored by authorities and regulators. A good Forex broker also provides you with good valuable tools and facilities that will enhance your trading skills and gains in the market whether as a newbie or veteran trader.
Choosing the Best Forex Brokers.
How do you get to know a good Forex broker? The secret to finding the best and most secure Forex brokers is to know where to look and how to filter out the good ones. Getting to know a certain good Forex broker by a decent and detailed review is the best way to make up your mind and decide whether it is suitable for you. We are a team of experienced traders and we provide an unbiased, decent and detailed review of Forex brokers, emphasizing their pros and cons. Forex brokers reviews are designed to offer an insight into the performance, reliability, and trustworthiness of a broker. Follow our review of brokers in our site www.topratedbinary.com.
How to choose a good Forex Broker.
In choosing your business partner ie Forex broker, there are some factors you need to consider. These are the things that makes them authentic and those that helps you in your trading. It’s imperative for traders to receive an excellent set of trading features, and these are usually offered by the best Forex brokers in the industry. This is where different trading options can be involved. For instance, beginners will look for a broker that offers a user-friendly learning center, market research, and automatic trading signals. More experienced and advanced traders prefer a site where live streaming channels show the latest news and detailed market analytics. Experienced traders are sure to be satisfied if the broker doesn’t impose any trading restrictions and. The basic features that should attract you to a Forex broker include fast execution capability, a reliable trading platform and whether they can be trusted with your account deposit. Others may include account opening bonuses, mobile trading and SMS market alerts. We will now attempt a detailed explanation of the different aspects one should consider in choosing a good Forex broker.
The location of a Forex brokerage company can make a big difference, especially if the regulatory authorities in the country are tight. The most advantageous location has to be reserved for UK brokers, since London is the center of the foreign exchange business.
For a Forex broker to go the extra mile of registering their company for regulation shows that they mean business. Traders always feel more secure knowing the broker’s operations are being overseen by an independent authority with the goal of keeping the business honest. With that, your deposit is secure and withdrawals can be made with ease once you comply with the terms and conditions.
Another vital feature one should always consider is the security of the data in the Forex Broker site. We are talking about money here of course. Accordingly, a top priority when choosing a Forex broker is that they encrypt all data entered into online forms using industry standard SSL-encryption or better.
The tighter the dealing spreads, the more attractive a Forex broker is.
Commissions and Fees
Sometimes Forex brokers are not content just to have you dealing on their spreads. In this case, they might charge a commission or fee for each transaction.
By now, you should know that the more the currency pairs, the more opportunities to profit, you will want to make sure that your Forex broker offers all of the pairs you might be interested in trading.
For beginners, you may want to subscribe with a Forex broker that offers a smaller amount of minimum deposit so as to minimize the risks you are exposed to.
Account types vary considerably between Forex brokers, but most offer demo accounts for practice trading, mini accounts for newer traders with a low minimum initial deposit, standard accounts for more experienced traders with a moderate deposit, and finally VIP accounts for larger initial deposits.
Forex brokers currently offer leverage rates of as high as 500 to 1. What this means is that you can control a $50,000 trading position with just $100 allocated from your portfolio. Note that in the U.S. the maximum leverage is 50:1 for majors and 20:1 for minors.
Trading platforms helps you to execute Forex transactions and to keep track of the market. Most of the better Forex brokers offer their own proprietary trading platforms for you to use to. These usually either take the form of web-based platforms that use access via your Internet browser or client-side platforms that you download to, install and run on your personal computer.
In addition, some brokers support independent trading platforms like the popular MetaTrader 4 platform that can be obtained free of charge and which many commercial Forex trading robots are designed for.
Trading with mobile
Some Forex traders require the convenience of trading and keeping in touch with the Forex market via their mobile phone or other mobile device. Many brokers provide such services, so if this is important to you, check out what each broker offers in this regard and whether their software will work with your device.
Forex traders increasingly wish to automate their trading plans or algorithms to free up their time for other endeavors. They often do this by using a programming language to write down their decision process in an algorithmic format that can then automatically be executed by Forex trading platforms that support this capability. Compare the best robots here.
Many brokers offers SMS or other types of market alerts to their customers. If you think this might be important to your trading business, look for this feature.
Support services are very essential both for the beginners and professional traders.Those new to Forex trading will want to have better access to both dealing support and technical support. See what services each broker under consideration provides and whether it will suffice for your purposes.
Newer traders often require educational materials about the Forex market and trading in general to get started trading Forex on the right foot.
Also, many brokers provide sophisticated news feeds, like Reuters for example, as well as proprietary market commentary and other timely information.
No need telling you now that the larger the Forex broker, generally the more services the broker can make available to their clients, the tighter their dealing spreads, the more reliable their trading platform and the faster their transaction executions are likely to be. So for beginners, I advised that you go for one of the larger Forex brokers. Brokers offering any less than the above basic package should not be considered in the selection of a Forex broker, since today’s market offers a broad blend of online retail Forex brokers for your consideration.
Performing adequate due diligence on your prospective Forex broker, before making your first trade, can significantly minimized your risks in the market. Your top priority as a beginner is finding the right Forex broker for your trading needs and you will never regret it.