Forex Brokers

How do you Find the Best Forex Brokers?

Picking the Best Forex Broker to trade with can make or break your trading career. There are important things to look for when making this big decision, the most important of these being the size of the spreads. While you certainly want to make sure that your broker is not taking advantage of you in this regard, there are still other, lesser known things that can affect your trading. The minimum size of the lots that you can purchase or sell is another big factor. For people just starting out in the Forex business, trading above your means can quickly lead to going broke.

 
Rank Broker Free Demo Asset EURUSD Min. Deposit More Info.
1. 4XP Review
  • Forex: Yes
  • Stocks: Yes
  • Gold: Yes
  • Binary: Yes
3 $100 Trade Now! Read Review
2. WorldProFX Review
  • Forex: Yes
  • Stocks: Yes
  • Gold: Yes
  • Binary: No
3 $250 Trade Now! Read Review
3. AVAFX Review
  • Forex: Yes
  • Stocks: Yes
  • Gold: Yes
  • Binary: No
3 $100 Trade Now! Read Review
4. FxPrimus Review
  • Forex: Yes
  • Stocks: Yes
  • Gold: Yes
  • Binary: No
2 $250 Trade Now! Read Review
5. FXDD Review
  • Forex: Yes
  • Stocks: No
  • Gold: Yes
  • Binary: No
2 $250 Trade Now! Read Review
6. etoro Review
  • Forex: Yes
  • Stocks: No
  • Gold: Yes
  • Binary: No
3 $50 Trade Now! Read Review
7. Zecco Review
  • Forex: Yes
  • Stocks: Yes
  • Gold: Yes
  • Binary: No
2.2 $500 Trade Now! Read Review
» Open a 4XP Account Today with a Deposit Bonus «

You want a broker that fulfills your orders in a timely fashion. The bigger the gap in time between submitting your order and when it is actually executed, the more likely you are to lose money. This is especially true during times of volatility.

The ability to adjust your leverage is also important. Yes, it might be great to have 400 times your available funds in leverage, but not all the time—especially not when you are just learning. Leverage is a tool that can easily backfire on you, thus making it just as big of a liability as it is a helpful way to make more money. Be sure that you have an amount of leverage that you feel comfortable with. Leverage truly is a helpful weapon in your trading arsenal, but you need to use an amount that will help you and not hurt you. The more uncomfortable you are risking leveraged money, the more likely you are to suffer from what poker players call “tilt” and make a costly mistake.

You will also want to make sure that the technical tools you require are all available. One way to figure out what is important is to paper, or demo, trade using various indicators and chart tools. Do this at several different sites and try different strategies at each site. You will soon get a feel for what technical indicators are important to your trading style and which ones are not so important. You want to make sure that the site you finally do decide to go with has all of the indicators that you deemed to be important.

So what’s the best way to find a broker? The first thing you should do is narrow down your search to the two or three that best fit your needs. Then you can try demo trading with these few brokers. You essentially want your broker’s trading interface to be extremely easy to use. But you also want it to have all of the features you are looking for in your trading. Demo trading also serves another purpose: it will allow you to figure out firsthand what kind of trades actually work, and what do not work. It’s recommended that you use only a demo account until you are well-practiced.

Education is an important part of anyone’s Forex Trading experience. The more resources you have at your disposal the better—even if you don’t need to use them, they are there in case a situation arises in which you will need it. And at times, this is exactly what you will need to do. Learning new techniques should be a constant part of any trader’s ongoing training. The more you learn, the better your odds are of making money in the Forex market. Be sure to learn how to correctly apply your newly learned tools, however. Information overload can lead to something called “analysis paralysis.” This happens when you spend so much time studying and observing the market that you never are able to actually enter a trade. You want to use education to supplement your trading, not to shut it down.

 
Finally, selecting a broker is about personal preference. All of the best brokers offer small spreads and highly liquid currencies. The trick is to find the broker that best matches your personality. This is something that only you can determine. Another significant piece to picking a broker is finding one that offers Forex Rebates. This can also be a huge asset to your trading.

Sign up to get a REDUCED price on any Forex Product and also receive the Best Forex Rebates available.

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