Forex is the most liquid market in the world, and its daily volume is 6.6 trillion dollars. See how big it is? That’s why every part of forex trading is regarded as needed. Forex broker is one of the important parts of forex trading. It provides awesome features that help traders to gain more profit and provide them a reliable platform.
Why is a Broker so important?
Because without it, traders can’t get proper facilities. That’s why finding the perfect fit is important. That’s why here are some awesome facts that truly need to learn to find the best forex broker —
- Trading Conditions/Fees — This is the most important part of your global Forex broker evaluation. There is no way around that. One forex broker may charge you 10 times less for the same trade than another. Take note of “hidden” fees, such as withdrawal fees or inactivity fees.
- Market Coverage — You need to trade the fx pair or product of your choice/preference.
- Convenience and Affordability — Beginner forex traders and small-timers need love too. You should never be pressured into making a minimum deposit that you cannot afford to lose. Minimum deposits range from $10 to $1000 (or the £ / € equivalent). It might be worth investing more for a platform that suits you better, so stay open-minded.
- Trading Platforms — The forex trading platform and the tools it features are your chief weapons in your personal war for profits. Pick the one that suits you best. Remember, many platforms are configurable, so they can be tailored to suit you. Personal preference will play a large part here, as many trading platforms offer very similar aids but look and feel very different. Is a mobile platform your priority or a desktop web trading platform?
- Mobile Trading Apps — Being able to trade on the go may be important. Some mobile apps are better than others. Ideally, the mobile platform will operate just like the web-based version.
- Deposits and Withdrawals — You have to move funds to and from the broker, quickly and preferably economically. The Deposit/Withdrawal methods supported by the forex broker conclude whether or not you can fulfill that. Financing an account may also require a particular payment method.
- Reputation — People talk. It is well worth listening to what traders say about a forex broker they have already judged.
- Regulation — When push comes to shove, legal support is your first, last, and only hope to settle the problems you might have with your forex broker. A proper regulatory structure is defensive in nature. It aims to keep such problems from popping up in the first place.
- Customer Support — You need someone to talk to when you run into problems with your deposits, real trading, or — God forbid — withdrawals. Qualified support is a must. From opening an account, to help with the platform, customer support can be important.
- Company Background and History — Knowing your forex broker’s past exploits can give you a better idea of what it is up to now. A listed company has to publish numerous elements of information about their balance sheet, for example. You want peace of mind that your trading funds are separated and held safely and securely.
- Education — It never hurts to improve your understanding of how the forex markets work and how you can make the most of their present opportunities. Some brokers offer extended educational tools.
- Account Opening / Registration — Is it a simple process to open an account? Do clients need to be verified? These processes are not always the same and might be worth considering if opening a trading account has been unsettled in the past.
That’s it. But before you leave, here are some best brokers in 2021 —
- AVA Trade — Avatrade offers 50+ currency pairs, and their spreads are some of the best among any broker. They are regulated across 5 continents. Regulator-CBI, ASIC, FSB. Read the AvaTrade review to know more.
- Lite Forex — Trade on popular FX pairs and cross-rates. Regulator-Marshall Islands
- IG — IG offers spread betting, CFD, and Forex trading across a range of markets. They are FCA regulated, boast a great trading app, and have a 40-year track record of excellence. Regulator-FCA
- XM — XM.com delivers ultra-low spreads across a huge range of Forex markets. Flexible lot sizes and Micro and XM Zero accounts accommodate every level of trader. Regulator-IFSC, CySec, ASIC
- IC Markets — Trade Forex on 0.0 pip spreads with the world’s leading True ECN forex broker — IC Markets. A great choice for serious traders. ASIC regulated. Regulator-ASIC, CySec, FSA
Moreover, Forex brokers will always help you make a profit, and obviously, they also make a profit from you. But with sense, you will able to find some good one. And the recent GBP/USD crisis crush down the market.
Stay Safe, Stay Home!